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
DECEMBER - 1955
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
December 1955
Table of Contents
Page
<table><tr><td>Treasury financing operations</td><td>A-1</td></tr><tr><td>Summary of Federal fiscal operations</td><td>1</td></tr><tr><td>Budget receipts and expenditures</td><td>2</td></tr><tr><td>Trust account and other transactions</td><td>6</td></tr><tr><td>Treasury cash income and outgo</td><td>10</td></tr><tr><td>Debt outstanding and Treasurer's account</td><td>15</td></tr><tr><td>Statutory debt limitation</td><td>19</td></tr><tr><td>Debt operations</td><td>20</td></tr><tr><td>United States savings bonds</td><td>26</td></tr><tr><td>Treasury savings notes</td><td>30</td></tr><tr><td>Ownership of Federal securities</td><td>31</td></tr><tr><td>Treasury survey of ownership of Federal securities</td><td>33</td></tr><tr><td>Market quotations on Treasury securities</td><td>37</td></tr><tr><td>Average yields of long-term bonds</td><td>40</td></tr><tr><td>Internal revenue collections</td><td>42</td></tr><tr><td>Monetary statistics</td><td>46</td></tr><tr><td>Capital movements</td><td>50</td></tr><tr><td>Cumulative table of contents</td><td>62</td></tr></table>
Note: Where calculations have been made from unrounded figures, the details may not check to the totals shown.
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December 1955
A-1
Treasury Financing Operations
Refunding of December Maturities
Pursuant to an announcement on November 25, 1955, the Treasury Department on November 28 offered 2-5/8 percent one-year certificates of indebtedness or 2-7/8 percent two and one-half-year notes in exchange for the 1-1/4 percent certificates and the 1-3/4 percent notes which matured December 15 in the total amount of $12,213 million. Holders were offered the option of exchanging for either security offered. Cash subscriptions were not invited. The subscription books were closed at the close of business on November 30.
Exchanges totaled $11,365 million, leaving $347 million to be paid in cash. The refunding results are summarized in the table which follows.
The new certificates will bear interest from December 1, 1955, at the rate of 2-5/8 percent per annum, payable with the principal at maturity on December 1, 1956. The new notes will bear interest from December 1, 1955, at the rate of 2-7/8 percent per annum, payable on a semiannual basis on June 15 and December 15, 1956, and thereafter on June 15 and December 15 in each year until the principal amount becomes payable on June 15, 1958. Both securities were issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000, $100,000,000, and $500,000,000.
Offering of 99-Day Tax Anticipation Bills
In accordance with its announcement on December 5, 1955, the Treasury Department on
<table><tr><th rowspan="2">Maturiing securities</th><th rowspan="2">Outstand-ing, Sept. 30, 1955</th><th colspan="3">Securities issued in exchange</th><th rowspan="2">Payable in cash</th><th rowspan="2">Maturiing securities, held by the banking system, September 30, 1955 1/ (Percent)</th></tr><tr><th>Total</th><th>2-5/8 percent certifi-cates, Series D-1956</th><th>2-7/8 percent notes, Series A-1958</th></tr><tr><td colspan="7">(In millions)</td></tr><tr><td>Maturiing December 15, 1955: 1-1/4 percent certificates of indebtedness, Series E-1955</td><td>$5,359</td><td>$4,971</td><td>$4,157</td><td>$814</td><td>$388</td><td>61</td></tr><tr><td>1-3/4 percent notes, Series B-1955</td><td>6,854</td><td>6,394</td><td>4,925</td><td>1,469</td><td>460</td><td>69</td></tr><tr><td>Total</td><td>12,213</td><td>11,365</td><td>9,082</td><td>2,283</td><td>847</td><td>65</td></tr></table>
1/ Owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for September 30 are the latest published for holdings of commercial banks reporting to the Treasury on the ownership of Government securities.
Both of the new issues are dated December 1, 1955, and exchanges were made at par with an adjustment of interest as of that date. Holders of the maturing securities were credited with interest accrued to December 1, 1955, from December 15, 1954 on the certificates of indebtedness and from June 15, 1955 on the notes. The accrued interest was paid on December 8 following acceptance of the maturing securities exchanged to which were attached the coupons dated December 15, 1955.
December 6 invited tenders on December 8 for $1.5 billion, or thereabouts, of 99-day Treasury bills, Tax Anticipation Series. The bills are dated December 15, 1955, and will mature March 23, 1956. Tenders were accepted in the amount of $1,502 million at the average rate of discount of 2.465 percent. Noncompetitive tenders for $300,000 or less aggregating $353 million, were accepted at the average price of accepted competitive bids and are included in the above figure.
A-2
Treasury Bulletin
The bills will be accepted at face value in payment of income and profits taxes due March 15, 1956, and to the extent they are not presented for this purpose the face amount will be payable without interest at maturity. Taxpayers desiring to apply these bills in payment of March 15, 1956 income and profits taxes have the privilege of surrendering them to any Federal Reserve Bank or Branch not more than fifteen days before March 15, 1956, and receiving receipts therefor showing the face amount of the bills so surrendered. These receipts may be submitted in lieu of the bills on or before March 15, 1956, to the District Director of Internal Revenue for the district in which such taxes are payable.
The offering was for cash with final settlement on December 15, 1955, provided, however, that any qualified depositary could make payment by credit
Note: Details of Treasury market financing operations are shown elsewhere in this issue of the "Treasury Bulletin," in the tables on "Offerings" and "Dis-
in its Treasury tax and loan account but not more than 60 percent of the amount of Treasury bills allotted to it for itself and its customers, up to the amount for which it was qualified in excess of its existing deposits.
Weekly Treasury Bills Refunded
Four new issues of weekly Treasury bills refunded the November maturities in the equivalent total of $6.4 billion. Each new issue and each maturity amounted to $1.6 billion. Average rates of discount on the new issues were 2.179 percent for November 3; 2.034 percent for November 10; 2.248 percent for November 17; and 2.440 percent for November 25. The new issues consisted of three 91-day maturities and a 90-day maturity dated November 25. Those refunded were 91-day maturities except the 92-day maturity of November 25.
position," respectively, of marketable issues of bonds, notes, and certificates of indebtedness, and in the table "Offerings of Treasury Bills."
December 1955
1
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th colspan="3">Budget receipts and expenditures</th><th rowspan="2">Net of trust account and other transactions 2/ 3/</th><th rowspan="2">Clearing account, etc. 1/ 2/</th><th rowspan="2">Net increase in public debt, or decrease (-)</th><th rowspan="2">Net increase in Treasurer's cash balance, or decrease (-)</th><th colspan="5">Levels, and of period</th></tr><tr><th>Net receipts 1/</th><th>Expenditures 2/</th><th>Surplus, or deficit (-) 2/</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>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><td></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>2,991</td><td>72,422</td><td>4,568</td><td>76,991</td><td>74,154</td></tr><tr><td>1943</td><td>21,987</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>1,623</td><td>202,626</td><td>208,077</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>4,329</td><td>24,698</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>-924</td><td>-</td><td>10,740</td><td>-10,460</td><td>14,238</td><td>269,422</td><td>476</td><td>269,898</td><td>268,932</td></tr><tr><td>1947</td><td>39,786</td><td>39,032</td><td>754</td><td>-1,103</td><td>555</td><td>-11,136</td><td>-10,930</td><td>3,308</td><td>258,266</td><td>90</td><td>258,376</td><td>257,491</td></tr><tr><td>1948</td><td>41,488</td><td>33,069</td><td>8,419</td><td>-294</td><td>-507</td><td>-5,994</td><td>1,624</td><td>4,932</td><td>292,292</td><td>73</td><td>292,366</td><td>251,542</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>878</td><td>-1,662</td><td>3,470</td><td>292,770</td><td>27</td><td>292,798</td><td>252,028</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>4,387</td><td>2,047</td><td>5,517</td><td>257,357</td><td>20</td><td>257,377</td><td>256,692</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>7,337</td><td>255,222</td><td>29</td><td>255,251</td><td>254,567</td></tr><tr><td>1952</td><td>61,391</td><td>65,408</td><td>-4,017</td><td>147</td><td>-401</td><td>3,883</td><td>-388</td><td>6,969</td><td>259,105</td><td>46</td><td>259,151</td><td>258,507</td></tr><tr><td>1953 6/</td><td>64,825</td><td>74,274</td><td>-9,449</td><td>435</td><td>-250</td><td>6,966</td><td>-2,299</td><td>4,670</td><td>266,071</td><td>52</td><td>266,123</td><td>265,522</td></tr><tr><td>1954</td><td>64,655</td><td>67,772</td><td>-3,117</td><td>328</td><td>-303</td><td>5,189</td><td>2,096</td><td>6,766</td><td>271,260</td><td>81</td><td>271,341</td><td>270,790</td></tr><tr><td>1955 p.</td><td>60,303</td><td>64,494</td><td>-4,192</td><td>269</td><td>257</td><td>3,115</td><td>-551</td><td>6,216</td><td>274,374</td><td>44</td><td>274,418</td><td>273,915</td></tr><tr><td>1956 (Est.)</td><td>62,100</td><td>63,832</td><td>-1,732</td><td>585</td><td>-695</td><td>626</td><td>-1,216</td><td>5,000</td><td>275,000</td><td>n.e.</td><td>n.e.</td><td>n.e.</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></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>34,227</td><td>89,918</td><td>-55,691</td><td>-266</td><td>-</td><td>57,707</td><td>1,751</td><td>12,294</td><td>165,871</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>43,678</td><td>87,271</td><td>-43,594</td><td>-123</td><td>-</td><td>47,484</td><td>3,767</td><td>26,003</td><td>278,115</td><td>567</td><td>278,682</td><td>288,559</td></tr><tr><td>1946</td><td>38,568</td><td>41,080</td><td>-2,512</td><td>-1,386</td><td>362</td><td>-18,966</td><td>-22,502</td><td>3,502</td><td>259,149</td><td>339</td><td>259,487</td><td>258,554</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>-2,249</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>40,864</td><td>35,623</td><td>5,241</td><td>-229</td><td>199</td><td>-4,100</td><td>1,111</td><td>4,208</td><td>252,800</td><td>55</td><td>252,854</td><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>37,306</td><td>37,728</td><td>-342</td><td>311</td><td>87</td><td>-423</td><td>-447</td><td>4,232</td><td>256,708</td><td>24</td><td>256,731</td><td>256,026</td></tr><tr><td>1951</td><td>32,979</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>64,840</td><td>70,682</td><td>-5,842</td><td>-41</td><td>-319</td><td>7,973</td><td>1,770</td><td>6,064</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>-1,468</td><td>4,577</td><td>275,168</td><td>76</td><td>275,244</td><td>274,671</td></tr><tr><td>1954 6/</td><td>61,171</td><td>64,854</td><td>-3,683</td><td>739</td><td>-34</td><td>3,502</td><td>603</td><td>5,180</td><td>278,750</td><td>34</td><td>278,784</td><td>278,256</td></tr><tr><td>Months: 6/</td><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>1954-January</td><td>5,033</td><td>5,218</td><td>-189</td><td>-36</td><td>9</td><td>-320</td><td>-533</td><td>4,044</td><td>274,849</td><td>75</td><td>274,924</td><td>274,362</td></tr><tr><td>February</td><td>5,444</td><td>4,707</td><td>737</td><td>410</td><td>-135</td><td>-67</td><td>944</td><td>4,988</td><td>274,782</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>-4,546</td><td>1,366</td><td>6,355</td><td>270,235</td><td>77</td><td>270,312</td><td>269,757</td></tr><tr><td>April</td><td>2,751</td><td>5,296</td><td>-2,545</td><td>-427</td><td>593</td><td>811</td><td>-1,567</td><td>4,787</td><td>271,047</td><td>80</td><td>271,127</td><td>270,572</td></tr><tr><td>May</td><td>3,592</td><td>5,203</td><td>-1,611</td><td>394</td><td>-511</td><td>2,428</td><td>700</td><td>5,487</td><td>273,475</td><td>80</td><td>273,555</td><td>273,002</td></tr><tr><td>June</td><td>10,644</td><td>7,308</td><td>3,336</td><td>13</td><td>146</td><td>-2,215</td><td>1,280</td><td>6,766</td><td>271,260</td><td>81</td><td>271,341</td><td>270,790</td></tr><tr><td>July</td><td>2,827</td><td>4,827</td><td>-2,000</td><td>-169</td><td>-97</td><td>-276</td><td>-2,542</td><td>4,224</td><td>270,984</td><td>21</td><td>271,005</td><td>270,466</td></tr><tr><td>August</td><td>3,911</td><td>6,731</td><td>-2,820</td><td>304</td><td>-222</td><td>3,971</td><td>1,233</td><td>5,457</td><td>274,955</td><td>27</td><td>274,982</td><td>274,447</td></tr><tr><td>September</td><td>4,951</td><td>5,019</td><td>-68</td><td>-121</td><td>21</td><td>-145</td><td>-313</td><td>5,145</td><td>274,810</td><td>29</td><td>274,838</td><td>274,305</td></tr><tr><td>October</td><td>2,639</td><td>4,857</td><td>-2,218</td><td>-311</td><td>104</td><td>3,942</td><td>1,518</td><td>6,663</td><td>278,752</td><td>34</td><td>278,786</td><td>278,255</td></tr><tr><td>November</td><td>4,201</td><td>3,842</td><td>358</td><td>391</td><td>-209</td><td>101</td><td>641</td><td>7,304</td><td>278,853</td><td>34</td><td>278,888</td><td>278,357</td></tr><tr><td>December</td><td>3,742</td><td>6,288</td><td>-2,546</td><td>100</td><td>425</td><td>-103</td><td>-2,124</td><td>5,180</td><td>278,750</td><td>34</td><td>278,784</td><td>278,256</td></tr><tr><td>1955-January</td><td>4,655</td><td>4,942</td><td>-287</td><td>332</td><td>-186</td><td>-311</td><td>-451</td><td>4,728</td><td>278,439</td><td>24</td><td>278,463</td><td>277,949</td></tr><tr><td>February</td><td>5,427</td><td>4,831</td><td>596</td><td>-11</td><td>354</td><td>-257</td><td>682</td><td>5,411</td><td>278,182</td><td>27</td><td>278,209</td><td>277,697</td></tr><tr><td>March</td><td>9,741</td><td>5,894</td><td>3,846</td><td>-7</td><td>36</td><td>-4,134</td><td>-260</td><td>5,151</td><td>274,048</td><td>33</td><td>274,080</td><td>273,571</td></tr><tr><td>April</td><td>3,732</td><td>5,228</td><td>-1,496</td><td>-164</td><td>309</td><td>2,601</td><td>1,290</td><td>6,401</td><td>276,649</td><td>37</td><td>276,686</td><td>276,179</td></tr><tr><td>May</td><td>4,438</td><td>5,356</td><td>-919</td><td>-43</td><td>-384</td><td>824</td><td>-582</td><td>5,880</td><td>277,472</td><td>43</td><td>277,515</td><td>277,010</td></tr><tr><td>June p.</td><td>10,038</td><td>6,677</td><td>3,361</td><td>-31</td><td>104</td><td>-3,098</td><td>336</td><td>6,216</td><td>274,374</td><td>44</td><td>274,418</td><td>273,915</td></tr><tr><td>July</td><td>2,765</td><td>5,382</td><td>-2,617</td><td>-234</td><td>237</td><td>3,210</td><td>595</td><td>6,811</td><td>277,584</td><td>42</td><td>277,626</td><td>277,143</td></tr><tr><td>August</td><td>4,734</td><td>6,225</td><td>-1,491</td><td>-217</td><td>-74</td><td>725</td><td>-1,058</td><td>5,753</td><td>278,309</td><td>43</td><td>278,352</td><td>277,872</td></tr><tr><td>September</td><td>5,498</td><td>5,340</td><td>158</td><td>337</td><td>-40</td><td>-833</td><td>-378</td><td>5,376</td><td>277,476</td><td>48</td><td>277,524</td><td>277,045</td></tr><tr><td>October</td><td>2,692</td><td>5,355</td><td>-2,663</td><td>-213</td><td>473</td><td>2,341</td><td>-62</td><td>5,314</td><td>279,818</td><td>48</td><td>279,866</td><td>279,388</td></tr></table>
Sources: Actual figures are from the old daily Treasury statement through the fiscal year 1952 and the calendar year 1953; actual figures on the new reporting basis (see footnate 6) are from the new daily Treasury statement and the "Monthly Statement of Receipts and Expenditures of the United States Government"; estimates are based on the "Review of the 1956 Budget," released August 25, 1955. More detailed information with respect to the figures on this page is given in succeeding tables. 1/ Gose receipts lose transfers of tax receipts 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 (f) of the Economic Cooperation Act of 1948 (62 Stat. 150), are consolidated with budget expenditures. Beginning with the fiscal year 1951, net investment by wholly owned Government enterprises in public debt securities is excluded from budget expenditures, and is included with other such investment under "Trust account and other transactions." 3/ Consists of transactions of trust and deposit funds, investment by Government agencies in public debt securities, and redemption or sale of obligations of Government agencies in the market; excesses of receipts, or expenditures (-). 4/ For checks outstanding, telegraphic reports from Federal Reserve Banks, public debt interest accrued and unpaid beginning July 1955 (previously
2/ For current month 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; June 26, 1946, $275 billion; and August 28, 1954, $281 billion (temporary increase ending on June 30, 1956). Guaranteed securities are included under the limitation beginning April 3, 1945. Savings bonds are included at current redemption value beginning June 26, 1946; prior to that time they were included at maturity value. In the debt outstanding, savings bonds are carried at current redemption value.
6/ New reporting basis as announced February 17, 1954 (see April 1954 "Treasury Bulletin," page A-2), beginning with the fiscal year 1953 and the calendar year 1954. The new daily Treasury statement shows cash deposits and withdrawals in the account of the Treasurer of the United States. The new monthly statement includes agency transactions not cleared through the Treasurer's account, and shows receipts when they are received by collecting officers and expenditures when checks are issued or payments are made by disbursing officers.
7/ Immediate postwar debt peak of $279,754 million was on February 28, 1946. n.e. Not available. p Preliminary.
2
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Income and profit taxee</th><th colspan="4">Employment taxee</th><th rowspan="2">Excise taxee 2/</th><th rowspan="2">Estate and gift taxee 2/</th><th rowspan="2">Taxes not otherwise classified 2/</th><th rowspan="2">Total internal revenue 1/</th></tr><tr><th>Corporation 2/</th><th>Individual Not withheld 2/ 3/</th><th>Individual Withheld 3/</th><th>Total income and profit</th><th>For old-age insurance 3/ 4/</th><th>For rail-road re-tirement 5/</th><th>For un-employment insurance 6/</th><th>Total employment 1/</th></tr><tr><td>1948</td><td>19,735</td><td>11,436</td><td>31,171</td><td>1,616</td><td>557</td><td>208</td><td>2,381</td><td>8,301</td><td>41,853</td></tr><tr><td>1949</td><td>19,611</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>550</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>32,826</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 colspan="12">New reporting basis: 8/</td></tr><tr><td>1953</td><td>33,012</td><td>21,351</td><td>54,363</td><td>4,086</td><td>620</td><td>277</td><td>4,983</td><td>10,825</td><td>70,171</td></tr><tr><td>1954</td><td>21,523</td><td>10,747</td><td>31,635</td><td>4,537</td><td>603</td><td>285</td><td>5,425</td><td>945</td><td>70,300 9/</td></tr><tr><td>1955 p....</td><td>18,265</td><td>10,407</td><td>21,242</td><td>5,340</td><td>601</td><td>279</td><td>6,220</td><td>936</td><td>66,271</td></tr><tr><td>1956 (Est.)</td><td>19,200</td><td>32,800</td><td>52,000</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>7,185</td><td>9,340</td><td>975</td><td>-</td><td>69,500</td></tr><tr><td>1955-January</td><td>355</td><td>2,239</td><td>884</td><td>3,477</td><td>113</td><td>17</td><td>31</td><td>161</td><td>649</td><td>62</td><td>5</td><td>4,354</td></tr><tr><td>February</td><td>274</td><td>881</td><td>2,916</td><td>4,071</td><td>555</td><td>64</td><td>167</td><td>786</td><td>709</td><td>67</td><td>-2</td><td>5,631</td></tr><tr><td>March</td><td>6,812</td><td>745</td><td>1,721</td><td>9,279</td><td>562</td><td>46</td><td>20</td><td>628</td><td>841</td><td>151</td><td>3</td><td>10,902</td></tr><tr><td>April</td><td>478</td><td>2,190</td><td>967</td><td>3,635</td><td>316</td><td>20</td><td>4</td><td>341</td><td>717</td><td>77</td><td>*</td><td>4,771</td></tr><tr><td>May</td><td>377</td><td>602</td><td>2,991</td><td>3,970</td><td>785</td><td>80</td><td>15</td><td>879</td><td>843</td><td>94</td><td>1</td><td>5,788</td></tr><tr><td>June p....</td><td>6,201</td><td>1,428</td><td>1,534</td><td>9,163</td><td>703</td><td>53</td><td>2</td><td>757</td><td>907</td><td>64</td><td>1</td><td>10,892</td></tr><tr><td>July</td><td>547</td><td>277</td><td>884</td><td>1,708</td><td>198</td><td>15</td><td>2</td><td>216</td><td>796</td><td>79</td><td>2</td><td>2,801</td></tr><tr><td>August</td><td>328</td><td>115</td><td>3,004</td><td>3,447</td><td>912</td><td>85</td><td>16</td><td>1,012</td><td>867</td><td>77</td><td>1</td><td>5,404</td></tr><tr><td>September</td><td>1,100</td><td>1,685</td><td>1,604</td><td>4,389</td><td>519</td><td>60</td><td>1</td><td>579</td><td>881</td><td>66</td><td>*</td><td>5,916</td></tr><tr><td>October</td><td>392</td><td>178</td><td>1,014</td><td>1,584</td><td>268</td><td>18</td><td>4</td><td>290</td><td>821</td><td>68</td><td>1</td><td>2,763</td></tr><tr><td>1956 to date</td><td>2,366</td><td>2,255</td><td>6,506</td><td>11,128</td><td>1,896</td><td>178</td><td>23</td><td>2,098</td><td>3,365</td><td>290</td><td>3</td><td>16,884</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Customs</th><th>Miscellaneous receipts 1/ 10/</th><th>Total budget receipts</th><th colspan="2">Transfers of tax receipts to -</th><th colspan="4">Refunds of receipts 13/</th><th>Net budget receipts</th></tr><tr><th></th><th></th><th></th><th></th><th>FOASI Trust Fund 11/</th><th>Railroad Retirement Account 12/</th><th>Internal revenue</th><th>Customs</th><th>Other</th><th>Total refunds</th><th></th></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>2,082</td><td>42,774</td><td>1,690</td><td>550</td><td>2,817</td><td>17</td><td>3</td><td>2,838</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>550</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>47,568</td></tr><tr><td>1952</td><td>551</td><td>1,814</td><td>67,999</td><td>3,569</td><td>738</td><td>2,275</td><td>18</td><td>9</td><td>2,302</td><td>61,391</td></tr><tr><td>New reporting basic: 8/</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</td><td>613</td><td>1,865</td><td>72,649</td><td>4,086</td><td>620</td><td>3,095</td><td>17</td><td>6</td><td>3,118</td><td>64,825</td></tr><tr><td>1954</td><td>562</td><td>2,311 9/</td><td>73,173</td><td>4,537</td><td>603</td><td>3,345</td><td>20</td><td>11</td><td>3,377</td><td>64,655</td></tr><tr><td>1955 p</td><td>606</td><td>2,491</td><td>69,368</td><td>5,040</td><td>600</td><td>3,400</td><td>22</td><td>4</td><td>3,426</td><td>60,303</td></tr><tr><td>1956 (Est.)</td><td>640</td><td>2,360</td><td>72,500</td><td>6,275</td><td>625</td><td>n.e.</td><td>n.e.</td><td>n.a.</td><td>3,500</td><td>62,100</td></tr><tr><td>1955-January</td><td>48</td><td>430</td><td>4,833</td><td>113</td><td>17</td><td>46</td><td>2</td><td>1</td><td>48</td><td>4,655</td></tr><tr><td>February</td><td>47</td><td>276</td><td>5,954</td><td>255</td><td>64</td><td>206</td><td>2</td><td>*</td><td>208</td><td>5,427</td></tr><tr><td>March</td><td>60</td><td>127</td><td>11,089</td><td>562</td><td>46</td><td>738</td><td>2</td><td>*</td><td>741</td><td>9,741</td></tr><tr><td>April</td><td>51</td><td>119</td><td>4,941</td><td>316</td><td>19</td><td>872</td><td>3</td><td>*</td><td>874</td><td>3,732</td></tr><tr><td>May</td><td>56</td><td>276</td><td>6,119</td><td>785</td><td>80</td><td>814</td><td>2</td><td>1</td><td>817</td><td>4,438</td></tr><tr><td>June p</td><td>57</td><td>243</td><td>11,193</td><td>703</td><td>53</td><td>396</td><td>3</td><td>*</td><td>399</td><td>10,038</td></tr><tr><td>July</td><td>54</td><td>234</td><td>3,089</td><td>198</td><td>15</td><td>109</td><td>1</td><td>*</td><td>110</td><td>2,765</td></tr><tr><td>August</td><td>55</td><td>390</td><td>5,848</td><td>912</td><td>85</td><td>116</td><td>2</td><td>1</td><td>118</td><td>4,734</td></tr><tr><td>September</td><td>57</td><td>208</td><td>6,180</td><td>519</td><td>60</td><td>100</td><td>2</td><td>2</td><td>103</td><td>5,498</td></tr><tr><td>October</td><td>62</td><td>173</td><td>2,998</td><td>268</td><td>18</td><td>19</td><td>2</td><td>*</td><td>21</td><td>2,692</td></tr><tr><td>1956 to date</td><td>228</td><td>1,004</td><td>18,116</td><td>1,896</td><td>178</td><td>343</td><td>7</td><td>3</td><td>353</td><td>15,689</td></tr></table>
Source: Actual figures through 1952 are from the old daily Treasury statement; actual figures on the new reporting basis are from the "Monthly Statement of Receipts and Expenditures of the United States Government"; estimates are based on the "Review of the 1956 Budget," released August 25, 1955. 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 Amend-
4/ Taxes on employers and employee under the Federal Insurance Contributions Act, as amended (26 U.S.C. 1400-1432) and, beginning with the taxable year 1951, tax on self-employed individuals under the Self-Employment Contributions Act (26 U.S.C. 480-482). 
5/ Taxes on carriers and their employees under the Railroad Retirement Tax Act (26 U.S.C. 1500-1538). 
6/ Tax on employers of 8 or more under the Federal Unemployment Tax Act, as amended (26 U.S.C. 1600-1611). 
Footnote 7 through 10 on page 3, 11 on page 4, and remainder on page 5.
December 1955
3
BUDGET RECEIPTS AND EXPENDITURES
Table 2.- Expenditures by Major Functional Classifications
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total 14/</th><th>National security</th><th>International affaire and finance</th><th>Interest on the public debt 15/</th><th>Veterans' services and benefit 16/</th><th>Other</th></tr><tr><td>1948</td><td>33,069 17/</td><td>11,446</td><td>4,479 17/</td><td>5,211</td><td>6,469</td><td>5,463</td></tr><tr><td>1949</td><td>39,507 17/</td><td>12,787</td><td>6,026 17/</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>42,867 18/</td><td>2,839</td><td>5,859</td><td>4,952</td><td>8,891</td></tr><tr><td>New reporting basis: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>74,274</td><td>50,276</td><td>2,184</td><td>6,504</td><td>4,334</td><td>10,977</td></tr><tr><td>1954</td><td>67,772</td><td>46,522</td><td>1,553</td><td>6,382</td><td>4,249</td><td>9,065</td></tr><tr><td>1955 p</td><td>64,494</td><td>40,989 19/</td><td>1,175 19/</td><td>6,389</td><td>4,405</td><td>11,536</td></tr><tr><td>1956 (Eet.)</td><td>63,832</td><td>38,750</td><td>2,121</td><td>6,765 20/</td><td>4,839</td><td>11,355</td></tr><tr><td>1955-January</td><td>4,942</td><td>3,176</td><td>171</td><td>222</td><td>379</td><td>994</td></tr><tr><td>February</td><td>4,831</td><td>3,048</td><td>148</td><td>396</td><td>365</td><td>875</td></tr><tr><td>March</td><td>5,894</td><td>3,759 19/</td><td>109 19/</td><td>478</td><td>386</td><td>1,163</td></tr><tr><td>April</td><td>5,228</td><td>3,382</td><td>78</td><td>355</td><td>383</td><td>1,029</td></tr><tr><td>May</td><td>5,356</td><td>3,346</td><td>184</td><td>443</td><td>381</td><td>1,002</td></tr><tr><td>June p</td><td>6,677</td><td>3,939</td><td>97</td><td>1,495</td><td>398</td><td>748</td></tr><tr><td>July</td><td>5,382</td><td>2,863</td><td>56</td><td>592</td><td>364</td><td>1,508</td></tr><tr><td>August</td><td>6,225</td><td>3,420</td><td>95</td><td>522</td><td>434</td><td>1,754</td></tr><tr><td>September</td><td>5,340</td><td>3,611</td><td>60</td><td>529</td><td>363</td><td>777</td></tr><tr><td>October</td><td>5,355</td><td>3,161</td><td>153</td><td>542</td><td>364</td><td>1,135</td></tr><tr><td>1956 to date</td><td>22,302</td><td>13,055</td><td>364</td><td>2,185</td><td>1,524</td><td>5,174</td></tr></table>
Source: See Table 1. Expenditure classifications are based on the detail available from the monthly Treasury reports and are described in the
footnotes; they differ somewhat from the classifications used in the 1956 Budget document. Footnotes on page 5.
Table 3.- Expenditures for National Security
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Central defense activities 21/</th><th>Air Force military functions 22/</th><th>Army military functions 23/</th><th>Navy military functions</th><th>Mutual security - military assistance 24/</th><th>Atomic energy 25/</th><th>Strategic and critical materials</th><th>Other 26/</th></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>4,034</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>6,811</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 18/</td><td>402</td><td>12,350 18/</td><td>15,364 18/</td><td>9,961</td><td>2,292</td><td>1,648</td><td>847</td><td>3</td></tr><tr><td>New reporting basis: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>50,276</td><td>409</td><td>15,085</td><td>16,242</td><td>11,875</td><td>3,956</td><td>1,791</td><td>919</td><td>-</td></tr><tr><td>1954</td><td>46,522</td><td>464</td><td>15,668</td><td>12,910</td><td>11,293</td><td>3,629</td><td>1,895</td><td>651</td><td>12</td></tr><tr><td>1955 p</td><td>40,989 19/</td><td>490</td><td>16,647</td><td>8,879</td><td>9,714</td><td>1,895 19/</td><td>1,856</td><td>802</td><td>706 19/</td></tr><tr><td>1956 (Est.)</td><td>38,750</td><td></td><td>34,000 21/</td><td></td><td></td><td>28/</td><td>1,900</td><td>700</td><td>28/</td></tr><tr><td>1955-January</td><td>3,176</td><td>38</td><td>1,558</td><td>775</td><td>721</td><td>-113</td><td>158</td><td>39</td><td>-</td></tr><tr><td>February</td><td>3,048</td><td>36</td><td>1,230</td><td>712</td><td>728</td><td>163</td><td>151</td><td>29</td><td>-</td></tr><tr><td>March</td><td>3,759 19/</td><td>44</td><td>1,436</td><td>915</td><td>865</td><td>63 19/</td><td>153</td><td>43</td><td>239 19/</td></tr><tr><td>April</td><td>3,382</td><td>102</td><td>1,316</td><td>824</td><td>747</td><td>122</td><td>134</td><td>58</td><td>18</td></tr><tr><td>May</td><td>3,346</td><td>46</td><td>1,444</td><td>774</td><td>803</td><td>99</td><td>126</td><td>47</td><td>57</td></tr><tr><td>June p</td><td>3,939</td><td>46</td><td>2,023</td><td>241</td><td>1,036</td><td>271</td><td>147</td><td>108</td><td>68</td></tr><tr><td>July</td><td>2,863</td><td>46</td><td>1,162</td><td>703</td><td>635</td><td>92</td><td>138</td><td>11</td><td>76</td></tr><tr><td>August</td><td>3,420</td><td>46</td><td>1,384</td><td>861</td><td>820</td><td>88</td><td>138</td><td>35</td><td>49</td></tr><tr><td>September</td><td>3,611</td><td>52</td><td>1,671</td><td>812</td><td>837</td><td>35</td><td>121</td><td>26</td><td>58</td></tr><tr><td>October</td><td>3,161</td><td>53</td><td>1,232</td><td>710</td><td>734</td><td>297</td><td>129</td><td>23</td><td>-17</td></tr><tr><td>1956 to date</td><td>13,055</td><td>196</td><td>5,449</td><td>3,086</td><td>3,027</td><td>511</td><td>526</td><td>94</td><td>165</td></tr></table>
Source: See Table 2. Footnote 11 on page 4 and remainder on page 5. 1/ Through 1953, contributions to the Railroad Unemployment Insurance Administration Fund were carried in the daily Treasury statement as miscellaneous receipts, while the 1956 Budget document includes them in employment taxes through 1952. This difference in classification accounts for the difference in figures from the two sources. Beginning 1956 the contributions are credited direct to the trust account. For amounts of the contributions included in budget receipts, see "Treasury Bulletin" for February 1954, page 7.
8/ As announced February 17, 1954; see page 1, footnote 6.
9/ In the 1956 Budget, internal revenue taxes not otherwise classified are included in miscellaneous receipts.
10/ Includes proceeds from sale of surplus property and from Government-owned securities; seigniorage; deposits resulting from renegotiation of war contracts (see "Treasury Bulletin" for February 1948, page 5); and railroad unemployment insurance contributions for administrative expenses through 1953, after which they are carried as trust account receipts under the Railroad Retirement Board.
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>Conduct of foreign affairs 29/</th><th>Foreign information and exchange 29/</th><th colspan="4">Economic and technical development</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Mutual security 30/</th><th>Export-Import Bank 31/</th><th>Other 32/</th></tr><tr><td>1948</td><td>4,479 17/</td><td>229</td><td></td><td>599</td><td>134 17/</td><td>465</td><td>3,651</td></tr><tr><td>1949</td><td>6,026 17/</td><td>265</td><td></td><td>3,983</td><td>4,043 17/</td><td>-60</td><td>1,779</td></tr><tr><td>1950</td><td>4,817</td><td>299</td><td></td><td>3,568</td><td>3,523</td><td>45</td><td>949</td></tr><tr><td>1951</td><td>3,798</td><td>271</td><td></td><td>3,093</td><td>3,006</td><td>88</td><td>428</td></tr><tr><td>1952</td><td>2,839</td><td>214</td><td></td><td>2,215</td><td>2,191</td><td>25</td><td>408</td></tr><tr><td>New reporting basis: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>2,184</td><td>271</td><td></td><td>1,820</td><td>1,703</td><td>117</td><td>93</td></tr><tr><td>1954</td><td>1,553</td><td>156</td><td></td><td>1,313</td><td>1,215</td><td>99</td><td>83</td></tr><tr><td>1955 p.</td><td>1,175 19/</td><td>134</td><td></td><td>1,012</td><td>1,113 19/</td><td>-101</td><td>28</td></tr><tr><td>1956 (Est.)</td><td>2,121</td><td>n.e.</td><td></td><td>n.e.</td><td>1,750</td><td>-71</td><td>n.e.</td></tr><tr><td>1955-January</td><td>171</td><td>8</td><td></td><td>162</td><td>207</td><td>-44</td><td>1</td></tr><tr><td>February</td><td>148</td><td>11</td><td></td><td>135</td><td>132</td><td>3</td><td>1</td></tr><tr><td>March</td><td>109 19/</td><td>14</td><td></td><td>94</td><td>107 19/</td><td>-13</td><td>1</td></tr><tr><td>April</td><td>78</td><td>9</td><td></td><td>68</td><td>71</td><td>-3</td><td>1</td></tr><tr><td>May</td><td>184</td><td>9</td><td></td><td>175</td><td>137</td><td>38</td><td>*</td></tr><tr><td>June p.</td><td>97</td><td>4</td><td></td><td>93</td><td>113</td><td>-20</td><td>*</td></tr><tr><td>July</td><td>56</td><td>19</td><td>9</td><td>28</td><td>70</td><td>-43</td><td>2</td></tr><tr><td>August</td><td>95</td><td>16</td><td>7</td><td>72</td><td>72</td><td>*</td><td>1</td></tr><tr><td>September</td><td>60</td><td>10</td><td>7</td><td>42</td><td>55</td><td>-14</td><td>1</td></tr><tr><td>October</td><td>153</td><td>11</td><td>9</td><td>133</td><td>135</td><td>-4</td><td>2</td></tr><tr><td>1956 to date</td><td>364</td><td>56</td><td>33</td><td>275</td><td>330</td><td>-61</td><td>6</td></tr></table>
Source: See Table 2.
Footnotes on page 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 33/</th><th>Housing and community development 34/</th><th>Agriculture and agricultural resources 35/</th><th>Natural resources 36/</th><th>Transportation and communication 37/</th><th>Finance, commerce, and industry 38/</th><th>Other 39/</th></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>1,338</td></tr><tr><td>1949</td><td>8,146</td><td>1,165</td><td>-56</td><td>2,658</td><td>1,221</td><td>1,393</td><td>399</td><td>1,697</td></tr><tr><td>1950</td><td>9,581</td><td>1,926</td><td>-270</td><td>2,842</td><td>1,399</td><td>1,486</td><td>714</td><td>1,884</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>1,499</td><td>188</td><td>2,000</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>1,839</td><td>138</td><td>2,064</td></tr><tr><td>New reporting basis: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>10,977</td><td>1,801</td><td>435</td><td>2,961</td><td>1,554</td><td>1,841</td><td>52</td><td>2,333</td></tr><tr><td>1954</td><td>9,065</td><td>1,882</td><td>-556</td><td>2,653</td><td>1,389</td><td>1,453</td><td>104</td><td>2,140</td></tr><tr><td>1955 p.</td><td>11,536</td><td>1,821</td><td>169</td><td>4,500</td><td>1,294</td><td>1,540</td><td>-195</td><td>2,407</td></tr><tr><td>1956 (Est.)</td><td>11,355</td><td>2,425 40/</td><td>41/</td><td>3,380</td><td>1,023</td><td>41/</td><td>41/</td><td>42/</td></tr><tr><td>1955-January</td><td>994</td><td>178</td><td>38</td><td>349</td><td>91</td><td>97</td><td>39</td><td>201</td></tr><tr><td>February</td><td>875</td><td>135</td><td>40</td><td>260</td><td>96</td><td>137</td><td>50</td><td>155</td></tr><tr><td>March</td><td>1,163</td><td>137</td><td>-13</td><td>684</td><td>80</td><td>89</td><td>14</td><td>173</td></tr><tr><td>April</td><td>1,029</td><td>170</td><td>28</td><td>762</td><td>87</td><td>109</td><td>-273</td><td>145</td></tr><tr><td>May</td><td>1,002</td><td>144</td><td>37</td><td>384</td><td>83</td><td>175</td><td>-16</td><td>195</td></tr><tr><td>June p.</td><td>748</td><td>124</td><td>-29</td><td>336</td><td>106</td><td>77</td><td>-54</td><td>189</td></tr><tr><td>July</td><td>1,508</td><td>179</td><td>30</td><td>336</td><td>73</td><td>238</td><td>55</td><td>597</td></tr><tr><td>August</td><td>1,754</td><td>175</td><td>2</td><td>919</td><td>93</td><td>231</td><td>*</td><td>333</td></tr><tr><td>September</td><td>777</td><td>164</td><td>-14</td><td>295</td><td>114</td><td>166</td><td>21</td><td>31</td></tr><tr><td>October</td><td>1,135</td><td>216</td><td>14</td><td>362</td><td>95</td><td>152</td><td>-6</td><td>303</td></tr><tr><td>1956 to date</td><td>5,174</td><td>734</td><td>32</td><td>1,913</td><td>375</td><td>786</td><td>70</td><td>1,264</td></tr></table>
Source: See Table 2.
Footnotes 12 and remainder on page 5.
11/ Amounts appropriated to the Federal Old-Age and Survivors Insurance Trust Fund are equivalent to the amounts of taxes 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 appropriated funds to the trust fund. Beginning January 1951, the amounts transferred currently for apportion 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 wage and self-employment income records maintained in the Social Security Administration. Transfers for the fiscal year 1955 were reduced in February by $300 million as an adjustment for excess transfers to the trust fund of $90 million in 1952 and $210 million in 1953. The amount of old-age insurance tax refunds is paid from the trust fund as a reimbursement to the general fund.
December 1955
う
BUDGET RECEIPTS AND EXPENDITURES
Footnotes to Tables 1 through 5 - (Continued)
Excludes the Government's contribution for creditable military service under the act of April 8, 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 66 Stat. 371), and transfers are made currently. Previously, annual appropriations were based, in effect, on estimated tax collections, with any necessary adjustments made in succeeding appropriations.
13/ Interest on refunds is included in Table 5 under "Other." Reimbursement by the Federal Old-Age and Survivors Insurance Trust Fund for refunds of taxes for the fiscal year (see footnote ll) is netted against internal revenue refunds for the month in which the reimbursement is made.
Expenditures are "net," after allowance for reimbursements to appropriations, receipts of revolving fund appropriations, and receipts credited to disbursing accounts of corporations and agencies having authority to use collections without formal covering into the Treasury. The figures include transfers to trust accounts. They exclude net investment by wholly owned Government corporations and agencies in public debt securities beginning 1951 (when such investment was grouped with that of trust funds and and accounts), and public debt retirements chargeable to the sinking fund, etc., under special provisions of law. Payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and disposition of earnings are excluded from both receipts and expenditures. Further information on these capital transfers may be found in the 1954 Annual Report of the Secretary of the Treasury, page 418.
Beginning with June and the fiscal year 1955, interest on the public debt is reported on an accrual basis; previously, beginning with November 1949, it was reported on a due and payable basis; for earlier periods it was reported as an expenditure when paid by the Treasurer of the United States.
16/ Prior to July 1955 consists of Veterans' Administration expenditures, including the direct loan program. Thereafter includes expenditures of the American Battle Monuments Commission and certain expenditures of the Department of Labor.
17/ Includes transactions relating to the Foreign Economic Cooperation Trust Fund (see page 1).
Net transactions by the Department 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.
A more detailed breakdown became effective in the monthly statement for March 1955 which resulted in a shift between "Economic and technical assistance" on the one hand and "Mutual military program" and "Other" national security (direct forces support) on the other. Figures for the reclassified items are not available by months for the whole year but are included in the total for the fiscal year.
20/ Includes estimate of interest on uninvested trust funds and interest on refunds of taxes. Actual expenditures for those two items are included in Table 5 under "Other."
Consists of expenditures by the Office of the Secretary of Defense; retired pay for the military services beginning September 1949, prior to which it is included in expenditures of the Departments of the Army, Navy, and Air Force; other interservice activities beginning July 1954; and payments under the Armed Forces Leave Act beginning July 1955 (they were included in "Other" expenditures in Table 5 for fiscal years 1953 through 1955).
22/ Excludes certain expenditures made on behalf of the Department of the Air Forces out of 1949 and prior year appropriations to the Department of the Army.
23/ Include certain expenditures on behalf of the Department of the Air Force (see footnote 22).
24/ Consists of expenditures from funds appropriated to the President under the Mutual Security Act, approved October 10, 1951 (22 U.S.C. 1651), and the preceding Economic Cooperation Act; and Creek-Turkish assistance through 1953.
25/ Consists of expenditures of the Atomic Energy Commission.
26/ Prior to 1953 consists of payments under the Armed Forces Leave Act and expenditures for surplus property disposal; beginning 1954, consists of direct forces support under the Mutual Security Act.
27/ Estimate covers all military functions of the Department of Defense
28/ Combined estimate for the mutual security programs of military assistance and direct forces support is $2,150 million.
29/ Figures entered between columns are total expenditures of the
Figures centered between columns are total expenditures of the Department of State. Through the fiscal year 1955, no breakdown of these expenditures was available in the monthly statement. Beginning July 1955, the classification "Conduct of foreign affairs" includes the bulk of the expenditures of the State Department, and the expenditures of the Tariff Commission and the Commission on Foreign Economic Policy. "Foreign information and exchange" includes expenditures of the United States Information Agency, the educational exchange activities of the State Department, and the Emergency Fund for International Affairs.
30/ Consists of expenditures from funds appropriated to the President under the Mutual Security Act, and the preceding Economic Cooper- ation Act.
31/ Excludes Bank expenditures under the Mutual Security Act and the preceding Economic Cooperation Act of 1948, as amended.
32/ Includes expenditures for government and relief in occupied areas through 1952, after which expenditures for this purpose made by the Department of State (the greater part currently) are included under "Conduct of foreign affairs," and those made by other agencies (principally the Department of the Army) are not included in this table. Also includes credit to the United Kingdom, 1948; civilian relief in Korea; expenditures of the United Nations Relief and Rehabilitation Administration through 1950; loan for construction and furnishing of United Nations headquarters; and various other foreign relief and aid programs.
Through the fiscal year 1955, consists of expenditures of the Department of Health, Education, and Welfare except the Office of Education, and of the corresponding component organizations before the establishment of this Department on April 11, 1953; the Government's contribution under the Railroad Retirement Act for creditable military service, and certain other Railroad Retirement Board expenditures through 1953; and beginning 1950, the school lunch program under the Department of Agriculture. Beginning July 1955, with the more detailed information available in the monthly statement, certain expenditures of the Department of Health, Education, and Welfare have been reclassified under other headings, and expenditures of the Bureau of Indian Affairs, the Bureau of Employees Compensation, and Justice Department pertaining to the Federal prison system are included under this heading.
34/ Consists of expenditures of the Housing and Home Finance Agency; Federal Civil Defense Administration; disaster relief; and, beginning July 1955, National Capital Housing Authority.
35/ Consists of expenditures of the Department of Agriculture except the Forest Service and the school lunch program; and of the Farm Credit Administration.
Through the fiscal year 1955, consists of expenditures of the Department of the Interior; the Tennessee Valley Authority; the Corps of Engineers in the Department of the Army (river and harbor works and flood control); and the Forest Service in the Department of Agriculture. Beginning July 1955, excludes the Bureau of Indian Affairs and the Offices of Territories from the Department of the Interior, and includes appropriate expenditures of the Department of State, Federal Power Commission, and other agencies.
Through the fiscal year 1955, consists of expenditures of the Civil Aeronautics Administration, Civil Aeronautics Board, Bureau of Public Roads, and maritime activities, all now in the Department of Commerce; the Coast Guard in the Treasury Department; and the Post Office Department. Figures prior to 1954 include net expenditures of certain working funds of the Post Offices Department in addition to the Postal Service Fund (advances to cover the postal deficit). Effective with 1954, net expenditures of that Department, including the Postal Service Fund, are on the basis of cash receipts and expenditures recorded in the accounts of the Department. Beginning July 1955, includes also expenditures of the Interstate Commerce Commission, Federal Communications Commission, Coast and Geodetic Survey, National Advisory Committee for Aeronautics, and other agencies.
Through the fiscal year 1955, consists of expenditures of the Department of Commerce except those included under "Transportation and Communication"; the Reconstruction Finance Corporation (as in liquidation by the Treasury Department beginning July 1954); Federal Facilities Corporation beginning July 1954; the Small Business Administration; the Economic Stabilization Agency; and funds appropriated to the President for the expansion of defense production. Beginning July 1955, with the more detailed information available in the monthly statement, expenditures of the Securities and Exchange Commission, Federal Trade Commission, and other agencies are also included in this category; and certain Department of Commerce expenditures such as the Bureau of the Census and the National Bureau of Standards have been reclassified under other headings.
39/ Includes expenditures for executive departments and other agencies not included elsewhere and for legislative and judicial functions.
40/ Includes estimate for education and general research. Actual spendi-
41/ The combined estimates for commerce and manpower is $2,760 million. This includes estimates for housing and community development; transportation and communication; finance, commerce, and industry; and labor and manpower. Actual expenditures for labor and manpower are included in this table under "Other."
Estimate for general Government expenditures is $1,667 million, and the reserve for contingencies is $100 million. Estimates for education and general research, for labor and manpower, and for other expenditures included under this heading are not available separately and are grouped with other estimates. (See footnotes 20, 40, and 41). Less than $500,000
P Preliminary
p. Preliminary.
n.a. Not available.
Treasury Bulletin
6
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 receipts, or expenditures (-), from trust account and other transactions</th><th colspan="3">Trust and deposit fund accounts</th><th>Net sale, or investment (-), by Government agencies in public debt securities 1/</th><th>Net sale, or redemption (-), of securities of Government agencies in the market 1/</th></tr><tr><th></th><th></th><th>Net receipts, or expenditures (-)</th><th>Receipts</th><th>Expenditures 1/</th><th></th><th></th></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>107</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>-74</td></tr><tr><td>1950</td><td>99</td><td>-281</td><td>6,669</td><td>6,950</td><td>402</td><td>-22</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>384</td></tr><tr><td>1952</td><td>147</td><td>3,855</td><td>8,807</td><td>4,952</td><td>-3,636</td><td>-72</td></tr><tr><td colspan="7">New reporting basis: 3/</td></tr><tr><td>1953</td><td>435</td><td>3,760</td><td>8,929</td><td>5,169</td><td>-3,301</td><td>-25</td></tr><tr><td>1954</td><td>328</td><td>2,386</td><td>9,155</td><td>6,769</td><td>-2,054</td><td>-4</td></tr><tr><td>1955 p</td><td>269</td><td>1,031 4/</td><td>9,538</td><td>8,507 4/</td><td>-1,364 4/</td><td>602 4/</td></tr><tr><td>1956 (Est.)</td><td>585</td><td>1,815</td><td>11,408</td><td>9,593</td><td>-2,057</td><td>827</td></tr><tr><td>1955-January</td><td>332</td><td>-574</td><td>268</td><td>842</td><td>335</td><td>571</td></tr><tr><td>February</td><td>-11</td><td>-158</td><td>600</td><td>757</td><td>119</td><td>27</td></tr><tr><td>March</td><td>-7</td><td>-3</td><td>778</td><td>781</td><td>-56</td><td>51</td></tr><tr><td>April</td><td>-164</td><td>-541</td><td>528</td><td>1,070</td><td>348</td><td>29</td></tr><tr><td>May</td><td>-43</td><td>584</td><td>1,320</td><td>736</td><td>-663</td><td>36</td></tr><tr><td>June p</td><td>-31</td><td>965</td><td>1,677</td><td>711</td><td>-1,034</td><td>38</td></tr><tr><td>July</td><td>-234</td><td>-7</td><td>745</td><td>752</td><td>-254</td><td>27</td></tr><tr><td>August</td><td>-217</td><td>775</td><td>1,502</td><td>727</td><td>-994</td><td>1</td></tr><tr><td>September</td><td>337</td><td>33</td><td>721</td><td>688</td><td>319</td><td>-16</td></tr><tr><td>October</td><td>-213</td><td>-394</td><td>505</td><td>900</td><td>236</td><td>-55</td></tr></table>
Source: Actual figures through 1952 are from the old daily Treasury statement; actual figures on the new reporting basis are from the "Monthly Statement of Receipts and Expenditures of the United States Government"; estimates are based on the"Review of the 1956 Budget," released August 25, 1955.
1/ Prior to 1951 net investment in public debt securities by certain trust accounts and by deposit fund accounts is included in trust and deposit fund account expenditures and excluded from net investment by Government agencies (See Tables 3 and 4); for treatment of security transactions of Government-sponsored enterprises beginning 1955, see footnote 4.
2/ Excludes Foreign Economic Cooperation Trust Fund (see page 1).
3/ As announced February 17, 1954; see page 1, footnote 6.
4/ Under a revised classification in the monthly Treasury statement, effective July 1, 1955, the security transactions of Government-sponsored enterprises are included in deposit fund account expenditures (net) and excluded from net investment by Government agencies in public debt securities (see Table 4) and from net redemption or sale of obligations of Government agencies in the market (see Table 5). Figures previously published for the fiscal year 1955 have been revised to the new classification basis.
p Preliminary.
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>1948</td><td>6,515 3/</td><td>1,807</td><td>797</td><td>1,313</td><td>740</td><td>90</td><td>594</td><td>1,174 3/</td></tr><tr><td>1949</td><td>5,714</td><td>1,924</td><td>625</td><td>1,173</td><td>690</td><td>92</td><td>680</td><td>529</td></tr><tr><td>1950</td><td>6,669</td><td>2,367</td><td>645</td><td>1,281</td><td>1,076</td><td>87</td><td>809</td><td>403</td></tr><tr><td>1951</td><td>7,196</td><td>3,411</td><td>678</td><td>1,542</td><td>684</td><td>86</td><td>850</td><td>545</td></tr><tr><td>1952</td><td>8,807</td><td>3,932</td><td>850</td><td>1,643</td><td>786</td><td>87</td><td>912</td><td>597</td></tr><tr><td>New reporting basis: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>8,929</td><td>4,516</td><td>742</td><td>1,594</td><td>637</td><td>79</td><td>961</td><td>401</td></tr><tr><td>1954</td><td>9,155</td><td>5,080</td><td>737</td><td>1,492</td><td>619</td><td>78</td><td>691</td><td>457</td></tr><tr><td>1955 p</td><td>9,538</td><td>5,585</td><td>701</td><td>1,424</td><td>590</td><td>78</td><td>708</td><td>451</td></tr><tr><td>1956 (Est.)</td><td>11,408</td><td>6,913</td><td>730</td><td>1,608</td><td></td><td>728</td><td>1,030</td><td>399</td></tr><tr><td>1955-January</td><td>268</td><td>115</td><td>17</td><td>23</td><td>43</td><td>3</td><td>25</td><td>41</td></tr><tr><td>February</td><td>600</td><td>277</td><td>65</td><td>157</td><td>32</td><td>2</td><td>35</td><td>31</td></tr><tr><td>March</td><td>778</td><td>576</td><td>47</td><td>19</td><td>40</td><td>3</td><td>41</td><td>51</td></tr><tr><td>April</td><td>528</td><td>335</td><td>20</td><td>56</td><td>35</td><td>2</td><td>40</td><td>39</td></tr><tr><td>May</td><td>1,320</td><td>818</td><td>81</td><td>311</td><td>37</td><td>3</td><td>47</td><td>22</td></tr><tr><td>June p</td><td>1,677</td><td>879</td><td>146</td><td>104</td><td>193</td><td>45</td><td>273</td><td>37</td></tr><tr><td>July</td><td>745</td><td>225</td><td>16</td><td>140</td><td>33</td><td>3</td><td>276</td><td>52</td></tr><tr><td>August</td><td>1,502</td><td>925</td><td>85</td><td>302</td><td>93</td><td>3</td><td>56</td><td>38</td></tr><tr><td>September</td><td>721</td><td>534</td><td>60</td><td>12</td><td>36</td><td>2</td><td>43</td><td>33</td></tr><tr><td>October</td><td>505</td><td>306</td><td>18</td><td>56</td><td>35</td><td>2</td><td>48</td><td>39</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, increment resulting from reduction in the weight of the gold dollar, and through 1950 seigniorage on silver under the Silver Purchase Act of 1934. Thereafter any such seigniorage is included with other seigniorage under budget receipts.
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 10). 
3/ Excludes Federal Economic Cooperation Trust Fund (see page 1). 
1/ As announced February 17, 1954; see page 1, footnote 6. 
p Preliminary.
December 1955
7
TRUST ACCOUNT AND OTHER TRANSACTIONS
Table 3.- Trust and Deposit Fund Account Expenditures
(In millions of dollars; negative figures are excess of credits)
<table><tr><th>Fiscal year or month</th><th>Total 1/</th><th>Total trust accounts 2/</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>National Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Government employees' retirement fund 3/</th><th>Other trust accounts 2/ 4/</th></tr><tr><td>1948</td><td>3,857</td><td>3,490</td><td>559</td><td>222</td><td>859</td><td>302</td><td>70</td><td>244</td><td>1,234</td></tr><tr><td>1949</td><td>3,024 5/</td><td>3,410</td><td>661</td><td>278</td><td>1,314</td><td>348</td><td>61</td><td>222</td><td>526 5/</td></tr><tr><td>1950</td><td>6,950</td><td>6,854</td><td>784</td><td>304</td><td>2,026</td><td>2,988</td><td>114</td><td>268</td><td>370</td></tr><tr><td>1951</td><td>3,945</td><td>4,139</td><td>1,569</td><td>321</td><td>900</td><td>614</td><td>77</td><td>271</td><td>387</td></tr><tr><td>1952</td><td>4,952</td><td>5,298</td><td>2,067</td><td>391</td><td>1,049</td><td>996</td><td>82</td><td>300</td><td>413</td></tr><tr><td>New reporting basis: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>5,169</td><td>5,698</td><td>2,750</td><td>465</td><td>1,010</td><td>588</td><td>82</td><td>363</td><td>441</td></tr><tr><td>1954</td><td>6,769</td><td>7,327</td><td>3,405</td><td>502</td><td>1,745</td><td>623</td><td>147</td><td>411</td><td>495</td></tr><tr><td>1955 p.</td><td>8,507</td><td>8,495</td><td>4,487</td><td>585</td><td>1,965</td><td>538</td><td>84</td><td>430</td><td>404</td></tr><tr><td>1956 (Est.)</td><td>9,593</td><td>n.a.</td><td>5,562</td><td>608</td><td>1,695</td><td colspan="3">604</td><td>523 7/</td></tr><tr><td>1955-January</td><td>842</td><td>728</td><td>370</td><td>46</td><td>204</td><td>43</td><td>6</td><td>35</td><td>25</td></tr><tr><td>February</td><td>757</td><td>724</td><td>382</td><td>46</td><td>184</td><td>43</td><td>6</td><td>34</td><td>28</td></tr><tr><td>March</td><td>781</td><td>776</td><td>399</td><td>48</td><td>192</td><td>50</td><td>7</td><td>37</td><td>44</td></tr><tr><td>April</td><td>1,070</td><td>744</td><td>416</td><td>48</td><td>143</td><td>49</td><td>7</td><td>36</td><td>44</td></tr><tr><td>May</td><td>736</td><td>765</td><td>431</td><td>48</td><td>133</td><td>46</td><td>7</td><td>38</td><td>61</td></tr><tr><td>June p.</td><td>711</td><td>757</td><td>437</td><td>48</td><td>106</td><td>46</td><td>9</td><td>39</td><td>73</td></tr><tr><td>July</td><td>752</td><td>720</td><td>435</td><td>56</td><td>94</td><td>39</td><td>10</td><td>36</td><td>49</td></tr><tr><td>August</td><td>727</td><td>714</td><td>439</td><td>48</td><td>100</td><td>43</td><td>6</td><td>37</td><td>42</td></tr><tr><td>September</td><td>688</td><td>702</td><td>438</td><td>48</td><td>86</td><td>44</td><td>5</td><td>39</td><td>42</td></tr><tr><td>October</td><td>900</td><td>754</td><td>510</td><td>50</td><td>75</td><td>42</td><td>6</td><td>38</td><td>33</td></tr></table>
Deposit fund accounts (net)
<table><tr><th>Fiscal year or month</th><th>Total deposit fund accounts 8/</th><th colspan="4">Government-sponsored enterprises</th><th>Other deposit fund accounts</th></tr><tr><th></th><th></th><th>Total 8/</th><th>Investment in public debt securities</th><th>Redemption of Government agency obligations in the market</th><th>Other expenditures</th><th></th></tr><tr><td>1948</td><td>367</td><td>162</td><td>2/</td><td>10/</td><td>9/</td><td>204 11/</td></tr><tr><td>1949</td><td>414</td><td>-8</td><td>2/</td><td>10/</td><td>2/</td><td>422 11/</td></tr><tr><td>1950</td><td>96</td><td>-44</td><td>2/</td><td>10/</td><td>2/</td><td>140 11/</td></tr><tr><td>1951</td><td>-194</td><td>310</td><td>10/</td><td>10/</td><td>310</td><td>-505</td></tr><tr><td>1952</td><td>-346 12/</td><td>-395</td><td>10/</td><td>10/</td><td>-395</td><td>49</td></tr><tr><td>New reporting basis: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>-529</td><td>-120</td><td>10/</td><td>10/</td><td>-120</td><td>-410</td></tr><tr><td>1954</td><td>-558</td><td>-437</td><td>10/</td><td>10/</td><td>-437</td><td>-121</td></tr><tr><td>1955 p.</td><td>12 13/</td><td>8 13/</td><td>171</td><td>-269</td><td>106</td><td>5</td></tr><tr><td>1956 (Est.)</td><td>1/</td><td>n.s.</td><td>321</td><td>-430</td><td>n.a.</td><td>n.e.</td></tr><tr><td>1955-January</td><td>114</td><td>5</td><td>201</td><td>60</td><td>-256</td><td>109</td></tr><tr><td>February</td><td>33</td><td>1</td><td>40</td><td>64</td><td>-104</td><td>32</td></tr><tr><td>March</td><td>4</td><td>4</td><td>41</td><td>-22</td><td>-15</td><td>*</td></tr><tr><td>April</td><td>326</td><td>-4</td><td>-65</td><td>*</td><td>61</td><td>330</td></tr><tr><td>May</td><td>-29</td><td>-1</td><td>-82</td><td>*</td><td>81</td><td>-28</td></tr><tr><td>June p.</td><td>-46</td><td>11</td><td>59</td><td>-190</td><td>142</td><td>-57</td></tr><tr><td>July</td><td>32</td><td>7</td><td>-136</td><td>*</td><td>143</td><td>24</td></tr><tr><td>August</td><td>12</td><td>-7</td><td>-49</td><td>-119</td><td>161</td><td>19</td></tr><tr><td>September</td><td>-14</td><td>4</td><td>-40</td><td>-75</td><td>119</td><td>-18</td></tr><tr><td>October</td><td>145</td><td>-6</td><td>127</td><td>-335</td><td>203</td><td>151</td></tr></table>
Source: See Table 1.
1/ For security transactions included in expenditures prior to 1951 and beginning 1955, see footnotes 2, 9, 11, and 13.
2/ Prior to 1951, includes net investment in public debt securities by certain accounts (see Table 4).
3/ Consists of Civil Service and Foreign Service retirement funds.
4/ Includes Adjusted Service Certificate Fund, District of Columbia, Indian tribal funds, expenditures chargeable against increment on gold, accounts relating to operations under the Mutual Security Act and other funds appropriated to the President; and numerous other accounts which appear in the monthly statement beginning July 1955 grouped by the agencies administering them. Also included are the Railroad Unemployment Administration Fund beginning with the fiscal year 1954 (see Table 2, footnote 2); the Federal Employees' Insurance Fund (net) from its establishment in August 1954; and the secondary market operations of the Federal National Mortgage Association (net) provided for by the Housing Act of 1954, approved August 2, 1954.
5/ Excludes Foreign Economic Cooperation Trust Fund (see page 1).
6/ As announced February 17, 1954; see page 1, footnote 6.
7/ The combined estimate for "Other trust accounts" and "Total deposit fund accounts (net)" is $600 million. A complete breakdown of this estimate is not available.
8/ Prior to 1951, includes net investment in public debt securities by certain agencies (see footnotes 9 and 11); beginning with 1955, includes net security transactions of Government-sponsored enterprises (see footnote 13).
9/ Included in total of deposit fund account expenditures of Government-sponsored enterprises.
10/ Excluded from deposit fund account expenditures and included with similar security transactions of other agencies, shown in Tables 4 and 5.
11/ Includes net investment in public debt securities.
12/ Includes transactions by the Air Force and the Army beginning 1952.
13/ Under a revised classification in the monthly Treasury statement, effective July 1, 1955, the security transactions of Government-sponsored enterprises are included in deposit fund account expenditures (net) and excluded from net investment by Government agencies in public debt securities (see Table 4) and net redemption or sale of obligations of Government agencies in the market (see Table 5).
Figures previously published for the fiscal year 1955 have been revised to the new classification basis.
* Less than $500,000.
p Preliminary.
n.e. Not available.
Treasury Bulletin
TRUST ACCOUNT AND OTHER TRANSACTIONS
Table 4.- Net Investment by Government Agencies in Public Debt Securities
(In millions of dollars; negative figures are excess of sales)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="8">Trust accounts</th></tr><tr><th>Total trust accounts</th><th>Federal Old-Age and Survivors Insurance Trust Fund</th><th>Railroad Retirement Account</th><th>Unemployment Trust Fund</th><th>Nation l Service Life Insurance Fund</th><th>Government Life Insurance Fund</th><th>Government employee' retirement funds 1/</th><th>Other trust accounts 2/</th></tr><tr><td>1948</td><td>3/</td><td>3,060 3/</td><td>1,194</td><td>569</td><td>446</td><td>461</td><td>32</td><td>363</td><td>-6</td></tr><tr><td>1949</td><td>3/</td><td>2,311 3/</td><td>1,294</td><td>346</td><td>-160</td><td>353</td><td>32</td><td>447</td><td>*</td></tr><tr><td>1950</td><td>3/</td><td>-402 3/</td><td>1,414</td><td>338</td><td>-724</td><td>-1,946</td><td>-26</td><td>543</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></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></tr><tr><td colspan="2">New reporting basis: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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></tr><tr><td>1954</td><td>2,054</td><td>1,688</td><td>1,522</td><td>202</td><td>-248</td><td>23</td><td>-65</td><td>252</td><td>1</td></tr><tr><td>1955 p.....</td><td>1,364 5/</td><td>1,236</td><td>1,241</td><td>141</td><td>-545</td><td>73</td><td>-1</td><td>314</td><td>14</td></tr><tr><td>1956 (Est.)</td><td>2,057</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.e.</td></tr><tr><td colspan="10">1955-January</td></tr><tr><td>February</td><td>-119</td><td>-127</td><td>-123</td><td>36</td><td>-26</td><td>2</td><td>-4</td><td>-2</td><td>-2</td></tr><tr><td>March</td><td>56</td><td>42</td><td>212</td><td>14</td><td>-173</td><td>-10</td><td>-3</td><td>*</td><td>-1</td></tr><tr><td>April</td><td>-348</td><td>-358</td><td>-206</td><td>-36</td><td>-101</td><td>-16</td><td>-5</td><td>6</td><td>*</td></tr><tr><td>May</td><td>663</td><td>656</td><td>412</td><td>39</td><td>185</td><td>-6</td><td>-4</td><td>18</td><td>12</td></tr><tr><td>June p</td><td>1,034</td><td>1,032</td><td>536</td><td>99</td><td>-2</td><td>144</td><td>37</td><td>230</td><td>-12</td></tr><tr><td>July</td><td>254</td><td>299</td><td>265</td><td>44</td><td>29</td><td>-6</td><td>-7</td><td>15</td><td>7</td></tr><tr><td>August</td><td>994</td><td>976</td><td>438</td><td>45</td><td>218</td><td>50</td><td>-5</td><td>235</td><td>-6</td></tr><tr><td>September</td><td>-319</td><td>-334</td><td>-269</td><td>-2</td><td>-66</td><td>-9</td><td>-2</td><td>14</td><td>*</td></tr><tr><td>October</td><td>-236</td><td>-251</td><td>-228</td><td>-29</td><td>-42</td><td>-7</td><td>-4</td><td>40</td><td>18</td></tr></table>
<table><tr><th>Fiscal year or month 6/</th><th colspan="4">Public enterprise funds</th><th colspan="5">Government-sponsored enterprises</th></tr><tr><th></th><th>Total public enterprise funds</th><th>Federal Housing Administration</th><th>Federal Savings and Loan Insurance Corporation</th><th>Other</th><th>Total Government-sponsored enterprises</th><th>Banks for cooperatives</th><th>Federal Deposit Insurance Corporation</th><th>Federal home loan banks</th><th>Federal land banks</th></tr><tr><td>1951</td><td>104</td><td>52</td><td>11</td><td>41</td><td>84</td><td>-</td><td>62</td><td>21</td><td>-</td></tr><tr><td>1952</td><td>101</td><td>21</td><td>7</td><td>73</td><td>179</td><td>*</td><td>84</td><td>95</td><td>-</td></tr><tr><td>New reporting basis: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>79</td><td>59</td><td>9</td><td>12</td><td>153</td><td>5</td><td>87</td><td>61</td><td>-</td></tr><tr><td>1954</td><td>-77</td><td>-86</td><td>11</td><td>-2</td><td>443</td><td>9</td><td>102</td><td>314</td><td>18</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td colspan="5">Memorandum 1/</td></tr><tr><td>1955 p</td><td>127</td><td>98</td><td>13</td><td>16</td><td>171</td><td>-10</td><td>98</td><td>82</td><td>*</td></tr><tr><td>1956 (Est.)</td><td>n.e.</td><td>n.e.</td><td>n.e.</td><td>n.a.</td><td>321</td><td>-</td><td>101</td><td>200</td><td>20</td></tr><tr><td>1955-January</td><td>1</td><td>-</td><td>2</td><td>*</td><td>201</td><td>-</td><td>67</td><td>135</td><td>-1</td></tr><tr><td>February</td><td>8</td><td>7</td><td>1</td><td>*</td><td>40</td><td>-</td><td>*</td><td>38</td><td>2</td></tr><tr><td>March</td><td>14</td><td>10</td><td>3</td><td>1</td><td>41</td><td>-</td><td>2</td><td>42</td><td>-2</td></tr><tr><td>April</td><td>10</td><td>8</td><td>1</td><td>1</td><td>-65</td><td>-</td><td>4</td><td>-69</td><td>-</td></tr><tr><td>May</td><td>7</td><td>6</td><td>2</td><td>*</td><td>-82</td><td>-</td><td>-2</td><td>-80</td><td>-</td></tr><tr><td>June p</td><td>3</td><td>-2</td><td>4</td><td>1</td><td>59</td><td>-</td><td>12</td><td>47</td><td>-</td></tr><tr><td>July</td><td>-4</td><td>5</td><td>-10</td><td>1</td><td>-136</td><td>-</td><td>-</td><td>-136</td><td>-</td></tr><tr><td>August</td><td>18</td><td>13</td><td>1</td><td>4</td><td>-49</td><td>-</td><td>-2</td><td>-47</td><td>-</td></tr><tr><td>September</td><td>15</td><td>4</td><td>2</td><td>9</td><td>-40</td><td>-</td><td>1</td><td>-41</td><td>-</td></tr><tr><td>October</td><td>15</td><td>12</td><td>2</td><td>1</td><td>127</td><td>-</td><td>2</td><td>120</td><td>4</td></tr></table>
banks, which was included in deposit fund expenditures; and net investment by Government-sponsored enterprises was included in deposit fund expenditures (see Table 3). For the totals so included, see "Treasury Cash Income and Outgo," Table 3. 1/ Net investment by Government-sponsored enterprises is included in deposit fund expenditures in Table 3. * Less than $500,000. p Preliminary. n.a. Not available.
Source: See Table 1.
1/ Consists of Civil Service and Foreign Service retirement funds.
2/ Prior to 1951, consists of Adjusted Service Certificate Fund.
3/ Prior to 1951, net investment by smaller trust accounts and by deposit fund accounts is included in expenditures in Table 3.
4/ As announced February 17, 1954; see page 1, footnote 6.
5/ Excludes net investment by Government-sponsored enterprises beginning with the fiscal year 1955 (see Table 3).
6/ Prior to 1951, net investment by public enterprise funds was included in budget expenditures, except that by Federal intermediate credit
December 1955
9
TRUST ACCOUNT AND OTHER TRANSACTIONS
Table 5.- Net Redemption or Sale of Obligations of Government Agencies in the Market
(In millions of dollars; negative figures indicate net sales)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Total guaranteed</th><th colspan="4">Public enterprise funds</th></tr><tr><th></th><th></th><th></th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Housing Administration</th><th>Home Owners' Loan Corporation</th></tr><tr><td>1948</td><td>-107</td><td>16</td><td>3</td><td>1</td><td>11</td><td>1</td></tr><tr><td>1949</td><td>74</td><td>46</td><td>31</td><td>1</td><td>14</td><td>1</td></tr><tr><td>1950</td><td>22</td><td>8</td><td>9</td><td>*</td><td>-3</td><td>1</td></tr><tr><td>1951</td><td>-384</td><td>-10</td><td>1</td><td>*</td><td>-12</td><td>*</td></tr><tr><td>1952</td><td>72</td><td>-15</td><td>-1</td><td>*</td><td>-16</td><td>*</td></tr><tr><td colspan="7">New reporting basis: 1/</td></tr><tr><td>1953</td><td>25</td><td>-7</td><td>1</td><td>*</td><td>-7</td><td>*</td></tr><tr><td>1954</td><td>4</td><td>-29</td><td>*</td><td>*</td><td>-30</td><td>*</td></tr><tr><td>1955 p.</td><td>-602 2/</td><td>37</td><td>*</td><td>*</td><td>37</td><td>*</td></tr><tr><td>1956 (Est.)</td><td>-827</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1955-January</td><td>-571</td><td>10</td><td>*</td><td>*</td><td>10</td><td>*</td></tr><tr><td>February</td><td>-27</td><td>-3</td><td>*</td><td>*</td><td>-3</td><td>*</td></tr><tr><td>March</td><td>-51</td><td>-6</td><td>*</td><td>*</td><td>-6</td><td>*</td></tr><tr><td>April</td><td>-29</td><td>-5</td><td>*</td><td>*</td><td>-5</td><td>*</td></tr><tr><td>May</td><td>-36</td><td>-5</td><td>*</td><td>*</td><td>-5</td><td>*</td></tr><tr><td>June p.</td><td>-38</td><td>-1</td><td>*</td><td>*</td><td>-1</td><td>*</td></tr><tr><td>July</td><td>-27</td><td>3</td><td>*</td><td>*</td><td>3</td><td>*</td></tr><tr><td>August</td><td>-1</td><td>-2</td><td>*</td><td>*</td><td>-2</td><td>*</td></tr><tr><td>September</td><td>16</td><td>-4</td><td>*</td><td>*</td><td>-4</td><td>*</td></tr><tr><td>October</td><td>55</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Securities not guaranteed by the United States</th></tr><tr><th>Total not guaranteed</th><th>Total public and trust enterprise funds</th><th colspan="3">Public enterprise funds</th><th>Trust enterprise funds</th><th colspan="4">Government-sponsored enterprises</th></tr><tr><th></th><th></th><th></th><th>Federal intermediate credit banks</th><th>Federal National Mortgage Association - Management and liquidation program 3/</th><th>Home Owners' Loan Corporation</th><th>Federal National Mortgage Association - Secondary market operations 3/</th><th>Total Government-sponsored enterprises</th><th>Banks for cooperatives</th><th>Federal home loan banks</th><th>Federal land banks</th></tr><tr><td>1948</td><td>-123</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-123</td><td>-</td><td>-168</td><td>44</td></tr><tr><td>1949</td><td>28</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>28</td><td>-</td><td>22</td><td>6</td></tr><tr><td>1950</td><td>14</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>14</td><td>-</td><td>83</td><td>-69</td></tr><tr><td>1951</td><td>-374</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-374</td><td>-</td><td>-375</td><td>1</td></tr><tr><td>1952</td><td>88</td><td>-98</td><td>-98</td><td>-</td><td>*</td><td>-</td><td>186</td><td>-</td><td>285</td><td>-99</td></tr><tr><td colspan="2">Rev reporting basis: 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>32</td><td>65</td><td>65</td><td>-</td><td>*</td><td>-</td><td>-33</td><td>-</td><td>12</td><td>-45</td></tr><tr><td>1954</td><td>33</td><td>44</td><td>44</td><td>-</td><td>*</td><td>-</td><td>-11</td><td>-</td><td>136</td><td>-146</td></tr><tr><td colspan="10">Memorandum 4/</td></tr><tr><td>1955 p</td><td>-639 2/</td><td>-639</td><td>-69</td><td>-570</td><td>*</td><td>-</td><td>-269</td><td>10 5/</td><td>-226</td><td>-53</td></tr><tr><td>1956 (Est.)</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>-430</td><td>-</td><td>-240</td><td>-190</td></tr><tr><td>1955-Jan.</td><td>-581</td><td>-581</td><td>-11</td><td>-570</td><td>-</td><td>-</td><td>60</td><td>-</td><td>60</td><td>*</td></tr><tr><td>Feb.</td><td>-24</td><td>-24</td><td>-24</td><td>-</td><td>*</td><td>-</td><td>64</td><td>6 5/</td><td>94</td><td>-30</td></tr><tr><td>Mar.</td><td>-46</td><td>-46</td><td>-46</td><td>-</td><td>-</td><td>-</td><td>-22</td><td>4 5/</td><td>-22</td><td>*</td></tr><tr><td>Apr.</td><td>-24</td><td>-24</td><td>-24</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>May</td><td>-31</td><td>-31</td><td>-31</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>June p.</td><td>-37</td><td>-37</td><td>-37</td><td>-</td><td>-</td><td>-</td><td>-190</td><td>10 5/</td><td>-200</td><td>*</td></tr><tr><td>July</td><td>-29</td><td>-29</td><td>-29</td><td>-</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Aug.</td><td>1</td><td>1</td><td>1</td><td>-</td><td>*</td><td>-</td><td>-119</td><td>-</td><td>-119</td><td>*</td></tr><tr><td>Sept.</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-75</td><td>-</td><td>-75</td><td>*</td></tr><tr><td>Oct.</td><td>55</td><td>55</td><td>55</td><td>-</td><td>*</td><td>-</td><td>-335</td><td>-</td><td>-205</td><td>-130</td></tr></table>
Source: See Table 1.
2/ As announced February 17, 1954; see page 1, footnote 6.
2/ Excludes net transactions of Government-sponsored enterprises beginning 1955 (see Table 3).
3/ As provided by the Housing Act of 1954 (Public Law 560, approved August 2, 1954).
4/ Net redemption, or sale (-), by Government-sponsored enterprises is included in deposit fund expenditures in Table 3.
5/ Revision of data previously published in the monthly statement.
* Less than $500,000.
p Preliminary.
n.a. Not available.
Treasury Bulletin
10
TREASURY CASH INCOME AND OUTGO
The cash income and outgo of the Federal Government are presented from two points of view in the tables which follow, in line with the differences in reporting bases between the new daily Treasury statement, first issued on February 17, 1954, and the "Monthly Statement of Receipts and Expenditures of the United States Government," initiated at the same time (see April 1954 "Treasury Bulletin," page A-2). The bases differ both in coverage and in timing of the reports.
In coverage the new daily statement reports only transactions which clear through the Treasurer's account. The monthly statement includes transactions of all Government agencies, regardless of whether the transactiona clear through the Treasurer's account. In addition, the monthly statement classifies the transactions to show separately budget results and trust account transactions. The net results are then reconciled to changes in the Treasurer's cash balance and in the public debt outstanding as reported in the daily statement.
For the transactions included in both statements, there are differences in the timing of the reports. Receipts in the monthly statement are principally on a collection basis, while those in the daily statement are on a clearance basis; expenditures in the monthly statement are on a checks-issued basis, while those in the daily statement are on a checks-paid basis. Thus an individual transaction near the end of a month may be reported during that month in one statement and not until the following month in the other. These timing differences tend to correct themselves over a period, but for a given date they must be taken into account in reconciling data from the two reports.
Cash transaction figures prior to 1953 are derived from a single source, the old daily Treasury statement, which resembled the present monthly statement in coverage and in classification of transactions, but for timing was based on information in hand at the end of the reporting period. In the tables which follow, figures from the old daily statement have been adjusted to a coverage as close
as possible to that of the new daily by excluding those agency transactions in public debt securities and in agency obligations in the market which were not cleared through the Treasurer's account.
Table 1 summarizes cash flows through the Treasurer's account as reported in the daily statement. They are grouped in three categories -- cash income, or deposits; cash outgo, or withdrawals; and cash borrowing or repayment of borrowing. The three taken together account for the change in the Treasurer's cash balance.
Tables 2, 3, and 4 show the derivation of these same three categories of cash flows on a monthly statement basis, covering transactions of all Government agencies. These three categories taken together account for the change in cash balance on the monthly statement basis, which includes not only the balance in the Treasurer's account but also the cash held outside the Treasury and the items in transit represented by the clearing accounts. Since there are now reported figures for the cash flows in the Treasurer's account, it is possible to calculate for each category -- income, outgo, and borrowing -- the difference due to differences in reporting bases. The sum of these differences, or reconciliation adjustments, in the three categories, with signs appropriate for their effect on the cash balance, equals the difference in balances between the monthly statement and daily statement. This difference is the combined total of the monthly statement clearing accounts plus cash held outside the Treasury.
The calculated reconciliation adjustment figures in the tables include both coverage and timing differences. It is no longer possible from the information as reported to the Treasury to segregate the two kinds of differences even for securities transactions. But such segregation is not regarded as significant for purposes of this analysis, so long as the overall coverage is secured for transactions not cleared through the Treasurer's account, and the figures are on a consistent reporting basis.
December 1955
11
TREASURY CASH INCOME AND OUTGO
Table 1.- Summary of Cash Transactions through the Treasurer's Account
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Net 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>1948</td><td>45,399</td><td>36,443</td><td>8,956</td><td>-7,333</td><td>1,624</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>4,163</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>New reporting basis: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>71,345</td><td>76,407</td><td>-5,062</td><td>2,763</td><td>-2,299</td><td>56</td></tr><tr><td>1954</td><td>71,815</td><td>71,974</td><td>-159</td><td>2,255</td><td>2,096</td><td>73</td></tr><tr><td>1955</td><td>67,769</td><td>69,899</td><td>-2,130</td><td>1,579</td><td>-551</td><td>29</td></tr><tr><td>1956 (Est.)</td><td>n.a.</td><td>n.a.</td><td>-352</td><td>-864</td><td>-1,216</td><td>30</td></tr><tr><td>1955-January</td><td>4,299</td><td>5,009</td><td>-710</td><td>259</td><td>-451</td><td>2</td></tr><tr><td>February</td><td>6,306</td><td>5,481</td><td>825</td><td>-143</td><td>682</td><td>3</td></tr><tr><td>March</td><td>10,943</td><td>6,932</td><td>4,010</td><td>4,270</td><td>-260</td><td>2</td></tr><tr><td>April</td><td>3,651</td><td>5,355</td><td>-1,704</td><td>2,955</td><td>1,250</td><td>2</td></tr><tr><td>May</td><td>5,547</td><td>6,278</td><td>-731</td><td>209</td><td>-522</td><td>2</td></tr><tr><td>June</td><td>11,045</td><td>6,677</td><td>4,368</td><td>4,031</td><td>336</td><td>1</td></tr><tr><td>July</td><td>2,994</td><td>5,352</td><td>-2,358</td><td>2,953</td><td>595</td><td>2</td></tr><tr><td>August</td><td>6,333</td><td>7,256</td><td>-923</td><td>-135</td><td>-1,058</td><td>1</td></tr><tr><td>September</td><td>5,988</td><td>5,904</td><td>84</td><td>-162</td><td>-378</td><td>1</td></tr><tr><td>October</td><td>2,869</td><td>5,659</td><td>-2,789</td><td>2,728</td><td>-62</td><td>2</td></tr><tr><td>November</td><td>5,934</td><td>5,951</td><td>-17</td><td>-178</td><td>-195</td><td>n.a.</td></tr><tr><td>1956 to date</td><td>24,118</td><td>30,122</td><td>-6,003</td><td>4,906</td><td>-1,097</td><td>n.a.</td></tr></table>
Source: Actual figures are based on the daily Treasury statement, except the memorandum item, which is from the "Monthly Statement of Receipts and Expenditures of the United States Government"; estimates are based on the "Review of the 1956 Budget," released August 25, 1955. Figures in the first four columns of this table may differ somewhat from those originally published in the daily Treasury statement because of subsequent reclassification of certain transactions.
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 Bureau of the Budget figures for "Receipts from the public."
2/ For explanation, see headnote.
n.a. Not available.
Treasury Bulletin
12
TREASURY CASH INCOME AND OUTGO
Table 2.- Derivation of Cash Income
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Receipts</th><th>Plus: Monocash items deducted from budget receipts - excess profits tax refund bonds 2/</th><th colspan="3">Lease: Interfund transactions</th></tr><tr><th></th><th>Budget (net) 1/</th><th>Trust account</th><th>Total</th><th></th><th>Transfers, budget to trust accounts</th><th>Payroll deductions for employees' retirement</th><th>Reimbursement to budget from trust accounts 3/</th></tr><tr><td>1948</td><td>41,488</td><td>6,515</td><td>48,003</td><td>-10</td><td>455</td><td>236</td><td>14</td></tr><tr><td>1949</td><td>37,696</td><td>5,714</td><td>43,410</td><td>-4</td><td>366</td><td>327</td><td>24</td></tr><tr><td>1950</td><td>36,495</td><td>6,669</td><td>43,164</td><td>-1</td><td>834</td><td>358</td><td>17</td></tr><tr><td>1951</td><td>47,568</td><td>7,796</td><td>55,364</td><td>-1</td><td>397</td><td>378</td><td>21</td></tr><tr><td>1952</td><td>61,391</td><td>8,807</td><td>70,198</td><td>-1</td><td>567</td><td>411</td><td>26</td></tr><tr><td>New reporting basic: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>64,825</td><td>8,929</td><td>73,754</td><td>*</td><td>462</td><td>420</td><td>66</td></tr><tr><td>1954</td><td>64,655</td><td>9,155</td><td>73,811</td><td>*</td><td>184</td><td>430</td><td>76</td></tr><tr><td>1955 p.</td><td>60,303</td><td>9,538</td><td>69,841</td><td>*</td><td>157</td><td>439</td><td>88</td></tr><tr><td>1956 (Est.)</td><td>62,100</td><td>11,408</td><td>73,508</td><td>-</td><td>450</td><td>571</td><td>103</td></tr><tr><td>1955-January</td><td>4,655</td><td>268</td><td>4,923</td><td>*</td><td>7</td><td>24</td><td>3</td></tr><tr><td>February</td><td>5,427</td><td>600</td><td>6,027</td><td>*</td><td>3</td><td>34</td><td>2</td></tr><tr><td>March</td><td>9,741</td><td>778</td><td>10,519</td><td>*</td><td>1</td><td>40</td><td>2</td></tr><tr><td>April</td><td>3,732</td><td>528</td><td>4,260</td><td>*</td><td>5</td><td>38</td><td>3</td></tr><tr><td>May</td><td>4,438</td><td>1,320</td><td>5,758</td><td>*</td><td>3</td><td>46</td><td>2</td></tr><tr><td>June p.</td><td>10,038</td><td>1,677</td><td>11,714</td><td>*</td><td>1</td><td>46</td><td>3</td></tr><tr><td>July</td><td>2,765</td><td>745</td><td>3,510</td><td>*</td><td>341</td><td>40</td><td>2</td></tr><tr><td>August</td><td>4,734</td><td>1,502</td><td>6,235</td><td>*</td><td>61</td><td>54</td><td>13</td></tr><tr><td>September</td><td>5,498</td><td>721</td><td>6,220</td><td>*</td><td>3</td><td>43</td><td>3</td></tr><tr><td>October</td><td>2,692</td><td>505</td><td>3,197</td><td>*</td><td>4</td><td>48</td><td>69</td></tr><tr><th>Fiscal year or month</th><th colspan="3">Lease: Interfund transactions - (Continued)</th><th></th><th>Equals: Cash income, monthly Treasury statement reporting basic 6/</th><th>Adjustment to new daily Treasury statement reporting basic 7/</th><th>Equale: Cash income (deposite) in Treasurer's account</th></tr><tr><th></th><th>By Treasury to trust accounts</th><th>To Treasury by Government agencies</th><th>Other 5/</th><th>Total interfund transactions</th><th></th><th></th><th></th></tr><tr><td>1948</td><td>746</td><td>112</td><td>1,030</td><td>2,594</td><td>45,399</td><td>-</td><td>45,399</td></tr><tr><td>1949</td><td>841</td><td>33</td><td>188</td><td>1,778</td><td>41,628</td><td>-</td><td>41,628</td></tr><tr><td>1950</td><td>880</td><td>73</td><td>30</td><td>2,192</td><td>40,970</td><td>-</td><td>40,970</td></tr><tr><td>1951</td><td>892</td><td>87</td><td>148</td><td>1,923</td><td>53,439</td><td>-</td><td>53,439</td></tr><tr><td>1952</td><td>987</td><td>100</td><td>13</td><td>2,104</td><td>68,093</td><td>-</td><td>68,093</td></tr><tr><td>New reporting basic: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1953</td><td>1,094</td><td>144</td><td>7</td><td>2,194</td><td>71,560</td><td>-215</td><td>71,345</td></tr><tr><td>1954</td><td>1,188</td><td>221</td><td>18</td><td>2,097</td><td>71,714</td><td>101</td><td>71,815</td></tr><tr><td>1955 p.</td><td>1,173</td><td>138</td><td>14</td><td>2,009</td><td>67,832</td><td>-62</td><td>67,769</td></tr><tr><td>1956 (Est.)</td><td>1,197</td><td>268</td><td>19</td><td>2,607</td><td>70,901</td><td>n.a.</td><td>n.a.</td></tr><tr><td>1955-January</td><td>3</td><td>5</td><td>-</td><td>42</td><td>4,881</td><td>-582</td><td>4,299</td></tr><tr><td>February</td><td>5</td><td>9</td><td>-</td><td>53</td><td>5,974</td><td>332</td><td>6,306</td></tr><tr><td>March</td><td>17</td><td>4</td><td>-</td><td>64</td><td>10,454</td><td>488</td><td>10,943</td></tr><tr><td>April</td><td>32</td><td>*</td><td>-</td><td>78</td><td>4,182</td><td>-532</td><td>3,651</td></tr><tr><td>May</td><td>7</td><td>*</td><td>-</td><td>59</td><td>5,699</td><td>-152</td><td>5,547</td></tr><tr><td>June p.</td><td>779</td><td>44</td><td>2</td><td>874</td><td>10,840</td><td>205</td><td>11,045</td></tr><tr><td>July</td><td>*</td><td>*</td><td>10</td><td>394</td><td>3,115</td><td>-121</td><td>2,994</td></tr><tr><td>August</td><td>2</td><td>26</td><td>*</td><td>156</td><td>6,079</td><td>254</td><td>6,333</td></tr><tr><td>September</td><td>17</td><td>11</td><td>-</td><td>77</td><td>6,143</td><td>-155</td><td>5,988</td></tr><tr><td>October</td><td>29</td><td>1</td><td>-</td><td>151</td><td>3,046</td><td>-177</td><td>2,869</td></tr></table>
Sources: Actual figures through 1952 are based on the old daily Treasury statement; actual figures on the new reporting basis are based on the "Monthly Statement of Receipts and Expenditures of the United States Government" and the new daily Treasury statement; estimates are based on the "Review of the 1956 Budget," released August 25, 1955. The monthly statement figures for a given month appear in the Bulletin issue following that which carries corresponding daily statement figures in Table 1.
1/ For further detail, see "Budget Receipts and Expenditures," Table 1.
2/ Deduction from budget receipts of the tax refunds represented by these bonds is treated as a noncash deduction at the time of issuance of the bonds and as a cash deduction at the time of redemption of the bonds (see Table 4); net issuance, or redemption (-).
3/ By Federal Old-Age and Survivors Insurance Trust Fund through October 1948. Thereafter includes also reimbursements from the District of Columbia and Panama Canal Company.
4/ For explanation, see headnote.
5/ 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 1948 include $8 million of armed forces leave bonds re-deemed for insurance premiums; after August 31, 1947, these bonds were redeemable for cash. 6/ Reflects transactions of all Government agencies regardless of whether the transactions cleared through the account of the Treasurer of the United States. 7/ For explanation of differences in reporting bases beginning 1953, see headnote. The net of these differences for all transactions in a given period is reflected in the combined net of the change in clearing account items which reconcile to the Treasurer's cash plus the change in cash held outside the Treasury, as reported in the monthly Treasury statement. Cash outside the Treasury includes cash in the hands of disbursing officers, and commercial bank balances of Government agencies. Reporting differences relating to receipt transactions are shown in this table; excess of receipts on monthly statement basis is deducted. * Less than $500,000. p Preliminary. n.a. Not available.
December 1955
13
TREASURY CASH INCOME AND OUTGO
Table 3.- Derivation of Cash Outgo
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Expenditures</th><th rowspan="2">Interfund transactions (Table 2)</th><th colspan="4">Loss: Deductions from expenditures</th></tr><tr><th>Budget 1/</th><th>Trust and deposit fund accounts 2/</th><th>Total</th><th>Armed forces leave bonds 4/</th><th>Adjusted service bonds 5/</th><th colspan="2">Notes issued to -</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th colspan="3">Noncash expenditures involving issuance of public debt securities 3/</th><th>International Monetary Fund 6/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>International Bank 6/</th><th></th><th></th></tr><tr><td>1948.</td><td>33,069</td><td>3,857</td><td>36,926</td><td>2,594</td><td>-1,229</td><td>-4</td><td>-350</td><td>-563</td></tr><tr><td>1949.</td><td>39,507</td><td>3,824</td><td>43,331</td><td>1,778</td><td>-164</td><td>-2</td><td>-25</td><td>-98</td></tr><tr><td>1950.</td><td>39,617</td><td>6,950</td><td>46,567</td><td>2,192</td><td>-95</td><td>-2</td><td>-41</td><td>207</td></tr><tr><td>1951.</td><td>44,058</td><td>3,945</td><td>48,002</td><td>1,923</td><td>-160</td><td>-1</td><td>-</td><td>13</td></tr><tr><td>1952.</td><td>65,408</td><td>4,952</td><td>70,359</td><td>2,104</td><td>-68</td><td>-1</td><td>-</td><td>-9</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></tr><tr><td>1953.</td><td>74,274</td><td>5,169</td><td>79,443</td><td>2,194</td><td>-24</td><td>-1</td><td>-</td><td>28</td></tr><tr><td>1954.</td><td>67,772</td><td>6,769</td><td>74,542</td><td>2,097</td><td>-14</td><td>-1</td><td>-</td><td>109</td></tr><tr><td>1955 p.</td><td>64,494</td><td>8,507</td><td>73,001</td><td>2,009</td><td>-8</td><td>-1</td><td>-</td><td>156</td></tr><tr><td>1956 (Est.)</td><td>63,832</td><td>9,593</td><td>73,425</td><td>2,607</td><td>-5</td><td>*</td><td>-</td><td>75</td></tr><tr><td>1955-January</td><td>4,942</td><td>842</td><td>5,784</td><td>42</td><td>-1</td><td>*</td><td>-</td><td>-</td></tr><tr><td>February</td><td>4,831</td><td>757</td><td>5,588</td><td>53</td><td>-1</td><td>*</td><td>-</td><td>8</td></tr><tr><td>March</td><td>5,894</td><td>781</td><td>6,675</td><td>64</td><td>-1</td><td>*</td><td>-</td><td>36</td></tr><tr><td>April</td><td>5,288</td><td>1,070</td><td>6,297</td><td>78</td><td>-1</td><td>*</td><td>-</td><td>6</td></tr><tr><td>May</td><td>5,356</td><td>736</td><td>6,092</td><td>59</td><td>*</td><td>*</td><td>-</td><td>-</td></tr><tr><td>June p.</td><td>6,677</td><td>711</td><td>7,388</td><td>874</td><td>*</td><td>*</td><td>-</td><td>-11</td></tr><tr><td>July</td><td>5,382</td><td>752</td><td>6,134</td><td>394</td><td>-1</td><td>*</td><td>-</td><td>46</td></tr><tr><td>August</td><td>6,225</td><td>727</td><td>6,952</td><td>156</td><td>*</td><td>*</td><td>-</td><td>-</td></tr><tr><td>September</td><td>5,340</td><td>688</td><td>6,028</td><td>77</td><td>-1</td><td>*</td><td>-</td><td>-</td></tr><tr><td>October</td><td>5,355</td><td>900</td><td>6,255</td><td>151</td><td>*</td><td>*</td><td>-</td><td>-11</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Loss: Deductions from expenditures - (Continued)</th><th rowspan="2">Total deductions</th><th rowspan="2">Equals: Cash outgo, monthly Treasury statement reporting basis 10/</th><th rowspan="2">Adjustment to new daily Treasury statement reporting basis 11/</th><th rowspan="2">Equals: Cash outgo (with-drawals) from Treasurer's account</th></tr><tr><th>Noncash interest on savings bonds and Treasury bills 3/</th><th colspan="2">Security transactions of Government enterprises included in expenditures 2/</th></tr><tr><th></th><th></th><th>Public enterprise funds</th><th>Government-sponsored enterprises</th><th></th><th></th><th></th><th></th></tr><tr><td>1948</td><td>559</td><td>30</td><td>-99</td><td>938</td><td>35,988</td><td>455</td><td>36,443</td></tr><tr><td>1949</td><td>580</td><td>6</td><td>313</td><td>2,388</td><td>40,943</td><td>-475</td><td>40,468</td></tr><tr><td>1950</td><td>574</td><td>28</td><td>69</td><td>2,932</td><td>43,635</td><td>-548</td><td>43,087</td></tr><tr><td>1951</td><td>638</td><td>-</td><td>-</td><td>2,413</td><td>45,589</td><td>137</td><td>45,726</td></tr><tr><td>1952</td><td>779</td><td>-</td><td>-</td><td>2,804</td><td>67,555</td><td>232</td><td>67,786</td></tr><tr><td colspan="8">New reporting basis: 1/</td></tr><tr><td>1953</td><td>719</td><td>-</td><td>-</td><td>2,917</td><td>76,527</td><td>-119</td><td>76,407</td></tr><tr><td>1954</td><td>524</td><td>-</td><td>-</td><td>2,716</td><td>71,826</td><td>148</td><td>71,974</td></tr><tr><td>1955 p.</td><td>497</td><td>-</td><td>-99</td><td>2,555</td><td>70,446</td><td>-548</td><td>69,899</td></tr><tr><td>1956 (Est.)</td><td>300</td><td>-</td><td>-109</td><td>2,868</td><td>70,557</td><td>n.e.</td><td>n.e.</td></tr><tr><td>1955-January</td><td>51</td><td>-</td><td>261</td><td>354</td><td>5,430</td><td>-421</td><td>5,009</td></tr><tr><td>February</td><td>-17</td><td>-</td><td>104</td><td>148</td><td>5,440</td><td>41</td><td>5,481</td></tr><tr><td>March</td><td>5</td><td>-</td><td>20</td><td>124</td><td>6,551</td><td>381</td><td>6,932</td></tr><tr><td>April</td><td>31</td><td>-</td><td>-65</td><td>50</td><td>6,248</td><td>-893</td><td>5,355</td></tr><tr><td>May</td><td>39</td><td>-</td><td>-82</td><td>16</td><td>6,076</td><td>202</td><td>6,278</td></tr><tr><td>June p.</td><td>51</td><td>-</td><td>-131</td><td>784</td><td>6,604</td><td>73</td><td>6,677</td></tr><tr><td>July</td><td>69</td><td>-</td><td>-136</td><td>373</td><td>5,761</td><td>-409</td><td>5,352</td></tr><tr><td>August</td><td>31</td><td>-</td><td>-168</td><td>18</td><td>6,934</td><td>323</td><td>7,256</td></tr><tr><td>September</td><td>41</td><td>-</td><td>-115</td><td>1</td><td>6,027</td><td>-123</td><td>5,904</td></tr><tr><td>October</td><td>26</td><td>-</td><td>-208</td><td>-43</td><td>6,297</td><td>-639</td><td>5,659</td></tr></table>
Source: See Table 2.
1/ For further detail, see "Budget Receipts and Expenditures," Table 2.
2/ For further detail, see "Trust Account and Other Transactions," Table 1.
3/ Treated as noncash expenditures at the time of issuance and as cash expenditures at the time of redemption; net issuance, or redemption (-).
4/ Issued in 1947 in payment for accumulated leaves. The last of these bonds matured in 1951.
5/ Issued in 1936 in exchange for adjusted service certificates held by veterans of World War I. The bonds matured in 1945.
6/ Part of the United States subscription to the capital of the International Bank for Reconstruction and Development and to the International Monetary Fund was paid in the form of noninterest-bearing, nonnegotiable notes payable on demand (see 1947 Annual Report of the Secretary of the Treasury, pages 48, 350, and 385). The last of
the notes issued to the Bank was redeemed in 1950. For explanation, see headnote. Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed. Through 1950, consists of net investment in public debt securities, or net sale (-), included partly in budget expenditures and partly in trust and deposit fund account expenditures (see "Trust Account and Other Transactions," Table 4). Beginning 1955, consists of deposit fund expenditures of Government-sponsored enterprises for net investment in public debt securities and net redemption of agency obligations in the market (see "Trust Account and Other Transactions," Table 3). Reflects transactions of all Government agencies regardless of whether the transactions cleared through the account of the Treasurer of the United States. Footnote 11 on following page.
Treasury Bulletin
14
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 rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt increase, or decrease (-)</th><th colspan="7">Lease: Deductions from public debt borrowing</th><th rowspan="2">Flus: Net sale of obligations of Government agencies in the market, or redemption (-)</th><th rowspan="2">Equals: Net cash borrowing, or repayment (-), monthly Treasury statement reporting basis 1/</th><th rowspan="2">Adjustment to new daily Treasury statement reporting basis 8/</th><th rowspan="2">Equal: Net cash borrowing, or repayment (-), through the Treasurer's account</th></tr><tr><th>Noncash interest on savings bonds and Treasury bill 1/</th><th>Noncash net investment in public debt securities, or sale (-) 2/</th><th>By trust accounts</th><th>By Government agencies</th><th>Armed forces leave bonds 4/</th><th>Issuance of public debt securities representing expenditures, or refunds of receipts 3/</th><th>Notes to International Bank and Fund 4/</th><th>Excess profits tax refund bonds 5/</th><th>Total deductions</th></tr><tr><td>1948</td><td>-5,994</td><td>559</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>107</td><td>-7,280</td><td>-52</td><td>-7,333</td></tr><tr><td>1949</td><td>478</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>-74</td><td>-2,513</td><td>-108</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>-22</td><td>4,231</td><td>-68</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>384</td><td>-5,795</td><td>-79</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>-68</td><td>-1</td><td>-9</td><td>-1</td><td>4,336</td><td>-72</td><td>-525</td><td>-170</td><td>-695</td></tr><tr><td>New reporting basis: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>4,023</td><td>-25</td><td>2,918</td><td>-155</td><td>2,763</td></tr><tr><td>1954</td><td>5,189</td><td>524</td><td>1,688</td><td>366</td><td>-14</td><td>-1</td><td>109</td><td>*</td><td>2,673</td><td>-4</td><td>2,512</td><td>-256</td><td>2,255</td></tr><tr><td>1955 p.</td><td>3,115</td><td>497</td><td>1,236</td><td>298</td><td>-8</td><td>-1</td><td>156</td><td>*</td><td>2,178</td><td>871</td><td>1,807</td><td>-228</td><td>1,579</td></tr><tr><td>1956 (Est.)</td><td>626</td><td>300</td><td>2,378</td><td></td><td>-5</td><td>*</td><td>75</td><td>-</td><td>2,748</td><td>1,257</td><td>-864</td><td>-</td><td>-864</td></tr><tr><td>1955-January</td><td>-311</td><td>51</td><td>-336</td><td>202</td><td>-1</td><td>*</td><td>-</td><td>*</td><td>-83</td><td>511</td><td>284</td><td>-24</td><td>259</td></tr><tr><td>February</td><td>-257</td><td>-17</td><td>-127</td><td>49</td><td>-1</td><td>*</td><td>8</td><td>*</td><td>-88</td><td>-37</td><td>-205</td><td>63</td><td>-143</td></tr><tr><td>March</td><td>-4,134</td><td>5</td><td>42</td><td>55</td><td>-1</td><td>*</td><td>36</td><td>*</td><td>137</td><td>73</td><td>-4,198</td><td>-72</td><td>-4,270</td></tr><tr><td>April</td><td>2,601</td><td>31</td><td>-358</td><td>-55</td><td>-1</td><td>*</td><td>6</td><td>*</td><td>-376</td><td>29</td><td>3,006</td><td>-52</td><td>2,955</td></tr><tr><td>May</td><td>824</td><td>39</td><td>656</td><td>-74</td><td>*</td><td>*</td><td>-</td><td>*</td><td>620</td><td>36</td><td>239</td><td>-30</td><td>209</td></tr><tr><td>June p.</td><td>-3,098</td><td>51</td><td>1,032</td><td>62</td><td>*</td><td>*</td><td>-11</td><td>*</td><td>1,134</td><td>228</td><td>-4,004</td><td>-28</td><td>-4,031</td></tr><tr><td>July</td><td>3,210</td><td>69</td><td>259</td><td>-140</td><td>-1</td><td>*</td><td>46</td><td>*</td><td>233</td><td>27</td><td>3,004</td><td>-50</td><td>2,953</td></tr><tr><td>August</td><td>725</td><td>31</td><td>976</td><td>-31</td><td>*</td><td>*</td><td>-</td><td>*</td><td>975</td><td>120</td><td>-130</td><td>-5</td><td>-135</td></tr><tr><td>September</td><td>-833</td><td>41</td><td>-334</td><td>-26</td><td>-1</td><td>*</td><td>-</td><td>*</td><td>-320</td><td>59</td><td>-454</td><td>-9</td><td>-462</td></tr><tr><td>October</td><td>2,341</td><td>26</td><td>-251</td><td>142</td><td>*</td><td>*</td><td>-11</td><td>*</td><td>-95</td><td>280</td><td>2,717</td><td>11</td><td>2,728</td></tr></table>
Source: See Table 2.
1/ Accrued discount on savings bonds and bills which is included in the principal of the public debt, less interest paid on savings bonds and bills redeemed.
2/ See "Trust Account and Other Transactions," Table 4. Figures include investment by Government-sponsored enterprises, which appears in the table as a memorandum beginning 1955.
3/ Treated as noncash at the time of issuance and as cash at the time of redemption; net issuance, or redemption (-).
4/ Excluded from borrowing because the transactions are treated as expenditures in Table 3.
5/ Excluded from borrowing because the transactions are treated as deductions from receipts in Table 2.
6/ See "Trust Account and Other Transactions," Table 5. Figures include transactions of Government-sponsored enterprises, which appear in the table as a memorandum beginning 1955.
7/ Reflects transactions of all Government agencies regardless of whether the transactions cleared through the account of the Treasurer of the United States.
8/ For explanation of differences in reporting bases beginning 1953, see headnote. The net of these differences for all transactions for a given period is reflected in the combined net of the change in clearing account items which reconcile to the Treasurer's cash plus the change in cash held outside the Treasury, as reported in the monthly Treasury statement. Cash outside the Treasury includes cash in the hands of disbursing officers, and commercial bank balances of Government agencies. Reporting differences relating to borrowing transactions are shown in this table; excesses of borrowing on the monthly statement basis is deducted. Prior to 1953 the adjustment items comset of Government agency security transactions which did not clear through the account of the Treasurer of the United States.
9/ For explanation, see headnote.
* Less than $500,000.
p Preliminary.
Footnotes to Table 3 - (Continued)
Footnotes 1 through 10 on preceding page.
11/ For explanation of differences in reporting bases beginning 1953, see headnote. The net of these differences for all transactions for a given period is reflected in the combined net of the chance in clearing account items which reconcile to the Treasurer's cash plus the change in cash held outside the Treasury, as reported in the monthly Treasury statement. Cash outside the Treasury includes cash in the hands of disbursing officers, and commercial bank balances of Government agencies. Reporting dif-
ferences relating to expenditure transactions are shown in this table; excess of expenditures on the monthly statement basis is deducted. Prior to 1953 the adjustment items consist of the net change in clearing account items exclusive of the amounts representing security transactions not cleared through the Treasurer's account, which are adjusted in Table 4. * Less than $500,000. F Preliminary. n.a. Not available.
December 1955
15
DEBT OUTSTANDING AND TREASURER'S ACCOUNT
Table 1.- Summary of Federal Securities
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Total outstanding</th><th colspan="3">Interest-bearing debt</th><th colspan="5">Matured debt and debt bearing no interest</th></tr><tr><th></th><th>Total 1/</th><th>Public debt</th><th>Guaranteed securities 2/</th><th>Total</th><th>Public debt</th><th>Guaranteed securities 2/ 3/</th><th>Total</th><th colspan="3">Public debt</th><th>Guaranteed securities 2/ (matured)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Total</th><th>Matured</th><th>Monetary Fund 4/</th><th>Other 5/</th><th></th></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>250,785</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>259,151</td><td>259,105</td><td>46</td><td>256,907</td><td>256,863</td><td>44</td><td>2,244</td><td>2,242</td><td>419</td><td>1,274</td><td>550</td><td>1</td></tr><tr><td>1953</td><td>266,123</td><td>266,071</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>1954</td><td>271,331</td><td>271,260</td><td>81</td><td>268,990</td><td>268,910</td><td>80</td><td>2,351</td><td>2,350</td><td>437</td><td>1,411</td><td>502</td><td>1</td></tr><tr><td>1955</td><td>274,418</td><td>274,374</td><td>44</td><td>271,783</td><td>271,741</td><td>43</td><td>2,634</td><td>2,633</td><td>589</td><td>1,567</td><td>477</td><td>1</td></tr><tr><td>1954-December</td><td>278,784</td><td>278,750</td><td>34</td><td>275,764</td><td>275,731</td><td>33</td><td>3,020</td><td>3,019</td><td>1,003</td><td>1,528</td><td>488</td><td>1</td></tr><tr><td>1955-January</td><td>278,463</td><td>278,439</td><td>24</td><td>275,718</td><td>275,696</td><td>22</td><td>2,745</td><td>2,743</td><td>729</td><td>1,528</td><td>487</td><td>2</td></tr><tr><td>February</td><td>278,209</td><td>278,182</td><td>27</td><td>275,590</td><td>275,565</td><td>25</td><td>2,619</td><td>2,617</td><td>596</td><td>1,536</td><td>486</td><td>2</td></tr><tr><td>March</td><td>274,080</td><td>274,048</td><td>33</td><td>271,232</td><td>271,200</td><td>32</td><td>2,848</td><td>2,847</td><td>792</td><td>1,572</td><td>483</td><td>1</td></tr><tr><td>April</td><td>276,686</td><td>276,649</td><td>37</td><td>273,961</td><td>273,924</td><td>37</td><td>2,726</td><td>2,725</td><td>665</td><td>1,578</td><td>482</td><td>1</td></tr><tr><td>May</td><td>277,515</td><td>277,472</td><td>43</td><td>274,846</td><td>274,804</td><td>42</td><td>2,669</td><td>2,668</td><td>611</td><td>1,578</td><td>480</td><td>1</td></tr><tr><td>June</td><td>274,418</td><td>274,374</td><td>44</td><td>271,785</td><td>271,741</td><td>43</td><td>2,634</td><td>2,633</td><td>589</td><td>1,567</td><td>477</td><td>1</td></tr><tr><td>July</td><td>277,626</td><td>277,584</td><td>42</td><td>274,995</td><td>274,955</td><td>41</td><td>2,630</td><td>2,629</td><td>542</td><td>1,613</td><td>474</td><td>1</td></tr><tr><td>August</td><td>278,352</td><td>278,309</td><td>43</td><td>275,753</td><td>275,711</td><td>43</td><td>2,599</td><td>2,598</td><td>513</td><td>1,613</td><td>473</td><td>1</td></tr><tr><td>September</td><td>277,524</td><td>277,476</td><td>48</td><td>274,925</td><td>274,879</td><td>47</td><td>2,598</td><td>2,597</td><td>514</td><td>1,613</td><td>471</td><td>1</td></tr><tr><td>October</td><td>279,866</td><td>279,818</td><td>48</td><td>277,324</td><td>277,277</td><td>47</td><td>2,542</td><td>2,541</td><td>468</td><td>1,602</td><td>470</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/ Consists of FHA debentures beginning March 1953.
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 Bretton 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." 5/ 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
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total interest-bearing public debt</th><th rowspan="2">Total public issues</th><th colspan="5">Marketable</th><th colspan="6">Nonmarketable</th><th rowspan="2">Special issues</th></tr><tr><th>Total</th><th>Bills</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>Other bonds</th><th>Total</th><th>U.S. savings bonds</th><th>Treasury savings notes</th><th>Armed forces leave bonds</th><th>Treasury bonds, investment series</th><th>Other 3/</th></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>32,356</td></tr><tr><td>1951</td><td>252,852</td><td>218,198</td><td>137,917</td><td>13,614</td><td>9,509</td><td>35,806</td><td>42,772</td><td>36,061</td><td>156</td><td>80,281</td><td>57,572</td><td>7,818</td><td>47</td><td>14,526</td><td>319</td><td>34,653</td></tr><tr><td>1952</td><td>256,853</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>19,707</td><td>15,854</td><td>30,425</td><td>63,980</td><td>17,245</td><td>124</td><td>76,073</td><td>57,886</td><td>4,453</td><td>-</td><td>13,288</td><td>447</td><td>40,538</td></tr><tr><td>1954</td><td>268,910</td><td>226,681</td><td>150,354</td><td>19,515</td><td>18,405</td><td>31,960</td><td>71,706</td><td>8,672</td><td>96</td><td>76,326</td><td>58,061</td><td>5,079</td><td>-</td><td>12,775</td><td>411</td><td>42,229</td></tr><tr><td>1955</td><td>271,741</td><td>228,491</td><td>155,206</td><td>19,514</td><td>13,836</td><td>40,729</td><td>81,057</td><td>-</td><td>71</td><td>73,285</td><td>58,365</td><td>1,913</td><td>-</td><td>12,589</td><td>417</td><td>43,250</td></tr><tr><td>1954-Dec.</td><td>275,731</td><td>233,165</td><td>157,832</td><td>19,506</td><td>28,458</td><td>28,033</td><td>76,044</td><td>5,706</td><td>35</td><td>75,333</td><td>57,672</td><td>4,548</td><td>-</td><td>12,681</td><td>433</td><td>42,566</td></tr><tr><td>1955-Jan.</td><td>275,696</td><td>233,427</td><td>157,834</td><td>19,507</td><td>28,462</td><td>28,037</td><td>81,758</td><td>-</td><td>71</td><td>75,593</td><td>57,967</td><td>4,498</td><td>-</td><td>12,677</td><td>452</td><td>42,268</td></tr><tr><td>Feb.</td><td>275,565</td><td>233,517</td><td>157,752</td><td>19,505</td><td>21,455</td><td>35,280</td><td>81,441</td><td>-</td><td>71</td><td>75,765</td><td>58,225</td><td>4,443</td><td>-</td><td>12,651</td><td>447</td><td>42,047</td></tr><tr><td>Mar.</td><td>271,200</td><td>229,103</td><td>153,350</td><td>19,505</td><td>17,722</td><td>34,989</td><td>81,064</td><td>-</td><td>71</td><td>75,753</td><td>58,366</td><td>4,318</td><td>-</td><td>12,623</td><td>446</td><td>42,097</td></tr><tr><td>Apr.</td><td>273,924</td><td>232,233</td><td>156,578</td><td>19,507</td><td>20,932</td><td>35,007</td><td>81,062</td><td>-</td><td>71</td><td>75,655</td><td>58,326</td><td>4,279</td><td>-</td><td>12,605</td><td>446</td><td>41,691</td></tr><tr><td>May</td><td>274,804</td><td>232,563</td><td>158,404</td><td>19,511</td><td>17,046</td><td>40,718</td><td>81,059</td><td>-</td><td>71</td><td>74,160</td><td>58,346</td><td>2,804</td><td>-</td><td>12,600</td><td>410</td><td>42,240</td></tr><tr><td>June.</td><td>271,741</td><td>228,491</td><td>155,206</td><td>19,514</td><td>13,836</td><td>40,729</td><td>81,057</td><td>-</td><td>71</td><td>73,285</td><td>58,365</td><td>1,913</td><td>-</td><td>12,589</td><td>417</td><td>43,250</td></tr><tr><td>July.</td><td>274,955</td><td>231,615</td><td>158,571</td><td>19,913</td><td>16,037</td><td>40,746</td><td>81,826</td><td>-</td><td>50</td><td>73,043</td><td>58,407</td><td>1,655</td><td>-</td><td>12,572</td><td>410</td><td>43,340</td></tr><tr><td>Aug.</td><td>275,711</td><td>231,472</td><td>158,860</td><td>20,311</td><td>9,047</td><td>47,608</td><td>81,844</td><td>-</td><td>50</td><td>72,612</td><td>58,450</td><td>1,202</td><td>-</td><td>12,550</td><td>410</td><td>44,238</td></tr><tr><td>Sept.</td><td>274,879</td><td>230,988</td><td>159,475</td><td>20,810</td><td>9,047</td><td>47,707</td><td>81,861</td><td>-</td><td>50</td><td>71,513</td><td>58,290</td><td>399</td><td>-</td><td>12,451</td><td>373</td><td>43,091</td></tr><tr><td>Oct.</td><td>277,277</td><td>233,619</td><td>162,544</td><td>20,812</td><td>12,017</td><td>47,797</td><td>81,868</td><td>-</td><td>50</td><td>71,076</td><td>58,261</td><td>81</td><td>-</td><td>12,360</td><td>374</td><td>43,657</td></tr></table>
Source: Daily Treasury statement. 1/ Issues which commercial banks (banks accepting demand deposits) were 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 deposits; (2) they might temporarily acquire such
2/ Consists of Panama Canal bonds, and also postal savings bonds until the last of the marketable issues matured on July 1, 1955. 3/ Consists of depositary bonds.
16
Treasury Bulletin
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 employees' 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>1948</td><td>30,211</td><td>549</td><td>37</td><td>7,709</td><td>74</td><td>2,823</td><td>1,286</td><td>6,935</td><td>1,912</td><td>1,374</td><td>7,500</td><td>11</td></tr><tr><td>1949</td><td>32,776</td><td>666</td><td>117</td><td>9,003</td><td>95</td><td>3,270</td><td>1,318</td><td>7,288</td><td>1,952</td><td>1,720</td><td>7,340</td><td>7</td></tr><tr><td>1950</td><td>32,356</td><td>808</td><td>119</td><td>10,418</td><td>79</td><td>3,817</td><td>1,292</td><td>5,342</td><td>1,802</td><td>2,058</td><td>6,616</td><td>6</td></tr><tr><td>1951</td><td>34,653</td><td>868</td><td>77</td><td>12,096</td><td>86</td><td>4,391</td><td>1,300</td><td>5,436</td><td>706</td><td>2,414</td><td>7,866</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>5,191</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>1954</td><td>42,229</td><td>892</td><td>232</td><td>17,054</td><td>84</td><td>5,854</td><td>1,234</td><td>5,272</td><td>213</td><td>3,345</td><td>8,024</td><td>24</td></tr><tr><td>1955</td><td>43,250</td><td>835</td><td>200</td><td>18,239</td><td>94</td><td>6,168</td><td>1,233</td><td>5,346</td><td>91</td><td>3,486</td><td>7,479</td><td>79</td></tr><tr><td>1954-December</td><td>42,566</td><td>860</td><td>263</td><td>17,577</td><td>91</td><td>5,918</td><td>1,216</td><td>5,242</td><td>164</td><td>3,370</td><td>7,775</td><td>91</td></tr><tr><td>1955-January</td><td>42,268</td><td>916</td><td>266</td><td>17,464</td><td>93</td><td>5,915</td><td>1,212</td><td>5,244</td><td>138</td><td>3,334</td><td>7,595</td><td>92</td></tr><tr><td>February</td><td>42,047</td><td>876</td><td>261</td><td>17,316</td><td>94</td><td>5,915</td><td>1,208</td><td>5,234</td><td>111</td><td>3,370</td><td>7,569</td><td>94</td></tr><tr><td>March</td><td>42,097</td><td>846</td><td>263</td><td>17,496</td><td>94</td><td>5,915</td><td>1,205</td><td>5,224</td><td>173</td><td>3,384</td><td>7,400</td><td>99</td></tr><tr><td>April</td><td>41,691</td><td>850</td><td>241</td><td>17,250</td><td>94</td><td>5,920</td><td>1,200</td><td>5,208</td><td>143</td><td>3,348</td><td>7,296</td><td>101</td></tr><tr><td>May</td><td>42,240</td><td>823</td><td>214</td><td>17,702</td><td>94</td><td>5,938</td><td>1,196</td><td>5,202</td><td>118</td><td>3,387</td><td>7,480</td><td>85</td></tr><tr><td>June</td><td>43,250</td><td>835</td><td>200</td><td>18,239</td><td>94</td><td>6,168</td><td>1,233</td><td>5,346</td><td>91</td><td>3,486</td><td>7,479</td><td>79</td></tr><tr><td>July</td><td>43,340</td><td>833</td><td>145</td><td>18,466</td><td>84</td><td>6,145</td><td>1,226</td><td>5,340</td><td>71</td><td>3,441</td><td>7,508</td><td>80</td></tr><tr><td>August</td><td>44,238</td><td>831</td><td>85</td><td>18,905</td><td>84</td><td>6,379</td><td>1,221</td><td>5,390</td><td>46</td><td>3,487</td><td>7,726</td><td>85</td></tr><tr><td>September</td><td>43,891</td><td>832</td><td>67</td><td>18,635</td><td>86</td><td>6,393</td><td>1,219</td><td>5,381</td><td>46</td><td>3,485</td><td>7,660</td><td>87</td></tr><tr><td>October</td><td>43,657</td><td>834</td><td>67</td><td>18,407</td><td>88</td><td>6,433</td><td>1,215</td><td>5,374</td><td>72</td><td>3,456</td><td>7,618</td><td>94</td></tr></table>
Source: Daily Treasury statement. 1/ Includes Canal Zone Postal Savings System. 2/ Consists of Adjusted Service Certificate Fund, various housing insurance
funds, 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="7">Computed annual interest rate</th><th rowspan="2">Guaranteed securities 1/</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>Total 2/</th><th>Marketable issues</th><th>Public debt</th><th>Non-marketable issues</th><th>Special issues</th></tr><tr><th></th><th>Public debt and guaranteed securities 1/</th><th>Public debt</th><th>Public debt and guaranteed securities 1/</th><th></th><th></th><th></th><th>Bills 3/</th><th>Certificates</th><th>Notes</th><th>Treasury bonds</th><th>4/</th><th></th></tr><tr><td>1948</td><td>250,132</td><td>250,063</td><td>5,457</td><td>2,182</td><td>2,182</td><td>1.942</td><td>1.014</td><td>1.042</td><td>1.204</td><td>2.309</td><td>2.623</td><td>2.588</td><td>1.924</td></tr><tr><td>1949</td><td>250,785</td><td>250,762</td><td>5,606</td><td>2,236</td><td>2,236</td><td>2.001</td><td>1.176</td><td>1.225</td><td>1.375</td><td>2,313</td><td>2,629</td><td>2.596</td><td>2,210</td></tr><tr><td>1950</td><td>255,226</td><td>255,209</td><td>5,613</td><td>2,200</td><td>2,200</td><td>1.958</td><td>1.187</td><td>1.163</td><td>1.344</td><td>2,322</td><td>2.569</td><td>2.589</td><td>2,684</td></tr><tr><td>1951</td><td>252,879</td><td>252,852</td><td>5,740</td><td>2,270</td><td>2,270</td><td>1.981</td><td>1.569</td><td>1.875</td><td>1.399</td><td>2,327</td><td>2,623</td><td>2.606</td><td>2,656</td></tr><tr><td>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>1954</td><td>268,990</td><td>268,910</td><td>6,300</td><td>2,342</td><td>2,342</td><td>2.043</td><td>.843</td><td>1.928</td><td>1.838</td><td>2,440</td><td>2,751</td><td>2.671</td><td>2,547</td></tr><tr><td>1955</td><td>271,785</td><td>271,741</td><td>6,388</td><td>2,351</td><td>2,351</td><td>2.079</td><td>1.539</td><td>1.173</td><td>1.846</td><td>2,480</td><td>2,789</td><td>2.585</td><td>2,590</td></tr><tr><td>1954-December</td><td>275,764</td><td>275,731</td><td>6,316</td><td>2,291</td><td>2,291</td><td>1.963</td><td>1.064</td><td>1.255</td><td>1.795</td><td>2,480</td><td>2,766</td><td>2.664</td><td>2,613</td></tr><tr><td>1955-January</td><td>275,718</td><td>275,696</td><td>6,334</td><td>2,298</td><td>2,298</td><td>1.973</td><td>1.149</td><td>1.255</td><td>1.795</td><td>2,480</td><td>2,769</td><td>2.665</td><td>2,667</td></tr><tr><td>February</td><td>275,590</td><td>275,565</td><td>6,366</td><td>2,311</td><td>2,311</td><td>1.994</td><td>1.221</td><td>1.134</td><td>1.818</td><td>2,481</td><td>2,770</td><td>2.668</td><td>2,644</td></tr><tr><td>March</td><td>271,232</td><td>271,200</td><td>6,329</td><td>2,334</td><td>2,334</td><td>2.026</td><td>1.285</td><td>1.163</td><td>1.821</td><td>2,480</td><td>2,773</td><td>2.666</td><td>2,619</td></tr><tr><td>April</td><td>273,961</td><td>273,924</td><td>6,385</td><td>2,331</td><td>2,331</td><td>2.027</td><td>1.401</td><td>1.195</td><td>1.821</td><td>2,480</td><td>2,775</td><td>2.669</td><td>2,603</td></tr><tr><td>May</td><td>274,846</td><td>274,804</td><td>6,452</td><td>2,348</td><td>2,348</td><td>2.060</td><td>1.501</td><td>1.211</td><td>1.846</td><td>2,480</td><td>2,783</td><td>2.664</td><td>2,599</td></tr><tr><td>June</td><td>271,785</td><td>271,741</td><td>6,388</td><td>2,351</td><td>2,351</td><td>2.079</td><td>1.539</td><td>1.173</td><td>1.846</td><td>2,480</td><td>2,789</td><td>2.585</td><td>2,590</td></tr><tr><td>July</td><td>274,995</td><td>274,955</td><td>6,456</td><td>2,348</td><td>2,348</td><td>2.080</td><td>1.542</td><td>1.270</td><td>1.845</td><td>2,485</td><td>2,792</td><td>2.584</td><td>2,590</td></tr><tr><td>August</td><td>275,753</td><td>275,711</td><td>6,573</td><td>2,384</td><td>2,384</td><td>2.141</td><td>1.665</td><td>1.525</td><td>1.867</td><td>2,485</td><td>2,795</td><td>2.584</td><td>2,587</td></tr><tr><td>September</td><td>274,925</td><td>274,879</td><td>6,602</td><td>2,402</td><td>2,402</td><td>2.172</td><td>1.919</td><td>1.525</td><td>1.867</td><td>2,485</td><td>2,802</td><td>2.588</td><td>2,584</td></tr><tr><td>October</td><td>277,324</td><td>277,277</td><td>6,698</td><td>2,416</td><td>2,416</td><td>2.199</td><td>2.120</td><td>1.704</td><td>1.866</td><td>2,485</td><td>2,806</td><td>2.590</td><td>2,584</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.
December 1955
17
DEBT OUTSTANDING AND TREASURER'S ACCOUNT
Table 5.- Treasury Holdings of Securities Issued by Government Corporations and Other Agencies
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Defense Production Act of 1950 2/</th><th>Export-Import Bank of Washington 3/</th><th>Federal National Mortgage Association 4/</th><th>International Cooperation Administration 5/</th><th>Housing and Home Finance Administrator 6/</th><th>Public Housing Administration 7/</th><th>Reconstruction Finance Corporation 1/</th><th>Rural Electrification Administration 8/</th><th>Secretary of Agriculture 9/</th><th>Tennessee Valley Authority</th><th>Other 9/</th></tr><tr><td>1948</td><td>2,789</td><td>440</td><td>-</td><td>971</td><td>-</td><td>-</td><td>-</td><td>362</td><td>19/</td><td>718</td><td>-</td><td>54</td><td>244</td></tr><tr><td>1949</td><td>6,851</td><td>1,669</td><td>-</td><td>914</td><td>-</td><td>782</td><td>-</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>3,193</td><td>-</td><td>964</td><td>-</td><td>964</td><td>1</td><td>349</td><td>1,456</td><td>1,281</td><td>65</td><td>49</td><td>100</td></tr><tr><td>1951</td><td>9,097</td><td>2,555</td><td>158</td><td>1,040</td><td>1,549</td><td>1,097</td><td>30</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>9,636</td><td>1,970</td><td>395</td><td>1,088</td><td>2,038</td><td>1,150</td><td>44</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>12,196</td><td>3,612</td><td>416</td><td>1,227</td><td>2,446</td><td>1,189</td><td>67</td><td>655</td><td>159</td><td>1,950</td><td>171</td><td>34</td><td>270</td></tr><tr><td>1954</td><td>12,949</td><td>4,180</td><td>773</td><td>1,347</td><td>2,233</td><td>1,203</td><td>103</td><td>215</td><td>154</td><td>2,117</td><td>226</td><td>29</td><td>369</td></tr><tr><td>1955</td><td>16,275</td><td>7,608</td><td>1,002</td><td>1,310</td><td>1,966</td><td>1,209</td><td>130</td><td>61</td><td>-</td><td>2,240</td><td>229</td><td>14</td><td>507</td></tr><tr><td>1954-Dec.</td><td>14,633</td><td>5,532</td><td>991</td><td>1,354</td><td>2,449</td><td>1,208</td><td>114</td><td>90</td><td>-</td><td>2,176</td><td>257</td><td>14</td><td>448</td></tr><tr><td>1955-Jan.</td><td>14,358</td><td>5,738</td><td>994</td><td>1,305</td><td>1,922</td><td>1,209</td><td>120</td><td>95</td><td>-</td><td>2,221</td><td>292</td><td>14</td><td>448</td></tr><tr><td>Feb.</td><td>14,447</td><td>5,881</td><td>999</td><td>1,304</td><td>1,943</td><td>1,208</td><td>120</td><td>107</td><td>-</td><td>2,221</td><td>201</td><td>14</td><td>448</td></tr><tr><td>Mar.</td><td>15,016</td><td>6,426</td><td>1,002</td><td>1,293</td><td>1,945</td><td>1,209</td><td>124</td><td>79</td><td>-</td><td>2,221</td><td>226</td><td>14</td><td>476</td></tr><tr><td>Apr.</td><td>15,732</td><td>7,067</td><td>1,003</td><td>1,293</td><td>1,968</td><td>1,209</td><td>124</td><td>79</td><td>-</td><td>2,271</td><td>226</td><td>14</td><td>477</td></tr><tr><td>May.</td><td>16,046</td><td>7,356</td><td>1,004</td><td>1,331</td><td>1,975</td><td>1,209</td><td>124</td><td>86</td><td>-</td><td>2,240</td><td>229</td><td>14</td><td>477</td></tr><tr><td>June.</td><td>16,275</td><td>7,608</td><td>1,002</td><td>1,310</td><td>1,966</td><td>1,209</td><td>130</td><td>61</td><td>-</td><td>2,240</td><td>229</td><td>14</td><td>507</td></tr><tr><td>July.</td><td>16,377</td><td>7,640</td><td>1,052</td><td>1,285</td><td>1,983</td><td>1,209</td><td>134</td><td>64</td><td>-</td><td>2,300</td><td>187</td><td>14</td><td>508</td></tr><tr><td>Aug.</td><td>17,188</td><td>8,478</td><td>1,053</td><td>1,285</td><td>1,979</td><td>1,210</td><td>134</td><td>86</td><td>-</td><td>2,267</td><td>187</td><td>-</td><td>509</td></tr><tr><td>Sept.</td><td>17,449</td><td>8,730</td><td>1,056</td><td>1,272</td><td>1,967</td><td>1,210</td><td>144</td><td>61</td><td>-</td><td>2,267</td><td>187</td><td>-</td><td>555</td></tr><tr><td>Oct.</td><td>17,942</td><td>9,085</td><td>1,109</td><td>1,270</td><td>1,987</td><td>1,210</td><td>144</td><td>58</td><td>-</td><td>2,312</td><td>212</td><td>--</td><td>555</td></tr></table>
Source: Daily Treasury statement.
1/ The securities shown in this table were issued to the Treasury to finance Government corporations and other agencies with the Treasury itself raising the necessary funds through public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables.
2/ Consists of notes of the Administrator, General Services Administration beginning January 1951 (Administrator, Defense Materials Procurement Agency, January 1952 through July 1953) for defense materials procurement; Reconstruction Finance Corporation January 1951 through September 1953 (after which its activities under this act were transferred to the Secretary of the Treasury), and the Secretary of the Treasury beginning October 1953; the Secretary of the Interior (Defense Materials Exploration Administration) beginning June 1951; the Export-Import Bank of Washington beginning April 1952; and the Secretary of Agriculture beginning June 1954.
3/ Excludes securities issued under Defense Production Act.
4/ From September 1950 through July 1954, consists of notes of the Housing and Home Finance Administrator issued to borrow for the Association. Beginning August 1954, consists of liabilitites taken over by the Association from the Administrator in accordance with Public Law 560, approved August 2, 1954, and notes issued by the Association under authority of that act; and beginning September 1954, also securities transferred from the Reconstruction Finance Corporation (see footnote 7). Prior to September 1950, the Association was financed from funds of the Reconstruction Finance Corporation, which owned the capital stock.
5/ Established in the Department of State by Executive Order No. 10610, dated May 9, 1955, and effective at the close of June 30, 1955, as successor to the Foreign Operations Administration. Date for earlier
6/ Periods are for predecessor agencies.
Consists of notes issued to borrow for the urban renewal program (formerly slum clearance program), the prefabricated housing loans program from September 1950, when it was transferred from the Reconstruction Finance Corporation, through November 1954; and housing loans for educational institutions beginning July 1951. Notes issued to borrow for the Federal National Mortgage Association are shown under the Association.
7/ Excludes securities issued under Defense Production Act of 1950; includes securities issued under Federal Civil Defense Act of 1950 through November 1953, after which they were taken over by the Secretary of the Treasury, pursuant to the act approved July 30, 1953 (67 Stat. 230), and are included under "Other." During September 1954, under Reorganization Plan No. 2 of 1954, the remaining securities issued by the Corporation to the Treasury were transferred as follows: $42 million to Export-Import Bank of Washington, $92 million to Federal National Mortgage Association, and $14 million to Small Business Administration.
8/ For Farmers' Home Administration program.
9/ Consists of notes issued by Federal Farm Mortgage Corporation and Home Owners' Loan Corporation prior to 1950, Virgin Islands Company, 1948-49, Secretary of the Army (Natural Fibre Revolving Fund) 1949-51, Secretary of the Treasury beginning 1953 (see footnote 7), and Small Business Administration beginning September 1954; advances under agreements with Veterans' Administration for direct loan program beginning August 1950; and revenue bonds issued by Saint Lawrence Seaway Development Corporation, beginning November 1954.
10/ Notes outstanding in the amount of $9,365 million, including interest, were canceled on June 30, 1948 (62 Stat. 1187).
18
Treasury Bulletin
DEBT OUTSTANDING AND TREASURER'S ACCOUNT
Table 6.- Status of the Account of the Treasurer of the United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total</th><th colspan="6">Assets</th><th rowspan="2">Liabilities</th><th rowspan="2">Balance in account of Treasurer of U. S.</th></tr><tr><th>Bullion, coin, and currency</th><th colspan="3">Deposits in Federal Reserve Banks</th><th>Deposits in special depositaries</th><th>Other deposits and collections</th></tr><tr><th></th><th></th><th>Gold</th><th>Other</th><th>Available funds</th><th>In process of collection</th><th>1/</th><th></th><th></th><th></th></tr><tr><td>1948</td><td>5,370</td><td>1,073</td><td>191</td><td>1,928</td><td>123</td><td>1,773</td><td>283</td><td>438</td><td>4,932</td></tr><tr><td>1949</td><td>3,862</td><td>1,022</td><td>219</td><td>438</td><td>103</td><td>1,771</td><td>309</td><td>392</td><td>3,470</td></tr><tr><td>1950</td><td>5,927</td><td>1,052</td><td>191</td><td>950</td><td>143</td><td>3,268</td><td>323</td><td>410</td><td>5,517</td></tr><tr><td>1951</td><td>7,871</td><td>1,046</td><td>176</td><td>338</td><td>250</td><td>5,680</td><td>380</td><td>514</td><td>7,357</td></tr><tr><td>1952</td><td>7,481</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>6,969</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>1954</td><td>7,243</td><td>497</td><td>191</td><td>875</td><td>274</td><td>4,836</td><td>570</td><td>476</td><td>6,766</td></tr><tr><td>1955</td><td>6,362</td><td>493</td><td>187</td><td>380</td><td>343</td><td>4,365</td><td>593</td><td>146</td><td>6,216</td></tr><tr><td>1954-Dec</td><td>5,344</td><td>489</td><td>166</td><td>563</td><td>111</td><td>3,461</td><td>554</td><td>164 2/</td><td>5,180</td></tr><tr><td>1955-January</td><td>4,883</td><td>485</td><td>208</td><td>360</td><td>320</td><td>2,907</td><td>603</td><td>154</td><td>4,728</td></tr><tr><td>February</td><td>5,554</td><td>493</td><td>191</td><td>564</td><td>196</td><td>3,561</td><td>549</td><td>144</td><td>5,411</td></tr><tr><td>March</td><td>5,304</td><td>501</td><td>176</td><td>724</td><td>149</td><td>3,203</td><td>550</td><td>153</td><td>5,151</td></tr><tr><td>April</td><td>6,514</td><td>495</td><td>175</td><td>814</td><td>362</td><td>4,023</td><td>674</td><td>143</td><td>6,401</td></tr><tr><td>May</td><td>6,070</td><td>496</td><td>188</td><td>649</td><td>153</td><td>4,054</td><td>530</td><td>190</td><td>5,880</td></tr><tr><td>June</td><td>6,362</td><td>493</td><td>187</td><td>380</td><td>343</td><td>4,365</td><td>593</td><td>146</td><td>6,216</td></tr><tr><td>July</td><td>6,957</td><td>497</td><td>171</td><td>624</td><td>179</td><td>4,972</td><td>514</td><td>146</td><td>6,811</td></tr><tr><td>August</td><td>5,888</td><td>498</td><td>163</td><td>393</td><td>143</td><td>4,188</td><td>501</td><td>135</td><td>5,753</td></tr><tr><td>September</td><td>5,533</td><td>499</td><td>146</td><td>554</td><td>191</td><td>3,638</td><td>506</td><td>157</td><td>5,376</td></tr><tr><td>October</td><td>5,455</td><td>488</td><td>149</td><td>484</td><td>177</td><td>3,672</td><td>485</td><td>142</td><td>5,314</td></tr></table>
Source: Daily Treasury statement. 1/ On account of withheld taxes and sales of Government securities. 2/ Beginning December 1954, Post Office Department and Postmasters' disbursing accounts are no longer treated as liability accounts of the
Treasurer of the U.S., but are classified and treated in the same manner as other disbursing accounts, in accordance with the change in method of reporting Post Office Department transactions (see page 5, footnote 37).
December 1955
19
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.
except that this amount was increased by $6 billion beginning on August 28, 1954, and ending on June 30, 1956, by acts approved August 28, 1954, and June 30, 1955. 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, October 31, 1955
(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), as increased temporarily by the acts of August 28, 1954, and June 30, 1955.</td><td>281,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended.</td><td>279,340</td></tr><tr><td>Guaranteed securities (excluding those held by the Treasury).</td><td>48</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>279,388</td></tr><tr><td>Balance issuable under limitation.</td><td>1,612</td></tr></table>
Source: Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding October 31, 1955
(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><b>Public debt:</b></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>20,812</td><td>-</td><td>20,812</td></tr><tr><td>Certificates of indebtedness</td><td>12,017</td><td>-</td><td>12,017</td></tr><tr><td>Treasury notes</td><td>47,797</td><td>-</td><td>47,797</td></tr><tr><td>Treasury bonds</td><td>81,868</td><td>-</td><td>81,868</td></tr><tr><td>Panama Canal bonds</td><td>-</td><td>50</td><td>50</td></tr><tr><td>Total marketable</td><td>162,494</td><td>50</td><td>162,544</td></tr><tr><td>Nonmarketable:</td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value)</td><td>58,261</td><td>-</td><td>58,261</td></tr><tr><td>Treasury savings notes</td><td>81</td><td>-</td><td>81</td></tr><tr><td>Depositary bonds</td><td>374</td><td>-</td><td>374</td></tr><tr><td>Treasury bonds, investment series</td><td>12,360</td><td>-</td><td>12,360</td></tr><tr><td>Total nonmarketable</td><td>71,076</td><td>-</td><td>71,076</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>43,657</td><td>-</td><td>43,657</td></tr><tr><td>Total interest-bearing securities</td><td>277,227</td><td>50</td><td>277,277</td></tr><tr><td>Matured securities on which interest has ceased</td><td>463</td><td>5</td><td>468</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>47</td><td>-</td><td>47</td></tr><tr><td>Excess profits tax refund bonds</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Special notes of the United States:</td><td></td><td></td><td></td></tr><tr><td>International Monetary Fund Series</td><td>1,602</td><td>-</td><td>1,602</td></tr><tr><td>United States notes (less gold reserve)</td><td>-</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>-</td><td>226</td><td>226</td></tr><tr><td>Other debt bearing no interest</td><td>-</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,650</td><td>423</td><td>2,072</td></tr><tr><td>Total public debt</td><td>279,340</td><td>478</td><td>279,818</td></tr><tr><td><b>Guaranteed securities: 1/</b></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing</td><td>47</td><td>-</td><td>47</td></tr><tr><td>Matured</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>48</td><td>-</td><td>48</td></tr><tr><td>Total public debt and guaranteed securities</td><td>279,388</td><td>478</td><td>279,866</td></tr></table>
Source: Bureau of the Public Debt.
1/ Excludes guaranteed securities held by the Treasury.
20
Treasury Bulletin
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government and Outstanding October 31, 1955
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 1/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Year and month</th><th rowspan="2">Description of security 1/</th><th colspan="3">Amount of maturities</th></tr><tr><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th><th>Fixed maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1955 Nov....</td><td>Bills.......................</td><td>6,402</td><td>-</td><td>-</td><td>1958 Mar..</td><td>2-1/2% Bond - 3/15/56-58</td><td>-</td><td>-</td><td>1,449</td></tr><tr><td>Dec....</td><td>Bills.......................</td><td>8,006</td><td>-</td><td>-</td><td>Apr..</td><td>1-1/2% Note - 4/1/58-EA</td><td>383</td><td>-</td><td>-</td></tr><tr><td></td><td>1-1/4% Certificate - 12/15/55-B</td><td>5,359</td><td>-</td><td>-</td><td>June.</td><td>2-3/8% Bond - 6/15/58</td><td>4,245</td><td>-</td><td>-</td></tr><tr><td></td><td>1-3/4% Note - 12/15/55-B</td><td>6,854</td><td>-</td><td>-</td><td></td><td>2-3/4% Bond - 6/15/58-63</td><td>-</td><td>919</td><td>-</td></tr><tr><td></td><td>Total.......................</td><td>26,621</td><td>-</td><td>-</td><td>Oct..</td><td>1-1/2% Note - 10/1/58-80</td><td>121</td><td>-</td><td>-</td></tr><tr><td></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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total.......................</td><td>7,117</td><td>919</td><td>1,449</td></tr><tr><td>1956 Jan....</td><td>Bills.......................</td><td>6,403</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>1-7/8% Certificate - 3/22/56-A (tax anticipation series)</td><td>2,202</td><td>-</td><td>-</td><td>1959 Feb..</td><td>1-7/8% Note - 2/15/59-A</td><td>5,102</td><td>-</td><td>-</td></tr><tr><td></td><td>1-5/8% Note - 3/15/56-A</td><td>8,472</td><td>-</td><td>-</td><td>Mar..</td><td>2-3/8% Bond - 3/15/57-59</td><td>-</td><td>-</td><td>927</td></tr><tr><td></td><td>2-1/2% Bond - 3/15/56-58</td><td>-</td><td>1,449</td><td>-</td><td>Apr..</td><td>1-1/2% Note - 4/1/59-EA</td><td>119</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>June.</td><td>2-1/4% Bond - 6/15/59-62</td><td>-</td><td>5,276</td><td>-</td></tr><tr><td>June...</td><td>2% Certificate - 6/22/56-B (tax anticipation series)</td><td>1,486</td><td>-</td><td>-</td><td>Sept.</td><td>2-3/4% Bond - 9/15/56-59</td><td>-</td><td>-</td><td>982</td></tr><tr><td></td><td>2-1/4% Certificate - 6/22/56-C (tax anticipation series)</td><td>2,970</td><td>-</td><td>-</td><td></td><td>2-1/4% Bond - 9/15/56-59</td><td>-</td><td>-</td><td>3,821</td></tr><tr><td>Aug....</td><td>2% Note - 8/15/56-B</td><td>12,547</td><td>-</td><td>-</td><td>Oct..</td><td>1-1/2% Note - 10/1/59-80</td><td>99</td><td>-</td><td>-</td></tr><tr><td>Sept...</td><td>2-3/4% Bond - 9/15/56-59</td><td>-</td><td>982</td><td>-</td><td>Dec..</td><td>2-1/4% Bond - 12/15/59-62</td><td>-</td><td>3,464</td><td>-</td></tr><tr><td></td><td>2-1/4% Bond - 9/15/56-59</td><td>-</td><td>3,821</td><td>-</td><td></td><td>Total.......................</td><td>5,320</td><td>8,740</td><td>5,730</td></tr><tr><td>Oct....</td><td>1-1/2% Note - 10/1/56-80</td><td>550</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total.......................</td><td>35,638</td><td>6,252</td><td>-</td><td>1960 Apr..</td><td>1-1/2% Note - 4/1/60-EA</td><td>198</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Oct..</td><td>1-1/2% Note - 10/1/60-80</td><td>46</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Nov..</td><td>2-1/8% Bond - 11/15/60</td><td>3,806</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Dec..</td><td>2-3/4% Bond - 12/15/60-65</td><td>-</td><td>1,485</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total.......................</td><td>4,050</td><td>1,485</td><td>-</td></tr><tr><td>1957 Mar....</td><td>2-3/8% Bond - 3/15/57-59</td><td>-</td><td>927</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2-7/8% Note - 3/15/57-A</td><td>2,997</td><td>-</td><td>-</td><td>1961 June.</td><td>3% Panama Canal bond - 6/1/61</td><td>50</td><td>-</td><td>-</td></tr><tr><td>Apr....</td><td>1-1/2% Note - 4/1/57-EA</td><td>531</td><td>-</td><td>-</td><td>Sept.</td><td>2-3/4% Bond - 9/15/61</td><td>2,339</td><td>-</td><td>-</td></tr><tr><td>May....</td><td>1-5/8% Note - 5/15/57-B</td><td>4,155</td><td>-</td><td>-</td><td>Nov..</td><td>2-1/2% Bond - 11/15/61</td><td>11,177</td><td>-</td><td>-</td></tr><tr><td>Aug....</td><td>2% Note - 8/15/57-C</td><td>3,792</td><td>-</td><td>-</td><td></td><td>Total.......................</td><td>13,466</td><td>-</td><td>-</td></tr><tr><td>Oct....</td><td>1-1/2% Note - 10/1/57-80</td><td>824</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total.......................</td><td>12,299</td><td>927</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of table.
(Continued on following page)
December 1955
21
DEBT OPERATIONS
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government and Outstanding October 31, 1955 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 1/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Year and month</th><th rowspan="2">Description of security 1/</th><th colspan="3">Amount of maturities</th></tr><tr><th>Fixed maturity issues</th><th colspan="2">Callable issues classified by year of: First call Final maturity</th><th>Fixed maturity issues</th><th colspan="2">Callable issues classified by year of: First call Final maturity</th></tr><tr><td>1962</td><td></td><td></td><td></td><td></td><td>1968</td><td></td><td></td><td></td><td></td></tr><tr><td>June..</td><td>2-1/4% Bond - 6/15/59-62 2-1/2% Bond - 6/15/62-67</td><td>-</td><td>2,116</td><td>5,276</td><td>Dec..</td><td>2-1/2% Bond - 12/15/63-68</td><td>-</td><td>-</td><td>2,825</td></tr><tr><td>Dec...</td><td>2-1/4% Bond - 12/15/59-62</td><td>-</td><td>-</td><td>3,464</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total.................</td><td>-</td><td>2,116</td><td>8,740</td><td>1969</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>June.</td><td>2-1/2% Bond - 6/15/64-69</td><td>-</td><td>-</td><td>3,753</td></tr><tr><td>1963</td><td></td><td></td><td></td><td></td><td>Dec..</td><td>2-1/2% Bond - 12/15/64-69</td><td>-</td><td>-</td><td>3,829</td></tr><tr><td>June..</td><td>2-3/4% Bond - 6/15/58-63</td><td>-</td><td>-</td><td>919</td><td></td><td>Total.................</td><td>-</td><td>-</td><td>7,582</td></tr><tr><td>Aug...</td><td>2-1/2% Bond - 8/15/63</td><td>6,755</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec...</td><td>2-1/2% Bond - 12/15/63-68</td><td>-</td><td>2,825</td><td>-</td><td>1970</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total.................</td><td>6,755</td><td>2,825</td><td>919</td><td>Mar..</td><td>2-1/2% Bond - 3/15/65-70</td><td>-</td><td>-</td><td>4,717</td></tr><tr><td>1964</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June..</td><td>2-1/2% Bond - 6/15/64-69</td><td>-</td><td>3,753</td><td>-</td><td>1971</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec...</td><td>2-1/2% Bond - 12/15/64-69</td><td>-</td><td>3,829</td><td>-</td><td>Mar..</td><td>2-1/2% Bond - 3/15/66-71</td><td>-</td><td>-</td><td>2,960</td></tr><tr><td></td><td>Total.................</td><td>-</td><td>7,582</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1965</td><td></td><td></td><td></td><td></td><td>1972</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar...</td><td>2-1/2% Bond - 3/15/65-70</td><td>-</td><td>4,717</td><td>-</td><td>June.</td><td>2-1/2% Bond - 6/15/67-72</td><td>-</td><td>-</td><td>1,880</td></tr><tr><td>Dec...</td><td>2-3/4% Bond - 12/15/60-65</td><td>-</td><td>-</td><td>1,485</td><td>Sept.</td><td>2-1/2% Bond - 9/15/67-72</td><td>-</td><td>-</td><td>2,716</td></tr><tr><td></td><td>Total.................</td><td>-</td><td>4,717</td><td>1,485</td><td>Dec..</td><td>2-1/2% Bond - 12/15/67-72</td><td>-</td><td>-</td><td>3,807</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>Total.................</td><td>-</td><td>-</td><td>8,404</td></tr><tr><td>1966</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mar...</td><td>2-1/2% Bond - 3/15/66-71</td><td>-</td><td>2,960</td><td>-</td><td>1978</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>June.</td><td>3-1/4% Bond - 6/15/78-83</td><td>-</td><td>1,606</td><td>-</td></tr><tr><td>1967</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June..</td><td>2-1/2% Bond - 6/15/62-67 2-1/2% Bond - 6/15/67-72</td><td>-</td><td>1,880</td><td>2,116</td><td>1983</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept..</td><td>2-1/2% Bond - 9/15/67-72</td><td>-</td><td>2,716</td><td>-</td><td>June.</td><td>3-1/4% Bond - 6/15/78-83</td><td>-</td><td>-</td><td>1,606</td></tr><tr><td>Dec...</td><td>2-1/2% Bond - 12/15/67-72</td><td>-</td><td>3,807</td><td>-</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total.................</td><td>-</td><td>8,404</td><td>2,116</td><td>1995</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Feb..</td><td>3% Bond - 2/15/95</td><td>2.745</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury statement and Bureau of the Public Debt. 1/ 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
cell 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."
22
Treasury Bulletin
DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Dollar amounts in millions)
<table><tr><th rowspan="2">Issue date</th><th colspan="6">Description of new issue</th><th rowspan="2">Amount maturing on issue date of new offering</th><th rowspan="2">Total unma-tured issues outstanding after new issues</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>On compet-itive basis</th><th>On noncompeti-tive basis 1/</th><th>In exchange</th><th></th></tr><tr><td>1955-June 2.........</td><td>1955-Sept. 1....</td><td>91</td><td>2,167.5</td><td>1,500.6</td><td>1,349.5</td><td>151.2</td><td>120.7</td><td>1,500.7</td><td>19,510.4</td></tr><tr><td>June 9.........</td><td>Sept. 8....</td><td>91</td><td>1,996.3</td><td>1,500.5</td><td>1,321.1</td><td>179.4</td><td>75.0</td><td>1,500.0</td><td>19,510.9</td></tr><tr><td>June 16.........</td><td>Sept. 15....</td><td>91</td><td>2,510.9</td><td>1,502.8</td><td>1,296.7</td><td>206.2</td><td>127.8</td><td>1,500.9</td><td>19,512.9</td></tr><tr><td>June 23.........</td><td>Sept. 22....</td><td>91</td><td>2,380.0</td><td>1,503.3</td><td>1,268.1</td><td>235.2</td><td>116.2</td><td>1,501.7</td><td>19,514.4</td></tr><tr><td>June 30.........</td><td>Sept. 29....</td><td>91</td><td>2,127.8</td><td>1,500.0</td><td>1,316.2</td><td>183.9</td><td>179.8</td><td>1,500.5</td><td>19,514.0</td></tr><tr><td>July 7.........</td><td>Oct. 6....</td><td>91</td><td>2,119.1</td><td>1,600.1</td><td>1,424.2</td><td>175.9</td><td>85.4</td><td>1,501.0</td><td>19,613.0</td></tr><tr><td>July 14.........</td><td>Oct. 13....</td><td>91</td><td>2,257.8</td><td>1,600.5</td><td>1,377.5</td><td>223.0</td><td>87.0</td><td>1,500.3</td><td>19,713.2</td></tr><tr><td>July 21.........</td><td>Oct. 20....</td><td>91</td><td>2,390.3</td><td>1,600.4</td><td>1,347.1</td><td>253.3</td><td>87.0</td><td>1,500.7</td><td>19,813.0</td></tr><tr><td>July 28.........</td><td>Oct. 27....</td><td>91</td><td>2,403.5</td><td>1,601.2</td><td>1,376.3</td><td>225.0</td><td>182.0</td><td>1,501.1</td><td>19,913.1</td></tr><tr><td>Aug. 4.........</td><td>Nov. 3....</td><td>91</td><td>2,328.4</td><td>1,600.7</td><td>1,369.1</td><td>231.6</td><td>155.0</td><td>1,501.1</td><td>20,012.7</td></tr><tr><td>Aug. 11.........</td><td>Nov. 10....</td><td>91</td><td>2,291.5</td><td>1,600.5</td><td>1,369.8</td><td>230.7</td><td>47.9</td><td>1,502.0</td><td>20,111.2</td></tr><tr><td>Aug. 18.........</td><td>Nov. 17....</td><td>91</td><td>2,368.8</td><td>1,600.6</td><td>1,363.9</td><td>236.8</td><td>33.5</td><td>1,500.4</td><td>20,211.4</td></tr><tr><td>Aug. 25.........</td><td>Nov. 25....</td><td>92</td><td>2,177.8</td><td>1,600.2</td><td>1,396.6</td><td>203.6</td><td>61.2</td><td>1,500.2</td><td>20,311.5</td></tr><tr><td>Sept. 1.........</td><td>Dec. 1....</td><td>91</td><td>2,202.0</td><td>1,600.0</td><td>1,416.4</td><td>183.6</td><td>106.2</td><td>1,500.6</td><td>20,410.9</td></tr><tr><td>Sept. 8.........</td><td>Dec. 8....</td><td>91</td><td>2,282.1</td><td>1,602.0</td><td>1,410.1</td><td>191.8</td><td>75.7</td><td>1,500.5</td><td>20,512.4</td></tr><tr><td>Sept. 15.........</td><td>Dec. 15....</td><td>91</td><td>2,654.1</td><td>1,602.3</td><td>1,334.4</td><td>267.8</td><td>38.2</td><td>1,502.8</td><td>20,611.9</td></tr><tr><td>Sept. 22.........</td><td>Dec. 22....</td><td>91</td><td>2,328.2</td><td>1,601.0</td><td>1,331.8</td><td>269.2</td><td>115.4</td><td>1,503.3</td><td>20,709.6</td></tr><tr><td>Sept. 29.........</td><td>Dec. 29....</td><td>91</td><td>2,317.2</td><td>1,600.8</td><td>1,397.1</td><td>203.7</td><td>274.5</td><td>1,500.0</td><td>20,810.4</td></tr><tr><td>Oct. 6.........</td><td>1956-Jan. 5....</td><td>91</td><td>2,067.0</td><td>1,600.1</td><td>1,404.4</td><td>195.7</td><td>157.9</td><td>1,600.1</td><td>20,810.4</td></tr><tr><td>Oct. 13 p.........</td><td>Jan. 12....</td><td>91</td><td>2,256.6</td><td>1,600.7</td><td>1,369.3</td><td>231.4</td><td>134.3</td><td>1,600.5</td><td>20,810.6</td></tr><tr><td>Oct. 20 p.........</td><td>Jan. 19....</td><td>91</td><td>2,405.8</td><td>1,600.9</td><td>1,340.2</td><td>260.7</td><td>125.2</td><td>1,600.4</td><td>20,811.1</td></tr><tr><td>Oct. 27 p.........</td><td>Jan. 26....</td><td>91</td><td>2,430.6</td><td>1,601.7</td><td>1,350.6</td><td>251.1</td><td>179.9r</td><td>1,601.2</td><td>20,811.5</td></tr><tr><td>Nov. 3 p.........</td><td>Feb. 2....</td><td>91</td><td>2,429.1</td><td>1,602.2</td><td>1,359.9</td><td>242.3</td><td>153.4</td><td>1,600.7</td><td>20,813.0</td></tr><tr><td>Nov. 10 p.........</td><td>Feb. 9....</td><td>91</td><td>2,222.4</td><td>1,599.7</td><td>1,361.7</td><td>238.1</td><td>68.5</td><td>1,600.5</td><td>20,812.2</td></tr><tr><td>Nov. 17 p.........</td><td>Feb. 16....</td><td>91</td><td>2,320.4</td><td>1,600.2</td><td>1,378.6</td><td>221.6</td><td>32.1</td><td>1,600.6</td><td>20,811.8</td></tr><tr><td>Nov. 25 p.........</td><td>Feb. 23....</td><td>90</td><td>2,174.1</td><td>1,600.1</td><td>1,369.0</td><td>231.1</td><td>62.7</td><td>1,600.2</td><td>20,811.7</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>June 2</td><td>99.638</td><td>1.434</td><td>99.646</td><td>1.400</td><td>99.634</td><td>1.448</td></tr><tr><td>June 9</td><td>99.649</td><td>1.390</td><td>99.663</td><td>1.333</td><td>99.636</td><td>1.440</td></tr><tr><td>June 16</td><td>99.617</td><td>1.514</td><td>99.665</td><td>1.325</td><td>99.616</td><td>1.519</td></tr><tr><td>June 23</td><td>99.641</td><td>1.420</td><td>99.644 3/</td><td>1.408</td><td>99.640</td><td>1.424</td></tr><tr><td>June 30</td><td>99.646</td><td>1.401</td><td>99.659</td><td>1.349</td><td>99.630</td><td>1.464</td></tr><tr><td>July 7</td><td>99.611</td><td>1.541</td><td>99.655</td><td>1.365</td><td>99.601</td><td>1.578</td></tr><tr><td>July 14</td><td>99.594</td><td>1.606</td><td>99.621</td><td>1.499</td><td>99.588</td><td>1.630</td></tr><tr><td>July 21</td><td>99.591</td><td>1.619</td><td>99.618</td><td>1.511</td><td>99.588</td><td>1.630</td></tr><tr><td>July 28</td><td>99.565</td><td>1.720</td><td>99.600 1/</td><td>1.582</td><td>99.560</td><td>1.741</td></tr><tr><td>Aug. 4</td><td>99.532</td><td>1.850</td><td>99.580</td><td>1.662</td><td>99.526</td><td>1.875</td></tr><tr><td>Aug. 11</td><td>99.522</td><td>1.889</td><td>99.532 5/</td><td>1.851</td><td>99.518</td><td>1.907</td></tr><tr><td>Aug. 18</td><td>99.523</td><td>1.888</td><td>99.532</td><td>1.851</td><td>99.518</td><td>1.907</td></tr><tr><td>Aug. 25</td><td>99.521</td><td>1.875</td><td>99.534</td><td>1.823</td><td>99.514</td><td>1.902</td></tr><tr><td>Sept. 1</td><td>99.472</td><td>2.088</td><td>99.570</td><td>1.701</td><td>99.464</td><td>2.120</td></tr><tr><td>Sept. 8</td><td>99.460</td><td>2.135</td><td>99.472 6/</td><td>2.089</td><td>99.457</td><td>2.118</td></tr><tr><td>Sept. 15</td><td>99.468</td><td>2.104</td><td>99.470 7/</td><td>2.097</td><td>99.466</td><td>2.113</td></tr><tr><td>Sept. 22</td><td>99.499</td><td>1.981</td><td>99.507</td><td>1.950</td><td>99.494</td><td>2.002</td></tr><tr><td>Sept. 29</td><td>99.464</td><td>2.122</td><td>99.515</td><td>1.919</td><td>99.460</td><td>2.136</td></tr><tr><td>Oct. 6</td><td>99.440</td><td>2.214</td><td>99.475 8/</td><td>2.077</td><td>99.430</td><td>2.235</td></tr><tr><td>Oct. 13</td><td>99.429</td><td>2.257</td><td>99.440 9/</td><td>2.215</td><td>99.426</td><td>2.271</td></tr><tr><td>Oct. 20</td><td>99.410</td><td>2.333</td><td>99.434 2/</td><td>2.239</td><td>99.407</td><td>2.346</td></tr><tr><td>Oct. 27</td><td>99.436</td><td>2.231</td><td>99.443</td><td>2.204</td><td>99.434</td><td>2.239</td></tr><tr><td>Nov. 3</td><td>99.449</td><td>2.179</td><td>99.452 10/</td><td>2.168</td><td>99.448</td><td>2.184</td></tr><tr><td>Nov. 10</td><td>99.486</td><td>2.034</td><td>99.514</td><td>1.923</td><td>99.472</td><td>2.089</td></tr><tr><td>Nov. 17</td><td>99.432</td><td>2.248</td><td>99.507</td><td>1.950</td><td>99.422</td><td>2.287</td></tr><tr><td>Nov. 25</td><td>99.390</td><td>2.440</td><td>99.400 11/</td><td>2.400</td><td>99.375</td><td>2.500</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 accepted competitive bids.
2/ Bank discount basis.
3/ Except $800,000 at 99.659.
4/ Except $170,000 at 99.706 and $800,000 at 99.625.
5/ Except $100,000 at 99.550 and $650,000 at 99.545.
6/ Except $40,000 at 99.494 and $1,000,000 at 99.492.
7/ Except $100,000 at 99.500 and $1,000,000 at 99.480.
8/ Except $1,000,000 at 99.525 and $500,000 at 99.492.
9/ Except $500,000 at 99.468.
10/ Except $150,000 at 99.475.
11/ Except $300,000 at 99.486, $330,000 at 99.432, and $150,000 at 99.425.
p Preliminary.
r Revised.
December 1955
23
DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date subscription books were opened</th><th>Date of issue</th><th>Description of security</th><th colspan="2">Period to -</th><th colspan="2">Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th>Maturity</th><th>First call</th><th>Cash 1/</th><th>Exchange</th><th>For cash 1/</th><th>In exchange for other securities</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>6/16/52</td><td>7/1/52</td><td>2-3/8% Bond</td><td>5 yr</td><td>11 1/2 m</td><td>11,693</td><td>-</td><td>4,245</td><td>-</td><td>2/100</td></tr><tr><td>8/4/52</td><td>7/1/52</td><td>1-7/8% Certificate</td><td>1 yr</td><td>11 m</td><td>-</td><td>4,963</td><td>-</td><td>4,963</td><td>100</td></tr><tr><td>9/15/52</td><td>8/15/52</td><td>2% Certificate</td><td>1 yr</td><td>2 m</td><td>-</td><td>2,008 3/</td><td>-</td><td>2,008 3/</td><td>100</td></tr><tr><td>11/17/52</td><td>10/1/52</td><td>2-1/8% Note</td><td>5 yr</td><td>2 m</td><td>-</td><td>10,542</td><td>-</td><td>10,542</td><td>100</td></tr><tr><td></td><td>10/1/52</td><td>1-1/2% Note</td><td>1 yr</td><td>5 m</td><td>-</td><td>824 5/</td><td>-</td><td>824 5/</td><td>100</td></tr><tr><td></td><td>8/15/52</td><td>2% Certificate</td><td>1 yr</td><td>1 m</td><td>-</td><td>873 3/</td><td>-</td><td>873 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>-</td><td>8,114</td><td>100 1/</td></tr><tr><td>4/13/53</td><td>2/15/53</td><td>2-1/2% Bond</td><td>5 yr</td><td>10 m</td><td>-</td><td>620 6/</td><td>-</td><td>620 6/</td><td>100</td></tr><tr><td>5/20/53</td><td>4/1/53</td><td>1-1/2% Note</td><td>5 yr</td><td>-</td><td>-</td><td>383</td><td>-</td><td>383</td><td>100</td></tr><tr><td>7/6/53</td><td>5/1/53</td><td>3-1/4% Bond</td><td>30 yr</td><td>1 1/2 m</td><td>5,250</td><td>418 8/</td><td>1,188</td><td>418 8/</td><td>9/100</td></tr><tr><td>8/5/53</td><td>6/1/53</td><td>2-5/8% Certificate</td><td>1 yr</td><td>8 m</td><td>8,687</td><td>4,858</td><td>5,902</td><td>4,858</td><td>11/100</td></tr><tr><td>9/2/53</td><td>7/15/53</td><td>2-1/2% Certificate</td><td>1 yr</td><td>8 m</td><td>-</td><td>2,788</td><td>-</td><td>2,788</td><td>100</td></tr><tr><td></td><td>8/15/53</td><td>2-5/8% Certificate</td><td>1 yr</td><td>1 m</td><td>-</td><td>4,724</td><td>-</td><td>4,724</td><td>100 12/</td></tr><tr><td>10/28/53</td><td>9/15/53</td><td>2-5/8% Certificate</td><td>3 yr</td><td>6 m</td><td>-</td><td>2,997</td><td>-</td><td>2,997</td><td>100</td></tr><tr><td>11/18/53</td><td>9/15/53</td><td>2-7/8% Note</td><td>5 yr</td><td>6 m</td><td>-</td><td>121</td><td>-</td><td>121</td><td>100</td></tr><tr><td></td><td>10/1/53</td><td>1-1/2% Note</td><td>7 yr</td><td>10 m</td><td>12,543</td><td>2,239</td><td>-</td><td>2,239</td><td>13/100</td></tr><tr><td></td><td>11/9/53</td><td>2-3/4% Bond</td><td>1 yr</td><td>1 1/2 m</td><td>-</td><td>8,175</td><td>-</td><td>8,175</td><td>100 14/</td></tr><tr><td>2/1/54</td><td>12/1/53</td><td>1-7/8% Note</td><td>5 yr</td><td>10 m</td><td>-</td><td>1,748 6/</td><td>-</td><td>1,748 6/</td><td>100 14/</td></tr><tr><td>5/4/54</td><td>2/15/54</td><td>1-5/8% Certificate</td><td>1 yr</td><td>9 m</td><td>-</td><td>7,007</td><td>-</td><td>7,007</td><td>100 15/</td></tr><tr><td>5/17/54</td><td>2/15/54</td><td>2-1/2% Bond</td><td>7 yr</td><td>9 m</td><td>-</td><td>11,177</td><td>-</td><td>11,177</td><td>100</td></tr><tr><td>7/21/54</td><td>4/1/54</td><td>1-1/2% Note</td><td>5 yr</td><td>9 m</td><td>-</td><td>119</td><td>-</td><td>119</td><td>100</td></tr><tr><td>8/3/54</td><td>5/17/54</td><td>1-7/8% Note</td><td>4 1/2 yr</td><td>9 m</td><td>9,750</td><td>-</td><td>2,205</td><td>-</td><td>16/100</td></tr><tr><td>9/23/54</td><td>5/17/54</td><td>1-1/8% Certificate</td><td>1 yr</td><td>7 1/2 m</td><td>-</td><td>2,897</td><td>-</td><td>2,897</td><td>100 17/</td></tr><tr><td>11/22/54</td><td>8/15/54</td><td>1% Certificate</td><td>1 yr</td><td>7 1/2 m</td><td>9,250</td><td>3,886</td><td>3,734</td><td>3,886</td><td>19/100</td></tr><tr><td>2/1/55</td><td>8/15/54</td><td>1-1/8% Certificate</td><td>1 yr</td><td>3 m</td><td>-</td><td>3,558 20/</td><td>-</td><td>3,558 20/</td><td>100 21/</td></tr><tr><td>3/22/55</td><td>8/15/54</td><td>2-1/8% Bond</td><td>6 yr</td><td>3 1/2 m</td><td>8,190</td><td>3,806</td><td>4,155</td><td>3,806</td><td>22/100</td></tr><tr><td>5/3/55</td><td>10/1/54</td><td>1-5/8% Note</td><td>2 yr</td><td>7 1/2 m</td><td>-</td><td>99</td><td>-</td><td>99</td><td>100</td></tr><tr><td>7/8/55</td><td>8/15/54</td><td>1-1/2% Note</td><td>5 yr</td><td>1 m</td><td>-</td><td>4,919 20/</td><td>-</td><td>4,919 20/</td><td>100 23/</td></tr><tr><td>7/11/55</td><td>8/15/54</td><td>1-1/8% Certificate</td><td>1 yr</td><td>1 m</td><td>-</td><td>5,359</td><td>-</td><td>5,359</td><td>100</td></tr><tr><td>7/20/55</td><td>12/15/54</td><td>1-1/4% Certificate</td><td>1 yr</td><td>8 m</td><td>-</td><td>6,755</td><td>-</td><td>6,755</td><td>100</td></tr><tr><td>10/3/55</td><td>2/15/55</td><td>1-5/8% Note</td><td>1 yr</td><td>1 m</td><td>-</td><td>8,472</td><td>-</td><td>8,472</td><td>100 25/</td></tr><tr><td>11/28/55</td><td>2/15/55</td><td>2% Note</td><td>2 yr</td><td>6 m</td><td>-</td><td>3,792</td><td>-</td><td>3,792</td><td>100</td></tr><tr><td>3/22/55</td><td>2/15/55</td><td>3% Bond</td><td>40 yr</td><td>2 1/2 m</td><td>7,938</td><td>1,924 24/</td><td>3,210</td><td>1,924 24/</td><td>19/100</td></tr><tr><td>5/3/55</td><td>4/1/55</td><td>1-3/8% Certificate</td><td>5 yr</td><td>2 1/2 m</td><td>-</td><td>198</td><td>-</td><td>198</td><td>100</td></tr><tr><td>7/8/55</td><td>5/17/55</td><td>1-1/2% Note</td><td>5 yr</td><td>3 m</td><td>3,989</td><td>3,174 27/</td><td>2,532</td><td>3,174 27/</td><td>28/30</td></tr><tr><td>7/11/55</td><td>7/18/55</td><td>2% Note</td><td>1 yr</td><td>8 m</td><td>10,620</td><td>-</td><td>2,201</td><td>-</td><td>31/100</td></tr><tr><td>7/20/55</td><td>8/15/55</td><td>1-7/8% Certificate</td><td>40 yr</td><td>10 1/2 m</td><td>1,720 24/</td><td>1,486</td><td>821 24/</td><td>1,486</td><td>100 33/</td></tr><tr><td>10/3/55</td><td>5/17/55</td><td>2% Certificate</td><td>1 yr</td><td>3 m</td><td>-</td><td>6,841 27/</td><td>-</td><td>6,841 27/</td><td>100</td></tr><tr><td>11/28/55</td><td>10/11/55</td><td>2-1/4% Certificate</td><td>5 yr</td><td>8 m</td><td>8,778</td><td>66</td><td>2,970p</td><td>66</td><td>34/100</td></tr><tr><td></td><td>10/1/55</td><td>1-1/2% Note</td><td>5 yr</td><td>8 m</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100</td></tr><tr><td></td><td>12/1/55</td><td>2-5/8% Certificate</td><td>1 yr</td><td>6 m</td><td>-</td><td>9,032p</td><td>-</td><td>9,032p</td><td>100 35/</td></tr><tr><td></td><td>12/1/55</td><td>2-7/8% Note</td><td>2 yr</td><td>6 m</td><td>-</td><td>2,283p</td><td>-</td><td>2,283p</td><td>100</td></tr></table>
Source: Bureau of the Public Debt.
1/ Consists of all public cash subscriptions and subscriptions by United States Government investment accounts.
2/ Noobank subscriptions were allotted in full. Commercial banks' subscriptions for amounts up to and including $100,000 for their own account also were allotted in full. Commercial banks' subscriptions for amounts over $100,000 for their own account were allotted $100,000 on each subscription.
3/ The 2% certificates dated August 15, 1952, were reopened, with all certificates of the series identical in all respects, as an exchange offering for the 1-7/8% certificates which matured December 1, 1952. Total exchanges in the two offerings amounted to $2,880 million.
4/ Exchange offering available to owners of nonmarketable 2-3/4% Treasury Bonds, Investment Series B-1975-80, dated April 1, 1951. For further information on the original offering see "Treasury Bulletin" for April 1951, page A-1. Amounts shown are as of November 30, 1955.
5/ Amount shown includes exchanges by Federal Reserve System Open Market Account amounting to $714 million.
6/ 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 exchanges in the two offerings amounted to $2,368 million.
7/ Holders of the 1-7/8% certificates which matured February 15, 1953, were offered a choice of exchanging the securities for either the one-year certificate or the five-year, ten-month bonds.
The bond offering was made available for exchange of Series F and G savings bonds maturing from May 1 through December 31, 1953. Total allotments 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 allot limited amounts of these bonds to Government investment accounts, which subscribed to a total amount of $118 million. Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in payment of income and profit taxes due March 15, 1954. Subscriptions for amounts up to and including $100,000 were allotted in full. Subscriptions for amounts over $100,000 were allotted 67 percent but in no case less than $100,000. Soldiers of the 2% bonds which matured September 15, 1953, were offered a choice of exchanging the securities for either the one-year certificetes or the three-and-one-half-year notes. Subscriptions for amounts up to and including $10,000 were allotted in full. Subscriptions from mutual savings banks, insurance companies, pension and retirement funds, and State and local governments were allotted 24 percent. All others, including commercial banks, were allotted 16 percent but not less than $10,000 on any one subscription. Footnotes 14 through 35 on page 25.
24
Treasury Bulletin
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th rowspan="2">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">Results of exchange offers</th><th rowspan="2">Description of new security offered</th></tr><tr><th>Description</th><th>Issue date</th><th>Amount outstanding</th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash 2/</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td>7/1/52</td><td>1-7/8% Certificate - 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 - 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-C 3/</td></tr><tr><td></td><td>1-7/8% Certificate - 9/1/52-D</td><td>10/1/51</td><td>1,832</td><td>-</td><td>1,832</td><td>1,575</td><td>258</td><td></td></tr><tr><td></td><td>Total</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 - 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 - 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-C 3/</td></tr><tr><td>2/15/53</td><td>1-7/8% Certificate - 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 - 2/15/58-A</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2-1/2% Bond - 12/15/58 4/</td></tr><tr><td>6/1/53</td><td>1-7/8% Certificate - 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 - 6/15/53-55</td><td>10/7/40</td><td>725</td><td>-</td><td>725</td><td>448</td><td>277</td><td></td></tr><tr><td></td><td>Total</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 - 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 - 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>2-7/8% Note - 3/15/57-A</td></tr><tr><td>12/1/53</td><td>2-1/8% Note - 12/1/53-A</td><td>10/1/52</td><td>10,042 2/</td><td>-</td><td>10,042</td><td>9,923</td><td>118</td><td>1-7/8% Note - 12/15/54-B</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2-1/2% Bond - 12/15/58 1/</td></tr><tr><td>2/15/54</td><td>2-1/4% Certificate - 2/15/54-A</td><td>2/15/53</td><td>8,114</td><td>-</td><td>8,114</td><td>5,647</td><td>108</td><td>1-5/8% Certificate - 2/15/55-A</td></tr><tr><td></td><td>1-3/8% Note - 3/15/54-A</td><td>12/15/49</td><td>4,675</td><td>-</td><td>4,675</td><td>2,360</td><td>78</td><td>1-1/2% Bond - 11/15/61</td></tr><tr><td></td><td>2% Bond - 6/15/52-54</td><td>6/26/44</td><td>5,825</td><td>-</td><td>5,825</td><td>4,083</td><td>1,743 6/</td><td>1-5/8% Certificate - 2/15/55-A</td></tr><tr><td></td><td>2-1/4% Bond - 6/15/52-55</td><td>2/25/42</td><td>1,501</td><td>-</td><td>1,501</td><td>1,128</td><td>373 6/</td><td>2-1/2% Bond - 11/15/61</td></tr><tr><td></td><td>2-1/4% Bond - 6/15/54-56</td><td>7/22/40</td><td>681</td><td>-</td><td>681</td><td>369</td><td>311 6/</td><td></td></tr><tr><td></td><td>Total</td><td></td><td>20,796</td><td>-</td><td>20,796</td><td>18,184</td><td>2,612 6/</td><td>7,007 total of 1-5/8% Certificate 11,177 total of 2-1/2% Bond</td></tr><tr><td>5/17/54</td><td>2% Bond - 6/15/52-54</td><td>6/26/44</td><td>1,743</td><td>-</td><td>1,743</td><td>1,505</td><td>238</td><td>1-1/8% Certificate - 5/17/55-B</td></tr><tr><td></td><td>2-1/4% Bond - 6/15/52-55</td><td>2/25/42</td><td>373</td><td>-</td><td>373</td><td>322</td><td>51</td><td></td></tr><tr><td></td><td>2-1/4% Bond - 6/15/54-56</td><td>7/22/40</td><td>311</td><td>-</td><td>311</td><td>273</td><td>38</td><td>1-1/8% Certificate - 5/17/55-B</td></tr><tr><td></td><td>2-5/8% Certificate - 6/1/54-B</td><td>6/1/53</td><td>4,858</td><td>-</td><td>4,858</td><td>1,786</td><td>175</td><td>1-7/8% Note - 2/15/59-A</td></tr><tr><td></td><td>Total</td><td></td><td>7,285</td><td>-</td><td>7,285</td><td>6,783</td><td>502</td><td>3,886 total of 1-1/8% Certificate 2,897 total of 1-7/8% Note</td></tr><tr><td>8/15/54</td><td>2-5/8% Certificate - 8/15/54-D</td><td>8/15/53</td><td>2,788</td><td>-</td><td>2,788</td><td>1,005</td><td>55</td><td>1-1/8% Certificate - 8/15/55-D</td></tr><tr><td></td><td>2-5/8% Certificate - 9/15/54-E</td><td>9/15/53</td><td>4,724</td><td>-</td><td>4,724</td><td>2,553</td><td>93</td><td>1-1/8% Certificate - 11/15/60</td></tr><tr><td></td><td>Total</td><td></td><td>7,512</td><td>-</td><td>7,512</td><td>7,364</td><td>148</td><td>1-1/8% Certificate - 8/15/55-D</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>1,498</td><td>43</td><td>1-1/4% Certificate - 12/15/55-E</td></tr><tr><td>12/15/54</td><td>1-7/8% Note - 12/15/54-B</td><td>12/1/53</td><td>8,175</td><td>-</td><td>8,175</td><td>3,289</td><td></td><td>1-1/2% Bond - 8/15/63</td></tr><tr><td></td><td>2% Bond - 12/15/52-54</td><td>12/1/44</td><td>8,662</td><td>-</td><td>8,662</td><td>1,983</td><td>243</td><td>1-1/8% Certificate - 8/15/55-B</td></tr><tr><td></td><td>2% Bond - 12/15/51-55</td><td>12/15/41</td><td>510</td><td>-</td><td>510</td><td>14</td><td>29</td><td>1-1/4% Certificate - 12/15/55-E</td></tr><tr><td></td><td>Total</td><td></td><td>17,347</td><td>-</td><td>17,347</td><td>17,033</td><td>315</td><td>4,919 total of 1-1/8% Certificate 5,359 total of 1-1/4% Certificate 6,755 total of 2-1/2% Bond</td></tr></table>
(Continued on following page)
December 1955
25
DEBT OPERATIONS
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes and Certificates of Indebtedness - (Continued)
<table><tr><th>Date of refunding or retirement</th><th colspan="3">Called or maturing security 1/</th><th colspan="2">Disposition offers by Treasury</th><th colspan="2">Results 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>Exchanged</th><th>Turned in for cash 2/</th><th></th></tr><tr><td>2/15/55</td><td>1-5/8% Certificate - 2/15/55-A</td><td>2/15/54</td><td>7,007</td><td>-</td><td>7,007</td><td>5,735<br>1,166</td><td>106</td><td>1-5/8% Note 2%<br>Note 3/15/56-A<br>8/15/57-C</td></tr><tr><td></td><td>1-1/2% Note - 3/15/55-A</td><td>3/15/50</td><td>5,365</td><td>-</td><td>5,365</td><td>2,414<br>2,626</td><td>326</td><td>1-5/8% Note 2%<br>Note 3/15/56-A<br>8/15/57-C</td></tr><tr><td></td><td>2-7/8% Bond - 3/15/55-60</td><td>3/15/35</td><td>2,611</td><td>-</td><td>2,611</td><td>323<br>1,924</td><td>364</td><td>1-5/8% Note 2%<br>Note 3/15/56-A<br>2/15/95</td></tr><tr><td></td><td>Total</td><td></td><td>14,983</td><td>-</td><td>14,983</td><td>14,188</td><td>795</td><td>8,472 total of 1-5/8% Note<br>3,792 total of 2% Note<br>1,924 total of 3% Bond</td></tr><tr><td>5/17/55</td><td>1-1/8% Certificate - 5/17/55-B</td><td>5/17/54</td><td>3,886</td><td>-</td><td>3,886</td><td>3,174</td><td>712</td><td>2% Note - - 8/15/56-B 8/</td></tr><tr><td>8/1/55</td><td>1-1/8% Certificate - 8/15/55-D</td><td>8/15/54</td><td>8,477</td><td>-</td><td>8,477</td><td>1,486<br>6,841</td><td>149</td><td>2% Certificate - 6/22/56-B 9/<br>Note - 8/15/56-B 8/</td></tr><tr><td>12/1/55</td><td>1-1/4% Certificate - 12/15/55-E</td><td>12/15/54</td><td>5,359</td><td>-</td><td>5,359</td><td>4,157 p<br>814 p</td><td>388 p</td><td>2-5/8% Certificate - 12/1/56-D<br>2-7/8% Note - 6/15/58-A</td></tr><tr><td></td><td>1-3/4% Note - 12/15/55-B</td><td>12/15/50</td><td>6,854</td><td>-</td><td>6,854</td><td>4,925 p<br>1,469 p</td><td>460 p</td><td>2-5/8% Certificate - 12/1/56-D<br>2-7/8% Note - 6/15/58-A</td></tr><tr><td></td><td>Total</td><td></td><td>12,213</td><td>-</td><td>12,213</td><td>11,365 p</td><td>847 p</td><td>9,082 p total of 2-5/8% Certificate<br>2,283 p total of 2-7/8% Note</td></tr></table>
Source: Bureau of the Public Debt.
1/ Original call and maturity dates are used.
2/ All by investors other than Federal Reserve Banks.
3/ The 2% certificates maturing August 15, 1953, were reopened for the December 1, 1952, refunding (see Table 3).
4/ The 2-1/2% bonds maturing December 15, 1958, were reopened for the December 1, 1953, refunding (see Table 3).
5/ On November 9, 1953, the Treasury purchased from the Federal Reserve System and retired $500 million of the 2-1/8% Treasury notes maturing December 1, 1953. For further detail see "Treasury Bulletin" for November 1953, page A-1.
6/ It had been announced the 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 refundings of May 17, 1954.
7/ The 1-1/8% certificates maturing August 15, 1955, were reopened for the December 15, 1954, refunding (see Table 3).
8/ The 2% notes maturing August 15, 1956, were reopened for the August 1, 1955, refunding (see Table 3).
9/ Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in payment of income and profits taxes due June 15, 1956.
Footnotes to Table 3 - (Continued)
Footnotes 1 through 13 on page 23.
14/ 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-month bonds.
15/ Holders of the 2-1/4% certificates which matured February 15, 1954, and the 1-3/8% 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 2% 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 2-1/2% bonds.
16/ 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.
17/ 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 certificates or the four-year, nine-month notes.
18/ Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in payment of income and profits taxes due March 15, 1955.
19/ Subscriptions for amounts up to and including $50,000 were allotted in full. Subscriptions for amounts over $50,000 were allotted 40 percent but in no case less than $50,000.
20/ The 1-1/8% certificates dated August 15, 1954, were reopened with all the certificates of the series identical in all respects, as an exchange offering for the 1-7/8% notes which matured December 15, 1954, the 2% bonds which matured December 15, 1954, and the 2% bonds which were called for redemption on December 15, 1954. Total exchanges in the two offerings amounted to $8,477 million.
21/ Holders of the 2-5/8% certificates, maturing August 15, 1954, and the 2-5/8% certificates, maturing September 15, 1954, were offered a choice of exchanging the securities on August 15, 1954, for either the one-year certificates or the six-year, three-month bonds.
22/ Subscriptions for amounts up to and including $50,000 were allotted in full. Subscriptions for amounts over $50,000 were allotted 50 percent but in no case less than $50,000.
23/ Holders of the 1-7/8% notes maturing December 15, 1954, the 2% bonds maturing December 15, 1954, and the 2% bonds called for redemption on December 15, 1954, were offered a choice of exchanging the securities for either the 1-1/8% certificates, the 1-1/4% certificates, or the 2-1/2% eight-year bonds.
24/ The 3% bonds dated February 15, 1955, were reopened with all the bonds of the series identical in all respects, as an additional cash offering. The total amount issued in the two operations was $2,745 million.
25/ Holders of the 2-7/8% Treasury bonds of 1955-60, called for redemption on March 15, 1955, were offered a choice of exchanging the securities
on February 15, 1955, for either the forty-year bonds or the one-year, one-month notes. At the same time holders of the 1-5/8% certificates maturing February 15, 1955, and the 1-1/2% notes maturing March 15, 1955, were offered a choice of exchanging the securities on February 15, 1955, for either the one-year, one-month notes or the two-year, six-months notes.
26/ Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in payment of income and profits taxes due June 15, 1955.
27/ The 2% notes dated May 17, 1955, were reopened with all the notes of the series identical in all respects, as an exchange offering for the 1-1/8% certificates maturing August 15, 1955. Total exchanges in the two offerings amounted to $10,015 million.
28/ Cash subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 were allotted 62 percent but in no case less than $100,000.
29/ Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in payment of income and profits taxes due March 15, 1956.
30/ Cash subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 were allotted 19 percent but in no case less than $100,000.
31/ Subscriptions from savings-type investors totaled $749 million and were allotted 65 percent. Subscriptions from all other investors totaled $970 million and were allotted 30 percent. Subscriptions for $25,000 or less were allotted in full. Subscriptions for more than $25,000 were allotted not less than $25,000. In addition to the amount allotted to the public, $25 million of the bonds were allotted to Government investment accounts. Savings-type investors were given the privilege of deferring payment for the bonds, provided that not less than 25 percent of the bonds allotted were paid for by July 20, 1955, not less than 60 percent by September 1, 1955, and full payment by October 3, 1955.
32/ Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in payment of income and profits taxes due June 15, 1956.
33/ Holders of the 1-1/8% certificates which matured August 15, 1955, were offered a choice of exchanging the securities on August 1, 1955, for either the ten-and-one-half-month certificates or the one-year, three-month notes.
34/ Cash subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 were allotted 32 percent but in no case less than $100,000.
35/ Holders of the 1-1/4% certificates and 1-3/4% notes, both maturing December 15, 1955, were offered a choice of exchanging the securities on December 1, 1955, for either the one-year certificates or the two- and-one-half year notes.
Preliminary.
26
Treasury Bulletin
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 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. Seriee 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 began 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 October 31, 1955
(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/</td><td>3,949</td><td>1,054</td><td>5,003</td><td>4,948</td><td>-</td><td>56</td><td>-</td></tr><tr><td>Series E and H</td><td>80,900</td><td>9,535</td><td>90,434</td><td>50,654 2/</td><td>39,780</td><td>-</td><td>56.01</td></tr><tr><td>Series F, G, J, and K</td><td>31,295 2/</td><td>870</td><td>32,165</td><td>13,507</td><td>18,481</td><td>177</td><td>27.89</td></tr><tr><td>Total A-K</td><td>116,144</td><td>11,459</td><td>127,602</td><td>69,109</td><td>58,261</td><td>232</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>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 3/</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price 4/ 5/</th><th>Accrued discount 5/</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>1935-1948</td><td>75,838</td><td>3,054</td><td>78,891</td><td>25,559</td><td>24,846</td><td>713</td><td>53,274</td><td>59</td></tr><tr><td>1949</td><td>7,141</td><td>927</td><td>8,068</td><td>5,067</td><td>4,721</td><td>346</td><td>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>57,536</td><td>92</td></tr><tr><td>1951</td><td>5,143</td><td>1,119</td><td>6,292</td><td>6,137</td><td>5,609</td><td>528</td><td>57,572</td><td>212</td></tr><tr><td>1952</td><td>3,925</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>4,62</td><td>1,229</td><td>5,791</td><td>5,621</td><td>5,072</td><td>548</td><td>57,886</td><td>91</td></tr><tr><td>1954 6/</td><td>5,494</td><td>1,234</td><td>6,727</td><td>6,515</td><td>5,875</td><td>639</td><td>58,061</td><td>128</td></tr><tr><td>1955 6/</td><td>6,473</td><td>1,231</td><td>7,704</td><td>7,251</td><td>6,483</td><td>768</td><td>58,365</td><td>277</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>1935-1948</td><td>79,770</td><td>3,505</td><td>83,274</td><td>28,977</td><td>27,216</td><td>862</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>58,019</td><td>229</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>57,587</td><td>152</td></tr><tr><td>1952</td><td>4,161</td><td>1,220</td><td>5,381</td><td>5,074</td><td>4,565</td><td>509</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>6,119</td><td>5,552</td><td>597</td><td>57,710</td><td>225</td></tr><tr><td>1954</td><td>6,173</td><td>1,236</td><td>7,409</td><td>6,985</td><td>6,348</td><td>637</td><td>57,672</td><td>686</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>1955-January</td><td>742</td><td>128</td><td>870</td><td>772</td><td>691</td><td>81</td><td>57,967</td><td>490</td></tr><tr><td>February</td><td>602</td><td>90</td><td>692</td><td>543</td><td>433</td><td>110</td><td>58,225</td><td>380</td></tr><tr><td>March</td><td>614</td><td>87</td><td>701</td><td>605</td><td>520</td><td>85</td><td>58,366</td><td>335</td></tr><tr><td>April</td><td>535</td><td>85</td><td>620</td><td>682</td><td>623</td><td>59</td><td>58,326</td><td>313</td></tr><tr><td>May</td><td>488</td><td>96</td><td>583</td><td>581</td><td>520</td><td>61</td><td>58,346</td><td>295</td></tr><tr><td>June</td><td>496</td><td>125</td><td>621</td><td>619</td><td>544</td><td>75</td><td>58,365</td><td>277</td></tr><tr><td>July</td><td>494</td><td>124</td><td>618</td><td>589</td><td>532</td><td>57</td><td>58,407</td><td>265</td></tr><tr><td>August</td><td>487</td><td>86</td><td>574</td><td>543</td><td>480</td><td>63</td><td>58,450</td><td>253</td></tr><tr><td>September</td><td>462</td><td>88</td><td>551</td><td>722</td><td>659</td><td>63</td><td>58,290</td><td>242</td></tr><tr><td>October</td><td>451</td><td>85</td><td>536</td><td>574</td><td>505</td><td>69</td><td>58,261</td><td>232</td></tr></table>
Sources: Daily Treasury statement; Bureau of the Public Debt.
Footnotes at end of Table 4.
December 1955
27
UNITED STATES SAVINGS BONDS
Table 3.- Sales and Redemptions by Periods, Series E through K
(In millions of dollars)
<table><tr><th>Period</th><th>Salee</th><th>Accrued discount</th><th>Salee plus accrued discount</th><th>Total</th><th>Redemption 3/ Salee price 3/5/</th><th>Accrued discount 5/</th><th>Interest-bearing debt</th><th>Matured 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>1941-1948</td><td>50,426</td><td>2,021</td><td>52,447</td><td>20,822</td><td>20,488</td><td>334</td><td>31,625</td><td>-</td></tr><tr><td>1949</td><td>4,278</td><td>753</td><td>5,032</td><td>3,530</td><td>3,368</td><td>162</td><td>33,127</td><td>-</td></tr><tr><td>1950</td><td>3,993</td><td>895</td><td>4,887</td><td>3,521</td><td>3,326</td><td>195</td><td>34,494</td><td>-</td></tr><tr><td>1951</td><td>3,272</td><td>1,035</td><td>4,307</td><td>4,295</td><td>3,987</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>1954 6/</td><td>4,653</td><td>1,126</td><td>5,779</td><td>4,345</td><td>3,791</td><td>554</td><td>37,182</td><td>-</td></tr><tr><td>1955 5/</td><td>5,225</td><td>1,123</td><td>6,348</td><td>4,544</td><td>3,909</td><td>636</td><td>39,285</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>1941-1948</td><td>52,454</td><td>2,384</td><td>54,838</td><td>22,649</td><td>22,235</td><td>414</td><td>32,188</td><td>-</td></tr><tr><td>1949</td><td>4,208</td><td>818</td><td>5,025</td><td>3,448</td><td>3,274</td><td>174</td><td>33,766</td><td>-</td></tr><tr><td>1950</td><td>3,668</td><td>971</td><td>4,639</td><td>3,912</td><td>3,667</td><td>245</td><td>34,493</td><td>-</td></tr><tr><td>1951</td><td>3,190</td><td>1,080</td><td>4,270</td><td>4,036</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>4,694</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>1954</td><td>4,889</td><td>1,126</td><td>6,015</td><td>4,444</td><td>3,909</td><td>535</td><td>38,233</td><td>-</td></tr><tr><td>Monthes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1955-January</td><td>573</td><td>113</td><td>686</td><td>404</td><td>336</td><td>68</td><td>38,515</td><td>-</td></tr><tr><td>February</td><td>465</td><td>84</td><td>549</td><td>343</td><td>256</td><td>88</td><td>38,721</td><td>-</td></tr><tr><td>March</td><td>518</td><td>81</td><td>599</td><td>406</td><td>334</td><td>72</td><td>38,914</td><td>-</td></tr><tr><td>April</td><td>448</td><td>77</td><td>525</td><td>376</td><td>329</td><td>47</td><td>39,063</td><td>-</td></tr><tr><td>May</td><td>419</td><td>90</td><td>509</td><td>392</td><td>342</td><td>50</td><td>39,181</td><td>-</td></tr><tr><td>June</td><td>428</td><td>113</td><td>542</td><td>437</td><td>372</td><td>65</td><td>39,285</td><td>-</td></tr><tr><td>July</td><td>439</td><td>110</td><td>548</td><td>402</td><td>352</td><td>50</td><td>39,432</td><td>-</td></tr><tr><td>August</td><td>439</td><td>81</td><td>520</td><td>399</td><td>343</td><td>56</td><td>39,553</td><td>-</td></tr><tr><td>September</td><td>414</td><td>82</td><td>496</td><td>393</td><td>339</td><td>53</td><td>39,656</td><td>-</td></tr><tr><td>October</td><td>404</td><td>78</td><td>483</td><td>358</td><td>305</td><td>53</td><td>39,780</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>1941-1948</td><td>21,463</td><td>172</td><td>21,634</td><td>2,529</td><td>2,511</td><td>18</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>629</td><td>96</td><td>726</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>1954 6/</td><td>841</td><td>108</td><td>949</td><td>2,152</td><td>2,071</td><td>81</td><td>20,579</td><td>55</td></tr><tr><td>1955 5/</td><td>1,249</td><td>108</td><td>1,357</td><td>2,692</td><td>2,564</td><td>128</td><td>19,080</td><td>219</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>1941-1948</td><td>23,367</td><td>207</td><td>23,574</td><td>2,961</td><td>2,937</td><td>24</td><td>20,613</td><td>-</td></tr><tr><td>1949</td><td>1,626</td><td>78</td><td>1,704</td><td>815</td><td>803</td><td>12</td><td>21,501</td><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>586</td><td>100</td><td>686</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>1954</td><td>1,284</td><td>110</td><td>1,394</td><td>2,526</td><td>2,428</td><td>98</td><td>19,439</td><td>613</td></tr><tr><td>Monthes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1955-January</td><td>169</td><td>15</td><td>184</td><td>367</td><td>354</td><td>13</td><td>19,451</td><td>424</td></tr><tr><td>February</td><td>137</td><td>6</td><td>143</td><td>198</td><td>176</td><td>22</td><td>19,504</td><td>317</td></tr><tr><td>March</td><td>95</td><td>7</td><td>102</td><td>197</td><td>184</td><td>13</td><td>19,452</td><td>273</td></tr><tr><td>April</td><td>87</td><td>8</td><td>95</td><td>305</td><td>293</td><td>12</td><td>19,263</td><td>252</td></tr><tr><td>May</td><td>69</td><td>6</td><td>74</td><td>189</td><td>177</td><td>11</td><td>19,166</td><td>235</td></tr><tr><td>June</td><td>68</td><td>11</td><td>79</td><td>181</td><td>171</td><td>10</td><td>19,080</td><td>219</td></tr><tr><td>July</td><td>55</td><td>15</td><td>70</td><td>186</td><td>180</td><td>7</td><td>18,975</td><td>207</td></tr><tr><td>August</td><td>48</td><td>6</td><td>54</td><td>143</td><td>136</td><td>7</td><td>18,897</td><td>196</td></tr><tr><td>September</td><td>48</td><td>7</td><td>55</td><td>328</td><td>319</td><td>9</td><td>18,635</td><td>186</td></tr><tr><td>October</td><td>47</td><td>6</td><td>53</td><td>216</td><td>200</td><td>16</td><td>18,481</td><td>177</td></tr></table>
Footnotes at end of Table 4.
(Continued on following page)
28
Treasury Bulletin
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>Sales price 2/3/4/5/</th><th>Accrued discount 5/</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>1941-1948</td><td>50,426</td><td>2,021</td><td>52,447</td><td>20,822</td><td>20,488</td><td>334</td><td>31,625</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>34,506</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>1954</td><td>3,988</td><td>1,126</td><td>5,114</td><td>4,319</td><td>3,765</td><td>554</td><td>36,458</td></tr><tr><td>1955</td><td>4,095</td><td>1,123</td><td>5,218</td><td>4,447</td><td>3,894</td><td>636</td><td>37,186</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-1948</td><td>52,454</td><td>2,384</td><td>54,838</td><td>22,649</td><td>22,235</td><td>414</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>1,128</td><td>5,034</td><td>4,141</td><td>3,609</td><td>531</td><td>36,036</td></tr><tr><td>1954</td><td>4,023</td><td>1,126</td><td>5,149</td><td>4,406</td><td>3,871</td><td>535</td><td>36,778</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1955-January</td><td>418</td><td>113</td><td>531</td><td>399</td><td>332</td><td>68</td><td>36,909</td></tr><tr><td>February</td><td>357</td><td>84</td><td>441</td><td>339</td><td>251</td><td>88</td><td>37,011</td></tr><tr><td>March</td><td>394</td><td>81</td><td>474</td><td>400</td><td>328</td><td>72</td><td>37,086</td></tr><tr><td>April</td><td>335</td><td>77</td><td>413</td><td>370</td><td>323</td><td>47</td><td>37,128</td></tr><tr><td>May</td><td>332</td><td>90</td><td>422</td><td>385</td><td>336</td><td>50</td><td>37,164</td></tr><tr><td>June</td><td>340</td><td>113</td><td>453</td><td>432</td><td>366</td><td>65</td><td>37,186</td></tr><tr><td>July</td><td>335</td><td>110</td><td>445</td><td>395</td><td>345</td><td>50</td><td>37,236</td></tr><tr><td>August</td><td>353</td><td>81</td><td>434</td><td>391</td><td>335</td><td>56</td><td>37,279</td></tr><tr><td>September</td><td>331</td><td>82</td><td>413</td><td>385</td><td>331</td><td>53</td><td>37,307</td></tr><tr><td>October</td><td>321</td><td>78</td><td>399</td><td>350</td><td>296</td><td>53</td><td>37,357</td></tr><tr><td colspan="8">Series H 1/</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>1954</td><td>665</td><td>-</td><td>665</td><td>26</td><td>26</td><td>-</td><td>1,024</td></tr><tr><td>1955</td><td>1,130</td><td>-</td><td>1,130</td><td>55</td><td>55</td><td>-</td><td>2,099</td></tr><tr><td>Calendar years:</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>181</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>1954</td><td>866</td><td>-</td><td>866</td><td>38</td><td>38</td><td>-</td><td>1,455</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1955-January</td><td>155</td><td>-</td><td>155</td><td>4</td><td>4</td><td>-</td><td>1,606</td></tr><tr><td>February</td><td>108</td><td>-</td><td>108</td><td>4</td><td>4</td><td>-</td><td>1,710</td></tr><tr><td>March</td><td>125</td><td>-</td><td>125</td><td>6</td><td>6</td><td>-</td><td>1,828</td></tr><tr><td>April</td><td>112</td><td>-</td><td>112</td><td>5</td><td>5</td><td>-</td><td>1,935</td></tr><tr><td>May</td><td>87</td><td>-</td><td>87</td><td>6</td><td>6</td><td>-</td><td>2,016</td></tr><tr><td>June</td><td>88</td><td>-</td><td>88</td><td>6</td><td>6</td><td>-</td><td>2,099</td></tr><tr><td>July</td><td>103</td><td>-</td><td>103</td><td>7</td><td>7</td><td>-</td><td>2,195</td></tr><tr><td>August</td><td>87</td><td>-</td><td>87</td><td>8</td><td>8</td><td>-</td><td>2,274</td></tr><tr><td>September</td><td>83</td><td>-</td><td>83</td><td>8</td><td>8</td><td>-</td><td>2,349</td></tr><tr><td>October</td><td>83</td><td>-</td><td>83</td><td>8</td><td>8</td><td>-</td><td>2,424</td></tr></table><p>Source: Daily Treasury statement; Bureau of the Public Debt.</p><p>Footnotes at end of Table 4.</p>
Source: Daily Treasury statement; Bureau of the Public Debt.
Footnotes at end of Table 4.
December 1955
29
UNITED STATES SAVINGS BONDS
Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In millions of dollars)
<table><tr><th>Period 8/</th><th>Total</th><th colspan="7">Matured bonds</th><th colspan="3">Urmatured bonds</th></tr><tr><th></th><th></th><th>Total matured 5/</th><th>Series A-D</th><th colspan="3">Series E</th><th>Series F and G</th><th>Total unmatured 4/ 5/</th><th>Sales price 4/</th><th>Accrued discount</th></tr><tr><th>Fiscal years:</th><th></th><th></th><th></th><th>Total</th><th>For cash</th><th>In exchange for Series G and K</th><th></th><th></th><th></th><th></th></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 2/</td><td>3,860</td><td>3,622</td><td>238</td></tr><tr><td>1954</td><td>6,515</td><td>2,747</td><td>18</td><td>1,487</td><td>1,486</td><td>1</td><td>1,241 2/</td><td>3,768</td><td>3,577</td><td>191</td></tr><tr><td>1955</td><td>7,251</td><td>3,941</td><td>14</td><td>1,826</td><td>1,825</td><td>1</td><td>2,101</td><td>3,310</td><td>3,142</td><td>168</td></tr><tr><th>Calendar years:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>518</td><td>254</td><td>249</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 9/</td><td>3,831</td><td>3,613</td><td>217</td></tr><tr><td>1954</td><td>6,985</td><td>3,171</td><td>14</td><td>1,500</td><td>1,499</td><td>1</td><td>1,657</td><td>3,814</td><td>3,655</td><td>159</td></tr><tr><th>Months:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1955-January</td><td>772</td><td>385</td><td>1</td><td>195</td><td>195</td><td>*</td><td>188</td><td>387</td><td>368</td><td>19</td></tr><tr><td>February</td><td>543</td><td>656</td><td>2</td><td>257</td><td>256</td><td>*</td><td>397</td><td>-112</td><td>-134</td><td>22</td></tr><tr><td>March</td><td>605</td><td>427</td><td>2</td><td>211</td><td>211</td><td>*</td><td>215</td><td>178</td><td>161</td><td>17</td></tr><tr><td>April</td><td>682</td><td>338</td><td>1</td><td>133</td><td>133</td><td>*</td><td>204</td><td>344</td><td>332</td><td>12</td></tr><tr><td>May</td><td>581</td><td>313</td><td>1</td><td>142</td><td>142</td><td>*</td><td>170</td><td>268</td><td>255</td><td>13</td></tr><tr><td>June</td><td>619</td><td>342</td><td>1</td><td>195</td><td>195</td><td>*</td><td>146</td><td>277</td><td>263</td><td>14</td></tr><tr><td>July</td><td>589</td><td>254</td><td>1</td><td>150</td><td>150</td><td>*</td><td>104</td><td>334</td><td>324</td><td>11</td></tr><tr><td>August</td><td>543</td><td>274</td><td>1</td><td>166</td><td>165</td><td>*</td><td>108</td><td>268</td><td>256</td><td>12</td></tr><tr><td>September</td><td>722</td><td>307</td><td>1</td><td>153</td><td>153</td><td>*</td><td>153</td><td>415</td><td>402</td><td>13</td></tr><tr><td>October</td><td>574</td><td>380</td><td>1</td><td>154</td><td>153</td><td>*</td><td>226</td><td>194</td><td>182</td><td>12</td></tr></table>
Source: Daily Treasury statement.
1/ 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."
2/ Includes exchanges of matured Series E bonds for Series C bonds beginning May 1951 and for Series K bonds beginning May 1952.
3/ Includes both matured and unmatured bonds; see Table 4.
4/ Includes total value of redemptions not yet classified between matured and unmatured bonds.
5/ A change in procedure, beginning in June 1954, for processing redeemed savings bonds has resulted in a high level of redemptions not yet classified between matured and unmatured bonds. This increase temporarily obscures the relationship between the redemption columns showing sales price and accrued discount in Tables 2 through 4 and also the relationship between the matured and unmatured sections of Table 4. (See also footnote 4.) The subsequent distribution of this
high level of unclassified redemptions may be large enough in any month to show redemptions of matured bonds for a series in Table 4 which are greater than the total redemptions of that series as shown in Table 3, and to show a negative in the unmatured section of Table 4. 6/ Reductions were made in issues and redemptions of Series E, E, F, G, J, and K in July 1954 to compensate for the erroneous inclusion of reissue transactions in June 1954 as reported in the daily Treasury statement. The amounts involved were as follows: $18 million for issues of Series E and H and $17 million for issues of Series F, G, J, and K; and $35 million for unclassified retirements. 7/ Sales began June 1, 1952. 8/ Comparable data are not available prior to January 1950. 9/ Includes exchanges of Series 1941 F and G savings bonds for Treasury 3-1/4% bonds of 1978-83. Less than $500,000.
30
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 October 31, 1955
(In millions of dollars)
<table><tr><th>Series</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Interest-bearing debt</th><th>Matured debt</th></tr><tr><td>Series A (tax series)</td><td>4,07 1/</td><td>406</td><td>68 1/</td><td>339</td><td>-</td><td>*</td></tr><tr><td>Series B (tax series)</td><td>4,944</td><td>4,944</td><td>183 1/</td><td>4,761</td><td>-</td><td>*</td></tr><tr><td>Series C</td><td>32,438 1/</td><td>32,435</td><td>11,042</td><td>21,393</td><td>-</td><td>3</td></tr><tr><td>Series D</td><td>12,333</td><td>12,331</td><td>9,264</td><td>3,067</td><td>-</td><td>2</td></tr><tr><td>Series A</td><td>9,187</td><td>9,193</td><td>4,711</td><td>4,393</td><td>81</td><td>3</td></tr><tr><td>Series B</td><td>4,671</td><td>4,654</td><td>3,766</td><td>889</td><td>-</td><td>17</td></tr><tr><td>Series C</td><td>680</td><td>670</td><td>549</td><td>121</td><td>-</td><td>10</td></tr><tr><td>Total</td><td>64,659</td><td>64,544</td><td>29,582</td><td>34,962</td><td>81</td><td>35</td></tr></table>
Sources: Office of the Treasurer of the U.S.; daily Treasury statement. 1/ Includes exchanges in connection with the offering in September 1942
of Tax Series A-1945 and Series 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>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></tr><tr><td>1942-48</td><td>37,593</td><td>33,164</td><td>8,043</td><td>25,120</td><td>4,394</td><td>35</td></tr><tr><td>1949</td><td>3,994</td><td>3,532</td><td>2,079</td><td>1,453</td><td>4,860</td><td>32</td></tr><tr><td>1950</td><td>6,150</td><td>2,549</td><td>1,510</td><td>1,039</td><td>8,472</td><td>20</td></tr><tr><td>1951</td><td>5,142</td><td>5,799</td><td>4,633</td><td>1,166</td><td>7,818</td><td>18</td></tr><tr><td>1952</td><td>4,965</td><td>6,174</td><td>3,437</td><td>2,737</td><td>6,612</td><td>14</td></tr><tr><td>1953</td><td>4,224</td><td>6,388</td><td>4,307</td><td>2,082</td><td>4,453</td><td>10</td></tr><tr><td>1954</td><td>2,591</td><td>1,963</td><td>1,114</td><td>849</td><td>5,079</td><td>11</td></tr><tr><td>1955</td><td>-</td><td>3,168</td><td>2,696</td><td>472</td><td>1,913</td><td>9</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-48</td><td>39,796</td><td>35,157</td><td>9,356</td><td>25,802</td><td>4,572</td><td>66</td></tr><tr><td>1949</td><td>5,971</td><td>2,951</td><td>1,584</td><td>1,366</td><td>7,610</td><td>49</td></tr><tr><td>1950</td><td>3,613</td><td>2,592</td><td>1,802</td><td>790</td><td>8,640</td><td>40</td></tr><tr><td>1951</td><td>5,823</td><td>6,922</td><td>5,657</td><td>1,265</td><td>7,534</td><td>47</td></tr><tr><td>1952</td><td>3,726</td><td>5,510</td><td>2,564</td><td>2,946</td><td>5,770</td><td>28</td></tr><tr><td>1953</td><td>5,730</td><td>5,482</td><td>3,699</td><td>1,783</td><td>6,026</td><td>20</td></tr><tr><td>1954</td><td>-</td><td>1,469</td><td>918</td><td>552</td><td>4,548</td><td>28</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1955-January</td><td>-</td><td>56</td><td>50</td><td>6</td><td>4,498</td><td>22</td></tr><tr><td>February</td><td>-</td><td>59</td><td>54</td><td>6</td><td>4,443</td><td>18</td></tr><tr><td>March</td><td>-</td><td>129</td><td>39</td><td>90</td><td>4,318</td><td>13</td></tr><tr><td>April</td><td>-</td><td>42</td><td>28</td><td>14</td><td>4,279</td><td>11</td></tr><tr><td>May</td><td>-</td><td>1,476</td><td>1,469</td><td>7</td><td>2,804</td><td>10</td></tr><tr><td>June</td><td>-</td><td>891</td><td>600</td><td>291</td><td>1,913</td><td>9</td></tr><tr><td>July</td><td>-</td><td>259</td><td>250</td><td>9</td><td>1,655</td><td>9</td></tr><tr><td>August</td><td>-</td><td>453</td><td>451</td><td>3</td><td>1,202</td><td>8</td></tr><tr><td>September</td><td>-</td><td>771</td><td>752</td><td>19</td><td>399</td><td>40</td></tr><tr><td>October</td><td>-</td><td>324</td><td>311</td><td>13</td><td>81</td><td>35</td></tr></table>
Source: Office of the Treasurer of the U. S.; daily Treasury statement.
1/ Includes both matured and unmatured notes.
December 1955
31
OWNERSHIP OF FEDERAL SECURITIES
Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total Federal securities outstanding 1/</th><th>Total outstanding</th><th colspan="3">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>Matured debt and debt bearing no interest</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Public issues</th><th>Special issues</th><th>Total</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total outstanding</th><th>Held by U. S. Government investment accounts and Federal Reserve Banks 2/ 5/</th><th>Held by private investors 3/</th><th>Public non-marketable issues 6/</th><th></th></tr><tr><td>1948</td><td>252,366</td><td>250,063</td><td>35,761</td><td>5,550</td><td>30,211</td><td>21,366</td><td>192,936</td><td>133,567</td><td>59,369</td><td>69</td><td>-</td><td>27</td><td>42</td><td>2,234</td></tr><tr><td>1949</td><td>252,798</td><td>250,762</td><td>38,288</td><td>5,512</td><td>32,776</td><td>19,343</td><td>193,131</td><td>130,417</td><td>62,714</td><td>24</td><td>-</td><td>13</td><td>11</td><td>2,012</td></tr><tr><td>1950</td><td>257,377</td><td>255,209</td><td>37,830</td><td>5,474</td><td>32,356</td><td>18,331</td><td>199,048</td><td>131,629</td><td>67,419</td><td>17</td><td>-</td><td>16</td><td>1</td><td>2,150</td></tr><tr><td>1951</td><td>255,251</td><td>252,852</td><td>40,958</td><td>6,305</td><td>34,653</td><td>22,982</td><td>188,911</td><td>111,663</td><td>77,249</td><td>27</td><td>*</td><td>27</td><td>*</td><td>2,372</td></tr><tr><td>1952</td><td>259,151</td><td>256,863</td><td>44,335</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>263,946</td><td>47,560</td><td>7,021</td><td>40,538</td><td>24,746</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>1954</td><td>271,341</td><td>268,910</td><td>49,340</td><td>7,111</td><td>42,229</td><td>25,037</td><td>194,533</td><td>121,771</td><td>72,762</td><td>80</td><td>*</td><td>80</td><td>-</td><td>2,351</td></tr><tr><td>1955</td><td>274,418</td><td>271,741</td><td>50,536</td><td>7,286</td><td>43,250</td><td>23,623</td><td>197,582</td><td>127,859</td><td>69,723</td><td>43</td><td>1</td><td>42</td><td>-</td><td>2,634</td></tr><tr><td>1954-Dec.</td><td>278,784</td><td>275,731</td><td>49,609</td><td>7,043</td><td>42,566</td><td>24,932</td><td>201,190</td><td>129,420</td><td>71,769</td><td>33</td><td>*</td><td>33</td><td>-</td><td>3,020</td></tr><tr><td>1955-Jan.</td><td>278,463</td><td>275,696</td><td>49,435</td><td>7,166</td><td>42,268</td><td>23,885</td><td>202,377</td><td>130,347</td><td>72,030</td><td>22</td><td>1</td><td>21</td><td>-</td><td>2,745</td></tr><tr><td>Feb.</td><td>278,209</td><td>275,565</td><td>49,249</td><td>7,202</td><td>42,047</td><td>23,605</td><td>202,711</td><td>130,510</td><td>72,201</td><td>25</td><td>1</td><td>24</td><td>-</td><td>2,613</td></tr><tr><td>Mar.</td><td>274,080</td><td>271,200</td><td>49,353</td><td>7,256</td><td>42,097</td><td>23,613</td><td>198,235</td><td>126,046</td><td>72,189</td><td>32</td><td>1</td><td>30</td><td>-</td><td>2,848</td></tr><tr><td>Apr.</td><td>276,686</td><td>273,924</td><td>48,919</td><td>7,228</td><td>41,691</td><td>23,629</td><td>201,376</td><td>129,285</td><td>72,091</td><td>37</td><td>1</td><td>36</td><td>-</td><td>2,726</td></tr><tr><td>May.</td><td>277,515</td><td>274,804</td><td>49,463</td><td>7,222</td><td>42,240</td><td>23,676</td><td>201,665</td><td>131,072</td><td>70,593</td><td>42</td><td>1</td><td>41</td><td>-</td><td>2,669</td></tr><tr><td>June.</td><td>274,418</td><td>271,741</td><td>50,536</td><td>7,286</td><td>43,250</td><td>23,623</td><td>197,582</td><td>127,859</td><td>69,723</td><td>43</td><td>1</td><td>42</td><td>-</td><td>2,634</td></tr><tr><td>July.</td><td>277,626</td><td>274,955</td><td>50,639</td><td>7,299</td><td>43,340</td><td>24,101</td><td>200,215</td><td>130,733</td><td>69,482</td><td>41</td><td>1</td><td>39</td><td>-</td><td>2,630</td></tr><tr><td>Aug.</td><td>278,352</td><td>275,711</td><td>51,552</td><td>7,314</td><td>44,238</td><td>23,775</td><td>200,384</td><td>131,333</td><td>69,051</td><td>43</td><td>1</td><td>42</td><td>-</td><td>2,599</td></tr><tr><td>Sept.</td><td>277,524</td><td>274,879</td><td>51,200</td><td>7,309</td><td>43,891</td><td>23,855</td><td>199,824</td><td>131,872</td><td>67,952</td><td>47</td><td>3</td><td>44</td><td>-</td><td>2,598</td></tr><tr><td>Oct.</td><td>279,866</td><td>277,277</td><td>51,042</td><td>7,386</td><td>43,657</td><td>24,024</td><td>202,210</td><td>134,696</td><td>67,514</td><td>47</td><td>3</td><td>44</td><td>-</td><td>2,542</td></tr></table>
Source: Daily Treasury statement for total amounts outstanding; reports from agencies and trust funds for securities held by U. S. Government investment accounts; and reports from Federal Reserve System for securities held by Federal Reserve Banks. 1/ 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 interest 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
(In millions of dollars; negative figures are net sales)
<table><tr><th>Year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>-3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-157.8</td><td>-41.2</td><td>-74.1</td><td>-123.0</td><td>-57.6</td><td>-20.3</td></tr><tr><td>1947</td><td>.1</td><td>-</td><td>-4.7</td><td>-61.3</td><td>-338.6</td><td>-359.2</td><td>-609.1</td><td>-308.1</td><td>-123.1</td><td>-14.1</td><td>221.0</td><td>696.4</td></tr><tr><td>1948</td><td>-2</td><td>176.9</td><td>106.8</td><td>-12.1</td><td>-30.4</td><td>1.1</td><td>5.4</td><td>4.4</td><td>7.2</td><td>.1</td><td>-8</td><td>-2</td></tr><tr><td>1949</td><td>8.8</td><td>-1.8</td><td>5.1</td><td>1.5</td><td>-54.7</td><td>-88.4</td><td>-1</td><td>3.8</td><td>4.6</td><td>-1.7</td><td>11.5</td><td>-1</td></tr><tr><td>1950</td><td>-6.6</td><td>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>.6</td></tr><tr><td>1954</td><td>7.0</td><td>-4.0</td><td>-22.4</td><td>-2.9</td><td>2.8</td><td>-45.5</td><td>-21.7</td><td>-17.2</td><td>-10.0</td><td>21.1</td><td>14.2</td><td>41.0</td></tr><tr><td>1955</td><td>23.0</td><td>77.2</td><td>18.9</td><td>29.9</td><td>56.2</td><td>22.5</td><td>74.8</td><td>20.3</td><td>11.8</td><td>-30.7</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.
32
Treasury Bulletin
OWNERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities
(Par value 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total Federal securities outstanding 2/</th><th colspan="3">Held by banks</th><th>U. S. Government investment accounts 4/</th><th colspan="6">Held by private nonbank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th></th><th>Total</th><th>Individuals 5/ Total</th><th>Savings bonds</th><th>Other</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Corporations 6/</th><th>State and local government 7/</th><th>Miscellaneous investors 4/ 8/</th></tr><tr><td>1939-December</td><td>47.6</td><td>18.4</td><td>15.9</td><td>2.5</td><td>6.5</td><td>22.7</td><td>10.1</td><td>1.9</td><td>8.2</td><td>6.3</td><td>3.1</td><td>2.2</td><td>.4</td><td>.7</td></tr><tr><td>1940-June</td><td>48.5</td><td>18.6</td><td>16.1</td><td>2.5</td><td>7.1</td><td>22.8</td><td>10.1</td><td>2.6</td><td>7.5</td><td>6.5</td><td>3.1</td><td>2.1</td><td>.4</td><td>.7</td></tr><tr><td>December</td><td>50.9</td><td>19.5</td><td>17.3</td><td>2.2</td><td>7.6</td><td>23.9</td><td>10.6</td><td>2.8</td><td>7.8</td><td>6.9</td><td>3.2</td><td>2.0</td><td>.5</td><td>.7</td></tr><tr><td>1941-June</td><td>55.3</td><td>21.8</td><td>19.7</td><td>2.2</td><td>8.5</td><td>25.0</td><td>11.2</td><td>3.6</td><td>7.6</td><td>7.1</td><td>3.4</td><td>2.0</td><td>.6</td><td>.7</td></tr><tr><td>December</td><td>64.3</td><td>23.7</td><td>21.4</td><td>2.3</td><td>9.5</td><td>31.0</td><td>13.6</td><td>5.4</td><td>8.2</td><td>8.2</td><td>3.7</td><td>4.0</td><td>.7</td><td>.9</td></tr><tr><td>1942-June</td><td>77.0</td><td>28.7</td><td>26.0</td><td>2.6</td><td>10.6</td><td>37.7</td><td>17.8</td><td>9.1</td><td>8.7</td><td>9.2</td><td>3.9</td><td>4.9</td><td>.9</td><td>1.1</td></tr><tr><td>December</td><td>112.5</td><td>47.3</td><td>41.1</td><td>6.2</td><td>12.2</td><td>53.0</td><td>23.7</td><td>13.4</td><td>10.3</td><td>11.3</td><td>4.5</td><td>10.1</td><td>1.0</td><td>2.3</td></tr><tr><td>1943-June</td><td>140.8</td><td>59.4</td><td>52.2</td><td>7.2</td><td>14.3</td><td>67.0</td><td>30.9</td><td>19.2</td><td>11.7</td><td>13.1</td><td>5.3</td><td>12.9</td><td>1.5</td><td>3.4</td></tr><tr><td>December</td><td>170.1</td><td>71.5</td><td>59.9</td><td>11.5</td><td>16.9</td><td>81.7</td><td>37.6</td><td>24.7</td><td>12.9</td><td>15.1</td><td>6.1</td><td>16.4</td><td>2.1</td><td>4.4</td></tr><tr><td>1944-June</td><td>202.6</td><td>83.3</td><td>68.4</td><td>14.9</td><td>19.1</td><td>100.2</td><td>46.1</td><td>31.2</td><td>14.9</td><td>17.3</td><td>7.3</td><td>20.2</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>24.9</td><td>128.2</td><td>59.1</td><td>40.7</td><td>18.5</td><td>22.7</td><td>9.6</td><td>23.3</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>64.1</td><td>42.9</td><td>21.2</td><td>24.0</td><td>10.7</td><td>22.2</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>108.2</td><td>84.4</td><td>23.8</td><td>29.1</td><td>132.6</td><td>63.3</td><td>43.5</td><td>19.9</td><td>24.9</td><td>11.5</td><td>17.8</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>66.6</td><td>45.5</td><td>21.1</td><td>24.6</td><td>12.1</td><td>13.7</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>66.6</td><td>48.8</td><td>17.8</td><td>20.5</td><td>11.6</td><td>15.8</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>67.4</td><td>49.9</td><td>17.6</td><td>19.8</td><td>11.6</td><td>18.4</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>134.9</td><td>66.3</td><td>49.6</td><td>16.7</td><td>18.7</td><td>10.9</td><td>19.7</td><td>8.8</td><td>10.5</td></tr><tr><td>1951-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>65.4</td><td>49.1</td><td>16.3</td><td>17.1</td><td>10.2</td><td>20.1</td><td>9.4</td><td>10.7</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>64.6</td><td>49.1</td><td>15.5</td><td>16.5</td><td>9.8</td><td>20.7</td><td>9.6</td><td>10.6</td></tr><tr><td>1952-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>64.8</td><td>49.0</td><td>15.7</td><td>15.7</td><td>9.6</td><td>18.8</td><td>10.4</td><td>11.6</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>65.1</td><td>49.2</td><td>16.0</td><td>16.1</td><td>9.5</td><td>19.9</td><td>11.1</td><td>11.7</td></tr><tr><td>1953-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>66.3</td><td>49.3</td><td>17.1</td><td>16.0</td><td>9.5</td><td>18.4</td><td>12.0</td><td>12.8</td></tr><tr><td>December</td><td>275.2</td><td>89.6</td><td>63.7</td><td>25.9</td><td>48.3</td><td>137.3</td><td>65.4 r</td><td>49.4</td><td>16.0 r</td><td>15.8</td><td>9.2</td><td>21.0</td><td>12.7 r</td><td>13.2</td></tr><tr><td>1954-January</td><td>274.9</td><td>88.8</td><td>64.1</td><td>24.6</td><td>48.3</td><td>137.9</td><td>65.3 r</td><td>49.4</td><td>16.0 r</td><td>15.7</td><td>9.2</td><td>21.0</td><td>13.0 r</td><td>13.6</td></tr><tr><td>February</td><td>274.9</td><td>87.6</td><td>63.1</td><td>24.5</td><td>48.3</td><td>139.0</td><td>65.5 r</td><td>49.4</td><td>16.1 r</td><td>15.7</td><td>9.2</td><td>21.6</td><td>13.0 r</td><td>13.9</td></tr><tr><td>March</td><td>270.3</td><td>85.5</td><td>60.9</td><td>24.6</td><td>48.2</td><td>136.6</td><td>65.6 r</td><td>49.4</td><td>16.1 r</td><td>15.6</td><td>9.2</td><td>19.2</td><td>13.3 r</td><td>13.8</td></tr><tr><td>April</td><td>271.1</td><td>87.1</td><td>62.5</td><td>24.6</td><td>48.2</td><td>135.8</td><td>65.1 r</td><td>49.5</td><td>15.7 r</td><td>15.6</td><td>9.2</td><td>18.7</td><td>13.5 r</td><td>13.7</td></tr><tr><td>May</td><td>273.6</td><td>88.2</td><td>63.4</td><td>24.8</td><td>48.5</td><td>136.8</td><td>65.5 r</td><td>49.5</td><td>16.0 r</td><td>15.5</td><td>9.2</td><td>19.1</td><td>13.7 r</td><td>13.8</td></tr><tr><td>June</td><td>271.3</td><td>88.7</td><td>63.6</td><td>25.0</td><td>49.3</td><td>133.3</td><td>65.0 r</td><td>49.5</td><td>15.5 r</td><td>15.3</td><td>9.1</td><td>16.4</td><td>13.9 r</td><td>13.7</td></tr><tr><td>July</td><td>271.0</td><td>89.1</td><td>64.8</td><td>24.3</td><td>49.2</td><td>132.6</td><td>64.7 r</td><td>49.6</td><td>15.1 r</td><td>15.1</td><td>9.0</td><td>16.4</td><td>13.8 r</td><td>13.7</td></tr><tr><td>August</td><td>275.0</td><td>91.1</td><td>67.1</td><td>24.0</td><td>49.5</td><td>134.4</td><td>64.7 r</td><td>49.7</td><td>15.0 r</td><td>15.1</td><td>9.0</td><td>18.1</td><td>13.9 r</td><td>13.6</td></tr><tr><td>September</td><td>274.8</td><td>91.4</td><td>67.1</td><td>24.3</td><td>49.4</td><td>134.0</td><td>64.4 r</td><td>49.7</td><td>14.7 r</td><td>15.1</td><td>8.9</td><td>18.1</td><td>13.8 r</td><td>13.7</td></tr><tr><td>October</td><td>278.8</td><td>94.5</td><td>70.1</td><td>24.4</td><td>49.3</td><td>135.0</td><td>64.5 r</td><td>49.8</td><td>14.7 r</td><td>15.1</td><td>8.9</td><td>18.7</td><td>13.9 r</td><td>14.0</td></tr><tr><td>November</td><td>278.9</td><td>94.6</td><td>69.7</td><td>24.9</td><td>49.4</td><td>134.9</td><td>64.2 r</td><td>49.9</td><td>14.3 r</td><td>15.0</td><td>8.8</td><td>19.3</td><td>13.8 r</td><td>13.8</td></tr><tr><td>December</td><td>278.8</td><td>94.1</td><td>69.2</td><td>24.9</td><td>49.6</td><td>135.1</td><td>64.2 r</td><td>50.0</td><td>14.2 r</td><td>15.0</td><td>8.8</td><td>19.3</td><td>13.8 r</td><td>13.9</td></tr><tr><td>1955-January</td><td>278.5</td><td>92.6</td><td>68.7</td><td>23.9</td><td>49.4</td><td>136.5</td><td>64.4 r</td><td>50.0</td><td>14.5 r</td><td>15.2</td><td>8.8</td><td>20.0</td><td>14.1 r</td><td>13.9</td></tr><tr><td>February</td><td>278.2</td><td>90.6</td><td>66.9</td><td>23.6</td><td>49.2</td><td>138.4</td><td>64.9 r</td><td>50.1</td><td>14.9 r</td><td>15.2</td><td>8.8</td><td>21.2</td><td>14.3 r</td><td>13.9</td></tr><tr><td>March</td><td>274.1</td><td>87.8</td><td>64.2</td><td>23.6</td><td>49.4</td><td>136.9</td><td>65.5 r</td><td>50.2</td><td>15.3 r</td><td>15.0</td><td>8.8</td><td>19.0</td><td>14.5 r</td><td>14.2</td></tr><tr><td>April</td><td>276.7</td><td>89.4 r</td><td>65.8 r</td><td>23.6</td><td>48.9</td><td>138.3 r</td><td>65.5 r</td><td>50.2</td><td>15.3 r</td><td>15.0</td><td>8.8</td><td>20.1</td><td>14.6 r</td><td>14.4</td></tr><tr><td>May</td><td>277.5</td><td>88.5 r</td><td>64.8 r</td><td>23.7</td><td>49.5</td><td>139.6 r</td><td>65.5 r</td><td>50.2</td><td>15.3 r</td><td>14.9</td><td>8.8</td><td>21.2</td><td>14.7 r</td><td>14.4</td></tr><tr><td>June</td><td>274.4</td><td>87.1 r</td><td>63.5 r</td><td>23.6</td><td>50.5</td><td>136.7 r</td><td>65.3 r</td><td>50.2</td><td>15.1 r</td><td>14.8</td><td>8.7</td><td>18.8</td><td>14.7 r</td><td>14.4</td></tr><tr><td>July</td><td>277.6</td><td>87.9 r</td><td>63.8 r</td><td>24.1</td><td>50.6</td><td>139.1 r</td><td>65.5 r</td><td>50.3</td><td>15.3 r</td><td>14.9</td><td>8.8</td><td>19.9</td><td>15.0 r</td><td>15.0</td></tr><tr><td>August</td><td>278.4</td><td>86.4</td><td>62.7</td><td>23.8</td><td>51.6</td><td>140.4 r</td><td>65.6</td><td>50.3</td><td>15.4</td><td>15.0</td><td>8.8</td><td>21.0</td><td>15.1 r</td><td>14.9</td></tr><tr><td>September p</td><td>277.5</td><td>85.9</td><td>62.1</td><td>23.8</td><td>51.2</td><td>140.4</td><td>65.8</td><td>50.2</td><td>15.6</td><td>15.0</td><td>8.7</td><td>20.9</td><td>15.1</td><td>15.0</td></tr></table>
1/ United States savings bonds, Series A-F and J, are included at current redemption value.
2/ Securities issued or guaranteed by the U. S. Government, excluding guaranteed securities held by the Treasury. For amounts subject to statutory debt limitation, see page 1.
3/ Consists of commercial banks, trust companies, and stock saving banks in the United States and in Territories and island possessions. Figures exclude securities held in trust departments.
4/ Holdings by Federal land banks are included under "Miscellaneous investors" instead of "U. S. Government investment accounts" 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/ Exclusive of banks and insurance companies.
7/ Consists of trust, sinking, and investment funds of State and local governments and their agencies, and Territories and island possessions.
8/ Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, and investments of foreign balances and international accounts in this country. Beginning December 1946, includes investments by the International Bank for Reconstruction and Development and the International Monetary Fund in special noninterest-bearing notes issued by the U. S. Government.
p Preliminary.
r Revised.
December 1955
33
TREASURY SURVEY OF OWNERSHIP, SEPTEMBER 30, 1955
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 by 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 1954 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 outstand- ing 1/</th><th colspan="5">Held by investore covered in Treasury Survey</th><th>Held by all other invstore 4/</th><th>Memorandum: Held by 6,327 corporate pension trust funds 5/</th></tr><tr><th></th><th></th><th>6,796 commercial banks 2/ 3/</th><th>524 mutual savings banks 2/</th><th>Insurance companies 312 life</th><th>592 fire, casualty, and marine</th><th>U. S. Govern- ment investment accounts and Federal Reserve Banks</th><th></th><th></th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public marketable.................</td><td>159,521</td><td>54,086</td><td>6,855</td><td>5,709</td><td>4,545</td><td>27,584</td><td>60,742</td><td>1,179</td></tr><tr><td>Public nonmarketable 6/.........</td><td>71,513</td><td>2,080</td><td>1,859</td><td>3,291</td><td>818</td><td>3,560</td><td>59,904</td><td>1,068</td></tr><tr><td>Special issues....................</td><td>43,891</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43,891</td><td>-</td><td>-</td></tr><tr><td>Total interest-bearing securities</td><td>274,925</td><td>56,166</td><td>8,714</td><td>9,000</td><td>5,363</td><td>75,035</td><td>120,647</td><td>2,248</td></tr><tr><td>Matured debt and debt bearing no interest 7/....</td><td>2,598</td><td></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 8/....................</td><td>277,524</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Footnotes at end of Section II.
Table 2.- Summary of Interest-Bearing Public Marketable Securities
(Par 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><th>Memorandum: Held by 6,327 corporate pension trust funds</th></tr><tr><th></th><th></th><th>6,796 commercial banks 2/ 3/</th><th>524 mutual savings banks 2/</th><th>Insurance companies</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th><th>4/</th><th>2/</th></tr><tr><th>Type of security:</th><td></td><td></td><td></td><th>312 life</th><th>592 fire, casualty, and marine</th><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><td></td></tr><tr><td>Treasury bills</td><td>20,810</td><td>2,846</td><td>158</td><td>719</td><td>121</td><td>1,144</td><td>15,822</td><td>120</td></tr><tr><td>Certificates of indebtedness</td><td>9,047</td><td>1,107</td><td>20</td><td>5</td><td>52</td><td>2,528</td><td>5,334</td><td>8</td></tr><tr><td>Treasury notes</td><td>47,707</td><td>14,602</td><td>279</td><td>65</td><td>770</td><td>17,507</td><td>14,483</td><td>66</td></tr><tr><td>Treasury bonds</td><td>81,861</td><td>35,513</td><td>6,388</td><td>4,904</td><td>3,601</td><td>6,403</td><td>25,052</td><td>986</td></tr><tr><td>Panama Canal bonds</td><td>50</td><td>7</td><td>-</td><td>-</td><td>1</td><td>*</td><td>42</td><td>*</td></tr><tr><td>Guaranteed by U. S. Government</td><td>47</td><td>10</td><td>10</td><td>15</td><td>*</td><td>3</td><td>9</td><td>*</td></tr><tr><td>Total</td><td>159,521</td><td>54,086</td><td>6,855</td><td>5,709</td><td>4,545</td><td>27,584</td><td>60,742</td><td>1,179</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>64,989</td><td>12,185</td><td>301</td><td>795</td><td>519</td><td>19,468</td><td>31,721</td><td>184</td></tr><tr><td>1 to 5 years</td><td>36,026</td><td>19,061</td><td>943</td><td>349</td><td>1,735</td><td>3,536</td><td>10,402</td><td>123</td></tr><tr><td>5 to 10 years</td><td>42,753</td><td>20,729</td><td>4,253</td><td>3,048</td><td>1,827</td><td>3,027</td><td>9,870</td><td>378</td></tr><tr><td>10 to 15 years</td><td>11,365</td><td>1,789</td><td>864</td><td>1,116</td><td>353</td><td>1,272</td><td>5,971</td><td>123</td></tr><tr><td>15 to 20 years</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Over 20 years</td><td>4,341</td><td>311</td><td>484</td><td>386</td><td>112</td><td>278</td><td>2,770</td><td>372</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>47</td><td>10</td><td>10</td><td>15</td><td>*</td><td>3</td><td>9</td><td>*</td></tr><tr><td>Total</td><td>159,521</td><td>54,086</td><td>6,855</td><td>5,709</td><td>4,545</td><td>27,584</td><td>60,742</td><td>1,179</td></tr><tr><td>Tax status: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>50</td><td>7</td><td>-</td><td>-</td><td>1</td><td>*</td><td>42</td><td>*</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>3,386</td><td>2,835</td><td>4</td><td>1</td><td>143</td><td>4</td><td>399</td><td>1</td></tr><tr><td>Subject to Federal income taxes 10/</td><td>156,086</td><td>51,244</td><td>6,852</td><td>5,708</td><td>4,401</td><td>27,580</td><td>60,301</td><td>1,178</td></tr><tr><td>Total</td><td>159,521</td><td>54,086</td><td>6,855</td><td>5,709</td><td>4,545</td><td>27,584</td><td>60,742</td><td>1,179</td></tr></table>
Footnotes at end of Section II.
34
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP, SEPTEMBER 30, 1955
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>Held by all other investors 1/</th><th>Memorandum: Held by 6,327 corporate pension trust funds 2/</th></tr><tr><th></th><th></th><th>6,796 commercial banks 2/ 3/</th><th>524 mutual savings banks 2/</th><th>312 life</th><th>592 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th><th></th></tr><tr><td>Treasury bills..................... (taxable)</td><td>20,810</td><td>2,846</td><td>158</td><td>719</td><td>121</td><td>1,144</td><td>15,822</td><td>120</td></tr><tr><td colspan="9">Certificates of indebtedness:</td></tr><tr><td>1-1/4% December 1955-E............. (taxable) 1-7/8 March 1956-A (Tax Anticipation Series)..... (taxable)</td><td>5,359 2,202</td><td>756 239</td><td>10 2</td><td>1 3</td><td>32 13</td><td>2,525 -</td><td>2,036 1,945</td><td>6 *</td></tr><tr><td>2 June 1956-B.................... (taxable)</td><td>1,486</td><td>113</td><td>8</td><td>2</td><td>7</td><td>3</td><td>1,353</td><td>1</td></tr><tr><td>Total certificates of indebtedness....................</td><td>9,047</td><td>1,107</td><td>20</td><td>5</td><td>52</td><td>2,528</td><td>5,334</td><td>8</td></tr><tr><td colspan="9">Treasury notes:</td></tr><tr><td>1-3/4% December 1955-B............. (taxable) 1-5/8 March 1956-A................ (taxable) 1-1/2 April 1956-EA................ (taxable)</td><td>6,854 8,472 1,007</td><td>1,464 1,157 6</td><td>19 10 -</td><td>8 10 -</td><td>49 42 *</td><td>3,242 4,026 1,000</td><td>2,071 3,228 1</td><td>5 12 -</td></tr><tr><td>2 August 1956-B.................... (taxable) 1-1/2 October 1956-EO............. (taxable) 2-7/8 March 1957-A................ (taxable)</td><td>12,547 550 2,997</td><td>1,300 24 1,653</td><td>33 * 68</td><td>4 - 2</td><td>59 2 123</td><td>7,462 500 14</td><td>3,689 24 1,137</td><td>21 * 5</td></tr><tr><td>1-1/2 April 1957-EA............. (taxable) 1-5/8 May 1957-B................ (taxable) 2 August 1957-C................ (taxable)</td><td>531 4,155 3,792</td><td>21 2,353 2,244</td><td>* 32 26</td><td>- 2 *</td><td>1 117 112</td><td>500 12 -</td><td>10 1,638 1,409</td><td>*</td></tr><tr><td>1-1/2 October 1957-EO............. (taxable) 1-1/2 April 1958-EA............. (taxable) 1-1/2 October 1958-EO............. (taxable)</td><td>824 383 121</td><td>72 252 82</td><td>1 1 *</td><td>- 15 -</td><td>6 29 4</td><td>714 - -</td><td>32 87 35</td><td>*</td></tr><tr><td>1-7/8 February 1959-A............. (taxable) 1-1/2 April 1959-EA............. (taxable) 1-1/2 October 1959-EO............. (taxable) 1-1/2 April 1960-EA............. (taxable)</td><td>5,102 119 99 154</td><td>3,759 68 65 81</td><td>76 10 1 3</td><td>19 5 1 -</td><td>190 4 10 24</td><td>34 3 - -</td><td>1,025 28 23 45</td><td>10 * *</td></tr><tr><td>Total Treasury notes....................</td><td>47,707</td><td>14,602</td><td>279</td><td>65</td><td>770</td><td>17,507</td><td>14,483</td><td>66</td></tr><tr><td colspan="9">Treasury bonds:</td></tr><tr><td>2-1/2% March 1956-58............. (taxable) 2-1/4 September 1956-59............. (taxable) 2-3/4 September 1956-59............. (partially)</td><td>1,449 3,821 982</td><td>849 2,757 699</td><td>25 32 3</td><td>2 46 1</td><td>45 108 43</td><td>25 39 2</td><td>502 839 235</td><td>6 12 1</td></tr><tr><td>2-3/8 March 1957-59............. (taxable) 2-3/8 June 1958............. (taxable) 2-3/4 June 1958-63............. (partially)</td><td>927 4,245 919</td><td>424 2,591 836</td><td>12 141 *</td><td>* 28 *</td><td>19 279 36</td><td>340 35 1</td><td>132 1,171 46</td><td>1 12 *</td></tr><tr><td>2-1/2 December 1958............. (taxable) 2-1/4 June 1959-62............. (taxable) 2-1/4 December 1959-62............. (taxable)</td><td>2,368 5,276 3,464</td><td>1,561 2,007 967</td><td>44 387 142</td><td>10 144 124</td><td>75 431 275</td><td>19 604 760</td><td>660 1,703 1,196</td><td>10 47 24</td></tr><tr><td>2-1/8 November 1960............. (taxable) 2-3/4 December 1960-65............. (partially) 2-3/4 September 1961............. (taxable)</td><td>3,806 1,485 2,339</td><td>2,832 1,301 1,417</td><td>29 1 176</td><td>1 * 38</td><td>99 65 122</td><td>18 1 51</td><td>827 118 436</td><td>6 * 32</td></tr><tr><td>2-1/2 November 1961............. (taxable) 2-1/2 June 1962-67............. (taxable) 2-1/2 August 1963............. (taxable)</td><td>11,177 2,116 6,755</td><td>8,150 515 4,819</td><td>394 297 230</td><td>35 341 28</td><td>431 142 213</td><td>62 273 24</td><td>2,106 548 1,441</td><td>40 28 28</td></tr><tr><td>2-1/2 December 1963-68............. (taxable) 2-1/2 June 1964-69............. (taxable) 2-1/2 December 1964-69............. (taxable)</td><td>2,825 3,753 3,829</td><td>430 514 465</td><td>584 1,072 730</td><td>386 446 796</td><td>224 214 158</td><td>424 436 514</td><td>776 1,071 1,166</td><td>62 62 63</td></tr><tr><td>2-1/2 March 1965-70............. (taxable) 2-1/2 March 1966-71............. (taxable) 2-1/2 June 1967-72............. (taxable)</td><td>4,717 2,960 1,881</td><td>278 109 72</td><td>742 332 225</td><td>978 832 80</td><td>158 109 54</td><td>1,224 697 148</td><td>1,338 883 1,302</td><td>57 53 19</td></tr><tr><td>2-1/2 September 1967-72............. (taxable) 2-1/2 December 1967-72............. (taxable) 3-1/4 June 1978-83............. (taxable) 3 February 1995............. (taxable)</td><td>2,716 3,808 1,606 2,735</td><td>1,487 122 43 268</td><td>171 137 106 378</td><td>14 190 105 281</td><td>70 120 28 84</td><td>204 224 144 134</td><td>771 3,015 1,180 1,589</td><td>10 41 114 258</td></tr><tr><td>Total Treasury bonds....................</td><td>81,861</td><td>35,513</td><td>6,388</td><td>4,904</td><td>3,601</td><td>6,403</td><td>25,052</td><td>986</td></tr></table>
Footnotes at end of Section II.
(Continued on following page)
December 1955
35
TREASURY SURVEY OF OWNERSHIP, SEPTEMBER 30, 1955
Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued)
(Par valuee - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 9/ is shown in parentheses)</th><th rowspan="2">Total amount outstand-ing</th><th colspan="5">Held by investore covered in Treasury Survey</th><th rowspan="2">Held by all other investors 4/</th><th rowspan="2">Memorandum: Held by 6,327 corporate pension trust funds 5/</th></tr><tr><th>6,796 commercial banks 2/ 3/</th><th>524 mutual savings banks 2/</th><th colspan="2">Insurance companies</th><th>U. S. Government investment accounts and Federal Reserve Banks</th></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>7</td><td>-</td><td>312</td><td>life</td><td>592 fire, casualty, and marine</td><td>1</td><td>*</td><td>42</td><td>*</td></tr><tr><td>Guaranteed securities: 8/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures.....(taxable 11/)</td><td>47</td><td>10</td><td>10</td><td>15</td><td>*</td><td>*</td><td>3</td><td>9</td><td>*</td></tr><tr><td>Total public marketable securities.........</td><td>159,521</td><td>54,086</td><td>6,855</td><td>5,709</td><td>4,545</td><td></td><td>27,584</td><td>60,742</td><td>1,179</td></tr></table>
Footnotes at end of Section II.
Table 4.- Interest-Bearing Public Nonmarketable Securities by Issues
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstand- ing</th><th colspan="5">Held by investore covered in Treasury Survey</th><th>Held by all other investore 4/</th><th>Memorandum: Held by 6,327 corporate pension trust funde 5/</th></tr><tr><th></th><th></th><th>6,796 commercial banks 2/ 3/</th><th>524 mutual saving banks 2/</th><th>312 life</th><th>592 fire, casualty, and marine</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th><th></th></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series E 6/............(taxable)</td><td>37,307</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>37,305</td><td>5</td></tr><tr><td>Series F 6/............(taxable)</td><td>2,782</td><td>463</td><td>11</td><td>28</td><td>77</td><td>1</td><td>2,203</td><td>180</td></tr><tr><td>Series G............(taxable)</td><td>13,106</td><td>895</td><td>462</td><td>227</td><td>362</td><td>14</td><td>11,147</td><td>351</td></tr><tr><td>Series H............(taxable)</td><td>2,349</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,349</td><td>-</td></tr><tr><td>Series J 6/............(taxable)</td><td>710</td><td>1</td><td>1</td><td>3</td><td>12</td><td>*</td><td>693</td><td>56</td></tr><tr><td>Series K............(taxable)</td><td>2,036</td><td>2</td><td>48</td><td>11</td><td>43</td><td>4</td><td>1,927</td><td>92</td></tr><tr><td>Total United States eaving bonds</td><td>58,290</td><td>1,362</td><td>522</td><td>268</td><td>494</td><td>21</td><td>55,624</td><td>684</td></tr><tr><td>Other United Statee securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury savinge notee............(taxable)</td><td>399</td><td>3</td><td>-</td><td>-</td><td>*</td><td>-</td><td>396</td><td>*</td></tr><tr><td>Depositary bonds............(taxable)</td><td>373</td><td>373 12/</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment Series A............(taxable)</td><td>913</td><td>185</td><td>121</td><td>265</td><td>36</td><td>100</td><td>205</td><td>47</td></tr><tr><td>Investment Series B............(taxable)</td><td>11,538</td><td>158</td><td>1,216</td><td>2,758</td><td>288</td><td>3,439</td><td>3,679</td><td>337</td></tr><tr><td>Total other United States securities</td><td>13,223</td><td>719 12/</td><td>1,337</td><td>3,023</td><td>324</td><td>3,539</td><td>4,281</td><td>384</td></tr><tr><td>Total public nonmarketable securities</td><td>71,513</td><td>2,080 12/</td><td>1,859</td><td>3,291</td><td>818</td><td>3,560</td><td>59,904</td><td>1,068</td></tr></table>
Footnotes at end of Section II.
36
Treasury Bulletin
TREASURY SURVEY OF OWNERSHIP
SEPTEMBER 30, 1955
Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 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 4/</th><th>Memorandum: Held by 6,327 corporate pension trust funds 5/</th></tr><tr><th></th><th></th><th>6,796 commercial banks 2/ 3/</th><th>524 mutual savings banks 2/</th><th colspan="2">Insurance companies</th><th>U. S. Government investment accounts and Federal Reserve Banks</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th>312 life</th><th>592 fire, casualty, and marine</th><th></th><th></th><th></th></tr><tr><td>Banks for cooperatives:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1.90% February 1956 (Debentures)....(taxable)</td><td>40</td><td>19</td><td>1</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td></tr><tr><td>2.35% June 1956 (Debentures)....(taxable)</td><td>30</td><td>15</td><td>1</td><td>-</td><td>*</td><td>-</td><td>13</td><td>-</td></tr><tr><td>2% June 1957 (Debenturee)13/(taxable)</td><td>40</td><td>29</td><td>1</td><td>-</td><td>2</td><td>-</td><td>7</td><td>-</td></tr><tr><td>Total banks for cooperative securities</td><td>110</td><td>64</td><td>4</td><td>-</td><td>3</td><td>-</td><td>40</td><td>-</td></tr><tr><td>Federal home loan banks: 14/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2.05% October 1955 (Notes)....(taxable)</td><td>120</td><td>36</td><td>6</td><td>-</td><td>1</td><td>-</td><td>76</td><td>*</td></tr><tr><td>2-1/4 February 1956 (Notes)....(taxable)</td><td>80</td><td>32</td><td>3</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td></tr><tr><td>1.90% November 1955 (Notes)....(taxable)</td><td>60</td><td>20</td><td>1</td><td>-</td><td>*</td><td>-</td><td>40</td><td>-</td></tr><tr><td>2.40 January 1956 (Notes)....(taxable)</td><td>125</td><td>35</td><td>3</td><td>-</td><td>3</td><td>1</td><td>83</td><td>1</td></tr><tr><td>2.50 April 1956 (Notes)....(taxable)</td><td>75</td><td>18</td><td>*</td><td>*</td><td>1</td><td>-</td><td>55</td><td>-</td></tr><tr><td>2-7/3 May 1956 (Notes)....(taxable)</td><td>75</td><td>18</td><td>2</td><td>*</td><td>1</td><td>-</td><td>53</td><td>*</td></tr><tr><td>Total Federal home loan bank securities</td><td>535</td><td>160</td><td>16</td><td>1</td><td>6</td><td>1</td><td>352</td><td>1</td></tr><tr><td>Federal intermediate credit banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debentures..................(taxable)</td><td>824</td><td>317</td><td>25</td><td>3</td><td>12</td><td>1</td><td>466</td><td>2</td></tr><tr><td>Federal land banks: 15/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4% October 1955-57 (Bonds)....(taxable)</td><td>215</td><td>176</td><td>3</td><td>*</td><td>7</td><td>-</td><td>28</td><td>1</td></tr><tr><td>2-5/8 May 1956 (Bonds)....(taxable)</td><td>229</td><td>132</td><td>7</td><td>*</td><td>9</td><td>-</td><td>81</td><td>1</td></tr><tr><td>2-3/4 May 1958 (Bonds)....(taxable)</td><td>131</td><td>64</td><td>10</td><td>1</td><td>4</td><td>-</td><td>52</td><td>4</td></tr><tr><td>2-1/4 November 1958 (Bonds)....(taxable)</td><td>184</td><td>118</td><td>2</td><td>1</td><td>9</td><td>2</td><td>52</td><td>1</td></tr><tr><td>2-1/4 May 1959 (Bonds)....(taxable)</td><td>71</td><td>47</td><td>5</td><td>-</td><td>1</td><td>-</td><td>18</td><td>1</td></tr><tr><td>2-1/4 February 1960 (Bonds)....(taxable)</td><td>124</td><td>84</td><td>3</td><td>*</td><td>2</td><td>-</td><td>35</td><td>*</td></tr><tr><td>2-1/2 June 1960 (Bonds)....(taxable)</td><td>179</td><td>59</td><td>6</td><td>1</td><td>3</td><td>-</td><td>111</td><td>2</td></tr><tr><td>Total Federal land bank securities</td><td>1,133</td><td>680</td><td>37</td><td>3</td><td>36</td><td>2</td><td>376</td><td>10</td></tr><tr><td>Federal National Mortgage Association:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/2% January 1958 (Notes)....(taxable)</td><td>570</td><td>371</td><td>18</td><td>*</td><td>3</td><td>-</td><td>178</td><td>2</td></tr></table>
1/ Includes certain obligations not subject to statutory debt limitation. For amount subject to limitation, see page 1.
2/ Excludes trust departments.
3/ Includes trust companies and, beginning with figures for July 1949, also includes stock savings banks. Previously, these banks were reported as a separate classification.
4/ Includes those banks and insurance companies not reporting in the Treasury Survey.
5/ Consists of corporate pension trust funds and profit sharing plans which involve retirement benefits. The data are compiled from quarterly reports by trustees of funds which account for an estimated three-fourths of United States Government securities held by all corporate pension trust funds. Since the data are not available each month, the regular monthly Survey includes holdings by these funds under "Held by all other investors." The quarterly data are presented as supplemental information in a memorandum column accompanying the Survey for each reporting date, beginning with December 31, 1953. The corresponding information from earlier reports, beginning with December 31, 1949, is summarized on page 30 of the March 1954 Treasury Bulletin.
6/ United States savings bonds, Series E, F, and J, are shown at current redemption value. They were reported at maturity value by the banks and insurance companies included in the Treasury Survey but have been
adjusted to current redemption value for use in this statement.
7/ Holdings by reporting agencies not available.
8/ Exclude guaranteed securities held by the Treasury.
9/ 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 case of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax. "Taxable" securities are those with the income subject to normal tax and surtax.
10/ Includes Federal Housing Administration debentures; see footnote 11/.
11/ A small indeterminate amount of these debentures is partially tax-exempt.
12/ Includes $75.2 million depositary bonds held by commercial banks not included in the Treasury Survey.
13/ Central Bank for Cooperatives debentures.
14/ The proprietary interest of the United States in these banks ended in July 1951.
15/ Excludes 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.
December 1955
37
MARKET QUOTATIONS ON TREASURY SECURITIES, OCTOBER 31, 1955
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 outstanding (millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="2">Bank discount</th><th>Amount outstanding (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>$1,601</td><td>11/3/55</td><td>8/4/55</td><td>2.20%</td><td>+.05%</td><td>$1,601</td><td>12/22/55</td><td>9/22/55</td><td>2.06%</td><td>-.08%</td></tr><tr><td>1,601</td><td>11/10/55</td><td>8/11/55</td><td>2.10</td><td>-.05</td><td>1,601</td><td>12/29/55</td><td>9/29/55</td><td>2.06</td><td>-.09</td></tr><tr><td>1,601</td><td>11/17/55</td><td>8/18/55</td><td>2.10</td><td>-.05</td><td>1,600</td><td>1/5/56</td><td>10/6/55</td><td>2.14</td><td>-</td></tr><tr><td>1,600</td><td>11/25/55</td><td>8/25/55</td><td>2.05</td><td>-.10</td><td>1,601</td><td>1/12/56</td><td>10/13/55</td><td>2.14</td><td>-</td></tr><tr><td>1,600</td><td>12/1/55</td><td>9/1/55</td><td>2.07</td><td>-.08</td><td>1,601</td><td>1/19/56</td><td>10/20/55</td><td>2.14</td><td>-</td></tr><tr><td>1,602</td><td>12/8/55</td><td>9/8/55</td><td>2.07</td><td>-.06</td><td>1,602</td><td>1/26/56</td><td>10/27/55</td><td>2.15</td><td>-</td></tr><tr><td>1,602</td><td>12/15/55</td><td>9/15/55</td><td>2.06</td><td>-.07</td><td></td><td></td><td></td><td></td><td></td></tr></table>
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>$5,359</td><td>1-1/4% - 12/15/55-E</td><td>12/15/54</td><td>95.28½</td><td>+0.03</td><td>2.19%</td><td>-.07%</td></tr><tr><td>2,202</td><td>1-7/8 - 3/22/56-A 1/</td><td>7/18/55</td><td>95.31</td><td>+0.03</td><td>1.95</td><td>-.19</td></tr><tr><td>1,486</td><td>2 - 6/22/56-B 1/</td><td>8/1/55</td><td>99.27</td><td>.00</td><td>2.24</td><td>+0.03</td></tr><tr><td>2,970</td><td>2-1/4 - 6/22/56-C 1/</td><td>10/11/55</td><td>99.30½</td><td>-</td><td>2.32</td><td>-</td></tr></table>
Footnote at end of Table 5.
Table 3.- Treasury Notes (Taxable)
(Price decimals are 32nds)
<table><tr><th rowspan="2">Amount out-standing (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 2/</th></tr><tr><th>Bid</th><th>Change from last month</th><th>To maturity</th><th>Change from last month</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td>$6,854</td><td>1-3/4% - 12/15/55-B</td><td>99.31</td><td>+.02</td><td>2.00%</td><td>-.21%</td><td>12/15/50</td><td>102.12</td><td>7/16/54</td><td>97.21</td><td>6/1/53</td></tr><tr><td>8,472</td><td>1-5/8 - 3/15/56-A</td><td>99.27</td><td>+.02</td><td>2.01</td><td>-.11</td><td>2/15/55</td><td>100.04</td><td>3/22/55</td><td>99.24</td><td>10/17/55</td></tr><tr><td>1,007</td><td>1-1/2 - 4/1/56-EA</td><td>99.20</td><td>+.01</td><td>2.41</td><td>+.07</td><td>4/1/51</td><td>101.00</td><td>9/13/54</td><td>97.06</td><td>6/16/53</td></tr><tr><td>12,547</td><td>2 - 8/15/56-B</td><td>99.28</td><td>+.01</td><td>2.15</td><td>-.02</td><td>5/17/55</td><td>100.03</td><td>6/14/55</td><td>99.25</td><td>9/6/55</td></tr><tr><td>550</td><td>1-1/2 - 10/1/56-EO</td><td>99.12</td><td>+.02</td><td>2.20</td><td>-.01</td><td>10/1/51</td><td>101.00</td><td>9/13/54</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>100.20</td><td>-.01</td><td>2.41</td><td>.00</td><td>9/15/53</td><td>104.01</td><td>2/24/54</td><td>100.04</td><td>9/2/53</td></tr><tr><td>531</td><td>1-1/2 - 4/1/57-EA</td><td>98.26</td><td>+.09</td><td>2.36</td><td>-.15</td><td>4/1/52</td><td>100.14</td><td>8/6/54</td><td>95.24</td><td>6/5/53</td></tr><tr><td>4,155</td><td>1-5/8 - 5/15/57-B</td><td>98.31</td><td>+.03</td><td>2.31</td><td>-.03</td><td>10/4/54</td><td>100.04</td><td>11/19/54</td><td>98.13</td><td>9/1/55</td></tr><tr><td>3,792</td><td>2 - 8/15/57-C</td><td>99.14</td><td>.00</td><td>2.33</td><td>+.02</td><td>2/15/55</td><td>100.04</td><td>1/28/55</td><td>98.28</td><td>8/30/55</td></tr><tr><td>824</td><td>1-1/2 - 10/1/57-EO</td><td>98.12</td><td>+.10</td><td>2.37</td><td>-.14</td><td>10/1/52</td><td>100.12</td><td>9/7/54</td><td>94.24</td><td>6/2/53</td></tr><tr><td>383</td><td>1-1/2 - 4/1/58-EA</td><td>98.00</td><td>+.16</td><td>2.36</td><td>-.18</td><td>4/1/53</td><td>100.00</td><td>4/29/54</td><td>93.16</td><td>6/4/53</td></tr><tr><td>121</td><td>1-1/2 - 10/1/58-EO</td><td>97.12</td><td>+.14</td><td>2.44</td><td>-.13</td><td>10/1/53</td><td>99.28</td><td>7/19/54</td><td>96.02</td><td>10/5/53</td></tr><tr><td>5,102</td><td>1-7/8 - 2/15/59-A</td><td>97.22</td><td>.00</td><td>2.61</td><td>+.01</td><td>5/17/54</td><td>100.21</td><td>7/16/54</td><td>96.27</td><td>8/2/55</td></tr><tr><td>119</td><td>1-1/2 - 4/1/59-EA</td><td>96.28</td><td>+.18</td><td>2.46</td><td>-.15</td><td>4/1/54</td><td>99.20</td><td>5/4/54</td><td>96.00</td><td>9/19/55</td></tr><tr><td>99</td><td>1-1/2 - 10/1/59-EO</td><td>96.06</td><td>+.14</td><td>2.53</td><td>-.10</td><td>10/1/54</td><td>98.18</td><td>10/5/54</td><td>95.12</td><td>9/19/55</td></tr><tr><td>198</td><td>1-1/2 - 4/1/60-EA</td><td>95.24</td><td>+.22</td><td>2.52</td><td>-.16</td><td>4/1/55</td><td>96.00</td><td>5/17/55</td><td>94.22</td><td>9/16/55</td></tr><tr><td>46</td><td>1-1/2 - 10/1/60-EO</td><td>95.08</td><td>-</td><td>2.53</td><td>-</td><td>10/1/55</td><td>95.08</td><td>10/31/55</td><td>94.16</td><td>10/5/55</td></tr></table>
Footnote at end of Table 5.
38
Treasury Bulletin
MARKET QUOTATIONS ON TREASURY SECURITIES, OCTOBER 31, 1955
Table 4.- Taxable Treasury Bonds
(Price decimals are 32nd)
<table><tr><th rowspan="2">Amount out- standing (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 2/</th></tr><tr><th>Bid</th><th>Change from last month</th><th>To maturity</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>$1,449</td><td>2-1/2% - 3/15/56-58</td><td>99.30</td><td>.00</td><td>2.53%</td><td>.00%</td><td>6/2/41</td><td>110.22</td><td>2/3/46</td><td>97.19</td><td>6/1/53</td></tr><tr><td>3,821</td><td>2-1/4 - 9/15/56-59</td><td>98.21</td><td>+ .03</td><td>2.62</td><td>-.01</td><td>2/1/44</td><td>107.15</td><td>4/6/46</td><td>95.94</td><td>6/2/53</td></tr><tr><td>927</td><td>2-3/8 - 3/15/57-59</td><td>99.06</td><td>+ .04</td><td>2.63</td><td>-.03</td><td>3/1/52</td><td>192.26</td><td>7/2/54</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>99.14</td><td>+ .01</td><td>2.60</td><td>-.01</td><td>7/1/52</td><td>192.30</td><td>4/29/54</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>99.26</td><td>+ .03</td><td>2.56</td><td>-.03</td><td>2/15/53</td><td>103.24</td><td>4/29/54</td><td>97.94</td><td>6/1/53</td></tr><tr><td>5,276</td><td>2-1/4 - 6/15/59-62</td><td>97.15</td><td>+ .16</td><td>2.67</td><td>-.08</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>92.92</td><td>6/1/53</td></tr><tr><td>3,464</td><td>2-1/4 - 12/15/59-62</td><td>97.15</td><td>+ .17</td><td>2.65</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>3,806</td><td>2-1/8 - 11/15/60</td><td>97.28</td><td>+ .16</td><td>2.58</td><td>-.10</td><td>8/15/54</td><td>100.19</td><td>9/17/54</td><td>96.15</td><td>8/2/55</td></tr><tr><td>2,239</td><td>2-3/4 - 9/15/61</td><td>100.08</td><td>+ .17</td><td>2.70</td><td>-.10</td><td>11/9/53</td><td>104.22</td><td>4/30/54</td><td>98.29</td><td>8/2/55</td></tr><tr><td>11,177</td><td>2-1/2 - 11/15/61</td><td>98.16</td><td>+ .16</td><td>2.77</td><td>-.09</td><td>2/15/54</td><td>103.00</td><td>4/30/54</td><td>97.11</td><td>8/29/55</td></tr><tr><td>2,115</td><td>2-1/2 - 6/15/62-67</td><td>97.15</td><td>+ .23</td><td>2.75</td><td>-.08</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>92.00</td><td>6/1/53</td></tr><tr><td>6,755</td><td>2-1/2 - 8/15/63</td><td>98.03</td><td>+ .19</td><td>2.78</td><td>-.08</td><td>12/15/54</td><td>100.15</td><td>12/10/54</td><td>96.17</td><td>8/2/55</td></tr><tr><td>2,825</td><td>2-1/2 - 12/15/63-68</td><td>97.02</td><td>+ .27</td><td>2.77</td><td>-.07</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>91.04</td><td>6/1/53</td></tr><tr><td>3,753</td><td>2-1/2 - 6/15/64-69</td><td>96.16</td><td>+ .24</td><td>2.81</td><td>-.07</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>90.28</td><td>6/1/53</td></tr><tr><td>3,829</td><td>2-1/2 - 12/15/64-69</td><td>96.14</td><td>+ .24</td><td>2.81</td><td>-.07</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>4,717</td><td>2-1/2 - 3/15/65-70</td><td>96.12</td><td>+ .23</td><td>2.81</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>2,960</td><td>2-1/2 - 3/15/66-71 3/</td><td>96.10</td><td>+ .23</td><td>2.80</td><td>-.05</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>1,880</td><td>2-1/2 - 6/15/67-72 3/</td><td>96.01</td><td>+ .17</td><td>2.80</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>2,715</td><td>2-1/2 - 9/15/67-72 3/</td><td>95.28</td><td>+ .24</td><td>2.81</td><td>-.06</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>89.30</td><td>6/1/53</td></tr><tr><td>3,807</td><td>2-1/2 - 12/15/67-72 3/</td><td>96.00</td><td>+ .18</td><td>2.79</td><td>-.05</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><tr><td>1,606</td><td>3-1/4 - 6/15/78-93 4/</td><td>106.00</td><td>+1.10</td><td>2.89 5/</td><td>-.08</td><td>5/1/53</td><td>111.28</td><td>8/4/54</td><td>98.20</td><td>6/1/53</td></tr><tr><td>2,745</td><td>3 - 2/15/95 4/</td><td>100.14</td><td>+ .15</td><td>2.98</td><td>-.02</td><td>2/15/55</td><td>101.12</td><td>6/8/55</td><td>98.11</td><td>8/3/55</td></tr></table>
Footnotes at end of Table 5.
Table 5.- Partially Tax-Exempt Treasury 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 2/</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>$982</td><td>2-3/4% - 9/15/56-59</td><td>101.01</td><td>-.04</td><td>1.55%</td><td>+0.03%</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-53</td><td>102.16</td><td>+0.06</td><td>1.77</td><td>-.10</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>1,485</td><td>2-3/4% - 12/15/60-65</td><td>104.22</td><td>+0.20</td><td>1.79</td><td>-.14</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>
Tax anticipation series.
Beginning April 1953, prices are closing bid quotations in the over-the-counter 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 the case of recurrence are the latest dates.
Included in the average of taxable Treasury bonds due or callable
from 10 to 20 years beginning April 1, 1953, as shown under "Average Yields of Long-Term Bonds."
4/ Included in the average of taxable Treasury bonds due or callable 20 years and after, as shown under "Average Yields of Long-Term Bonds."
5/ Yield to first call. Yields are computed to call date when the price is above par and to maturity when the price is at or below par.
December 1955
39
MARKET QUOTATIONS ON TREASURY SECURITIES, OCTOBER 31, 1955
YIELDS OF TAXABLE TREASURY SECURITIES, OCT. 31, 1955
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 filled 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-59F-C
40
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 3/</th><th>Period</th><th>Taxable Treasury bonds 1/ 2/</th><th>Moody's Aaa corporate bonds 3/</th><th>Period</th><th>Taxable Treasury bonds 1/ 2/</th><th>Moody's Aaa corporate bonds 3/</th></tr><tr><td colspan="9">Annual series 1942 through 1952 - calendar year averages of monthly series</td></tr><tr><td>1942</td><td>2.46</td><td>2.83</td><td>1946</td><td>2.19</td><td>2.53</td><td>1950</td><td>2.32</td><td>2.62</td></tr><tr><td>1943</td><td>2.47</td><td>2.73</td><td>1947</td><td>2.25</td><td>2.61</td><td>1951</td><td>2.57</td><td>2.86</td></tr><tr><td>1944</td><td>2.48</td><td>2.72</td><td>1948</td><td>2.44</td><td>2.82</td><td>1952</td><td>2.68</td><td>2.96</td></tr><tr><td>1945</td><td>2.37</td><td>2.62</td><td>1949</td><td>2.31</td><td>2.66</td><td></td><td></td><td></td></tr><tr><td colspan="9">Monthly series January 1951 through March 1953 - averages of daily series</td></tr><tr><td>1951-Jan</td><td>2.39</td><td>2.66</td><td>1951-Oct</td><td>2.61</td><td>2.89</td><td>1952-July</td><td>2.61</td><td>2.95</td></tr><tr><td>Feb</td><td>2.40</td><td>2.66</td><td>Nov</td><td>2.66</td><td>2.96</td><td>Aug</td><td>2.70</td><td>2.94</td></tr><tr><td>Mar</td><td>2.47</td><td>2.78</td><td>Dec</td><td>2.70</td><td>3.01</td><td>Sept</td><td>2.71</td><td>2.95</td></tr><tr><td>Apr</td><td>2.56</td><td>2.87</td><td>1952-Jan</td><td>2.74</td><td>2.98</td><td>Oct</td><td>2.74</td><td>3.01</td></tr><tr><td>May</td><td>2.63</td><td>2.88</td><td>Feb</td><td>2.71</td><td>2.93</td><td>Nov</td><td>2.71</td><td>2.98</td></tr><tr><td>June</td><td>2.65</td><td>2.94</td><td>Mar</td><td>2.70</td><td>2.96</td><td>Dec</td><td>2.75</td><td>2.97</td></tr><tr><td>July</td><td>2.63</td><td>2.94</td><td>Apr</td><td>2.64 1/</td><td>2.93</td><td>1953-Jan</td><td>2.80</td><td>3.02</td></tr><tr><td>Aug</td><td>2.57</td><td>2.88</td><td>May</td><td>2.57</td><td>2.93</td><td>Feb</td><td>2.83</td><td>3.07</td></tr><tr><td>Sept</td><td>2.56</td><td>2.84</td><td>June</td><td>2.61</td><td>2.94</td><td>Mar</td><td>2.89</td><td>3.12</td></tr><tr><th>Period</th><th colspan="2">Taxable Treasury bonds, due or callable - 1/</th><th>Moody's Aaa corporate bonds 3/</th><th>Period</th><th colspan="2">Taxable Treasury bonds, due or callable - 1/</th><th>Moody's Aaa corporate bonds 3/</th><th>Period</th><th colspan="2">Taxable Treasury bonds, due or callable - 1/</th><th>Moody's Aaa corporate bonds 3/</th></tr><tr><th></th><th>From 10 to 20 years 5/</th><th>20 years and after</th><th></th><th></th><th>From 10 to 20 years 5/</th><th>20 years and after</th><th></th><th></th><th>From 10 to 20 years 5/</th><th>20 years and after</th><th></th></tr><tr><td colspan="11">Annual series beginning 1953 - calendar year averages of monthly series</td></tr><tr><td>1953</td><td>2.92 6/</td><td>3.16 7/</td><td>3.20</td><td>1954</td><td>2.52</td><td>2.71</td><td>2.90</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Monthly series beginning April 1953 - averages of daily series</td></tr><tr><td>1953-Apr</td><td>2.96</td><td>3.24</td><td>3.23</td><td>1954-July</td><td>2.45</td><td>2.62</td><td>2.89</td><td>1955-Oct</td><td>2.82</td><td>2.96</td><td>3.10</td></tr><tr><td>May</td><td>3.09</td><td>3.26</td><td>3.34</td><td>Aug</td><td>2.46</td><td>2.60</td><td>2.87</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>3.11</td><td>3.29</td><td>3.40</td><td>Sept</td><td>2.50</td><td>2.64</td><td>2.89</td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>2.99</td><td>3.25</td><td>3.28</td><td>Oct</td><td>2.52</td><td>2.65</td><td>2.87</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug</td><td>2.99</td><td>3.22</td><td>3.24</td><td>Nov</td><td>2.55</td><td>2.68</td><td>2.89</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept</td><td>2.95</td><td>3.19</td><td>3.29</td><td>Dec</td><td>2.57</td><td>2.68</td><td>2.90</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct</td><td>2.81</td><td>3.06</td><td>3.16</td><td>1955-Jan</td><td>2.66</td><td>2.77 8/</td><td>2.93</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov</td><td>2.83</td><td>3.04</td><td>3.11</td><td>Feb</td><td>2.72</td><td>2.92</td><td>2.99</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec</td><td>2.77</td><td>2.96</td><td>3.13</td><td>Mar</td><td>2.72</td><td>2.92</td><td>3.02</td><td></td><td></td><td></td><td></td></tr><tr><td>1954-Jan</td><td>2.67</td><td>2.90</td><td>3.06</td><td>Apr</td><td>2.77</td><td>2.92</td><td>3.01</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb</td><td>2.58</td><td>2.85</td><td>2.95</td><td>May</td><td>2.76</td><td>2.91</td><td>3.04</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar</td><td>2.50</td><td>2.73</td><td>2.86</td><td>June</td><td>2.77</td><td>2.91</td><td>3.05</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr</td><td>2.45</td><td>2.70</td><td>2.85</td><td>July</td><td>2.88</td><td>2.96</td><td>3.05</td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>2.52</td><td>2.72</td><td>2.88</td><td>Aug</td><td>2.91</td><td>3.02</td><td>3.11</td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>2.53</td><td>2.70</td><td>2.90</td><td>Sept</td><td>2.88</td><td>3.00</td><td>3.13</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Weekly series - averages of daily series for weeks ending -</td></tr><tr><td>1955-May 6</td><td>2.78</td><td>2.92</td><td>3.02</td><td>1955-July 1</td><td>2.82</td><td>2.94</td><td>3.05</td><td>1955-Sept 2</td><td>2.91</td><td>3.02</td><td>3.13</td></tr><tr><td>13</td><td>2.76</td><td>2.92</td><td>3.04</td><td>8</td><td>2.82</td><td>2.94</td><td>3.05</td><td>9</td><td>2.88</td><td>3.01</td><td>3.14</td></tr><tr><td>20</td><td>2.74</td><td>2.91</td><td>3.04</td><td>15</td><td>2.84</td><td>2.94</td><td>3.05</td><td>16</td><td>2.89</td><td>3.01</td><td>3.13</td></tr><tr><td>27</td><td>2.75</td><td>2.91</td><td>3.05</td><td>22</td><td>2.91</td><td>2.96</td><td>3.05</td><td>23</td><td>2.89</td><td>3.00</td><td>3.13</td></tr><tr><td>June 3</td><td>2.74</td><td>2.89</td><td>3.04</td><td>29</td><td>2.95</td><td>2.99</td><td>3.07</td><td>30</td><td>2.86</td><td>2.98</td><td>3.12</td></tr><tr><td>10</td><td>2.75</td><td>2.89</td><td>3.04</td><td>Aug. 5</td><td>2.95</td><td>3.03</td><td>3.08</td><td>Oct. 7</td><td>2.83</td><td>2.98</td><td>3.12</td></tr><tr><td>17</td><td>2.76</td><td>2.90</td><td>3.05</td><td>12</td><td>2.90</td><td>3.01</td><td>3.10</td><td>14</td><td>2.81</td><td>2.96</td><td>3.11</td></tr><tr><td>24</td><td>2.79</td><td>2.93</td><td>3.05</td><td>19</td><td>2.89</td><td>3.01</td><td>3.12</td><td>21</td><td>2.82</td><td>2.96</td><td>3.10</td></tr><tr><td></td><td></td><td></td><td></td><td>26</td><td>2.91</td><td>3.02</td><td>3.12</td><td>28</td><td>2.81</td><td>2.95</td><td>3.10</td></tr><tr><td colspan="11">Daily series - unweighted averages</td></tr><tr><td>1955-Oct. 3</td><td>2.84</td><td>2.98</td><td>3.12</td><td>1955-Oct. 12</td><td>2.82</td><td>2.96</td><td>3.10</td><td>1955-Oct. 24</td><td>2.81</td><td>2.96</td><td>3.10</td></tr><tr><td>4</td><td>2.84</td><td>2.98</td><td>3.12</td><td>13</td><td>2.82</td><td>2.96</td><td>3.10</td><td>25</td><td>2.81</td><td>2.96</td><td>3.10</td></tr><tr><td>5</td><td>2.84</td><td>2.98</td><td>3.12</td><td>14</td><td>2.82</td><td>2.96</td><td>3.10</td><td>26</td><td>2.81</td><td>2.95</td><td>3.10</td></tr><tr><td>6</td><td>2.84</td><td>2.98</td><td>3.11</td><td>17</td><td>2.82</td><td>2.96</td><td>3.10</td><td>27</td><td>2.81</td><td>2.94</td><td>3.10</td></tr><tr><td>7</td><td>2.81</td><td>2.96</td><td>3.11</td><td>18</td><td>2.82</td><td>2.96</td><td>3.10</td><td>28</td><td>2.80</td><td>2.94</td><td>3.10</td></tr><tr><td>10</td><td>2.80</td><td>2.96</td><td>3.11</td><td>19</td><td>2.81</td><td>2.96</td><td>3.10</td><td>31</td><td>2.80</td><td>2.94</td><td>3.10</td></tr><tr><td>11</td><td>2.81</td><td>2.96</td><td>3.11</td><td>20</td><td>2.82</td><td>2.96</td><td>3.10</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>21</td><td>2.82</td><td>2.96</td><td>3.10</td><td></td><td></td><td></td><td></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 included the following: April 1952 through 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.
4/ The long-term taxable Treasury bond average was revised beginning April 1, 1952; see footnote 2. The old average for April 1952 was 2.62 percent.
5/ Beginning with the August 1955 issue of the "Treasury Bulletin" this average (bonas due or callable from 10-20 years) replaces the average of those due or callable from 12-20 years, previously shown in this column.
6/ Annual average is based on the single long-term series January through March (see footnote 2) and the 10-20 year series thereafter.
7/ Average covers 8-1/2 months beginning April 15, the inception date of this series.
8/ Includes the 3% bonds of February 15, 1955, first quoted on January 28, 1955.
9/ Market closed.
December 1955
Office of the Secretary of the Treasury
F-220-M
41
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
1/ Monthly averages of daily figures. 2/ See footnote 2 to Table I under "Average Yields of Long-Term Bonds."
AVERAGE YIELDS OF LONG-TERM BONDS
42
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Budget receipts from internal revenue</th><th rowspan="2">Adjustment of collections to budget receipts 1/</th><th rowspan="2">Total collections reported by Internal Revenue Service</th><th rowspan="2">Corporation income and profit taxes</th><th colspan="6">Individual income tax and employment taxes</th></tr><tr><th>Total</th><th>Individual income tax not withheld 2/</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>1947</td><td>39,379,409</td><td>+272,023</td><td>39,108,386</td><td>9,676,459</td><td>21,367,662</td><td>9,501,015</td><td>9,842,282</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>-11,057</td><td>41,864,528</td><td>10,174,410</td><td>23,379,123</td><td>9,468,204</td><td>11,333,577</td><td>1,612,721</td><td>560,113</td><td>203,508</td></tr><tr><td>1949</td><td>40,307,285</td><td>-155,840</td><td>40,463,125</td><td>11,553,669</td><td>20,527,935</td><td>7,996,320</td><td>10,055,502</td><td>1,687,151</td><td>562,734</td><td>226,228</td></tr><tr><td>1950</td><td>39,448,607</td><td>+491,475</td><td>38,957,132</td><td>10,854,351</td><td>19,797,883</td><td>7,684,332</td><td>9,888,976</td><td>1,873,401</td><td>548,038</td><td>223,135</td></tr><tr><td>1951</td><td>51,106,095</td><td>+660,409</td><td>50,445,686</td><td>14,387,569</td><td>26,624,788</td><td>9,907,539</td><td>13,089,770</td><td>2,810,749</td><td>579,778</td><td>236,952</td></tr><tr><td>1952</td><td>65,634,894</td><td>+625,308</td><td>65,009,586</td><td>21,466,910</td><td>33,738,370</td><td>11,345,060</td><td>17,929,047</td><td>3,584,025</td><td>680,622</td><td>259,616</td></tr><tr><td>1953</td><td>70,170,974 4/</td><td>+484,439</td><td>69,686,535</td><td>21,594,515</td><td>37,254,619</td><td>11,403,942</td><td>21,132,275</td><td>3,816,252</td><td>628,969</td><td>273,182</td></tr><tr><td>1954</td><td>70,299,652</td><td>+364,672r</td><td>69,934,980r</td><td>21,546,322</td><td>37,921,314</td><td>10,736,578</td><td>22,076,329</td><td>4,219,304</td><td>605,221</td><td>283,882</td></tr><tr><td>1955</td><td>66,271,198p</td><td>-17,494r</td><td>66,288,692 5/r</td><td>18,264,720</td><td>37,869,770</td><td>10,396,480</td><td>21,253,625 5/</td><td>5,339,573 5/</td><td>600,106 5/</td><td>279,986</td></tr><tr><td>1955-January</td><td>4,354,123</td><td>-1,450r</td><td>4,355,573r</td><td>354,629</td><td>3,283,103</td><td>2,239,048</td><td></td><td>996,937</td><td>16,414</td><td>30,903</td></tr><tr><td>February</td><td>5,631,332</td><td>-1,655r</td><td>5,632,987r</td><td>274,500</td><td>4,583,312</td><td>880,678</td><td></td><td>3,471,502</td><td>63,924</td><td>167,208</td></tr><tr><td>March</td><td>10,901,790</td><td>-1,571r</td><td>10,903,361r</td><td>6,812,452</td><td>3,093,755</td><td>769,768</td><td></td><td>2,257,864</td><td>46,327</td><td>19,795</td></tr><tr><td>April</td><td>4,770,699</td><td>-1,123r</td><td>4,771,822r</td><td>478,091</td><td>3,497,459</td><td>2,374,701</td><td></td><td>1,098,542</td><td>19,717</td><td>4,498</td></tr><tr><td>May</td><td>5,787,520</td><td>-1,776r</td><td>5,789,296r</td><td>376,719</td><td>4,471,941</td><td>672,642</td><td></td><td>3,705,232</td><td>79,170</td><td>14,898</td></tr><tr><td>June</td><td>10,892,436p</td><td>-1,914r</td><td>10,894,350r</td><td>6,201,403</td><td>3,719,955</td><td>1,464,288</td><td></td><td>2,200,818</td><td>52,153</td><td>2,695</td></tr><tr><td>July</td><td>2,801,230</td><td>-186</td><td>2,801,416</td><td>547,085</td><td>1,377,399</td><td>277,418</td><td></td><td>1,082,063</td><td>15,484</td><td>2,433</td></tr><tr><td>August</td><td>5,403,579</td><td>-329</td><td>5,403,908</td><td>327,903</td><td>1,131,592</td><td>114,674</td><td></td><td>3,916,372</td><td>84,834</td><td>15,711</td></tr><tr><td>September</td><td>5,915,664</td><td>+515</td><td>5,915,149</td><td>1,099,882</td><td>3,868,030</td><td>1,684,684</td><td></td><td>2,122,696</td><td>59,882</td><td>768</td></tr><tr><th>Fiscal year or month</th><th>Capital stock tax 6/</th><th>Estate and gift taxes</th><th>Total excise</th><th>Alcohol</th><th>Tobacco</th><th>Document. etc.</th><th>Manufacturere and retailer</th><th>Miscellaneous</th></tr><tr><td>1947</td><td>1,597</td><td>779,291</td><td>7,283,376</td><td>2,474,762</td><td>1,237,768</td><td>79,978</td><td>1,939,621</td><td>1,551,245</td></tr><tr><td>1948</td><td>1,723</td><td>899,345</td><td>7,409,941</td><td>2,255,327</td><td>1,300,280</td><td>79,466</td><td>2,119,157</td><td>1,655,711</td></tr><tr><td>1949</td><td>6,138</td><td>796,538</td><td>7,578,846</td><td>2,210,607</td><td>1,321,875</td><td>72,828</td><td>2,220,744</td><td>1,752,792</td></tr><tr><td>1950</td><td>266</td><td>706,227</td><td>7,598,405</td><td>2,219,202</td><td>1,328,464</td><td>84,648</td><td>2,245,182</td><td>1,720,908</td></tr><tr><td>1951</td><td>-</td><td>729,730</td><td>8,703,599</td><td>2,546,808</td><td>1,380,396</td><td>93,107</td><td>2,840,690</td><td>1,842,598</td></tr><tr><td>1952</td><td>-</td><td>833,147</td><td>8,971,158</td><td>2,549,120</td><td>1,565,162</td><td>84,995</td><td>2,824,409</td><td>1,914,472</td></tr><tr><td>1953</td><td>-</td><td>891,284</td><td>9,946,116</td><td>2,780,925</td><td>1,654,911</td><td>90,319</td><td>3,358,797</td><td>2,061,164</td></tr><tr><td>1954</td><td>-</td><td>935,122</td><td>9,532,222r</td><td>2,797,718r</td><td>1,580,512r</td><td>90,000</td><td>3,127,465</td><td>1,936,527</td></tr><tr><td>1955</td><td>-</td><td>936,267</td><td>9,217,934 5/r</td><td>2,742,840r</td><td>1,571,213r</td><td>112,049</td><td>3,168,522</td><td>1,508,624</td></tr><tr><td>1955-January</td><td>-</td><td>62,600</td><td>655,040r</td><td>156,671r</td><td>131,004r</td><td>9,969</td><td>27,046</td><td>34,504</td></tr><tr><td>February</td><td>-</td><td>66,629</td><td>708,546r</td><td>182,824r</td><td>118,852r</td><td>9,177</td><td>676,030</td><td>232,171</td></tr><tr><td>March</td><td>-</td><td>151,501</td><td>845,653r</td><td>247,165r</td><td>139,263r</td><td>9,854</td><td>98,840</td><td>118,979</td></tr><tr><td>April</td><td>-</td><td>77,347</td><td>718,925r</td><td>210,061r</td><td>121,831r</td><td>12,442</td><td>9,058</td><td>18,453</td></tr><tr><td>May</td><td>-</td><td>94,490</td><td>846,116r</td><td>225,524r</td><td>113,413r</td><td>8,926</td><td>754,111</td><td>206,779</td></tr><tr><td>June</td><td>-</td><td>63,972</td><td>909,021r</td><td>268,091r</td><td>150,321r</td><td>9,939</td><td>122,971</td><td>129,340</td></tr><tr><td>July</td><td>-</td><td>78,612</td><td>798,319</td><td>231,241</td><td>115,790</td><td rowspan="3">25,136</td><td rowspan="3">977,064</td><td rowspan="3">416,717</td></tr><tr><td>August</td><td>-</td><td>77,189</td><td>867,223</td><td>245,081</td><td>154,004</td></tr><tr><td>September</td><td>-</td><td>66,390</td><td>880,848</td><td>255,820</td><td>135,062</td></tr></table>
Source: Internal Revenue Service reports for detail of collections by type of tax; daily Treasury statement for budget receipts from internal revenue through the fiscal year 1952, and the "Monthly Statement of Receipts and Expenditures of the United States Government" for receipts thereafter. Certain detail by type of tax is available only on the basis of returns filed with the Internal Revenue Service. The figures shown include collections for credit to special accounts for certain island possessions, as reported by the Internal Revenue Service. Beginning with the fiscal year 1955, they include the amounts of tax collected in Puerto Rico upon articles of merchandise of Puerto Rican manufacture coming into the United States. Figures for 1954 have been revised to the same basis. Figures for previous years include only amounts collected at porte de entry into the United States. Differences between the amounts of internal revenue reported by the Internal Revenue Service as collections for given periods and the amounts reported in Treasury statements as budget receipts for the same periods arise because of differences in the time when payments are included in the respective reports. Tax payments are included in budget receipts when they are reported as credits to the account of the Treasurer of the United States. Prior to July 1954, they were included in Internal Revenue Service collection reports after the returns to which they applied had been received in internal revenue offices. Under procedure begun in 1950 with withheld income tax and old-age insurance taxes and later extended to railroad retirement taxes and many excises, these taxes are paid currently into Treasury depositaries and the depositary receipts, as evidence of such payment, are attached to quarterly returns to the Internal Revenue Service. Under this procedure, the payments are included in budget receipts in the month in which the depositary receipts
are issued to the taxpayers. Revised accounting procedures effective July 1, 1954, extended the same practice to Internal Revenue Service collection reports.
2/ Monthly figures include old-age insurance tax on self-employment income, which is levied and collected as part of the individual income tax beginning with the taxable year 1951. Fiscal year figures exclude this tax, on the basis of estimates beginning 1952 (see footnote 3), and it is included under "Old-age insurance taxes."
3/ Withheld income tax and old-age insurance taxes on employers and employees are paid into the Treasury in combined amounts beginning January 1951. In Internal Revenue Service reports, current collections have not been separated as to type of tax but the breakdown shown 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 transfer of tax receipts to the Federal Old-Age and Survivors Insurance Trust Fund.
4/ New reporting basis beginning with the fiscal year 1953; for explanation, see footnote on page 1.
5/ Beginning with the fiscal year 1955, collections shown include undistributed depository receipts. It will be noted that for excise taxes the undistributed depository receipts are included in the total only.
6/ Repealed for years ending after June 30, 1945. Beginning 1951, included under "Miscellaneous excise taxes."
p r Preliminary. Revised to include collections in Puerto Rico; see source note.
December 1955
43
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
*Beginning July 1954, includes undistributed depository receipts. The whole amount of such receipts for excise taxes is included under "Other excise taxes". Office of the Secretary of the Treasury 8-165-P-1
44
Treasury Bulletin
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal year</th><th colspan="2">First 3 months of fiscal year</th><th colspan="3">Fiscal year 1956</th></tr><tr><th></th><th>1954</th><th>1955</th><th>1955</th><th>1956</th><th>July 1955</th><th>August 1955</th><th>September 1955</th></tr><tr><td>Corporation income and profit taxes</td><td>21,546,322</td><td>18,264,720</td><td>1,936,166</td><td>1,974,870</td><td>547,085</td><td>327,903</td><td>1,099,882</td></tr><tr><td>Individual income tax and employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax not withheld 1/</td><td>10,946,578</td><td>10,724,120</td><td>1,774,618</td><td>2,076,776</td><td>277,418</td><td>114,674</td><td>1,684,684</td></tr><tr><td>Income tax withheld and old-age insurance: 2/</td><td>26,085,633</td><td>25,673,490</td><td>6,312,677</td><td>7,014,471</td><td>1,069,614</td><td>5,556,475</td><td>388,381</td></tr><tr><td>Undistributed depository receipts 3/</td><td>-</td><td>592,068</td><td>-43,528</td><td>106,661</td><td>12,449</td><td>-1,640,103</td><td>1,734,315</td></tr><tr><td>Railroad retirement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Received with returns</td><td>605,221</td><td>597,262</td><td>145,200</td><td>151,683</td><td>1,929</td><td>79,216</td><td>70,538</td></tr><tr><td>Undistributed depository receipts 3/</td><td>-</td><td>2,844</td><td>-2,699</td><td>8,517</td><td>13,556</td><td>5,618</td><td>-10,656</td></tr><tr><td>Unemployment insurance</td><td>283,882</td><td>279,986</td><td>20,310</td><td>18,913</td><td>2,433</td><td>15,711</td><td>768</td></tr><tr><td>Total individual income tax and employment taxes</td><td>37,921,314</td><td>37,869,770</td><td>8,206,578</td><td>9,377,021</td><td>1,371,399</td><td>4,131,592</td><td>3,868,030</td></tr><tr><td>Estate tax</td><td>863,344</td><td>848,492</td><td>209,358</td><td>220,207</td><td>77,698</td><td>76,794</td><td>65,715</td></tr><tr><td>Gift tax</td><td>71,778</td><td>87,775</td><td>2,776</td><td>1,984</td><td>914</td><td>395</td><td>675</td></tr><tr><td>Excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Alcohol taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirit (imported, excise)</td><td>230,566</td><td>242,848</td><td>52,481</td><td>57,665</td><td>16,506</td><td>17,572</td><td>23,587</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,657,351r</td><td>1,627,752r</td><td>374,214r</td><td>409,570</td><td>122,352</td><td>131,883</td><td>155,395</td></tr><tr><td>Distilled spirits, rectification tax</td><td>25,370r</td><td>23,867r</td><td>5,321r</td><td>5,680</td><td>1,623</td><td>1,939</td><td>2,117</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>4,152</td><td>4,689</td><td>880</td><td>924</td><td>258</td><td>293</td><td>373</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>74,527</td><td>77,135</td><td>18,613</td><td>18,074</td><td>5,264</td><td>6,348</td><td>6,462</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>16,427</td><td>16,977</td><td>10,762</td><td>9,663</td><td>6,722</td><td>2,613</td><td>329</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>31</td><td>8</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>1,088</td><td>519</td><td>230</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Container stamps</td><td>13,013</td><td>6,212</td><td>2,690</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Floor taxes</td><td>306</td><td>55</td><td>22</td><td>14</td><td>8</td><td>4</td><td>2</td></tr><tr><td>Fermented malt liquor</td><td>769,774</td><td>737,233</td><td>218,368</td><td>227,503</td><td>76,378</td><td>83,707</td><td>67,418</td></tr><tr><td>Brewers; dealers in malt liquor (special taxes)</td><td>5,112</td><td>5,544</td><td>3,420</td><td>3,046</td><td>2,127</td><td>782</td><td>138</td></tr><tr><td>Total alcohol taxes</td><td>2,797,718r</td><td>2,742,840r</td><td>687,004r</td><td>732,142</td><td>231,241</td><td>245,081</td><td>255,820</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>45,857r</td><td>46,199r</td><td>11,732r</td><td>11,561</td><td>3,032</td><td>4,263</td><td>4,266</td></tr><tr><td>Cigars (small)</td><td>42</td><td>46</td><td>11</td><td>12</td><td>3</td><td>5</td><td>3</td></tr><tr><td>Cigarettes (large)</td><td>5</td><td>6</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Cigarettes (small)</td><td>1,513,735r</td><td>1,504,191r</td><td>383,905r</td><td>388,282</td><td>111,379</td><td>147,897</td><td>129,005</td></tr><tr><td>Snuff</td><td>3,925</td><td>3,909</td><td>918</td><td>948</td><td>209</td><td>370</td><td>369</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>16,250r</td><td>16,155r</td><td>4,162r</td><td>3,842</td><td>1,071</td><td>1,400</td><td>1,371</td></tr><tr><td>Cigarette papers and tubes</td><td>695</td><td>693</td><td>165</td><td>207</td><td>95</td><td>68</td><td>43</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>*</td><td>12</td><td>*</td><td>3</td><td>*</td><td>1</td><td>2</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>2</td><td>2</td><td>*</td><td>1</td><td>*</td><td>*</td><td>1</td></tr><tr><td>Total tobacco taxes</td><td>1,580,512r</td><td>1,571,213r</td><td>400,895r</td><td>404,856</td><td>115,790</td><td>154,004</td><td>135,062</td></tr><tr><td>Other excise taxes</td><td>5,153,992</td><td>4,789,195</td><td>1,192,334</td><td>1,418,917</td><td>103,633</td><td>1,133,928</td><td>181,356</td></tr><tr><td>Total received with returns and from sale of stamps</td><td>9,532,222r</td><td>9,103,247r</td><td>2,280,234r</td><td>2,555,914</td><td>450,663</td><td>1,533,014</td><td>572,237</td></tr><tr><td>Undistributed depository receipts 3/</td><td>-</td><td>114,687</td><td>-30,908</td><td>-9,524</td><td>347,656</td><td>-665,791</td><td>308,610</td></tr><tr><td>Total excise taxes</td><td>9,532,222r</td><td>9,217,934r</td><td>2,249,326r</td><td>2,546,390</td><td>798,319</td><td>867,223</td><td>880,848</td></tr><tr><td>Total collections reported by Internal Revenue Service</td><td>69,934,980r</td><td>66,288,692r</td><td>12,604,205r</td><td>14,120,473</td><td>2,801,416</td><td>5,403,908</td><td>5,915,149</td></tr><tr><td>Adjustment to budget receipts 5/</td><td>+364,672r</td><td>-17,494r</td><td>-5,113r</td><td>-</td><td>-186</td><td>-329</td><td>+515</td></tr><tr><td>Budget receipts from internal revenue</td><td>70,299,652</td><td>66,271,198p</td><td>12,599,092</td><td>14,120,473</td><td>2,801,230</td><td>5,403,579</td><td>5,915,664</td></tr></table>
3/ Under revised accounting procedures effective July 1, 1954, tax payments made to banks under the depository receipts system are included in Internal Revenue Service reports of collections in the month in which the depository receipts are issued instead of the month in which tax returns supported by the depository receipts are received in internal revenue offices, as was the previous practice. The "Undistributed depository receipts" included in the collections represent the amount of depository receipts issued during the period less the amount received with returns. In the case of excise taxes, it is not possible to classify the depository receipts by type of tax until the returns are received. Accordingly, the amount of such undistributed depository receipts is included only in the total of excise taxes. Unclassified advance payments also are included beginning with the fiscal year 1955.
4/ Includes $16,116,000 advance payments of estate and gift taxes not further classified.
5/ See Table 1, footnote 1.
* Less than $500.
p Preliminary.
r Revised to include collections in Puerto Rico; see source note.
Source: Internal Revenue Service reports for detail of collections by type of tax; daily Treasury statement for budget receipts from internal revenue through the fiscal year 1952, and the new "Monthly Statement of Receipts and Expenditures of the United States Government" for receipts thereafter. Certain detail by type of tax is available only on the basis of returns filed with the Internal Revenue Service. The figures shown include collections for credit to special accounts for certain island possessions, as reported by the Internal Revenue Service. Beginning with the fiscal year 1955, they include the amounts of tax collected in Puerto Rico on merchandise of Puerto Rican manufacture coming into the United States. Figures for 1954 have been revised to the same basis. Figures for previous years include only collections at ports of entry into the United States. 1/ 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. 2/ 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
December 1955
45
INTERNAL REVENUE COLLECTIONS
Table 3.- Detail of Specified Excise Tax Collections Reported Quarterly
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal year</th><th colspan="2">First quarter of fiscal year</th></tr><tr><th></th><th>1954</th><th>1955</th><th>1955 (July-Sept. 1954)</th><th>1956 (July-Sept. 1955)</th></tr><tr><td colspan="5">Documents, other instruments, and playing cards:</td></tr><tr><td>Bonds, issues and transfers of capital stock, deeds of conveyance, etc.</td><td>83,035</td><td>105,289</td><td>30,889</td><td>23,569</td></tr><tr><td>Playing cards</td><td>6,941</td><td>6,700</td><td>1,392</td><td>1,347</td></tr><tr><td>Silver bullion sales or transfers</td><td>24</td><td>60</td><td>8</td><td>20</td></tr><tr><td>Total documents, etc., taxes</td><td>90,000</td><td>112,049</td><td>32,288</td><td>25,136</td></tr><tr><td colspan="5">Manufacturers' excise taxes:</td></tr><tr><td>Lubricating oils</td><td>68,029</td><td>69,559</td><td>18,652</td><td>24,107</td></tr><tr><td>Gasoline</td><td>836,893</td><td>947,005</td><td>218,737</td><td>260,212</td></tr><tr><td>Tires and tubes</td><td>152,567</td><td>163,654</td><td>43,582</td><td>49,476</td></tr><tr><td>Automobiles trucks and buses</td><td>119,914</td><td>134,805</td><td>38,342</td><td>73,323</td></tr><tr><td>Other automobiles and motorcycles</td><td>867,482</td><td>1,047,813</td><td>250,685</td><td>332,722</td></tr><tr><td>Parts and accessories for automobiles</td><td>134,759</td><td>136,664</td><td>31,700</td><td>58,295</td></tr><tr><td>Electric, gas, and oil appliances</td><td>97,415</td><td>50,859</td><td>5,551</td><td>16,915</td></tr><tr><td>Electric light bulbs and tubes</td><td>35,390</td><td>18,673</td><td>2,336</td><td>5,353</td></tr><tr><td>Radio sets, phonographs, television sets, components, etc.</td><td>135,335</td><td>136,849</td><td>21,706</td><td>33,482</td></tr><tr><td>Phonograph records</td><td>8,445</td><td>8,287</td><td>2,048</td><td>2,874</td></tr><tr><td>Musical instruments</td><td>9,191</td><td>10,783</td><td>2,097</td><td>2,525</td></tr><tr><td>Mechanical refrigerators, air-conditioners, quick-freeze units, etc.</td><td>75,059</td><td>38,004</td><td>5,419</td><td>15,371</td></tr><tr><td>Matches</td><td>9,373</td><td>5,808</td><td>1,222</td><td>1,638</td></tr><tr><td>Business and store machines</td><td>48,992</td><td>57,281</td><td>13,108</td><td>16,830</td></tr><tr><td>Photographic apparatus</td><td>25,196</td><td>15,157</td><td>3,771</td><td>4,233</td></tr><tr><td>Sporting goods</td><td>12,766</td><td>13,460</td><td>4,957</td><td>4,496</td></tr><tr><td>Firearms, shells, and cartridges</td><td>10,266</td><td>12,401</td><td>3,234</td><td>3,676</td></tr><tr><td>Pistols and revolvers</td><td>975</td><td>949</td><td>187</td><td>279</td></tr><tr><td>Mechanical pencils, pens, and lighters</td><td>10,885</td><td>8,366</td><td>1,717</td><td>2,146</td></tr><tr><td>Total manufacturers' excise taxes</td><td>2,689,133</td><td>2,876,377</td><td>669,053</td><td>907,953</td></tr><tr><td colspan="5">Retailers' excise taxes:</td></tr><tr><td>Furs</td><td>39,036</td><td>27,053</td><td>3,599</td><td>3,334</td></tr><tr><td>Jewelry</td><td>209,256</td><td>142,366</td><td>31,547</td><td>33,611</td></tr><tr><td>Luggage</td><td>79,891</td><td>50,896</td><td>12,544</td><td>13,676</td></tr><tr><td>Toilet preparations</td><td>110,149</td><td>71,829</td><td>16,225</td><td>18,490</td></tr><tr><td>Total retailers' excise taxes</td><td>438,332</td><td>292,145</td><td>63,914</td><td>69,111</td></tr><tr><td colspan="5">Miscellaneous excise taxes:</td></tr><tr><td>Sugar Act of 1937</td><td>74,477</td><td>78,512</td><td>18,922</td><td>20,688</td></tr><tr><td>Telephone, telegraph, radio, and cable facilities</td><td>412,508</td><td>230,251</td><td>78,020</td><td>61,909</td></tr><tr><td>Local telephone service</td><td>359,473</td><td>290,198</td><td>76,310</td><td>82,965</td></tr><tr><td>Transportation of oil by pipe line</td><td>29,730</td><td>43,286</td><td>11,239</td><td>8,341</td></tr><tr><td>Transportation of persons, etc.</td><td>247,415</td><td>197,201</td><td>47,383</td><td>55,582</td></tr><tr><td>Transportation of property</td><td>395,554</td><td>398,023</td><td>116,144</td><td>108,911</td></tr><tr><td>Leases of safe-deposit boxes</td><td>9,049</td><td>5,568</td><td>3,911</td><td>1,335</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>271,952</td><td>106,086</td><td>28,380</td><td>26,889</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>38,312</td><td>39,271</td><td>9,556</td><td>10,330</td></tr><tr><td>Club dues and initiation fees</td><td>31,978</td><td>41,953</td><td>11,950</td><td>13,041</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>3,227</td><td>3,364</td><td>2,196</td><td>1,932</td></tr><tr><td>Coin operated devices</td><td>14,616</td><td>14,994</td><td>10,483</td><td>8,855</td></tr><tr><td>Adulterated and process or renovated butter, and filled cheese</td><td>12</td><td>23</td><td>11</td><td>11</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>918</td><td>993</td><td>300</td><td>314</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>15,266</td><td>18,950</td><td>4,794</td><td>4,457</td></tr><tr><td>National Firearms Act</td><td>8</td><td>11</td><td>9</td><td>1</td></tr><tr><td>Diesel fuel 1/2</td><td>17,969</td><td>24,767</td><td>6,378</td><td>7,091</td></tr><tr><td>Wagering taxes</td><td>9,558</td><td>7,807</td><td>2,174</td><td>1,955</td></tr><tr><td>All other, including repealed taxes not shown separately</td><td>3,505</td><td>7,355</td><td>-1,081</td><td>2,119</td></tr><tr><td>Total miscellaneous excise taxes</td><td>1,936,527</td><td>1,508,624</td><td>427,079</td><td>416,717</td></tr><tr><td>Total of specified excise taxes 2/</td><td>5,153,992</td><td>4,789,195</td><td>1,192,334</td><td>1,418,917</td></tr></table>
Source: See Table 2.
1/ Applies to diesel fuel, including special motor fuels, used in highway
2/ See "Other excise taxes" in Table 2.
Treasury Bulletin
46
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollars except as noted)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 3/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 4/</th><th>National bank notes 4/</th></tr><tr><td>1948</td><td>27,903</td><td>26,482</td><td>45</td><td>2,061</td><td>1</td><td>321</td><td>23,600</td><td>353</td><td>99</td></tr><tr><td>1949</td><td>27,493</td><td>26,034</td><td>43</td><td>2,061</td><td>1</td><td>319</td><td>23,209</td><td>309</td><td>93</td></tr><tr><td>1950</td><td>27,156</td><td>25,661</td><td>41</td><td>2,177</td><td>1</td><td>321</td><td>22,760</td><td>274</td><td>86</td></tr><tr><td>1951</td><td>27,809</td><td>26,231</td><td>39</td><td>2,092</td><td>1</td><td>318</td><td>23,456</td><td>243</td><td>81</td></tr><tr><td>1952</td><td>29,026</td><td>27,348</td><td>38</td><td>2,088</td><td>1</td><td>318</td><td>24,605</td><td>221</td><td>77</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>1954</td><td>29,922</td><td>28,127</td><td>35</td><td>2,135</td><td>1</td><td>320</td><td>25,385</td><td>180</td><td>70</td></tr><tr><td>1955</td><td>30,229</td><td>28,372</td><td>34</td><td>2,170</td><td>1</td><td>319</td><td>25,618</td><td>163</td><td>67</td></tr><tr><td>1954-December</td><td>30,509</td><td>28,675</td><td>35</td><td>2,143</td><td>1</td><td>311</td><td>25,945</td><td>171</td><td>68</td></tr><tr><td>1955-January</td><td>29,789</td><td>27,981</td><td>35</td><td>2,055</td><td>1</td><td>303</td><td>25,350</td><td>169</td><td>68</td></tr><tr><td>February</td><td>29,817</td><td>28,007</td><td>35</td><td>2,083</td><td>1</td><td>312</td><td>25,339</td><td>169</td><td>68</td></tr><tr><td>March</td><td>29,800</td><td>27,978</td><td>35</td><td>2,125</td><td>1</td><td>313</td><td>25,269</td><td>167</td><td>68</td></tr><tr><td>April</td><td>29,769</td><td>27,938</td><td>35</td><td>2,134</td><td>1</td><td>316</td><td>25,220</td><td>165</td><td>67</td></tr><tr><td>May</td><td>30,009</td><td>28,166</td><td>35</td><td>2,160</td><td>1</td><td>320</td><td>25,419</td><td>164</td><td>67</td></tr><tr><td>June</td><td>30,229</td><td>28,372</td><td>34</td><td>2,170</td><td>1</td><td>319</td><td>25,618</td><td>163</td><td>67</td></tr><tr><td>July</td><td>30,244</td><td>28,379</td><td>34</td><td>2,155</td><td>1</td><td>317</td><td>25,644</td><td>161</td><td>67</td></tr><tr><td>August</td><td>30,317</td><td>28,439</td><td>34</td><td>2,143</td><td>1</td><td>317</td><td>25,717</td><td>160</td><td>66</td></tr><tr><td>September</td><td>30,422</td><td>28,535</td><td>34</td><td>2,154</td><td>1</td><td>316</td><td>25,806</td><td>158</td><td>66</td></tr><tr><td>October p.</td><td>30,556</td><td>28,658</td><td>34</td><td>2,148</td><td>1</td><td>317</td><td>25,934</td><td>157</td><td>66</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>1948</td><td>1,421</td><td>156</td><td>919</td><td>346</td><td>190.31</td></tr><tr><td>1949</td><td>1,459</td><td>164</td><td>940</td><td>355</td><td>184.33</td></tr><tr><td>1950</td><td>1,496</td><td>170</td><td>965</td><td>361</td><td>179.03</td></tr><tr><td>1951</td><td>1,578</td><td>180</td><td>1,020</td><td>378</td><td>180.17</td></tr><tr><td>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>188.72</td></tr><tr><td>1954</td><td>1,795</td><td>212</td><td>1,165</td><td>419</td><td>184.24</td></tr><tr><td>1955</td><td>1,858</td><td>223</td><td>1,202</td><td>433</td><td>182.93</td></tr><tr><td>1954-December</td><td>1,834</td><td>218</td><td>1,186</td><td>429</td><td>186.11</td></tr><tr><td>1955-January</td><td>1,808</td><td>218</td><td>1,165</td><td>425</td><td>181.47</td></tr><tr><td>February</td><td>1,810</td><td>219</td><td>1,168</td><td>424</td><td>181.41</td></tr><tr><td>March</td><td>1,822</td><td>219</td><td>1,177</td><td>426</td><td>181.05</td></tr><tr><td>April</td><td>1,831</td><td>221</td><td>1,183</td><td>428</td><td>180.64</td></tr><tr><td>May</td><td>1,843</td><td>221</td><td>1,192</td><td>430</td><td>181.85</td></tr><tr><td>June</td><td>1,858</td><td>223</td><td>1,202</td><td>433</td><td>182.93</td></tr><tr><td>July</td><td>1,865</td><td>224</td><td>1,206</td><td>435</td><td>182.75</td></tr><tr><td>August</td><td>1,878</td><td>226</td><td>1,213</td><td>439</td><td>182.89 r</td></tr><tr><td>September</td><td>1,887</td><td>227</td><td>1,219</td><td>441</td><td>183.23</td></tr><tr><td>October p</td><td>1,899</td><td>227</td><td>1,228</td><td>443</td><td>183.76</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.
4/ Federal Reserve Bank notes and national bank notes are covered by deposit of lawful money and are in process of retirement.
5/ Based on latest population estimates by the Bureau of the Census.
p Preliminary.
r Revised.
December 1955
47
MONETARY STATISTICS
Table 2.- Monetary Stocks of Gold and Silver
(Dollar amounts in millions)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks (in percent)</th></tr><tr><td>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>1954</td><td>21,927.0</td><td>3,863.1</td><td>15.0</td></tr><tr><td>1955</td><td>21,677.6</td><td>3,922.4</td><td>15.3</td></tr><tr><td>1954-December</td><td>21,712.5</td><td>3,886.6</td><td>15.2</td></tr><tr><td>1955-January</td><td>21,714.5</td><td>3,891.4</td><td>15.2</td></tr><tr><td>February</td><td>21,716.3</td><td>3,894.0</td><td>15.2</td></tr><tr><td>March</td><td>21,719.2</td><td>3,897.9</td><td>15.2</td></tr><tr><td>April</td><td>21,671.3</td><td>3,901.6</td><td>15.3</td></tr><tr><td>May</td><td>21,674.4</td><td>3,906.0</td><td>15.3</td></tr><tr><td>June</td><td>21,677.6</td><td>3,922.4</td><td>15.3</td></tr><tr><td>July</td><td>21,682.0</td><td>3,923.9</td><td>15.3</td></tr><tr><td>August</td><td>21,681.8</td><td>3,921.3</td><td>15.3</td></tr><tr><td>September</td><td>21,683.7</td><td>3,918.6</td><td>15.3</td></tr><tr><td>October</td><td>21,685.8</td><td>3,923.5</td><td>15.3</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>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>21,653.5</td><td>1,052.6</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>483.7</td></tr><tr><td>1954</td><td>21,712.5</td><td>21,223.5</td><td>489.0</td></tr><tr><td>1955-January</td><td>21,714.5</td><td>21,228.8</td><td>485.7</td></tr><tr><td>February</td><td>21,716.3</td><td>21,222.7</td><td>493.7</td></tr><tr><td>March</td><td>21,719.2</td><td>21,217.7</td><td>501.5</td></tr><tr><td>April</td><td>21,671.3</td><td>21,175.8</td><td>495.4</td></tr><tr><td>May</td><td>21,674.4</td><td>21,178.4</td><td>495.9</td></tr><tr><td>June</td><td>21,677.6</td><td>21,184.2</td><td>493.4</td></tr><tr><td>July</td><td>21,682.0</td><td>21,184.6</td><td>497.3</td></tr><tr><td>August</td><td>21,681.8</td><td>21,183.2</td><td>498.6</td></tr><tr><td>September</td><td>21,683.7</td><td>21,184.2</td><td>499.5</td></tr><tr><td>October</td><td>21,685.8</td><td>21,196.8</td><td>488.9</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 certifi-
cata 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.
48
Treasury Bulletin
MONETARY STATISTICS
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="5">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29+ per fine ounce</th></tr><tr><th>Securing silver certificates 1/ Silver bullion 2/</th><th>Silver dollars</th><th>Subsidiary coin 3/</th><th>Bullion for recoinage 4/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 3/</th></tr><tr><td>1948</td><td>1,971.5</td><td>328.1</td><td>5.9</td><td>-</td><td>89.3 2/</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 2/</td><td>171.0</td><td>982.2</td><td>3,643.1</td></tr><tr><td>1950</td><td>2,040.7</td><td>312.8</td><td>3.6</td><td>-</td><td>95.1 2/</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 2/</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>289.3</td><td>3.9</td><td>.2</td><td>45.3</td><td>202.5</td><td>1,158.1</td><td>3,794.1</td></tr><tr><td>1953</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</td><td>2,171.1</td><td>267.6</td><td>48.0</td><td>-</td><td>11.0</td><td>223.1</td><td>1,242.7</td><td>3,886.6</td></tr><tr><td>1955-January</td><td>2,174.1</td><td>267.2</td><td>50.2</td><td>.2</td><td>11.1</td><td>223.5</td><td>1,242.3</td><td>3,891.4</td></tr><tr><td>February</td><td>2,177.5</td><td>266.8</td><td>53.5</td><td>-</td><td>8.5</td><td>223.8</td><td>1,242.3</td><td>3,894.0</td></tr><tr><td>March</td><td>2,179.3</td><td>266.5</td><td>53.1</td><td>-</td><td>9.4</td><td>223.9</td><td>1,243.9</td><td>3,897.9</td></tr><tr><td>April</td><td>2,182.0</td><td>264.8</td><td>48.7</td><td>.1</td><td>10.1</td><td>225.5</td><td>1,248.2</td><td>3,901.6</td></tr><tr><td>May</td><td>2,184.7</td><td>265.3</td><td>45.0</td><td>.5</td><td>10.8</td><td>225.0</td><td>1,252.2</td><td>3,906.0</td></tr><tr><td>June</td><td>2,187.4</td><td>263.3</td><td>35.7</td><td>.7</td><td>18.8</td><td>227.0</td><td>1,260.4</td><td>3,922.4</td></tr><tr><td>July</td><td>2,189.5</td><td>261.3</td><td>28.8</td><td>.7</td><td>18.7</td><td>228.8</td><td>1,267.3</td><td>3,923.9</td></tr><tr><td>August</td><td>2,191.7</td><td>258.6</td><td>26.9</td><td>.5</td><td>15.4</td><td>231.4</td><td>1,269.3</td><td>3,921.3</td></tr><tr><td>September</td><td>2,192.2</td><td>256.7</td><td>23.8</td><td>.1</td><td>12.9</td><td>232.2</td><td>1,274.7</td><td>3,918.6</td></tr><tr><td>October</td><td>2,194.0</td><td>255.7</td><td>20.3</td><td>.1</td><td>14.5</td><td>233.2</td><td>1,277.9</td><td>3,923.5</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 recoining of subsidiary silver coins or for recoining of standard silver dollars.
December 1955
49
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 colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in Treasurer's account 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly mined silver (Proc. Dec. 21, 1933)</th><th>Newly mined silver (Acts July 6, 1939, and July 31, 1946)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>-</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>-</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>-</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>-</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>102.1</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>1954</td><td>792.9</td><td>48.7</td><td>87.6</td><td>143.8</td><td>833.6</td><td>34.7</td><td>1,148.4</td><td>6.6</td></tr><tr><td>1955-January</td><td>794.4</td><td>48.7</td><td>87.6</td><td>144.7</td><td>833.6</td><td>34.7</td><td>1,149.3</td><td>6.7</td></tr><tr><td>February</td><td>796.7</td><td>48.7</td><td>87.6</td><td>145.8</td><td>833.6</td><td>34.7</td><td>1,150.4</td><td>5.0</td></tr><tr><td>March</td><td>798.4</td><td>48.7</td><td>87.6</td><td>146.3</td><td>833.6</td><td>34.7</td><td>1,150.9</td><td>5.9</td></tr><tr><td>April</td><td>799.3</td><td>48.7</td><td>87.6</td><td>147.1</td><td>833.6</td><td>34.7</td><td>1,151.7</td><td>6.0</td></tr><tr><td>May</td><td>800.3</td><td>48.7</td><td>87.6</td><td>147.9</td><td>833.6</td><td>34.7</td><td>1,152.5</td><td>6.5</td></tr><tr><td>June</td><td>800.7</td><td>48.7</td><td>87.6</td><td>148.7</td><td>833.6</td><td>34.7</td><td>1,153.3</td><td>12.9</td></tr><tr><td>July</td><td>801.5</td><td>48.7</td><td>87.6</td><td>149.3</td><td>833.6</td><td>34.7</td><td>1,153.9</td><td>12.7</td></tr><tr><td>August</td><td>802.3</td><td>48.7</td><td>87.6</td><td>150.0</td><td>833.6</td><td>34.7</td><td>1,154.6</td><td>10.6</td></tr><tr><td>September</td><td>803.6</td><td>48.7</td><td>87.6</td><td>150.1</td><td>833.6</td><td>34.7</td><td>1,154.7</td><td>9.7</td></tr></table>
Source: Bureau of Accounts. 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 September 30, 1955
<table><tr><th></th><th>Allocations of increment</th><th>Chargee 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 Banke for industrial loans</td><td>139,299,556.99</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>1,857,404.22</td><td>317,717.71</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>8,749,470.83</td><td>-</td><td>8,749,470.83</td></tr><tr><td>Total increment</td><td>2,819,474,865.98</td><td>2,674,791,680.64</td><td>144,683,185.34</td></tr></table>
Source: Bureau of Accounte.
50
Treasury Bulletin
CAPITAL MOVEMENTS
Data relating to capital movements between the United States and foreign countries have been collected since 1935, pursuant to Executive Order 6560 of January 15, 1934, Executive Order 10033 of February 8, 1949, and Treasury regulations promulgated thereunder. Information covering the principal types of data and the principal countries is reported monthly, and is published regularly in the "Treasury Bulletin." Supplementary information is published at less frequent intervals. Reports by banks, bankers, securities brokers and dealers, and industrial and commercial concerns in the United States are made initially to the Federal Reserve Banks, which forward consolidated figures to the Treasury. Beginning April 1954, data reported by banks in the Territories and possessions of the United States are included in the published data.
The term "foreigner" as used in these reports covers all institutions and individuals domiciled outside the United States and its Territories and possessions, the official institutions of foreign countries, wherever such institutions may be located, and international organizations. "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, statistical presentation, and definitions appeared in the June 1954 issue of the "Treasury Bulletin."
pages 45-47. As a result of changes in presentation introduced in that issue, not all breakdowns previously published will be exactly comparable to those now presented.
The first three sections which follow are published monthly. They provide summaries, by periods and by countries, of data on short-term banking liabilities to and claims on foreigners and transactions in long-term securities by foreigners, and present detailed breakdowns of the latest available preliminary data.
Section IV provides supplementary data in five tables which appear at less frequent intervals. Table 1, short-term foreign liabilities and claims reported by nonfinancial concerns, is published quarterly in the January, April, July, and October issues of the Bulletin. Table 2, long-term foreign liabilities and claims reported by banks and bankers, and Table 3, estimated gold and short-term dollar resources of foreign countries, are published quarterly in the March, June, September, and December issues. Table 4, foreign credit and debit balances in brokerage accounts, appears semiannually in the March and September issues. Table 5, short-term liabilities to foreigners in countries and areas not regularly reported separately by banking institutions, is presented annually in the April issue.
Section I - Summary by Periods
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In millions of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="3">Changes in liabilities to foreigners</th><th colspan="3">Changes in claims on foreigners</th></tr><tr><th></th><th></th><th>Total</th><th>Short-term banking funds</th><th>Transactions in domestic securities</th><th>Total</th><th>Short-term banking funds</th><th>Transactions in foreign securities</th></tr><tr><td>1935-41</td><td>5,253.2</td><td>3,661.3</td><td>3,034.6</td><td>626.7</td><td>1,591.9</td><td>736.3</td><td>855.5</td></tr><tr><td>1942</td><td>622.6</td><td>532.5</td><td>485.9</td><td>46.6</td><td>90.1</td><td>97.5</td><td>-7.4</td></tr><tr><td>1943</td><td>1,273.5</td><td>1,207.1</td><td>1,179.3</td><td>27.8</td><td>66.4</td><td>-11.3</td><td>77.7</td></tr><tr><td>1944</td><td>452.8</td><td>431.1</td><td>220.4</td><td>210.7</td><td>21.7</td><td>-71.8</td><td>93.5</td></tr><tr><td>1945</td><td>1,056.6</td><td>1,166.3</td><td>1,279.4</td><td>-113.1</td><td>-109.7</td><td>-63.1</td><td>-46.6</td></tr><tr><td>1946</td><td>-803.0</td><td>-752.6</td><td>-418.4</td><td>-334.2</td><td>-50.4</td><td>-315.5</td><td>265.1</td></tr><tr><td>1947</td><td>345.5</td><td>547.2</td><td>636.2</td><td>-89.1</td><td>-201.7</td><td>-240.7</td><td>39.0</td></tr><tr><td>1948</td><td>244.7</td><td>409.3</td><td>601.5</td><td>-192.2</td><td>-164.6</td><td>-69.8</td><td>-94.8</td></tr><tr><td>1949</td><td>193.8</td><td>-24.8</td><td>-100.0</td><td>75.2</td><td>218.6</td><td>190.8</td><td>27.8</td></tr><tr><td>1950</td><td>1,749.6</td><td>1,971.2</td><td>1,026.8</td><td>944.4</td><td>-221.6</td><td>-76.2</td><td>-145.4</td></tr><tr><td>1951</td><td>-374.3</td><td>73.1</td><td>657.4</td><td>-584.3</td><td>-447.5</td><td>-70.5</td><td>-377.0</td></tr><tr><td>1952</td><td>1,260.6</td><td>1,558.8</td><td>1,243.9</td><td>314.9</td><td>-298.2</td><td>-80.3</td><td>-217.9</td></tr><tr><td>1953</td><td>1,162.8</td><td>1,090.9</td><td>1,102.4</td><td>-11.5</td><td>72.0</td><td>144.2</td><td>-72.2</td></tr><tr><td>1954</td><td>641.0</td><td>1,423.4</td><td>1,274.1</td><td>149.3</td><td>-782.4</td><td>-482.0</td><td>-300.4</td></tr><tr><td>1955-January</td><td>-27.9</td><td>-1.8</td><td>-69.7</td><td>67.9</td><td>-26.1</td><td>6.3</td><td>-32.4</td></tr><tr><td>February</td><td>46.4</td><td>.2</td><td>-143.0</td><td>143.1</td><td>46.2</td><td>12.5</td><td>33.7</td></tr><tr><td>March</td><td>53.6</td><td>51.0</td><td>18.1</td><td>32.8</td><td>2.6</td><td>2.1</td><td>.6</td></tr><tr><td>April</td><td>147.2</td><td>168.1</td><td>159.2</td><td>8.9</td><td>-20.9</td><td>-14.5</td><td>-6.4</td></tr><tr><td>May</td><td>268.9</td><td>287.0</td><td>165.6</td><td>121.5</td><td>-18.1</td><td>-34.4</td><td>16.3</td></tr><tr><td>June</td><td>57.9</td><td>80.3</td><td>64.7</td><td>15.6</td><td>-22.4</td><td>-35.8</td><td>13.3</td></tr><tr><td>July</td><td>126.5</td><td>75.9</td><td>24.2</td><td>51.7</td><td>50.6</td><td>34.0</td><td>16.6</td></tr><tr><td>August p.</td><td>77.7 r</td><td>74.6 r</td><td>-100.8 r</td><td>175.4</td><td>3.1 r</td><td>2.5 r</td><td>.6</td></tr><tr><td>September p.</td><td>356.5</td><td>341.6</td><td>310.6</td><td>31.0</td><td>14.9</td><td>25.9</td><td>-11.0</td></tr></table>
Preliminary
Y. Revised.
December 1955
51
CAPITAL MOVEMENTS
Section I - Summary by Periods
Table 2.- Short-Term Banking Liabilities to and Claims on Foreigners
(Position at end of period in millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="5">Short-term liabilities to foreigners</th><th colspan="4">Short-term claims on foreigners</th></tr><tr><th></th><th>Total</th><th>Foreign official</th><th>Other foreign</th><th>Inter-national</th><th>Payable in foreign currencies</th><th>Total</th><th>Loans to foreign banks</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1942</td><td>4,205.4</td><td>2,244.4</td><td>1,947.1</td><td>-</td><td>13.9</td><td>246.7</td><td>72.0</td><td>143.7</td><td>30.9</td></tr><tr><td>1943</td><td>5,374.9</td><td>3,320.3</td><td>2,036.7</td><td>-</td><td>17.9</td><td>257.9</td><td>86.4</td><td>137.2</td><td>34.4</td></tr><tr><td>1944</td><td>5,596.8</td><td>3,335.2</td><td>2,239.9</td><td>-</td><td>21.6</td><td>329.7</td><td>105.4</td><td>169.7</td><td>54.6</td></tr><tr><td>1945</td><td>6,883.1</td><td>4,179.3</td><td>2,678.2</td><td>-</td><td>25.5</td><td>392.8</td><td>100.3</td><td>245.0</td><td>47.5</td></tr><tr><td>1946</td><td>6,480.3</td><td>3,043.9</td><td>2,922.0</td><td>473.7</td><td>40.6</td><td>708.3</td><td>319.6</td><td>290.5</td><td>98.1</td></tr><tr><td>1947</td><td>7,116.4</td><td>1,832.1</td><td>2,972.7</td><td>2,262.0</td><td>49.7</td><td>948.9</td><td>292.9</td><td>490.6</td><td>165.4</td></tr><tr><td>1948</td><td>7,718.0</td><td>2,836.3</td><td>2,947.0</td><td>1,864.3</td><td>70.4</td><td>1,018.7</td><td>361.2</td><td>557.1</td><td>100.4</td></tr><tr><td>1949</td><td>7,618.0</td><td>2,908.1</td><td>3,001.0</td><td>1,657.8</td><td>51.0</td><td>827.9</td><td>222.7</td><td>494.3</td><td>110.8</td></tr><tr><td>1950</td><td>8,644.8</td><td>3,620.3</td><td>3,451.7</td><td>1,527.8</td><td>44.9</td><td>898.0</td><td>151.1</td><td>506.3</td><td>240.6</td></tr><tr><td>1951</td><td>9,302.2</td><td>3,547.6</td><td>4,041.2</td><td>1,641.1</td><td>72.2</td><td>968.4</td><td>177.2</td><td>699.4</td><td>91.8</td></tr><tr><td>1952</td><td>10,546.1</td><td>4,654.2</td><td>4,245.6</td><td>1,584.9</td><td>61.4</td><td>1,048.7</td><td>122.9</td><td>847.5</td><td>78.4</td></tr><tr><td>1953</td><td>11,648.4</td><td>5,666.9</td><td>4,308.4</td><td>1,629.4</td><td>43.7</td><td>904.5</td><td>156.5</td><td>646.5</td><td>101.6</td></tr><tr><td>1954</td><td>12,922.5</td><td>6,774.0</td><td>4,335.4</td><td>1,769.9</td><td>43.2</td><td>1,386.5</td><td>206.5</td><td>969.0</td><td>211.0</td></tr><tr><td>1955-January</td><td>12,852.8</td><td>6,749.5</td><td>4,305.9</td><td>1,752.2</td><td>45.2</td><td>1,380.2</td><td>219.0</td><td>962.7</td><td>198.6</td></tr><tr><td>February</td><td>12,709.9</td><td>6,540.3</td><td>4,329.7</td><td>1,784.9</td><td>54.9</td><td>1,367.8</td><td>203.1</td><td>991.5</td><td>173.2</td></tr><tr><td>March</td><td>12,728.0</td><td>6,508.1</td><td>4,361.1</td><td>1,812.8</td><td>46.1</td><td>1,369.7</td><td>195.4</td><td>999.6</td><td>170.7</td></tr><tr><td>April</td><td>12,887.2</td><td>6,632.9</td><td>4,393.8</td><td>1,820.7</td><td>39.8</td><td>1,380.2</td><td>217.0</td><td>1,002.4</td><td>160.8</td></tr><tr><td>May</td><td>13,052.8</td><td>6,711.3</td><td>4,427.6</td><td>1,875.0</td><td>38.9</td><td>1,414.7</td><td>244.0</td><td>1,005.6</td><td>165.0</td></tr><tr><td>June</td><td>13,117.5</td><td>6,775.7</td><td>4,441.9</td><td>1,854.4</td><td>45.5</td><td>1,450.4</td><td>236.1</td><td>1,040.1</td><td>174.2</td></tr><tr><td>July</td><td>13,141.7</td><td>6,658.0</td><td>4,578.0</td><td>1,860.8</td><td>44.8</td><td>1,416.4</td><td>231.9</td><td>1,041.4</td><td>143.2</td></tr><tr><td>August p</td><td>13,040.9</td><td>6,552.0</td><td>4,590.2</td><td>1,858.6</td><td>40.0</td><td>1,413.9</td><td>218.3</td><td>1,028.8</td><td>136.8</td></tr><tr><td>September p</td><td>13,351.5</td><td>6,803.0</td><td>4,660.6</td><td>1,844.2</td><td>43.7</td><td>1,388.0</td><td>237.3</td><td>1,015.1</td><td>135.6</td></tr></table>
p Preliminary.
Table 3.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In millions 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">U. S. Government bonds and notes 1/</th><th colspan="3">Corporate and other</th><th colspan="3">Stoake</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>Purchases</th><th>Sales</th><th>Net purchases</th><th></th><th></th><th></th></tr><tr><td>1935-41.</td><td>396.8 3/</td><td>492.4 3/</td><td>-95.7 3/</td><td>2/</td><td>2/</td><td>2/</td><td>430.2 3/</td><td>841.6 3/</td><td>-411.4 3/</td><td>9,322.1</td><td>8,695.3</td><td>626.7</td></tr><tr><td>1942</td><td>164.2</td><td>138.5</td><td>25.7</td><td>2/</td><td>2/</td><td>2/</td><td>96.4</td><td>75.5</td><td>20.9</td><td>260.6</td><td>214.0</td><td>46.6</td></tr><tr><td>1943</td><td>241.3</td><td>170.6</td><td>70.7</td><td>2/</td><td>2/</td><td>2/</td><td>151.6</td><td>194.6</td><td>-43.0</td><td>392.9</td><td>365.2</td><td>27.8</td></tr><tr><td>1944</td><td>513.6</td><td>268.2</td><td>245.3</td><td>2/</td><td>2/</td><td>2/</td><td>136.9</td><td>171.4</td><td>-34.6</td><td>650.4</td><td>439.7</td><td>210.7</td></tr><tr><td>1945</td><td>377.7</td><td>393.4</td><td>-15.7</td><td>2/</td><td>2/</td><td>2/</td><td>260.2</td><td>357.7</td><td>-97.4</td><td>637.9</td><td>751.0</td><td>-113.1</td></tr><tr><td>1946</td><td>414.5</td><td>684.2</td><td>-269.7</td><td>2/</td><td>2/</td><td>2/</td><td>367.6</td><td>432.1</td><td>-64.5</td><td>782.1</td><td>1,116.3</td><td>-334.2</td></tr><tr><td>1947</td><td>344.8</td><td>283.3</td><td>61.5</td><td>2/</td><td>2/</td><td>2/</td><td>226.1</td><td>376.7</td><td>-150.6</td><td>570.9</td><td>659.9</td><td>-89.1</td></tr><tr><td>1948</td><td>282.4</td><td>330.3</td><td>-47.9</td><td>2/</td><td>2/</td><td>2/</td><td>369.7</td><td>514.1</td><td>-144.3</td><td>652.2</td><td>844.4</td><td>-192.2</td></tr><tr><td>1949</td><td>430.0</td><td>333.6</td><td>96.4</td><td>2/</td><td>2/</td><td>2/</td><td>334.1</td><td>375.3</td><td>-41.2</td><td>784.1</td><td>708.9</td><td>75.2</td></tr><tr><td>1950</td><td>1,236.4</td><td>294.3</td><td>942.1</td><td>107.7</td><td>108.3</td><td>-6</td><td>666.9</td><td>664.0</td><td>2.9</td><td>2,011.1</td><td>1,066.6</td><td>944.4</td></tr><tr><td>1951</td><td>673.6</td><td>1,356.6</td><td>-683.0</td><td>120.0</td><td>141.6</td><td>-21.6</td><td>739.8</td><td>619.5</td><td>120.3</td><td>1,533.3</td><td>2,117.6</td><td>-584.3</td></tr><tr><td>1952</td><td>533.7</td><td>231.4</td><td>302.3</td><td>200.1</td><td>188.5</td><td>11.7</td><td>650.2</td><td>649.2</td><td>1.0</td><td>1,384.0</td><td>1,069.0</td><td>314.9</td></tr><tr><td>1953</td><td>646.0</td><td>728.0</td><td>-82.0</td><td>212.8</td><td>197.4</td><td>15.3</td><td>589.1</td><td>533.9</td><td>55.2</td><td>1,447.9</td><td>1,459.4</td><td>-11.5</td></tr><tr><td>1954</td><td>800.9</td><td>792.7</td><td>8.2</td><td>289.7</td><td>283.6</td><td>6.1</td><td>1,115.1</td><td>980.2</td><td>135.0</td><td>2,205.7</td><td>2,056.4</td><td>149.3</td></tr><tr><td>1955-January</td><td>120.8</td><td>81.1</td><td>39.7</td><td>30.9</td><td>33.3</td><td>-2.4</td><td>146.1</td><td>115.4</td><td>30.7</td><td>297.8</td><td>229.8</td><td>67.9</td></tr><tr><td>February</td><td>360.8</td><td>216.0</td><td>144.8</td><td>25.3</td><td>33.7</td><td>-8.4</td><td>134.2</td><td>127.5</td><td>6.7</td><td>520.4</td><td>377.2</td><td>143.1</td></tr><tr><td>March</td><td>83.3</td><td>72.1</td><td>11.2</td><td>39.6</td><td>30.0</td><td>9.6</td><td>144.9</td><td>132.9</td><td>12.0</td><td>267.9</td><td>235.1</td><td>32.8</td></tr><tr><td>April</td><td>48.4</td><td>44.8</td><td>3.6</td><td>17.8</td><td>18.0</td><td>-2.2</td><td>117.6</td><td>112.1</td><td>5.5</td><td>183.8</td><td>174.9</td><td>8.9</td></tr><tr><td>May</td><td>249.0</td><td>142.4</td><td>106.6</td><td>28.3</td><td>21.2</td><td>7.2</td><td>129.2</td><td>111.5</td><td>17.7</td><td>396.5</td><td>275.1</td><td>121.5</td></tr><tr><td>June</td><td>14.1</td><td>17.1</td><td>-3.0</td><td>25.8</td><td>26.7</td><td>-1.0</td><td>150.4</td><td>130.8</td><td>19.6</td><td>190.2</td><td>174.6</td><td>15.6</td></tr><tr><td>July</td><td>47.8</td><td>23.9</td><td>23.9</td><td>17.8</td><td>21.3</td><td>-3.5</td><td>149.1</td><td>117.8</td><td>31.3</td><td>214.7</td><td>163.0</td><td>51.7</td></tr><tr><td>August p.</td><td>180.6</td><td>24.3</td><td>156.3</td><td>19.0</td><td>17.5</td><td>1.6</td><td>115.8</td><td>98.3</td><td>17.5</td><td>315.4</td><td>140.0</td><td>175.4</td></tr><tr><td>September p.</td><td>38.2</td><td>33.0</td><td>5.2</td><td>29.7</td><td>26.1</td><td>3.7</td><td>150.4</td><td>128.4</td><td>22.2</td><td>218.3</td><td>187.3</td><td>31.0</td></tr></table>
1/ Through 1949, includes transactions in corporate bonds.
2/ Through 1949, included with transactions in U. S. Government bonds and notes.
3/ January 4, 1940, through December 31, 1941; the breakdown between stocks
and bonds is not available for earlier years. p Preliminary.
52
Treasury Bulletin
CAPITAL MOVEMENTS
Section I - Summary by Periods
Table 4.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In millions 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 bonds</th><th colspan="3">Foreign stocks</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>4,008.2</td><td>3,152.6</td><td>855.5</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>220.5</td><td>227.9</td><td>-7.4</td></tr><tr><td>1943</td><td>446.4</td><td>372.2</td><td>74.2</td><td>23.3</td><td>19.8</td><td>3.5</td><td>469.6</td><td>391.9</td><td>77.7</td></tr><tr><td>1944</td><td>314.3</td><td>225.3</td><td>89.0</td><td>26.6</td><td>22.1</td><td>4.5</td><td>340.9</td><td>247.4</td><td>93.5</td></tr><tr><td>1945</td><td>318.1</td><td>347.3</td><td>-29.2</td><td>37.3</td><td>54.8</td><td>-17.5</td><td>355.4</td><td>402.1</td><td>-46.6</td></tr><tr><td>1946</td><td>755.9</td><td>490.4</td><td>265.5</td><td>65.2</td><td>65.6</td><td>-0.4</td><td>821.2</td><td>556.1</td><td>265.1</td></tr><tr><td>1947</td><td>658.7</td><td>634.3</td><td>24.5</td><td>57.1</td><td>42.6</td><td>14.6</td><td>715.9</td><td>676.8</td><td>39.0</td></tr><tr><td>1948</td><td>211.6</td><td>291.4</td><td>-79.8</td><td>81.7</td><td>96.7</td><td>-15.0</td><td>293.3</td><td>388.2</td><td>-94.8</td></tr><tr><td>1949</td><td>321.2</td><td>311.5</td><td>9.8</td><td>88.8</td><td>70.8</td><td>18.0</td><td>410.1</td><td>382.3</td><td>27.8</td></tr><tr><td>1950</td><td>589.2</td><td>710.2</td><td>-121.0</td><td>173.8</td><td>198.2</td><td>-24.4</td><td>763.0</td><td>908.4</td><td>-145.4</td></tr><tr><td>1951</td><td>500.4</td><td>801.0</td><td>-300.6</td><td>272.3</td><td>348.7</td><td>-76.4</td><td>772.7</td><td>1,149.7</td><td>-377.0</td></tr><tr><td>1952</td><td>495.3</td><td>677.4</td><td>-182.1</td><td>293.9</td><td>329.6</td><td>-35.8</td><td>789.1</td><td>1,007.0</td><td>-217.9</td></tr><tr><td>1953</td><td>542.5</td><td>621.5</td><td>-79.0</td><td>310.1</td><td>303.4</td><td>6.8</td><td>852.7</td><td>924.9</td><td>-72.2</td></tr><tr><td>1954</td><td>792.4</td><td>841.3</td><td>-48.8</td><td>393.3</td><td>644.9</td><td>-251.6</td><td>1,185.8</td><td>1,486.1</td><td>-300.4</td></tr><tr><td>1955-January</td><td>75.7</td><td>62.7</td><td>13.0</td><td>42.3</td><td>87.7</td><td>-45.4</td><td>118.0</td><td>150.4</td><td>-32.4</td></tr><tr><td>February</td><td>130.9</td><td>70.3</td><td>60.7</td><td>43.3</td><td>70.3</td><td>-27.0</td><td>174.2</td><td>140.5</td><td>33.7</td></tr><tr><td>March</td><td>59.3</td><td>38.2</td><td>21.2</td><td>54.3</td><td>74.9</td><td>-20.6</td><td>113.6</td><td>113.0</td><td>.6</td></tr><tr><td>April</td><td>49.2</td><td>45.7</td><td>3.5</td><td>47.8</td><td>57.7</td><td>-9.9</td><td>97.0</td><td>103.4</td><td>-6.4</td></tr><tr><td>May</td><td>45.1</td><td>27.4</td><td>17.7</td><td>54.4</td><td>55.8</td><td>-1.4</td><td>99.5</td><td>83.1</td><td>16.3</td></tr><tr><td>June</td><td>70.4</td><td>34.1</td><td>36.2</td><td>68.9</td><td>91.8</td><td>-22.9</td><td>139.2</td><td>125.9</td><td>13.3</td></tr><tr><td>July</td><td>59.6</td><td>30.3</td><td>29.2</td><td>55.0</td><td>67.6</td><td>-12.6</td><td>114.5</td><td>97.9</td><td>16.6</td></tr><tr><td>August p.</td><td>40.5</td><td>20.0</td><td>20.5</td><td>53.7</td><td>73.7</td><td>-19.9</td><td>94.2</td><td>93.6</td><td>.6</td></tr><tr><td>September p.</td><td>36.6</td><td>40.6</td><td>-4.0</td><td>70.6</td><td>77.6</td><td>-7.0</td><td>107.3</td><td>118.2</td><td>-11.0</td></tr></table>
n.a. Not available.
p Preliminary.
December 1955
53
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 1.- Short-Term Banking Liabilities to Foreigners
(Position at end of period in millions of dollars)
<table><tr><th>Country</th><th colspan="4">Calendar year</th><th colspan="7">1955</th></tr><tr><th></th><th>1951</th><th>1952</th><th>1953</th><th>1954</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August p</th><th>September p</th><th>October p</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>57.1</td><td>91.1</td><td>190.9</td><td>273.2</td><td>272.3</td><td>271.7</td><td>268.6</td><td>273.4</td><td>282.7</td><td>279.9</td><td>279.1</td></tr><tr><td>Belgium</td><td>134.7</td><td>123.9</td><td>130.3</td><td>99.8</td><td>105.5</td><td>103.5</td><td>106.8</td><td>99.5</td><td>104.0</td><td>104.1</td><td>104.8</td></tr><tr><td>Czechoslovakia</td><td>1.3</td><td>.6</td><td>.6</td><td>.7</td><td>.7</td><td>.7</td><td>.7</td><td>.7</td><td>.8</td><td>.6</td><td>.8</td></tr><tr><td>Denmark</td><td>45.3</td><td>70.4</td><td>95.7</td><td>71.1</td><td>69.7</td><td>64.3</td><td>54.2</td><td>56.5</td><td>60.3</td><td>63.7</td><td>54.5</td></tr><tr><td>Finland</td><td>27.0</td><td>28.5</td><td>37.9</td><td>41.3</td><td>37.2</td><td>40.4</td><td>38.5</td><td>40.1</td><td>41.9</td><td>41.1</td><td>46.1</td></tr><tr><td>France</td><td>289.4</td><td>342.6</td><td>428.5</td><td>715.4</td><td>670.7</td><td>766.1</td><td>785.1</td><td>834.7</td><td>914.6</td><td>980.4</td><td>1,017.1</td></tr><tr><td>Germany, Federal Republic of</td><td>405.6</td><td>551.1</td><td>898.8</td><td>1,372.5</td><td>1,404.5</td><td>1,407.6</td><td>1,397.0</td><td>1,418.3</td><td>1,420.1</td><td>1,421.8</td><td>1,425.0</td></tr><tr><td>Greece</td><td>45.8</td><td>47.3</td><td>100.9</td><td>112.5</td><td>134.5</td><td>131.0</td><td>126.6</td><td>124.7</td><td>126.2</td><td>134.0</td><td>140.6</td></tr><tr><td>Italy</td><td>300.5</td><td>308.9</td><td>465.7</td><td>578.6</td><td>629.3</td><td>637.7</td><td>645.7</td><td>675.7</td><td>711.7</td><td>769.0</td><td>813.1</td></tr><tr><td>Netherlands</td><td>148.8</td><td>201.1</td><td>242.9</td><td>249.3</td><td>218.2</td><td>194.6</td><td>202.3</td><td>202.1</td><td>190.0</td><td>199.3</td><td>182.5</td></tr><tr><td>Norway</td><td>99.7</td><td>110.3</td><td>118.5</td><td>103.4</td><td>76.8</td><td>67.8</td><td>71.2</td><td>67.6</td><td>65.8</td><td>67.7</td><td>72.2</td></tr><tr><td>Poland</td><td>2.8</td><td>3.4</td><td>2.2</td><td>2.1</td><td>2.3</td><td>1.9</td><td>3.5</td><td>2.2</td><td>1.8</td><td>2.0</td><td>2.7</td></tr><tr><td>Portugal</td><td>40.7</td><td>57.4</td><td>72.4</td><td>91.3</td><td>94.6</td><td>94.1</td><td>94.4</td><td>100.6</td><td>105.4</td><td>111.6</td><td>119.8</td></tr><tr><td>Romania</td><td>6.1</td><td>6.1</td><td>5.8</td><td>7.8</td><td>8.3</td><td>8.1</td><td>8.0</td><td>8.0</td><td>7.9</td><td>8.2</td><td>8.3</td></tr><tr><td>Spain</td><td>17.1</td><td>19.2</td><td>36.0</td><td>71.3</td><td>99.2</td><td>100.6</td><td>108.9</td><td>112.9</td><td>119.3</td><td>120.1</td><td>117.2</td></tr><tr><td>Sweden</td><td>71.7</td><td>91.0</td><td>116.7</td><td>141.9</td><td>118.2</td><td>113.9</td><td>118.9</td><td>130.4</td><td>143.7</td><td>147.9</td><td>148.5</td></tr><tr><td>Switzerland</td><td>521.3</td><td>641.8</td><td>674.2</td><td>672.4</td><td>657.6</td><td>672.4</td><td>685.2</td><td>702.2</td><td>675.6</td><td>682.8</td><td>709.1</td></tr><tr><td>Turkey</td><td>14.1</td><td>8.4</td><td>14.2</td><td>8.2</td><td>11.1</td><td>10.3</td><td>11.8</td><td>9.0</td><td>9.6</td><td>9.3</td><td>9.1</td></tr><tr><td>U. S. S. R.</td><td>2.5</td><td>1.7</td><td>2.0</td><td>1.8</td><td>1.8</td><td>2.0</td><td>3.1</td><td>1.1</td><td>.9</td><td>1.4</td><td>1.0</td></tr><tr><td>United Kingdom</td><td>642.6</td><td>817.9</td><td>708.9</td><td>639.5</td><td>676.7</td><td>663.6</td><td>689.1</td><td>623.2</td><td>561.1</td><td>575.2</td><td>645.3</td></tr><tr><td>Yugoslavia</td><td>7.1</td><td>12.0</td><td>6.9</td><td>8.6</td><td>8.9</td><td>8.6</td><td>10.8</td><td>8.4</td><td>9.5</td><td>9.2</td><td>11.3</td></tr><tr><td>Other Europe</td><td>124.7</td><td>218.8</td><td>383.5</td><td>358.8</td><td>400.2</td><td>363.3</td><td>359.4</td><td>323.7</td><td>299.3</td><td>263.6</td><td>258.1</td></tr><tr><td>Total Europe</td><td>3,005.9</td><td>3,775.5</td><td>4,733.6</td><td>5,620.5</td><td>5,698.4</td><td>5,723.9</td><td>5,789.7</td><td>5,814.8</td><td>5,853.2</td><td>5,993.2</td><td>6,166.9</td></tr><tr><td>Canada</td><td>1,307.1</td><td>1,420.7</td><td>1,295.5</td><td>1,535.7</td><td>1,318.9</td><td>1,274.7</td><td>1,269.3</td><td>1,302.3</td><td>1,168.8</td><td>1,184.4</td><td>1,143.0</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>249.7</td><td>138.8</td><td>130.0</td><td>160.4</td><td>155.9</td><td>167.4</td><td>156.6</td><td>165.3</td><td>173.7</td><td>164.8</td><td>152.7</td></tr><tr><td>Bolivia</td><td>27.8</td><td>24.5</td><td>19.1</td><td>29.2</td><td>26.5</td><td>28.3</td><td>27.5</td><td>25.7</td><td>25.0</td><td>25.6</td><td>25.4</td></tr><tr><td>Brazil</td><td>100.3</td><td>72.5</td><td>101.7</td><td>119.6</td><td>110.7</td><td>129.3</td><td>119.6</td><td>117.7</td><td>125.5</td><td>117.0</td><td>161.9</td></tr><tr><td>Chile</td><td>54.0</td><td>79.3</td><td>78.8</td><td>69.6</td><td>75.8</td><td>94.8</td><td>94.2</td><td>88.8</td><td>75.3</td><td>87.1</td><td>77.0</td></tr><tr><td>Colombia</td><td>106.4</td><td>118.2</td><td>150.2</td><td>222.2</td><td>88.0</td><td>90.8</td><td>101.5</td><td>103.0</td><td>105.5</td><td>98.2</td><td>105.7</td></tr><tr><td>Cuba</td><td>263.6</td><td>301.2</td><td>340.8</td><td>236.7</td><td>251.7</td><td>254.0</td><td>244.6</td><td>241.3</td><td>230.5</td><td>235.7</td><td>249.1</td></tr><tr><td>Dominican Republic</td><td>45.8</td><td>44.2</td><td>39.3</td><td>60.4</td><td>67.8</td><td>67.3</td><td>70.7</td><td>70.6</td><td>71.0</td><td>69.6</td><td>68.3</td></tr><tr><td>Guatemala</td><td>27.3</td><td>34.3</td><td>37.9</td><td>34.5</td><td>48.2</td><td>51.1</td><td>50.5</td><td>51.1</td><td>46.7</td><td>42.6</td><td>38.5</td></tr><tr><td>Mexico</td><td>158.2</td><td>231.2</td><td>183.2</td><td>328.9</td><td>376.0</td><td>371.7</td><td>341.3</td><td>326.8</td><td>321.2</td><td>340.1</td><td>362.2</td></tr><tr><td>Netherlands W. Indies & Surinam</td><td>34.9</td><td>44.3</td><td>51.5</td><td>48.7</td><td>43.6</td><td>45.2</td><td>48.1</td><td>44.3</td><td>42.9</td><td>46.5</td><td>42.4</td></tr><tr><td>Panama, Republic of</td><td>67.7</td><td>80.8</td><td>89.9</td><td>73.8</td><td>77.7</td><td>73.7</td><td>84.3</td><td>79.8</td><td>84.7</td><td>84.8</td><td>81.7</td></tr><tr><td>Peru</td><td>47.2</td><td>60.9</td><td>68.0</td><td>83.4</td><td>81.8</td><td>81.8</td><td>83.1</td><td>88.9</td><td>85.9</td><td>88.7</td><td>95.3</td></tr><tr><td>El Salvador</td><td>27.8</td><td>25.6</td><td>26.8</td><td>30.4</td><td>46.3</td><td>48.4</td><td>49.7</td><td>45.1</td><td>38.8</td><td>32.5</td><td>26.6</td></tr><tr><td>Uruguay</td><td>84.7</td><td>94.1</td><td>109.6</td><td>90.3</td><td>74.1</td><td>67.5</td><td>63.9</td><td>61.3</td><td>59.6</td><td>61.4</td><td>60.3</td></tr><tr><td>Venezuela</td><td>71.9</td><td>149.5</td><td>222.4</td><td>193.6</td><td>243.2</td><td>284.7</td><td>261.3</td><td>253.1</td><td>234.5</td><td>258.8</td><td>260.3</td></tr><tr><td>Other Latin America</td><td>87.8</td><td>117.4</td><td>119.2</td><td>124.1</td><td>131.6</td><td>133.2</td><td>129.5</td><td>133.7</td><td>132.2</td><td>131.9</td><td>130.7</td></tr><tr><td>Total Latin America</td><td>1,455.2</td><td>1,612.9</td><td>1,768.4</td><td>1,905.9</td><td>1,899.1</td><td>1,989.0</td><td>1,920.5</td><td>1,896.5</td><td>1,853.1</td><td>1,915.3</td><td>1,937.9</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>43.2</td><td>38.3</td><td>36.4</td><td>35.7</td><td>36.5</td><td>36.4</td><td>36.3</td><td>36.4</td><td>36.2</td><td>36.3</td><td>36.7</td></tr><tr><td>Formosa</td><td>44.2</td><td>38.2</td><td>37.2</td><td>34.3</td><td>32.6</td><td>34.0</td><td>34.3</td><td>36.0</td><td>35.4</td><td>35.6</td><td>38.2</td></tr><tr><td>Hong Kong</td><td>62.4</td><td>70.9</td><td>68.0</td><td>60.8</td><td>59.0</td><td>61.0</td><td>60.3</td><td>61.7</td><td>60.2</td><td>58.1</td><td>56.5</td></tr><tr><td>India</td><td>62.1</td><td>64.6</td><td>99.0</td><td>86.9</td><td>83.5</td><td>93.4</td><td>97.0</td><td>77.5</td><td>73.1</td><td>92.0</td><td>89.7</td></tr><tr><td>Indonesia</td><td>140.6</td><td>61.0</td><td>39.3</td><td>100.3</td><td>96.0</td><td>99.9</td><td>115.4</td><td>107.9</td><td>109.8</td><td>120.0</td><td>127.4</td></tr><tr><td>Iran</td><td>25.5</td><td>19.2</td><td>43.6</td><td>31.4</td><td>47.0</td><td>51.6</td><td>51.6</td><td>47.7</td><td>42.4</td><td>35.5</td><td>42.3</td></tr><tr><td>Israel</td><td>26.6</td><td>18.8</td><td>18.0</td><td>41.0</td><td>44.7</td><td>43.1</td><td>41.2</td><td>43.1</td><td>54.9</td><td>46.5</td><td>46.0</td></tr><tr><td>Japan</td><td>596.0</td><td>808.0</td><td>827.9</td><td>724.9</td><td>709.2</td><td>720.1</td><td>757.4</td><td>773.8</td><td>803.6</td><td>864.6</td><td>914.3</td></tr><tr><td>Korea, Republic of 2/</td><td>26.2</td><td>54.4</td><td>91.5</td><td>95.6</td><td>98.4</td><td>105.8</td><td>107.9</td><td>106.2</td><td>101.6</td><td>99.6</td><td>95.1</td></tr><tr><td>Philippines</td><td>329.7</td><td>315.1</td><td>295.5</td><td>257.4</td><td>249.3</td><td>249.3</td><td>252.0</td><td>258.5</td><td>260.5</td><td>253.1</td><td>246.8</td></tr><tr><td>Thailand</td><td>96.7</td><td>181.0</td><td>167.9</td><td>123.1</td><td>130.2</td><td>128.8</td><td>129.9</td><td>121.2</td><td>122.0</td><td>122.9</td><td>125.0</td></tr><tr><td>Other Asia</td><td>142.2</td><td>167.1</td><td>171.2</td><td>234.1</td><td>265.9</td><td>261.1</td><td>299.1</td><td>297.7</td><td>291.0</td><td>321.3</td><td>343.7</td></tr><tr><td>Total Asia</td><td>1,595.5</td><td>1,836.5</td><td>1,895.5</td><td>1,825.4</td><td>1,892.3</td><td>1,884.7</td><td>1,982.6</td><td>1,967.7</td><td>1,990.7</td><td>2,085.5</td><td>2,161.7</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>38.5</td><td>47.2</td><td>59.2</td><td>47.7</td><td>60.4</td><td>70.2</td><td>64.2</td><td>70.0</td><td>74.9</td><td>72.3</td><td>73.7</td></tr><tr><td>Belgian Congo</td><td>54.5</td><td>118.6</td><td>89.6</td><td>43.6</td><td>44.4</td><td>42.9</td><td>42.6</td><td>42.2</td><td>45.9</td><td>44.3</td><td>44.9</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>110.7</td><td>59.7</td><td>43.3</td><td>47.1</td><td>53.9</td><td>48.3</td><td>50.3</td><td>45.0</td><td>46.9</td><td>59.6</td><td>70.5</td></tr><tr><td>Union of South Africa</td><td>7.0</td><td>23.6</td><td>38.2</td><td>32.7</td><td>35.9</td><td>33.8</td><td>30.1</td><td>32.8</td><td>36.8</td><td>36.9</td><td>34.3</td></tr><tr><td>All other</td><td>86.8</td><td>86.5</td><td>95.7</td><td>94.0</td><td>103.4</td><td>110.2</td><td>113.8</td><td>109.5</td><td>111.9</td><td>115.8</td><td>111.2</td></tr><tr><td>Total other countries</td><td>297.4</td><td>335.6</td><td>326.1</td><td>265.1</td><td>297.9</td><td>305.4</td><td>301.0</td><td>299.5</td><td>316.5</td><td>328.9</td><td>334.6</td></tr><tr><td>International</td><td>1,641.1</td><td>1,584.9</td><td>1,629.4</td><td>1,769.9</td><td>1,820.7</td><td>1,875.0</td><td>1,854.4</td><td>1,860.8</td><td>1,858.6</td><td>1,844.2</td><td>1,820.8</td></tr><tr><td>Grand total</td><td>9,302.2</td><td>10,546.1</td><td>11,648.4</td><td>12,922.5</td><td>12,887.2</td><td>13,052.8</td><td>13,117.5</td><td>13,141.7</td><td>13,040.9</td><td>13,351.5</td><td>13,564.7</td></tr></table>
Liabilities to countries not regularly reported separately are published annually in the April issue of the "Treasury Bulletin."
2/ 1951-1952 as reported by banks in the Second Federal Reserve District only. p Preliminary.
54
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries Table 2.- Short-Term Banking Claims on Foreigners
(Position at end of period in millions of dollars)
<table><tr><th>Country</th><th>1951</th><th>1952</th><th>1953</th><th>1954</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August p</th><th>September 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>*</td><td>.8</td><td>.8</td><td>.4</td><td>.4</td><td>.6</td><td>.4</td><td>.4</td><td>.5</td><td>.6</td></tr><tr><td>Belgium</td><td>39.6</td><td>16.2</td><td>13.0</td><td>19.6</td><td>17.7</td><td>17.8</td><td>15.2</td><td>13.9</td><td>12.5</td><td>11.2</td></tr><tr><td>Czechoslovakia</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>*</td></tr><tr><td>Denmark</td><td>4.8</td><td>2.1</td><td>6.2</td><td>9.7</td><td>7.0</td><td>7.2</td><td>6.8</td><td>6.7</td><td>8.7</td><td>8.4</td></tr><tr><td>Finland</td><td>3.1</td><td>5.6</td><td>1.9</td><td>2.5</td><td>2.2</td><td>2.4</td><td>2.9</td><td>2.9</td><td>3.0</td><td>2.3</td></tr><tr><td>France</td><td>10.1</td><td>31.9</td><td>10.6</td><td>14.2</td><td>8.5</td><td>10.3</td><td>9.9</td><td>11.7</td><td>9.8</td><td>11.3</td></tr><tr><td>Germany, Federal Republic of</td><td>28.3</td><td>26.8</td><td>30.5</td><td>70.2</td><td>78.8</td><td>77.2</td><td>83.7</td><td>79.9</td><td>73.8</td><td>69.0</td></tr><tr><td>Greece</td><td>.2</td><td>.2</td><td>1.3</td><td>3.3</td><td>3.6</td><td>4.5</td><td>3.2</td><td>3.0</td><td>3.5</td><td>3.2</td></tr><tr><td>Italy</td><td>10.3</td><td>17.8</td><td>18.8</td><td>19.7</td><td>22.9</td><td>26.3</td><td>27.7</td><td>26.3</td><td>30.3</td><td>27.4</td></tr><tr><td>Netherlands</td><td>5.0</td><td>4.4</td><td>8.6</td><td>15.9</td><td>14.8</td><td>14.6</td><td>13.3</td><td>11.5</td><td>11.7</td><td>12.6</td></tr><tr><td>Norway</td><td>2.5</td><td>1.9</td><td>1.0</td><td>2.1</td><td>2.7</td><td>2.4</td><td>2.2</td><td>1.9</td><td>3.2</td><td>3.8</td></tr><tr><td>Poland</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.8</td><td>1.0</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Portugal</td><td>.8</td><td>.5</td><td>.6</td><td>.5</td><td>.8</td><td>1.0</td><td>.9</td><td>.9</td><td>.7</td><td>.7</td></tr><tr><td>Romania</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Spain</td><td>18.8</td><td>11.2</td><td>24.3</td><td>4.0</td><td>3.9</td><td>4.3</td><td>5.3</td><td>8.0</td><td>5.7</td><td>6.2</td></tr><tr><td>Sweden</td><td>5.4</td><td>2.5</td><td>2.7</td><td>4.1</td><td>3.0</td><td>4.1</td><td>5.1</td><td>5.1</td><td>5.7</td><td>5.6</td></tr><tr><td>Switzerland</td><td>11.2</td><td>7.1</td><td>17.9</td><td>16.2</td><td>20.2</td><td>22.0</td><td>20.5</td><td>20.9</td><td>21.5</td><td>22.7</td></tr><tr><td>Turkey</td><td>.6</td><td>38.8</td><td>15.7</td><td>40.7</td><td>62.1</td><td>67.5</td><td>80.1</td><td>89.4</td><td>88.5</td><td>91.8</td></tr><tr><td>U. S. S. R.</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>United Kingdom</td><td>35.0</td><td>30.3</td><td>70.5</td><td>173.5</td><td>96.3</td><td>98.5</td><td>90.8</td><td>70.3</td><td>74.4</td><td>75.6</td></tr><tr><td>Yugoslavia</td><td>3.9</td><td>8.6</td><td>4.8</td><td>1.3</td><td>4.3</td><td>4.3</td><td>2.6</td><td>2.0</td><td>.5</td><td>.3</td></tr><tr><td>Other Europe</td><td>4.0</td><td>5.4</td><td>6.8</td><td>4.5</td><td>4.9</td><td>4.3</td><td>4.4</td><td>7.7</td><td>6.6</td><td>4.8</td></tr><tr><td>Total Europe</td><td>183.4</td><td>212.2</td><td>235.9</td><td>402.5</td><td>354.1</td><td>369.3</td><td>375.3</td><td>363.0</td><td>360.6</td><td>357.6</td></tr><tr><td>Canada</td><td>92.0</td><td>62.3</td><td>56.4</td><td>75.6</td><td>103.8</td><td>107.6</td><td>122.3</td><td>118.2</td><td>112.2</td><td>114.6</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>7.5</td><td>8.2</td><td>7.1</td><td>5.6</td><td>5.5</td><td>5.7</td><td>8.1</td><td>6.3</td><td>5.9</td><td>6.0</td></tr><tr><td>Bolivia</td><td>7.5</td><td>5.8</td><td>10.8</td><td>2.5</td><td>3.1</td><td>3.5</td><td>2.8</td><td>2.8</td><td>2.8</td><td>2.9</td></tr><tr><td>Brazil</td><td>185.0</td><td>356.4</td><td>125.1</td><td>273.5</td><td>221.1</td><td>188.8</td><td>153.5</td><td>136.8</td><td>132.7</td><td>106.0</td></tr><tr><td>Chile</td><td>24.8</td><td>26.4</td><td>22.6</td><td>14.1</td><td>13.0</td><td>10.8</td><td>15.4</td><td>17.1</td><td>14.8</td><td>7.2</td></tr><tr><td>Colombia</td><td>43.7</td><td>41.7</td><td>56.9</td><td>107.0</td><td>96.6</td><td>116.5</td><td>132.3</td><td>124.7</td><td>131.9</td><td>127.2</td></tr><tr><td>Cuba</td><td>32.3</td><td>32.5</td><td>51.2</td><td>70.7</td><td>69.0</td><td>70.6</td><td>64.5</td><td>59.6</td><td>55.9</td><td>55.0</td></tr><tr><td>Dominican Republic</td><td>1.8</td><td>1.6</td><td>1.9</td><td>2.6</td><td>4.4</td><td>4.0</td><td>3.9</td><td>3.9</td><td>3.8</td><td>3.7</td></tr><tr><td>Guatemala</td><td>3.8</td><td>4.2</td><td>4.1</td><td>3.9</td><td>4.4</td><td>4.6</td><td>3.7</td><td>3.8</td><td>3.7</td><td>3.7</td></tr><tr><td>Mexico</td><td>90.6</td><td>88.6</td><td>92.9</td><td>115.7</td><td>124.6</td><td>121.8</td><td>124.6</td><td>133.1</td><td>141.3</td><td>146.5</td></tr><tr><td>Netherlands W. Indies & Surinam</td><td>1.2</td><td>1.3</td><td>2.6</td><td>1.4</td><td>1.4</td><td>1.6</td><td>2.5</td><td>4.0</td><td>1.2</td><td>1.2</td></tr><tr><td>Panama, Republic of</td><td>3.0</td><td>6.5</td><td>4.6</td><td>8.8</td><td>17.9</td><td>20.4</td><td>17.9</td><td>15.2</td><td>14.9</td><td>12.6</td></tr><tr><td>Peru</td><td>11.8</td><td>14.8</td><td>20.2</td><td>16.2</td><td>16.1</td><td>15.7</td><td>16.4</td><td>18.1</td><td>20.4</td><td>18.7</td></tr><tr><td>El Salvador</td><td>9.5</td><td>9.1</td><td>8.2</td><td>10.0</td><td>6.4</td><td>4.8</td><td>4.9</td><td>5.9</td><td>5.6</td><td>6.1</td></tr><tr><td>Uruguay</td><td>10.5</td><td>14.3</td><td>3.7</td><td>6.9</td><td>6.6</td><td>6.7</td><td>5.7</td><td>5.1</td><td>9.6</td><td>4.5</td></tr><tr><td>Venezuela</td><td>41.7</td><td>36.7</td><td>41.6</td><td>62.7</td><td>79.1</td><td>81.2</td><td>82.9</td><td>84.8</td><td>89.0</td><td>88.3</td></tr><tr><td>Other Latin America</td><td>14.5</td><td>13.7</td><td>19.3</td><td>26.5</td><td>25.0</td><td>27.1</td><td>31.7</td><td>31.9</td><td>31.9</td><td>33.0</td></tr><tr><td>Total Latin America</td><td>489.3</td><td>662.0</td><td>472.7</td><td>728.1</td><td>694.3</td><td>683.7</td><td>670.8</td><td>653.0</td><td>665.5</td><td>622.4</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>2.7</td><td>2.6</td><td>2.6</td><td>2.6</td><td>2.5</td><td>2.5</td><td>2.4</td><td>2.4</td><td>2.5</td><td>2.5</td></tr><tr><td>Formosa</td><td>7.4</td><td>7.5</td><td>5.5</td><td>5.4</td><td>5.6</td><td>5.6</td><td>5.4</td><td>5.5</td><td>5.4</td><td>5.4</td></tr><tr><td>Hong Kong</td><td>3.1</td><td>1.2</td><td>3.1</td><td>3.4</td><td>4.7</td><td>4.5</td><td>3.5</td><td>4.1</td><td>3.9</td><td>3.8</td></tr><tr><td>India</td><td>13.4</td><td>4.3</td><td>3.7</td><td>4.9</td><td>4.7</td><td>3.9</td><td>3.8</td><td>3.5</td><td>3.6</td><td>4.0</td></tr><tr><td>Indonesia</td><td>.3</td><td>.9</td><td>.8</td><td>.7</td><td>.4</td><td>.3</td><td>.4</td><td>.5</td><td>.7</td><td>.8</td></tr><tr><td>Iran</td><td>9.3</td><td>10.2</td><td>13.8</td><td>15.8</td><td>18.8</td><td>19.1</td><td>19.9</td><td>21.3</td><td>22.4</td><td>20.2</td></tr><tr><td>Israel</td><td>30.0</td><td>15.1</td><td>22.9</td><td>10.7</td><td>7.4</td><td>7.4</td><td>7.7</td><td>7.9</td><td>9.9</td><td>8.6</td></tr><tr><td>Japan</td><td>12.2</td><td>12.5</td><td>25.6</td><td>50.0</td><td>69.6</td><td>87.1</td><td>92.5</td><td>104.6</td><td>108.4</td><td>110.2</td></tr><tr><td>Korea, Republic of</td><td>1/</td><td>1/</td><td>1/</td><td>.2</td><td>.3</td><td>.6</td><td>.8</td><td>.4</td><td>.5</td><td>.6</td></tr><tr><td>Philippine</td><td>29.3</td><td>7.6</td><td>5.8</td><td>7.3</td><td>12.6</td><td>17.8</td><td>14.8</td><td>16.7</td><td>15.2</td><td>17.3</td></tr><tr><td>Thailand</td><td>2.5</td><td>3.3</td><td>6.1</td><td>6.3</td><td>15.3</td><td>17.2</td><td>19.6</td><td>12.9</td><td>11.2</td><td>7.6</td></tr><tr><td>Other Asia</td><td>51.6</td><td>24.6</td><td>24.7</td><td>36.0</td><td>47.7</td><td>47.0</td><td>68.3</td><td>60.3</td><td>52.4</td><td>70.7</td></tr><tr><td>Total Asia</td><td>161.8</td><td>89.8</td><td>114.8</td><td>143.3</td><td>189.6</td><td>213.1</td><td>239.1</td><td>240.0</td><td>236.3</td><td>251.8</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>22.8</td><td>10.1</td><td>8.0</td><td>14.1</td><td>10.5</td><td>11.3</td><td>10.3</td><td>10.2</td><td>9.3</td><td>11.1</td></tr><tr><td>Belgian Congo</td><td>5.7</td><td>6.0</td><td>6.3</td><td>6.3</td><td>5.5</td><td>5.1</td><td>5.3</td><td>5.1</td><td>4.7</td><td>5.0</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>.2</td><td>.5</td><td>.5</td><td>1.0</td><td>1.3</td><td>1.8</td><td>3.3</td><td>1.5</td><td>1.6</td><td>1.4</td></tr><tr><td>Union of South Africa</td><td>6.7</td><td>2.0</td><td>2.4</td><td>5.9</td><td>6.4</td><td>7.9</td><td>6.9</td><td>6.7</td><td>7.1</td><td>5.9</td></tr><tr><td>All other</td><td>6.4</td><td>3.8</td><td>7.8</td><td>9.6</td><td>14.9</td><td>15.1</td><td>17.2</td><td>18.7</td><td>16.7</td><td>18.3</td></tr><tr><td>Total other countries</td><td>41.9</td><td>22.4</td><td>24.9</td><td>37.0</td><td>38.5</td><td>41.1</td><td>42.9</td><td>42.2</td><td>39.3</td><td>41.6</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>968.4</td><td>1,048.7</td><td>904.5</td><td>1,386.5</td><td>2,380.2</td><td>1,414.7</td><td>1,450.4</td><td>1,416.4</td><td>1,413.9</td><td>1,388.0</td></tr></table>
Not reported separately prior to March 1954. Less than $50,000.
p Preliminary.
December 1955
55
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 3.- Net Transactions in Long-Term Domestic Securities by Foreigners
(In thousands of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States)
<table><tr><th>Country</th><th>1951</th><th>1952</th><th>1953</th><th>1954</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August p</th><th>September p</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>-11,876</td><td>421</td><td>1,813</td><td>4,060</td><td>-</td><td>2</td><td>-9</td><td>1</td><td>-23</td><td>21</td></tr><tr><td>Belgium</td><td>5,655</td><td>-888</td><td>-581</td><td>4,869</td><td>911</td><td>2,051</td><td>1,516</td><td>1,707</td><td>1,139</td><td>3,256</td></tr><tr><td>Czechoslovakia</td><td>-58</td><td>11</td><td>2</td><td>-22</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Denmark</td><td>401</td><td>48</td><td>1,800</td><td>393</td><td>-13</td><td>84</td><td>-128</td><td>174</td><td>-145</td><td>81</td></tr><tr><td>Finland</td><td>-80</td><td>-29</td><td>963</td><td>1,582</td><td>2,528</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>France</td><td>5,969</td><td>5,460</td><td>-41,668</td><td>16,992</td><td>2,087</td><td>-1,168</td><td>663</td><td>336</td><td>1,711</td><td>1,549</td></tr><tr><td>Germany, Federal Republic of</td><td>-12</td><td>154</td><td>183</td><td>-148</td><td>36</td><td>1,877</td><td>902</td><td>128</td><td>574</td><td>946</td></tr><tr><td>Greece</td><td>1,921</td><td>551</td><td>21</td><td>-101</td><td>4</td><td>544</td><td>13</td><td>-4</td><td>23</td><td>-11</td></tr><tr><td>Italy</td><td>-22,174</td><td>-21,943</td><td>-21,319</td><td>-34,339</td><td>-2,446</td><td>46</td><td>-6</td><td>-322</td><td>-122</td><td>541</td></tr><tr><td>Netherlands</td><td>-22,174</td><td>-21,943</td><td>-21,319</td><td>-34,339</td><td>-1,470</td><td>14,093</td><td>-3,219</td><td>1,545</td><td>945</td><td>-1,832</td></tr><tr><td>Norway</td><td>-38,103</td><td>5,978</td><td>-4,542</td><td>1,464</td><td>68</td><td>22,006</td><td>410</td><td>5,280</td><td>2,901</td><td>3,024</td></tr><tr><td>Poland</td><td>138</td><td>-89</td><td>41</td><td>-98</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>4</td></tr><tr><td>Portugal</td><td>201</td><td>419</td><td>631</td><td>-9</td><td>11</td><td>13</td><td>29</td><td>40</td><td>34</td><td>918</td></tr><tr><td>Romania</td><td>-</td><td>1</td><td>2</td><td>-89</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>56</td><td>491</td><td>-925</td><td>800</td><td>153</td><td>176</td><td>-109</td><td>166</td><td>-158</td><td>-16</td></tr><tr><td>Sweden</td><td>28</td><td>570</td><td>-521</td><td>-287</td><td>-83</td><td>-379</td><td>-468</td><td>8</td><td>8</td><td>258</td></tr><tr><td>Switzerland</td><td>45,897</td><td>50,729</td><td>57,086</td><td>73,402</td><td>2,503</td><td>-770</td><td>8,978</td><td>25,813</td><td>27,502</td><td>19,099</td></tr><tr><td>Turkey</td><td>84</td><td>63</td><td>-45</td><td>1,416</td><td>95</td><td>12</td><td>1</td><td>15</td><td>-19</td><td>55</td></tr><tr><td>U. S. S. R.</td><td>-149</td><td>-</td><td>-8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>21,369</td><td>70,431</td><td>71,258</td><td>69,766</td><td>4,040</td><td>41,130</td><td>14,827</td><td>13,389</td><td>-1,026</td><td>-8,885</td></tr><tr><td>Yugoslavia</td><td>-313</td><td>-3</td><td>-14</td><td>-184</td><td>-14</td><td>-3</td><td>-74</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>287</td><td>-1,798</td><td>-1,373</td><td>77</td><td>-780</td><td>673</td><td>690</td><td>92</td><td>-396</td><td>250</td></tr><tr><td>Total Europe</td><td>9,245</td><td>111,467</td><td>62,323</td><td>138,928</td><td>7,627</td><td>80,392</td><td>24,016</td><td>48,367</td><td>32,945</td><td>19,262</td></tr><tr><td>Canada</td><td>-595,495</td><td>191,647</td><td>-120,617</td><td>-187,195</td><td>-4,953</td><td>78,367</td><td>-8,556</td><td>-2,162</td><td>132,021</td><td>-10,157</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-962</td><td>1,268</td><td>1,138</td><td>-938</td><td>25</td><td>140</td><td>109</td><td>3</td><td>61</td><td>207</td></tr><tr><td>Bolivia</td><td>338</td><td>358</td><td>119</td><td>202</td><td>273</td><td>-25</td><td>56</td><td>18</td><td>7</td><td>28</td></tr><tr><td>Brazil</td><td>1,550</td><td>281</td><td>638</td><td>413</td><td>188</td><td>518</td><td>249</td><td>301</td><td>221</td><td>87</td></tr><tr><td>Chile</td><td>637</td><td>412</td><td>1,115</td><td>1,979</td><td>22</td><td>15</td><td>514</td><td>444</td><td>479</td><td>674</td></tr><tr><td>Colombia</td><td>520</td><td>-836</td><td>-1,519</td><td>-474</td><td>181</td><td>-95</td><td>101</td><td>70</td><td>31</td><td>194</td></tr><tr><td>Cuba</td><td>6,051</td><td>170</td><td>19,385</td><td>84,255</td><td>873</td><td>1,242</td><td>464</td><td>-385</td><td>9,271</td><td>11,290</td></tr><tr><td>Dominican Republic</td><td>1,785</td><td>409</td><td>-1,029</td><td>265</td><td>18</td><td>4</td><td>24</td><td>-153</td><td>-272</td><td>95</td></tr><tr><td>Guatemala</td><td>-425</td><td>6</td><td>-1,170</td><td>-1,267</td><td>1</td><td>18</td><td>132</td><td>19</td><td>91</td><td>3</td></tr><tr><td>Mexico</td><td>2,501</td><td>2,592</td><td>-886</td><td>624</td><td>-130</td><td>-276</td><td>-213</td><td>-1,020</td><td>580</td><td>-27</td></tr><tr><td>Netherlands W. Indies & Surinam</td><td>3,066</td><td>436</td><td>873</td><td>-3,137</td><td>144</td><td>57</td><td>7</td><td>179</td><td>179</td><td>8</td></tr><tr><td>Panama, Republic of</td><td>764</td><td>-6,532</td><td>-2,424</td><td>13,339</td><td>-61</td><td>1,682</td><td>-955</td><td>-694</td><td>-5,581</td><td>1,018</td></tr><tr><td>Peru</td><td>-84</td><td>96</td><td>664</td><td>-119</td><td>457</td><td>-4</td><td>-82</td><td>-90</td><td>189</td><td>-134</td></tr><tr><td>El Salvador</td><td>-10,921</td><td>65</td><td>21</td><td>-40</td><td>-16</td><td>-25</td><td>-3</td><td>60</td><td>8</td><td>-44</td></tr><tr><td>Uruguay</td><td>2,558</td><td>2,680</td><td>3,450</td><td>6,403</td><td>1,564</td><td>162</td><td>-613</td><td>1,053</td><td>624</td><td>-1,521</td></tr><tr><td>Venezuela</td><td>4,213</td><td>1,594</td><td>1,443</td><td>3,649</td><td>435</td><td>781</td><td>-2,382</td><td>662</td><td>583</td><td>1,007</td></tr><tr><td>Other Latin America</td><td>2,309</td><td>1,687</td><td>3,041</td><td>8,025</td><td>397</td><td>1,981</td><td>670</td><td>95</td><td>239</td><td>411</td></tr><tr><td>Total Latin America</td><td>13,890</td><td>4,686</td><td>24,859</td><td>113,179</td><td>4,371</td><td>6,167</td><td>-1,922</td><td>562</td><td>6,710</td><td>13,296</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>-153</td><td>-98</td><td>-153</td><td>-404</td><td>15</td><td>-</td><td>13</td><td>-4</td><td>24</td><td>24</td></tr><tr><td>Formosa</td><td>-</td><td>-203</td><td>853</td><td>-420</td><td>341</td><td>56</td><td>515</td><td>9</td><td>34</td><td>-19</td></tr><tr><td>Hong Kong</td><td>7,014</td><td>1,313</td><td>-1,432</td><td>5,393</td><td>952</td><td>960</td><td>994</td><td>968</td><td>129</td><td>-904</td></tr><tr><td>India</td><td>-648</td><td>42</td><td>141</td><td>-404</td><td>-23</td><td>62</td><td>30</td><td>32</td><td>15</td><td>115</td></tr><tr><td>Indonesia</td><td>252</td><td>-69</td><td>-49</td><td>-748</td><td>71</td><td>-5</td><td>2</td><td>-40</td><td>16</td><td>40</td></tr><tr><td>Iran</td><td>160</td><td>101</td><td>-57</td><td>-41</td><td>-</td><td>1</td><td>-9</td><td>67</td><td>-13</td><td>1</td></tr><tr><td>Israel</td><td>-2,283</td><td>543</td><td>-94</td><td>-550</td><td>20</td><td>2</td><td>-11</td><td>-11</td><td>-55</td><td>1</td></tr><tr><td>Japan</td><td>143</td><td>491</td><td>343</td><td>1,063</td><td>76</td><td>-163</td><td>76</td><td>142</td><td>-145</td><td>35</td></tr><tr><td>Korea, Republic of</td><td>1</td><td>1</td><td>1</td><td>24</td><td>13</td><td>26</td><td>39</td><td>-72</td><td>51</td><td>8</td></tr><tr><td>Philippines</td><td>-2,068</td><td>-11,422</td><td>-179</td><td>-1,079</td><td>5</td><td>16</td><td>-64</td><td>-32</td><td>3</td><td>5</td></tr><tr><td>Thailand</td><td>1,737</td><td>149</td><td>-180</td><td>-141</td><td>-312</td><td>-966</td><td>-396</td><td>-318</td><td>258</td><td>6,954</td></tr><tr><td>Other Asia</td><td>599</td><td>-382</td><td>877</td><td>758</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>4,753</td><td>-9,535</td><td>70</td><td>3,451</td><td>1,158</td><td>-11</td><td>1,189</td><td>741</td><td>317</td><td>6,260</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>82</td><td>-359</td><td>99</td><td>168</td><td>36</td><td>19</td><td>78</td><td>33</td><td>-14</td><td>9</td></tr><tr><td>Belgian Congo</td><td>14</td><td>2</td><td>14</td><td>-20</td><td>-9</td><td>-1</td><td>4</td><td>37</td><td>-42</td><td>-3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-954</td><td>-499</td><td>123</td><td>210</td><td>6</td><td>112</td><td>-53</td><td>70</td><td>24</td><td>21</td></tr><tr><td>Union of South Africa</td><td>228</td><td>1,021</td><td>-903</td><td>541</td><td>-115</td><td>146</td><td>97</td><td>145</td><td>-123</td><td>-15</td></tr><tr><td>All other</td><td>-114</td><td>1,770</td><td>-222</td><td>2,326</td><td>443</td><td>433</td><td>12</td><td>977</td><td>750</td><td>986</td></tr><tr><td>Total other countries</td><td>-744</td><td>1,935</td><td>-889</td><td>3,225</td><td>361</td><td>709</td><td>138</td><td>1,262</td><td>595</td><td>998</td></tr><tr><td>International</td><td>-15,938</td><td>14,744</td><td>22,741</td><td>77,730</td><td>374</td><td>-44,171</td><td>744</td><td>2,951</td><td>2,804</td><td>1,342</td></tr><tr><td>Grand total</td><td>-584,289</td><td>314,944</td><td>-11,513</td><td>149,318</td><td>8,938</td><td>121,453</td><td>15,609</td><td>51,721</td><td>175,392</td><td>31,001</td></tr></table>
1/ Not reported separately prior to March 1954.
p Preliminary.
56
Treasury Bulletin
CAPITAL MOVEMENTS
Section II - Summary by Countries
Table 4.- Net Transactions in Long-Term Foreign Securities by Foreigners
(In thousands of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States)
<table><tr><th>Country</th><th>1951</th><th>1952</th><th>1953</th><th>1954</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August p</th><th>September p</th></tr><tr><td colspan="11">Europe:</td></tr><tr><td>Austria</td><td>549</td><td>3,818</td><td>1,995</td><td>3,056</td><td>-1</td><td>-23</td><td>-502</td><td>-7</td><td>-23</td><td>-</td></tr><tr><td>Belgium</td><td>-303</td><td>3,511</td><td>1,489</td><td>7,214</td><td>2,410</td><td>2,680</td><td>792</td><td>2,027</td><td>628</td><td>2,135</td></tr><tr><td>Czechoslovakia</td><td>-25</td><td>-28</td><td>-11</td><td>-</td><td>5</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>5,256</td><td>5,309</td><td>12,004</td><td>25,574</td><td>1,196</td><td>526</td><td>276</td><td>246</td><td>92</td><td>24</td></tr><tr><td>Finland</td><td>98</td><td>58</td><td>247</td><td>1,179</td><td>4</td><td>2</td><td>2</td><td>-</td><td>3</td><td>51</td></tr><tr><td>France</td><td>-4,133</td><td>4,904</td><td>5,395</td><td>-4,670</td><td>1,052</td><td>-76</td><td>-586</td><td>679</td><td>399</td><td>2,024</td></tr><tr><td>Germany, Federal Republic of</td><td>13</td><td>-506</td><td>-162</td><td>1,280</td><td>583</td><td>1,669</td><td>1,188</td><td>528</td><td>260</td><td>-36</td></tr><tr><td>Greece</td><td>26</td><td>40</td><td>50</td><td>1,351</td><td>2</td><td>5</td><td>-1</td><td>-</td><td>10</td><td>10</td></tr><tr><td>Italy</td><td>1,167</td><td>1,170</td><td>3,143</td><td>3,991</td><td>-34</td><td>-337</td><td>-93</td><td>537</td><td>117</td><td>-14</td></tr><tr><td>Netherlands</td><td>2,773</td><td>-8,702</td><td>-6,091</td><td>-84,841</td><td>2,328</td><td>335</td><td>-3,514</td><td>-5,084</td><td>-752</td><td>-4,439</td></tr><tr><td>Norway</td><td>3,312</td><td>1,345</td><td>2,048</td><td>10,337</td><td>-14,643</td><td>-319</td><td>-5,831</td><td>24</td><td>-373</td><td>442</td></tr><tr><td>Poland</td><td>-8</td><td>-364</td><td>-17</td><td>-</td><td>-</td><td>-13</td><td>-221</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>-3,421</td><td>-318</td><td>286</td><td>-44</td><td>-5</td><td>-4</td><td>-23</td><td>-48</td><td>66</td><td>-31</td></tr><tr><td>Romania</td><td>-</td><td>67</td><td>-73</td><td>-9</td><td>-</td><td>1</td><td>-7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>9,209</td><td>4,706</td><td>207</td><td>62</td><td>6</td><td>-108</td><td>24</td><td>-12</td><td>-9</td><td>-72</td></tr><tr><td>Sweden</td><td>961</td><td>-163</td><td>282</td><td>-487</td><td>-142</td><td>-662</td><td>-75</td><td>-43</td><td>-6</td><td>-39</td></tr><tr><td>Switzerland</td><td>14,245</td><td>8,734</td><td>37,304</td><td>33,620</td><td>2,085</td><td>945</td><td>127</td><td>571</td><td>1,448</td><td>-375</td></tr><tr><td>Turkey</td><td>47</td><td>6</td><td>-18</td><td>-197</td><td>-10</td><td>-11</td><td>-4</td><td>11</td><td>h</td><td>-41</td></tr><tr><td>U. S. S. R.</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>-2,047</td><td>-4,398</td><td>37,051</td><td>-9,463</td><td>-2,840</td><td>-3,704</td><td>-12,721</td><td>-7,133</td><td>-3,338</td><td>-6,789</td></tr><tr><td>Yugoslavia</td><td>-19</td><td>-2</td><td>-1</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>806</td><td>752</td><td>1,131</td><td>2,807</td><td>-135</td><td>-243</td><td>18</td><td>110</td><td>134</td><td>451</td></tr><tr><td>Total Europe</td><td>28,500</td><td>19,939</td><td>96,259</td><td>-9,119</td><td>-8,139</td><td>658</td><td>-21,151</td><td>-7,594</td><td>-1,343</td><td>-6,669</td></tr><tr><td>Canada</td><td>-258,567</td><td>-141,019</td><td>-137,761</td><td>-133,174</td><td>6,218</td><td>16,194</td><td>30,174</td><td>33,711</td><td>-229</td><td>6,848</td></tr><tr><td colspan="11">Latin America:</td></tr><tr><td>Argentina</td><td>-420</td><td>116</td><td>501</td><td>-292</td><td>-33</td><td>-92</td><td>43</td><td>-11</td><td>70</td><td>204</td></tr><tr><td>Bolivia</td><td>134</td><td>78</td><td>54</td><td>77</td><td>8</td><td>6</td><td>-10</td><td>32</td><td>5</td><td>16</td></tr><tr><td>Brazil</td><td>7,054</td><td>6,984</td><td>7,189</td><td>5,540</td><td>274</td><td>162</td><td>1,150</td><td>767</td><td>1,202</td><td>86</td></tr><tr><td>Chile</td><td>5,388</td><td>2,163</td><td>1,562</td><td>51</td><td>168</td><td>328</td><td>389</td><td>263</td><td>582</td><td>614</td></tr><tr><td>Colombia</td><td>5,239</td><td>1,714</td><td>1,245</td><td>-323</td><td>57</td><td>-1,403</td><td>268</td><td>174</td><td>417</td><td>179</td></tr><tr><td>Cuba</td><td>1,281</td><td>5,239</td><td>3,089</td><td>5,311</td><td>-105</td><td>122</td><td>509</td><td>-92</td><td>1,177</td><td>-143</td></tr><tr><td>Dominican Republic</td><td>236</td><td>48</td><td>-1,007</td><td>211</td><td>18</td><td>1</td><td>-27</td><td>-2</td><td>99</td><td>35</td></tr><tr><td>Guatemala</td><td>66</td><td>168</td><td>127</td><td>-351</td><td>-4</td><td>4</td><td>33</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>3,964</td><td>4,296</td><td>5,354</td><td>6,031</td><td>632</td><td>1,351</td><td>4,456</td><td>411</td><td>296</td><td>301</td></tr><tr><td>Netherlands W. Indies & Surinam</td><td>734</td><td>1,115</td><td>515</td><td>435</td><td>-129</td><td>34</td><td>-58</td><td>-55</td><td>43</td><td>60</td></tr><tr><td>Panama, Republic of</td><td>5,298</td><td>1,804</td><td>5,065</td><td>1,322</td><td>-212</td><td>-313</td><td>-318</td><td>207</td><td>-983</td><td>281</td></tr><tr><td>Peru</td><td>-141</td><td>296</td><td>340</td><td>129</td><td>-165</td><td>-9</td><td>-38</td><td>50</td><td>-36</td><td>-97</td></tr><tr><td>El Salvador</td><td>750</td><td>441</td><td>2,137</td><td>2,753</td><td>100</td><td>5</td><td>10</td><td>-76</td><td>-16</td><td>20</td></tr><tr><td>Uruguay</td><td>2,210</td><td>-50</td><td>1,633</td><td>-430</td><td>45</td><td>322</td><td>352</td><td>54</td><td>-19</td><td>101</td></tr><tr><td>Venezuela</td><td>309</td><td>775</td><td>496</td><td>117</td><td>-252</td><td>120</td><td>68</td><td>-150</td><td>12</td><td>-35</td></tr><tr><td>Other Latin America</td><td>1,714</td><td>145</td><td>6,299</td><td>12,179</td><td>-9</td><td>182</td><td>-2,030</td><td>42</td><td>-166</td><td>170</td></tr><tr><td>Total Latin America</td><td>33,816</td><td>25,332</td><td>34,599</td><td>32,760</td><td>393</td><td>820</td><td>4,797</td><td>1,614</td><td>2,683</td><td>1,792</td></tr><tr><td colspan="11">Asia:</td></tr><tr><td>China Mainland</td><td>339</td><td>535</td><td>353</td><td>22</td><td>4</td><td>-24</td><td>-4</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Formose</td><td>8,681</td><td>1,492</td><td>2,358</td><td>2,159</td><td>31</td><td>-31</td><td>419</td><td>19</td><td>801</td><td>1,441</td></tr><tr><td>Hong Kong</td><td>102</td><td>109</td><td>140</td><td>-184</td><td>-</td><td>216</td><td>254</td><td>-2</td><td>-8</td><td>-4</td></tr><tr><td>India</td><td>2</td><td>4,869</td><td>136</td><td>139</td><td>33</td><td>6</td><td>11</td><td>23</td><td>20</td><td>34</td></tr><tr><td>Indonesia</td><td>27</td><td>12</td><td>25</td><td>-14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>-51,346</td><td>-46,757</td><td>-38,172</td><td>-39,992</td><td>-2,483</td><td>-2,554</td><td>-3,096</td><td>-2,398</td><td>-1,865</td><td>-1,434</td></tr><tr><td>Israel</td><td>-351</td><td>9,702</td><td>4,038</td><td>6,232</td><td>-215</td><td>71</td><td>86</td><td>20</td><td>51</td><td>96</td></tr><tr><td>Japan</td><td>1/</td><td>14,324</td><td>281</td><td>-133</td><td>-114</td><td>23</td><td>36</td><td>-169</td><td>-638</td><td>-219</td></tr><tr><td>Korea, Republic of</td><td>-45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>9</td><td>-</td><td>5</td></tr><tr><td>Philippines</td><td>6,484</td><td>4,320</td><td>434</td><td>-2,387</td><td>-73</td><td>21</td><td>45</td><td>-172</td><td>-2,784</td><td>-2,862</td></tr><tr><td>Thailand</td><td>104</td><td>1,272</td><td>501</td><td>-211</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>-36,003</td><td>-10,042</td><td>-29,905</td><td>-34,149</td><td>-2,441</td><td>-2,290</td><td>-2,271</td><td>-2,673</td><td>-4,423</td><td>-2,937</td></tr><tr><td colspan="11">Other countries:</td></tr><tr><td>Australia</td><td>3,054</td><td>2,519</td><td>25,959</td><td>11,042</td><td>324</td><td>145</td><td>1,983</td><td>997</td><td>3,075</td><td>2,762</td></tr><tr><td>Belgian Congo</td><td>25</td><td>-2</td><td>-11</td><td>3</td><td>-8</td><td>4</td><td>-</td><td>1</td><td>2</td><td>-1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>222</td><td>-403</td><td>16</td><td>60</td><td>-2</td><td>-10</td><td>-</td><td>4</td><td>2</td><td>1</td></tr><tr><td>Union of South Africa</td><td>624</td><td>-5,413</td><td>-5,107</td><td>-5,647</td><td>-</td><td>5,060</td><td>-101</td><td>64</td><td>101</td><td>-310</td></tr><tr><td>All other</td><td>4,013</td><td>9,280</td><td>4,956</td><td>1,722</td><td>-323</td><td>-103</td><td>-181</td><td>182</td><td>-115</td><td>1</td></tr><tr><td>Total other countries</td><td>7,938</td><td>5,981</td><td>25,813</td><td>7,180</td><td>-9</td><td>5,096</td><td>1,701</td><td>1,248</td><td>3,065</td><td>2,453</td></tr><tr><td>International</td><td>-152,673</td><td>-118,067</td><td>-61,236</td><td>-163,886</td><td>-2,430</td><td>-4,130</td><td>99</td><td>-9,728</td><td>820</td><td>-12,140</td></tr><tr><td>Grand total</td><td>-376,989</td><td>-217,876</td><td>-72,231</td><td>-300,388</td><td>-6,408</td><td>16,348</td><td>13,349</td><td>16,578</td><td>573</td><td>-10,953</td></tr></table>
1/ Not reported separately prior to March 1954.
p Preliminary.
December 1955
57
CAPITAL MOVEMENTS
Section III - Preliminary Details by Countries
Table 1.- Short-Term Banking Banking Liabilities To Foreigners as of October 31, 1955
(Position in thousands of dollars)
<table><tr><th rowspan="2">Country</th><th rowspan="2">Total short-term liabilities</th><th colspan="3">To foreign banks and official institutions</th><th colspan="3">To all other foreigners</th><th rowspan="2">Short-term liabilities payable in foreign currencies</th></tr><tr><th>Total</th><th>Deposite</th><th>U.S. Treasury bills and certificates</th><th>Other</th><th>Total</th><th>Deposits</th><th>U.S. Treasury bills and certificates</th><th>Other</th></tr><tr><td colspan="9">Europe:</td></tr><tr><td>Austria</td><td>279,075</td><td>277,552</td><td>230,916</td><td>3,000</td><td>43,636</td><td>1,523</td><td>1,523</td><td>-</td><td>-</td></tr><tr><td>Belgium</td><td>104,816</td><td>51,339</td><td>30,698</td><td>811</td><td>19,800</td><td>53,212</td><td>41,987</td><td>1,153</td><td>10,072</td></tr><tr><td>Czechoslovakia</td><td>754</td><td>320</td><td>317</td><td>-</td><td>3</td><td>434</td><td>434</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>54,499</td><td>45,145</td><td>16,432</td><td>28,000</td><td>713</td><td>9,348</td><td>7,795</td><td>205</td><td>1,348</td></tr><tr><td>Finland</td><td>46,356</td><td>44,926</td><td>25,231</td><td>11,190</td><td>8,505</td><td>1,430</td><td>1,430</td><td>-</td><td>-</td></tr><tr><td>France</td><td>1,017,137</td><td>961,103</td><td>185,706</td><td>749,705</td><td>25,692</td><td>54,978</td><td>53,141</td><td>1,112</td><td>725</td></tr><tr><td>Germany, Federal Republic of</td><td>1,425,004</td><td>1,416,196</td><td>317,758</td><td>998,800</td><td>99,638</td><td>8,759</td><td>8,246</td><td>289</td><td>224</td></tr><tr><td>Greece</td><td>140,626</td><td>132,113</td><td>87,078</td><td>45,000</td><td>35</td><td>8,513</td><td>7,788</td><td>150</td><td>575</td></tr><tr><td>Italy</td><td>813,422</td><td>787,059</td><td>126,943</td><td>606,554</td><td>53,562</td><td>26,297</td><td>18,087</td><td>8,015</td><td>195</td></tr><tr><td>Netherlands</td><td>182,523</td><td>169,441</td><td>73,494</td><td>82,200</td><td>13,747</td><td>13,050</td><td>11,857</td><td>1,144</td><td>49</td></tr><tr><td>Norway</td><td>72,192</td><td>48,994</td><td>27,891</td><td>15,203</td><td>5,900</td><td>23,161</td><td>21,224</td><td>1,631</td><td>306</td></tr><tr><td>Poland</td><td>2,691</td><td>2,310</td><td>2,284</td><td>-</td><td>26</td><td>381</td><td>357</td><td>22</td><td>2</td></tr><tr><td>Portugal</td><td>119,760</td><td>81,923</td><td>80,351</td><td>-</td><td>1,572</td><td>37,827</td><td>37,819</td><td>-</td><td>8</td></tr><tr><td>Rumania</td><td>8,344</td><td>6,764</td><td>6,764</td><td>-</td><td>-</td><td>1,580</td><td>1,580</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>117,216</td><td>106,775</td><td>106,264</td><td>-</td><td>511</td><td>10,380</td><td>10,258</td><td>51</td><td>71</td></tr><tr><td>Sweden</td><td>148,544</td><td>139,663</td><td>47,710</td><td>74,000</td><td>17,953</td><td>8,676</td><td>8,457</td><td>213</td><td>6</td></tr><tr><td>Switzerland</td><td>709,130</td><td>591,364</td><td>318,871</td><td>166,997</td><td>105,496</td><td>116,065</td><td>104,265</td><td>4,958</td><td>6,842</td></tr><tr><td>Turkey</td><td>9,069</td><td>5,888</td><td>5,039</td><td>-</td><td>849</td><td>3,181</td><td>3,181</td><td>-</td><td>-</td></tr><tr><td>U.S.S.R.</td><td>962</td><td>743</td><td>690</td><td>-</td><td>53</td><td>219</td><td>219</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>645,311</td><td>377,089</td><td>255,697</td><td>112,318</td><td>9,074</td><td>243,701</td><td>151,893</td><td>91,305</td><td>503</td></tr><tr><td>Yugoslavia</td><td>11,309</td><td>10,767</td><td>9,233</td><td>-</td><td>1,534</td><td>542</td><td>542</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>258,118</td><td>247,854</td><td>60,702</td><td>106,411</td><td>80,741</td><td>10,260</td><td>9,493</td><td>364</td><td>403</td></tr><tr><td>Total Europe</td><td>6,166,858</td><td>5,505,328</td><td>2,016,069</td><td>3,000,219</td><td>489,040</td><td>633,517</td><td>501,576</td><td>110,612</td><td>21,329</td></tr><tr><td>Canada</td><td>1,142,989</td><td>873,628</td><td>435,758</td><td>414,678</td><td>23,192</td><td>250,378</td><td>174,312</td><td>64,920</td><td>11,146</td></tr><tr><td colspan="9">Latin America:</td></tr><tr><td>Argentina</td><td>152,738</td><td>115,584</td><td>114,566</td><td>-</td><td>1,018</td><td>37,124</td><td>36,582</td><td>2</td><td>540</td></tr><tr><td>Bolivia</td><td>25,376</td><td>9,868</td><td>9,864</td><td>-</td><td>4</td><td>15,508</td><td>15,497</td><td>-</td><td>11</td></tr><tr><td>Brazil</td><td>161,855</td><td>86,429</td><td>76,142</td><td>-</td><td>10,287</td><td>75,318</td><td>70,690</td><td>850</td><td>3,778</td></tr><tr><td>Chile</td><td>76,981</td><td>32,735</td><td>30,893</td><td>-</td><td>1,842</td><td>44,246</td><td>44,099</td><td>-</td><td>147</td></tr><tr><td>Colombia</td><td>105,669</td><td>63,216</td><td>62,174</td><td>-</td><td>1,042</td><td>42,448</td><td>42,061</td><td>-</td><td>387</td></tr><tr><td>Cuba</td><td>249,088</td><td>176,177</td><td>152,031</td><td>21,800</td><td>2,346</td><td>72,870</td><td>71,610</td><td>545</td><td>715</td></tr><tr><td>Dominican Republic</td><td>68,326</td><td>39,169</td><td>39,034</td><td>-</td><td>135</td><td>29,157</td><td>29,157</td><td>-</td><td>-</td></tr><tr><td>Guatemala</td><td>38,457</td><td>22,295</td><td>11,771</td><td>10,500</td><td>24</td><td>16,162</td><td>16,055</td><td>107</td><td>-</td></tr><tr><td>Mexico</td><td>362,167</td><td>245,331</td><td>233,050</td><td>5,000</td><td>1,281</td><td>116,712</td><td>109,522</td><td>7,000</td><td>190</td></tr><tr><td>Netherlands W. Indies & Surinam</td><td>42,422</td><td>37,200</td><td>26,547</td><td>7,875</td><td>2,778</td><td>5,222</td><td>4,322</td><td>900</td><td>-</td></tr><tr><td>Panama, Republic of</td><td>81,708</td><td>26,847</td><td>26,775</td><td>-</td><td>72</td><td>54,861</td><td>52,283</td><td>1,490</td><td>2,088</td></tr><tr><td>Peru</td><td>95,280</td><td>37,707</td><td>37,660</td><td>-</td><td>47</td><td>57,573</td><td>52,364</td><td>125</td><td>5,084</td></tr><tr><td>El Salvador</td><td>26,606</td><td>12,587</td><td>7,008</td><td>3,500</td><td>2,079</td><td>14,019</td><td>14,019</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>60,267</td><td>18,198</td><td>15,253</td><td>-</td><td>2,945</td><td>42,011</td><td>37,329</td><td>821</td><td>3,861</td></tr><tr><td>Venezuela</td><td>260,271</td><td>195,814</td><td>195,395</td><td>-</td><td>419</td><td>64,109</td><td>61,455</td><td>2,450</td><td>204</td></tr><tr><td>Other Latin America</td><td>130,683</td><td>81,704</td><td>67,054</td><td>3,000</td><td>11,650</td><td>48,294</td><td>44,179</td><td>3,834</td><td>281</td></tr><tr><td>Total Latin America</td><td>1,937,894</td><td>1,200,861</td><td>1,111,217</td><td>51,675</td><td>37,969</td><td>735,634</td><td>700,224</td><td>18,124</td><td>17,286</td></tr><tr><td colspan="9">Asia:</td></tr><tr><td>China Mainland</td><td>36,693</td><td>29,977</td><td>29,376</td><td>342</td><td>259</td><td>6,716</td><td>6,716</td><td>-</td><td>-</td></tr><tr><td>Formosa</td><td>38,218</td><td>31,370</td><td>31,305</td><td>49</td><td>16</td><td>6,884</td><td>6,848</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>56,477</td><td>25,233</td><td>23,205</td><td>-</td><td>2,028</td><td>31,099</td><td>29,894</td><td>3</td><td>1,202</td></tr><tr><td>India</td><td>89,697</td><td>86,745</td><td>82,276</td><td>2,240</td><td>2,229</td><td>2,404</td><td>2,404</td><td>-</td><td>-</td></tr><tr><td>Indonesia</td><td>127,420</td><td>125,593</td><td>29,390</td><td>96,060</td><td>143</td><td>1,827</td><td>1,827</td><td>-</td><td>-</td></tr><tr><td>Iran</td><td>42,278</td><td>34,151</td><td>33,948</td><td>-</td><td>203</td><td>8,127</td><td>8,127</td><td>-</td><td>-</td></tr><tr><td>Israel</td><td>46,008</td><td>42,843</td><td>42,663</td><td>-</td><td>180</td><td>3,165</td><td>2,633</td><td>532</td><td>-</td></tr><tr><td>Japan</td><td>914,311</td><td>889,712</td><td>810,431</td><td>44,213</td><td>35,068</td><td>24,596</td><td>24,583</td><td>-</td><td>13</td></tr><tr><td>Korea, Republic of</td><td>95,097</td><td>94,054</td><td>93,054</td><td>1,000</td><td>-</td><td>1,043</td><td>1,043</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>246,817</td><td>226,345</td><td>219,889</td><td>-</td><td>6,456</td><td>20,427</td><td>20,202</td><td>225</td><td>-</td></tr><tr><td>Thailand</td><td>124,988</td><td>121,322</td><td>44,535</td><td>76,477</td><td>310</td><td>3,666</td><td>3,657</td><td>-</td><td>9</td></tr><tr><td>Other Asia</td><td>343,651</td><td>315,732</td><td>276,266</td><td>24,929</td><td>14,537</td><td>27,874</td><td>27,531</td><td>-</td><td>343</td></tr><tr><td>Total Asia</td><td>2,161,655</td><td>2,023,077</td><td>1,716,338</td><td>245,310</td><td>61,429</td><td>137,792</td><td>135,465</td><td>760</td><td>1,567</td></tr><tr><td colspan="9">Other countries:</td></tr><tr><td>Australia</td><td>73,660</td><td>68,622</td><td>25,921</td><td>27,100</td><td>15,601</td><td>4,186</td><td>4,184</td><td>-</td><td>2</td></tr><tr><td>Belgian Congo</td><td>44,891</td><td>44,075</td><td>25,584</td><td>12,095</td><td>6,396</td><td>816</td><td>460</td><td>-</td><td>356</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>70,541</td><td>65,893</td><td>25,093</td><td>40,600</td><td>200</td><td>4,351</td><td>4,291</td><td>59</td><td>1</td></tr><tr><td>Union of South Africa</td><td>34,293</td><td>28,311</td><td>7,216</td><td>20,900</td><td>195</td><td>5,488</td><td>5,484</td><td>-</td><td>494</td></tr><tr><td>All other</td><td>111,190</td><td>89,152</td><td>74,618</td><td>3,226</td><td>11,308</td><td>21,648</td><td>19,221</td><td>6</td><td>2,421</td></tr><tr><td>Total other countries</td><td>334,575</td><td>296,053</td><td>158,432</td><td>103,921</td><td>33,700</td><td>36,489</td><td>33,640</td><td>65</td><td>2,701</td></tr><tr><td>International</td><td>1,820,762</td><td>1,816,086</td><td>62,954</td><td>1,741,882</td><td>11,250</td><td>4,676</td><td>3,176</td><td>1,500</td><td>-</td></tr><tr><td>Grand total</td><td>13,564,733</td><td>11,715,033</td><td>5,500,768</td><td>5,557,685</td><td>656,580</td><td>1,798,486</td><td>1,548,393</td><td>195,981</td><td>54,112</td></tr></table>
58
Treasury Bulletin
CAPITAL MOVEMENTS
Section III - Preliminary Details by Countries
Table 2.- Short-Term Banking Claims on Foreigners as of September 30, 1955
(Position in thousands of dollars)
<table><tr><th>Country</th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in dollars</th><th colspan="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>Other</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>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>573</td><td>564</td><td>174</td><td>-</td><td>304</td><td>86</td><td>9</td><td>9</td><td>-</td></tr><tr><td>Belgium</td><td>11,232</td><td>10,948</td><td>1,174</td><td>93</td><td>3,809</td><td>5,872</td><td>284</td><td>272</td><td>12</td></tr><tr><td>Czechoslovakia</td><td>21</td><td>19</td><td>-</td><td>-</td><td>19</td><td>-</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Denmark</td><td>8,364</td><td>8,240</td><td>254</td><td>530</td><td>823</td><td>6,633</td><td>124</td><td>115</td><td>9</td></tr><tr><td>Finland</td><td>2,270</td><td>2,265</td><td>16</td><td>256</td><td>303</td><td>1,690</td><td>5</td><td>5</td><td>-</td></tr><tr><td>France</td><td>11,348</td><td>8,000</td><td>631</td><td>2,428</td><td>4,003</td><td>938</td><td>3,348</td><td>1,008</td><td>2,340</td></tr><tr><td>Germany, Federal Republic of</td><td>68,970</td><td>66,164</td><td>8,868</td><td>896</td><td>6,764</td><td>49,636</td><td>2,806</td><td>2,793</td><td>13</td></tr><tr><td>Greece</td><td>3,232</td><td>3,227</td><td>-</td><td>760</td><td>2,451</td><td>16</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Italy</td><td>27,355</td><td>26,413</td><td>6,211</td><td>7,241</td><td>3,727</td><td>9,234</td><td>942</td><td>840</td><td>102</td></tr><tr><td>Netherlands</td><td>12,647</td><td>11,452</td><td>605</td><td>61</td><td>8,048</td><td>2,738</td><td>1,195</td><td>1,184</td><td>11</td></tr><tr><td>Norway</td><td>3,843</td><td>3,742</td><td>3</td><td>2</td><td>1,408</td><td>2,329</td><td>101</td><td>101</td><td>-</td></tr><tr><td>Poland</td><td>35</td><td>35</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>652</td><td>614</td><td>-</td><td>3</td><td>575</td><td>36</td><td>38</td><td>28</td><td>10</td></tr><tr><td>Rumania</td><td>2</td><td>2</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>6,210</td><td>3,824</td><td>2,070</td><td>57</td><td>132</td><td>1,565</td><td>2,386</td><td>2,386</td><td>-</td></tr><tr><td>Sweden</td><td>5,640</td><td>5,335</td><td>123</td><td>11</td><td>2,457</td><td>2,744</td><td>305</td><td>297</td><td>8</td></tr><tr><td>Switzerland</td><td>22,721</td><td>20,025</td><td>3,038</td><td>12,611</td><td>2,689</td><td>1,687</td><td>2,696</td><td>2,650</td><td>46</td></tr><tr><td>Turkey</td><td>91,773</td><td>90,694</td><td>88,495</td><td>2</td><td>2,197</td><td>-</td><td>1,079</td><td>1,079</td><td>-</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>75,577</td><td>21,868</td><td>8,144</td><td>3,656</td><td>5,998</td><td>4,070</td><td>53,709</td><td>46,112</td><td>7,597</td></tr><tr><td>Yugoslavia</td><td>283</td><td>281</td><td>149</td><td>-</td><td>132</td><td>-</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Other Europe</td><td>4,830</td><td>4,579</td><td>1,324</td><td>2,096</td><td>1,109</td><td>50</td><td>251</td><td>192</td><td>59</td></tr><tr><td>Total Europe</td><td>357,578</td><td>288,291</td><td>121,279</td><td>30,703</td><td>46,985</td><td>89,324</td><td>69,287</td><td>59,075</td><td>10,212</td></tr><tr><td>Canada</td><td>114,556</td><td>55,457</td><td>4,894</td><td>27,772</td><td>9,036</td><td>13,765</td><td>59,089</td><td>55,338</td><td>3,751</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>5,950</td><td>5,909</td><td>859</td><td>2,086</td><td>2,964</td><td>-</td><td>41</td><td>39</td><td>2</td></tr><tr><td>Bolivia</td><td>2,893</td><td>2,892</td><td>73</td><td>397</td><td>2,422</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Brazil</td><td>105,959</td><td>105,854</td><td>34,220</td><td>14,591</td><td>22,369</td><td>34,674</td><td>105</td><td>105</td><td>-</td></tr><tr><td>Chile</td><td>7,152</td><td>7,152</td><td>1,214</td><td>887</td><td>2,873</td><td>2,178</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>127,218</td><td>127,200</td><td>29,094</td><td>15,009</td><td>47,242</td><td>35,855</td><td>18</td><td>16</td><td>2</td></tr><tr><td>Cuba</td><td>54,982</td><td>54,637</td><td>22,171</td><td>13,939</td><td>10,780</td><td>7,747</td><td>345</td><td>355</td><td>10</td></tr><tr><td>Dominican Republic</td><td>3,719</td><td>3,716</td><td>1,300</td><td>348</td><td>1,940</td><td>128</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Guatemala</td><td>3,671</td><td>3,669</td><td>11</td><td>72</td><td>3,586</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Mexico</td><td>146,492</td><td>145,040</td><td>56,133</td><td>29,268</td><td>13,758</td><td>45,881</td><td>1,452</td><td>1,193</td><td>259</td></tr><tr><td>Netherlands West Indies & Surinam</td><td>1,164</td><td>1,164</td><td>-</td><td>131</td><td>1,033</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama, Republic of</td><td>12,554</td><td>12,550</td><td>4</td><td>10,258</td><td>1,748</td><td>540</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Peru</td><td>18,688</td><td>18,674</td><td>4,077</td><td>1,375</td><td>11,349</td><td>1,873</td><td>14</td><td>14</td><td>-</td></tr><tr><td>El Salvador</td><td>6,100</td><td>6,100</td><td>146</td><td>510</td><td>3,246</td><td>2,198</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Uruguay</td><td>4,542</td><td>3,964</td><td>1,064</td><td>1,131</td><td>1,011</td><td>758</td><td>578</td><td>577</td><td>1</td></tr><tr><td>Venezuela</td><td>88,319</td><td>87,267</td><td>13,430</td><td>29,871</td><td>33,324</td><td>10,642</td><td>1,052</td><td>471</td><td>581</td></tr><tr><td>Other Latin America</td><td>32,997</td><td>32,908</td><td>2,747</td><td>6,311</td><td>19,339</td><td>4,511</td><td>89</td><td>38</td><td>51</td></tr><tr><td>Total Latin America</td><td>622,400</td><td>618,696</td><td>166,543</td><td>126,184</td><td>178,984</td><td>146,985</td><td>3,704</td><td>2,789</td><td>915</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China Mainland</td><td>2,522</td><td>2,476</td><td>2,475</td><td>-</td><td>1</td><td>-</td><td>46</td><td>46</td><td>-</td></tr><tr><td>Formose</td><td>5,433</td><td>5,433</td><td>5,407</td><td>-</td><td>15</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>3,811</td><td>3,697</td><td>822</td><td>627</td><td>2,248</td><td>-</td><td>114</td><td>114</td><td>-</td></tr><tr><td>India</td><td>4,015</td><td>3,352</td><td>938</td><td>13</td><td>2,082</td><td>319</td><td>663</td><td>614</td><td>49</td></tr><tr><td>Indonesia</td><td>761</td><td>759</td><td>-</td><td>5</td><td>754</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Iran</td><td>20,181</td><td>20,168</td><td>1,106</td><td>72</td><td>18,990</td><td>-</td><td>13</td><td>-</td><td>13</td></tr><tr><td>Israel</td><td>8,615</td><td>8,615</td><td>1,644</td><td>1,375</td><td>486</td><td>5,110</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan</td><td>110,230</td><td>110,218</td><td>46,326</td><td>18,071</td><td>13,644</td><td>32,177</td><td>12</td><td>12</td><td>-</td></tr><tr><td>Korea, Republic of</td><td>626</td><td>626</td><td>-</td><td>29</td><td>597</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>17,338</td><td>17,302</td><td>9,349</td><td>2,443</td><td>5,510</td><td>-</td><td>36</td><td>28</td><td>8</td></tr><tr><td>Thailand</td><td>7,627</td><td>7,627</td><td>6,581</td><td>-</td><td>1,046</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>70,656</td><td>70,406</td><td>60,531</td><td>392</td><td>9,361</td><td>122</td><td>250</td><td>234</td><td>16</td></tr><tr><td>Total Asia</td><td>251,815</td><td>250,679</td><td>135,179</td><td>23,027</td><td>54,734</td><td>37,739</td><td>1,136</td><td>1,048</td><td>88</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>11,074</td><td>9,680</td><td>1,180</td><td>416</td><td>4,103</td><td>3,981</td><td>1,394</td><td>507</td><td>887</td></tr><tr><td>Belgian Congo</td><td>4,981</td><td>4,976</td><td>38</td><td>-</td><td>4,734</td><td>204</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Egypt & Anglo-Egyptian Sudan</td><td>1,432</td><td>1,165</td><td>156</td><td>-</td><td>830</td><td>179</td><td>267</td><td>267</td><td>-</td></tr><tr><td>Union of South Africa</td><td>5,888</td><td>5,627</td><td>1,250</td><td>-</td><td>4,250</td><td>127</td><td>261</td><td>35</td><td>226</td></tr><tr><td>All other</td><td>18,261</td><td>17,832</td><td>9,600</td><td>894</td><td>6,402</td><td>936</td><td>429</td><td>134</td><td>295</td></tr><tr><td>Total other countries</td><td>41,636</td><td>39,280</td><td>12,224</td><td>1,310</td><td>20,319</td><td>5,427</td><td>2,356</td><td>948</td><td>1,408</td></tr><tr><td>International</td><td>23</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>1,388,008</td><td>1,292,436</td><td>440,142</td><td>208,996</td><td>310,058</td><td>293,240</td><td>135,572</td><td>119,198</td><td>16,374</td></tr></table>
December 1955
59
CAPITAL MOVEMENTS
Section III - Preliminary Details by Countries
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners during September 1955
(In thousands of dollars)
<table><tr><th rowspan="2">Country</th><th rowspan="2">Total purchases</th><th colspan="4">Purchases by foreigners</th><th colspan="4">Sales by foreigners</th></tr><tr><th colspan="2">Domestic securities</th><th colspan="2">Foreign securities</th><th>Total sales</th><th colspan="2">Domestic securities</th><th colspan="2">Foreign securities</th></tr><tr><th></th><th>U.S. Government bonds and notes</th><th>Corporate and other</th><th>Bonds</th><th>Stocks</th><th>Bonds</th><th>Stocks</th><th>U.S. Government bonds and notes</th><th>Corporate and other</th><th>Bonds</th><th>Stocks</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>41</td><td>-</td><td>-</td><td>33</td><td>-</td><td>8</td><td>20</td><td>-</td><td>1</td><td>11</td><td>8</td></tr><tr><td>Belgium</td><td>9,177</td><td>-</td><td>887</td><td>4,233</td><td>1,227</td><td>2,830</td><td>3,786</td><td>-</td><td>224</td><td>1,640</td><td>277</td></tr><tr><td>Czechoslovakia</td><td>7</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Denmark</td><td>546</td><td>10</td><td>79</td><td>310</td><td>126</td><td>21</td><td>441</td><td>36</td><td>1</td><td>281</td><td>123</td></tr><tr><td>Finland</td><td>98</td><td>-</td><td>-</td><td>-</td><td>98</td><td>-</td><td>47</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>France</td><td>11,263</td><td>160</td><td>446</td><td>6,699</td><td>229</td><td>3,729</td><td>7,690</td><td>110</td><td>768</td><td>4,878</td><td>303</td></tr><tr><td>Germany, Federal Republic of</td><td>1,432</td><td>1,004</td><td>15</td><td>95</td><td>147</td><td>171</td><td>522</td><td>-</td><td>14</td><td>154</td><td>39</td></tr><tr><td>Greece</td><td>39</td><td>-</td><td>-</td><td>18</td><td>15</td><td>6</td><td>40</td><td>13</td><td>6</td><td>10</td><td>11</td></tr><tr><td>Italy</td><td>1,139</td><td>-</td><td>101</td><td>948</td><td>40</td><td>50</td><td>612</td><td>1</td><td>34</td><td>473</td><td>60</td></tr><tr><td>Netherlands</td><td>17,976</td><td>13</td><td>832</td><td>4,007</td><td>370</td><td>12,754</td><td>24,247</td><td>11</td><td>578</td><td>6,095</td><td>709</td></tr><tr><td>Norway</td><td>4,808</td><td>3,044</td><td>184</td><td>746</td><td>804</td><td>30</td><td>1,342</td><td>47</td><td>72</td><td>831</td><td>250</td></tr><tr><td>Poland</td><td>9</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>5</td><td>-</td></tr><tr><td>Portugal</td><td>998</td><td>-</td><td>-</td><td>959</td><td>28</td><td>11</td><td>111</td><td>5</td><td>-</td><td>36</td><td>70</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>238</td><td>6</td><td>25</td><td>201</td><td>6</td><td>-</td><td>326</td><td>7</td><td>50</td><td>191</td><td>34</td></tr><tr><td>Sweden</td><td>358</td><td>-</td><td>245</td><td>91</td><td>18</td><td>4</td><td>139</td><td>3</td><td>75</td><td>75</td><td>55</td></tr><tr><td>Switzerland</td><td>69,455</td><td>1,908</td><td>2,903</td><td>59,285</td><td>1,993</td><td>3,366</td><td>50,731</td><td>1,565</td><td>2,912</td><td>40,520</td><td>2,302</td></tr><tr><td>Turkey</td><td>201</td><td>180</td><td>-</td><td>17</td><td>3</td><td>1</td><td>187</td><td>-</td><td>142</td><td>-</td><td>44</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United Kingdom</td><td>31,088</td><td>7,522</td><td>1,844</td><td>16,244</td><td>2,024</td><td>3,454</td><td>46,762</td><td>11,066</td><td>1,737</td><td>21,692</td><td>2,656</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></tr><tr><td>Other Europe</td><td>3,221</td><td>94</td><td>120</td><td>2,404</td><td>341</td><td>262</td><td>2,490</td><td>1</td><td>44</td><td>2,323</td><td>15</td></tr><tr><td>Total Europe</td><td>152,094</td><td>13,941</td><td>7,681</td><td>95,306</td><td>7,469</td><td>26,697</td><td>139,501</td><td>12,865</td><td>6,441</td><td>79,360</td><td>6,990</td></tr><tr><td>Canada</td><td>106,330</td><td>5,896</td><td>20,183</td><td>23,509</td><td>16,455</td><td>40,287</td><td>109,639</td><td>19,273</td><td>18,765</td><td>21,707</td><td>9,603</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>1,147</td><td>-</td><td>28</td><td>809</td><td>254</td><td>56</td><td>736</td><td>-</td><td>-</td><td>630</td><td>27</td></tr><tr><td>Bolivia</td><td>93</td><td>-</td><td>13</td><td>64</td><td>10</td><td>6</td><td>49</td><td>-</td><td>-</td><td>39</td><td>79</td></tr><tr><td>Brazil</td><td>1,677</td><td>24</td><td>195</td><td>1,185</td><td>204</td><td>69</td><td>1,504</td><td>-</td><td>30</td><td>1,287</td><td>11</td></tr><tr><td>Chile</td><td>1,954</td><td>-</td><td>10</td><td>1,213</td><td>123</td><td>608</td><td>666</td><td>20</td><td>4</td><td>525</td><td>20</td></tr><tr><td>Colombia</td><td>542</td><td>-</td><td>-</td><td>303</td><td>181</td><td>58</td><td>169</td><td>-</td><td>5</td><td>104</td><td>39</td></tr><tr><td>Cuba</td><td>15,725</td><td>10,853</td><td>76</td><td>4,616</td><td>161</td><td>19</td><td>4,578</td><td>9</td><td>190</td><td>4,056</td><td>207</td></tr><tr><td>Dominican Republic</td><td>139</td><td>-</td><td>-</td><td>104</td><td>9</td><td>26</td><td>9</td><td>-</td><td>-</td><td>9</td><td>-</td></tr><tr><td>Guatemala</td><td>42</td><td>-</td><td>-</td><td>41</td><td>-</td><td>1</td><td>39</td><td>-</td><td>-</td><td>38</td><td>1</td></tr><tr><td>Mexico</td><td>2,963</td><td>-</td><td>47</td><td>2,348</td><td>194</td><td>374</td><td>2,689</td><td>2</td><td>37</td><td>2,383</td><td>31</td></tr><tr><td>Netherlands W. Indies &amp; Surinam</td><td>220</td><td>-</td><td>15</td><td>126</td><td>30</td><td>49</td><td>152</td><td>3</td><td>7</td><td>123</td><td>19</td></tr><tr><td>Panama, Republic of</td><td>5,731</td><td>107</td><td>25</td><td>4,398</td><td>227</td><td>974</td><td>4,432</td><td>803</td><td>7</td><td>2,702</td><td>91</td></tr><tr><td>Peru</td><td>382</td><td>-</td><td>45</td><td>281</td><td>1</td><td>55</td><td>613</td><td>-</td><td>1</td><td>459</td><td>128</td></tr><tr><td>El Salvador</td><td>42</td><td>-</td><td>-</td><td>22</td><td>8</td><td>12</td><td>66</td><td>-</td><td>12</td><td>54</td><td>25</td></tr><tr><td>Uruguay</td><td>4,334</td><td>-</td><td>19</td><td>3,620</td><td>409</td><td>286</td><td>5,756</td><td>-</td><td>148</td><td>5,012</td><td>232</td></tr><tr><td>Venezuela</td><td>3,380</td><td>-</td><td>3</td><td>3,212</td><td>24</td><td>141</td><td>2,408</td><td>-</td><td>16</td><td>2,192</td><td>86</td></tr><tr><td>Other Latin America</td><td>1,573</td><td>498</td><td>77</td><td>718</td><td>114</td><td>166</td><td>992</td><td>14</td><td>13</td><td>855</td><td>44</td></tr><tr><td>Total Latin America</td><td>39,944</td><td>11,482</td><td>553</td><td>23,060</td><td>1,949</td><td>2,900</td><td>24,856</td><td>851</td><td>470</td><td>20,478</td><td>916</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>54</td><td>-</td><td>-</td><td>48</td><td>-</td><td>6</td><td>24</td><td>-</td><td>-</td><td>24</td><td>-</td></tr><tr><td>Formosa</td><td>4</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td><td>23</td><td>-</td></tr><tr><td>Hong Kong</td><td>5,529</td><td>-</td><td>1</td><td>3,937</td><td>1,374</td><td>217</td><td>4,992</td><td>10</td><td>76</td><td>4,756</td><td>11</td></tr><tr><td>India</td><td>144</td><td>-</td><td>109</td><td>34</td><td>1</td><td>19</td><td>33</td><td>6</td><td>17</td><td>5</td><td>1</td></tr><tr><td>Indonesia</td><td>118</td><td>-</td><td>5</td><td>70</td><td>24</td><td>-</td><td>44</td><td>-</td><td>-</td><td>35</td><td>5</td></tr><tr><td>Iran</td><td>22</td><td>-</td><td>2</td><td>20</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>21</td><td>-</td></tr><tr><td>Israel</td><td>10</td><td>-</td><td>-</td><td>5</td><td>5</td><td>-</td><td>1,443</td><td>-</td><td>-</td><td>4</td><td>1,439</td></tr><tr><td>Japan</td><td>257</td><td>-</td><td>25</td><td>92</td><td>128</td><td>12</td><td>126</td><td>11</td><td>4</td><td>67</td><td>36</td></tr><tr><td>Korea, Republic of</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippines</td><td>198</td><td>-</td><td>-</td><td>31</td><td>1</td><td>166</td><td>409</td><td>-</td><td>-</td><td>23</td><td>386</td></tr><tr><td>Thailand</td><td>18</td><td>-</td><td>8</td><td>5</td><td>-</td><td>5</td><td>8</td><td>-</td><td>-</td><td>8</td><td>-</td></tr><tr><td>Other Asia</td><td>7,253</td><td>6,861</td><td>1</td><td>359</td><td>6</td><td>26</td><td>3,161</td><td>1</td><td>-</td><td>266</td><td>2,884</td></tr><tr><td>Total Asia</td><td>13,607</td><td>6,861</td><td>153</td><td>4,603</td><td>1,539</td><td>451</td><td>10,284</td><td>28</td><td>97</td><td>5,232</td><td>4,348</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>2,882</td><td>-</td><td>-</td><td>43</td><td>2,776</td><td>3</td><td>51</td><td>-</td><td>1</td><td>33</td><td>12</td></tr><tr><td>Belgian Congo</td><td>11</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>14</td><td>1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>25</td><td>-</td><td>-</td><td>24</td><td>-</td><td>1</td><td>3</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Union of South Africa</td><td>1,648</td><td>-</td><td>1</td><td>107</td><td>1,509</td><td>31</td><td>1,973</td><td>-</td><td>8</td><td>115</td><td>384</td></tr><tr><td>All other</td><td>2,884</td><td>-</td><td>137</td><td>2,399</td><td>100</td><td>288</td><td>1,897</td><td>1</td><td>279</td><td>1,270</td><td>24</td></tr><tr><td>Total other countries</td><td>7,390</td><td>-</td><td>138</td><td>2,584</td><td>4,385</td><td>283</td><td>3,939</td><td>1</td><td>288</td><td>1,435</td><td>713</td></tr><tr><td>International</td><td>6,184</td><td>31</td><td>1,010</td><td>305</td><td>4,838</td><td>-</td><td>17,282</td><td>-</td><td>-</td><td>4</td><td>17,28</td></tr><tr><td>Grand total</td><td>325,549</td><td>38,211</td><td>29,718</td><td>150,367</td><td>36,635</td><td>70,618</td><td>305,501</td><td>33,018</td><td>26,061</td><td>28,216</td><td>40,677</td></tr></table>
7
Treasury Bulletin
60
CAPITAL MOVEMENTS
Section IV- Supplementary Data by Countries Table 2.- Long-Term Liabilities to and Claims on Foreigners Reported by Banks and Bankers
(Poetion at end of period in thousands of dollars)
<table><tr><th></th><th colspan="5">Liabilities to foreigners 2/</th><th colspan="5">Claims on foreigners 2/</th></tr><tr><th></th><th>1954</th><th>1955</th><th>1954</th><th>1955</th><th>1954</th><th>1955</th><th>1954</th><th>1955</th><th>1954</th><th>1955</th></tr><tr><th></th><th>September</th><th>December</th><th>March</th><th>June</th><th>September p</th><th>September</th><th>December</th><th>March</th><th>June</th><th>September p</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austria</td><td>885</td><td>646</td><td>429</td><td>266</td><td>216</td><td>1,466</td><td>350</td><td>350</td><td>625</td><td>601</td></tr><tr><td>Belgium</td><td>-</td><td>-</td><td>470</td><td>470</td><td>470</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>48</td><td>48</td><td>48</td><td>-</td><td>-</td><td>97,207</td><td>96,182</td><td>634</td><td>-</td><td>-</td></tr><tr><td>France</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>697</td><td>2,231</td><td>3,700</td><td>3,923</td><td>3,923</td></tr><tr><td>Germany, Federal Republic of</td><td>-</td><td>-</td><td>-</td><td>825</td><td>825</td><td>-</td><td>1,500</td><td>1,500</td><td>1,125</td><td>3,513</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,088</td></tr><tr><td>Italy</td><td>62</td><td>62</td><td>62</td><td>-</td><td>-</td><td>3,300</td><td>2,950</td><td>3,002</td><td>2,950</td><td>2,600</td></tr><tr><td>Netherlands</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,214</td><td>15,240</td><td>15,610</td><td>19,721</td><td>29,079</td></tr><tr><td>Norway</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>1,217</td><td>350</td><td>50</td></tr><tr><td>Portugal</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,498</td><td>3,308</td><td>3,116</td><td>8,926</td><td>8,735</td></tr><tr><td>Sweden</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td><td>1,000</td><td>1,000</td><td>800</td></tr><tr><td>Switzerland</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>60</td><td>58</td><td>244</td><td>-</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>650</td><td>650</td><td>1,307</td><td>30</td><td>-</td><td>-</td><td>2,765</td></tr><tr><td>United Kingdom</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>995</td><td>756</td><td>1,009</td><td>2,211</td><td>2,161</td><td>123,689</td><td>122,868</td><td>30,187</td><td>38,864</td><td>63,779</td></tr><tr><td>Canada</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,326</td><td>13,375</td><td>13,047</td><td>11,970</td><td>11,294</td></tr><tr><td>Latin America:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>594</td><td>1,188</td><td>1,481</td><td>1,566</td><td>1,917</td></tr><tr><td>Brazil</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,425</td><td>77,336</td><td>121,554</td><td>162,440</td><td>196,037</td></tr><tr><td>Chile</td><td>-</td><td>3</td><td>3</td><td>3</td><td>-</td><td>1,390</td><td>1,474</td><td>1,970</td><td>1,091</td><td>895</td></tr><tr><td>Colombia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,196</td><td>11,840</td><td>13,338</td><td>11,286</td><td>10,988</td></tr><tr><td>Cuba</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35,000</td><td>70,413</td><td>70,002</td><td>100,002</td></tr><tr><td>Dominican Republic</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,700</td><td>5,700</td><td>5,700</td></tr><tr><td>Mexico</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,218</td><td>17,619</td><td>15,628</td><td>19,536</td><td>23,835</td></tr><tr><td>Panama, Republic of</td><td>1,813</td><td>1,813</td><td>1,450</td><td>1,088</td><td>1,088</td><td>9,615</td><td>8,677</td><td>8,037</td><td>4,095</td><td>4,813</td></tr><tr><td>Peru</td><td>25</td><td>3</td><td>25</td><td>-</td><td>3</td><td>134</td><td>123</td><td>103</td><td>332</td><td>824</td></tr><tr><td>El Salvador</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Uruguay</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,105</td><td>8,708</td><td>8,649</td><td>8,382</td><td>8,333</td></tr><tr><td>Venezuela</td><td>51</td><td>54</td><td>54</td><td>13</td><td>42</td><td>5,300</td><td>2,675</td><td>17,764</td><td>25,643</td><td>25,595</td></tr><tr><td>Other Latin America</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,920</td><td>3,744</td><td>2,671</td><td>1,668</td><td>3,912</td></tr><tr><td>Total Latin America</td><td>1,889</td><td>1,873</td><td>1,532</td><td>1,104</td><td>1,135</td><td>68,898</td><td>168,385</td><td>267,309</td><td>311,742</td><td>382,852</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Israel</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,642</td><td>19,911</td><td>18,519</td><td>15,261</td><td>25,411</td></tr><tr><td>Japan</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64,462</td><td>73,581</td><td>56,285</td><td>41,364</td><td>40,404</td></tr><tr><td>Philippines</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,200</td><td>1,200</td></tr><tr><td>Thailand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,900</td><td>7,400</td><td>7,400</td></tr><tr><td>Other Asia</td><td>17</td><td>19</td><td>21</td><td>23</td><td>25</td><td>509</td><td>255</td><td>257</td><td>257</td><td>-</td></tr><tr><td>Total Asia</td><td>17</td><td>19</td><td>21</td><td>23</td><td>25</td><td>81,613</td><td>93,747</td><td>79,961</td><td>65,482</td><td>74,415</td></tr><tr><td>Other countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-</td><td>22</td><td>23</td><td>23</td><td>23</td><td>-</td><td>1,500</td><td>1,976</td><td>5,729</td><td>10,081</td></tr><tr><td>Belgian Congo</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500</td><td>500</td><td>500</td><td>500</td></tr><tr><td>Union of South Africa</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18,750</td><td>18,115</td><td>13,945</td><td>13,195</td><td>13,946</td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,787</td><td>7,385</td><td>6,357</td><td>6,438</td><td>7,353</td></tr><tr><td>Total other countries</td><td>-</td><td>22</td><td>23</td><td>23</td><td>23</td><td>26,537</td><td>27,530</td><td>22,778</td><td>25,862</td><td>31,880</td></tr><tr><td>Grand total</td><td>2,901</td><td>2,670</td><td>2,585</td><td>3,361</td><td>3,344</td><td>311,063</td><td>425,905</td><td>413,282</td><td>453,920</td><td>564,220</td></tr></table>
1/ Having a maturity of more than one year from date of issuance; excluding long-term securities.
2/ For the following countries, no long-term liabilities or claims were reported as outstanding at the end of periods shown on this table: Czechoslovakia, Finland, Poland, Rumania, U. S. S. R., Yugoslavia,
Bolivia, Guatemala, Netherlands West Indies and Surinam, China Main-land, Formose, Hong Kong, India, Indonesia, Iran, Republic of Korea, Egypt and Anglo-Egyptian Sudan, and International.
December 1955
61
CAPITAL MOVEMENTS
Section IV - Supplementary Data by Countries
Table 3.- Estimated Gold and Short-Term Dollar Resources of Foreign Countries
(Position at end of period in millions of dollars)
<table><tr><th>Area and country</th><th>1951</th><th>1952</th><th>1953</th><th colspan="2">1954</th><th colspan="3">1955</th></tr><tr><th></th><th></th><th></th><th></th><th>September</th><th>December</th><th>March</th><th>June</th><th>September p</th></tr><tr><td colspan="9">Continental Western Europe:</td></tr><tr><td>Austria</td><td>107</td><td>143</td><td>238</td><td>335</td><td>329r</td><td>331r</td><td>325</td><td>341</td></tr><tr><td>Belgium-Luxembourg (and Belgian Congo)</td><td>898</td><td>1,035</td><td>1,098</td><td>1,024</td><td>1,039</td><td>1,087</td><td>1,108</td><td>1,146</td></tr><tr><td>Denmark</td><td>76</td><td>101</td><td>127</td><td>107</td><td>102</td><td>100</td><td>85</td><td>95</td></tr><tr><td>Finland</td><td>53</td><td>55</td><td>64</td><td>69</td><td>72</td><td>69</td><td>69</td><td>73</td></tr><tr><td>France (and dependencies) 2/</td><td>896</td><td>967</td><td>1,049</td><td>1,124</td><td>1,358</td><td>1,417</td><td>1,452</td><td>1,648</td></tr><tr><td>Germany, Federal Republic of</td><td>434</td><td>691</td><td>1,225</td><td>1,822</td><td>1,999</td><td>2,125</td><td>2,155</td><td>2,247</td></tr><tr><td>Greece</td><td>49</td><td>57</td><td>112</td><td>105</td><td>124</td><td>141</td><td>138</td><td>145</td></tr><tr><td>Italy</td><td>633</td><td>655</td><td>812</td><td>871</td><td>925</td><td>957</td><td>992</td><td>1,115</td></tr><tr><td>Netherlands (and Netherlands West Indies and Surinam)</td><td>524</td><td>815</td><td>1,055</td><td>1,118</td><td>1,118</td><td>1,109</td><td>1,107</td><td>1,109</td></tr><tr><td>Norway</td><td>150</td><td>160</td><td>171</td><td>177</td><td>148</td><td>109</td><td>116</td><td>113</td></tr><tr><td>Portugal (and dependencies)</td><td>331</td><td>374</td><td>469</td><td>537</td><td>560</td><td>570</td><td>571</td><td>580</td></tr><tr><td>Spain (and dependencies)</td><td>128</td><td>130</td><td>150</td><td>174</td><td>188</td><td>209</td><td>225</td><td>237</td></tr><tr><td>Sweden</td><td>224</td><td>275</td><td>335</td><td>399</td><td>406</td><td>386</td><td>383</td><td>412</td></tr><tr><td>Switzerland</td><td>1,973</td><td>2,053</td><td>2,133</td><td>2,172</td><td>2,185</td><td>2,149</td><td>2,170</td><td>2,196</td></tr><tr><td>Turkey</td><td>165</td><td>151</td><td>157</td><td>150</td><td>152</td><td>154</td><td>156</td><td>153</td></tr><tr><td>Other 3/</td><td>477</td><td>712</td><td>887</td><td>928</td><td>947r</td><td>1,015r</td><td>1,239</td><td>1,270</td></tr><tr><td>Total Continental Western Europe</td><td>7,118</td><td>8,374</td><td>10,082</td><td>11,115</td><td>11,652</td><td>11,929</td><td>12,291</td><td>12,880</td></tr><tr><td colspan="9">Sterling area:</td></tr><tr><td>United Kingdom</td><td>2,843</td><td>2,318</td><td>3,009</td><td>3,388</td><td>3,190</td><td>3,137</td><td>3,139</td><td>2,800</td></tr><tr><td>United Kingdom dependencies</td><td>99</td><td>113</td><td>108</td><td>104</td><td>103</td><td>103</td><td>102</td><td>100</td></tr><tr><td>Indie</td><td>309</td><td>312</td><td>346</td><td>320</td><td>334</td><td>334</td><td>344</td><td>339</td></tr><tr><td>Union of South Africa</td><td>197</td><td>194</td><td>214</td><td>234</td><td>232</td><td>236</td><td>242</td><td>251</td></tr><tr><td>Other</td><td>326</td><td>347</td><td>373</td><td>371</td><td>381</td><td>395</td><td>405</td><td>426</td></tr><tr><td>Total sterling area</td><td>3,774</td><td>3,284</td><td>4,050</td><td>4,417</td><td>4,240</td><td>4,205</td><td>4,332</td><td>3,916</td></tr><tr><td>Canada</td><td>2,157</td><td>2,492</td><td>2,417</td><td>2,543</td><td>2,616</td><td>2,493</td><td>2,539</td><td>2,623</td></tr><tr><td colspan="9">Latin America:</td></tr><tr><td>Argentina</td><td>518</td><td>427</td><td>501</td><td>576</td><td>531</td><td>523</td><td>528</td><td>536</td></tr><tr><td>Bolivia</td><td>51</td><td>45</td><td>40</td><td>35</td><td>32</td><td>26</td><td>28</td><td>26</td></tr><tr><td>Brazil</td><td>417</td><td>390</td><td>423</td><td>413</td><td>442</td><td>417</td><td>442</td><td>469</td></tr><tr><td>Chile</td><td>99</td><td>121</td><td>121</td><td>117</td><td>112</td><td>118</td><td>136</td><td>129</td></tr><tr><td>Colombia</td><td>154</td><td>194</td><td>236</td><td>254</td><td>308r</td><td>183r</td><td>138</td><td>184</td></tr><tr><td>Cuba</td><td>575</td><td>515</td><td>531</td><td>477</td><td>423</td><td>420</td><td>431</td><td>422</td></tr><tr><td>Dominican Republic</td><td>58</td><td>56</td><td>51</td><td>73</td><td>72</td><td>75</td><td>88</td><td>82</td></tr><tr><td>El Salvador</td><td>54</td><td>55</td><td>56</td><td>58</td><td>59</td><td>72</td><td>79</td><td>61</td></tr><tr><td>Guatemala</td><td>54</td><td>61</td><td>65</td><td>64</td><td>62</td><td>72</td><td>78</td><td>70</td></tr><tr><td>Mexico</td><td>366</td><td>375</td><td>341</td><td>315</td><td>391</td><td>427</td><td>419</td><td>418</td></tr><tr><td>Panama, Republic of</td><td>68</td><td>81</td><td>90</td><td>76</td><td>74</td><td>79</td><td>84</td><td>85</td></tr><tr><td>Peru</td><td>93</td><td>107</td><td>104</td><td>110</td><td>118</td><td>114</td><td>118</td><td>124</td></tr><tr><td>Uruguay</td><td>306</td><td>301</td><td>337</td><td>329</td><td>317</td><td>308</td><td>291</td><td>277</td></tr><tr><td>Venezuela</td><td>445</td><td>519</td><td>595</td><td>614</td><td>597</td><td>591</td><td>659</td><td>662</td></tr><tr><td>Other</td><td>102</td><td>132</td><td>130</td><td>147</td><td>134</td><td>140</td><td>140</td><td>205</td></tr><tr><td>Total Latin America</td><td>3,360</td><td>3,379</td><td>3,621</td><td>3,658</td><td>3,672r</td><td>3,565r</td><td>3,709</td><td>3,750</td></tr><tr><td colspan="9">Asia:</td></tr><tr><td>Indonesia</td><td>421</td><td>296</td><td>134</td><td>158</td><td>181</td><td>134</td><td>211</td><td>216</td></tr><tr><td>Iran</td><td>163</td><td>157</td><td>181</td><td>164</td><td>169</td><td>178</td><td>190</td><td>174</td></tr><tr><td>Japan</td><td>729</td><td>929</td><td>951</td><td>794</td><td>851</td><td>841</td><td>884</td><td>992</td></tr><tr><td>Philippines</td><td>337</td><td>324</td><td>304</td><td>318</td><td>266</td><td>264</td><td>263</td><td>266</td></tr><tr><td>Thailand</td><td>210</td><td>294</td><td>281</td><td>238</td><td>236</td><td>245</td><td>243</td><td>235</td></tr><tr><td>Other</td><td>325</td><td>360</td><td>401</td><td>465</td><td>520</td><td>551</td><td>601</td><td>618</td></tr><tr><td>Total Asia</td><td>2,185</td><td>2,360</td><td>2,302</td><td>2,147</td><td>2,223</td><td>2,273</td><td>2,392</td><td>2,501</td></tr><tr><td>Eastern Europe 5/</td><td>309</td><td>307</td><td>306</td><td>308</td><td>309</td><td>310</td><td>311</td><td>308</td></tr><tr><td colspan="9">Other countries:</td></tr><tr><td>Egypt</td><td>285</td><td>234</td><td>217</td><td>219</td><td>221</td><td>228</td><td>224</td><td>234</td></tr><tr><td>Other</td><td>42</td><td>49</td><td>67</td><td>70</td><td>69</td><td>71</td><td>84</td><td>85</td></tr><tr><td>Total other countries</td><td>327</td><td>283</td><td>284</td><td>289</td><td>290</td><td>299</td><td>308</td><td>319</td></tr><tr><td>Total foreign countries</td><td>19,230</td><td>20,479</td><td>23,062</td><td>24,477</td><td>25,002r</td><td>25,074r</td><td>25,782</td><td>26,297</td></tr><tr><td>International</td><td>3,171</td><td>3,287</td><td>3,331</td><td>3,536</td><td>3,560</td><td>3,565</td><td>3,677</td><td>3,673</td></tr><tr><td>Grand total</td><td>22,401</td><td>23,766</td><td>26,393</td><td>28,013</td><td>28,562r</td><td>28,639r</td><td>29,459</td><td>29,970</td></tr></table>
1/ Date include reported and estimated official gold reserves, and official and private dollar holdings reported by banks in the United States. Dollar holdings include principally deposits and U. S. Government securities reported as purchased within 20 months of maturity.
2/ Includes gold reserves of Bank of France and French dependencies only.
3/ Includes holdings of Trieste, Yugoslavia, Bank for International Settlements (including European Payments Union account), gold to be distributed by Tripartite Commission for Restitution of Monetary Gold, and unpublished gold
b/ Reserve of certain Western European countries.
Include latest available figure on Mexican gold reserves (July 31); estimated change for remainder of quarter included in "Other."
5/ Exclude gold reserves of the U. S. S. R.
p Preliminary.
r Revised.
62
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS
January through December 1955
<table><tr><th rowspan="2">Article:</th><th colspan="12">Issue and page number 1955</th></tr><tr><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>Treasury financing operations.</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td><td>A-1</td></tr><tr><td>Summary of Federal fiscal operations.</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Budget receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Receipts by principal sources.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Expenditures by major functional classifications.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Expenditures for national security.</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></tr><tr><td>"Other" expenditures.</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Trust account and other transactions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of trust account and other transactions.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Trust account receipts.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Trust and deposit fund account expenditures.</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>Net investment by Government agencies in public debt securities.</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>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Net redemption or sale of obligations of Government agencies in the market.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>...</td><td>8</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>8</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Unemployment Trust Fund.</td><td>...</td><td>9</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>9</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Railroad Retirement Account.</td><td>...</td><td>10</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>10</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>National Service Life Insurance Fund.</td><td>...</td><td>10</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>10</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Investments of specified trust accounts in public debt securities, by issues (latest date June 30, 1955).</td><td>...</td><td>11</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>11</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Treasury cash income and outgo:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of cash transactions.</td><td>8</td><td>12</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>12</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Derivation of cash income.</td><td>9</td><td>13</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Derivation of cash outgo.</td><td>10</td><td>14</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Derivation of cash borrowing or repayment of borrowing.</td><td>11</td><td>15</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>15</td><td>14</td><td>14</td><td>14</td><td>14</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></tr><tr><td>Summary of Federal securities.</td><td>12</td><td>16</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>16</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Interest-bearing public debt.</td><td>12</td><td>16</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>16</td><td>15</td><td>15</td><td>15</td><td>15</td></tr><tr><td>Special issues to U. S. Government investment accounts.</td><td>13</td><td>17</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>17</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Computed interest charge and computed interest rate on Federal securities.</td><td>13</td><td>17</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>17</td><td>16</td><td>16</td><td>16</td><td>16</td></tr><tr><td>Treasury holdings of securities issued by Government corporations and other agencies.</td><td>14</td><td>18</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>18</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Status of the account of the Treasurer of the United States.</td><td>14</td><td>18</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>19</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Statutory debt limitation.</td><td>15</td><td>19</td><td>15</td><td>15</td><td>15</td><td>15</td><td>16</td><td>20</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Debt operations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued by the U. S. Government.</td><td>16</td><td>20</td><td>16</td><td>16</td><td>16</td><td>16</td><td>17</td><td>21</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td>Offerings of Treasury bills.</td><td>18</td><td>22</td><td>18</td><td>18</td><td>18</td><td>18</td><td>19</td><td>23</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>19</td><td>23</td><td>19</td><td>19</td><td>19</td><td>19</td><td>20</td><td>24</td><td>23</td><td>23</td><td>23</td><td>23</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>20</td><td>24</td><td>20</td><td>20</td><td>20</td><td>20</td><td>21</td><td>25</td><td>24</td><td>24</td><td>24</td><td>24</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cumulative sales and redemptions by series.</td><td>21</td><td>25</td><td>21</td><td>21</td><td>21</td><td>21</td><td>23</td><td>27</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Sales and redemptions by periods, all series combined.</td><td>21</td><td>25</td><td>21</td><td>21</td><td>21</td><td>21</td><td>23</td><td>27</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Sales and redemptions by periods, Series E through K.</td><td>22</td><td>26</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>28</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Redemptions of matured and unmaturing bonds.</td><td>24</td><td>28</td><td>24</td><td>24</td><td>24</td><td>24</td><td>26</td><td>30</td><td>29</td><td>29</td><td>29</td><td>29</td></tr><tr><td>Sales and redemptions by denominations, Series E and H combined.</td><td>...</td><td>29</td><td>...</td><td>...</td><td>...</td><td>...</td><td>31</td><td>...</td><td>...</td><td>30</td><td>...</td><td>...</td></tr><tr><td>Sales by States, Series E and E combined.</td><td>...</td><td>30</td><td>...</td><td>...</td><td>...</td><td>...</td><td>32</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Treasury savings notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cumulative sales and redemptions by series.</td><td>25</td><td>31</td><td>25</td><td>25</td><td>26</td><td>25</td><td>27</td><td>33</td><td>30</td><td>30</td><td>31</td><td>30</td></tr><tr><td>Sales and redemptions by periods, all series combined.</td><td>25</td><td>31</td><td>25</td><td>25</td><td>26</td><td>25</td><td>27</td><td>33</td><td>30</td><td>30</td><td>31</td><td>30</td></tr></table>
(Continued on following page)
December 1955
63
CUMULATIVE TABLE OF CONTENTS
January through December 1955 - (Continued)
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td colspan="13">1955</td></tr><tr><td colspan="13">Ownership of Federal securities:</td></tr><tr><td>Distribution by classes of investors and types of issues.</td><td>26</td><td>32</td><td>26</td><td>26</td><td>27</td><td>26</td><td>28</td><td>34</td><td>31</td><td>31</td><td>32</td><td>31</td></tr><tr><td>Net market purchases or sales for investment accounts handled by the Treasury.</td><td>26</td><td>32</td><td>26</td><td>26</td><td>27</td><td>26</td><td>28</td><td>34</td><td>31</td><td>31</td><td>32</td><td>31</td></tr><tr><td>Estimated ownership</td><td>27</td><td>33</td><td>27</td><td>27</td><td>28</td><td>27</td><td>29</td><td>35</td><td>32</td><td>32</td><td>33</td><td>32</td></tr><tr><td colspan="13">Treasury survey of ownership of Federal securities:</td></tr><tr><td>Ownership by banks, insurance companies, and others.</td><td>28</td><td>34</td><td>28</td><td>28</td><td>29</td><td>28</td><td>30</td><td>36</td><td>33</td><td>33</td><td>34</td><td>33</td></tr><tr><td>Ownership by commercial banks classified by membership in Federal Reserve System (latest date June 30, 1955).</td><td>...</td><td>...</td><td>32</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>37</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="13">Market quotations:</td></tr><tr><td>End-of-month closing quotations on Treasury securities by issues.</td><td>32</td><td>38</td><td>36</td><td>32</td><td>33</td><td>32</td><td>34</td><td>40</td><td>41</td><td>37</td><td>38</td><td>37</td></tr><tr><td>Chart - Yields of Treasury securities.</td><td>34</td><td>40</td><td>38</td><td>34</td><td>35</td><td>34</td><td>36</td><td>42</td><td>43</td><td>39</td><td>40</td><td>39</td></tr><tr><td colspan="13">Average yields of long-term bonds:</td></tr><tr><td>Average yields of Treasury and corporate bonds by periods.</td><td>35</td><td>41</td><td>39</td><td>35</td><td>36</td><td>35</td><td>37</td><td>43</td><td>44</td><td>40</td><td>41</td><td>40</td></tr><tr><td>Chart - Average yields of Treasury and corporate bonds.</td><td>36</td><td>42</td><td>40</td><td>36</td><td>37</td><td>36</td><td>38</td><td>44</td><td>45</td><td>41</td><td>42</td><td>41</td></tr><tr><td colspan="13">Internal revenue collections:</td></tr><tr><td>Summary by principal sources.</td><td>37</td><td>43</td><td>41</td><td>37</td><td>38</td><td>37</td><td>39</td><td>45</td><td>46</td><td>42</td><td>43</td><td>42</td></tr><tr><td>Chart - Internal revenue collections by principal sources.</td><td>38</td><td>44</td><td>42</td><td>38</td><td>39</td><td>38</td><td>40</td><td>46</td><td>47</td><td>43</td><td>44</td><td>43</td></tr><tr><td>Detail of collections by type of tax.</td><td>39</td><td>45</td><td>43</td><td>39</td><td>40</td><td>39</td><td>41</td><td>47</td><td>48</td><td>...</td><td>...</td><td>44</td></tr><tr><td>Detail of specified excise tax collections reported quarterly.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>45</td></tr><tr><td colspan="13">Monetary statistics:</td></tr><tr><td>Money in circulation.</td><td>41</td><td>47</td><td>45</td><td>41</td><td>42</td><td>41</td><td>43</td><td>49</td><td>50</td><td>44</td><td>45</td><td>46</td></tr><tr><td>Monetary stocks of gold and silver.</td><td>42</td><td>48</td><td>46</td><td>42</td><td>43</td><td>42</td><td>44</td><td>50</td><td>51</td><td>45</td><td>46</td><td>47</td></tr><tr><td>Cold assets and liabilities of the Treasury.</td><td>42</td><td>48</td><td>46</td><td>42</td><td>43</td><td>42</td><td>44</td><td>50</td><td>51</td><td>45</td><td>46</td><td>47</td></tr><tr><td>Components of silver monetary stock.</td><td>43</td><td>49</td><td>47</td><td>43</td><td>44</td><td>43</td><td>45</td><td>51</td><td>52</td><td>46</td><td>47</td><td>48</td></tr><tr><td>Seigniorage on silver.</td><td>44</td><td>50</td><td>48</td><td>44</td><td>45</td><td>44</td><td>46</td><td>52</td><td>53</td><td>47</td><td>48</td><td>49</td></tr><tr><td>Increment from reduction in weight of gold dollar (latest date September 30, 1955).</td><td>...</td><td>50</td><td>...</td><td>...</td><td>45</td><td>...</td><td>...</td><td>52</td><td>...</td><td>...</td><td>...</td><td>49</td></tr><tr><td colspan="13">Exchange Stabilization Fund (latest date June 30, 1955):</td></tr><tr><td>Balance sheet.</td><td>...</td><td>51</td><td>...</td><td>...</td><td>46</td><td>...</td><td>...</td><td>53</td><td>...</td><td>...</td><td>49</td><td>...</td></tr><tr><td>Income and expense.</td><td>...</td><td>52</td><td>...</td><td>...</td><td>47</td><td>...</td><td>...</td><td>54</td><td>...</td><td>...</td><td>50</td><td>...</td></tr><tr><td colspan="13">National bank reports:</td></tr><tr><td>Earnings, expense, and dividends for calendar years 1953 and 1954.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>45</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="13">Capital movements between the United States and foreign countries:</td></tr><tr><td>Summary by periods since 1935.</td><td>46</td><td>54</td><td>50</td><td>45</td><td>48</td><td>46</td><td>47</td><td>55</td><td>54</td><td>48</td><td>51</td><td>50</td></tr><tr><td>Summary by countries and periods.</td><td>48</td><td>56</td><td>52</td><td>48</td><td>51</td><td>49</td><td>50</td><td>58</td><td>57</td><td>51</td><td>54</td><td>53</td></tr><tr><td>Short-term banking liabilities to foreigners, latest month.</td><td>52</td><td>60</td><td>56</td><td>52</td><td>55</td><td>53</td><td>54</td><td>62</td><td>61</td><td>55</td><td>58</td><td>57</td></tr><tr><td>Short-term banking claims on foreigners, latest month.</td><td>53</td><td>61</td><td>57</td><td>53</td><td>56</td><td>54</td><td>55</td><td>63</td><td>62</td><td>56</td><td>59</td><td>58</td></tr><tr><td>Purchases and sales of long-term securities by foreigners, latest month.</td><td>54</td><td>62</td><td>58</td><td>54</td><td>57</td><td>55</td><td>56</td><td>64</td><td>63</td><td>57</td><td>60</td><td>59</td></tr><tr><td>Short-term liabilities and claims reported by nonfinancial concerns.</td><td>55</td><td>...</td><td>59</td><td>...</td><td>...</td><td>56</td><td>...</td><td>...</td><td>64</td><td>...</td><td>...</td><td>60</td></tr><tr><td>Long-term liabilities and claims reported by banks and bankers.</td><td>...</td><td>...</td><td>...</td><td>...</td><td>57</td><td>...</td><td>...</td><td>...</td><td>65</td><td>...</td><td>...</td><td>61</td></tr><tr><td>Estimated gold and short-term dollar resources of foreign countries and international institutions.</td><td>...</td><td>...</td><td>60</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>66</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Foreign credit and debit balances in brokerage accounts.</td><td>...</td><td>...</td><td>61</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Short-term liabilities, countries and areas not regularly reported.</td><td>...</td><td>...</td><td>56</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="13">Corporations and certain other business-type activities:</td></tr><tr><td>Balance sheets and loans by type (latest date June 30, 1955).</td><td>56</td><td>...</td><td>57</td><td>...</td><td>58</td><td>...</td><td>58</td><td>...</td><td>59</td><td>...</td><td>61</td><td>...</td></tr><tr><td>Income and expense (latest date June 30, 1955).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>58</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Source and application of funds (latest date June 30, 1955).</td><td>...</td><td>...</td><td>...</td><td>...</td><td>66</td><td>...</td><td>...</td><td>...</td><td>...</td><td>69</td><td>...</td><td>...</td></tr></table>
TREASURY DEPARTMENT FISCAL SERVICE, BUREAU OF ACCOUNTS OFFICE OF THE COMMISSIONER WASHINGTON 25, D.C. OFFICIAL BUSINESS
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<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>Treasury Bulletin</td></tr><tr><td>.A2</td><td></td></tr><tr><td>1955</td><td></td></tr><tr><td>c.2</td><td></td></tr></table>