1949_01_treasurybulletin

-7 /

LIBRARYROOM 5030

JUN 1 1 1972

TREASURY DEPARTMENT

%mE4^UMV.MUMwrnv

"-AS(J(fy^^f'^mf/r

jnNURRV-ig4g

LIBRARYROOM 5030

JUN 2 1 1972

TREASURY DEPARTMENT

UNITED 5THTE5 TREHSURV DEPRRTMENT,OFFICE DF THE SECRETnRV

January 1949

Table of Contents

Page

Treasury financing operations A-1

Summary of fiscal operations 1

Budget receipts and expenditures 2

Trust accounts, etc 8

Treasury cash Income and outgo 11

General Fund of the Treasury l**-

Debt outstanding 15

Statutory debt limitation iS

Debt operations 19

United :,j,$#tes savings bonds 25

Treasury savings notes 28

Ownership of Federal securities 29

Treasury survey of ownership 31

Market quotations 35

Yields of Treasury and corporate bonds 3*

Internal revenue collections "WJ

Monetary statistics ^

Capital movements ^2

Cumulative table of contents 62

Note: In those tables where figures have been rounded to aspecified unit, all calculations (Including percent-ages) have been made from unrounded figures. Conse-quently the details nay not add to the totals shown.

January 194^ A-l

Treasury Financing Operations

December-January Certificate,hiote, and BoikI Maturities

On NoTember l6, the Secretary of the Treasuryannounced that holders of the Treasury 1-1/8 per-cent notes and the 1-1/8 percent certlflcatee ofIndebtedness maturing on January 1, 1949, would beoffered a one-year \-\/h percent certificate ofIndebtedness. The announcement stated further thatholders of the 2 percent Treasury bonds of 19'*8-50idated December 8, 1939i which had been called forredemption on December 15, 19'*^. would be offereda one-year 1-1/4 percent certificate of Indebtedness.

Of the maturing and called Issues, the certif-icates, Series A-19l(-9, amounted to |2,592 million;the notes. Series A-19U9, amounted to 13,555 million;

and the Issue of December I5, 19'^8-50 bonds, $571million.

Subscription books for the 1-1/4 percent cer-tificates of Indebtedness, Series H-1949, offeredIn exchange for the called bonds, were openedDecember 6 and were closed at the close of businesson December 8. The new certificates were datedDecember 15, 19^8, and bear Interest from thatdate at the rate of 1-1/4 percent per annum, pay-able with the principal at maturity on December I5,

1949.

Subscription books for the 1-1/4 percent cer-tificates of Indebtedness, Series A-I95O. offered In

exchange for the maturing certificates and notes,were opened December 15 and were closed at the close

of business on December 17. This new Issue was dated

January 1, 1949, and bears Interest from that date atthe rate of 1-1/4 percent per anniim, payable with theprincipal at maturity on January 1, 1950.

With respect to both Issues of new certificates,exchanges were made par for par, and asb subscrip-tions were not received. Both were Issued in bearerform only, In denominations of $1,000, $5,000,$10,000, $100,000, and $1,000,000.

Reports to the Treasury on the ownership ofOovernment securities Indicate that on October 31>1948, about 47 percent of the maturing certificates,about 37 percent of the maturing notes, and about

73 percent of the called bonds were owned by report-ing commercial banks and Federal Reserve Banks. Theownership figures for October 3I are the latestavailable for holdings of commercial banks.

Subscriptions to the new certificates. Se-ries H-I949, amounted to $519 million, leaving$52 million of the called bonds to be paid In cash.Subscriptions to the new certificates. Series A-I950,totaled $5,695 million. Exchanges for the maturingoertlfloatee amounted to $2,398 million, leaving$194 million to be paid In cash; and exchangee forthe maturing notes amounted to $3i297 million,leaving $238 million to be paid In cash.

Treasury Bills Retiredand Refunded

Treasury bills maturing In November totaled$3.6 billion, and the amount refunded totaled$3-4 billion. The first two Issues were refundedIn full. The third and fourth Issues were $100million less than the respective amounts maturing.The average rates of discount on the four Novemberofferings, beginning with that dated November 4,were, in ohronologlcal order, I.129 percent, I.138percent, l.l4l percent, and 1.147 percent.

Note: Historical details of Treaeinr market financing oper-ations are shown in the tables on "Offerings" and"Disposition", rospoctlvelj, of Barketable Issuss of

Ijonds, notes, and certlflcatee of Indebtedness, and thetable "Offerings of Treasury Bills", In this Issue of the"Treasury Bulletin".

January 1949

SUlOURy OP FEDERAL FISCAL OPERATIONS(In mllllonB of dollare)

Period

Fiscal yoare:

19371938193919^0

19'tligita

19''319W19i5

191*619'>7igW19l9 (Estimated)

Calendar yeare:I9U119112

Wits19W>

W"*?19h6WltT

Montha:

19i6-January. ...

February...March

April,

May,

June,

July,

August,

September...

OctoberHoTomber.

. .

.

December.. .

,

191*7-JanuaryFobruaiy....March

AprilMayJune ........

JulyAlAgUStSeptenber.

.

,

OctoberRoTaaber...,December...,

1948-JanuaryFebruary,,,

.

March

AprilMVJune

JulyAugust

,

September. .

.

OctoberHovember. . .

.

Budget receipts and expenditures 3j

Retreceipts2/

5,0295,8555,1655,387

7,60712,79922,282liit,lU9

1*6,1*57

1*3,0381*3,259lil*,7l*6

1*0,658

8,81*916,1*033l*,55l*

1*1*, 1*21

1*6,01*6

1*1,6011*3,977

3,8193,6785,71*7

2,6772,7331*,1.79

2,5392,1.31*l*,l*78

2,51*1*

2,361.It, 107

3,820l*,378

5,701

2,5562,8655,1*73

2,3972,536l*,872

2,3902,71*3l.,2li6

1*,2751*,3366,331*

2, 8062,7075,102

2,2362,5691*,589

2,11*0

2,583

Szpendi-turee

2J

7,8067,0319,0279,305

13,7663l*,289

79,70295,572

100,39763,711*1*2,50539,326

39,203

20,61057,86390,2M*98,071

89,61*0Ul*,1131*1,51.3

l*,860

3,1*353,81*5

l*,268

3,861.

5,352

3,61*1*

2,9322,755

2,9652,5293,662

3,1133,911*3,598

1*,0013,8515,51*0

3,6693,0602,932

2,1*1*5

2,191*3,221*

2,8792,1*023,51*6

3,1092,601*7,261

3,6982,2072,915

2,72U2,859

Surplus,or

deficit(-)

-2,777-1,177-3.862-3,918

-6,159-21,1.90-57,1*20-51,1*23

-53,91*1-20,676

751*

5,1*19

1,1*55

-11,76s-1.1,1.61

-55,691-53,650

-1*3,591*-2,5122,1*31*

-1,01*221*3

1,902

-1,591-1,131

-873

-1,105-1*99

1,723

-1*20

-1651*1*5

7061.61*

2,108

-1,1*1*5

-987-67

-1,272-521.

1,91*0

-5551*9

1,022

1,3961,931.2,788

-302103

-2,159

-1,1*62362

1,671*

-581.

-275

Transactionsof ForeignEconomicCooperationTrust Fund

3,000

-3,000

3,000

-183-192-196

-226-31.7

Surplus, ordeficit HadjustedforF.E.C.Trust Fund

-2,777-1,177-3,862-3,918

-6,159-21,1.90-57,1*20-51,1*23

-53,91*1-20,676

751.

8,1*19

-1,51*5

-11,762-1.1,1*61

-55,691-53,650

-1*3,591*-2,5122,1*31*

-1,01*221*3

1,902

-1,591-1,131

-873

-1,105-1*99

1,723

-1*20

-1651.1*5

7061*61*

2,102

-1,1.1*5

-987-67

-1,272-52I*

l,9l>0

-5551*9

1,022

1,3961,931*2,788

-30210381.1

-1,61*5169

1,1*77

-810-623

Other trustaccounts,etc. - netreceipts

,

or expend-itures C-)5/

398

1,2101*1.3

908-1,613-338

-2,222

791-521*

-1,103-291.

-187

1.80

-1,788-266

-1,161

-123-1,386

-350

-307-36

-295

27s1*8

-265

-270206-366

12019

-511*

-69215-72

20262

-637

17379

-311*

69265

-1.68

259-I9I.-86

86

I.

202-371.

82317

Clearingaccount6/

555-507

300

362-2l)

31827

-1.8

36-1.

31.

-5610239

67373

-11*6

-173-121

211.

-127-80

222-101-53

226-11*1*

-226

700-289

9

171*

-158

BetIncreaseInpublicdebt , ordecrease(-)

2,61.67lrf>

3,2752,528

5,991*23,1*6161*,27l*

61*,307

57,67910,7l)

-11,136-5,991*

12,91350,23257,70761*,753

1*7,1*81*

-18,966-2,21*9

772327

-3,201

-2,111*-1,316-3,161

-1,152-72I.

-2,177

-1,837-1,255-3,128

6281,61*2

-2,291*

-1,1*2361.2

-57

1,16161*9

-953

-71*

-859-1,312

-326-1,969-1,615

-750-356

1,082-321.

-362

-2271.6

HetIncreaseIn GeneralFund bal-ance, or

decrease(-)

-128-338622

-91.7

71.2

3586,51510,662

l.,5e9-10,1.60-10,930

1,621.

-1,1*21*

1,6326,9831,7519,91*2

3,767-22,502

-l)5

-577531*

-1,593

-3,1*33-2,398-l*,298

-2,209-989-868

-2,101-1,1*05-3,163

1,2102,1.22-22I.

-2,598-21.5

-758

-239332552

155-172-838

1,551-330

1,035

-71.1

331.

-lU

11.1

-21.1

751

-781-1.17

Levels, end of period

GeneralFundbalance

2,5532,2162,8381,891

2,6332,9919,507

20,169

2U,698ll.,238

3,308l.,932

3,508

3,56010,51*312,291*22,236

26,0033,5023,097

25,1*2725,96121*, 367

20,93518,536ll.,238

12,02911,01*010,171

8,0706,6653.502

1*,7117,131.6.909l.,312

1*,0663,308

3,0693,1*00

3,952

1*,107

3,9353,097

1*,61.8

l.,3l8

5,353

1.,612U,91.6l.,932

5,071*'*,832

5,583

1*,8021*,385

Publicdebt2/

36,1.2537,1651*0,1.1)

1*2,968

1*8,96172,1*22

136,696201,003

258,682269,1*22258,286252,292

252,300

57,938108,170165,877230,630

278,115259,11*9256,900

278,887279,211*276,012

273,898272,583269,1*22

268,270267,51*6265,369

263,532262,277259,11*9

259,776261,1*18259,121*

257,701258,31*3258,286

259,1.1.3

260,097259,11.5

259,071258,212256,900

256,571.251.,605252,990

252,21*0252,236252,292

253,371*253,01*9

252,687

252,1.60252,506

Source:

1/

2/

3/

Actual figures from Dally Treasury Statement; OBtlmatee from the k/review of the I949 Budget releaaed August 15, 19^.Beginning with July 19^, figures on both budget receipts andeipenditurea exclude inter-agency transactions Involving repay- ^ment of capital etoclc and earnings by wholly owned coirporatlonsto the Treasury; such tranaactionB Included in prior yearsamounted to $209 million In 19^7 and $260 million in 19W.GroBS receipts lees amoxmts appropriated to Federal Old-Age andSurvivors Insxirance Trust Fund.Figures for fiscal year 19^*8 Include $3,000 million transfer to 6/Foreign Economic Cooperation Trust Fund; figures for fiscal year19^9 exclude expenditures from this Fund. Figures exclude amountsfor public debt retirement which are chargeable to the sinking jjfund, etc., under special provislonfl of law, and include othertransfers to trust accounts, 'and net expenditures of Governmentcorporations wholly owned, etc., except as indicated In footnote 1,

Established In accordance with the Economic Cooperation Act of19U8; positive figures indicate receipts and negative figuresindicate expenditures.Conrprises all trust accoxmts other than Foreign Economic Co-operation Trust Fund; soles and redemptions of securities ofGovernment corporations, etc., in the market (net); incrementon gold; seigniorage on silver; and miecellaneous funds andaccoimts. Figures exclude retirement of national bank noteschargeable against increment on gold (fiscal years 1937-39).Clearing account for outstanding checks and telegraphic reportsfrom Federal Reserve Banks; excess of receipts, or expenditures(-).For data on guaranteed securities and total Federal securitiesoutstanding, see Table 1 under "Debt Outstanding" in the currantissue of the "Treasury Bulletin"; for earlier data, see Iseue ofJuly 19^, page 1.

Ireasury Ballet.m

BUDOET RECEIPTS AND EXPENDITURES

Table 1.- Receipts by Prlncliwl Sources(In mlllioaa at lollan)

or aootk

Tnrrmt and profit* taM

VltktelAothM2/

MiucllA-B0OVMIntam*!

Ciiatoa*OtlWTro*lpt Oroat

r*Mlpt*

! : Ap-propriationto TimTl01d-A* ai^SurrlTOT*laauraaoaTrust Tvaii/

latraoalpta6/

19*1....19*819*319**

19*519*619*719*a

19*9 (latlmt*!)

19*6-J>.Baai7rabmai7 . . .

,

MarohApril"WJ\9a

JnljAugust. . . . .,3.vpt#atbar. .

.

OctobaroTflabar. .

.

8,393

10,2899,39610,01311,1.36

6ek1,56399668k

1,358695

5351,165

e9i>

5371,198

3,*T07,960

16,09*a6^M,88k21,*9319,89619,735

2,6131,5971>,166

1,17*tea

3,006

719k03

2,939

6I13

385

3,*707,960

16,09*3*.655

29.30631,171

3,2373,1595,165

1,8581,7853,701

1,25*1,5683,632

1,1801,5*

9651,1861,*981,739

1,7801,7012,06*2,381

51*23176

83*011*2

67klO130

6538*

2,9673,8*7*,5535,891

6,9*97,7258,0k98,301

65666973966267369*

6777U2676

768768

7,36612,99322,lW>*1,685

*3,90e*0,31039,379*l,a53

3.9***,2116,080

2,6032,859*,536

1,9982,720*,*38

2,0132,73*

39238932**31

355*35*9*

373*kl

353133

313*35

3633

5*23139**

3,365

3,5103,530*,8*5k,086

3293692*32*3193550

271195121.

1*917*

8,29513,69523,*12*5,**1

*7,766**,876**,Tl81.6,366

*2,351

*,310*,6l*6,3652,8813,0835,U9

2,3002,9*8*,597

2,1992,9*1

688896

1,1301,296

1,3101,2381,*591,616

1,693

3527830

7*37617

63

59358

7,60712,79922,286**,1*9

!.6,*571.3,038*3,259**,7*6

*0,658

*,275*,3366,33*3,8062,7075,106

2,2362,569*,589

2,1*02,583

Souroa: Actual flgoraa trtm SKll; Tr*aaui7 Stataaant. BraaUam of groaaracalpta aa aatljMtod Id tba rarlav of tha 19J.9 Budgat, ralaaaadAugust 15, 19*8, la aa follova: Dlract taxaa on IMlTlduala

$18,369 Minion, dlraot taxaa on corporatlona )11,233 Billionolaa taxaa t7,7l6 alllloD, t^lojnant taxaa $2,*87 Billion,$378 Billion, and Blaoallanaoua racalpta t2,l68 Billion.Footootaa at and of Tabla 5.

Table 2.- Expenditures by Major Classifications^(In BlllloBa of dollara)

yiaoal jaior Boatb

latlODBldafaoaa

Intaraa-tlooalfInancaa^ aid 8/

Intaraston

thapublicdabt

Tatarmna'AdBlnls-tzmtlon2/

Bafuadaoftaxaaanddntlaa

Totalaxpandl-turaa^8/

Sxpiidlturof 7or*l0BEconomicCoopvrfttlooaTruat FondIS/

Totalxpadltur*djuatad for7. K. C.Tmat Pund

19*119*619*319**

19*519*619*719*8

19*9 (lartlMtad),

19*8-Janmr7.....FabraaX7...March

AprU. ,*JAmMlTAoguatSapteiibar..

Octobar....

6,65528,26675,29789,720

90,501*8,87016,76611,36*

12,3*9

''^

8*5

903930929

1,155eoo

715

931957

727*,92e7,1*3

3.*8o

a9600

338251

3,*33

155138282

17*206

1,1111,2601,8082,609

3,617*,722*,9585,211

5,300

ll1*2608

15*12*

1,508286lib570

212122

563556602730

2,060*,2537,2596,*69

6,609

52*529597

58253056e

7BB539*87

*90618

909*79

267

1,7153,03*3,0502,326

2,789

781861.65

5553882331567?

53

k6*9

5,3*9*,U31,9152,21.6

2,5052,1085,5*56,812

8,676

585*33*31

577380596

1,1625W.

808

n.

905

13,7663*,28979,70295,572

100,39763,71**2,50539.326

39,203

2,8792,lM>2

3,5*6

3,1092,601.7,261

3,6982,2072,915

2,72*2,859

-3,000

3,000

-3,000

18319?196

2263*7

13,7663*,28979,70295,572

100,39763,71**8,50536,366

*2,203

2,8792,^063,5*6

3,1092,60**,26l

3,881?,k003,112

2,9503,206

Souroa: Aotanl fSeuraa ttrm Dallj Traaaur; Stataaant; aatlnataa baaad cran>* of tba 19k9 Budeat ralaaaad Aoguat 15, 19^.

TootBotaa at and of Tabla 5>

January 1949

BUDOET RECEIPTS AND EXPENDITURES

Table 3,- Expenditures for National Defense and Related Activities(In BlUlonB of dollsre)

Fiscal yearor BODth

Departaaentof theAir Force

Departmentof the

Bepartmsntof theHaTy

pBTaentstoider AraedForcesLeave Act

UnitedStatesMaritimeCcsniLlsslonlU/

Surpluspropertydisposalagencies15/

Beconstruc-tlonFinanceCorporation16/

OtbarHi Total

19'il.19112.

19Wt.

Wis.V)U6.

I9I18.

L9lt9 (Estlsatsd).

1948-JanuaryFebruary . . .

.

March

1,61.7

April.May...June..

JulyAuguat ....September.

October.

.

Horember

.

69120139

117122

3,678lit,070"2,265U9,2ll2

50,33727,8006,9116,01.6

5,670

67".U31.

391.

1.86

539U82

671.

328217

Ult3

1.19

2,3138,580

20,88826,538

30,01.715,161l.,998

U,171

I., 538

330337368

33631.1to7

371.

322332

3I.8

381

270

10

lU7h

322

123

21

51929

2,7763,812

3,22769U271277

250

233630

2921.

21

201310

109

661.

1,501268

21.

359

2971

21.

1

15

1061.1.2

325

176

19271.0

201716

15U11

10

7

351.

2,2553,1892,682

1.72

328138

2592,1.326,1807,1.1.7

6,305l.,117

5198

35

6,65526,26675,29789,720

90,5011.8,87016,76611,361.

12,31.9

1,063Bi.6

81.5

903930929

1,155800715

931957

Actual figures from Daily Tpeaaury Statement; estlmatee baaed on thereview of the 191.9 Budget releaaed August 15, 19I.8.

Footnotes at end of Table 5.

Table 4,- Expenditures for International Finance and Aid(In mllllona of dollars)

Fiscal yearor Bonth

BrettonWoodsAgree-mentsAct

Biport-IjBportBank

i8/

CredittoUnitedKingdom

Greek

-

Turkishassist-ance

Beliefto vardeTas-tatedcoun-

tries

Gorem-ment andreliefIn oc-cupiedcoun-

tries

EconomicCoopera-tionAdminis-tration19/

ForeignAidAct of191.7

ChinaAidAct ofI9I.8

Other20/ Total

Expendituresof ForeignEconomicCooperationTrust Fund10/

Total el-pendituresadjustedfor F.E.C.Trust Fund

I9I.6

191.7I9I.3

191.9 (Estimated).

1591,1.26

I9I.8-January.

.

February.March ....

April.May...June.

.

JulyAugust ....September

.

October. .

.

Norember.

.

5689381.65

500

3-5

111

3751.

1.7

-19-109

8

6

35

2,0501,700

100100100

161

385

111627

3021.

28

26lU22

1827

277

W.

592116

1.1

9-17

I.

1I.

511.

881

1,280

5259

236

9772129

81.

178176

79113

3,131.

800

13,133

U98

77

378

111

1329181.

1.8

lU6

359

123961.

6129

28

35

28

3

81

727".,9287,11.3

3,1.80

228269600

338251

3,1.33

155138282

17I.

206

-3,000

3,000

-3,000

183192196

2263U7

727l.,928

.,11.3

6,1.80

228269600

3382511.33

338330U79

1X)55U

Source: Actual figures fron Daily Treasury Statement; estimates based on thereview of the 191.9 Budget released August 15, 19I.8.

Footnotes at end of Table 5,

Treasury Bulletin

BUDGET RECEIPTS AND EXPENDITURES

Table 5.- "Other" Expenditures(In mUllon of dollAn)

riac&X 7*or Booth

Aid togrloultur*21/

Socialeourlt7

M7

Publlo

21/

mad bamrntUmac*

DlrKt

nllaf22/

MlcMllm-ObOUM

19*119tt19*319W

19kJ19*619*719*

19^9 (latlaatad),

19*d-Ju3uar7rvbrxiary , . .

.

NuobprU**

JQOA

JuljAu^nutSpteabr.

.

.

OctoberHoTabr

.. .

.

1,272l.ÔS

696

969-203

1,229812

1,009

7369110

*a

2831

-"3

110256

2T5321

586656732796

8078li5

1,0661,619

1,67"!

131.

7756

Iks6812k

50a7969

17266

7'>1

673535te5

32037370a

1,137

1,718

1006569

8e85115

13213711I6

1''7

1*2

3-201-35*-360

-297-2li6

-*e

-932

.]-It

-W-21

-88

-20

9-9

1,37*97029917

1.37*612109670

7051,3*08,3653,312

*,317

287190213

3122093*7

579210356268365

5,3*9*,1131,9152,2*6

2,5052, 1085,5*56,812

8,676

585*33*31

'3S

i.Lfie

6oe

905

rca: Actual flgurea frca D&llj Troasury Stateaent; estlaatoa based on 1^/th rerlew of U 19U9 Biêt releaaad Aiûat 15, 191*8.

1/ For furthar detAll, 8e tables under "Internal Perenue CoUectlons'*

.

2/ Receipts of Vlctorj taxes withheld pursuant to the Perenue Act of I6/19^3 are classified as "Other" incone and profits taxes.

"^ Consists of receipts for old-age Insurance, uneaployaent insurance,and railroad retlreasnt; for details see Tables 7 and 8. Kzcludesrailroad uneKplojaent Insurance contributions, vhlch are includedIn "Other receipts". Jj/

!/ Includes proceeds frca the sale of surplxis propertj and frca Gorem-Bsnt-cvned securities; also includes deposits resulting flrom renego-tiation of war contracts (for detail see "Treasury Bulletin" forFebruary 19l*fl, pfigs 5). 18/

^ Bepreoonts appropriations equal to "Social security -- easploynfinttaxes" collscted and deposited ss prorided under 3ec. 201 (a) of the 19/Social Security Act AnendBents of 1939 See also Table 7*

6/ Beginning vith July I9U8, figures on both budget receipts and expendi-tures exclude inter-agency transactions Inrolrlng repayment of capitalstock and earnings by wholly ovned corporations to the Treasury; such 20/transactions included In prior years afflounted to $209 million In 19't7azMl t260 nllllon in 19^8.

2/ Excludes aauunts for public debt retireaent which are chargeable to 21/the slnlclng fund, etc., under special prorislons of lav. Includestransfers to trust accounts and net expenditures of wholly ownedCoTenBcnt corporations, etc., except as Indicated In footnote 6.Expenditure classifications in these tables ea^ based on the Dally ^/Treasury Stateaent, and therefore differ somewhat from those in the19119 Bulget.

8/ Figures for fiscal year 19^ Include $3,000 alllion transfer toForeign Zconccalc Cooperation Trust Fund; figures for fiscal year19'*9 exclude ozpeodltures from this Fund.

2/ Includes public works undertaken bj the Veterans' Adnlnlstratlon. 23/ic/ Established in accordance with the Economic Cooperation Act of I9U8,

NegatlTs figures Indicate receipts,ii/ See footnote 12.12/ Depertasnt of the Aray expenditures Include expenditures on behalf

of the Departaent of the Air Force which are made out of approprl- 2k/etions to the Z)epartaiBnt of the Airoy* ût exclude expenditures forthe following: payaents under the Araed Forces LeaTs Act. UNRRA,and surplus property disposal, shown elsewhere In Table 3; inter- 2^/national finance and aid, shown in Table 1*; river and harbor workand flood control, Incli^led under "Public works" In Table 5; andPanaaa Canal. War expenditures of the Panama Canal, all prior to 26/July 1, 19**7, are included under "Other" In Table 3; other expendi-tures of the Panama Canal are inclined under "Miscellaneous" inTable 5.

Ij/ Depcrlasnt of the Msry sxpendltures except those for payaents underthe Araod Forces Leare Act, UNRRA, and surplus property disposal,shcjwn elsewhere in Table 3, snd those for intematlooal finance and *aid, shown In Table b.

^jt/ Exclude expenditurss for UltRRA and surplus property disposal vhownslsswhors in Table 3.

Beginning March I9U8, Includes reiabureemsnt for sxpendltxires bythe Departaents of the Azvy and the MaTy for care and handling ofsurplus property orerseas

.

Rational defense and related actirities of P. F. C. and Itsaffiliates. After July 1, 19'*7, expenditures for these purposeswere not segregated from the other expenditures of the Corpora-tion and its affiliates, which are included under "MieceUaneous"expenditures in Table ^.For content before July 19^ see ''Treasury Bulletin" for February19li8, page 7, and Septoaber 19'*8 psge H. Beginning July 19^consists of expenditures of the SelectlTe Serrice Systen and thsOffice of ths Secretary of Defense.Excludes expenditures under Econcnlc Cooperation Adainlstemtlan,shown elsewhere In Table 1*.Figures for fiscal year I9U8 Include $3,000 million transfer toForeign Economic Cooperation Trust Fund; figures for fiscal yearI9U9 exclude expenditures from this Fund. Figures exclude expendi-tures for international finance and aid shown elsewhere in Table b.Consists of expenditures of International Children's I^srgencyFund, end loan for construction and furnishing of Unltsd Rationsheadquarters

.

Departznent of Agriculture expenditures except those for UNRRA,surplus property disposal, other national defense and relatedoctlTltles prior to July I9U7; international finance and aid; andforest roads and trails, included under "Public works* In Table ^.For aore detail of thsse expenditures, see Tables 7, B, azid 9.Tax refunds shown there are excluded from expenditures in Table âi^ included in Table 1 under "Refunds of taxes and duties". Ex-peMitures for the U. S. E^loyaent Serrice during the fiscal yearsI9U3 through I9U6 are likewise excluded from Table ^ and included\nder "Other" in Table 3 as national defense expenditurss.Federal Voiice Agency expenditures exoept those for surplua propertydisposal, other national defense and related actlTities parlor toJuly 19l7, and assistance to Greece and Turkey. Includes alsorirer and harbor work and flood control, forest roads end trails.Bureau of Peclsmatlon, and Tennessee Valley Atthority*Housing and Bene Finance Agency expenditures except those forsurplxis property disposal, and for other national defense and re-lated actlTities prior to July 19^*7.Mot classified separately for fiscal years after l?**?- For addi-tional inforaatioo for earlier years, see "Treasury Bullstln" forAugust 19^^, page 6.Includes expoodituree for executlTe departaents not included else-whore ai^ for leglslatiTe anl Juilcial functions; Gorercasnt con-tributions to Federal esployees' retireaent; atoalo ensxigyi aidsto education, labor, finance, coowrce, and industry; CItII Aeronau-tics; Panaaa Canal, except war expenditures; Post Offics deflclencyjstock>plllug; ai^ for 191*9 estimates, a reserre for contingencies.Lsss than $^00,000.

January 194^


Table 6.- Sumiary by Mantbs and Calendar Tears(Is BllUsu tt doUara)

Calaadar year Fek. ^T. JmIJ a^. OBt. lOT. Ibtal

It tadrt noslpta 1/ 2/1939.19IM).19*1.19>.19*3.19*.

19H5.19116.

19*7-19N.

1939.

igitt.

19*3.191A.

19*5-igiifi.

19*7-19>I8.

1939.1^.19*1.19>I2.

19*3.19*4.

1^!19*7.191W.

2713153*05787M

2,7*7

3,5563,8193,20*,2T5

367***

5*175955

2,503

3,7673,678*,378*,336

687

1.1213,5*75,2066,573

6,8925,7*75,7016,33*

213

565

1,51*3,07

2,9292,6772,5562,06

39*

1,*802,950

3,0852,7552,8652,707

5576*9

1,2762,*92*,5696,2*7

5,91**,*795,*735,102

265

*137*7

z.oaj2,163

2,6952,5392,3972,236

^739757

2,7212,568

2,9972,*3*2,5362,569

6767U

1,1352,5275,**75,926

5,189*,*78*,S72*,589

279

i6072,0302,001

2,5302,5**2,3902,1*0

56*601

2,0992,2*0

2,37*2,36*2,7*32,583

7*01,2122,7015,7565,*l6

*,Ug*,107*.2*6

*,919

16,*033*.55***.*21

*6,0*6*l,6oi*3,977

Aixlgat axpraUtoras 1/ ^n.a.

6821,1392,687

8,239*,g6o3,U32,879

n.a.

6se1,2062,6596,36*S,021

7,2813,*353,9162.*02

n.a.

8061,*913,52*7,750

10,*5*

9,2663,8*53,5983,5*6

n.a.

7181,5873,9*97,3067,377

7,901*,26g*,ooa

3,109

n.a.

6121,360*,*077,*826,93*

9,1123,86*3,8512,60*

n.a.

93*1,597*,8338,2628,696

9,7525,3525,5*07,261

961850

1,6375,2657,5058,100

8,8213,6**3,6693,698

1,027808

1,5755,*627,8388,3**

7,2912,9323,0602,207

6977*5

1,9965,9367,67*7,90a

6,6872,7552,9322,915

759897

2,3366,1917,6268,135

,695,965i,**5

5,2,

2)72*

637895

1,8966,0187,95*7,9*6

*,58i2,52?2,19*2,859

8*21,1932,6916,9327,7518,*20

5,0133,6623,22*

n.a.

9,76920,61057,86390,2**98,071

89,6*0*4,U5*1,5*3

Bod^t avrplua, or deflelt (-} ^

-368-799

-2,109-5,9*6-*,997

-*,683-1,0*2

7061,396

n.a.

-IB*-665

-1,901-5,*09-5,518

-3,51*2*3*6*

1,93*

-77523

,5*3,880

-2,3731,9022,1022,788

n.a.

-*1*-1,0a-3,253-5,792-4,291

-*,972-1,591-l,**5-308

n.a.

-213-966

-3,8**-6,002-3,98*

-6,028-1,131

-987103

n.a.

-285-321

-2,3*1-3,693-2,**9

-3.838-875-67

-2,159

-696-519

-1,22*-*,518-5,*98-5,937

-6,126-1,105-1,272-l,ll62

-655-361

-1,278-*,875-5,117-5,776

-*,293

IS362

-21-3*

-861-5,*10-2,227-1,976

-1,*971,7231,9*01.67*

-*80-56*

-1,891-5.585-5.595-6.1J*

-3,165-*20-55-58*

-273-532

-1,332-5,417-5,8^-5,706

-2,20-1655*9-275

-321-*52

-1,*79-*,23l-2,01*-3,00*

**51,022

n.a.

-3,93*-U,7S2-*l,*6l-55,691-53,650

-*3,59*-2,5122,*3*

TranBaotloofl at ttaa Forsi^n Econoalc Cooparatiooi Tmat rood 2/

19*8. 3,000 -183 -192 -196 -226 -3*7

Smplufl. or deficit (-). adjusted for Econoalc 0oopratlcn TAst Fond tranaactlona

19*8. 1,396 1.93* 8,788 -3oe 103 8*1 -1.6*5 169 l.*77 -auj ^

Source: Dallj Trnaaurj StatoMnt.1/ Begliinliig vltb Jolj 19^, ngajnm on both bud^t rocalpts and ex-

pendltaree exclude Inter-aêncj traneacticma lurolring repajsentof capital Btock and eamlngE hj irtioUj' ovued ourpumtlone to tbeTrBafinr7; such tranaactlons Inclixled in prior /ears saoimted to$209 MllUon in 19^7 al $260 alliloo In IShS.

2/ Groas receipts lesa aaounta appropriated to federal Old-Age andSurriTors Inamvnce Trust Fuod.

^ riûrea for June 19^8 include $3*000 Million transfer to FaraiîEcoDCBlc Cooperation Trust Pond; baeliinlng July 19')3, figuresexclude expenditores fnm this Pmd. Figures exclude aaoimts for

pabllc debt retlrsamts vltlcli are chargeable to the siidrlng fund,etc., under special prorislons of lonr; loolude other transfare totamst accounts, and net expenditures of Gorenaent corporationsboll7 ovfcsd, etc., except as Indicated in footnote 1. Expendi-tures hare not been cc^>ll0d on this basis prior to Julj 1939*

k/ Bat rscelpts less total expendlturea.^ Established in accordance vlth the Xconcadc Cooperation Act of

19^; poaltlTs figures indioata receipts and nagatlTe flûreaindicate expenditures,

i.a. Vot arailabla.

Treasury Bulletin


Table 7.- Social Security Act - Budget Receipts and Expenditures(In KilXloDB of dollars)

fiscal 7aror oath

KXB ofn*t rcaipt0or axpodl-turae (-)

Bacalpt*

-yy Groes rcelptBSocl&l ecurlt7 tazea

Fodar&l InaurajicttContrlbut loDB Act(Old-age inauraoce)

Fadoral DnanploTBantTax Act(UrASq)lO7B0&t losureDca)

Laaa: approprlatlonato Fadar&I Old-Agoaod SuTTlTora Inaur-anca Trust Fund 2/

Hatracalpta

19*119*219*319**19*5

19*619*719*fl

19*6-January...fabruarj .

.

brcb

AprilM7Juzw

JulyAuguat

. . . ,

Saptiabar.

Oetobar. .

.

Horaabar.

.

-3*9.3-38*.

5

-368.8-3**.

3

-306.7

-363.5-573.3-639.7

-62.661.5-*2.5

-83.2-5*.l-*8.*

-1*5.0-6*.e-68.8

-98.5-73.7

788.21,015.61,288.91,*72.01,*9*.5

1,*18.11,6**.3i,8b*.i

*8.U*16.1*3.3

77.2389.*17.8

6* .6392.5

8.2

60.5370 .0

690.6895.6

1,130.51,292.11,309.9

1,238.21,*59.51,616.2

35.5277.730.*

7*.

3

376.016.6

63.1379.6

8.0

58.8357.6

97.7U9.9158.*179.918I..5

179.918*.

8

207.9

12.9138.*12.9

2.913.*1.2

1.612.9A

1.712.3

688.1895.6

1,130.51,292.11,309.9

1,238.21,*59.51,616.2

35.5277.730.*

7*.

376,16.

63.1379.6

8.0

58.8357.6

100.1119.9158.*179.918*.

5

179.918*.

8

207.9

12.9138.*12.9

2.913.*1.2

1.612.9

.2

1.712.3

riacal 7aar

January 1^49


Table 8.- Railroad Retirement Act - Budget Receipts and Expenditures(In ULlllloiis of dollars)

Tlecal ye&ror nonth

Ezoesa ofreceipta, orexpendlturee (-)

Receipts

Taxes oncarriersand theiramployees

Expenditures

Adminis-tratlTeexpenses2/

Transfers toRailroad Retire-ment Accoimt(trust account)

Refundsoftaxes

19UI19*S19^3X9U19^5

19^19^119^*8

I9W-January . .

.

February.

.

March

AprilMayJune

JulyAugust.

.. .

Septeniber.

October. .

.

Rorember.

.

8.7ai.6-U.lt1.8

-26.3

-12.877.3

-206.5

-55.96.1

132.2

-53.711.2'9.9

16.6121.3

-67.713.5

136.9170.0208.8267.1285.0

282.6380.1557.1

2.56.5

132.6

5.711.6

123.8

i.k17.2

121.6

k.6lU.l

128.2llt8.5220.2265.3311.3

295.'*302.8763.5

58.1..1*

.1.

59.3.It

73.9

3*17.9

.5

.3

72. It.6

3.87.65.lt

2.52.3

5.0

ISlt.lt

II1O.9214.8262.7308.8

291.9298.5758.5

58.0

59.0

73. It

3117.6

.1

.2

Soitrce: Dally Treaeuiy Statement.\j Exceee of expenditures is covered by appropriations by Congress.2/ Includes only expenditures from appropriations Bade specifically

for administrative expenses relating to the Railroad Betlremant Act.Lees than $50,000.

Table 0.- Railroad Unenployment Insurance Act-^ - Budget Etecelpts and Expenditures(In millions of dollars)

Fiscal yearor month

Excess ofreceipts, orexpenditures {-)8/

Receipts

Railroadunan^loymentInsurancecontributions 2J

I^endltures

Administrative ex-penaee (RailroadUnemploymentInsurance Adminis-tration Fund) U/

Transfers to RailroadUnemployment InsuranceAccount, UnemploymentTrust Fund ^

19h\19^2191*3I9W*1945

194619^719^

191*8-January..Febiuary.March. . .

.

April....MayJune

JulyAugust. .

.

September

October.

.

RoTember

.

-ii.i

2.12.1-2.7

.6

-.2.5

-.6

-.3-.13.1

-.It

-.53.0

-8.9-1.2-.It

-.It

1.9

6.88.510.312.113.2

12.9lit .2lit.

5

.1

3.6

.1

3.5

2.U

10.96.1t

8.2lit.

9

12.6

.3

.3

.5

.It

.6

.5

8.91.2

.It

.It

.5

S.it

2.52.23.23.7

3.5It.

5

5.5

.3

.3

.5

.It

.6

.5

.It

.7.It

.It

.5

7.53.96.011.78.9

9.69.29.7

8.5.5

Source: Daily Treasui7 Statement. It/1/ Operated as Railroad Unemployment Insurance Administration Fund.2/ Excess of expenditures is covered by appropriations by Congress.^ Represents 10^ of contributions under the Railroad Unenqjloyment ^/

Insurance Act; the remaining 90^ Is deposited in the RailroadUnemployment Insurance Account, Unemployment Trust Fund. {See *Table 7 under "Trust Accounts, Etc.**)

Includes only expenditures from appropriations made specifically foradministrative expenses relating to the Railroad Unemployment Insur-ance Act.Represents excess funds of the Railroad Unenqiloyment Insurance Ad-ministration Fund (under Act of Oct. 10, 19ltO).Less than $50,000.

Treasury Bulletin

TRUST ACCOUNTS, ETC..

Table 1.- SuBaary of Receipts andExpenditures of All Trust Accounts, Etc.

(IQ BlUlona of doUan)

or Boixth

I9I1I19'19*319W>19*5

19*619*7I9W

19lt9 (IstlsBted)

19i*d-Janu&rj .

.

rl>ruary.March

AprilMayJune

JulTAUg'JBt. . ,Saptaalwr

October.

.

latrwcolpte,or ttzpaod-Iturea(-)

908-1,613

-338-2,222

T91

-521.

-1,1032,706

-3,187

259-19'>-86

86378

2,315

-17810

-5TD

-IW-30

B*c*ipti1/

2,6653,2183,95^5,0857,086

7,7126,2U9,515

5,875

567582277

335578

3,823

817707173

287690

bpandlturea 1/

Irrreat-

BDte

1,3381,9253,001.l.,129

5,200

3,6683,3623,060

2,9*9

8925879

-26116902

586121327

6IM

".19

2,9051,2873,1781,091.

l.,568

3,9653,750

6,U3

218518281.

276181.

606

1.69

5761.16

li25

557

11,8301>,292

7,3076,291.

8,2367,3*76,810

9,062

307776363

2U9300

1,508

9956977"i3

'31

720

Actual figures fron Dally Treaaury Statoaent;eetiffiateo basod upon tho roTlov of the 19*9Bud^t relaaaad August 15, 191.8,Receipts Include transfer of $3,000 million InJune I9I.8, froa General Fund to Foreign EconoalcCooperation Trust Fund, established In accordancevlth the Ecoooolc Cooperation Act of 191.8; expendi-tures for fiscal year 19*9 Include expendituresfroB this Fund.

Table 2.- Receipts, by Principal Accounts

(In miooa of dollare)

Fiscal yearor Booth

19*119*219*319**19*5

19*619*719*8

19*9 (Eatmted)

19*8-January . . .

.

February...March

AprilMayJune

JulyAugustSepteaber..

October....HuiSBber* .

.

2,6653,2103,95*5,0857,086

7,7126,2**9,515

5,875

567see

277

335678

3,8a3

817707173

287690

FederalOld-Ageand Sui^TlToreInsur-ance

TrustFund

7**967

1,2181,3951,*3*

1,3861,6231,807

1,919

96278*0

75376115

6338319

59358

RailroadRetire-mentAccount

1271**22127332*

312323797

620

58

591

109

3*8

72

Unea-ployaentTrustFund

1,11*1,2**1,3991,5671,508

1,2801,2891,313

1,298

10015551

3920112*

**

22519

28227

RationalSerriceLifeInsur-ance

Fund

1.

*6316905

2,127

2,3511,50*

7*0

858

*83950

*1a*

233

59kO

39

*232

Corertl*msntLifeInsur-ance

Fund

9192909*97

10313*90

91

kk1.

33

*9

6

3

Federalenployees'retire-entfunda1/

17522237*501557

61*57859*

620

201919

2020132

2*72*e?

2630

Mlsoel-lanaous2/

*1050*337351

1,038

1,666792

*,17*

*70

2*088112

9853

3,061

50

3366

Source: (Sana as Table 1).1/ Consists of Alaska Railroad, Canal Zone, CiTil Serlce, and Foreign Serrice

retireosnt funds.2/ Includes Adjusted Serrice Certificate Fund, District of Columbia, Indian

tribal funds, insular possessions, increment resulting from reduction in theveight of the gold dollar, and seigniorage on silver. Includes transfer of$3,000 million in June 19*8 from General Fund to Foreign Zconoffiic CooperationTrust Fund, established in accordance with the Econcalc Cooperation Act of 19*8.

Less than $500,000.

Table 3.- Investments, by Principal Accounts

(In Billions of dollars; negatlTe figures are excess of redemptions)

Fiscal yearor Bonth

Federal Old-Ageand SurriTorsInsurance TrustFund

RailroadRetirementAccount

UnamployoentTrust Fund

NationalServiceLifeInsuranceFund

GovemmsntLifeInsuranceFund

Federalemployees

'

retirementfunds 1/

AdjustedServiceCertificateFund

19*119*219*319**19*5

19*619*719*8

19*9 (latiaated)

19*8-January ....February . .

.

March

AprUMayJune

JulyAugustSepteaber

.

.

October....

Itovaaber...

1,3381,9253,00**,1295,200

3,6683,3623,06o

2,9*9

8925879

-26116902

6121387

616*

6*2821

1,0351,1721,137

1,0021,19*1,19*

1,271

157105

-2*

*31

-20

365

-26

-518861*0i8e

1561*8569

3**

38-20-19

*0-1989

326-21-21

50-2*

563866

1,2281,5031,*37

102**3**6

*37

3093-35

-5012533

-30121.1,0

-35167

335

31*862

1,97*

2,0531,23*

*6l

537

201525

155

200

231015

1015

30*7616073

*76032

33

-1

-1

-1-1

39

971*0280393399

309282363

328

213*

-76

111

227118

8-1

-1-2

-2

-6

-1

Source: (Same aa Table 1).i/ See footnote 1, Table 2. Less tinn $500,000.

January 1949

.TRUST ACCOUNTS, ETC..

Table 4- Expenditures Other Than InvesttDents* by Principal Accounte(In mlUlons of dollArs; nagative flguree are excess of credits)

Fiscal yearor month

FederalOld-Age andSUTTlTOrSInsuranceTrust Fund

PallroadBetlrementAccount

NationalUiiw^loy- Serviceinent LifeTrust InsuranceFund Fund

CrOTernmentLifeInsuranceFund

Federaleiiq)l

10 Treasury Bulletin

TRUST ACCOUNTS, ETC..

Table 0.- Railroad Retlreaent Account(In miona of tollr)

fiscal J9aror aootb

ReclptB

Totali/

Appropri-atlonB byCongress

Interest

Inreet-nsnte

K:peudltureother thanInreatasnts -

benefitpajaents

Ret 'Increase for de-crease (- \In assete

Assets, snA of period

Unexpended balance

To creditof appro-priation

In dlsburelngofficer'saccount

1936- 19M3.19*119W19-319**

19*519*619*719*

19*9 (Kstlaated).

19*6-January . . .

.

rebruax7.

,

.

March

April.Hay...June.

.

JulyAugust. . .

.

September

.

OctoberloTeaber

Inceptlco throughRonaber 19*S...

390.8116.1Ikk.O220.6272.6

32*.

1

312.0322.*797.*

620.0

.3

.*

.*

.5

.5109.*

56* .6

.1

.ar

3

3,*65.8

38*.9U3.61*0.821* .826e.7

308.8292.1298.2758.5

565.0

73.*

56* .6

3,339.1

5.92.53.15.89.8

15.219.92* .238.9

55.0

.3

.*

.*

.5

.536.0

.1

.2

.3

126.1

298.7121.2126.2130.513*.*

1*1.*152.0173.3222.3

276.0

18.718.818.7

19.219.319.3

19.722.523.1

23.023.2

1,611.5

92.1-5.017.790.1138.1

18? .6160.11*9.1575.1

3**.0

-18.*-18.*-18.3

-18.7-18.890.1

5**.9-22.*-23.0

-22.et-23.0

1,853.7

92.187.010* .819* .9333.0

515.6675.782* .9

1.399.9

1,7*3.9

l,38*.l1,365.71,3*7.*

1,328.71,309.81,399.9

1,9**.

8

1,922.*1,899.5

1,816 .7r1,853.7

1,853.7

79.*7*.091.5178.0318.5

500.5657.0805.5

1,37*.5

1,718.5

1,303.01,283.51,26*.

5

1,30*.51,285.51,37*.

5

1,700.51,679.51,658.5

1,708.01,68*.5

1,68*.

5

10.82.51.6*.l1.1

.5

.91.21.5

25.* /

59.*59.559.5

.6

.61.5

217.1217-1217.2

1*5.311*5.*

1*5.*

1.810.511.712.813.*

1*.717.818.223.9

21.722.723.3

23.523.723.9

27.225.

S

23.823.*23.8

23.8

Source:1/

(Saao aa Table 1).riguros differ fre thoao ebown In Table 2, "Eecelpte, by PrincipalAccounta*, for the re&oon that Table 6 reflects approprlatlono vhen

tho7 ore mode vhlle Table 2 shove the aaounts as transferred tothe trust account.

2/ Distribution of unexpended balance act aTallable.* Leea than $^,000.r Berlsed

.

Table 7.- Unemployment Trust Fund(In mllllona of dollara)

fiscal yearor Bonth

Receipts

Stateunamploy-ment In-surance

actlTl-tles

DepositsbyStates

Railroad iroenployaentInsurance Account

Contri-butions2/

Trans-fersfromStates

TransfersfromAdmlnlB-tratlonFundy

Inrest-nants

Kxpendltures other than Urrestaents

State unamploy

-

nent Insuranceactivities

With-drawalBhyStates

Transfersto Rail-road Uneni'ploynentInsuranceAccount

RailroadUnomploy-ment In-surance

Account1/

Benefitpaynents

HotIncrease^or de-crease

(-),Inassete

Assets, end of period

Invest

-

Btants

Unexpendedbalance

Intrustaccount

In dlsburslneoffi-cer's

account

2/

1936-19*019*119*219*319**

19*519*6 ,19*719*8 ,

19*9 (latlKted).

19*8-JanuaryFebruary . . . .

.

Harch ,

AprilMayJune

JulyAugustSeptsBber. . .

,

Octoberoreaber. . .

.

Inception throt^19*8...

2,857.91,U3.91,2*3.61,398.51,566.9

1,507.81,279.81,289.*1,312.9

1,298.0

99.5155.150.8

39.1200.6123.6

*3.722*.

7

19.1

27.7227.2

Ik, 113.2

**.261.376.392.*109.*

U8.8116.2127.6130.6

2,729.3892.0

1,096.01,217.71,3*9.3

1,256.01,009.91,005.31,007.3

1,107.0

27.715* .01*.0

38.7199.*12.0

35.122*.

2

15.0

27.5227.2

12,091.9 876.9

1.810*.

1

7.53.96.011.7

8.99.69.29.7

6.0

1D7.2

8.5

75.5

82.6*9.067.*82.*96.5

123.61*3.61*6.9165.3

185.0

71.8

*.0

.3

79.7

.1*.l

1A33.1555.1377.1176.260.6

71.3U*5.9869.5858.9

861.0

65.66*.

3

83.0

81.272.2

103.5

70.5110.965.5

56.560.7

961.7 \

January 1949 11

TREASURY CASH INCOUE AND OUTGO.

The present series of data on Treasury oash Inoome

and outgo was first published In the September 19^7 la-sue of the "TreaBury Bulletin". The nature of the

changes from the preoedlng series was explained in an

aooonipanying note. Actual figures In these tables arebased on the Dally Treasury Statement, Estimates arebased on the review of the 19^9 Budget releasedAugust 15, 19^,

Table 1.- Sunsnary of Cash Transactions(In Bllilcma of dDllare)

Fiscal yearor laontb

Cafib operatloDB other tbac tiorrovlzie

Cash operating Inccane

Cashbudgetreceipts

Caah trufitaccountreceipts

Cash oporatlng outgo

Cash"budgetexpend-itures

Cash trustaccountexpend-itures

SxobangeStabili-sationFund 1/

Clearingaccount foroutstandingchecks, etc.

Net cashoperatingincome,or

outgo (-)

Net cashborrovlne,or

repajmentofhorrovlng(-)

IncreaaOjOrdecreaao (

- ) , InTreaaury caah

GenaralFundtialance

ExchangeStabili-zation7und i/

19'tl19i2

19'*iWWWkS

igii6igitT19W1949 (Eotlnated)..

191*8-JanuaiyFebruazyMarch

AprilMajJune

JulyAugxie tSeptember. . .

.

OctoberNoTember

7,26012,71922,208l.l.,0l.8

ll6,321

I.2,81i8

1.2,930Wt,o85

to, 582

',205

6,323

2,7752,6785,067

2,2182,556l.,588

2,1392,580

2,1112,5423,0373,936U,721

'1,9373,7073,595

3,536

31.8

156

I9U65638

186670125

1816511

9,37115,29125,2lt51.7,981.

51,01.1

1.7, 78U1.6,6371.7,680

iu.,118

i,552i.,727

6,1.79

2,9693,33'5,105

2,WI.3,227"1,713

2,3193,23''

12,81.833,51778,U9U93,96896,75lt

61,36736,2373k,760

36,888

2,5882, ''363,518

3,0212,5'>1

3,598

3,0172,1512,832

2,5952,791

1,2121,068

1.85

111-768

'',3163,2702,911.

5,9't5

189338213

163178525

1.1.8

566UO.

1,026563

122891.

15

-555507

-300

-22210153

-226lUl.

226

-700289-9

-171.

158

11.,06031., 58578,97991.,07995,986

65,68339,97838, TW.

1.2,7'''.

2,5662,9033,877

2,9652,871'1,357

2,7653,0053,275

2,8353,509

-l.,689

-19,291.-53,735-1.6,095-1.4,91.5

-17,8996,6598,936

1,37'.

1,9861,821.2,601

1.

1.62

71.8

-361221

1,1.38

-516-275

5,1' 3219,65260,25056,7571.9,1.71.

7,1.3919,389-7,312

-2,798

-1.35

-2,153-1,567

-7U-128-T82

502-163-687

-265-Ilia

3586,51510,662l.,529

-10,1.60-10,930

1,621.

-1,1.21.

1,551-330

1,035

-Tto33''-11.

11.1-21.1

751

-781-U17

-1,800

1/ The U- S- subscription to the capital of the International MonetaryF\md waa paid In part from the Exchange Stabilization Fund. For

explanation of the transaction, see "Treasury Bulletin" forSeptember 191.7, page 17.

Table 2.- Derivation of Cash Budget Receipts{ In millions of dollars

)

Fiscal yearor month

Totalbudgetreceipts(net)

Less: Noncash budget receipts

Payments to Treasui7 by GoTemment corporations 1/

E. F..C.

Capital stockand paid-insurplus

Earnings

Belmborseasat foradalAlstratlTeexpMuee 2/

Equals:Caahbudgetreceipts

191.1

191.2

191.3ighh191.5

191.6191.7191.8

X9I.9 (Estimated).

I9I.8-JanuaryFebruary . . .

.

March

AprilMayJune

JulyAugustSeptember .

.

OctoberBorember

. . .

.

7,60712,79922,2821.1., 11.9

1.6,1.57

1.3,038'3,259l.l.,7l.6

UO,658

l.,275

'',3366,33''

2,8062,7075,102

2,2362,569'',589

2,ito2,583

3''7

5071.

101136

190329660

76

701111

312935

19121

1I.

1Sk5I'

83

9091

9

1.6

5131326

271328

3191810

18136310

23

1772

220

6

12 Trcasurij Bulletin

TREASURY CASH INCOUE AND OUTGO

Table S.- Deri vat ion of Cash Budget Expend 1 turee(lo llllona of dollare)

riaeal jearor ontta

January 1949 13

TREASURY CASH INCOME AND OUTGO,

Ih Treasury Bulletin

GENERAL FUND OF THE TREASURY.

Table 1.- Status of the General Fund(In lllloM of tellaf)

bd or riMijmur or BDOtli

January 1949 15

DEBT OUTSTANDING.

Table 1.- Summary of Federal Securities Outstanding(In Bllllona of dollan)

End offiscalJ90X oronth


DEBT OUT STAND I NO,

Table 3.- IntercBt-Bearlng Securities Guaranteed by the United States Government^(In mlXliona of dollars)

tai of fiscaljoar or Bontb

Tot&lCot3QD6

*853

6,360*-,5*93,9081,190

3*

*33827

282828

282727

1*1*1*

1*1*

696701Itl2

ki2

1,269930930

17212321.

3*

*33827

282828

282727

lU1*1*

1*1*

2,*091,5631,533

755

22611*11*

1,7*11,219

896 1S3326375

b2**5

lt6

*5

'3

hSkz

373332

3*39

68150375

llt

*5*2

*6*5

*3*2U2

373332

3*39

U5176

Soxirce: Dallj TrAaaury Stateoient.Footnotes at end of Table h.

Table 4.- Special Issues to United States Government Agencies and Trust Funds(In millions of dollars)

End of fiscalyear or nonth

January 1949 17

DEBT OUTSTANDING.

Table 5.- Computed Interest Charge and Computed Interest Rate on Federal Securities

End of fiscalyear or mDnth

Public dsbt and guaranteed eecuritlea

Intoroet-bearlngdebt outstanding

Computed

Interestcharge

Computedannual rateof Interest

Public debt 1/

Interest-bearingdebt outstanding

Conqiutedannualinterestcharge

Computedannual rateof Interest

Guaranteed securities 2/

Interest-bearingdebt outstanding

Computed

interestcharge

ConfutedwnmiHl rateof Interest

{Millions of dollars)

19'H ,19112

19't319'lt

,

19^5

19116

19'>7igiiS

191+8-January . ,

.

February .

.

March

AprilMayJune

JulyAugust. .

.

September

October.

.

WoTember

.

5k,7l7

76,517139, ^72201,059256,766

268,578255,197250,132

25't,030252,17't250,7072'9,990250,028250,132

251,219250,921250,564

250, 3k8250, UW

1,3351,7292,7593,869U,969

5,3575,3765,1*57

5,'t725,l715,l>35

5,4335.4355,457

5,5175,5175,513

5,5365,544

( Percent

)

2.4382.2601.9781.9251.935

1.9952.1072.182

2.1542.1702.168

2.1732.1742.182

2.1972.1992.200

2.2112.214

(MllllonB of dollars)

46,38771,968

135,380199,543256,357

268,111255,113250,063

253,958252,100250,634249,920249,958250,063

251,168250,875250,518

250,300250,391

1,2181,6442,6793,8494,964

5,3515,3745,455

5,4715,4695,434

5,4315,4345,455

5,5175.5165,512

5,5355,543

(Percent)

2.5182.2851.9791.9291.936

1.9962.1072.l8e

2.1552.1702.1682.1742.1742.l8e

2.1972.1992.201

2.2122.214

(Millions of dollars)

6,3604,5494,0921,516

409

4678369

727473

707069

514746

4853

1178581205

711

(Percent)

1.8341.8611.9681.3351.321

1.4101.7581.924

1.8441.8531.871

1.8961.9101.924

1.8201.8551.878

1.8631.791

Source: Dally Treasury Statement,1/ Treasury bills are Included In interest-bearing debt figures at face

amount, but for purposes of calculating the computed annual interestcharge and the computed rate of interest, ths discount value Is used.

For the purposes of conqiutlng the annnwi Interest charge and rate ofinterest on United States savings bonds. Series A-E are consideredto yield 2.90^ per annum and Series F Is considered to yield 2.531^.

2/ Ercludes guaranteed securities held by the Treasury.

Table 6.- Treasury Holdings of Securities Issued by Corporations and Certain OtherBusiness-Type Activities of the United States Government^


STATUTORY DEBT LIMITATION

Section ?1 of th Second Liberty Bond Act, aaanended, provldee that the face aoount of obllgatlonaissued under authority of that Act, and the face amountof obligations guaranteed as to prlncljMil and Interestby the United States (except guaranteed obligationsheld by the Secretary of the Treasury) , shall not ex-

ceed in the aggregate $275 billion outstanding at anyone time. Obligations Issued on a discount basin, andsubject to redemption prior to maturity at the optionof the owner, are Included In the statutory debt limi-tation at current redemption values.

Table 1.- Status under Limitation, November 30, 104S

(la Blllloaa (f dollart)

Nazlaoa aaovat of corltlvi vhtoh aay hm ntataadli^ at maj a* tlat, maAmr llaltatloaf lapoMd bj 8otloB 21of th* Svcoad tlbartj Boad let, aa aaandad

iaevat of oaoarltloa oatitaadlac aabjoet to aaeh otatutorr 4bt italtatloatU. 9. OoTaraaaat oourltlaa linad aador tho Socoad Llborty load lot, ao aaoadod.Ooaraatood aoearttloi (oioladlac thoo* hold bj tho Traaooiy)Total aaotmt of ooeiarltloa oatataadlac ovbjoot to otatatorj dobt Italtatlon

251, 70k

a

Balaaco liooabla aador llaltatloa.

275,000

251.761

23.239

SooTool Pabllc Dobt Sorrieo.

Table 2.- Application of Limitation to Public Debt and Guaranteed SecuritiesOutstanding November 30, 1048

(In allltoao of dollaro)

Claoi of aoonrlt/Snbjoct tootatQtory dobtllaltatloa

lot onbjoct totatatory dabtllattatloa

Totaloatotaadl^

Pnblle dobt:latoroot-bearlac oeurltloa:

Harkotablo:TravU7 bill!Cortlflcatoi of lodobtodnooaTroaourjr notesTroasurj boodo - bank ollclbloTroaiury bonds - bank rostrlctod 1/...Pottal oaTlo^ and Panama Canal bondo.Total aarkatablo

Konaarkotablo:U. S. saTlaca bondo (currant rodoaptlon valno).Troaoury oarla^i notoaCopooltary bondtJLraod fore 01 Iobto boadiTroaouiy bondi. InrootaoBt oarloi

Total Bonaarkstablo

Spoclal Istnoi to Ooromaoat aconclat and traat foada.

Total iQtoroot-boarlnc toenrltloo

Katorod oeorltloo on vtalch Intoroat hao ooaaod.

Dobt boarlDJC no Intarott;Onitod Statoi aarln^ itaapoIxcoia profits tax rofuad bondsSpaclal notas of tha Dnltad Statosi

latsnatlonal Honotary fund aorlaslotsmatloaal Bank for ^construction and DsTolopaant aarlaa

Onitad States notes (less cold reserro)Deposits for retlrsaeot of national bank and foderal Rosorre Bank aotoa.Other debt beartn^ no Interest

Total debt bearing no lotarost.

Total public debt.

Qtiaranteed eocnrltloe : g/Intereet-berln(.Matured.

Total guaranteed eacnrltlee

Total pabllc debt and sniaraateed aocurltlos.

12,US26,0087,131

62,375'9,636

157,566

5li,9W''i,5;c

3321.77

252_61.261

31,1.00

250,228

557

1,13866

1,266

g?1.70

53k_

57251,761

163

January 194^ 19

DEBT OPERATIONS.

Table 1. Maturity Schedule of Interest-Bearing Public Marketable SecuritiesIssued by the United States Government

and Outstanding November 30, 1948 1/


DEBT OPERATIONS.

Table 1.- Maturity Schedule of Interest-Bearing Public Marketable SecuritiesIssued by the United States GoTematent

and Outstanding ftovember 30, 1048-

(In mlllicna of lollan)

(Continued)

Tur

atbDoscrlptlOD of security 2/

rizwita-

rityIssues

ABDiat of aaturltlss

CollAtola Issuesolasslflsd l>7year of:

rirstcaU

risalA^u-rlty

Datebosk re-sU-lcteilIssues

bankeUglbls1/

Tearandwnth

CescrlptlGa of security g/

ABOUt of Baturitlee

rizsdatu-ntyIssues

Callable Issuesclassified byyear of:

TlrstcaU

FlsalMatu-rity

DatebcDk re-strictedIssisssbecoasbankeligible2/

1956

Mar...

June .

.

Sept..

1958

Mar..

June.

1959

June.

Sept.

Sec..

i960

Mar.

Dee.

1961

June.

.

1962

June.

.

Dw:...

1963

June.

Dec.

2-1/2* Bond

2-lA* Bonl2-3/I1* Bond2-lAi Bond

3/15/56-58.

9/15/56-59.9/15/56-59.

Total.

2-1/2* Bond - 3/15/56-58...

2-3/"i Bond - 6/15/58-63...

2-lA* Bond - 6/15/59-62

2-3A* Bond - 9/15/56-592-1/k* Bond - 9/15/56-598-1A Bond - 12/15/59-62

2-7/e Bond - 3/15/55-602-3/l* Bonl - 12/15/60-65

Total.

3* Canal bond - 6/1/61

2-1A* Bond - 6/15/59-62.2-l/2it Bond - 6/15/62-67.

S-W'i Bond - 12/15/59-62.

Total

2-3/U# Bonl

2-l/2f Bond

6/15/58-63.

12/15/63-68.

Total.

50

l,Wi9

9823,823

6,253

919

919

5,281.

3,li70

8,75*

l,k85

l,k85

2,118

2,U8

2,831

2,831

681

681

l,Mi9

1,W.9

9823,823

U,8ol.

2,611

2,611

5,281i

S.kTO

8,75k

919

919

6/15/52

12/15/52

6/15/525/5/52

12/15/52

12/1/52

1961.

June.

Dec.

1965

Mar.

Dec

1966

tfer..

1967

June.

Sept.

Dec.

1968

Dec.

1969

June.

Dec.

1970

Mar..

1971

Mar..

1972

June.

Sept.

Dec

.

2-l/2f Bonl

2-1/2* Bond

6/I5/6U-69.

12/15/61.-69.

2-1/2* Boi^2-3/1.* Bond

3/15/65-70.12/15/60-65.

Total.

2-1/2* Bond - 3/15/66-71.

2-1/2* Bond - 6/15/62-67.2-1/2* Bond - 6/15/67-72.2-1/2* Bond - 9/15/67-72.

2-1/2* Bond - 12/15/67-72.

2-1/2* Bond - 12/15/63-68.

2-1/2* Bond - 6/15/61.-69.

2-1/2* Bond - I2/15/6I1-69.

2-1/2* Bond - 3/15/65-70 .

.

2-1/2* Bond - 3/15/66-71 .

.

2-1/2* Bond - 6/15/67-72..

2-1/2* Bond - 9/15/67-72..

2-1/2* Bond - 12/15/67-72..

Total

3,761

3,838

7,600

5,197

5,197

3,1.81

7,9672,716

11,689

22,372

1,1.85

1,1.85

2,118

2,118

2,831

3,761

3,838

7,600

5,197

3,1.81

7.967

2,716

11,689

22,372

'./15/53

9/15/53

2/1/5I'

12/1/51.

5/5/586/15/62

12/15/62

12/1/52

1./15/53

9/15/53

2/1/5*

12/1/51.

6/15/62

12/15/62

Source: Dally Treasury Stateaent and Public Debt Serrlce.1/ Ezcludee postal eaTlngs bonde.2/ It should be noted that callable Iseues appear tvlce In this colon

once in the year of flret coll and a^aln in the year of flUAl Matu-rity. Callable Issxws vltb respect to vhlch a definite notice of

call has been Bade, hoverer, are listed as fixed Maturities. Fordate of lesue of each security, see chapter on ''Market QuotatlODs":for tax status, see chapter on "Treasury Surrey of Ovnerehlp".Bank restricted Issuee aoy not be acquired by cosBerclal banks (vlthminor exceptions) prior to a epeclfled date.

January 1949 21

DEBT OPERATIONS.

Table 2.- Offerings of Treasury Bills(iBotinta In illlons of dollara)

Issuedate


DEBT OPERATIONS.

Table 3.- Offerings of Marketable leeuee of Treasury Bonds, Notes,and Certificates of Indebtedness

January 1949 23

DEBT OPERATIONS.

Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificatesof Indebtedness and Securities Guaranteed by the United States Government

Date ofrefundingor retlre-DBDt


DEBT OPERATIONS.

Table 5.- Issuance and Retlrenent of the Public Debt(In miUlOD* at loLUn)

January 1949 25

UNITED STATES SAVINGS BONDS.

United States eav^ngs bonds were first offered forsale In March I935. Series A-D were sold from March

1935 to April 19*^1. Series E, F, and bonds have been

on sale since May 1, IS^X. For Information on the termsand conditions of these bonds, see "Treasury Bulletin"

Issues for Decembr 13^1, page 3I, and October \3^^,pages k-h and A-5. Sales and redemptions data by States

are published at the end of each calendar and each fis-

cal year after June 30, 19'^7. Sal^s by denominationsare also published semiannually after December 3I, 19'*7>

In the following tables sales figures are quotedat Issue price, and redemptions and amounts outstandingat current redemption values. Amounts of Series G out-standing are quoted at par. Matured bonds which havebeen redeemed are included in the figures on redemp-

tions. Matured bonds outstanding are reflected In theInterest-bearing debt until all bonds of the serieshave matured, when they are transferred to matured debt

upon whloh Interest has ceased.

Table 1.- Summary of Sales and Redemptions, by SeriesCumulative through November 30, 1948

SsrisB


UNITED STATES SAVINGS BONDS.

Table 3.- Sales and Redenptions of Series E, F, and G

PeriodSalsa 1/ Accrusddiscount

SalOSplusaccrusddiscount

Rsds^tlons 2/

Salssprlos

Accrusddiscount

ABDuntoutstanding( IntersBt-bsarlnedskt)

(In Billions of dollars)

Psrcsnt ofonthlyrsdsaptlonsto SBDUntoutstandli^

Ssrlss I, J, and C

661l

5,99311,78915,''98li.,8919,6127,2086,235

2,5379,15713,72916,0W>12,9377,'76,691*

770607588

It68

1.32

497

,6731.73ill2

1H5IH9

236

12728I1

1.67

58369I1

127'>

195379533633

67kS53

U86l>

86

785357

536k

66l>

5,995ll,a2U15,62515,17510,0787,7916,929

2,5379,169

13,801.16,23913,3157,9617,327

83765561)1

5161.97

583

,750527'i,085

1.79

367383

32030531.1

379331.

301.

305308

1

331182651.31.

536633

1070

las3531.93

579

60u.

118

u6078

701.9

58

U959

2033,5288,301.11,93811,8187,173u,a2i.l.,659

1,11*5

5,99910,1.11.

12,56210,17511,959l.,661.

5391.11

1.31

3633651.20

W.8383356

35".

367

60689

2,1003,81.65,912'.,3913,825

U209

1,3803,005l',963

5,1.23

3,930

3102te31.1

3I.6

31631.6

318321388

286291

60688

2,0953,8255,8U3i.,288

3,689

11209

1,3782,993i.,925

5,3303,813

299233328

332303332

1

52069103136

2113893U6

U913

Ik

13lit

n.a.

n.a.

n.a.

n.a.

n.a.

2033,671

11,28721,12529,09730,35830,79131,625

1,131.6,92315,95725,51530,72730,26330,997

31,22631,391.31,1.85

31,50331,55231,625

31,75531,81831,878

31,93932,012

.99

.771.08

1.101.001.10

1.001.01.95

.90

.92

(Contlnusd on follovli pas*)

January 1949 27

UNITED STATES SAVINOS BONDS.

Table 3.- Sales and Eledemptlone of Series B, F, and G - (Continued)

Sales 1/ Accrueddiscount

Salesplusaccrueddiscount

Heden^tlons 2/

Salesprice

Accrueddiscount

Amountoutstanding{ Interest-bearingdebt)

(In millions of dollars)

Percent ofmonthlyredemptionsto amountoutstanding

Fiscal years

:

19WigiiS

19'l..igiia

WliS19ltli

19''5191*6

191*7

Months:I9U8-January. ..

February.

.

March

AprilMayJune

JulyAugxist . . .

.

September.

October...Horember.

.

671*35

7588026791*07

360301

20865271*5

77359532531*2

1*1*

1*0

30

201719

21*6

18Ik

11*

15

2919331*7

61

2I*

13251*0

54

67'357608116981*1*0

1*07

362

208651*

750786621365396

511*3

35

252127

251*

SS19

1920

3175889

11*9

203206

73577

106189203

171817

171921

222119

1718

3175788

11*7

197198

73577

lOU185196

161716

1618SO

n.a.

D.a.

a, a.

n.a.

111

111

n.a.

n.a.

n.a.

671*99

1,21*2

1,9962,601*2,8953,0993,255

207851*

1,5692,2782,7932,9693,162

3,1963,2223,21*0

3,21*73,2503,255

3,1*87

3,"t883,1.87

3,'*893,1*91

.52

.55

.52

.53

.58

.61*

.62

.62

.^5

.kg

.52

Fiscal years:191*1191*2

191*3191*1*

191*5191*6

191*7I9U8

Calendar years :191*1..191*2

191*3191*1*

191*5191*6

,

191*7

Months

:

191*8-Januaiy...February. .March

AprilMayJune

JulyAugust. .

.

September

October.

.

November.

3952,0322,7592,8762,6582,1*652,5ol1,907

1,1852,5162,61*02,8912,5202,6372.267

2l*S

201175

128110136

1,01*8ISS9".

9695

3952,0322,7592,8762,6582,1*652,5611,907

1,1852,5162,61*02,8912,5202,6372,267

21*8

201175

128110136

1,01*812891.

9695

11255

131*

22031*8

1*69

566

s

298918126U1*26

512

1*6

1*5

50

1*6

5557

575551

5253

11255

131*

22031*8

1*69

566

22989181261*

1*26

512

1*6

1*5

50

1*6

5557

5755?1

5253

391*

2,1*11*

5,1197,86110,29912,1*161U,50815,850

1,1833,6696,2218,93111,18613,39715,152

15,351*15,51015,631*

15,71715,77115,850

16,81*216,90816,952

16,99617,039

.30

.29

.32

.29

.35

.36

.31*

.33

.30

.30

.31

Source: Daily Treasury Statement; Office of the Treasurer of the U. S.1/ Beginning with June I9U7, Series E sales include small amounts of

unclassified sales consisting of Series E, F, and G. These amountsare substantially lees than the sales reported as unclassified inthe Daily Treasury Statement. The greater part of that Item con-sists of sales for which information is available as to the seriesbut not the year of issue. On the basis of that information suchsales are Included in this table according to ssries. Prior toJune 191*7, it was possible to distribute by series all sales re-

2/

3/n.a.

ported as unclaselflod In the Dally Troasury Stateiwnt.Series E redai]q)tionB Include small anounte of unclassified SeriesA-D redemptions beginning vith October 19^, and small amounta aleoof unclassified F and G redemptions, beginning with June 19^7.Hot calculated for matured series.Not available.Less than $500,000.


TREASURY SAVINGS NOTES,

Treasury savlnge notes (originally designated taxsayings notes ) baTe been Issued In four series: Series A

froB August 1, 13^1, through June 22, 19'*3; Series B from

August 1, igltl, through Septedtow 12, 19'*2; Series C from

September 1"*, 19^2, through August 31, 191*8; and Series D

on continuous sale beginning September 1, 19'^. Detailsoonoernlng terms and conditions for purchase and redemp-

tion, and Investment yields of Series V notes will be found

on page A-1 of the October ISkS "Treasury Bulletin". Fordetails concerning terms and conditions, InTestment yields,

and tax payment or redemption values at Serlsa A and B, see"Annual Report of the Secretary of the Treasury" for 19'*2,

pages 207 and 220, and for sales and redemptions by fiscal

years and months, see "Treasury Bulletin" for February 19'*6.

pages '^2 and 4}. Similar Information concerning Series Cnotes will be found In the "Treasury Bulletin" forOctober 19'+5, pages A-1* and A-5,

In the following tables sales and redemptions ofTreasury savings notes are shown at par value. Maturednotes redeemed (either for cash or for tax payment) areIncluded In the figures on redemptions. Matured notesoutstanding are refleoted In the Interest-bearing debtuntil all notes of the series have matured, when they aretrcuieferred to matured debt upon which Interest has oeased.

In accordance with the practice of the Dally TreasuryStatement.

Table 1.- Sunoary of Sales and Redemptions by Series, Cumulative through November 30, 1048

January 1949 29

OWNERSHIP OF FEDERAL SECURITIES,

Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues(In milllona of dollars)

End offiscalyearor month


OWNERSHIP OF FEDERAL SECURITIES,

Table 3.- Estimated 0ner8hlp of Federal Securities by Bankand Nonbank Investors

January 1949 31

TREASURY SURVEY OF OWNERSHIP, OCTOBER 31, igll-g.

The Treasury Survey of Ownership covers securitiesIssued by the United States Government and by Federalagencies. The banks and insurance companies Includedin the Survey account for approximately 95 percent ofsuch securities held by all banks and insurance com-panies In the United States. Data were first publishedfor March 3I, I9IH.

Information on the distribution of ownership bytypes of banks and insurance companies is publishedeach month. Additional information showing the holdingsof commercial banks distributed according to FederalReserve member-bank classes and nonmeraber banks Is pub-lished for June 30 and December 3I.

Section I - Securities Issued or Guaranteed by the United States Government

Table 1.- Sunanary of All Securities


TREASURY SURVEY OF OWNERSHIP, OCTOBER 31, iglj^.


Table 3.- Interest-Bearing Public Marketable Securities, by Issues(Par Taluea - In ailliocie of dollara)

(TttX statoa ^ 1 mhcnm 1a pttraothaa**)

January 1949

TREASURY SURVEY OF OWNERSHIP, OCTOBER 31, ISkS .

33

Section I - Securities Issued or Guaranteed by the United States GovernmentTable 3.- Interest-Bearing Public Marketable Securities, by Issues - (Continued)

3"* Treasury Bulletin

TREASURY SURVEY OF CWNER3HIP, OCTOBER 31, 19'4-g,

Section II - Interest-Bearing Securities Issued by Federal Agencies butnot Guaranteed by the United States Governinent

(Par r&lu0a - in alllloiu of dollars)

I8a

(Tax atatoa 2/ 1' abo& In paronthaoaa)

January 1949 35

MARKET QUOTAWONS, NOVEMBER 30, 19^8 ,

Market quotations shown here are over-the-counterclosing quotations In the New York market for the lasttrading day of the month, as reported to the Treasury bythe Federal Reserve Bank of New York. The securitieslisted In Section I Include all public marketable secu-rities Issued or guaranteed by the Dnited States Ooverivment except those not regularly quoted in the market.

The issues excluded are postal savings bonds and Fed-eral Housing Administration debentures. The latter arethe only public marketable interest-bearing guaranteedsecurities outstanding. Section II lists the publicmarketable securities issued by Federal agencies butnot guaranteed by the United States Oovernment.

Section I - Securities Issued or Guaranteed by the United States GovernmentTable 1.- Treasury Bills (Taxablel Table 2.- Certificates and Notes (Taxable)

Amountout-


MARKET QUOTATIONS, NOVEMBER 30, 1$^$


Table 4.- Tax-Exempt Bonds V(fnce declaale are 32nde)

Aaountout-alaoding(Mll-

llona)

Deecrlptlao

ChangeUiBeanfrcBlastontil

Tofirstcall

ChangefroBlaatDnth

lasuadata

Frlce range 2/

Since first traded

Hlgb Lav

Price

In 191.8

Hlgb

Price Data

TreaauTT boode:

5711.91

1,7861,1861,627

7551,U8

725681

2,611

982919

1,1.5

50

23-1/82-1/22-1/22-3A

2-lA22-1

A

2-7/8

12/15/1.8-50 6/I2/15A9-52I2/15A9-539/15/50-526/15/51-51.

9/15/51-5512/15/51-536/15/53-556/l5/5''-563/15/55-60

2-3A - 9/15/56-592-3A - 6/15/56-632-3A - 12/15/60-65

Pan^ia Canal boode:

3* 6/1/61

100.01102.07101.17102.17103.27

10k .27103 .02103 .0210li.09107.29

108.02108.12109.00

117.16

100.03102.09101.19102.19103.30

1DI..30103.05103.06101.. 13108.01

108.06108.16109.01.

U9.00

100.02102.08101.18loe.iS103

.28i

101..28J103 .031103 .oulOk.ll107.31

108.Ol108.lU109-02

118.08

.36*

.91.

.981.051.19

1.211.201.291.1.31.51.

1.631.781.90

1.1.1

.59

.09

.07

.07

.08

.07

.12

.15

.17

.18

.12

.11

.12

12/8/3912/15/31.12/15/369/15/386/15/36

9/15/3112/22/3910/7/to7/22/1.03/15/35

9/15/366/15/3812/15/38

6/1/11

107.00115.01.108.28108.30110.26

113.21.108.01107.25109.29116.02

116.13117.01.119.00

131. .00

12/12/UO12/12/W12/lO/kO12/lO/kO11/12/1.1

12/30/1*3/10/1.51/12/1.63/12/1.61/12/1.6

1/26/1.61/15/1.61/25/1.6

9/5/1.1.

100.02101.0796.1999.1598.16

82.08101.08101.19102.0298.30

98.1099.1599.Ik

75.00

ll/30/k812/l5/3k

k/8/379/25/39k/1/37

l/U/325/2k/k02/15A17/2k/k09/20/35

U/1/379/25/399/25/39

6/18/21

101.03103.29102.2k103.18105.03

106.0610k .Ok10k .09105.28109.16

110.03110.16110.28

1/72/192/205/2k

5/2k5/216/16/96/1

6/16/36/1

1/9

'4

100.02102.08101.18102.17:103.2'

10k.25i102.26}102.16103.16106.28

106.1k106.1k106.28

118.08

11/3011^011/3011/kU/kU/3U/311/;

1/261/261/27

u/30

Footnotes at end of Section II.

Section II - Securities Issued by Federal Agencies but not Guaranteed by the United States '^vernment

Table 1.- Debentures: Federal Intermediate Credit Banks (Taxable)

Aaoimtout-

(Kll-llons)

January 194^ 37

50

YIELDS OF TREASURY SECURITIES NOV. 30,1948Based on Mean of Closing Bid and Ask Quotations

66 68 '7052 54 56 58 60 62 64 72

1948 50 52 54 56 58 60 62

PERCEN


YIELDS OF TREASURY AND CORPORATE BONDS.

Table 1.- Average Yields of Long-Term Bonds by Periods{percent pr sniniB)

Dat*

January 1949 39

COQOm

iij

oQ.(TOO

cn1,960.01,92.6

1,965.71,968.9

1.9?.

kSk.l168.3ll00.lt

376.5356.1.3l'3.'

337.2

336.8336.7336.5

336.1335.633l'.5

333.0331.6530.6

330.0329.'>

5.32.33.59.2U.lt

12.510.2lll.O

13.1

13.3iC.ili9.3

8.35.2

19.1

616.0657.1.662.3628.2551.8

105.6185.693.191.1

91.791.792.6

91.992.891.2

92.991.391.6

90.1.89.1.

1.8.1

52.563.078.896.8

117.5137.5150.1156.3

156.7156.6156.9

157.2157.6158.6

160.1161.5l6s.?

163.1163.7

39*.l2.1.93.

587.68b.

771.681.6.7901.1928.7

929.1929.3929.7

932.8936.191.2.3

91.6.79*9.295*.6

960.2967.7

3,790.2*,060.0*,2**.8*, 317.6*,207.3

3,870.63,512.83,51*.23.5*7.9

3,552.13,555.63,559.7

3,563.63,568.33,571.0

3,576.33,577.83,58k.k

3,588.93,593.0

Sourca: Dally Traaaury Statooasnt and Circulation Statonant of H. S. Nonay.1/ Taluad at $1.?9.' par flna ounca.2/ Includaa allTar laaaed to Office of Defanaa Plants of the R.y.C.,

etc. (sea Dally Treasury Stateiaent for amount). Does not IncludeSllTar lend-leased to forel^ goTemmente (see 19*6 Annual Reportof the Secretary of the Traasuiy for amounts).

^ Valued at $1 . 38v per fine ounce

.

*/ riiuad at $1.38+ par fine ounce or at $1.29^ par fine ounceaccording to vbathar the bxillion is held for recolnage ofeubsldlary ailTer coins or for racolnaga of standard ailTardollars.

p Prellalnary. Leas than $50,000.

Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices^(In mllllone of ounces or dollars)

Calendar yearor month

SllTerproduction InUnited States

Ounces

SilTsr acquired by mints and assay offices

Rawly mined donestlcsilTsr 2/

Forel^ SllTar 2j

Dollars Ounces Dollars

193919I1O

19*119*219*3

19**19*519*619*7

19*8-January..February.March

AprUMayJune

JulyAugustSaptavber

October.

.

63.968.371.155.9*o.8

35.729.321.*36.1

3.92.13.*

3.23.33.1

2.72.33.5

3.0

60.768.370.5*7.95.5

.9*.9

30.3 */

3.22.73.2

2.83.31.7

k.lS.73.52.8

*0.1*8.550.13*.03.9

.6*.*

27.* */

2.92.52.9

2.63.01.5

3.72.53.2

2.6

282.8139.872.61*.3

120.550.927.16.0

3*3.3208.01*3.162.15.5

.9*.930.3 */

3.22.73.2

2.83.31.7

160.699.*77.2*0.03.9

.6*.*

27.* */

2.92.52.9

2.63.01.5

k.l2.73.52.8

3-72.53.22.6

Sourca: Annual figures fron the Bureau of the Mint. >tonthly figuraa on0. 8. silTar production from releasee of the American Bureau ofMetal Statistics; these vlll not sgrae with the wrmimi figures.

1/ For Inforaatlon on silTar production in other countries, seeannual reports of the Director of the Mint. Data from 1933through 19*1 are aumarized in the "Treasury Bulletin" forAugust 19*3, page 7*.

2/ Acquired at 6k. 6* cents per fine ounce until April 9, 1935; at71.11 cents per fine ounce froB that date until April 23, 1935;at 77.57 cents per fins ounce from April 23, 1935, to Dacartbar 31,

1937; at 6k .6* cents per fine ouooe from December 31, 1937, toJuly 1, 1939; at 71.11 cants par fin* ounca frco July 1, 1939, toJuly 2, 19^; and at 90.5 cants per fine ounca alius July 2, 19k6.

3/ Acquired at Tarious prices aTaraging approximately 51 canta parfine ounca.

k/ Includes 0.2 million ounces Taluad at 71.11 cants per fine ouncetotaXlli^ $0.2 million, and 30.1 million ounces Talued at 90.5cents per fine ounce totalling $27.2 mllllOD.

Lass tten 50,000 omuaa or $50,000.

January 1^49 ^1

MONETARY STATISTICS,

Table 6.- Seigniorage on Sliver(CioulatiT* froB January 1, 1935 - In minioiBaf doXlars)

End of calAOdAryear or nontfa

Sel^nloragaon colna(ellTer andiBlnor]

Souroaa of seigniorage on ellTer bullion rerralued l/

MlBO. allTer(Incl. sllTerbullloil heldJtms lU, 1S3I()

Hevl7 minedBllver (Proc.

,

Deo. 21, 1933)

Hvl7 minedellTer (ActJuly 6, 1939,andJuly 31, 19146)

SllTer Pur-chase Actof June 19,

VatlonollEedallTer(Proc. ofAug. 9, 193'')

Totalseigniorageon SllTerreTalued

Potentialseigniorage onSllTer bullionat cost InGeneral Fund 2/

19351936193719381939

igito,

19'tli9ita19"t319W

19U519k6ig^T

igltfl-January...February..March

AprUMayJune

JulyAugust . . .

.

Septeaber

.

October..Norember.

18.5W.l63.769.591.7

122.2182.12't5.7299.6362.3

1(29.51*91.9520.5

521.

U

527.6529.'t

532.0533.5536.3

5I16.2

550.

k

SSk.O

It8.7l>8.7It8.7it8.7'8.7

'8.7'8.718.7't8.7'8.7

'8.7a.

7

'8.7

W.7

ua.

US,.

"e,

US,

"8.7'8.7

'8.7

I18.7I18.7

16.836.058.07'^.9

87.3

87.687.687.687.687.6

87.687.687.6

87.687.687.6

87.687.687.6

87.687.687.6

87.687.6

U.2

25.7'a.j6J .665.365. '

65.566.571* .5

75.l^

76.377.1

77.978.779.7

80.181.281.9

ae.983.8

226.2302.7366.757.

7

530.7

562.7580.lt

58't.358.3581..

3

701.6832.1832.1

832.1832.1832.1

832.1832.1832.2

832.2832.2832.2

832.2832.2

3l.5

3'>.7

3l'.7

3''.7

31*.

7

3'.73lt.7

3'^.73''.

7

3''.

7

31*.

7

3'.73l^.73l.7

3''.73lt.7

3''.

7

3'^.73H.73li.7

3'..7

3lt.T

326.21^2.1508.1616.0705.6

759.'^799.7818.9820.6820.7

938.11,069.61,077.6

1,078.5l,079.l1,080.2

1,081.01,081.81,082.9

I'.o^'.i1,085.1

1,086.11,087.0

27''.

9

397.55^1.6K8.8950.6

1,055.81,089.0l.O'.S.S967.3717.3

333.2161.211.6.

8

1'^*.9ll^J^.2

l'^5.9

ll.6143.1llHJ.3

ll.8137.613li.6

I3I1.2131.7

Source: Office of the Treasurer of the United States.1/ These Items represent the difference between the cost Talue and

the monetary value of ellver b\illloa revalued sad held to aecure

SllTer certificates

.

2/ The figures In this column are not cumulatlTe; as the amount ofbullion held changes, the potential seigniorage thereon changes.

1^ Treasury Bulletin

CAPITAL MOVEMENTS

Information relating to capital moTemente between

the United States and foreign countrlee Is presented In

four sections. Section I contains the principal types

of data on capital BOTements by years beginning with

1935, and currently by months. Each type of data Is

then broken dcwn Into Its chief components In the sane

chronological detail.

Section II supplies a geographic brealidown by prin-

cipal countries for recent months. The total net capital

movement Is given first and then the principal categories

are shown separately. In addition, at this point, the

total outstanding claims on and liabilities to foreign

countries are each presented.

Section HI presents details with respect to capitalmovements and short-term claims and liabilities as of the

latest month for which the data are available.

Section IV contains data for recent months on out-

standing contracts of banks for forward purchases and

sales of foreign exchange.

The data In these four sections are based on reportsfiled each month by banks, bankers, and brokers through-out the United States. The reports are collected,checked, and tubulated by the twelve Federal ReserveBanks. The totals are then forwarded to the TreasuryDepartment for consolidation and publication.

Publication of detailed figures on capital move-ments was discontinued between the March lSh2 and theNovember 19'*5 Issues of the 'Treasury Bulletin', butdata omitted during that period were supplied In theNovember 19*^5 Issue and supplement.

Beginning with the December igl+S Issue, publication

of the data on capital movements was advanced twomonths by the use of preliminary reports. A comparisonof preliminary and final data for past months Indicatesa difference of a maximum of one percent In the grandtotals. Somewhat more significant changes In particularcategories for Individual countries may be necessary when

the final reports are published, normally two months afterthe preliminary data.

Section I - Historical Summary

Table 1.- Net Capital Movement between the United States and Foreign Countries(In thousands of dollars; negatlTo flgurae indicate a nat outflow of capital froa the United States)

Calendar yearor Bonth

Net capitalBOTsaent

Analjels of net capital aoTtaant In:

Short-termbanking funds

Brolrera^balances

Transactionsin dcaestlcsecurities

TroneactloDein forei^securities

1935 (Jan. S, 1935-Jan. 1, 1936).1936 (Jan. 2, 1936-Doc. 30, 1936).1937 (Dec. 31, 1936-Dec. ?9, 1937)

1938 (Dec. 30, 1937-Dec. ?8, 1938).1939 (Doc. 29, 1938-Jan. 3, WliO).19kO (Jan. It, WlMS-Dec. 31, I9W)).

19kl19'i?19''319">">

19l>5

19*619*7

I9W (Jan. 1-October 3I) p

19'&-JanuaTTfebruaxTtorch

AprilMayJane

JuljAugustSepteaher p

October p

p PrellMlnarj.

1,UW),6861,226,722833,7151112,956

1,198,735695,080

-"53,823626,121

1,286,893Wl,35''

1,07'', 375-793,32''313,678

-258,039

-lk8,9261.1,850

-56,1.01.

-209,636-92,01275,953

97,575-U3,778

67,1.113

79,896

992,8291.28,11.2

287,39'.328,968

1,135,1.8381.1,628

-21.3,522583,373

1,168,05811.8,59'.

1,216,303-733,909383,539

69,660

-150,50961,897-'),599

-180,399-33,58889,666

115,2156'',37771., 72

69,122

6,0396,8u

31

1949_01_treasurybulletin

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