Treasury Bulletin. S e p t e m b e r W A S H I N G T O N, D. C.

Transcription

1 Treasury Bulletin S e p t e m b e r 9 D E P A R T M E N T O F T H E T R E A S U R Y O F F I C E O F T H E S E C R E T A R Y W A S H I N G T O N, D. C.

2 September 9 I C O N T E N T S Article - Treasury Financing Operations......, y F E D E R A L F I S C A L O P E R A T I O N S FFO-. - Summary of Fiscal Operations... FFO-. - Budget Receipts by Source... Chart - Budget Receipts by Source... FF0-. - Budget Outlays by Agency... FFO-. - Undistributed Offsetting Receipts... FFO-. - Budget Outlays by Function... g FFO-. - Investment Transactions of Government Accounts in Federal Securities (Net)... FFO-. - Trust Funds Transactions... FF Accountability of the United States Treasury F E D E R A L O B L I G A T I O N S FO-. - Gross Obligations Incurred Within and Outside the Federal Government by Object Class... yj FO-. - Gross Obligations Incurred Outside the Federal Government by Major Function and Major Object Class... FO-. - Gross Obligations Incurred Outside the Federal Government by Department or Agency... jg F0-. - Gross Obligations Incurred Outside the Federal Government, Comparative Statement by Months A C C O U N T O F T H E U. S. T R E A S U R Y UST-. - Status of the Account of the U.S. Treasury... UST-. - Analysis of Changes in Tax and Loan Account Balances UST-. -Gold Assets and Liabilities of the Treasury M O N E T A R Y S T A T I S T I C S MS-. - Money in Circulation... F E D E R A L D E B T FD-. - Summary of Federal Debt... FD-. - Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt... FD-. - Interest-Bearing Public Debt... 8 FD-. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt... 8 FD-. - Government Account Series... 9 FD-. - Interest-Bearing Securities Issued by Government Agencies... 0 FD-. - Participation Certificates FD-8. - Debt Subject to Statutory Limitation... FD-9. - Status and Application of Statutory Limitation... FD-0. - Treasury Holdings of Securities...

3 I I T r e a s u r y b u l l e t i n C O N T E N T S P U B L I C D E B T O P E R A T I O N S PDO-. - Maturity Schedule of Interest-Bearing Marketable Public Debt Securities... FDO-. - Offerings of Treasury Bills PDO-, - New Money Financing through Regular Weekly Treasury Bills....9 PDO-. - Offerings of Public Marketable Securities... PDO-. - Unmatured Marketable Securities Issued at a Premium or Discount.... PDO-. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities... 9 PDO-. - Disposition of Public Marketable Securities Foreign Series Securities.... PD Foreign Currency Series Securities U N I T E D S T A T E S S A V I N G S B O N D S SB-. - Sales and Redemptions by Series, Cumulative SB- - Sales and Redemptions by Periods, All Series Combined......«. 9 SB-. - Sales and Redemptions by Periods, Series E through K....0 SB-. - Redemptions of Matured and Unmatured Savings Bonds SB- - Sales and Redemptions by Denominations, Series E and H Combined U N I T E D S T A T E S S A V I N G S N O T E S SN-l. - Sales and Redemptions by Periods O W N E R S H I P O F F E D E R A L S E C U R I T I E S OFS-. - Distribution of Federal Securities.... OFS- - Estimated Ownership of Public Debt Securities.... T R E A S U R Y S U R V E Y O F O W N E R S H I P TSO-. - Summary of Federal Securities T&0-. - Iiiterest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution 8 TSO-. - Interest-Bearing Marketable Public Debt Securities by Issue....8 TSO-. - Securities Issued by Government Agencies...80 TS0-. - Securities Issued by Government-Sponsored Agencies and D.C M A R K E T Q U O T A T I O N S O N T R E A S U R Y S E C U R I T I E S MQ-. - Treasury Bills....8 MQ-. - Treasury Notes....8 MQ-. - Treasury Bonds....8 Chart - Yields of Treasury RwmiH+.Ips A V E R A G E Y I E L D S O F L O N G - T E R M B O N D S AY-. - Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds Chart - Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds....89

4 September 9 III C O N T E N T S I N T E R N A T I O N A L F I N A N C I A L S T A T I S T I C S IFS-. - U.S. Reserve Assets IFS-. IES-. - U.S. Liquid and Nonliquid Liabilities to Foreign Official Institutions, and Liquid Liabilities to All Other Foreigners U.S. Liquid and Nonliquid Liabilities to Official Institutions of Foreign Countries, by Area... J IFS-. - Nonmarketable U.S. Treasury Bonds and Notes... 9 IFS-. - US. Position in the International Monetary Fund... 9 IFS-. - Weighted-Average of Exchange Hate Changes for the Dollar... 9 C A P I T A L M O V E M E N T S LIABILITIES TO FOREIGNERS REPORTED BY BANKS - U.S. CM-I-. - Short-Term Liabilities by Type of Foreign Holder CM--. - Short-Term Liabilities by Type of Liability CM--. - Short-Term Liabilities by Country CM--. - Short-Term Liabilities, by Type and Country... 0 CM-I-. - Short-Term Liabilities, Not Regularly Reported Separately... 0 CM--. - Long-Term Liabilities by Type... 0 CM--. - Long-Term Liabilities by Country CLAIMS ON FOREIGNERS REPORTED BY BANKS - U.S. CM-II-. - Short-Term Claims by Type... 0 CM--. - Short-Term Claims by Country... 0 CM-II-. - Short-Term Claims, by Type and Country CM-II-. - Long-Term Claims by Type CM-II-. -.Long-Term Claims by Country... 0 CM-II-. - Long-Term Claims, by Type and Country..., LIABILITIES TO FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. CM-III-. - Liabilities by Type... CM-III-. - Short-Term Liabilities by Country... CM-III-. - Short-Term Liabilities, by Type and Country... CM-III-. - Long-Term Liabilities by Country... CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. CM-IV-. - Claims by Type... CM-IV-. - Short-Term Claims by Country... CM-IV-. - Short-Term Claims, by Type and Country CM-IV-. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type... 9 CM-TV-. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Country... 9 CM-TV-. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country... 0 CM-IV-. - Long-Term Claims by Country...

5 I V T r e a s u r y B u l l e t i n CONTENTS TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS CM-V-. - Foreign Purchases and Sales of Long-Term Domestic Securities... CM-V-. - Foreign Purchases and Sales of Long-Term Foreign Securities... (M-V-. - Net Foreign Transactions in Marketable U.S. Treasury Bonds and Notes by Country... CM-V-. - Estimated Foreign Holdings of Marketable U.S. Treasury Bonds and Notes by Country... CM-V-. - Net Foreign Transactions in Long-Term Domestic Bonds... CM-V-. - Net Foreign Transactions in Domestic Stocks by Country... CM-V-. - Net Foreign Transactions in Long-Term Foreign Bonds by Country... CM-V-8. - Net Foreign Transactions in Foreign Stocks by Country... 8 CM-V-9. - Foreign Purchases and Sales of Long-Term Securities, Latest Date CM-V-0. - Foreign Purchases and Sales of Long-Term Securities, Latest Year... 0 FOREIGN CREDIT AND DEBIT BALANCES IN BROKERAGE ACCOUNTS CM-VI-. - Foreign Credit Balances (Due to Foreigners)... CM-VI-. - Foreign Debit Balances (Due from Foreigners)... F I N A N C I A L O P E R A T I O N S O F G O V E R N M E N T A G E N C I E S A N D F U N D S GOVERNMENT CORPORATIONS AND OTHER BUSINESS-TYPE ACTIVITIES FEDERAL CREDIT PROGRAMS GA-II-. - Direct Sales and Repurchases of Loans... Cumulative Table of Contents... Note: Details of figures may not add to totals because of rounding.

6 September 9 V T r e a s u r y F i n a n c i n g O p e r a t i o n s Auctions of -Year and -Year -Mbnth Notes On August the Treasury announced that it would sell to the public at auction, under competitive and noncompetitive bidding, up to $.0 billion of Treasury Notes of Series L- 9, and up to $.0 billion of Treasury Notes of Series F- 99. Coupon rates of 8-/$ on the notes of Series L-9 ' and 8-/$ on the notes of Series F-99 were set after the determinations as to which tenders were accepted on a yield basis, the average of which produced a price of or less. The notes of Series L-9 will be dated August 9, 9, due August, 9, with interest payable on a semiannual basis on the last day of February and August until maturity. The notes of Series F-99 will be dated September, 9, due September 0, 99, with interest payable on a semiannual basis on March and September 0 until maturity. Tenders for the notes of Series L-9 were received until :0 p.m., EDST, August. They totaled $.9 billion from the public, of which $.0 billion was accepted at yields ranging from8.$, price 00.80, up to 8.9$, price Noncompetitive tenders for $00,000 or less from the public were accepted in full at the average yield of accepted tenders, 8.$, price These totaled $0. billion. Tenders for the notes of Series F-99 were received until :0 p.m., EDST, August. They totaled $. billion from the public of which $.0 billion was accepted at yields ranging from 8.$, price 00., up to 8.$, price 99.. Noncompetitive tenders for $00,000 or less from the public were accepted in full at the average yield of accepted tenders, 8.$, price These totaled $0. billion. In addition to the amounts allotted to the public, $0 million of the notes of Series L-9 and $0 million of the notes of Series F-99 were allotted at the average price to Government accounts and Federal Reserve banks for themselves and as agents of foreign and international monetary authorities. Tenders were received in both auctions at Federal Reserve banks and branches and at the Bureau of the Public Debt, Washington, D. C. Bearer notes, with interest coupons attached, and notes registered as to principal and interest were authorized to be issued in denominations of $,000, $0,000, $00,000, and $,000,000 in the case of the notes of Series L-9, and in denominations of $,000, $,000, $0,000, $00,000 and $,000,000 in the case of the notes of Series F-99. -Week Bills On August tenders were invited from the public for $,0 million, or thereabouts, of -day Treasury bills to be dated August, 9, and to mature August, 9. Tenders were opened on August 0. They totaled $, million from the public, of which $, million was accepted including $89 million of noncompetitive tenders. An additional $9 million of the bills were issued at the average price to Government accounts and Federal Reserve banks for themselves and as agents of foreign and intemational monetary authorities. The average bank discount rate was. percent. The issue was to raise cash and to refund $,80 million of bills maturing August. Short-dated Bills On August tenders were invited for $.0 billion, or thereabouts, of 8-day Treasury bills to be issued August 8, 9. The bills were an additional issue of Treasury bills dated August, 9, due August, 9. Tenders were opened on August. They totaled $. billion of which $.0 billion was accepted. The average bank discount rate was.80 percent. On September tenders were invited for two series of Treasury bills to the aggregate amount of $. billion, or thereabouts, to be issued September, as follows: -day bills in the amount of $0.8 billion, or thereabouts, representing an additional amount of bills dated March 0, 9, maturing September 8, 9, and 0-day bills in the amount of $0. billion, or thereabouts, representing an additional amount of bills dated March, 9, maturing September, 9. Tenders were opened on September. They totaled $.0 billion for the -day bills of which $0.8 billion was accepted, and $. billion for the 0-day bills of which $0. billion was accepted. The average bank discount rates were. percent for the -day bills and. percent for the 0-day bill

7 VI Treasury Bulletin T r e a s u r y F i n a n c i n g O p e r a t i o n s C o n t i n u e d All of these short-dated bills were auctioned only through the Federal Reserve Bank of New York. The minimum acceptable tender for each of these issues was $0 million, with increments of $ million above that minimum. Date of issue Annual average rate (bank discount basis) The need for a short-term cash management instrument of this type has substantially increased over the past several years and is a result of the growing concentration of large payments in the first several working days of each month. This in turn has led to the substantial increase in the variability of the Treasurys cash balance, thereby requiring that the Treasury either maintain abnormally high balances to accommodate the intra-monthly low point in the balance or to borrow directly from the Federal Reserve. The resulting variability of the Treasurys balance at the Federal Reserve bank affects the reserves of the banking system in a maimer that often requires the Federal Reserve to undertake large open market operations to offset this reserve impact. These operations have at times been unsettling to the market. Use of short-dated bills of this type represents a new means for the maintenance of orderly markets. This type of offering serves much the same purpose as Tax Anticipation Bills which have been offered from time to time in the past to provide financing over a low point in the Treasury fs cash balance prior to a major tax date. Unlike the use of Tax Anticipation Bills, however, the sale of these bills carries no implication of a future paydown. However, depending upon cash requirements, the Treasury may choose to either increase or decrease the amounts to be offered when these bills mature. These short-dated bills have been referred to as Federal Funds Bills. The minimum $0 million tender size simplifies the auction and permits these bills to be sold on much shorter notice than is the case with regular bills auctions. 9 -week -week Aug Treasury Bills (Other than Short-dated bills) - General Treasury bills are sold on a bid basis. The face amount is payable without interest at maturity. They are issued in bearer form only, and in denominations of $0,000, $,000, $0,000, $00,000, $00,000, and$,000,000 (maturity value). Tenders are received at Federal Reserve banks and branches. Each tender must be for a minimum of $0,000. Tenders over $0,000 must be in multiples of $,000. Banking institutions generally may submit tenders for account of customers. Tenders may be made without deposit by incorporated banks and trust companies and by responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of percent of the face amount of bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. -Week and -Week Bills Issues of regular weekly Treasury bills in August totaled $. billion. These issues were offered for cash and in exchange for bills maturing in the amount of $. billion. There were two -week issues of $.0 billion and one -week issue each of $. billion and $. billion. There were two -week issues of $. billion and one -week issue each of $.0 billion and $. billion. Average rates for the new issues are shown in the following table. Noncompetitive tenders (without stated price), usually for $00,000 or less from any one bidder, for each issue of -week, -week, and -week bills, are accepted in full at the average price of accepted competitive bids for an issue. Payment for accepted tenders must be made or completed on the date of issue, in cash or other immediately available funds or in a like face amount of Treasury bills maturing on that date. Payment for -week, -week, and -week bills may not be made by credit in Treasury tax and loan accounts.

8 September 9 VII Treasury Financing Operations Continued Foreign Series and Foreign Currency Series Foreign series securities issued in August totaled $ million, consisting of one bill, seven certificates of indebtedness and two notes. Redemptions for the month totaled $, million. At the end of August, foreign series securities outstanding totaled $9,9 million. (Details are shown on page.) No foreign currency series securities were issued or redeemed in August. At the end of the month foreign currency series securities outstanding totaled an equivalent of $,99 million and were all denominated in Swiss francs. (Details are shown on page.) Note: Details of Treasury market financing operations are shown elsewhere in tables on public debt operations.

9 September 9 FED ERAL FISCAL OPERATIONS# Table FFO-. - Summary of Fiscal Operations (In millions of dollars) Budget receipts and outlays Borrowing from the public Federal securities Means of financing net transactions Cash and monetary assets (Deduct) Fiscal year or month Net receipts / Net outlays / Surplus or d e ficit ( -) - Public debt securities / Agency securities Investments of Government accounts y Total +- Within general account of the U.S. Treasury / / U.S. Treasury operating cash Special drawing rights / Other Gold tranche drawing rights 8 / (l) () () () () () ,8, -,9,9,0,, , 8, -8,0,9,09 9,0,88 -, , 8,8 -,,,9,0,00 -,09 _, ,8 8,,, -0,0 8, -, 0 S , 9,88 -,8,98 -,9 0,0,9, - ' -, ,9, -,0, -, 9,8 8 _ ,9,8 -, 9, -,9 8,0 9,,8 -, ,, -,0 0,88,8 9,,08 _ -8 -, ,9 8,9 ' -,0,98 90,8,009 -, ,99,0 -',0 8,9 -,09,0 0,8 - -,0, 9 (E s t.)... 98,99 8,89-9,900,0-8,88,00 - n.a. n.a. n.a. n.a. () (8) (9) (0) () () 9-July... 0,9r,9r -,r,09 -r -0 l,r -,0 -r 9r Aug...,0,08 -,8, -,08,8 - -,0-8 Sept... 8,,, - - -,0 9 -, 8 0 Oct... 9,,0 -,8 -, - -,0 - -, -8 Nov... ',9,9 -,,9 -, Dec...,9, -,9,00-8,8,0 -,8 0 9-Jan...,00 8,9 -,9, - -,, _ Feb... 9,9,00 -,, -0 9, - -,9 - Mar... 0,,98 -,8 9,99 -,9,9 -, - 9 Apr..., 9,0,80,08 - -,8 -, -0,898 - May...,9 8,8 -,9,8 -,8 8, _ -, - -,8 0,9,,00 -, July... 0,9,9 -,0,0 - -,,800 -, , - Means of financing net transactions Con. Selected balances, end of period Fiscal year or month Other / () Transactions not applied to year s surplus or d eficit 0/ () Total budget I General acfinancing ' I count of the --++ U.S. Treasury / / () () U.S. Treasuiy Operating cash () Public debt securities / (8) Agency sectirities / (9) Federal securities Investments of Government accounts (0) Held by the public ,9,0,09,,8, ,0,89 -,89 8,,89, ,99,,8 -,9,99 9,0 90, ,0 -,, -,89,9 8, 9, ,8 9,9-0,09,0 9, 8, ,0 8,0 0, - 9,0, 0,0 0,8 9...,98,9,,8 -, 0,89,9, ,9-08,0,8 -,,09,8, ,90-8,0 0, _,,0 0,9,0 9...,98-8,89,0 -,89,88 0,9 U,? 9^90 9 (E s t.)... -, -9,90, ,00,,8,0 9-July... -8r -88r,r _,, ll,89r 9,,0r -, $0,8 -, 8,9,8, 9,980 Sept , - 8,8 8,,,8 0,9 Oct ,8 -, 80,, 0,,0 Nov , -,08 8,,0 0,998,0 - ',9 -,9 9,,,8 0,8 9-Jan...,,8,9 -,8 9,9, 0,98, Feb... -9, -, 99,0,0,98 9,09 Mar...,0 -,8,8 -,9 09,9,0 0,0 80, ,80 -,9,0,00 9,9 8,8 May..., -9,9-8,8 8,8 0,998,88 9,9 -, -0 -, -,89,88 0,9, 9,90 July ,0,99 8,0 0,90, 0,0 () Footnotes on following page.

10 T r e a s u r y B u l l e t i n.federal FISCAL OPERATIONS. Footnotes to Table FFO-. Source: Monthly Statement of Receipts and Outlays of the U.S. Government. Revised Budget estimates based on the Md-Session review o f the 9 Budget, released May 0, 9, are not available in the necessary detail, except for the total Net Budget receipts, outlays, and d e fic it. Budget estimates are based on the 9 Budget o f the U.S. Government, released Feb.,9, the latest available. / For detail see Table FFO-. / For detail see Table FF0-., / As of July, 9, public debt outstanding has been adjusted to exclude the notes o f the International Monetary Fund to conform with the budget presentation. U For detail see Table FF0-. / Current fisca l year to date transactions through June 0, 9, are on the Daily Statement o f the U.S. Treasury clearance date basis and are converted to accounting date basis at June 0 (final) only. Prior fisca l year amounts include transactions in transit as of June 0. For amounts in transit see Table FF0-0 in the October 9 Bulletin. / As of July 9, balances shown under "Within general account o f the U.S. Treasury" are now presented in columns 9,, and. / Represents holdings o f special drawing rights, less certificates issued to Federal Reserve banks. 8 / Represents activity of the International Monetary Fund. / Includes: public debt accrued interest payable to the public, deposit funds, miscellaneous asset and lia b ility accounts, and as o f July 9, the gold balance. 0/ Includes: Seigniorage; increment o f gold; fisca l 99 conversion of certain corporations to private ownership; fisca l 90 reclassification o f Commodity Credit Corporation certificates o f interest; fisca l 9 conversion of interest receipts o f Government accounts to an accrual basis; and net outlays of off-budget Federal agencies (Export-Import Bank since August, 9, rural electrification and telephone revolving fund since May, 9, Postal Service fund since July 9, Federal Financing Bank since July 9, housing for the elderly or handicapped fund since August, 9, and Pension Benefit Guaranty Corporation since September, 9). / For detail, see Table FD-. r Revised, n.a. Not available.

11 September 9 FEDERAL FISCAL OPERATIONS Table FFO-. - Budget Receipts by Source Fiscal year or month Net budget receipts (In millions of dollars) Income taxes Individual Corporation Withheld / Other Refunds, Net Gross Refunds Net Net income taxes ,8,8 8,8,8, 0,8 0,0 8, , 0, 8,80,8.,,98 9,9 9, ,,0 0,9 9, 8, 9,89, 8, 9, ,8 0,8,8 0,9 8,9 8,8,0,8,9? ,,,,0 90,,0,08,89,, ,9,90,,, 8,0,0,,8, ,9 8,00,9, 9,,9,0,, , 98,09,09,8 0, 9,0,89, 9, ,9,09 0,8,9 8,9,, 8,0, ,99,0,8,0,8,, 0,,00 9 (E st.)... 98,99 9,,88,80,,800,000,800 9, 9-July... 0,9r 0,r 9 8 0,8l0r,9 0,8,9r A u g...,...,0 0, 9 9 0,8,08 88, 8, 9,, 0,9,08, 9,9 Oct... 9, 0,0 8 0,90,,0.9,9 0,8 0 0,8, 9,9,9 0,8 90 0,99,8 90,8,0 9-Jan...,00 0,,,8,,88, Feb... 9,9 0,9,0,,, 9 8 8, 0, 9,, 8,,,8 9,9 0. Apr..., 9,8,,8,0,89,09 May...,9 0,00 89,9 / -,0,9 8,,9 - June...,8 0,0,,, 0, 9,8,0 0,9 9, ,,88, 0,98 Social insurance taxes and contributions Fiscal year or month Employment taxes and contributions Old-age, d isability, and hospital insurance Railroad retirement accounts Net employment taxes and Gross Refunds Net Gross Refunds Net contributions Gross Unemployment insurance Refunds Net employment insurance ,0 8 9, ,,8 8, 9...,8 8,0,8,, , 8, ,,, 99...,9 0, 88 88,,,?8 9G... 8,00 8 8, ,,, 9..., 8 0, ,99,8 $, 9...,9,,009,008,0,0, 9..., 9,8,90,89,8,00 9,0 9...,0,8,,,89,8,8 9...,0 0,,90,89,0,80, 9 (E st.)...,,088,, 8,80,,00 9-July...,99,99 8 _ 8, Aug..., -, -,8,, Sept..., -,,8 I Oct..., -, -,8 Nov...,8 -,8,,8 -,8, Jan...,0 _,0,0 Feb...,0 -,0,89 Mar..., -, 0 0, A p r...,9 -,9,8 8 8, 0, ,09,,09 June...,8 -,8 9 9,9 9 9 July...,9,9,09 Footnotes at end of table.

12 Treasury Bulletin -FEDERAL FISCAL OPERATIONS. Table FFO-. - Budget Receipts by Source Continued Fiscal year or month Social insurance taxes and contributions - Continued Federal supplementary medical insurance Net contributions for other insurance and retirement Federal employees retirement Other retirement Total (In millions of dollars) Net social insurance taxes and contributions Miscellaneous Gross Refunds Net Excise taxes Airport and airway trust fund Gross Refunds Net (Est.) ,,0,,0,9 0,9,,0,,,,9,08,,0,, ,9,8,0,,0,0,,,0,,0 ',,9, 9,98,98 8,8,9,,80 8, 90,9 9, 9, 9,8 0,8 0,9 0, 0, 9,99 9,88 9,0, 8 9, , 9,8 9,00 0,8 0, 0,0 9,0 9,8 9, 9,00, , ,00 9-July. Aug.. Sept. Oct.. Nov.. Dec.. 9-Jan... Feb.. Mar.. Apr.. May.. June. July ,8 9,,0,,8,, 8,99,80 8, 0,88,, " Excise taxes--continued Estate and g ift taxes Customs duties Net miscellaneous receipts Fiscal year or month Highway trust fund Gross Refunds Net Net excise taxes Gross Refunds Net Gross Refunds Net Deposits of earnings by Federal Reserve banks All other Total 9...,0 0,9,0,09 8,0,8,,,8 9...,,,9,0,98,9,90,80 0, ,9,9,09,08,0,,08,09 00, ,8,,,0 9,9,8 8,9,, ,8,,0,80,,9,0, 8, 9...,,,,8 9,,,9,, ,,,,90,,9 0,8, 80, 9...,88,,0,9 9,9,08 0,88,9,9 9...,8,0,8,0,0, 0,,8,9 9...,,88,,88,,8 0,, 9 U, 9 (E st.)...,8,9 9,9,80 80,00,0 0,00,00, 0,8 9-July... 9 _ 9, 8 r 0r Aug..., Sept , Oct... -, Nov , Dec , Jan , Feb , Mar , Apr..., May..., - / June , July..., Source: Monthly Statement of Receipts and Outlays o f the U.S. Government. Revised Budget estimates based on Mid-Session review of the 9 Budget, released May 0, 9. / Includes individual income taxes designated for the Presidential election campaign fund. Prior to February 9, these taxes were included in Other. / Includes approximately $,00 million in tax rebates. / Includes adjustment of amounts previously reported. i j Includes $, million in fees for licenses to import petroleum and petroleum products. Less than $00,000. r Revised.

13 BUDGET RECEIPTS BY PRINCIPAL SOURCES FiscalYears 9-9 $Bil. S e p t e m b e r 9 $Bil Excise Taxes Other Source: Monthly Statement of Receipts and Outlays of the U.S. Government. For actual amounts see preceding Table FFD-. Includes estate and gift taxes, customs duties, and miscellaneous receipts

14 T r e a s u r y B u l l e t i n w e n n n t A i. FISCAL r T a ble FFO-B. - Budget Outlays by A gency (In millions o f dollars) Fiscal year or month Legislative branch The judiciary Executive Office, o f the President FUnds appropriated to the President Agriculture Department Commerce Department Defense Department Military Civil Health, Education, & Welfare Department Housing & Urban Development Department Interior Department / Justice Department Labor Department ,8,,0,,8,99,8, ,8,8,,0,08, 0, ,9,0 80,,00 0,,0 0, ,9 8,0 8,80,8,9,9.8, , 8,0,08,0,,8,0, 0, 9... ^.r 8,0 8,0, 8 8,,,8,890 9, ,9 0,9,0,0,0,9,,,80 0, , 0,08,8,9,0 8,0,9 -,, 8,9 9/... 0,0 9,,,,8 9,,8,88,9 8, , 9,,8 8,0,0,,88,,0,9 9 ( E s t.)... 88,0,,89 90,,00,,,0,,8 9-July r 8, r 8, 88r 88 r r 9 i i i g ,0 8, , 8,8 8 9 O c t.., , 98 9,00 80 Nofr ,89 0 9, Dec ,8 00 9,,0 9 9,, 9,89 9 0, Feb ,0 9 r 9,, Mir ,00 9,8 9, Apr ,09 8, , ,09 May , 9,80,0 8 0,, 9,9 80, 8 8,0 8 8,0 0, 0,,9 Fiscal year or month State bepartment Transportation Department Treasury Department Interest on the public debt / Other Energy Research and Devlp. Admin,. y Environmental Protection Agency General Services Administration National Aeronautics and Space Admin. Veterans Administration Other independent agencies y Undistributed Offsetting Receipts / > / Rents and Royalties on the Outer Continental Shelf lands y,0,0 -,9,90,08 -,, ,8,9 -,. -,,8, - -,9 8, 98...,, 8,' -,,8 8, - -,99 8, ,90,88,0 -,,9, , 8, , 9,0 0$, -,9 8,, _ -,8 0 9, , 0,99, 0 0,8 9, 8,89 - -,, ,,89,9 89, 0,0 9,88. -,88, ,8,,9,9, 8,,98,9 - -8,9, , 9,9,,0,0 -,,,9 - -9,89 8,9 8 9,, 8,,98,0,,, -, 8 -,0, 0 9 (E st.)...,0 0,99,0 0 0,,8,80 -,98,0, - 8,000 -, 0 0 8,89 Other Total 9 -Ju ly... r 0,8,80 Qr 9-9, l,0r -0-98r, 9r 0, ,,0-9 -8,08 80, 9 9 -,,9-8 -,0, O c t... 80,, -0 8,,9 - -9,0 9, ,8, -, 8-9,9 8, ,,89-9 -,0, 9-Jan ,80, 0-98,9,09 - -, 8,9 Feb... 9, , ,00 8 8, , 0, - -9,98 0,0,9 08-8,0,8 - -,0 8 9,0 M ay... 8, 8-0,, ,8 0 8,,8 8 ^ 8,0, -9 -,0 0,9,,9 0, ,, ,0,9 Souroe: Monthly Statement o f Receipts and Outlays of the U.S. Government. Revised Budget estimates based on the Mid-Session review o f the 9 Budget, released May 0, 9. tfote; Outlay^ consist o f disbursentents less proprietary receipts from the public and certain intrabudgetary transactions. Agency shifts are shown in this table beginning with the period o f such shifts; figures prior to the shifts have been adjusted. / Prior tt> January 9, Rents and Royalties on the Outer Continental Shelf land were shdwn as proprietary receipts from the public for the Interior Department. T c<pnform with the FY 9 Budget Document's presentation, these amounts were reclassified and are now being shown as undistributed offsetting receipts. / Reported on an accrual basis. / Pursuant to Public Law 9-8, the activity for the Atomic Energy Commission other than nuclear regulatory and reactor safety research was transferred to the Energy Research and Development Administration. y Includes the U.S. Postal Service. / For content see Table FFO-. / Federal Aviation Agency. / Includes $,80 million (FY 9) for energy tax equalization payments, civilian agency pay raises, and contingencies. r Revised.

15 S e p t e m b e r 9.FEDERAL FISCAL OPERATIONS T able FFO-. - U ndistributed O ffsettin g R eceipts (In millions of dollars) Federal employer contributions to retirement funds Interest credited to certain Government accounts Fiscal year or month Health, Education, and Welfare Dept. Federal Old-Age, Disability, and Hospital Insurance C ivil Service Commission Civil Service Retirement and Disability Fund Other / Total Defense Department Soldiers' & Airmen's Home Permanent Fund Federal Old-Age and Survivors Insurance Trust Fund Health, Education, and Welfare Department Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund 9...,090, 8 9 _ 9...,8, ,0, ,0,08, ,09 8,, ,8 8,, ,08 9,8, ,0 0,9, ,,9, ,08,98 980,980, (E st.)...,9,9 9,889, r Aug Dec Jan _ Feb Apr May ,00 99 July ' Interest credited to certain Government accounts - (Continued) Fiscal year or month Labor Department Unemployment Trust Fund Transport at ion Department Highway Trust Fund Veterans Administration Government Life Insurance Fund National Service Life Insurance Fund Civil Service Commission Civil Service Retirement Disability Fund Railroad Retirement Board Other / Total Rents and Royalties on the Outer Continental Shelf Lands / Grand total ,9 _, , -, , -, ,099 -, ,9 -, ,, -, , 8,089 -, ,, - 8, ,88 0, - 9, , 0,90,8,098 9 (E st.) ,8 0 8,0-8,000,9 9-July... 8r 98r 0 999r Aug Sept ,0 Oct ,8 Nov ,8, , 9 9,0 9-Jan ,0 Feb Mar... 9, Apr ,0 May June , 9,0 July... 8,09 Source: Monthly Statement of Receipts and Outlays of the U.S. Government. Revised Budget estimates based on the Mid-Session review o f the 9 Budget are not available in the necessary detail. Budget estimates are based on the 9 Budget of the United States Government, released February, 9, the latest available. / Includes receipts from off-budget Federal agencies to the C ivil Service Retirement and Disability Fund as of May 9. / Beginning fisca l 9, includes adjustment of interest on public debt issue to convert to the accrual basis. Also includes Indian tribal funds, Interior Department. / Prior to January 9, Rents and Royalties on the Outer Continental Shelf lands were shown as proprietary receipts from the public for the Interior Department. To conform with the FY 9 Budget Document's presentation, these amounts were reclassified and are now being shown as undistributed offsetting receipts. As a result, the detail w ill not add to the Fiscal Year 9 totals. Less than $00,000. r Revised.

16 Table FFO-. - Budget Outlays by Function 00 (In millions of dollars) Fiscal year 9 FY 9 Function July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Comparable period fisca l 9 National Defense Outlays...,0r,, 8, 8,00,90,89, 8,09 8,08 8,9 8,9,,0 Proprietary receipts from the public. -80r Intrabudgetary transactions... 9r Total...,r,90,8,,,8,0,8,, 8,000,8,0, International affairs and finance Outlays... r Proprietary receipts from the public Intrabudgetary transactions _ _ Total... 8r ! 8 General science- space. and technology Outlays... 0r Proprietary receipts from the public. _ - - _ Total... 0r Natural resources, environment, and energy r , 88 Proprietary receipts from the public. -9r , Intrabudgetary transactions _ r / Agriculture -8r Proprietary receipts from the public r Hommerce and transportation l,l r,8,88,,8, 9 8,0,0,0,,0, Proprietary receipts from the public. -r r _ -0 - l,0r,,,,,9 9,,088 99,89,,0 nomrrainitv and regional development r , Proprietary receipts from the public., _ w _ Intrabudgetary transactions... _ Total... 0r , Education, manpower, and social services l,00r ,8,0,0,80,,8,8,00 Proprietary receipts from the public Intrabudgetary transactions... -r Total... l,00r 9 $ 9 $ 8,,0,09,88,,8,,00 s a co 0 m W GO t o I 8

17 Table FFO-. - Budget Outlays by Function Continued Function Fiscal year 9 FT 9 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Comparable period fiscal 9 Health,9r,9,,8,,08,9,,90,0,8,,9,9 Proprietary receipts from the public _ - _ Intrabudgetary transactions Total...,0r,98,0,,0,0,8,,00,8,,9,,0 VO Income security 8,0r,9,990 8,0 8,9 9, 9, 8,9 9, 9,9 0,,998,9 8,0 Proprietary receipts from the public _ Intrabudgetary transactions , -, - Total... 8,0r,9,989 8,09 8,9 8,90 9, 8,99 9, 9, 0,, 0,9 8,0 Veterans benefits and services l,98r,,8,0,8,8,,00,8,0,0,,9,98 Proprietary receipts from the public Intrabudgetary transactions l,r,,,0, a,,99,99,8,,8,,, Law enforcement and.iustice 00r - - _ - _ Proprietary receipts from the public -r _ - 00r general flqy.fitofflfillt. 0r ', 0 Proprietary receipts from the public -r Intrabudgetary transactions , r General Revenue Sharing and General Purpose Fiscal Assistance Outlays.....j l,0r,, -,8,,980,0 Proprietary receipts from the public. -r _ - _ _ - - Intrabudgetary receipts , , - l,0r, -,8 -, -,,0 W S s o H IhH co Interest,9r,,,,0,8,80,,,8,,,908,9 Proprietary receipts from the publici Intrabudgetary transactions r Total...,,,,,88,,8,8,,,0,,, Undistributed Offsetting Receipts -999r -8 -, ,0 -,0-8 -, -,0-8 -,0 -, Net budget outlays...,8r,08,,0,9, 8,9,00,98 9,0 8,8 0,9,8,8 Source: Monthly Statement of Receipts and Outlays of the U.S. Government. Note: Due to the FT 9 Budget document reclassifications, function breakouts may not add to cumulative to date totals. Less than $00,000. r Revised. vo

18 Table FFO-. - Budget Outlays by Function June Final (In millions of dollars) Function FY 9 Fiscal year 9 Comparable period June / July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Final Cumulative to date / fisca l 9 J National Defense Outlays... Proprietary receipts from the public Intrabudgetary transactions... Total.... Intemational affairs and finance Outlays.... Proprietary receipts from the public Intrabudgetary transactions.... Total.... General science, space, and technology Outlays... Proprietary receipts from the public Total... Natural resources, environment, and energy Outlays... Proprietary receipts from the public, Intrabudgetary transactions.... Total... Agriculture Outlays... Proprietary receipts from the public, Total... Commerce and transportation Outlays... Proprietary receipts from the public, Intrabudgetary transactions... Total... Community and regional development Outlays.... Proprietary receipts from the public, Intrabudgetary transactions.... Total.... Education, manpower, and social services Outlays.... Proprietary receipts from the public, Intrabudgetary transactions.... Total.... 9,00r,9,, 8, 8,00,90,89, 8,09 8,08 8,9 8,9r 9,0r 8,9r -9 8r r -,r -,r r -r - 8,0r,8,90,8,,,8,0,8,, 8,000,8r 88,8 9,9r r r,r,r -0r r -r -0r r r,98r,r 9r r,8r,088r _ lbr r,r,08r 9r l,r 9,0r,88r -Sr , r -l,80r -l,9r _ - - _ r r,9r,9r -9r r,08r,8r -r Br r l,99r,r l,r,,8,88,,8, 9 8,0,0,0,,8l8r,9r -r r -0r -9r l,r,099,,,,,9 9,, l,89r,,9r r , r,r,r -r r r , r,0r,r l,0r ,8,0,0,80, l,8r,r,r - l r r - l,9r ,,0,09,88, l,8r,0r,r H G H» > r GQ O t" o he H» HH o GO Footnotes at end o f table. Cxi -

19 Table FFO-. - Budget Outlays by Function June Final Continued " Function FY 9 Fiscal year 9 June / July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Final Comparable period Cumulative fiscal to date / 9 / Health Outlays...,0r,8,9,,8,,08,9,,90,0,8,r 0,0r,r Proprietary receipts from the public -lr Intrabudgetary transactions ,89 -,8 Total...,r,0,98,0,,0,0,8,,00,8,,9r,r,80r Income sgcijrilg; Outlays...,r 8,09,9,990 8,0 8,9 9, 9, 8,9 9, 9,9 0,,998r lll,8r 8,r Proprietary receipts from the public -r _ Intrabudgetary transactions l,r -,9r -,0 Total...,8r 8,0,9,989 8,09 8,9 8,90 9, 8,99 9, 9, 0, ll,r 08,889r 8,9lr Veterans benefits and services Outlays... l,0r,00,,8,0,8,8,,00,8,0,0 l,?r,0r,8r Proprietary receipts from the public Intrabudgetary transactions... - _ _ - - _ Total... 9r,8,,,0,,,99,99,8,,8 l, r,9r,0r Law enforcement and Justice Outlays... r r,0r,r Proprietary receipts from the public r - llr - Total... r ,9,r General, GoYg^ent Outlays...,8r ,r,9r,0r Proprietary receipts from the public -r r -99r -r Intrabudgetary transactions... -, ,80r -,9r -,8 Total... 8r r,0r,r General Revenue Sharpie and fifirskfll Purpose fisca l.ags.jstsffic.q Outlays... r,8,, _,8, llr,90r,00r Proprietary receipts from the public -r _ r Intrabudgetary receipts , ,0 -,0 Total... -r,8, _,8 _, -r,00r,r Interest,#r,0,,,,0,8,80,,,8,,, 9,90r Proprietary receipts from the public -9r r -r -r Intrabudgetary transactions _ _ r -l,8r x Interest and dividends... - " - l i - : _ Total...,0,,,,,88,,8,8,,,0,r,09r 8,0r Undistributed Offsetting Receipts -,r , ,0 -,0-8 -, -,0-8 -l,0r -,098r -I,r Net budget outlays...,,,08,,0,9, 8,9,00,98 9,0 8,8 0,9r,0r 8,9 Source: Monthly Statement o f Receipts and Outlays o f the United States Government. Note: Due to the FY 9 Budget document reclassifications, function breakouts may not add to cumulative to date totals. / Figures have been adjusted to conform with the alignment o f the 9 Budget o f the United States Government, released Februaiy, 9. Less than $00,000. r Revised. a CQ O H W CO ' O

20 FttnrePAT FISCAL n p l?p ATTf>N j Treasury Bulletin T able FFO-. - Investm ent T ran saction s o f Governm ent A ccounts in Federal Securities (Net) (In millions of dollars) Health, Education and Welfare Department Housing and Urban Development Department Labor Department Fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Other Federal Housing Administration Government National Mortgage Assn. Participation Sales Fund Other Other Federal Insurance Administration Unemployment Trust Fund Other ,8 9..., , 98..., , 99...,898, ,9, ,, , _ 9..., ,8-9...,98 9, , _ 9..., 9, 8, ', -, ,98-9 (E st.) , ,0-9-July _ Aug..., , 9 - Sept Oct... -, Nov Dec Jan , - Feb..., _ Mar ,8 - Apr...f ,09 - May..., June _ July... -, Fiscal year or month Transport at ion Department Airport and Airway Trust Fund Highway Trust Fund Treasury Department Veterans Administ rat ion National Service Life Insurance Fund Other Civil Service Commission Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation Postal Service Railroad Retirement Board _ , 0 _, ,08 8-9,0 _ ,0 _ , , _,089-8, , _,0,80 8 0, , 9... _ 8,0 9, 8 8,0-0 8,0 _ 9...,09, -80, ,09-8 0, ,8 9...,08,9-90, ,0 9 (E st.)..., - 8 0, , ,08 Sept ,0 Oct ,0 Nov ,8 9-Jan , Feb ,9 Apr May ,8 June... -,, , , All other Total Source: Monthly Statement of Receipts and Outlays of the U.S. Government. based on the 9 Budget of the United States Government, released Revised Budget estimates based on the Mid-Session review of the 9 February, 9, the latest available. Budget are not available in the necessary detail. Budget estimates are Less than $00,000.

21 & Table FFO-. - T r u st Funds T ran saction s July, 9 through July, 9 Receipts (In millions of dollars) Outlays Classification Total in trust funds () Trust interfund and proprietary receipts / () Receipts of trust funds () InterfUnd transactions / () Unified budget receipts attributable to trust funds y () Total in trust funds () () Trust interfund transactions Proprietary receipts from the public ($) Outlays o f trust funds (9; Federal payments and contributions (0) Federal employer contributions (H ) Interfund transactions Interest and profit s on investments in Federal securities () Other W ) Total / () Unified budget outlays attributable to trust funds () Excess of receipts or outlays (-) () v o Federal Old-Age and Survivors Insurance... Federal Disability Insurance.,0,0 9,9,9,9 9,08 -, -8 Federal Hospital Insurance... $ $ Federal Supplementary Medical Insurance... Federal Employees Retirement. Federal Employees Life and Health Benefits... Federal Deposit Insurance Corporation... Airport and Airway... General Revenue Sharing... Highway... Military Assistance Advances. Railroad Retirement... Unemployment... Veterans Life Insurance... All other trust... Total..., 9 8,89 9, , 8,89,0 0, 0,889 0,, 0 0, 8,0 8, , - 8,0 -, ,, 0, 0, , , ,$ -9-8,99 8 t" GO o > t- o W w % i i o as CO Source: Based on Monthly Statement of Receipts and Outlays of the U.S. Government. Note: The memorandum section of various tables in the Federal Budget presents the trust fund receipt and outlay data on the same concept as columns () and (9) above. Trust interfund transactions are payments from one fund to another trust fund and are excluded in calculating trust fund receipts and outlays. The intragovernmental transactions are payments from Federal funds to trust funds, and vice versa, but exclude. $0 million in trust fund payments to Federal funds. / For content see columns () and (8 ). / / y For content see columns 0-. Includes net taxes and other receipts, mainly deposits by States and Federal employee retirement contributions. Excludes trust fund payments to Federal funds, such as charges f o r administrative expenses of Social Security Act. Less than $00,000.

22 Table FFO-. - Trust Funds Transactions July, 9 through June 0, 9 Final Receipts (In millions of dollars) Outlays Classification Total in trust funds Trust interfund and proprietary receipts / Receipts of trust funds Interfund transactions / Unified budget receipts attributable to trust funds y Total in trust funds Trust interfund transactions Proprietary receipts from the public Outlays of trust funds Federal payments and contributions Interfund transactions Federal employer contributions Interest and profit s on investments in Federal securities Other Total V Unified budget outlays attributable to trust funds Excess of receipts or outlays (-) () () () () () () Federal Old-Age and Survivors Insurance... 8,9-8,9,,0,9 - -,9 80,9 -,,,0 Federal Disability Insurance...,99 9,90 0,0,98 9 -,9 0-0,8 - Federal Supplementary Medical () (8), -,,0,8 0, - - 0, 0 0,0 9,0,9, -,,,90,0 - -,0, - 0 -,, (9) (0) () () () () () () d Federal Employees Retirement..., 8, 8,89,,8-8 -,00,9,898, 8,89 -,9, Federal Employees Life and Federal Deposit Insurance Airport and Airway...,08 -, General Revenue Sharing...,0 -,0 -,0,8 - -, ,8 Highway..., -, 8,88,8 v - -, ,,9 Military Assistance Advances...,, - - -, -, Railroad Retirement..., -,,89,0 - -,0-9 -,80 -, 8,9-8,9,,, - -, ,,88 -, ,8, 0 0, ,88, 9, 9, 99,8 8,09,08,,,0,980,0 8 9, 9,9,0 0 M CO Source: Based on Mbnthly Statement of Receipts and Outlays of the U.S. Government. Note: The memorandum section o f various tables in the Federal Budget presents the trust fund receipt and outlay data on the same concept as columns () and (9) above. Trust interfund transactions are payments from one fund to another trust fund and are excluded in calculating trust fund receipts and outlays. The intragoveramental transactions are payments from Federal funds to trust funds, and vice versa, but exclude $0 million in trust fund payments to Federal funds. / For content see columns () and (8). For content see columns 0-. Includes net taxes and other receipts, njainly deposits by States and Federal employee retirement contributions. Excludes trust fund payments to Federal funds, such as charges for administrative expenses of Social Security Act. V I t o

23 September 9.FEDERAL FISCAL OPERATIONS, Table FFO-IO. - Accountability of the United States Treasury on an Accounting Basis as o f June 0 (In millions of dollars) Fiscal year Amount o f the United States Treasury Transactions in transit / Total,00 8,,9, 0,0 0,0,,80,0 80,,0 00,0,0,0,9 0,89,9 9,8,0, 9,0 9,9 9,9 0 0,,0,8,,8 0, 0, 8,9-8,9 U Prior to fisca l year 9, transactions were reported in the Daily ments of the following fisca l year. Fiscal year 9 transactions are Statement of the United States Treasury on a clearance date basis. shown on a final basis, including all transactions. Those transactions in transit at yearend are included in the state-

24 .FEDERAL OBLIGATIONS. Treasury Bulletin "Obligations axe the basis on which the use of funds is controlled in the Federal Government. They axe recorded of categories which are based upon the nature of the transaction without regard to its ultimate purpose. All payments at the point at which the Government makes a firm commitment to acquire goods or services and are the first of the four for salaries and wages, for example, axe reported as personnel compensation, whether the personal services axe used key events order, delivery, payment, consumption which in current operations or in the construction of capital items. characterize the acquisition and use of resources. Federal agencies and firms often do business with one another; in doing so, the buying agency records obligations, In general, they consist of orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money. and the "performing agency records reimbursements. In Table The obligational stage of Government transactions is a strategic point in gauging the impact of the Government s operations on the national economy, since it frequently represents for business firms the Government commitment which stimulates business investment, including inventory purchases and employment of labor. Disbursements may not occur for months after the Government places its order but the order itself usually causes immediate pressure on the private economy. Obligations are classified according to a uniform set F0-, obligations that axe incurred within the Government are distinguished from those incurred outside the Government. Tables F0-,, and k show only those incurred outside. Obligation data for the administrative budget fund accounts were first published in the September 9Treasury Bulletin and the trust fund accounts were first published in the October 9 Bulletin. Beginning with the April 98 Bulletin, the data are on the basis of the budget concepts adopted pursuant to the recommendations of the President's Commission on Budget Concepts.

25 S e p t e m b e r 9.FEDERAL OBLIGATIONS. T able FO-. - G ross O bligations Incurred W ith in and O utside th e Federal G overnm ent by Object C lass, May, 9 (In millions o f dollars) Gross obligations incurred Object class Outside Within Total Personal services and benefits Personnel compensation... Personnel benefits... Benefits for former personnel. 0,,,90, 0,,,90 Contractual services and supplies Travel and transportation of persons. Transportation of things... Rent, communications, and u tilitie s.. Printing and reproduction... Other services... :... Supplies and Materials...,,, 0,,9,,8 0,89 0,8,0,0, 8,8,0 Acquisition of capital assets Equipment... Lands and structures... Investments and loans...,90,88,, 0,,9,90 Grants and fixed charges Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds..., 90,8,0,08 8 9,, 90,89,,08 Other Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered...,, 8,009,9,8 Gross obligations incurred l /.,,0 8,89 Source: Reports on Obligations, Standard Form, from agencies. / For Federal Budget presentation a concept of "net obligations incurred" is generally used. This concept eliminates transactions within the Government and revenue and reimbursements from the public which by statute may be used by Government agencies without appropriation action by the Congress. Summary figures on this basis follow. (This data is on the basis of Reports on Obligations received from the agencies prior to reports submitted for Budget presentation and therefore may d iffer somewhat from the Budget document.) Gross obligations incurred (as above)... Deduct: Advances, reimbursements, other income, etc. Offsetting receipts... 8,89-0,0 -,8 Net obligations incurred. 89, Table FO-. - G ross O bligation s Incurred O utside the Federal G overnm ent by M a jo r F unction and M ajor O bject Class, May, 9 (In millions o f dollars) Major object class Major function Personal services and benefits Contractual services and supplies Acquisition of capital assets Equipment Lands and structures Investments and loans Grants and fixed charges Other Total, 8,8,0, -,,0 00, 0,0,8 General science, space, and technology.., , Natural resources, environment, and,8, 9 8,9-8,,8 8,0,88-8,08 Commerce and transportation...,0, 8, 8,898, 8,89 Community and regional development... 09,,99,9 Education, manpower and social services. 9, 9,08 Health...,0 0,0 0 0,9 -,90,9, 8 8 8,8-8,88, 80 0,0 0, ,0,, 9 0, , 0 -,9 Total...,08,,88,88, ~ 8,8 8,88, Less than $00,000.

26 Classification Personal services & benefits Personnel compensation Personnel benefits / Benefits for former personnel Table FO-. - Gross Obligations Incurred Outside the Federal'Government by Department or Agency, May, 9 (In millions of dollars) 00 Travel and transportation of persons Contractual services and supplies Transportation of things Rent, communications, and utilities Printing and Other reproduction services Supplies and materials Equipment Acquisition of capital assets Lands and structures Invest-; ments and loans Grants, subsidies, and contributions Grants and fixed charges insurance Interest and Refunds dividends Other claims and indemnities Undistributed U.S. obligations Obligations in curred abroad Unvouch- ered Total gross obligations incurred The Judiciary Executive Office of the President l _ funds appropriated to the President: International security assistance Ihternational development assistance ,8 - « Agriculture Department: - - -, 0 9 -, ,, ,, ,0-8 U - -,0 Defense Department: Military: 8, ^,0 9,, ,89-0, 8,, 8 9,0,,9 - l - - 9,8 0 Department of the Air Force..., 9 8 9,0,8, , ,0 8.89,, , ,^,0b..,?s..,bl I,$T",9, ,9-88,8 Civil... Health, Education, and Welfare _ _ 0,8,80 9 8, 9,, , Housing and Urban Development Department: Government National Mortgage _ _ ,09, , , , , , , , ,9 Treasury Department: Ibterest on the public debt , ,9 Interest on refunds, etc General revenue sharing _ , ,, 9,9,,8, - 8, - -, ,88 9, ,89 l # 9 80, ,8 National Aeronautics and Space 9-8, ,9, ,,9 - # - -, Other independent agencies: Small Business Administration # , 8, 8 9, 0,9, ,899 0,,,90,8,, 9,,9,8,,0, 90,98, 9,,0, Off-budget Federal agencies: / Rural Elec trification Adminis tration Pension Benefit Guarantee Total off-budget Federal - _ -, ,9 8, _ , » " 9 8, , ,88 Source: Reports on Obligations, Standard Forms, from agencies. Note: Agency shifts are shown in this table beginning with the period of such shifts. The amounts for the complete fiscal year are adjusted at that time. / For purposes of this report this object class is considered as totally within the Federal Government except for the Department of Defense and Transportation Department, U.S. coast Guard. / Includes reports for Library of Congress, Government Printing Office, and General Accounting Office only. / Export-Import Bank since August. 9 rural electrification and telephone revolving fund and Rural Telephone Bank since May, 9 and Postal Service since July, 9. Less than $$00,000. I v &

27 Object class National defense; Personal services and benefits: Personnel compensation... Personnel benefits... Benefits for former personnel. Contractual services and supplies: Travel and transportation of persons. Transportation o f things... Rent, communications, and u tilit ie s.. Printing and reproduction... Other services... Supplies and materials... Acquisition of capital assets: Equipment Lands and structures... Investments and loans... Grants and fixed charges: Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds... Other: Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered... Total national defense. fea-rfte.fensg: Personal services and benefits: Personnel compensation... Personnel benefits... Benefits for former personnel. Contractual services and supplies: Travel and transportation of persons. Transportation o f things... Rent, communications, and u tilitie s.. Printing and reproduction... Other services... Supplies and materials... Acquisition o f capital assets: Equipment... Lands and structures... Investments and loans... Grants and fixed charges: Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds... Other: Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered... Total non-defense. Grand to ta l... Less than $00,000. p Preliminary. Fiscal year 9 May, 0 0,00, , ,,9 8,8,8 0-8,0,0 June, 8 00,88,, 8 -, 9,,08,88 0 8,0 9,0,88 8,, Table FO-. - Gross Obligations Incurred Outside the Federal Government Comparative Statement by Months (In millions of dollars) Fiscal year 9 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Cumulative to date, ,8, 98 9,9 8 88,,09, , ,,8, 9-0, ,0,8, 9 8 _ 9 -, 0 0 8,,80, ,, ,,,8,0 8-9, 80-80,80,09 -, -9,8,, ,8, , , -,0 8 0,, ,,08,08 80,9,0 9,0,,0, 9 8 0,9 9,00 9, 8,8 9,9 8,0,9 8,8,,99,8 8, 9,9, ,8,80,98,0 80 -, ,8,000 8,0,88 9-8,, ,09,,00 0-0, ,, 8,,0 8-0, ,8,,,0 8, ,80,8 0,0, 0 -, , 8,00,98,0,0, ,89 8,8,9 8 -, ,80,90 8,, - -,8 8, ,,9, 8,8,9 9,0 0,8,0 9,0 0, 0,8 8,8,0,89,8 8,8, 8,8 9,0,9,,98 8,,9,8,899,0,99 -,, ,09-0,8,00 9,009, 8 88, 0,08 9 8,,,0 9,0,', 9,0, 9,,89, Comparable period FY 9,,80,9 80,,8 99,8,00,, , 8,0,, ,8,0 98,0 0,88 9,08 8, 9,9,, 9, 8, & v o s s o

28 0 Treasury Bulletin.FEDERAL OBLIGATIONS. T a ble FO-. - Gross O bligations In curred W ith in and O utside the Federal G overnm ent by Object Class, April 0, 9 Object class (In millions of dollars) Gross obligations incurred Outside Within Total Personal services and benefits Personnel compensation... Personnel benefits... Benefits for former personnel.,,8,98,0, ', 8,98 Contractual services and supplies Travel and transportation of persons. Transportation of things... Rent, communications, and u tilitie s.. Printing and reproduction... Other services... Supplies and materials...,0,,9,0 9,8 0,,9 8 9,90 9,0,0,09,8 9,9 9,8 Acquisition of capital assets Equipment... Lands and structures... Investments and loans...,,80,8, ,,8,8 Grants and fixed charges Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds... 0,8,, ,0 0,990,, 99 Other Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered...,,99 8 9,0,0 Gross obligations incurred l /. 00,8 0,00,8 Source: Reports on Obligations, Standard Form, from agencies. / For Federal Budget presentation a concept of "net obligations incurred" is generally used. This concept eliminates transactions within the Government and revenue and reimbursements from the public which by statute may be used by Government agencies without appropriation action by the Congress. Summary figures on this basis follow. (This data is on the basis of Reports on Obligations received from the agencies prior to reports submitted for Budget presentation and therefore may differ somewhat from the Budget document.) Gross obligations incurred (as above)...,8 Deduct: Advances, reimbursements, other income, etc. -,09 Offsetting receipts Net obligations incurred. 9, Table FO-. - G ross O bligations Incurred Outside the Federal Governm ent by M ajor F unction and M ajor O bject Class, A pril 0, 9 (In millions o f dollars) Major object class Major function Personal services and benefits Contractual services and supplies Acquisition of capital assets Equipment Lands and structures Investments and loans Grants and fixed charges Other Total 9,9,,9,0 _ 9, 8, ,0 General science, space, and technology.,9 0 - _,8 Natural resources, environment, and energy......,9,99 99,88 -,9 Agriculture...,,0,09, Commerce and transportation..., 988,0,0,9,00,8 Community and regional development ,0 -,8 Education, manpower, and social services 8,0 9, Health... 9,88 8, -, Income security....,9,0 0, - 9,99 Veterans benefits and services...,9 8 0,09 8, Law enforcement and justice ,90 General government...,88,9 9, General revenue sharing ,9 -,98 Interest ,09-0, Total...,09 8,,,80,8, 8, 00,8 Less than $00,000.

29 Classification Table FO-. - Gross Obligations Incurred Outside the Federal Government by Department or Agency, April 0, 9 (Inmillions of dollars) Personal services & benefits Contractual services and supplies Personnel compensation Personnel benefits / Benefits for former personnel Travel and transportation of persons Transportation of things Rent, communications, and utilities Printing and reproduction Other services Supplies and materials Equipment Acquisition of capital assets Lands and structures Investments and loans Grants, subsidies, and contributions Grants and fixed charges Insurance Interest claims and Refunds and indemnities dividends _ Executive Office of the President Funds appropriated to the President: International security assistance International development assistance 9 - # I , , Agriculture Department: Commodity credit Corporation , ,00 Other..., 8 9 0, - -,98 Commerce Department ,0 Other Uhdistributed U.S. obligations Obligations incurred abroad Unvouchered Total gross obligations incurred VO ^ Defense Department: Military: Department of the Army..., 0 9,0 0, ,8-8,0 Department of the Navy...,99,0 9 9,,,^ ,9 Department of the Air Force...,8 8,8,8 0, , -,89 0 -,9 9, ,0 Civil defense Total military...,,,,,09,9,8, ' 9^. - 0 It 8, 0 8 -, Civil l 8 9 Health, Education, and Welfare Housing and Urban Development Department: Government National Mortgage _ 0 _ _,, 0 0,0 8 8,, ,8 _ - _ l,89, ,80 89 _ ,9 Justice Department ,8 9 _,0 0 l -, Treasury Department:, , - - -,9 T a terest on the public debt... _ , ,890 Interest on refunds, etc _ - _ - _ - _ -, ,09, , 8,9,8,0 -,8 9, 9 l _ - _ , , ,0 0 _ 0, , National Aeronautics and Space 9 _, _ , 8,8 _ 8 0,99,0 _ - -,89 Other independent agencies: Small Business Administration... _ Tennessee Valley Authority ,8 9,,9 0,08, ,89, 8,98, 0,, 9,0-9,8,,80,8 0,8,,9 0 99,,99 00,8 Off-budget Federal agencies: _,88 _ _ -, 8 Postal Service.... _ _ ,9 Rural Electrification Administration revolving funds... 8 _ 8 Pension Benefit Guarantee Corporation Total offtbudget Federal agencies..., ,, , Source: Reports on Obligations, Standard Forms, from agencies. for the Department of Defense and Transportation Department, U.S. Coast Guard. Note: Agency shifts are shown in this table beginning with the period of such shifts. The amounts for the complete / Includes reports for Library of Congress, Government Printing Office, and General Accounting Office only. fiscal year are adjusted at that time. / Export-Import Bank since August, 9 rural electrification and telephone revolving fund and Rural Tel / For purposes of this report this object class is considered as totally within the Federal Government except ephone Bank since May, 9, and Postal Service since July, 9. Less than $00,000. N )

30 Object class Table FO-. - Gross Obligations Incurred Outside the Federal Government Fiscal year 9 Apr. May June p Comparative Statement by Months (In millions of dollars) Fiscal year 9 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Cumulative to date Comparable period FY 9 National defense: Personal services and benefits: Personnel compensation... Personnel benefits... Benefits for former personnel... Contractual services and supplies. Travel and transportation of persons Transportation of things... Rent, communications, and utilities. Printing and reproduction... Other services... Supplies and materials... Acquisition of capital assets: Equipment... Lands and structures... Investments and loans... Grants and fixed charges: Grants, subsidies, and contributions Insurance claims and indemnities... Interest and dividends... Refunds... Other Undistributed U.S. obligations... Obligations incurred abroad... Unvouchered... Total national defense...,9 8 09,9,09, ,9, 0 88,0,00, , 8 00,88,, 8 -,, ,8, 98,9 8 88,,09, , ,,8, 9 A 0 -, ,0,8, 9 8 _. 9 -, 0 0 8,,80, ,8 9, 9,00 9, 8,8 9,9 8,0,9 8,8,,99,8 89, ,,0 9 0,,,8,0 8-9, 80-80,80,09 -, -9,8,, ,8, , ,0,,8,,89 9,9,,9, 0 9,09,8,0, 988, ,, 9 -,,8 Non-defense: Personal services and benefits: Personnel compensation... Personnel benefits... Benefits for former personnel... Contractual services and supplies: Travel and transportation of persons Transportation of things... Rent, communications, and utilities. Printing and reproduction... Other services Supplies and materials... Acquisition of capital assets; Equipment... Lands and structures... Investments and loans... Grants and fixed charges: Grants, subsidies, and contributions Insurance claims and indemnities... Interest and dividends... Refunds... Other: Undistributed U.S. obligations... Obligations incurred abroad... Unvouchered... Total non-defense..., ,, 8,0, , ,,9 8,8,8 0-8,08,88 0 8,0 9,0,88 8,, 8-9 9, ,8,80,98,0 80 -!? ,8,000 8,0,88 9-8,, ,09,,00 0-0, ,, 8,,0 8-0, ,8,,,0 8, 98 9,80,8 0,0, 0 - l,g,09 0 " , 8,00,89,98 8,8,0,9,0 8 -, ,80?,90 8,, - -,8 8, ,,899,0,99 -,,0,9, 8,8,9 9,0 0,8,0 9,0 0, 0,8 8,8,9,,0, 8,00,,,,8,0 8,8,88,9 88, 0,9 8,880, 9,,9 9, I, 9,98 8,8,8 -, 0, I K Grand total... Less than $00,000. Preliminary. 8,09,0,89,8 8,8, 8,8 9,0,9,,98 8,, 9, 9,9 t o

31 S e p t e m b e r 9. ACCOUNT OF TH E U.S. T R E A SU R Y ^ _ Source and A va ila b ility o f the Balance in the A ccou nt o f the U.S. T reasu ry The working cash of the Treasury is held mainly in 'Treasury s accounts with Federal Reserve banks and branches. As the balances in these accounts become depleted, they are restored by calling in (transferring) funds from the tax and loan accounts with thousands of commercial banks throughout the country. Deposits to tax and loan accounts occur in the normal course of business under a uniform procedure applicable to all banks whereby customers of banks deposit with them tax payments and funds for the purchase of Government securities. In most cases the transaction involves merely the transfer of money from a customer s account to the tax and loan account in the same bank. On occasions, to the extent authorized by the Treasury, banks are permitted to deposit in these accounts proceeds from subscriptions to public debt securities entered for their own account as well as for the account of their customers. The tax and loan account system permits the Treasury to leave funds in banks and in the communities in which they arise until such time as the Treasury needs the funds for its operations. In this way the Treasury is able to neutralize the effect of its fluctuating operations on bank reserves and the economy. A detailed description of the Treasury s depositary system may be found in the Annual Report of the Secretary of the Treasury for 9, pages 8-8. T a ble UST-. - Status o f the A ccount o f the U.S. Treasury (In millions of dollars) End of fiscal year or month Federal Reserve banks Treasury operating balance / Available rimas m demand accounts at: Special depositaries, Treasury tax and loan accounts I Other depositaries / Total Funds in process of collection through: Federal Reserve banks Other depositaries / Time deposits and other depositary accounts Coin, currency and coinage metal MLscelaneous items Gold balance v Balance in account of the U.S. Treasury Dec., 0, 8,00,,,08,99,, 0,00,,,,99,, 8,,,, ,9,9,98,89 8,0 8, 0,, 9,9,9 0, , ,0,9,9,0 9,0 9,9,0, 0, 8,88, 9-Aug. Sept. Oct., Nov., Dec., 9-Jan.. Feb., Mar., Apr., May., June, July, Aug.,,0, 89,9,,,88, 8,,00,,,9,09,8,8,,, 0,, 98, 88, , 8,8,,0,98,8,,,99 8,,9,098 M Source: Bureau of Government Financial Operations, / J Effective January 9, the Treasury operating balance excludes the gold balance in Treasury. / Represents deposits in certain commercial depositaries that have been converted from a time deposit to a demand deposit basis to i j permit greater flexibility in Treasury cash management , 9,8,,0,80,08,.8,0 9,0 8.88,(V,^> Represents funds in process of collection by (a) the U.S. Treasury and (b) commercial banks which have been authorized to defer credit until checks are collected. Data prior to January 9 included in miscellaneous items column. The free gold balance can be readily converted to available funds with Federal Reserve banks.

32 Treasury Bulletin ACCOUNT OF THE U.S. TREASURY T able U ST-. - A nalysis o f Changes in T ax and Loan A ccou nt Balances (In millions of dollars) Credits Proceeds from sales of securities / Taxes Balance During period Fiscal year or month Savings bonds and savings notes / Withdrawals Retirement plan and tax and loss bonds / Tax anticipation securities Other Withheld, excise and corporation / Income (by special arrangement) / Total credits End of period High Low Average 9...,0,8, 8,8,,99,8 0,00,, 9...,8,, 0, 9, 9,8 9,0, 9,99 0, 98..., 9,8 9, 90,9 -,8,, 8,00,09, ,99 0,08,,90 -,,9, 9,0 09, ,,0,0,0 -, 9,,99,990 89,0 9...,8,9,, -,,900, 8, 8, 9...,09, 9,9,9 -,90,, 0,,,8 9..., 9,,8,88-8,9 8,8 8, 0,8 800, 9...,09 9 8, 8 9,09-09,,, 9,0 0,9 9..., -,,8 8,9 -, 9,090,,9,8 9-Dec... 00, - 8, - 9,99,8,0,0 9,9 9-Aug...,^ _,8-8,09 8,,09,098, Sept ,89-0,,9,8, 9, ,9 -,9 9,99,8,0,99 Nov , -,80,,,08 9 Dec / 0,8 -, 9,9,9,8,09 9-Jan... 0 _ - -,80 -,,8,,0 8,0 Feb , -,09 8, 0, 8 Mar , -,8 0,09 -,0,,9 Apr ,8-9,89,8,, 8,0 May ,8 -, 0,90 98,89,8 June , -,,9,,, July _ \, -,8, 880,,9,8,09,,,C 0 "jrce: Office of Fiscal Assistant Secretary; figures are on basis of telegraphic reports, l / Special depositaries are permitted to make payment in the form of a deposit credit for the purchase price of U.S. Government securities purchased by them for their own account, or for the account of their customers who enter subscriptions through them, wnen this method of payment is permitted under the terms of the circulars inviting subscriptions to the issues. / United States savings notes fir s t offered for sale as of May, 9 and were discontinued after June 0, 90. / Retirement plan bonds firs t offered for sale as of January, 9; tax and loss bonds fir s t issued in March 9. / Taxes eligible for credit consist of those deposited by taxpayers in Hie depositary banks, as follows: Withheld income taxes beginning March 98; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 90, and under the Railroad Retirement Tax Act beginning July 9; a number of excise taxes beginning July 9; estimated corporation income taxes beginning April 9; a ll corporation income taxes due on or after March, 98 and FUTA taxes beginning April 90. / Under a special procedure begun in March 9, authorization was given during certain periods for income tax payments,or a portion of them made by checks of $0,000 or more drawn on a special depositary bank, to be credited to the tax and loan account in that bank. This procedure was discontinued in April 9. / Credits erroneously allowed in one Federal Reserve district.

33 September 9 ACCOUNT OP THE U.S. TREASURY Table UST-. - Gold Assets and Liabilities of the Treasury ( I n m illio n s o f d o lla r s except ounces) End of calendar year o r month Gold a sse ts / Ounces / D o lla rs Gold l i a b i l i t i e s / Balance o f gold in U.S. Treasury account /,9,9 0.9,9,0 8,,8.,98,80 9,99,0. 0, 0, 9,0,9. 0, 0, 0,0,99.9 0, 0, 09 89,90,9. 0, 0,09,9 0, 9. 0,0 y 0,0 0,9, 0., y,0 0,99,98.8,,0 0 9-Dec...,9, 0.,,0 0 9-Aug...,9 9,9.,,0 0,98,9.,,0 0,98,98.0,,0 0,9 8,.,,0 0,98,.9,, - 9 -Ja n...,,8.,, _ Feb...,,8.,, _,,.,0,,8.,0,0,0 _ May...,,.,0,0 -,0,9.,0,0 -,,8.,8,8 -,08,.,99,99 Source: C ir c u la t io n Statement o f United States Money through 9; D a ily Statement o f the United States Treasury th e re a ft e r. / C o n sists o f: Gold c e r t if ic a t e s (S e rie s 9) issued o nly to Fed e ral Reserve banks; gold c e r t if ic a t e s fun d -F e d e ral Reserve System; gold deposited by and h eld f o r the In te rn a tio n a l Monetary Fund from September 9, 9 through February, 9; redemption fund f o r F ed e ra l Reserve notes u n t i l March 8, 9$ when i t was combined w ith the gold c e r t if ic a t e fund pursuant to P.L. 90-9, approved March 8, 98, and gold re se rv e against U.S. notes u n t il March 8, 98 when it was transferred to the pub lic debt also pursuant to P.L / As o f December 9, 9, gold c e r t if ic a t e s have been issued to the F ed eral Reserve again st a l l o f the gold owned by the United States Government. Repeal o f the Gold Clause Jo in t R eso lu tio n ( USC ) became e ffe ctive December, 9. Pursuant to th is, bids ranging from $ to $8 p e r ounce were accepted f o r the d e liv e x y o f,8 ounces, to be d e liv e re d in January and Feb ru aiy 9. Redemptions o f Gold C e r t ific a t e s have been made to the same extent as d e liv e r ie s computed at the o f f i c i a l p r ic e o f $.; a cco rd in g ly, the affirm ed value of Gold Assets and Gold C e rtifica te s w ill agree. / F ig u re s p r io r t«> December 9 exclude gold h eld by the Exchange S t a b iliz a t io n Fund. On December 9, 9, Treasury acquired a l l gold h e ld by the Exchange S t a b iliz a t io n Fund in the amount o f,09, fin e tro y ounces. See "In te rn a tio n a l F in a n c ia l S t a t is t i c s. Table IF S -. / Gold asse ts were valued at $8 p e r fin e tro y ounce u n t i l October 8, 9, when they were revalu ed at $. pursuant to the amending o f S e ctio n o f the P ar Value M o d ifica tio n A ct, P.L. 9-0, approved September, 9. The increment amounted to $, m illio n.

34 Treasury Bulletin, M O N E T A R Y STA T IS T IC S T able M S-. - M oney in Circulation (in millions of dollars except per capita figures) End of f i s c a l year o r month Fed e ra l Reserve bank notes N ational bank notes C u rre n cie s no longer issu e d Gold c e r t i f i cates / S ilv e r c e r t i f i cates F e d e ra l R eserve notes J Treasury notes of 980 C u rre n c ie s p re se n tly United S tates notes Fed e ra l Reserve notes / T o ta l c u rre n c ie s Dec , 9,89,,,,0, 9,,8,09,0 8,90 0,0,, 8,,9,8 0,,9,00,8 l9^tuly. Aug.. Sept. O c t.. N ov.. D e c.. 9 -J a n.. F eb.. M a r.. A p r.. May.. June. J u ly ,8,.0.0 8,89 0,80,,9 9, 9,0 0,8,09,,, ,0, 8,09 8,9 9, 0,0,,00,88 End o f f i s c a l year o r month D o lla rs Coin Fractio nal co in To ta l T o tal money in c ir c u la tio n J/ Money in c ir c u la t io n p e r ca p ita ( i n d o lla r s ) / ,8,, ,0,, ,8,09,0. 8,08,90 0, ,,8, ,990, 8, ,8,0, ,9,98,. 9..., 8,00,8 8. 8,8 8,9 8, D ec...,0,9,9. Q -July... 0, 8,0, 0.r, 8,,9.0 S ept... 9,9 8,,8. O ct... 8, 8,9,899. Nov... 88,00 8,8,89.8 Dec... 9,9 8, 9,. 9 ^Tan... 9,89 8,8, Feb ,9 8,9, Ma... 80, 8,9 8,0. A pr... 80,80 8,8 8,.8 June ,,8 J u ly... 80, 8,9 8, / 8.0 8, 8,9 9,8 8, r Source: Statement of United States Currency and Coin. / Excludes gold c e r t if ic a t e s, S e rie s o f 9, which are issued o nly to Federal Reserve banks and do not appear in circu la tio n. / Issued p rio r to January 0, 9. / Issued p r io r to Ju ly, 99. y Issued on and a fte r July, 99. / Excludes money held by the Treasury and money held by o r f o r the account o f the F ed e ral Reserve banks and agents. / Based on the Bureau o f the Census estim ated population. / Highest amount to date. Less than $00,000. r Revised.

35 September 9 FEDERAL D EBT T able FD-. - Summary o f Federal D ebt ( I n m illio n s o f d o lla r s ) End o f f i s c a l y ear o r month T o ta l / Amount outstanding P u b lic debt s e c u rit i e s / Agency secu rit i e s T o tal S e c u rit ie s h eld by: Government accounts The pub lic / P u b lic debt secu rit ie s Agency secu rit i e s T o ta l P u b lic debt secu rit i e s Agency secu rit i e s ,,09,,8, 8,90,8, ,8,89 8,,89,809,00,9,08, ,9,9,99 9,0,8,00 90,9 9,, ,,89,9 8, 8,8,8 9,8 8,080, ,0 0,09,0 9, 9,0, 8,880,9 9, , 9,0, 0,0 0,888, 0,8 9, 9,9 9...,9, 0,89,9,0,00,0,9 8, ,,,09,8,8,99,0,9 9, ,,,0 0,9 8,0,988,0,09 0,0 9...,,88 0,9,,8,9 9,90 8,90 9,00 9-Dec... 80,9 9,0,8,0 9,,9 9,08 9, 9, 9 -Ju ly... 8,r, ll, 8 9 r 9,,,990,0r,800 9,90r Aug... 9, 8,9,8,,0,00 9,980 0, 9,89 S ept... 9,0 8,,,8 0,8,99 0,9 0,88 9,8 9, 80,, 0,r 8,r l, 9 r,0r,80r 9,r 9,8 8,,0 0,998 9,09,99,0, 9, Dec... 0,0 9,,,8,0,9 0,8, 9,90 9-Jan... 0,8 9,9, 0,98 9,0,9,, 9,9 Feb... 0, 99,0,0,98 9,,9 9,09 9,9 9,09r Mar... 0,0 09,9 l l, 0 r 0,0 8,8,9 80,98,0 9,09 A p r...,,0,00 9,9 8,0,9 8,8 8, 9,00 May... 9, 8,8 0,998,88 0,8,9 9,9 8,8 9,0 Ju ne...,,88 0,9,,8,9 9,90 8,90 9,00. J u ly... 9,9 8,0, 0,90,......,,9 0,0 9,8 8,98 Source: Monthly Statement of Receipts and Outlays of the U.S. Government. conform with the budget presentation and the source fo r th is tab le. / Amounts of p u b lic debt se cu ritie s outstanding have been adjusted to ex- / Includes holdings of Federal Reserve banks, elude issues to IMF and other internatio n al lending in stitu tio n s to r Revised. T able FD-. - Com puted Interest Charge and Com puted Interest R ate on Interest-B earing P u blic D ebt End o f f i s c a l y ear o r month T o ta l in t e r e s t - bearing p u b lic debt / Computed annual in t e r e s t charge / T o tal in t e r e s t - bearin g p u b lic debt / (D o lla r amounts in m illio n s ) Computed annual in terest rate To ta l Treasury / B i l l s Marketable is s u e s F ed eral Fin ancin g Bank C e r t i f i cates Notes Treasury bonds Other / Nonmarketable Government account s e r ie s / 9...,, ,8, ,0, ,9, ,0 0,9. ' ,89 0, ,0,, ,, _ ,8 0, p...,, D ec...,8 9, ,0,0.9 « _ S ept... 80,0, O ct... 9,, Nov... 8,0, _ Dec... 8,, Jan... 9,8, _ Feb... 98,, Mar... 08,8, A p r...,, ,00, June...,, J u ly...,,0.89!..8 - _ Aug..., ;,8, Source: Monthly Statement o f the P u b lic Debt o f the United S ta te s. the rate of e ffe ctive y ie ld fo r issues sold at premium or discount. Note: The computed annual in t e r e s t charge re p re se n ts the amount o f in t e r e s t P rio r to that date is was based on the coupon rate fo r a ll issues. th a t would be p aid i f each in t e re s t-b e a rin g is s u e outstanding at the / As of Ju ly 9, includes Federal Financing Bank. end o f each month or year should remain outstanding fo r a year at the / Excludes F ed eral F inancing Bank. applicable annual rate of in terest. The charge is computed fo r each / Included in debt outstanding at fa ce amount, but d isco u n t value i s used is s u e by applying the appropriate annual in t e r e s t ra t e to the amount outstanding on that date (the amount a ctu a lly borrowed in the case of {J in computing annual in terest charge and annual in terest rate. On United S ta tes savings bonds the ra t e to m a tu rity i s app lie d again st se cu ritie s sold at a premium or discount, beginning with May I90 ). the amount outstanding. The aggregate charge fo r a ll interest-bearing issues constitutes the / As of J u ly, 9, Monthly Statement o f the P u b lic Debt o f the U.S. t o t a l computed annual in t e r e s t charge. The average annual ra te i s the column heading was changed to "Government account s e r ie s " which computed by d iv id in g the computed annual in t e r e s t charge f o r the t o t a l, in c lu d e s T reasu ry deposit funds in a d d itio n to those accounts p re v io u s ly or fo r any group of issues, by the corresponding p rin cip a l amount. Beginning with data fo r December, 98, the computation is based on p shown as sp ecial issues. Prelim inary.

36 8 Treasury Bulletin FEDERAL DEBT Table FD-. - Interest-Bearing Public D ebt ( I n m illio n s o f d o lla r s ) Noranarketflhl a End o f f i s c a l y ear o r month T o ta l in t e r e s t - b earin g p u b lic debt T o ta l B i l l s / C e r t i f i cates T reasury notes Treasury bonds To ta l U.S. savings bonds In v e s t ment s e r ie s Deposit a r y se ries F o reig n government s e r ie s D o lla r denominated / Foreig n currency denominated / Other Government account s e r ie s u 9, 09,,99, 0,9 0,89 0,0 0,,9 8 9,0 9,8 0, 8,,0 9,08 9,8 m,,, , 98,,0,9,0 -,0 9,09,808,, 0,00, 0 8 9, 9G.,9,0 8, - 8,9 8,80,,,9 8,0,,90 90, 9,0,99, - 9,89,9,,8,8,89,,, 9, 9,89, 8, - 0,80,989 0,8,00,,0,,89 8,8 9,,0,0 9,8 -,9 9, 8,8,9 ^0,9,0, 89,98 9,,,9 00,0 -,80,0 9,8 9,8, 9,8,, 0 0,8 9,,8, 0,09-8,9, 0,,9,,,99,00, 9,,,0 8,9-0,,9,,8,,,99,,, 9-Dec...,8 0, 0,8 -,,9 9,0 0,,,,8 9 0,9 9--Aug , 0,8,,8 08,9,9,,00,99, 9,8 S e p t... 80,0,08,099 -,0,80 0,9,,0,,99,9 8,9 O ct... 9,,,08 -,9, 0,9,8,9,,99,, Nov... 8,0,8, - 9,,9 0,,,9,,99,8,89 Dec... 9, 8,89 9, - 9,,8 08,0,9,9,,99, 9,0 9 -Jan... 9,8 8,,0 _,90,98 0,99,,9,,99,,80 Feb... 98, 89,8,99 -,8,9 08,8,0,9,99,99, 8,0 M ar... 08,8 99,989,9 -,9,0 08,9,,8,0,99,,8 A p r..., 0,0,90 -,99,98 08,0,0,8,99,99,9,8,00,88, -,0,89,,09,,90,99,0 0,00 June...,,0 8,9-0,,9,,8,,,99,, J u ly...,,0, -,,0r,0,8, 0,0,99,,0 Aug...,,080 8,08,9, j,,, 9,9,99,8,08 Source: Monthly Statement of the Public Debt o f the United States. / As of Ju ly 9, includes Federal Financing Bank. j Consists o f c e rtific a te s of indebtedness, Treasury notes beginning y January 9, and Treasury bonds beginning September 9, so ld to foreign governments fo r U.S. d o lla rs. / C o n sists o f the d o lla r e q u iv a le n t o f Treasury c e r t if ic a t e s o f indebtedness; T reasury bonds from October 9 - A p r il 9; and r Treasury notes beginning November 9 issued and payable in designated foreign cu rrencies. As o f the J u ly, 9, Monthly Statement o f the P u b lic Debt o f the U.S. the column heading was changed to "Government account s e r ie s which in clu d e s T reasury deposit funds in a d d itio n to those accounts p r e v io u s ly shown as s p e c ia l is s u e s, form erly in clu d e d in "o ther" column. R evised. Table FD-. - M aturity D istribution and Average Length o f M arketable Interest-B earing Public Debt End o f f i s c a l y ear o r month Amount outstanding W ithin year - years M aturity c la s s e s - 0 years 0-0 y ears 0 y ea rs and over Average len g th , 89, 0,9,9 8,9,0 y r s. mos , 89,8,,8 8,,9 y r s. mos ,9 0,0,0 0, 8,0, y r s. mos ,0 0,90,0,8 8,, y r s. 0 mos ,99 0,0 89,,88 0,,08 y r s. 8 mos. 9...,, 89,0,0 8, 0,0 y r s. mos. 9...,0,9 89,00,8 9, 0,09 y r s. mos. 9...,9,80 88,,,, y r s. mos. 9..., 9,9,99,9,0,0 y r s. 0 mos. 9...,0,9 0,98,8,08 8,0 y r s. 0 mos. 9-Dec... 0,, 8,,,9, y r s. 0 mos. 9-Aug...,,900 9, 8,99,9,89 y r s. 0 mos.,08,00 9, 9,0,9,89 y r s. 0 mos.,9, 9,9 9,0,89,8 y r s. mos. Nov...,8,8 8,0,9,8, y r s. 0 mos. Dec... 8,89 8, 8,,899,8, y r s. mos. 9 -Jan... 8, 9, 8,0,89,9, y r s. mos. Feb... 89,8,8 90,08,9,0.,8 y r s. 0 mos. 99,989 0,8 9, 9,,,89 y r s. mos. 0,0,80 00,0 9,,8,8 y r s. 0 mos. May...,88, 98,0 9,0,8 8,8 y r s. 0 mos. June...,0,9 0,98,8,08 8,0 y r s. 0 mos. J u ly...,0 8,8 0,,8, 8, y r s. mos.,080 9,89 0,89,,9 9, y rs. 0 mos. Source: O ffice of Debt Analysis in the O ffice of the Secretary.

37 September FEDERAL DEBT Table FD-. - Governm ent A ccount Series ( I n m illio n s o f d o lla r s ) End o f f i s c a l y ear o r month T o ta l Exchange S t a b iliz a t io n Fund Fed e ra l employees' retirem ent funds Fed e ra l D eposit Insurance Corp oration F ed e ra l d i s a b i li t y in surance tru st fund F e d e ra l Home Loan Banks F ed e ra l h o s p ita l in sura n ce tru st fund F ed eral old-ag e and s u rv iv o r s in surance tru st fund 9...,0 0,89,0 9 8,0 9..., 8,9 8,,9, ,,8,89,9 9, 99...,90 -, 0,0,890, , - 8,9, 99,8, ,8,,,,980, ,9 ',,9,9,8 9, ,8,9,89,SS,, 9...,,,0,880 -,8,0 9...,,,,,8-9,,8 9-Dec... 0,9,89 8,9 8, 0 -,9, 9-Aug... 9,8,9 0,98 8,8 _ 8,008,8 S ept... 8,9,K ) 0,89 89,80-8,,0 O ct..., a, 0,9 9,8 _ 8,80,89 Nov...,89,8 0,9 9,89-8,, Dec... 9,0,8,0,8-9,08, 9 -Jan...,80,,,90 _ 8,90,89 Feb... 8,0,0,9,09,. 8,988, M ar...,8,9,0,09,9-9,9,9 A p r...,8,88 0,9,09,8-9,9,9 May... 0,00,98 0,,, - 9,0, June...,,,,,8-9,,8 J u ly...,0,,0,9,0-9,89,9,08,,,, 9,9,0 End o f f i s c a l y ea r o r month F ed e ra l Savings and Loan Insurance C orp oration Government l i f e in surance fund Highway tru st fund N ational s e r v ic e l i f e in surance fund P o sta l se rvice fund R a ilro a d retirem ent accounts Unemployment tru st fund Other / , _,,0 88 -,9, ,8 -,0 8,80 8 9,... 8, ,, -, 9, ,0,9 -, 0, ,,08 -,8 S, ,, 9,,8, ,0, 80, 8,0, ,99,0 8,0 9,9, ,,,,,0 9-D ec... 0,0, 80,0 9,, 9-Aug , ; 9,, 0,,9 8,08,,090, 9,,0 Oct ,0,,0,08 9,0,99 Nov... 8,,9,0 9,,8 Dec ,0, 8,0 8,988, 9 -Jan ,0,98,89,,9 Feb ,80, 0,8,0,9 M ar ,,8 0,8,0,908 A p r ,9,,,, May ,080, 9,9,,8 June ,,,,,0 J u ly ,,,,0,9,08 9,8,,98,9,09, Source: Monthly Statement o f the P u b lic Debt o f the United S ta tes. Note: P r io r to J u ly 9 t i t l e o f t h is ta b le was "S p e c ia l P u b lic Debt Is s u e s. i / C o n sis ts o f Government N ational Mortgage A s so c ia tio n fund and MBS Investment account; N ational C re d it Union in surance fun d ; F ed eral Housing A d m in istratio n fund; employees l i f e in surance fund; veterans s p e c ia l l i f e insurance fund;i veterans reopened in surance fund; F ed eral supplementary m edical insurance t r u s t fund beginning J u ly 9; servicem en's group l i f e insurance fund from August 99-January 9; employees h e a lth b e n e fits fund beginning October 90; Export-Im port Bank o f the United S ta tes from Feb ruary 9-October 98; General S ervices Adm inistration p a rticip atio n c e rtific a te s tru st ; and Washington M etro po litan Area T r a n s it A u th o rity from November 9-March 9; a ir p o r t and airw ay t r u s t fund beginning J u ly 9; T rea su ry deposit funds beginning with the Ju ly, 9 Monthly Statement of the P u b lic Debt o f the United S ta te s; In d ia n t r i b a l funds and in d iv id u a l In d ia n money f o r August 9; Pension B e n e fit Guaranty Corp oration beginning November 9; B o n n e v ille Power A d m in istra tio n and L ib ra ry o f Congress t r u s t fund beginning January 9; Tax Court judges su rv iv o rs annuity fund and Overseas P riv a te Investment C orp o ratio n beginning February 9. F ed eral sh ip fin a n c in g escrow f is h in g fund, Fed eral s h ip fin a n c in g fund f is h in g v e s s e ls (NOAA), Fed e ra l sh ip fin a n c in g re v o lv in g fund, g i f t s and bequests (Commerce), In d ia n money proceeds o f la b o r (Bureau o f In d ia n A f f a ir s ), j u d i c i a l s u rv iv o rs annuity fund, n a tio n a l in surance development fund (HOD) and the U.S. Army g eneral g i f t fund beginning March 9, Emergency Loan Guarantee Fund beginn in g A p r il 9, Com ptroller o f the Currency assessments fund, Nat io n a l A rch ives T ru s t fund, s p e c ia l investment account, each beginning J u ly 9, Com ptroller o f the Currency, t ru s te e fund, beginning August 9. Less than $00,000.

38 0 Treasury Bulletin FEDERAL D E B T Table FD-. - Interest-Bearing Securities Issued by Governm ent A gencies End o f f i s c a l y ea r o r month T o ta l amount outstanding / Defense Department Fam ily housing and homeowners a ssis ta n ce ( i n m illio n s o f d o lla r s ) Housing and Urban Development Department F ed eral Housing Administ r a t io n Government N ational Mortgage A sso cia tio n F ed e ral N ational Mortgage Assoc. / Secondary market operations Export-Tmport Bank o f the United States Other independent agencies Farm Credit Adm inistration Bank f o r co o p eratives y Fed e ra l interm ediate c r e d it banks y F ed eral Home Loan Bank Board '9...,,,0,9,8 88, ,,0 9,80,09,,0, 98...,99,9 8,900,88,,0, ,9,8 8,00 -, ,0,,0 -, ,,8 8,00 -, ,89,88,90 -, ,09,8,80 -, ,0,8 08,0 -, p... 0,9, 8,0 -, D ec...,8,9,90 -, ^-J u ly... l l, 8 8 r l, r 0, _,89 - _ 0,8,0 0, -, ,,8, -, ,,, -, ,0,,0 -, ,, 0,80 -, Jan...,,,80 -, Feb...,0,,80 -, ,0,,80 -, ,00,9 80,0' -, ,998,8 8,0 -, ,9, 8,0 -,9 - - \ - 0,90,9 0,,9 ' Other independent agencies - Continued Memorandum - In te re s t-b e a rin g se cu ritie s of non-government agencies / End of f i s c a l year o r month P ostal S e rv ice Tennessee V a lle y A uthority Other Banks f o r Fed e ral home cooperatives loan banks / y Fed eral interm ediate cred it banks y F ed e ral land banks Fed eral N ational Mortgage A s so cia tio n / / D is t r ic t o f Columbia Stadium Fund ,0, _ -,88 -, ,0 _,9 _ ,,,0,0 8, ,9 9,9,9,9, ,,90,9,0,, ,8,80,88,88,9 8, ,,8,9, 9,08, ,9, 8,,99,0, 0 9p... 0,0,89,0 9,9,9 8, 0 9-D ec... 0,,9,,9 0,0,00 0 Q -J u ly... 0, z,0 9,80 8,,00,88 0 Aug... 0,,8 0,8 8,8,00,0 0 0,0,8, 8,,00, 0 0,,8, 8,,, 0 0,,,08 8,09, 8,0 0 Dec... 0,,89, 8,89, 8, 0 9 -Jan... 0,,8, 8,0, 8,09 0 Feb... 0,,0, 8,0,,0 0 M ar... 0,,, 8,80, 8, 0 A p r... 0,,,9 9,,80 8, 0 May... 0,,00, 9,8,80, June p... 0,0,89,0 9,9,9 8, 0 0 J u ly... 0,0,90,0 9,8,8 8,9 0 Source: Bureau o f Government F in a n c ia l Operations and Monthly Statement o f Receipts and Outlays of the U.S. Government. / In clu d e s unredeemed matured s e c u r it ie s outstanding on which in t e r e s t has ceased. / E ffe c t iv e September 0, 98, F ed eral N ational Mortgage A s so cia tio n was converted to p riv a te ownership pursuant to p ro v is io n s o f the Housing and Urban Development Act of 98 (P.L. 90-8). / E ffe ctive December, 98, banks fo r cooperatives and Federal in term ediate c r e d it banks were converted to p riv a te ownership pursuant to p ro v is io n s o f P u b lic Law 90-8, October, 98. / For d e ta ils of se cu ritie s outstanding, see Table TS0-. / In clu d e s Fed e ra l Home Loan Mortgage Corp oration mortgage backed bonds beginning November 90. / In clu d e s mortgage backed bonds beginning June 90. Less than $00,000. p Prelim inary. r Revised.

39 September 9 FEDERAL D EBT Table FD-. - P articipation C ertificates ( In m illio n s of d o lla rs - face amounts) F is c a l y ear o r month S ales A griculture Department Commodity C re d it C orporation R e t ire ments Export-Im port Bank o f the United States S ales R e tire ments Sales P articipation c e rtific a te s issued by GNMA acting as trustee T o ta l R e t ire ments S ales Farmers Home A d m in istratio n / R e t ire ments S ales H ealth, Education, and W elfare Department / R e t ire ments Outstanding Outstanding Outstanding Outstanding Outstanding 9... _ 98,8,80 0,0 _... _ 9... _ - -, / 0 /,,900 80, :... _ - - 0,8, 0 80,900 -, ,8,0 0 8,00 8, 90...,8,8 - -,9 -,80, _ - 8, _,, ,08, '0, , , D ec , J u ly , Aug , _ 99 S e p t , _ 99 O ct , , _ 99 Dec , ^Jan... _ , Feb , M ar , _ , _ 98 May , June , J u ly /I!, F is c a l y ear o r month P articip atio n c e rtific a te s issued by GNMA acting as trustee - Housing and Urban Development Department O ffic e o f S e cretary / Government N ational Mortgage A s so cia tio n / Small Business Adm inistration / Continued V eterans Adm inistration / (Memorandum) Commodity C re d it Corp. (n et c e r t if ic a t e s of in t e r e s t authorized under C h arter A c t) 8/ R etire Out R etire Out R etire Out R etire Out R etire Out S ales ments standing S ales ments standing Sales ments standing S ales ments standing S eles ments standing > D e c.. 9-J u ly. A u g.. Sept. O c t.. N ov.. D e c.. 9 -J a n.. Feb.. M a r.. A p r.. M ay.. June. J u ly. _ _ _ , , _,0,0 -,80 0,89 0 0,0 90 0, , 0,89 0 0,00 0 9,88 -,90 -,09-90,0-8 -, , - 8, , , , ,8 - -, , - - -, , , , , _ 0, _, , , , , , , , - - -, , , _ 0,08 - _, - _ , , , , , , , , , , , i/ - -,8 / Source: Bureau o f Government Fin a n cia l Operations. / Includes the D irect Loan program through September 9, the A g ricu l t u r a l C re d it Insurance fund beginning October 9, and the R ural Housing Loan programs. / Includes Construction of Higher Education F a c ilit ie s, Health Professio n s Education fund, and Nurse T ra in in g fun d, beginning A p r il 98. / Includes $0 m illio n refunding transaction. y In clu d e s C o lleg e Housing, Housing f o r the E ld e r ly, and P u b lic F a c il it y programs. J/ In clu d es S p e c ia l A s sista n c e, and Management and L iq u id a tin g programs.. JL.... / / / / Includes programs fo r D isaster Loans, and Business Loans and Investments. Includes D irect Loan and Loan Guaranty programs. In the case of Commodity Credit Corporation, p a rticip a tio n c e r t if ic a te s are c a lle d c e r t if ic a t e s o f in t e r e s t and are not includ ed in the P a rticip a tio n Sales Act of 9. Amounts shown as sales and re tirem ents re p re sen t the net excess tra n sa ctio n s f o r the p e rio d. J u ly, 99, the amount outstanding was r e c la s s i f i e d as agency s e c u r i t ie s. Figures adjusted to correct erro rs in rounding. On

40 FEDERAL DEBT Treasury Bulletin T a ble FD-8. - D ebt Su bject to Statutory L im itation ( I n m illio n s o f d o lla r s ) End o f f i s c a l y ea r o r month S ta tu to ry debt l im it T o ta l Debt outstanding subje c t to lim it a t io n P u b lic debt / Other debt / / In te re s t-b e a rin g debt subject to lim itatio n P u b lic debt Other debt P u b lic debt / N o n -in terest-b e a rin g debt subject to lim ita tio n Other debt / ,000 0,0,8,, 00,8 9...,000,,,80,8, ,000 0,,,08,0,88, ,000,9,9,,9, ,000, 9,,9 9,0, ,000 99, 9,8,9 9,89, ,000 8,,8,,0, ,000 9,089,9,9,, ,000,00,8,88,8, ,000,0,,,, - 9-Dec...,00 0,80 8,,9,8, Aug... 9,000 8,09 9,,8 9,9, 8 9,000 8, 9,,9 8,0, 8 O ct... 9,000 80,0 8,0,9,,9 8 9,000 8, 8,, 8,9, ,000 9,9 90,,0 90,00, Jan... 9,000 9,8 9,0, 9,, 9 8 Feb...,000 00,0 9,9, 9,0, 8 M ar...,000 0,0 08,99, 08,8, 98 - A p r...,000,,,9,,9 _,000 9,,,,00, 0 - June...,000,0,,,, - J u ly...,000 9,9,,,, 0 Aug...,000 8,,089,,, - Source: Monthly Statement o f the Public Debt o f the United States. Note: For debt su b je c t to lim it a t io n sin c e 90, see Table o f the S t a t is t i c a l Appendix to the Annual Report o f the S e cre ta ry o f the T reasury on the State o f the Finances f o r f i s c a l 9. F o r a summal y o f le g is la t io n on debt lim it a t io n under the Second L ib e rty Bond Act and the amounts o f lim it a t io n, see Table o f the S t a t is t i c a l Appendix. / Adjusted to exclude notes to IMF and o th er in t e rn a tio n a l len d in g o r g a n izatio n s from p u b lic debt and in clu d e them in "Other debt" to conform w ith the budget presentation and the source fo r th is ta b le. / C o n sists o f guaranteed debt o f Government a gencies, s p e c ifie d p a rtic - ip a tio n c e r t if ic a t e s, D is t r ic t o f Columbia Stadium Bonds and notes o f internatio n al lending organizations.

41 September 9 FEDERAL DEBT TheSecondLibertyBondAct (U.S.C. b), asamended, TheAct of June0, 9(PublicLam90-9) provides Table FD-9. - Status and Application o f Statutory Lim itation providesthat authorityof that thefaceamountof Act, andthefaceamount obligations of isuedunder obligations that tionsisuedunder thefaceamountof section0(c) beneficial of interestsandpart'cipa- guarantedastoprincipal andinterest bytheunitedstates, MortgageAsociationCharter Act (U.S.C. thefederal (c)) National channot excedintheagregate$0bilionoutstanding thefiscal year 98andoutstandingat anytimeshal during at anyonetime. PublicLaw9-providesthat begining adedtotheamountotherwisetakenintoacount indeteronjune0, 9, andendingonnovember, 9, thepublic miningwhethertherequirementsof be theaboveprovisionsare debtlimit shal betemporarilyincreasedby$bilion. net. Part A. - Status Under Limitation'August, 9 ( I n m illio n s o f d o lla r s ) Public debt subject to lim it : P u b lic debt outstan din g $, Less amounts not subject to lim it : T r e a s u r y... F ed eral F inancing Bank... & T o ta l p u b lic debt su b je c t to l i m i t...,089 Other debt subject to lim it : Guaranteed debt o f Government a g e n cie s... 0 S p e c ifie d p a r t ic ip a t io n c e r t i f i c a t e s..., T o ta l other debt su b je c t to l i m i t,..., T o tal debt su b je c t to l i m i t... 8, S tatutory debt l i m i t ,000 Balance o f sta tu to ry debt l i m i t... 8,9 Part B. - Application of Statutory Limitation August, 9 ( I n m illio n s o f d o lla r s ) C la ssifica tio n s T o tal outstanding In te re st-b e a rin g debt: M arketable: B i l l s : Treasuxy... $8,08 Notes: T reasu ry...,9 Bonds: T reasu ry..., T o tal m arketable ,080 Nonmarketable: D epositary s e r i e s... Foreign government se rie s : D o lla r denominated... 9,9 Foreign currency denominated...,99 Government account s e r ie s... ^08 Investment s e r i e s......, E.E.A. s e r i e s... n State and lo c a l government s e r i e s......,0 United States in d iv id u a l retirem ent bonds... United States retirem ent p la n bonds United States savings bonds......, United States savings n o te s T o ta l nonmarketable..., T o ta l in t e re s t-b e a rin g d ebt , N o n -in terest-b e a rin g debt: Matured debt Other T otal n o n -in te re st-b e a rin g deb t... T o ta l p u b lic debt outstan d in g..., Source: Monthly Statement of the P ublic Debt of the United States.

42 FEDERAL DEBT Treasury Bulletin Table FD-0. - Treasury Holdings of Securities Issued by Government Corporations and Other Agencies (In millions of dollars) End of f i s c a l y ear o r month Dec. T o ta l,9,,00 8, 0,,9,99,,,, Agency f o r In t e r n a tio n a l Development / 89 8 A griculture Department Commodity C re d it Corporatio n,8 0,09,989,,,9,0 0,8 8,08,0 9, R u ra l E le c t r i f ic a t io n Administ r a t io n,,8,0,0,8,,0,,9,09, S e cre ta ry : Farmers Home Administ r a t io n programs /,.,,8.,9,0, 0,,8,0 Export- Inrport Bank o f the United S tates / 8 0,8 8,,888, 0,0 S e cre ta ry A/ Housing and Urban Department,,0,9,0,,0,9,9,0,0,0 Government N ational Mortgage A ssn. /,,9,90,.,,8,0.., Other / 0 0 0,,,,9 Tennessee V a lle y Authorit y Transporta t io n Dept. ^aint Lawrence Seaway Development Corp Veterans Administ ra tio n : D ire c t lo an program Under Defense productio n A ct o f 90 / / Other,0,80 90,8 8,0 8,99 8,00 0, /, Aug. Sept, Oct. Nov., Dec. 9-Jan. Feb. Mar., Apr., May., June July, Aug.,99,8,09, 8,,8 8,,,9,99,p,08, , 8,8,,,8,0,,0,90,90,0,8,0, ,^ ,8,8,8,0,8,98,090,,9,80,99,0 0.., ,0,0,0,0,0,0,09,0,,,9,9,,99,98,8,,.,9, ,8,8,08, , ,88,89,9, /,00,8 8,0 8,9,,,, Source: Bureau of Government F inancial Operations. / Note: These se cu ritie s were issued to the Treasury in exchange fo r advances by the T reasu ry from p u b lic debt re c e ip t s under co n g ressio n al authorizations fo r sp ecified Government corporations and other agen- / c ie s to borrow from the T reasu ry. Furth er d e t a il may be found in the 9 S t a t is t i c a l Appendix to Annual Report o f the S e cre ta ry o f the T reasu ry, pages -, and the 9 Combined Statement o f R e c e ip ts, Expenditures and Balances o f the United S tates Government, pages - 8/ 8. / And predecessor agencies. Beginning f i s c a l 9 fig u r e s exclude notes p re v io u s ly issued by the A d m in istrato r in connection w ith in fo rm a tio n a l media g u a ra n tie s. The o b lig a tio n f o r these notes was assumed by the D ire c t o r o f the United S ta tes Inform ation Agency, pursuant to the act approved J u ly 8, 9 ( U.S.C. ), and the notes together w ith others issued fo r the same purpose are included in "Other." / Farm housing and other lo an programs, A g ric u lt u r a l C re d it Insurance Fund (fo rm erly Farm Tenant Mortgage Insurance Fund), R u ra l Housing Insurance Fund, and R u ra l Development Insurance Fund. / In clu d e s s e c u r it ie s t ra n s fe rre d from the R eco n structio n Finance Corp oration. A/ C o n sists o f notes issu e d to borrow f o r : The urban renewal program (fo rm e rly slum clearance program); co lle g e housing lo a n s; p u b lic f a c i l i t y lo a n s; Low Rent P u b lic Housing Fund; and advances f o r N ational Flood Insurance Fund. / C o n sis ts o f l i a b i l i t i e s taken over by the A s so cia tio n from the S e cre ta ry in accordance w ith the act approved August, 9, and notes issued by the A ssociation under authority of that act ( U.S.C. / 9 ( c ), 0 ( d ), and (d )) and a lso s e c u r it ie s t ra n s fe rre d from the R eco n structio n Finance Corp o ratio n. r P u b lic Housing A d m in istratio n 90-9; Fed eral Housing A d m in istra tio n beginning January 9; Housing Assistance Adm inistration from Septemb e r 98 - December 99. C o n sists o f notes o f: The A d m in istra to r, General S e rv ic e s Adm inisr tra tio n, fo r defense m aterials procurement; the Secretary of A g ric u lt u r e ; the S e cre ta ry o f In t e r io r (Defense M in era ls E x p lo ra tio n A d m in is tra tio n ); and the S e cre ta ry o f the T reasu ry through May 9. C o n sists o f notes issu e d by th e: United S ta tes In fo rm atio n agency f o r in fo rm a tio n a l media g u arantie s (see footnote ) ; S e cre ta ry o f Commerce (M aritim e A d m in istratio n ) f o r the F ed eral S h ip Mortgage Insurance Fund, f i s c a l years 9- and F ed eral S h ip Fin ancin g Fund (N0AA), beginning December 9; V ir g in Is la n d s C orporation from September 99 - September 98; D is t r ic t o f Columbia Commissioners f o r the Stadium S in k in g Fund beginning December 9; S e cre ta ry o f the I n t e r io r (Bureau o f M ines) f o r development and o p eration o f helium p ro p e rtie s beginning May 9; Bureau o f Commercial F is h e r ie s fo r Fed eral S h ip Mortgage Insurance Fund, F ish in g V e sse ls from January 9 - May 9; and revenue bonds f o r Sm ithsonian In s t it u t io n (John F. Kennedy Center Parking F a c i l i t i e s ) beginning J u ly I 98; S e cre ta ry o f T ran sp o rta tio n (Washington M etro politan Area T r a n s it A u th o rity ) beginning December 9; H ealth, Education, and W elfare, O ffic e o f Education (Student Loan Insurance Fund) from May 9 - August 9; R u ra l Telephone Bank beginning January 9; Fed eral Financing Bank beginning May 9; Fed eral Home Loan Bank Board beginning August 9; Pension B e n e fit Guaranty C o rp o ratio n from September 9-November 9. Outstanding lo a n s c a n c e lle d pursuant to P u b lic Law 9-, dated September 0, 9. R evised.

43 September 9 PUBLIC DEBT OPERATIONS, Table PDO-. - M aturity Schedule o f Interest-Bearing P u b lic M arketable Securities Other than Regular W eekly and -Week T reasury B ills O utstanding August, 9 (In millions of dollars) Year and month o f f i n a l m a tu rity i/ D escription T o ta l Amount o f m a tu ritie s Held by / - U.S. Govt, accounts and A l l F e d e ra l Reserve banks in v e s to other rs Year and month j f f i n a l u iatu rity / D escription T o ta l Amount o f m a tu ritie s Held by / - U.S. Govt, accounts and F e d e ra l Reserve banks A l l other in v e s to rs Sept Oct. Nov. Dec. 8- /8 $ ' Note - / $ Note $ Note $ Note T o t a l. 9 / 0 / -G 0 / / -E 0 / / -D / / -H,0 0,,,98 8,08,90 0,,00,8 99 A p r.. May.. J u ly. Aug.. O c t.. Nov.. L980 -/$ ; Note A - /8 $ I //9-D - / $ i /0/9-E -/ $ i 8 //9 -A -/$ I 0// 9 -E 0 -/8 $ ' //9-B $ Note;//9-E // 9 -C T o ta l.,,9,8,9,0, ",8,9, 8,8,9,,800,8 8, 9 J a n.. F e b.. M a r.. A p r.. May.. Ju n e. A u g.. Sept. O ct.. N ov.. D e c.. 9 Feb. Mar. Apr..0$ -/ -/# <# -/# -/# -/# >#!- A # '-/# -/# -/8# 8-/# -/# -/# -/# -/8# -/# T o t a l.. -/# -/# -/8 # B il l - // Note _ / / -A Note - / / -F Note - / / -H Note - // -E A Note _ // -B Note - / / -E Note - //-M Note - / 0 / - Note 8 // -C Note - 8// -G Note - 8 / / -L Note - 9 /0/ -J Note _ 0 / / -E 0 Note _ 0 / / -0 Note // -D Note _ ll/0 / - N Note - / / -K Note Note Note Note Note / / -A / 8 / -F / / -G / / -E A /0/-H,8,9,9,88,9,80,80,0,9,88,,0.9,,0,8,8,,,.9,88, ,, ,,0 n.a. 88,80,0,8,09,9,90,,99,0,,88,00,0,0 0,8,09,90,,0 Feb. Apr. May. Aug. Nov. L98 Feb. Aug. Nov. 98 Feb. May. Aug. 98 June A u g May... $ -/$ -' - / $ Total. $ -; $ -/ $ Total. -/8$ 8-/8$ Total. -; Bond //8 0 Note - //80-EA Note - //8 0-A Note - 8 //80-B Bond - //80 Note / /8 -A Note - //8 -C Bond - 8 //8 Note //8-B Bond //8 Note - //8 -A Note 8 / /8 -B Bond _ //8-8 Bond - 8//8 Bond _ //8 Bond // -8,,,9,89,00 ~,8,8 80, 9,9,0,,98 8,,, 900,9 8,, 9 9, 0,,9,09,8 9,9 8,9 08,0,9,,,9,,0 00,,998,,,9,9, 9 8 May... -/8 $ Note / / -C 9$ Note - / / -D June... - / # Note _ / / - - / # Note - / 0 / -J J u ly... - l / Note _ / / -& Aug... - / # Note - 8 / / -B 8 - / ^ Note - 8 / / -L O ct... - / # Note - 0 / / -E /# Note - l l / / - E T o ta l Feb... - / $ Note - A / 8 -A A p r... - / $ Note - // 8 -E A May... - /8 $ Note - //8-D - /8 $ Note - / / 8 -F 8 - / $ Note - 8 / / -C Aug... - /8 $ Note - 8 //8 -E Oct... - / $ Note - lo /l/ 8 -E O,,9,,0,,98,00,0,90 8,89,90,,,,99 8 0, 0,0 0,0,8 88, 8,8,00,0,00,88,,,00,0,8,9,08,980,8,9 98 Nov. 990 Feb. May. 99 Aug. 99 Feb. Aug. 99 May. 99 Feb. 998 May. Nov. 999 May. 000 Feb. Total. Total. -/ $ Bond 8//8-9 $ Bond _ // / $ Bond - //9 - / $ Bond - 8//88-9 Total -: Bond - //8 Bond _ //9 0 Bond //9 0 I Bond - //89-9 Bond - / /9 $ Bond _ // / $ ; Bond - //9 8 Total 8-/$ > Bond - //9-99 -/8 $ > Bond - //9-0 0,09,,9,,8,,9,,0 09 9,0,, 90 9,09 0,0, 0 0,90 ^ 0 8,,8, 0,8,,, ,899,8 9 Nov... $ Note - ll/ / 8 - B 8,0,09,98 Aug. 00 Total. I Bond - 8 //9-0 0,,0 8 0, T o ta l.,,8 Source: Monthly Statement o f the P u b lic Debt o f the United States and O ffice of Debt Analysis in the O ffice of the Secretary. / F o r is s u e date o f each s e c u rity, see Market Quotations on Treasury S e c u r it ie s. 0, May., Bond - / /0 0-0,0 / Beginning w ith February 99 Treasury B u lle t in, the d e f in it io n of U.S. Government accounts and a l l other in v e sto rs i s in conform ity w ith the u n ifie d budget concept, i. Not a v a ila b le. 90 0

44 PUBLIC DEBT OPERATIONS, Treasury Bulletin Table PDO-. - O fferin gs o f B ills (Mounts in millions of dollars) Issue date Maturity date Number of days to maturity / Description of new issue Amount of bids tendered Total amount Amount of bids accepted Cta. competitive basis / On noncompetitive basis / JiiUUUllu AmAnn+ maturing on issue date of new offering Total unmatured issues outstanding after new issues Regular weekly: (-week and -week) Icm-Mav fl9-july 9,.,0.,. 0.,99.9,9. \ Oct. 0 8,8.,00.8,8..,998.0, J Aug. 9,.8l,80.r,.9 8.r,0.,8.9r \ Nov. 8,9.0,80.,.9,00.,0 i Aug. 9,.,80.0,..,0.,8. June... ^ Sept. Dec. Sept. Dec. [, Sept. Deo.... f Dec. Sept. i Nov. 8,8.,800.8,.9.9,0.9,898. Aug. 9,0.,80.8,.8 8.0,0.0,9.r Nov. 0 8,.,800.r,.0.r,0.9,9.9r Aug. 8 9,0.,80.r,. 8.,0.,0.r Nov. 8 8,89.,80.,9..,0.0,9.r ,.,89.8,.r,.r,80.,.....,80.,0.0,0.r,9.r,0.0, ,.,.8,0.,.,8.0,.8,8.,.. 9.,r.8r.9r.9. 8.,0.,0.,0.,0.,0.,00.,0.,00.,.,89.,.,80.,8.,9.r,.0,9.8 ^ Oct.,8l0.9r July,0.Or,..Or,0.,.r... 9-Jan. 8,08.r,0.r,0.8 9.,00.9, /9-Oct ,80,lr,9..r,0.0,.r 9-Jan ,900.,..0,0.,0. ^9-Oct. 9-Jan. 9 8,.,0.r,80.,90.r,., ,.8r,. " 9-Oct. 9-Jan. 9,0.,80.r.8..,0.9 8,9.9r,90.r.9..r,0.8,8.r 8,.r 9-Oct. 0 9,., ,0. 9-Jan. 9 8,., ,0.,0.9r 9,0.r fcig. jl9-nov. 9.9.,00.9,..,80.,. \9-Feb. 8.0.,00.,8..0,00. 9,. / 9-Nov. 9,0.,000.,.9.,80.0,. 9-Feb. 8,.,0.,8..9,99. 0, Feb. /9-Nov. 0 9,.,0.,. 8.9,80.8,. 9 8,9.,0.9,9.8.,0. 0, ^9-Feb. 9-Nov ,.,.,0.9,0.,0.9, ,80.,0.,0.,9. -weak 9-Aug. 9-Aug.,9.8r l,80.r, ,80.8,8.9 Sept. Sept.,889.8,80.0,8.0.0,80.,9. Oct. Oct.,80.,00.9,9. 9.8,80.8,0.8 Nov. Nov. 8,80.9,00.8,9..,800.,8.0 Deo.... Dec.,9.0,00.,99..0,80., Jan. 9-Jan.,.0,00.,98.9.,80.,0. Feb.... Feb. 0,.,0.,0.8.8,80.,0.8 Mar.... Mar. 9,.,0.,0. 9.9,80.,8. Apr Apr.,0.,0.,..,80.,. May May,.,._,8.9,80.,89. June June,8.,0.,.'.,80.8,.8 July... June 9,. lr,9.,..r,80.8,. July,9.r,9.r,.8 8.8r,80.8,8.r Aug.... Aug.,.9,89., ,80. 8,88. special: 9-Apr. 9-Jan. 9,9.8,8,9,. 0. -,8.9 rtiiort-dated: 9-Ang Aug. 8,9.0, I DOtnotes at end of table.

45 September 9 P i m T. t n d e b t OPERATIONS PDO-. - O fferin gs o f B ills C ontinued Issu e date On total bids accepted rage price hundred Equivalent average rate m On com petitive b id s accepted High Low Price per hundred Equivalent rate / Price per hundred Equivalent rate / Treasury b i l l s : R egular w eekly: (-week and -week) (percent) (Percent) Percent) 9-May June... J u ly ' Aug week: 9-Aug.... Sept.... Oct.... Nov Dec Jan.... S p e c ia l: Feb.... Mar.... Apr May... June... J u ly Aug A pr.... Sh ort-dated: 9-Aug Footnotes on following page C / / / B/ / / i U / / / / / / / / / / / / / / / / / / / / / / / / / /

46 8 Treasury Bulletin PUBLIC DEBT OPERATIONS F o o tn o te s to T a b le P D O - Source: Monthly Statement of the Public Debt of the United States and Allotments. / The -week bills represent additional issues of bills with an original maturity of weeks. / For bills issued on an after May, 9, includes amounts exchanged on a noncompetitive basis by Government accounts and Federal Reserve banks. / For -week, -week tenders for $00,000 or less from any one bidder are accepted in full at average prices of accepted competitive bids; for other issues, the corresponding amount is stipulated in each offering announcement. / Bank discount basis. / Except $00,000 at / Except $0,000 at 9.0 and $0,000 at 9.9. / Except $00,000 at 9.0 and $00,000 at / Except $00,000 at 9.. 9/ Except $8,000 at / Except $,000 at 9. and $,000,000 at 9.0. / Except $0,000 at / Except $0,000 at 98.. / Except $,000 at 98., $00,000 at 98.0 and $00,000 at / Except $0,000 at 9.900, $00,000 at and $00,000 at / Except $0,000 at / Except $,000 at 98.8, $00,000 at 98.8and $,000 at 98.. / Except $00,000 at 9.80 and $,000 at / Except $0,000 at / Except $0,000 at / Except $0,000 at / Except $0,000 at 9.8. / Except $,00,000 at 98.9 and $0,000 at 98.. / Except $0,000 at and $0,000 at 90.. / Except $0,000 at 9., $80,000 at 9.0, $,0,000 at 9,09 and $,000,000 at 9.8. / Except $0,000 at 9.9, $0,000 at 9.8, $0,000 at 9.00 and $00,000 at 9.0. / Except $9,000 at 9.. / Except $0,000 at 9.0 and $,90,000 at / Except $,8,000 at / Except $,000 at / Except $90,000 at 9.0, $00,000 at 9.998, $00,000 at 9.0, $00,000 at 9.0 and $0,000 at 9.0. / Except $8,000 at 9.0. / Except $0,000 at 9.. / Except $00,000 at 9.8 and $,000 at 9.. / Except $,000 at and $0,000 at / Except $0,000 at 9.80, $0,000 at 9.0 and $,000,000 at 9.0. / Except $0,000 at 9.0, $0,000 at 9.0 and $0,000 at r Revised.

47 . PUBLIC DEBT OPERATIONS. P D O -. - N ew M o n e y F in a n cin g th rou g h R e g u la r W e e k ly T re a su ry B ill (Dollar amounts in millions) iscription of issue Maturity date Number of days to maturity Amount of bids tendered Amount of bids accepted Average rate of bids accepted / (Percent) {9-0et. 9 $, $,0.0 9-Jan. 8,00, Oct. 9 9,8, Jan. 8 8,00, Oct. 9,,0.0 9-Jan. 8,0, Nov. 9,8,0.9 9-Feb. r 8,0, Nov. 9 9,, Feb. 8 8 ',0,80. 9-Dec. 9,8,. 9-Mar. 8 8,8,80.9 Feb. 9,0,0. May 8,8,90. Feb. 8 9,88,0.0 May 0 8,8,90.98 Feb. 9,9,0. May 8,90,90.00 Feb. 90,,0. May 8,80, Mar. 9,,00.88 May 8,0,90.9 Mar. 9,0,0.00 June 8,,90,.09 Mar. 9,0,0.089 June 8,,90.98 Mar. 9 9,0,0. June 8 8,,90. Apr. 9,9,0. July 8,9,90.9 Apr. 9,,0. July 8,8,90. Apr. 9 9,,0. July 9 8,,90. Apr. 9,9,00. July 8,9, Aug. 9,89,0.80 Nov. 8,,9. Aug. 9,,0. Nov. 8,,0. Aug. 0 9,,0.9 Nov. 9 8,,0.8 9-Sept. 9,80,0. Dec. 8,,0 -. Sept. 0 9,,0. Dec. 0 8,,0. Sept. 9,0,0.9 Dec. 8,,0.99 Oct. 9,9, Jan. 8,, Oct. 9,9, Jan. 0 8,, Oct. 8 9,, Jan. 8,0, Oct. 9,88, Jan. 8,, Nov. 9,9, Jan. 8,8,0 8. Feb. 9,0,0 8. May 8,, Aug. 9,0,0 8.0 Nov. 8,, Aug. 9,,0 8.9 Nov. 8,, Aug. 9 9,,0.98 Nov. 9 8,,

48 PUBLIC DEBT OPERATIONS. Treasi >-. - New Money Financing through Regular Weekly Treasury Bills / Contin (Dollar amounts in millions) jription of issue Maturity date Number of days to maturity Amount of bids tendered Amount of bid accepted Average rate of bids accepted / (Percent) Sept. Dec. Sept. Dec. Sept. Dec. Sept. Dec. Oct. 9-Jan. 9-0ct. 9-Jan. 9-Oct. 9-Jan. 9-Oct. 9-Jan. 9-Oct. 9-Jan. 9-Nov. 9-Feb. 9-Nov. 9-Feb. 9-Nov. 9-Feb. 9-Nov. 9-Feb. 9-Dec. 9-Mar. 9-Dec. 9-Mar. 9-Dec. 9-Mar. 9-Jan. Apr. Jan. Apr. Jan. Apr. Jan. May Feb. May Feb. May Feb. May Feb. May Mar. June Mar. June Apr. July Apr. July Apr. July Apr. July May July 9 $,8 $, ,8, ,9, ,9, ,0,0 y ,, ,9,00 /.8 8,0, ,,0 /.808 8,, ,0,0 / ,0, ,0,0 /.0 8,8,90.8 9,,0 y.0 8,,9, ,9,0 y ,88, ,8,0, /, ,,80 / 8. 8,, ,98,80 / ,98, ,,80 8,8, ,, ,8, ,0,0,0, ,08, 00, 'l, ,0,00. 9.,9,0. 8,98, ,,0. 8,9, ,9,0.89 8,9,998. 9,, ,0,00.8 9,9,80.0 8,8,0. 0 9,8,800. 8,90,0.8 90,0, ,,0.9 9,9r,80r. 8,89,0. 9,,80. 8,8,0.9 9,,0. 8,0, ,, ,,0.8 9,,0.8 8,9,0. 9,088,0.0 8,8,0. 9,08,00.0 8,9, ,9

49 September 9 PUBLIC DEBT OPERATIONS T a b le PD O -. - N ew M o n e y F in an cin g th rou g h R e g u la r W eek ly T reasu ry B ills i / C on tin u ed (Dollar amounts in millions) Issue date Description of issue Maturity date Number of days to maturity Amount of bids tendered Amount of bids accepted Average rate of bids accepted / (Percent) New money increase, or decrease (-) 9-Feb. lifer. Apr. May June July Aug..,., 0.,.,.,., 0.,., fl9-may L AUg f May { Aug. ' May Aug. May Aug. June Sept. June Sept. June Sept. June Sept. July Oct. July Oct. July Oct. July Oct. July Oct. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Sept. Dec. Sept. Dec. Oct. 9-Jan. 9-Oct. 9-Jan. ^ 9-Oct. 9-Jan. 9-Oct. 9-Jan. 9-Oct. 9-Jan. '9-Nov. 9-Feb. [9-Nov. Il9-Feb. H9-Nov.,9-Feb. 9-Nov.,9-Feb $,.0,0,,09,,8,8,9,8,,,0,,0,99,98,.0,,88,9,09,0,,9,,9,,8,0,,0,80,,898,8,8,8,08,.0,,0.0,0,,,9.0,0,,,98,, $,0,0.0,99,0,0.0,0,0,0,0.0.0,0,0, , ,0r.0.0,80,80.80,80.80,80, ,0,9lr.0.0,80,90.80,90,80,90,90,90,00,00,00.0.0,0.0, $ r 80r 80 99,000 9 Source: See Table PDO-. / Excludes issues of strips of additional amounts of outstanding regular weekly bills for cash on December, 90 ($,0 million), April, 9 ($,0 million) and June, 9 ($80 million). / Equivalent average rate on bank discount basis. / On June, 9, the Treasury announced that the amount of bills offered would be $00 million more than the amount maturing. It stated that a foreign central bank would bid for $00 million of th bills in order to achieve a better balance between its holdings of special Treasury issues and marketable Treasury issues. Revised.

50 Treasury Bulletin.PUBLIC DEBT OPERATIONS^ Table PDO-. - O fferings o f Public Marketable Securities Other than R e g u la r W eek ly T r e a su ry B ills Date s u b s c rip t io n books clo se d o r tenders r e ce ived / / 8 / / 8/ / 9 / / / 0 / / 0 / / / / / / / / / 9 / / 0 / / / / / / / / / / / / / / / // / / / / / / // / / / / 8 / / 8 /8 / 8 / / 8 / / 9 /9 / / 0 / / 0// 0 // 0 /0 / 0 / / /9 / / / / 8 / // /9 / / / // / / / / // // // / 8 / ^/ / / / / /8 / / 9 / / 0 / Issu e date f / 0 / / / (8// { 8 / / V.8// / / 8 / / /0/ 9 / 0 / ' 0 / / 0 /9 / f / / llo// / / / / / 0 / / / / 8 / / / / 0 / / / / / / / / 8 / / / / / / 0 / / / / / / / / 0 / / / 8 / / 8 / / 8 / / 8 /8 / 9 / / 9 / / 0 / / 0 /9 / 0// / / / / f ll / / ^ / / / 0 / r / / / 0 / / 8 / / / / / / / / / / 8 / / / / / / 9 / /9 / / / /9 / / / / / / / / / / /.#.98# -/8% -/# -/8#.00#.8#.#.9# -/# (D o lla r amounts in m illio n s ) #.#.8# -/#.#.#.089# -/8#.# -/#.98# -/# -/8#.00#.# -/#.98# -/8# #.88#.# 8.9# -/# - / # 9.80# 8.8# 8-/8# 8.0# -/#.0#.#.# # # - i# 8.0#.08#.8.90#.8.9 #.# -/8# -/#.0#.89# 8.0# $.8 '" 8.# 8-/# fs- / # 8-/# 8.8# 8.8# D e sc rip tio n o f s e c u r it ie s / Period to f in a l m atu rity (y e a rs, months, days) / Amount o f subscrip tio n s tendered Cash Exchange Amount issu e d / For cash In exchange U B il l _ /0/ - Reopening d, B il l - // d,80 -,0 - Note _ / / -F / y m -,9,9 ^ Note _ 8 / /9 -A y -,9 -,9 ) / Bond - 8/ /8 / y 8, ',, B ill _ / / - Reopening d,889-0 _ B il l - 8 /8 / d,9 -,80 - B il l - /0/ - Reopening d, _ 00 _ B il l - 9 // 0d, -,80 - Note - 0 / / -E 0 y - - Note - 9 / 0 / -E l y l l - l / m,8 -,00 - B il l _ // - Reopening d,8 _ 0 _ B ill - 0 / / d, -,80 - Note _ ll/ / - D - Reopening y, -,0 _ B i l l - / 0 / - Tax ant. / d, -,0 - B il l - /0/ d,80 -,80 - B i l l _ / / - Tax ant. / 99d,09 _,09 - Note - / / -F y,90 -,0 - B il l _ /8/ d, -,800 Bond - / /9 0y lm,9 - - B il l - // 9d,0 -,80 - Note - 8// -G / y m -,88 _,88 u / Note - ll/ / 9 - B y 9m, 9,009 9 / B ill - // 9d, -,80 - B ill _ // d,0 _,90 Note - // 8 -E A y - - B il l - /9 / d, -,80 - Note _ / /8 0 -A y,,,0,\ / Bond - / /9-9 8 y,0 0 B ill - / / d,9 -,800 J B ill _ / / 9d,9 _,80 B ill - / / d,98 -,80 Note - 8 / / -B - Reopening y, -,08 8 Q/ Bond - 8//88-9 0y / B il l - 9 /9 / - Tax ant. / d,89 -,0 J B ill _ 8/ / d,0 -,80 - Note - 9 / 0 / -G y lm, -,0 - B ill _ 9 // d,0 -,80 - Note _ 0 / / 8 -E 0 t>y - - B il l - /0/ 9d,09 -,80 - B il l - 0 / / d, -,80 _ B il l - /9 / - Tax ant. / 9d, -,00 Note - / / 9 -C y,9 0,0 0 W Note _ / / -H y l-m,80 0, o \ / Bond - 8// Reopening 9y 9m,0 0 ) B ill - " S trip " of S eries 8/ (Average) d, -,00 - B il l - /9 / d, -,80 - B il l _ /9 / - Reopening! k/ Tax a n t. / / 0d,08 _,00 _ B ill _ // - Tax an I. J 0d,0 _,000 _ B ill - // ^ d,88 -,80 _ B ill - // d, -,80 Note - / /8 - A y,0, ] B ill - // d,0 -,808 - >9/ Note - / / - C y m, 0,8 0/ Bond - 8 // Reopening 9y m, B il l - /9 / - Reopening Tax ant. / d, _, B il l - // d,9 -,80 B il l - // - Reopening Tax ant. / 8d,0 -, - Note - / / b -H y,0 -, _ Note - //9 -E A y - - B il l - /8 / d,0 _,80 _ B il l - / / d,98 -,80 _ Note - 8//8 -C y m,80 8,880 8] Note _ / 0 / - y -fm,8,08 i^ / Bond - //9-99 y ) B il l - / / d, -,80 B il l " S trip " of 8 S eries 8 / (Average)d, A llo t ment r a t io 00 0/ / / / 00 / 8 / / / / / / / / 0/ / / / / / / Footnotes at end of table.

51 September 9 PUBLIC DEBT OPERATIONS Date s u b s c rip t io n books clo sed o r tenders r e ceived /0/ // // 8A / 8// 8// 8/8/ 8// 8/8/ 9/8/ 9// / 0// 0// 0/9/ // // /8/ A/ /0/ // li/ / // // /0/ // /8/ /8/ /9/ /0/ // /9/ // // // /8/ /0/ // / //- /8/ // /0/ // // /8/ // // /8/ // // // // // /9/ /0/ // 8// 8/0/ 8// 9// 9// Footnotes on following page. T a b le P D O -. - O ffe r in g s o f P u b lic M a rk eta b le S e c u r it ie s O th er R e g u la r W e e k ly T r e a s u ry B ills ' C on tin u ed (Dollar amounts in millions) Issu e Period to f in a l date D e s c rip tio n o r s e c u r it ie s / m atu rity (y e a rs, months, days) / Amount o f subscrip tio n s tendered Cash Exchange / / 8.) B ill / / d, _ / 0/ 8.09) B il l _ // - FFB d, - / 0/.8 B il l _ /9/ d, - 8/ / 9.) B il l - 9 /0/ - Tax ant. / d,9-8 // 9 Note _ //-D y 9m, a,9 8 / / 9) Note _ 8 //8 0-B y,88, 8 A / 8- l / )S Bond - // Reopening y 9m, / / 9.# B il l 8 / / d,9-9 A A 9.) B il l - /0 / 99d,9-9 // 8.) B ill - 9 // d,980-9 /0/ 8-/) Note - 9 /0 / -J y, p 0 0 / / - / Note 0 // 9 -E 0 y _ 0/ /.9) B il l _ 0/ / d,80 - / / - /8 Note _ // 9-D y m, - / /.9) B il l - /9 / d,80 - / / - / Note _ ll/ / - E y,0,09 // -/# Note _ ll/ /8 - B ir, 99 / / 8- / # Bond - // Reopening y m,8 8 /L9/.) B il l _ A 8 / d,80 - / /.) B il l _ A / Tax ant. / d,90 - / /. B il l - " S trip " of S eries 0/ (Average) d, - / /.) B il l - // Tax ant. / 9d,8 - / /.) B il l _ A / d,9 / / -/# Note - / / -K y,80 / / -/8# Note - / / 9 -D-Reopening y m,0 _ /9 / 8# Note - / / - H-Reopening l y m,9 - //.8# B il l - // d, - / 8 / -/8 # Note _ // 8 -D y m,98 9 / 8 / -/8 # Note - / /8 -C y, 00 / 8 / -/8 # Bond - //9-000 y,8 0 //.# B il l - /0 / d, - / / [-/8% Note 8 / / -L l y m,9 # Note _ / 8 / -F y,8 9 _ //.# B il l - /9 / d, - / 9 / -/# Note _ ll/ /8 -B -R e o p en in g y 8m,8 _ / / # Note - //-M ly m,98 _ / / - / # Note - / / -G?y,9 _ / / 8-/# Bond - //90 i y,898 - /8 / -/8 # Note - /0/ -N l y 8m,9 - / / - / ^ Notp - / /-EA y - /8 /.# B i l l - / /?J- C T ^ p / /.0# B il l - // 9d,80p _ /0 / -/8 # Note - /0 /-H y r,8p - / /.00# B il l - / / d,p - / / -/8# Note _ 8 //8 -E y m,90p,00 / / 8# Note - / /8 -A r,8p, // 8J. / # Bond - //00-0 0y,88p 80 / / -/# Note - / / - y - / / -/# Note - 0 / / -0 l y m,p - / /.80# B il l - - / / d,8p - /0 / -/# Note _ /0/-J y,p - / /.9# B il l - /9/ d,p - /9 / -/# Note - /0/ 9 -E y,8p - / / -/# Note _ / / -K y,9p - /9/.8# B ill - // d,0p - 8 // -/8# Note - / / 8 -F y 9m,p,8 8 // 8-/8# Note - 8//8-B y,9p 90 8 / / 8-/8# Bond - 8//9-000 y l,9 8 p 8 /8 /.8QJ B il l - 8/ / - Reopening 8d,9-8 /9/ 8-/# Note - 8 / / -L y,9p - 8 / /.# B il l - 8/ / d,p - 9 // 8-/# Note - 9 / 0 / 9 -F y lm,8p - 9 / /.# B il l - 9 /8/ - Reopening d,000-9 //.# B ill - 9 // - Reopening 0d, - than Amount issu e d / For cash,80,0,80,,9, ,89p.00,0,0,0 0,00,,00,,00,0,,00,8,0,,,0,,80,,,0 ",0p l,8p l,9p,p,8p,p P,p l,9p,0p,0p,9 l,8p l,p,9p,0lp,0p 80p,000,0p 89p,00p In exchange u,9 0 /, J / 9\ 00)/ 0/, 00^, >/ 8(/ A llo t ment r a t io 0/ i/ / / / / J g / / / / / 0/ a / / S / / / 8/ / 0/ / / / / / / 8/ / 8 /

52 PUBLIC DEBT OPERATIONS Treasury Bulletin F ootn otes! to Table PDO-. Source: Bureau o f the P u b lic Debt. Note. A l l s e c u r it ie s (except EA & EO notes) issu e d a ft e r February, 9 ; were so ld at auctio n through com petitive and noncom petitive b id d in g. / For b i l l issues, always sold at auction, the rate shown is the equiv a le n t average ra t e (bank disco u n t b a s is ) on accepted b id s. Other s e c u r it ie s issued a t p a r except those b earing footnote and those sold at auction. For d e ta ils of b i l l offerings see Table PDO-. / From date of add itional issue in case of a reopening. / In reopenings the amount issu e d i s in a d d itio n to the amount of o r ig in a l o ffe rin g s. A / For se cu ritie s exchanged fo r the new issues see Table PDO-. J/ Tax a n t ic ip a t io n b i l l, accepted a t fa ce value in payment o f income taxes due on the th of the month in which the b ills mature. / P rice at which issued appears in Table PDO-. / Exchange o ffe rin g a v a ila b le to owners o f nonmarketable - / $ Treasury bonds, Investment S e rie s B-9-SO, dated A p r i l, 9. For fu r t h e r in form ation on the o r ig in a l o ffe rin g see Treasury B u lle t in f o r A p r il 9, page A - l. 8/ Cash s u b s c rip tio n s were accepted only from in d iv id u a ls in amounts of $0,000 or le s s. 9 / In clu d e s $,08 m illio n o f the - /8 $ notes, $, m illio n o f the - /$ notes and $,80 m illio n of the bonds allo tte d to Federal Rese rv e banks and Government accounts. 0 / Sold at auction through competitive and noncompetitive bidding. P ric e s accepted ranged from 00. ( y ie ld. $) down to 00.0 ( y ie ld.89$) w ith the average at 00. ( y ie ld.8$), / Sold at auction through com petitive and noncompetitive bidding. P ric e s accepted ranged from 00. ( y ie ld.$) down to 00. ( y ie ld. $ ) with the average at 00.8 (y ie ld. 0$ ). / Sold at auction through competitive and noncompetitive bidding. P ric e s accepted ranged from 00.9 ( y ie ld.$ ) down to 00.0 ( y ie ld.8$) w ith the average at ( y ie ld.8$ ). / S old a t auctio n through com p etitive and noncompetitive b id d in g. A l l accepted tenders were awarded at the p rice of 99.0 ( y ie ld.9$ ). / In clu d e s $,9 m illio n a llo t t e d to F ed e ra l Reserve banks and Government acco un ts. / Issu e d to F ed e ra l Reserve banks and Government accounts in exchange f o r notes maturing February, 9. / Sold at auction through competitive and noncompetitive bidding. P ric e s accepted ranged from ( y ie ld.$) down to 9 9. ( y ie ld.$) w ith the average at 99.0 ( y ie ld.$). / Issu e d to F ed e ra l Reserve banks and Government accounts in exchange f o r notes m aturing May, 9. 8 / P r ic e s accepted ranged from 00.0 ( y ie ld.8$ ) down to 99.0 ( y ie ld.0$) w ith the average at 99.9 ( y ie ld.0$). 9 / A ll accepted tenders were awarded at the p rice of 98. ( y ie ld.$ ). 0 / Issu ed to F ed e ra l Reserve banks and Government accounts in exchange fo r se cu ritie s maturing August, 9. / P ric e s accepted ranged from 9 9. ( y ie ld.9 $) down to 99.0 ( y ie ld 8.0$) w ith the average a t 99.0 ( y ie ld 8.0 $ ). / A ll accepted tenders were awarded at the p rice of 9.0 ( y ie ld 8.00$). / P ric e s accepted ranged from 0.0 ( y ie ld.80$) down to 00.0 ( y ie ld.99$) w ith the average at ( y ie ld.9$). / Issu e d to F ed e ra l Reserve banks and Government accounts in exchange fo r bonds maturing November, 9. / P ric e s accepted ranged from 0. ( y ie ld.$) down to 00. ( y ie ld.8$) w ith the average at ( y ie ld.8$). / P r ic e s accepted ranged from 00.9 ( y ie ld.$ ) down to ( y ie ld.9$) w ith the average a t -00. (y ie ld.9$ ). / A ll accepted tenders were awarded at the p rice of 0.0 ( y ie ld.$). 8 / S a le o f a " s t r ip o f Treasury b i l l s c o n s is tin g o f an a d d it io n a l $00 m illio n o f each weekly s e rie s m aturing from November, 9, through January, 9. 9 / Issu e d to Fed e ra l Reserve banks and Government accounts in exchange fo r se cu ritie s maturing February, 9. 0 / P ric e s accepted ranged from 00.8 ( y ie ld.88$ ) down to ( y ie ld.98$) w ith the average at 00.0 ( y ie ld.9). / P ric e s accepted ranged from 00.9 ( y ie ld.$) down to 00. ( y ie ld.$) w ith the average at 00. ( y ie ld.0$). / A H accepted tenders were awarded at the p rice of 00. ( y ie ld.$ ). / P r ic e s accepted ranged from 00. ( y ie ld.9$) down to 99. ( y ie ld 8.$ ) w ith the average at 99.8 ( y ie ld 8.08$). / Issu ed to Fed e ra l Reserve banks and Government accounts in exchange fo r se cu ritie s maturing May, 9. / P ric e s accepted ranged from 00.8 ( y ie ld 8.$) down to 99.9 ( y ie ld 8.$) w ith the average 00.0 ( y ie ld 8.$ ). &/ P r ic e s accepted ranged from 00. ( y ie ld.$) down to 99.8 ( y ie ld 8.9$) w ith the average a t ( y ie ld 8.$ ). / A ll accepted tenders were awarded at the p rice of 0.8 (8.$ ). $/ S a le o f a " s t r ip " o f T reasury b i l l s c o n s is tin g o f an a d d it io n a l $00 m illio n o f each weekly s e r ie s maturing from September 9 through November, 9. / Issu e d to F ed e ra l Reserve banks and Government accounts in exchange f o r notes m aturing August, 9. 0/ P ric e s accepted ranged from 0.8 ( y ie ld 8.8$ ) down to 00.8 ( y ie ld 8.$) w ith the average at 0.00 ( y ie ld 8.9$). / P ric e s accepted ranged from 0.0 ( y ie ld 8. $) down to 0.0 ( y ie ld 8.8$) w ith the average at 0. ( y ie ld 8.$ ). / P r ic e s accepted ranged from 99. ( y ie ld 8.$) down to ( y ie ld 8.0$) w ith the average at 98.0 ( y ie ld 8.$ ). / Issu ed to F e d e ra l Reserve banks and Government accounts i n exchange fo r notes maturing September 0, 9. / Y ie ld s accepted ranged from 8.9$ ( p r ic e 9 9. ) down to 8.0$ ( p r ic e ) w ith the average a t 8.$ ( p r ic e ). / Y ie ld s accepted ranged from.9$ ( p r ic e 99.8) down to.8$ ( p r ic e 00.9) w ith the average at.89$ ( p ric e 99.9). / Issu ed to F e d e ra l R eserve banks and Government accounts i n exchange fo r se cu ritie s maturing November, 9. / Y ie ld s accepted ranged from.8 $ ( p r ic e 99.8) down to.8$ ( p r ic e 9 9.9) w ith the average a t.8$ ( p r ic e 9 9. ). 8/ Y ie ld s accepted ranged from.8$ ( p r ic e 99.)down to. $ ( p r ic e ) w ith the average at.8$ ( p ric e 99.8 ). / P ric e s accepted ranged from 0.0 ( y ie ld 8. $ ) down to 0.9 (y ie ld 8.$) w ith the average at 0.0 (y ie ld 8. $ ). 0 / S a le o f a " s t r ip " o f Treasury b i l l s c o n s is tin g o f an a d d it io n a l $00 m illio n o f each weekly s e r ie s m aturing from December, 9, through January 9, 9. / Issu ed to F e d e ra l Reserve banks and Government accounts in exchange fo r notes maturing December, 9. J / Y ie ld s accepted ranged from. $ ( p r ic e 99.8) down to. $ ( p r ic e 00.8) w ith the average at.$ ( p ric e 99.8). / P ric e s accepted ranged from 0.0 ( y ie ld. $ ) down to 0.80 ( y ie ld.$ ) w ith the average at 0.9 ( y ie ld.$ ). / P ric e s accepted ranged from 00.9 ( y ie ld. 8 $ ) down to ( y ie ld.$) w ith the average at 00.8 ( y ie ld.$). / Issu ed to F ed e ra l Reserve banks and Government accounts in exchange fo r notes maturing February, 9. / Y ie ld s accepted ranged from. $ ( p r ic e 99.8) up to. $ ( p r ic e 99.) w ith the average a t.$ ( p r ic e ). / Y ie ld s accepted ranged from.0$ ( p r ic e 99.88) up to. $ ( p r ic e 99.) w ith the average at.9$ ( p ric e 99.). 8 / Y ie ld s accepted ranged from.89$ ( p r ic e 99.8) up to.9 $ ^ (p ric e 99.08) w ith the average at.9$ ( p ric e 99.9). 9 / Y ie ld s accepted ranged from.88$ ( p r ic e 99.99) up to.98$ ( p r ic e 99.8) w ith the average at.9$ ( p ric e ). 0 / Y ie ld s accepted ranged from.9$ ( p r ic e 00.0) up to.$ ( p r ic e 99.8) w ith the average at.09$ ( p ric e 99.8). / P ric e s accepted ranged from 0. ( y ie ld. $ ) down to 0.0 ( y ie ld.$) w ith the average at 0. ( y ie ld.$ ). / Y ie ld s accepted ranged from.90$ ( p r ic e 00.08) up to.0$ ( p r ic e 99.) w ith the average at.98$ ( p ric e 99.99). / Y ie ld s accepted ranged from.0$ ( p r ic e 00.8) up to.0$ ( p r ic e 99.8) w ith the average at.$ ( p ric e 99.98). / Y ie ld s accepted ranged from 8.$ ( p r ic e 00.8) up to 8.$ ( p r ic e 98.9) w ith the average at 8.$ ( p ric e 99. ). / Y ie ld s accepted ranged from.9$ ( p r ic e 00.) up to.9$ ( p r ic e 99.8) w ith the average at.$ ( p ric e 99.9). / Y ie ld s accepted ranged from. $ ( p r ic e ) up to.$ ( p r ic e 99.8) w ith the average at.$ ( p ric e ). / Issu e d to F ed e ra l Reserve banks and Government accounts in exchange fo r notes maturing May, 9. 8/ Y ie ld s accepted ranged from.0$ ( p r ic e 00.00) up to. $ ( p r ic e 99.0) w ith the average at.0$ ( p ric e 99.). 9 / Y ield s accepted ranged from.9$ ( p ric e 00.) up to 8.0$ ( p ric e 99.89) w ith the average at 8.00$ ( p ric e ). 0 / Y ie ld s accepted ranged from 8.$ ( p r ic e ) up to 8.$ ( p r ic e 99.) w ith the average at 8.0$ ( p ric e 99.0). / Y ie ld s accepted ranged from.9$ ( p r ic e 99.9) up to.9$ ( p r ic e 99.8) w ith the average at.8$ ( p ric e 99.9). / Y ield s accepted ranged from.8$ ( p ric e 00.8 ) up to.8$ ( p ric e 99.89) w ith the average at.$ ( p ric e 99.9). / Y ie ld s accepted ranged from.0$ (p r ic e ) up to.9$ (p r ic e 99.0) w ith the average at.$ (p rice 99.9). / Y ie ld s accepted ranged from. $ (p r ic e 00.0) up to.8 $ (p r ic e 9^.) w ith the average at.8$ (p rice 99.). / Y ie ld s accepted ranged from.9$ (p r ic e 00.08) up to. $ (p r ic e 99.9) with the average at.$ (p rice 99.9). / Issu e d to Fed eral Reserve banks and Government accounts in exchange fo r notes maturing August, 9. / Y ie ld s accepted ranged from. $ (p r ic e 00.) up to.9$ (p r ic e 99.9) with the average at.9$ (p rice 99.8). 8 / Y ie ld s accepted ranged from 8.0$ ( p r ic e 00.) up to 8.8$ (p r ic e 99.) with the average at 8.$ (p rice 99.9). 9 / Y ie ld s accepted ranged from 8.8$ (p r ic e 99.98) up to 8.8$ (p r ic e 98.9) with the average at 8.$ (p rice 99.). 8 0 / Y ie ld s accepted ranged from 8.$ (p r ic e 00.80) up to 8.9$ ( p r ic e 99.9) with the average at 8.$ (p rice ). 8 / Y ie ld s accepted ranged from 8.$ (p r ic e 00.) up to 8.$ (p r ic e 99.) with the average at 8.$ (p rice ). p Prelim inary.

53 September 9 PUBLIC DEBT OPERATIONS. Table PDO-. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations D e s c rip tio n o f s e c u r it ie s Date o f fin a n c in g Amount issu e d ( I n m illio n s ) Average p r ic e p e r hundred E ffe c t iv e in terest ra te E lig i b le s e c u r it ie s exchanged 9 8 -/8# Note # # 9 Note Note 9 / 0 / -G / / -D / / -H 9 / / 8 / / / / c$,0,0,08, 0,, $ # /.0 8-/# Note.0 # Bond.9 -/8 # Bond.9 / 8 / / -F 8 / / // -/# Note -/8# Note 8# # 9# Note Note - / # Note -/# Note -/8# Note 8-/# Note -/# Note -/# Note -/8 # Note -/ # Note 9 # Note -/# Note -/8 # Note -/8# Note Note -/ # Note -/# Note -/# Note - / # Note / / -A / / -F // -H // -M 8 / / -C 8 // -G 8 / / -L 9 / 0 / -J 0 / / -0 // -D /0/ -N / / -K / 8 / -F / / -G / 0 / -H / / -C / / -D / / - / 0 / - J / / -K 8 / / -B // 9 8 /L / C/9 / / 9/ / / 0//9.//0 / / / / 9/0/ // ( 9/8/ // /8 A // // // /0A A / 8// // /0/ / / 8//0 8A /,0 0,9,9 f, p l, 8 0 p,09,8,,,9,88 l, p 0,88,0 Cl, 9 p,8,0 l, 0 p p,0p,8p l, p,p,9 0,8,,9p,9 p,9p C,p,0p l, l p,, C 9,0, /8# Note / / 9 -A.9 # Bond - A /9.9 # Note 8 / / -E.9 # Bond _ 8 / /.9 -/# Bond - 9 A /-.9 # Note _ / / -F.9 -/# Bond - / / /.8 0 /.98 /. -/ # Note 0 // 9 -E 0. # Bond - 0 / / 9. -/# Bond - / / # Note / / 0 -A.0 -/# Note _ / / -C.0 -/8# Note - / / -D.9 / 8. # Note _ 9 / 0 / -E 8. /. /.98.0 / /. /. -/8# Note / / -F. a /.09 /. /. /.0 -/ # Note _ / / -C.0 / 8.9 -/8# Note 8 // -B 8.9 /.8 /. /. /.8 0 -/8# Note 8 //0 -D.8 0 # Bond - 8 / / /8# Note 8 / / -B.9 # Bond _ 8 / /.9 / 8-/# Note -/ # Note 8 / / -L / / -E 8/9 / A/,0p,09,0, /.8 -/# Note _ / / -A.8 / Footnotes at end of table.

54 , PUBLIC DEBT OPERATIONS. Treasury Bulletin Table PDO-. - Unmatured M arketable Securities Issued at a Premium or Discount Other than Advance R efunding O p era tion s-c on tin u ed D e sc rip tio n o f s e c u r it ie s Date o f fin a n cin g Amount issued ( I n m illio n s ) Average p r ic e p e r hundred E ff e c t iv e in t e r e s t ra te E lig i b le s e c u r it ie s exchanged 98 - /8 $ Note - /8 $ Note 8 - / $ Note - /8 $ Note $ Note 99 - /8 $ Note - / $ Hote -/8 $ Note $ Note // 8 -D / / 8 -F 8 / /8 -C 8 / / 8 -E // 8 -B / / 9 -D /0 / 9 -E / / 9 -B / / 9 -C / 8 / 8 / / / / / / / / f / / / / /9 / / / / / $ 8 8, c,90 "T,W " ^0p,p 0,880,,00p,8p,p,09, ,0 8,0,0 l, p l, 8 p 9,009., 0 0,0 $ % $ - / $ Note A / - A. - /8 $ Note - / / -E. / V M - /8 $ Note 8 / / -C.9 / 8. - / $ Note // -D 8. - / $ Bond - / / 8. /. 0 $ Note / / -B. 0 /.0 - /8 $ Note / / -B.0 - / $ Note - / / -G.0 - / $ Note - / / -B.0 - / $ Note - / / -D.0 # Note - 8 / / -E.0 - /8 $ Bond - / /.0 $ Bond 8 / /.89. /.8 /. - /8 $ Note - / / -D. /.8 - /8 $ Bond. / /.8 /, 980 $ Bond - /8 $ Note 9$ Note / /8 0 / / /8 0 -A 8 //8 0-B r / / 9 / / i / / 8 / / r 88 J, (,8 I,0,, lp l,8 p,9p /.0 S eries F&G savings bonds.0 / / $ Note / / -A / $ Note _ / / -E.0 0 / 8. - /8 $ Note 8 // -B 8. / 98 $ Note - /8 $ Note $ Bond - / $ Note 98 - /8 $ Bond 8$ Note / /8 -A / /8 -C 8//8 //8 -B / /8 / / /8 -A / / / 8 / 8 / / / / / 9 / / / / / r t 0,,8 «00p l, 8 p,l 8 p j 0 9 I 80 I 99p l, p,p l, p 0 l, p l, p,p / $ Note / / -C.9 - /8 $ Bond - / /.9 /. 9 - / $ Note / / -A.9 /. 8 - / $ Note 8 / / -F. $ Bond _ 8 / /. /.8 - / $ Note / / -A.8 /. 0 /. / 8.00 $ Note / / -B 8.00 / Footnotes at end of table.

55 September 9 PUBLIC DEBT OPERATIONS T a b le P D O -. - U n m a tu red M a rk eta b le S e c u r it ie s Issu ed at a P rem iu m or D iscou n t O th er th a n A d v a n ce R e fu n d in g O p e ra tio n s C on tin u ed D escription of se cu ritie s Date o f fin a n cin g mount issue d In m illio n s ) Average p r ic e p e r hundred E ffe c t iv e in t e r e s t ra te E lig i b le s e c u r it ie s exchanged 8- /8 $ Note 8 //8 -B 8 / / 90p /8 Note 8 // -C,0p /,99p 98 -/8 $ Bond 98 - / $ Bond 98 -/8 $ Bond 98 - / $ Bond 8 //8 8 / / / /8 //8 / / 8 / / 8 / /8-9 / 8 // /- / r $ $ $ Note 8 / / -E Bond - 8 / / / Bond _ 9 / / Note _ ll / / - F / Bond. / / / Note _ / / -A /8 Bond _ / / / Note - / / -A /8 Note _ / / -E /,, / /8 Note / / -B / Note _ / / -G / Note - / / -B / Note - / / -D 99.. Note _ 8 / / -E /8 Bond _ / / Bond - 8 / / 99.. /, Note 8 //-B / Note _ 8// -G / $ Bond // / $ Bond 8// /8 $ Bond // / $ Bond / / / $ Bond / /9 $ / $ Bond / /9-9 8 / /9-9 9 / Footnotes at end of Table PDO-. / / 8 / / / / / / / 8 / / / / 0 / / / 8 / /. / / f / /8 Note _ 8 / / -B Bond _ 8 / / / /8 Bond / / / 8 r / Note _ / / -C /8 Bond - / / / r 0 I r / l, p / / / Note _ / / -A 98.. / /8 Note 8 / / -B / 88 r / Note _ / / -A /8 Bond _ / / / 9

56 8 Treasury Bulletin PUBLIC DEBT OPERATIONS, Table PDO-. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Continued D escription of se cu ritie s Date o f fin a n cin g Amount issued ( I n m illio n s ) Average p r ic e per hundred E ffe c t iv e in terest ra t e E lig ib le se cu ritie s exchanged 99 -/8 Bond / /9-0 0 / 8 / f [ 0p p 90p 8-/8 Bond 8 / / / / p L p l, p /% Bond / /0 0-0 / / <0p 0p I P l, 0 p to to / % / -M / - /8 $ f> / Note / / -A Note - 8 / / -C Note / / -F l / A d d itio n a l is s u e. / Issued f o r cash. Less than $00,000. p Prelim inary.

57 September 9 9.PUBLIC DEBT OPERATIONS. Date o f fin a n c ing Table PDO-. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Issu e s D escription of se cu ritie s Amount issu e d For cash In exchange f o r other s e c u r i t i e s Part A. - Other than Bills / U.S. Government accounts and Fed e ral Reserve banks / (In millions of dollars) Commerc i a l banks y In d i v id u a ls U In s u r ance compan ie s Allotm ents by in v e s to r c la s s e s Mutual savin g s banks Corpor a t io n s / P riv a te pension and re tirem ent funds S tate and lo c a l governments / Pension and r e t i r e ment funds Other funds D ealers and brokers 8 / / 0 f - / $ Note - / / -C _,9 0, ( - / $ Note - 8 / / -B -, / / 0 - / $ Note - / / -C, , /L /0 f - / $ Note - // -D -,0 88, \ - /$ Note - 8 // -C 8 / -, 8, / /0 -/ $ Note - / / -D,0 - -, / / f - /8 $ Note - 8 / / -C -,9,9, i - l / $ Note - //8-A - 8,89,, / / j $ Note - 8 / / -E _,,, ^ - / $ Note - //-A 8 / -,,0, /9/ $ Note - l l / l /-F,8 - -, / / f $ Note - / / -D -, 9, t $ Bond - 8//8' // - / $ Note - / / -C, - -,0 9 /8 / -/ $ Note - //-D,8 - -,0 0 // - /8$ Note - //-E,0 - -,8 9 0 ^ - /8 $ Note - // -D,8,00,00, / / I $ Note - / / 8 -B - 8,0,9, , 0 V -/8$ Bond - l l / l / 8,9 9 8 / / f - / $ Note - / / -E _,80 0, /8 $ Bond - / /8, / / - /8 $ Note - / / -F, - -,0 0 / / f - / $ Note - / / -E,9,,, 0 \ -/8$ Bond - //8 8 / ? - /8 $ Note - / / -F -,9,08, / / ( - / $ Note - 8//9 -A -,9,, V» -/8 $ Bond - 8 //8,, /9 / $ Note - 9 /0 / -E,00 - -,990 9 // -/$ Note - //-D 8 /,0-0,0 0 0 / 8 / - /8 $ Note - / / -F,0 - -, lao/ -/$ Bond - / / / / f -/$ Note - 8//-G _,88,9, \ - /8 $ Note - / / 9 -B, / / J -/8$ Note - //80-A,0,,, $ Bond - / / / / j - / $ Note - 8 / / -B 8 /,0 8 0, \ - / $ Bond - 8 // , / / 8 -/8 $ Note - 9 /0 /-G,0 -, / / C$ Note - / / -H, 0 0,00 _ 8 0 ( $ Note - / / 9 -C,0 0 0, 0 n - /$ Bond - 8 // / / / f -/8 $ Note - / / -C,8 0 0,9 8 8 ( $ Note - / /8 -A,,09-0 N -l/$ Bond - 8// / /9 / 8$ Note - / / -H, -, f 8 - / $ Note - / 0 / -,08, / / ( 8 - / $ Note - 8 //8 -C,89 8 8, v 8 - /$ Bond - // Source: Based on s u b s c rip tio n and allotm ent re p o rts. Fo r d e t a il o f o ffe rin g s see Table PDO-. / Excludes - / $ T reasury notes issu e d in exchange to h o ld ers o f non- " marketable - / $ T reasury bonds. Investm ent S e rie s B / In clu d e s t r u s t funds and accounts th at comprise Government accounts under the u n ifie d budget concept. / Includes tru st companies and stock savings banks. Includes partnerships and personal tru st accounts. / E xclusive of banks and insurance companies. / C o n sists o f t r u s t, sin k in g, and investment funds o f S tate and lo e a l governments and th e ir agencies. / In clu d e s savin g s and lo an a sso c ia tio n s, n o n p ro fit in s t it u t io n s, and investm ents o f fo re ig n balances and in t e m a t io n a l accounts in t h is country. A lso in clu d e d are c e rt a in Government d e p o sit accounts and Government-sponsored agencies. 8 / Reopening o f e a r l ie r is s u e. Less than $00,000. A l l other /

58 0 Treasury Bulletin.PUBLIC DEBT OPERATIONS. Table PDO-. - Allotm ents by Investor Classes on Subscriptions for Public Marketable Securities Part B. - B ills Other than Regular W eekly Series (In millions of dollars) Date o f fin a n cin g Date o f m aturity Average rate (P ercent) One-year s e rie s T o tal amount issued 9-month s e r ie s / Tax a n t ic ip a tio n s e rie s -week se ries Allotm ents by in v e s to r c la s s e s U.S. Government accounts and Fed eral Reserve banks / Commerc i a l banks Corpora t io n s / D ealers and brokers A l l o th er / / / 8 / / 9 / 0 / 0 / / r / 0/ \ / /.98,0 99 r / / \ 8/8 /.8,80 9 ' 9 08 / 0 / , 9 / /.9, / / / /.8, / / / 0 /.,0,9 8 / 0 / / 0 /., / / / /.089,0 _,0 / / / 8 /., / / / / ^.98,0 8 /8 / / /.00, / / / /., / 0 / /9 /.98,80 0 / / / /.88, / 0 / / /., / / / / 8.9,80 / / 9 / 9 / 9.80,0 ' _,9 - a / 8 / 8 / / 8.8, // 9 / / 8.0, /9 / / 0 /. 0,80 / -, / / 0 / /.,80 00 / / / 9 /.,00 -, /0/ ll / l 9 /.08, / 0 / f /9/.80,00 / \_ /J /.90,000 -, / 8 / / /.880, / / / /.98, / / A /., / / /9/., / -,0 _ 0 / / //.89., / 9 / / / 8.0, / _,00 _ 0 /9 / /8 /.8 8, / / / / 8.,80 9 / / / / 8.9, / / // 8., / 0 / / 9 /.8, / / 9/0/ 9.,0,8 8// 8 / / 9., // 9 / / 8., // 0 / /.9, / / /9 /.9, 0 / A 9 / /8/., / / A /., - 80,. 0 / / //.0, / / / /., / / A /.8, / / / 0 /.,0 8 8 / H / /9 /., /8 / / /., / / / /.OO, / / / /.80, / / /9/.9, Source: Based on s u b s c rip tio n and allotm ent re p o rts. For d e t a il o f o ffe rin g s see Table PDO-. / Reopening o f one-year se rie s. / In clu d e s t r u s t funds and accounts th at comprise Government accounts under the u n ifie d budget concept. / E x clu siv e o f banks and insurance companies. y % u Included with a ll other investors are ce rta in Government deposit accounts and Government-sponsored agencies, fo rm erly in clud e d w ith Government investment accounts. Reopening o f e a r l ie r is s u e. -week is s i c. S p e c ia l is s u e s.

59 September 9 PUBLIC DEBT OPERATIONS Date o f refu n d in g o r r e t i r e ment / / (.9$ B i l l.9$ B i l l $ Note T able PDO-. - D isp osition o f P u blic M arketable S ecu rities Called or maturing securities / D escription / / / / - 8 / / -E O th er than R egu la r W e e k ly T r e a su ry B ills Issu e date / / / / / / (Dollar amounts in millions) Amount outstanding,0 00, D is p o s itio n o ffe rs by Treasury Cash r e t i r e ment,0^ 0 / 00 Exchange s e c u rit y o ffe re d, R esults of exchange o ffe rs Exchanged Turned i n f o r cash / D e s c rip tio n o f new s e c u r it ie s o ffe re d (See a ls o Table PDO-) $ Bond 8 / / 9 //,, {"!} (-/8 < - / J-/8 Note - F-9 Note - A-99 Bond - 8 //8 r 99 ( ^ 9 -/8 -/ [-/8 Note _ F-9 Note - A-99 Bond - 8 //8 - / $ Bond 9 / / 0 /0/,9,9 fl,0 9 ( 8 (-/8 -/ (-/8 Note _ F-9 Note - A-99 Bond - 8 //8 $ Note - / / -F /9/,8,8 0 9 (-/8 <- / ^-/8 Note _ F-9 Note _ A-99 Bond - 8 //8 8 / / - / $ Bond / / / /, / / -A / /,,, 80 } f, - I J (-/8 <-/ J-/8 / - / \-/8 Note F-9 Note - A-99 Bond - 8 //8 Note _ A-99 Bond - 8 //8 / / / /, / / -A // 8,8 / / -E 0 //,0,,8,0 I C-) J. / - I / ^-/8 ^ -/ ( - /8 / - / \-/8 Note _ A-99 Bond - 8//8 Note _ A-99 Bon$- - 8 / /8 Note _ A-99 Bond - 8 //8 T o ta l.,,,8,9 o f - /8 Note,9 o f - / Note, o f - /8 Bond 8 / / 9 / / (.$ B i l l.80$ B i l l - / $ Bond 8 / / 8 / / 9 / / 8 / / 8 / / 0 /0 /,00 00,00 \ 00 J / 9 / 0 / A. 9$ B i l l ^.90$ B il l 9 / 0 / 9 /0 / 9 / 0 / 9 / 0 /,0 0 l,0l"\ 0 J / 0 / / - / $ Note - 0 / / -E 0 0 / / 0 / / f.90$ B i l l \.89$ B ill 0 / / 0 / / 0 / / 0 / /,00 00,00^ 00 J- / / / 0 / $ Note - / / -F f.$ B il l _ /0/.8$ B ill - /0/ /9/ / 0 / / 0 /,, N,0,0 / 0 0 lj A / - / $ Bond - // A/,, / / / / // / 8 / // A / / 0 / /0/ A / // // /0/ f.9$ B il l _ // \.$ B il l - // f.9$ B il l _ // i.$ B il l - // f - / $ Note _ / / i - /8 $ Note - / /.09$ B il l /8/.$ B il l - /8 /.$ B il l _ // ^.$ B il l - // - /$ Note _ A /-EA.$ B il l - /0/ f.$ B il l _ /0/ i.$ B il l - /0/ ( - / $ Note _ A / -A - / $ Note - A / -E f.$ B il l _ // ^.00$ B il l - / /.089$ B il l - // f.8$ B il l - /0 /.$ B il l - /0 / // // // // S// // /9/ /9/ // // A /8 // / 0 / / 0 / 0A /9 A / // // // / 0 / /0/,00, 0 $ 0 0J <! y,00, j /, -,8 -,00, o 0 0/ /,0,0 0 0l)'/,0, 0^ y,00, /,8,8] \,9,9)w,00,00!t / /,0,0 i /,0 l, 0 l l 00 ogf ' /,,8, S /,98 /,,8,089,8 0 J / Footnotes at end of table.

60 Date f re funding o r r e t i r e ment / /.98# B i l l.# B i l l PUBLIC DBBT OPERATIONS, Table PDO-. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury Bills] Continued C alled or maturing se cu ritie s / D escription / / / / Issu e date // / / (D o lla r amounts in m illio n s ) Amount outstanding,0 0 D is p o s itio n o f f e r s by Treasury Cash r e t i r e ment l, 0 i\ 0/ Exchange security offered R esults of exchange o ffe rs Exchanged Turned i n f o r cash / Treasury Bulletin D e s c rip tio n o f new s e c u r it ie s o ffe re d (See a ls o Table PDO-) 8// / 8-/8# Note V. # Bond 8 / / -B 8 / / //0 9//,89!, U V,89,T aa/ 8 U / S/8/ 9/9/.8# B i l l 9.80# B i l l 8/8/ 9 /9 / 8// 8//,80,80 /,0,0 y 9//.9# B i l l 9// 9/0/,80,80 / 0// 0// // /8/ -/# Note.8# B i l l -/8# Bond.# B i l l.# B i l l 0//-E0 0// // /0/ / 8 / 0//8 0// // // 0 0,80,80,,0,80,800,80,800 A/.98# B i l l // //,80,80 A/ //.00# B i l l r -/# Note V. -/8# Bond / / / / -C / / /8/ 8//0 //,80,80,90,,,90 / / / / /L9/ A/.# B i l l -/# Note.98$ B i l l f.? B i l l {.80# B i l l L.# B il l.88# B i l l // / / - M /9/ A 9/ A 9/ / 9 / // // //9 /0/ // lla / // //,90,90,80,80,00,00ft,00,00U /,,$/,800,800 // /A // /A -/# Note -/# Bond (.# B i l l f.90# B i l l I 8.0# B i l l 8.9# B i l l / / -D / / // / / / / // //0 // /0/ /0/ /0/ //,,,8,8,80,80,000,ood\,, $ y,80, / 9 / /0/.0# B i l l /0/ 0/9/,80,80 8// -/8# Note 8// -B 8//8 0/8,0,88 / 8// 8.8# B i l l 8 / / 8/8/,80,80 9/0/ 9.# B i l l 9/0/ 8//,, / 9// 8.0# B i l l 9// 9//,80,80 9/0/ # Note 9 / 0 / -E 0/9/,00, /A.. # B i l l 0 // 0//,80,80 A/ /9/ A / /A /U A A A f -/# Note ^ -/8# Bond.08# B i l l.880# B i l l -/8# Note.98# B i l l f -/# Note { - /8 # Note A/-A A/ / 9 / // / / -F / / A/-A / / -E // // /0/ /8/ /8/ A / A /8 0//,,8,,0,80,80,80,80,0,0,80,80,0,88,,0,0 _/ 0 /,9 8 A / // W S VS/ / / / / Footnotes on.# B i l l is.89# B i l l B i l l Note.88# B i l l.# B i l l 8.# B i l l follow ing page. / / / / / / -FFB A / -E A /8 / / / _ / / // // /9/ w / / / /,80,80,80,80,0,0,80,80,, y

61 September 9 Date o f refunding o r r e t i r e ment / / PUBLIC DEBT OPERATIONS Table PDO-. - D isposition of Public M arketable Securities - Other than Regular W eekly T reasury B ills Continued (D o lla r amounts in m illio n s ) Called or maturing se cu ritie s / D isposition o ffe rs R esults of exby Treasury change o ffe rs D escription Amount Issu e Cash Exchange Turned outstanding date r e t i r e s e c u rit y Exchanged i n f o r ment o ffe re d cash / C # Note ( -/8# Note _ / / -B / / -F / / 8 / /,0,9,9,9, / 00 / : / / 8.9# B ill - / / / /,80, //.0# B i l l - // / /,, / / / 8.# B ill - / / / /,80, /9/.8# B ill - /9/ /0/,80, / / -/8# Note - 8 / / -C / /,9,09,8 / / /.80# B ill - 8/ / 8 /8 /,000, / / 9.# B ill - 8 / / 8 / /,80, footnotes on follow ing page. - D e s c rip tio n o f new s e c u r it ie s o ffe re d (See a ls o Table PDO-)

62 .PUBLIC DEBT OPERATIONS Treasury Bulletin Footnotes to Table PDO- Source: Bureau o f the P u b lic Debt. / O rig inal c a ll and m aturity dates are used. / A l l by in v e sto rs other than Fed e ra l Reserve banks. / R o lle d over in t o new b i l l s (s e e Table PDO-). / Tax a n t ic ip a t io n is s u e : f o r d e t a il o f o ffe rin g s beginning J u ly 9, see Table PDO-; f o r amounts redeemed f o r taxes and f o r cash see "Note below. / S u b sc rib e rs exchanging these s e c u r it ie s nay e le c t, f o r Fed e ra l income tax purposes, to reco g n ize g a in o r lo s s on account o f the exchange e it h e r i n the taxable year o f the exchange o r (except to the extent th a t cash i s re c e iv e d ) i n the taxable year o f d is p o s it io n o r redemption o f s e c u r it ie s re c e iv e d in the exchange. Any g ain to the extent that cash was re ce iv e d by the s u b s c rib e r ( other than as an in t e r e s t adjustm ent) must be recognized in the year o f the exchange. / P u b lic h o ld e rs o f these s e c u r it ie s were not given preemptive rig h t s to exchange them but they could be used in payment f o r new s e c u r it ie s a llo t t e d. / Of t h is amount $9 m illio n was exchanged by F ed eral Reserve banks and Government accounts f o r -/8 $ notes o f S e rie s B-99. Other h o lders o f the m aturing notes were not given preemptive r ig h t s to exchange th e ir holdings fo r the - / 8$ notes. 8/ Exchanged by F e d e ra l Reserve banks and Government accounts f o r $, m illio n o f -/8 $ notes o f S e rie s A-980 and $0 m illio n o f $ bonds o f issued May, 9. 9 / Exchanged by F ed e ra l Reserve banks and Government accounts f o r -/8 $ notes of S eries A-980 issued May, 9. 0/ Exchanged by F ed e ra l Reserve banks and Government accounts f o r $ m illio n o f - / $ notes of S e rie s B-9 and $9 m illio n o f - l/ $ bonds o f issu e d August, 9. / Exchanged by F ed e ra l Reserve banks and Government accounts f o r $9 m illio n o f - / $ notes of S e rie s B-9 and $ m illio n o f - / $ bonds o f issu e d August, 9. / Exchanged by F ed e ra l Reserve banks and Government accounts f o r $0 m illio n o f $ notes o f S e rie s C-99, $0 m illio n o f $ notes o f S e rie s H-9 and $ m illio n o f - / $ bonds o f issued November, 9. / Exchanged by F ed e ra l Reserve banks and Government accounts f o r $0 m illio n o f - /8 $ notes o f S e rie s C-9, $ m illio n o f $ notes of S e rie s A-98 issued February, 9, and $0 m illio n o f - / $ bonds o f issu e d February 8, 9. / Exchanged by Federal Reserve banks and Government accounts fo r $0 m illio n o f $ notes o f S e rie s A-98 issu e d February, 9, and $0 m illio n of - /$ bonds of issued February 8, 9. / Exchanged by F e d e ra l R eserve banks and Government accounts f o r $ m illio n o f 8 - / $ notes o f S e rie s -9 and $ m illio n o f 8 - / $ notes of S eries C-98 issued May,9. / Exchanged by Fed e ra l Reserve banks and Government accounts f o r $0 m illio n o f 8 - / $ notes o f S e rie s C-98 and $9 m illio n o f 8 - / $ bonds o f issu e d May, 9. / Exchanged by F ed e ra l Reserve banks and Government accounts f o r $,9 m illio n o f 9$ notes o f S e rie s D-9, $, m illio n o f 9$ notes o f S e rie s B-980 and $8 m illio n o f 8 - / $ bonds o f issu e d August, 9. 8 / Exchanged by F e d e ra l Reserve banks and Government accounts f o r 8- / $ notes of S eries J-9 issued September 0, 9. 9 / Exchanged by F e d e ra l R eserve banks" and Government accounts f o r $,09 m illio n o f - / $ notes o f S e rie s -9, $99 m illio n o f - / $ notes o f S e rie s B-98 and $9 m illio n o f 8 - / $ bonds o f issu e d November, 9. 0 / Exchanged by Fed e ra l Reserve banks and Government accounts f o r 8 - / $ bonds o f issu e d November, 9. / Exchanged by F ed eral Reserve banks and Government accounts f o r - / $ notes of S eries K-9 issued December, 9. / Exchanged by Federal Reserve banks and Government accounts f o r $9 m illio n o f - /8 $ notes o f S e rie s D-98, $00 m illio n o f - /8 $ notes o f S e rie s C-98 and $ m illio n o f - /8 $ bonds o f issu e d February 8, 9. / Exchanged by Fed eral Reserve banks and Government accounts f o r $ m illio n o f -/8 $ notes o f S e rie s D-98 and $ m illio n o f - /8 $ bonds o f issu e d February 8, 9. / Exchanged by F ed eral Reserve banks and Government accounts f o r $,00 m illio n o f - /8 $ notes of S e rie s E-98, $, m illio n o f 8$ notes o f S e rie s A-98 and $0 m illio n o f 8 - /$ bonds o f issued May, 9. / Exchanged by F ed eral Reserve banks and Government accounts fo r 8 - /$ bonds o f issued May, 9. / Exchanged by Federal Reserve banks and Government accounts f o r $, m illio n o f - /8 $ notes o f S e rie s F-98, $90 m illio n o f 8 -/8 $ notes o f S e rie s B-98 and $ m illio n o f 8-/8$ bonds o f issu e d August, 9. Note: Inform ation on retirem ent of tax an ticip atio n issues referred to in footnote. in m illio n s of d o lla rs ; Date o f retirem ent S e c u rit ie s T o ta l amount r e t ir e d Redeemed f o r taxes Redeemed f o r cash / 0 / B il l,0 9,00 / / B il l,0,8 8 9A 9/ B il l,0 9, A 9/ B il l, 8,08 // B il l, 8,8 9/0A B il l, 0, / / B ill, 8,0 // B il l, 80

63 September 9.PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issu e d to O f fic i a l I n s tit u t io n s o f F oreig n C ountries (Payable In U.S. Dollars; dollar amounts in millions) Month of activity Securities Issue date Maturity date Merest rate (Percent) Issued Amount Retired Total outstanding end of month 9- J u ly. Aug. C e rtifica te s of indebtedness Notes / C e rtifica te s of indebtedness /0/ // // /8/ /8/ /9/ /9/ // // /0/ // /0/ // // // // // // // // // // // /8/ /8/ /8/ /8/ /8/ /9/ /9/ /9/ /9/ // // // // // /0/ // f //8 /0/ // // /09/ // /9/ // // /9/ // // // // // // // // // // // // // // // // // /8/ /8/ /8/ /9/ /9/ /9/ // // // // /0/ // 8// 8// 8// /0/ // // /8/ /8/ /9/ /9/ // 8// 9/0/ 9// 0/0/ 0// 0// 0// 0// 0// 0// 0// 0// 0// 0// 0// 0/8/ 0/8/ 0/8/ 0/8/ 0/8/ 0/9/ 0/9/ 0/9/ 0/9/ 0// 0// 0// 0// 0/9/ 0/0/ 0// /0/ /09/ // /9/ /08/80 //80 0// 8// 8// 8// 8// 8A / 8// 8// 9// 9// 9// 0// 0// 0// 0// 0// 0// 0// 0// 0// 0/8/ 0/8/ 0/8/ 0/9/ 0/9/ 0/9/ 0// 0// 0// 0/9/ 0/0/ 0// // // // , >,0

64 Treasury Bulletin.PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Jssued to O fficial Institutions o f F oreign Countries! C on tin u ed (Payable in U.S. Dollars; dollar amounts in millions) Month of activity Securities Issu e date M aturity date In te re s t ra te (P erce n t) Issued Amount R etire d Total outstanding end of month 8 / / / / /9 / /9 / / / / / 9.00,0-8 / / / / _ 8 / / / / 9.00 _ 8 / / / / 9.00 _ 8 / / / / / / / / / / / / _ 8 /9 / / 9 / / / / 0 / Notes / / 8 / /. - 0 I'-.'-Sept. Certificates of indebtedness /0/'/ 9 /0 /. -,0 /0/ 9 /0/. - /0 / - 9 /0 / / 0 / 9 / 0 / / / 9 // /9/ 9 /8/. - 8/09 / /09/ /9 / /9/ /0 / 0/09/ /0/ /0 / 8.80, - 9 /0/ /0 / /0/ /0 / /0 / /0 / / 0 / / 0/ /9 / / 9 / / 0 / /0/ / 0 / / 0 / / / / / // / / / / / /. - 9 / / / /. - 9 // / / // /8 /. - 9 / / / /. 9-9 /8 / /8 /. - 9 /8/ /8 /. - ),0 Notes / / 9 / 0 /.9-00 Oct. [Certificates of indebtedness /0 / 0/0/ // 0// / / 0// / 8 / 0/8/ /8/ 0/8/ / 9 / 0/9/ / 9 / 0/9/ / 9 / 0/9/ / / 0/ / 8. - / / 0// /09 / 0/09/ // // /0/ 0/09/ /0 / /0/ /9 / /9/ / 0 / / 0 / // // // / /. - 9// // /8/ /8/. - 9/8/ /8/ /0 / //. 8-0/0/ /0 /. 0-0 /0 / /0 /. _ 0/09/ /0 9 /. 8-0/09/ /09/. 9-0 / / //. 0 / / / /.0-0 / / / /.0 0-0/8/ /8/.0-0 /9 / /8/ /9 / /8/.0 0 / / / /.9 0/ / //.9-0 / / / /.0 - ), Notes /0/ 0/8/ /0 / /9/ /8 / / /

65 September 9 PUBLIC DEBT OPERATIONS T a b le P D O F oreig n S eries S e c u r itie s (N on m a rk eta b le) Issu ed to O f fic ia l In stitu tio n s o f F oreig n C o u n trie s C on tin u ed (Payable in U.S. Dollars; dollar amounts in millions) Month o f a c t iv it y S e c u r it ie s Issu e date M aturity date In te re s t ra te ( P e rcent) Issued Amount R etire d T o ta l outstanding end o f month 9-Nov. ( C e rtifica te s of indebtedness Dec. Notes C e rtifica te s of indebtedness Notes 9-Jan. C e rtifica te s of indebtedness Notes /9 / / / / / / 0 / / / 8 / / 8 / / 8 /9 / 8 / / 8 / / 8 / / 8 / / 8 // 9 / / 9 / / 9 / / 9 / / 9 / 8 / 0 /9 / / / / / /9 / /9 / /9 / / / / / / / / / / / / / / 0 / / 0 / / 0 / / 0 / 8 / / / 9 / 9 / 0 / 9 / / 9 / / 9 / / 9 / / 0 / / / 0 / / / / / / / / 8 / / / / / 9 / / / / 0 / / 0 / / 0 /9 / 0 /9 / 0 / / 0 / / 0 /8 / 0 /9 / 0 / / 0 / / / 0 / / / / / / / / / /9 / /9 / / / / 8 / / / / / 0 / / / / /9 / / / / / / 0 / / / / / / / /9 / H / / / / / / / / / 0 / / / / / / / / / / 8 / /8 / / / / / /8 / /8 / /9 / / / / / / / / / / / / / /8A / 8 / / 0 / / 0 / / 8 / / 9 / / 0 / / / / / / 8 / / / / / / 0 / / / / / / / /8 / / / / / / / /9 / / / / / /9 / /9 / / / / / / 8 / / 8 / / / / / / 0 / / / / / / / / / /9 / /9 / / / / 8 / / / / / / / / / ,80,00,0 0, ,80, ,0 0, >,, / / / / /9 / /9 / / / H / / / / / / / / / / /8 / /8 / / / / / / / / / ,0 00

66 8 Treasury Bulletin.PUBLIC DEBT OPERATIONS. T a b le P D O -8. -F o re ig n S e rie s S e c u r itie s (N on m a rk eta b le) Issu ed to O ffic ia l In s tit u t io n s o f F oreign C o u n t r ie s -C o n tin u e d (Payable in U.S. Dollars; dollar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (Percent) Issued Amount Retired Total outstanding end of month 9-Feb. Mar. Apr. May. (Certificates of indebtedness Certificates of indebtedness Certificates of indebtedness (Certificates of indebtedness / / / 0 / / 0 / / 8 / / / / / /8 / / / / / / / / / / / / 8 / / 8 / / 8 / / 8 / 9 / / / 0 / / / / / / 8 / /9 / / / / / / / / / / / / / /8 / / / / / / /. / / /0 / /0 9 / / / / 8 / / / /0 / /0 / /0 8 / /0 9 / /0 9 / / / / 8 / /8 / ( / 9 / / / / / / / / 0 / // / / /0 9 / / / / 0 / / / /0 / /0 8 / / / A / / / / / / / / 8 / / 8 / /0 / /0 / /0 / /0 / /08/ /09/ /09/ /09/ /0 9 / /09/ /09/ /09/ /09/ / / / / / / / / / / / / / / / / /8 / / 8 / /8/ / / / / /8 / / / / / / / / / / / /8 / /8/ /8/ /8/ / / / 0 / / / / / /8/ /9 / / / / / / / / / / / / / /8/ / / / / / / // /0 / /0 9 / / / /8 / / / /0 / /0 / /0 8 / /0 9 / 0/09/ / / / 8 / / 8 / / 9 / / / / / / / / 0 / / / / / /09/ / / '/0/ /0 / /0 / /08/ / / / / / / / / / / /8/ /8/ / / 8 /0 / 8 /0/ 8 /0/ 8 /08 / /0/ / / /0 / / / /8 / / / 8 /0 / 8 /08 / / / 8 / / 9 / / 8// 8 // 8 / / 8 / / , , , ,80,00 0 0, ,0 80, ),00

67 September 9 9.PUBLIC DEBT OPERATIONS. Month of activity Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued Securities (Payable in U.S. Dollars; dollaiamounts in millions) Issue date Maturity date Interest rate (Percent) Issued Amount Retired Total outstanding end of month 9-June. J u ly. Notes C e rtifica te s o f indebtedness Notes C e rtifica te s of indebtedness Notes /8/ /8/ /8/ /8/ /8/ /8/ /8/ /0/ // // // V.( // // // /8/ // // // // // /8/ // /0/ /9/ /9/ /8/ /8/ // // /0/ // A/ // // // f // // J /9/ l // // // /9/ // // /8/ /9/ // // /9/ /9/ /9/ /9/ // /8/ // // // // // // /9/ // // // /8/ /8/ /9/ // // // /9/ // // // // /8/ // // /9/ 8/08/ 8//( 8// 8/8/ 9/ 0 / 9/0/ /0/ 8/0/ // 8/8/ // // // // // // // // // /8/ // /0/ /0/ // /9/ 8/8/ // // 9/0/ 9// 9// 9/0/ 9// 9// // // // //8 //8 0/ / // // /9/ // /8/ /8/ /9/ // // // // /8/ // // /9/ 8/0/ 9/M 9/0/ 9// 0// 0// /9/ 0// 0// 0// 0/8/ 0/8/ 0// 0// 0// 0// 0/9/ 8// // /8/ // /8/8 //8 0/0/ ^ Q $ $ $ Q ,,80

68 0 Treasury Bulletin PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to O fficia l Institutions of Foreign Countries Continued Month o f a c t iv it y S e c u r it ie s (Payable in U.S. D ollars ; d o lla r amounts in m illio n s ) Issu e date M aturity date In t e re s t ra t e ( P ercent) Issued Amount R e tire d f /8/ 8/8/.0 80 /0/ 8/0/ 8.90 _ /0/ 8/0/ 8.90 _ /0/ 8/0/ /08/ 8/08/ 9.0 _ 0 /09/ 8/0/ /09/ 8/08/ 9.0 _ 00 A / 8A/ 8.0 _ 890 // 8// 8.0 _ 0 // 8A/ A / 8// 8.0 _ 08 // 8A / 8.0 /8/ 8/08/.0 _ 00 /8/ 8// C e rtifica te s of indebtedness ( /8/ 8// /8/ 8/8/ Notes T o ta l outstanding end o f month // 8/0/ 8.00 _ // 8/0/.0 _ / V,00 8/0/ /0/.0 8/0/ /0/.0 _ 8/08/ /08/ _ 8// // _ 8// // 8.80 _ 8A / // 8.80 _ 8// // // // 8.80 _ 8// A/ // // 8.80 _ 8// // 8.80 _ 8// // 8.80 _ 8/8/ // ^ 8/8/ /8/ f // 8//.00 _ 0 I 8// /8/ r r / / 9// /8/ 9/0/.8 _ 80 /8/ 9/0/.8 _ 80 // 9/0/ 8.0 _ 8 /0/ 0/0/.80-9 // 0A/.90-9 S ept... C e r t ific a t e s o f indebtedness < /9/ 0/9/.0 09 L oi w 8/0/ /0/.0 _ ftjl, Pr 9/0/ /0/ 9.88,000 9A / A/ /0/ /0/ /0/ 0// f // 9/9/.0 _ 00 Notes \ 9/9/ A8/ r / 09/, 0/09/ 8.0 _ 9 // 0//.90 _ A / 0//. _ 0 A/ 0//.0-80 A 8/ 0/8/.0 - /8/ 0/8/.0. 0 A 9/ 0//.0 0 // 0//.0 // 0// 0 _ 0 9/0/ /0/ /0/ 0//.0 _ 80 0/09/ /09/. 9 0/09/ /0/.0 0// A 0/.0 8 0A/ //. _ 0A/ //. 0// //. 80 _ O ct... ( C e r t if ic a t e s o f indebtedness < 0// A /. 0/8/ /0/.9 _ >, 0/8/ /0/.0 _ 0/8/ A /.0 _ 0A8/ //. 0/8/ //. 0// //. 0 0// //.0 0// //. 00 _ 0// 0// 0/0/ 0/0/ _ 0// //. 0// //. 0/9/ //.90 _ 0// /0/ ( A9/ 0// 8.0 Notes ) 0/0/ 0/0/8.0 V. \ 0// /9/.80 >

69 September 9 PUBLIC DEBT OPERATIONS T a b le P D O F o re ig n S e rie s S e c u r it ie s (N o n m a rk e ta b le ) Is s u e d to O f fic i a l In s tit u t io n s o f F o re ig n C o u n t r ie s C o n tin u e d (Payable in U.S. D ollars j d o lla r amounts in m illio n s ) \Kr\r\tVi MOuwl ox Issue M aturity a c t iv it y S e c u rit ie s date date In terest Amount ra te T o ta l outstanding (P ercent) Issued R etire d end o f month s " _ 8 v _ _ _ _ _ _ _ _ _ _ _ Nov... { C e r t if ic a t e s o f indebtedness >, _ _ > _ _ _ _ _ _ _ _ _ _ k C " _ _ _ _ _ _ _ _ 00 D e c... C e r t if ic a t e s o f indebtedness < _ >, _ _ _ ^ ^Footnote at sad of table. Notes I _ 0 I _ 00 \ " _ _ _ _ _ _ _ _ _ _ _

70 PUBLIC DEBT OPERATIONS Treasury Bulletin Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. dollars; dollar amounts in millions) Month o f a c t iv it y S e c u r it ie s Is s u e date M a turity date In t e r e s t Amount ra t e ( Percent) Issued R etired T o ta l outstanding end o f month 9 -Jan. C e rtific a te s of indebtedness " ^ >, Notes _ \ I Feb. c C e rtifica te s o f indebtedness " / / / /.9 0 _ /8 / / / / / / / / / / /. 0 - / / / /. 0 - / / / /. 0. / / / /. 0 - / 8 / / 8 /. 0-0 / 0 / / 0 /. 00 / / / /. - / / / /. - / / / /. - / / / /. - / / / / / / / /.0. / / / /. 0 - / / / /. 0. / / / /. 0. / / / /.0 0. / / / / / / / / / / / /. 0 - / / / /.0 / / / / / / / / / / / /.0. / 0 / /9 /.0 - / 0 / /9 / / / / /.80 / / / /.80. / / / / / / / /.80. / / / / / / / /.80 - / / / /.80 - / / / /.80 - / / / /.80 - / 8 / / 9 /.0 - / 8 / / 0 /.0 0. / 8 / / 0 /.0 - / 8 / / 0 /.0 - / 0 / / 0 /.0. / / / /. 8 - / / / /.0. / / / /.0 - / / / /.0 - / / / /. 9 - / / / /. - / / / /. - / / / /. - / / / /. - / / / /. - / / / / / 8 / / 8 /. 8 - / 8 / /8 /8. -

71 September 9 PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued 9-M ar. Month o f a c t iv it y (Payable in U.S. dollars; dollar amounts in millions) fissu e M a turity In t e r e s t S e c u r it ie s date date ra te (P erce n t) Issued / / / / 00 / / 9/ / 00 B i l l s / / / / 00 / / / 9 / 90 9 / / / / 9.88 _ 9 / / / / / / / /.. / / / /. 0 - / 9 / / 9 /.0 - / 9 / / 9 /.0 - / 0 / / 0 /.0 - // / /. - / / / /. / / / /. / / / /. / / / /. 0 C e rtifica te s o f indebtedness / / / /. / / / /. / / 9 / /.0,000 / / / /. / / 9 / /. 8 / / / /. / / / /. 9 / / / /. / / / /. / 8 / /8/.0 9 / 9 / /9 /.0 / 9 / / 9 /.0 9 / 9 / /9 /. 0 / / / /. Amount R etire d 00, T o ta l outstanding end o f month,0 B i l l s /9 / / 0 / 80 / / / / / / / / 8 / / / / 8 / / / / / / 0 / / 8 / 0 / 0 / 0 / 80 Apr. C e rtifica te s of indebtedness 0 /9 / /9 /. - 0 / / / 0 / // / /. - / / / /. - / / / /. - / / / /. - /8 / /8 /.0 - /8 / /8 /.0 - /9 / /9 /.0 - / 0 / / 0 /.0 - / 0 / / 0 /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / / /.0 - / / /8 /.0 - / 8 / / 8 /.0 - / 9 / / 9 /.0 - / / / 0 /.0 - / / / /.0 - / / / /. 0 - / / / /.0 - / / / /. 0 ' - / / / /.0 - / 0 / /9 /. 0 - / / / /.80 - / / /A.80 - / / / /.80 - / 8 / / 0 /.0 - / 8 / / 0 /.0 - / / / /.0 - / / / /. - / / / /. - / 8 / /8 /. - / 8 / /8 /. - / / / /. - / / / /. - / / / /. - / / / /. - / / / / -. - / / / / ,99

72 PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. dollars; dollar amounts in millions) Treasury Bulletin Month of activity Securities Issue date Maturity date Interest rate (Percent) Issued Amount Retired Total outstanding end of month // A 9/ // A / // // /8/ A 0/ A / // /8/ /9/ ^ /0/ // A 9/ A / A / // // /8/ /0/ A / // /8/ /9/ /0/ Notes ^ B ills ( f // ^ A / // // // // //8 /9/ /9/ 8// May. < C e rtifica te s of indebtedness /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ // A / // // // // // // // /8/ /8/ /0/ // // // // // // // // // /8/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /0/ /09/ // // // // // // // / / // // // // A / // /0/ /0/ // // // // // // // // /0/ /0/ /0/ /0/ /0/ /0/ /0/ /09/ // // // // // // // // // /9/ /0/ /0/ // // // // // // // // // /8/ /0/ /0/ 8/0/ 8/0/ 8/0/ 8/0/ 8/0/ 8/0/ 8/0/ 8/0/ 8/08/ 8// 8// 8// 8// 8// 8// 8// 8// 8// 8// 8// 8// 8// 8// 8/0/ 8/0/ 8// 8// 8// 8// 8// 8// 8// 8// Notes // // // // /9/ /9/ /9/ // // // // /8/ /8/ /8/

73 September 9 PUBLIC DEBT OPERATIONS T a ble PD O-8. - F oreign Series Securities (N onm arketable) Issued to O fficia l In stitution s o f Foreign C ou ntries C ontinued Month o f a c t iv it y S e c u r it ie s B i l l s CIssu e date M a tu rity date In terest ra te (P ercent) Issu ed Amount R e tire d /0 / /0 / _ 00 / / /9 / - 90 /0 / /0/ 8 - T o ta l outstanding end o f month 9-Ju n e. / C e rtifica te s of indebtedness Notes B i l l s /0 / /0 /. 0-0 /0 / /0 /. - 8 /0 / /0 / /0 / / / /0 / / /. - / / / /. - / / / /. - /8 / /8 /.0-9 / 9 / /9 /.0 /9 / /9 / / 9 / /9 /.0 - / / / /. - /0 / /0 /.0 - /0 / /0 /.0 - /0 / /0 /.0 - /0 / /0 /.0 - /0 / /0 /.0-8 /08/ /08 /.0 - /9/ / 9 /. - /0 / 8 /0 /. - /0/ 8 /0 /. - /0/ 8/0 /. - /0/ 8/0 /. - /0/ 8 /0 /. - / / 8 / /. - / / 8 / /. - / / 8 //. 0 - / / 8 //.0 - / / 8 / /.0 - / 0 / 8 /0 /. - 0 / / 8 //. - / / 8 //. - / / 8 //. - / / 8 / /.0 - / / 8 / /.0 - / / 8 / /.0 - / / 8 / /.0-8 / / 8 / /.0 - / / 8 / /.0 - / / 8 / /.0 - / / 8 / /. 0 - / / 8 / /.0 - / / 8 / /.0-8 /0 / 9 /0 /. 0 - /0 / 9 /0 /. - /0 / 9 /0 /. - /0 / 9 /0 /. - /0 / 9 /0 /. - / / 9 / / / / 9 / /.0 - / / 9 / /.0 - /8 / 9/8/ /9 / 9 /9 /.80 - / / 9 / /.0 - / / 9 / /. 0 - f / / / /. _ 00 /0/ /0/ /9 / / 9 / /9 / / 9 / /9 / / 0 / / / // /09/ / 0 / / / / / - - / / / / / / / / / / / / - - / 0 / 0/09/ / 0 / /08/ - - / / 0/ / / / 0/ / / / 0 / / /0 9 / / 0 /.0-9 /8 / /9/.8-80 /0 / 9 /0/.0-00 /08/ /0 8 /.0-8 / 0 / / 0 /.0 - / / / /. - / / / /. - /8 / / 8 /. - / 8 / / 8 /. - / 0 / / 0 /. - /0 / 8 /0 /. - /0 / 8 /0 /. - /0 / 8 /0 /. - /0 / 8 /0 /. - /0 / 8 /0/. 9

74 PUBLIC DEBT OPERATIONS. Treasury Bulletin Mohth o f a c t iv it y...j , T able PDO-8. - Foreign Series Securities (Nonmarketable) Issued to O fficia l In stitu tion s o f Foreign C ountries C ontinued S e c u r it ie s (Payable in U.S. d o lla rs ; d o lla r amounts in m illio n s ) Issu e date M a turity date In terest ra t e (P ercent) Issued Amount R etired T o ta l outstanding end o f month /0 / 8 /0 /. - i /0 9 / 8 /08 /. - /0 9 / 8 /08 /. - / / 8 / /. - > 0.0 / / 8 / /. - / / 8 / /. 0-0 / C e rtifica te s of indebtedness < // 8 //.0 9 / / 8 // $.0 - / 0 / 8 /0/. - / 0 / 8 /0 /. - 8 / 0 / 8 /0 /. _ / / 8 //. - 9 / / 8 / /.0. 0 / / 8 / /. 0-0 / / 8 / /.0 - / / 8 / /. 0-9 // 9 // #0-9 / / 9 / /. 0 - / 8 / 9 /8/.80-9 /9 / 9 /9 /.80 - / 0 / 0 / 0 /.0 _ / 0 / 0 / 0 /.0 _ / / 0/ /$.0 _ / / 0/ /. _ / 9 / 0 / 8 / w / 9 / / / J Source: Bureau b f the P u b lic Debt. Less than $00,000. f /0/ /0 /. _ 00 / u / n / /.0-00 Notes ( /0 / /0 / _ ] / / / / _ I. / / / 8 /. 0 - r f / / 8 // - B i l l s 8 / / / / 0 - /0 / 9 /0 /.0-00 /0 / 8 /0/. - /0 / 8 /0 /. - 0 / / 8 //. 0 - / / 8 //. 0-0 / / 8 //.0-0 / / 8 //.0-0 / / 8 //.0 - C e rtifica te s J // 9 //.0 - / / 9 / /. 0-9,9 / / 9 / /. 0-8 /0/ /0 /. - 8 /0/ /0 /. 0-8 / / / /. - 8 / / / /. 0-8 // / /. - 8 // / /. 0-8 // / /. 0 - < \ f / / 8 /8 / Notes < 8 /8 / 9 / 0 / 8. - ^ 8/8 / 0 / /.0 J

75 September 9 PUBLIC DEBT OPERATIONS. Table PDO-9. - Foreign Currency Series Securities (Nonmarketable) Issued to Official Institutions of. Foreign Countries (Dollar amounts in millions) Month of activity Securities Payable in Issue date Maturity date In t e r e s t ra t e (percent) Issued Amount (D o llar equivalent) Retired Total outstanding end of month 9 -Ju ly, Aug., {C e r t if ic a t e s o f indebtedness Notes C e rtifica te s of indebtedness C Sw iss fra n c s ^ Sw iss fra n c s German marks Sw iss fra n c s Sw iss fra n c s / / / / / / / / 8 / / / / / 9 / / / 8 / / / / ,999,000 Sept, Notes Sw iss fra n c s Swiss fra n c s / / 9 / / 9 / / / 0 / ,00 O ct.. Notes f German marks / Sw iss fra n c s Sw iss fra n c s //8 / / 0 / / 0 / / 0 / / / /...0 9,80 Nov.. Notes CSw iss fra n c s J Sw iss fra n c s Swiss fra n c s V Sw iss fra n c s 8 / / 8 / 9 / / / / 0 / / / / 0 / / / / 0 / ,8 D ec.. Notes J German marks I Swiss fra n c s I Swiss fra n cs Swiss fra n c s Swiss fra n cs //8 9 / 0 / 9 / / / / / / / / / / / / / / / / ,0 C e r t ific a t e s o f indebtedness Swiss fra n cs Swiss fra n c s / / / 9 / / 9 / / 9 /.. 9 -Jan., Feb. Notes I C e rtifica te s of indebtedness Notes CSwiss fra n c s / Swiss fra n cs \ Swiss fra n c s V.Swiss fra n c s f Swiss fra n c s Swiss fra n c s German marks 0 /8 / 0 /9 / /8 / / 9 / 8 / / / / 8/9/9 /8 / / 9 / /8 / / 9 / / / 8 / / / 9 / ,, Mar. Notes f Swiss fra n c s I Swiss fra n c s /9 / /9 / /9 / / /.80. 9,8 C e rtifica te s o f indebtedness / ( Swiss fra n c s I Swiss fra n c s / 9 / / / / 9 / 8 / /.. 0 Apr. Notes / German marks Swiss fra n c s Sw iss fra n c s Swiss fra n c s Swiss fra n c s Sw iss fra n c s Swiss fra n c s Swiss fra n c s Sw iss fra n c s Swiss fra n c s Swiss fra n c s Sw iss fra n c s 0 // 9 8 / / / 8 / / 0 / 9 / / 0 / / / 0 / / / / / /8 / / 9 / 0 / / 8 / / 8 / 0 / 8 / 0 / / 0 / / / / / / 0 / / / / / /8 / / 9 / , Notes f Sw iss fra n c s ) Sw iss fra n c s \ Sw iss fra n c s VjSwiss fra n c s / / / / / / / / / / / / / / / / J u ly C e r t ific a t e s o f indebtedness f Swiss fra n c s \ Swiss fra n c s / 9 / / 9 / / 9 / / 8 /.., C e rtifica te s o f indebtedness Sw iss fra n c s / / 8 / /. Aug., Notes fsw iss Swiss J Swiss ( Swiss ] Swiss I Swiss (jswiss fra n c s fra n c s fra n c s fra n c s fra n c s fra n c s fra n c s 8 / / / 8 / / 0 / 8 / / 8 / 0 / 8 / / 8 / 0 / 8 / / 8 / 0 / 8 / 0 / / / / 0 / / / / 9 / ,8 Oct. Nov. 9-Jan. Notes Notes C e r t if ic a t e s o f indebtedness Notes German marks Swiss fra n c s Swiss fra n c s (/ Sw iss fra n c s Sw iss fra n c s j Sw iss fra n c s I Swiss francs / / 9 / / / 0 / / 9 / / 8 / 0 / / / / 0 / / / 0 / / 8 / / 8 / / 8 / / / / / ',8 8,88 Footnotes at end of table.

76 8 PUBLIC DEBT OPERATIONS Table PDO-9. - Foreign, Currency Series Securities {Nonmarketable) Issued to O fficial Institutions of Foreign Countries C on tin u e d Treasury Bulletin (D o lla r amounts in m illio n s ) Month o f a c t iv it y S e c u r it ie s Payable in Issu e date M a turity date In t e re s t ra te (p e rcen t) Issued Amount (D o llar equivalent) R etire d T o ta l outstanding end o f month 9-Feb. Notes f Swiss fra n c s J Swiss fra n cs \ Swiss fra n cs Swiss fra n cs /0/ / 0 / /0 / / 0 / /0 / / 0 / /0 / / 0 / ,89 Mar. Notes f Sw iss fra n c s ) Sw iss fra n c s S Sw iss fra n c s V Sw iss fra n c s / ,9 Apr. June. J u ly. Notes C e r t ific a t e s o f indebtedness Notes Notes Swiss fra n cs Swiss fra n c s Swiss fra n c s Swiss fra n c s Sw iss fra n c s Swiss fra n c s Swiss fra n c s Swiss fra n c s Swiss fra n cs Swiss fra n cs? Swiss J Swiss \ Swiss V Swiss Swiss Swiss Swiss Swiss ( Swiss Swiss Swiss Swiss fra n cs fra n cs fra n cs fra n cs fra n c s fra n c s fra n c s fra n c s fra n c s fra n c s fra n c s fra n c s >,99 9-Jan. Feb. Apr. j (C e r t if ic a t e s o f indebtedness Notes Notes Notes Swiss fra n c s Swiss fra n c s ( Swiss fra n c s Swiss fra n c s Swiss fra n c s Sw iss fra n c s / 8 / / 0 / / 0 / / 8 / / / / / / 0 / / 0 / / 8 / / 8 / / / / / May. Notes Sw iss fra n c s J Sw iss fra n c s \ Sw iss fra n c s I Sw iss fra n c s /0 / / 0 / /0/ 8/0/ /0 / / 0 / 8 /0 / 8 /0 / June. Notes "S w iss fra n c s Swiss fra n c s Swiss fra n c s Swiss fra n c s ^Swiss fra n c s / / / / / / // / / / / / / 9 / 0 / / 0 / / / J u ly. Notes Sw iss fra n c s Sw iss fra n c s Sw iss fra n c s Sw iss fra n c s /08/ /9/ /08 / / 9 / /0 8 / / 9 / 0/08/ 0/9 / Source; Bureau o f the P u b lic Debt. / Thft p rin c ip a l amount of th is note was increased $ m illio n to compensate fa r a lower in te re st cost than was anticipated when the note was re valu ed i n 90. / D o lla r v a lu e o f s e c u r it ie s in c re a se d to r e f l e c t market exchange ratee as o f February, 9.

77 September 9 U N IT E D S T A T E S SAVINGS BONDS 9 Series E and Series H are the only savings bonds currently sold. Series E has been on sale since May, 9, and Series H has been on sale since June, 9. Series A - D were sold from March, 9 through April 0, 9-. Series F and G were sold from May, 9- through April 0, ^. Sera es J and K were sold from May, 9 through April 0, 9. Details of the principal changes in issues, interest yields, maturities, and other terms appear in the Treasury Bulletins of April 9, May 9, May 9, October and December 99, May and October 9, June 98, and September 90; and the Annual Report of the Secretary of the Treasury for fiscal years 9 through 9. T able SB-. - Sales and R edem ptions by Series, C um ulative th rou gh August, 9 ( I n m illio n s o f d o lla r s ) Amount outstanding Accrued S ales p lu s S e rie s S ales / d iscount accrued d iscount Redemptions / In t e re s t bearin g debt Matured n o n -in te re s t- bearing debt S e rie s A-D /....,99,0, / S e rie s E and H... 80,00,99,9 8, S e rie s F and G ,9 9 OQ D? Ly IQ S e rie s J and K..., 'l9 8 ^.9, T o tal A-K...,,9,9 9,9, T able SB-. - Sales and R edem ptions by Periods, A ll Series Com bined ( I n m illio n s o f d o lla r s ) Period S ales / Accrued disco u n t Sales p lu s accrued discount T o tal Redemptions / S ales P ric e / Accrued d iscount / In t e r e s t - b e aring debt Amount outstanding Matured n o n -in te re s t- b earing debt F is c a l y ea rs: 9-...,0, 8,0,,0,88 0, ,0,,0,,9 9 0, >,9,,9,99,9 9, ,9,,,98,98,00, ,0,89,8,9,,0, ,9,8,9,8,08,0,8 9...,08 jl0 8 ^ JD8 ^00 9.'.....,90,0 8,9,8,0,0, ,, 9,08,8,9,09 9,8 9...,9,9 9,8,8,,, , 0,08,9,,,09 Calendar y ea rs: ,,8 8,9,0 9,8,8 9, ,8,,0,, 889 0, 9...,80,9,,000,0 9 0, 9...,898,8,8,9,8 9,8 9...,9,9,,,09,00, ,9,8,,9,,8, ,,909,,9,0,, ,,9,9,,,0, 9...,, 8,,,,0,9 9,...,0, 8,9,,9, 0, 9...,8,99 9,8,89,,, Months:,8, 0,08,9,,,09 9-Aug , , 8 Oct , , 8 Dec ,9 9 -Jan... 98,0, Feb ,0 8 Mar , 8 A pr ,0 8 May ,09 June ,8 J u ly ,899 Aug ,0

78 0 Treasury Bulletin.U N IT E D S T A T E S SAVINGS B O N D S. Table SB-. - Sales a n d R edem ptions by Periods, Series E through K Period Sales / Accrued d iscount S a le s p lu s accrued disco u n t (In millions of dollars) T o ta l Redemptions / S ales p r ic e / Accrued disco u n t / In te re s t-b e a rin g debt Amount outstanding Matured n o n -in te re s t- b earin g debt Calendar, y e a r s : Months: 9-Aug... Sept... Oct... Nov... Dec Jan... Feb... Mar... ' A p r... May... June... J u ly... Aug...,,0,9,9,0,,,9,08,99,,9,8,8,8,80,898,9,9,,,,0, ,89,,9,,88,8,0,0,,9,,,,80,80,,8,909,9,,,99 9 9" ,0,9,8,0,,9,8 8,9 9,08 9,8 0,08,9,000,0,8,,,,9 8, 8,9 9, , ,8,0,9,,98,,,,8,, 9,8,,,9,9,,8,,9,0, ,,08,,9,,8,,9,90,, 8,0,,,9,898,9,00,,,9, , ,08,,08,0,09,, 0, ,0,,,00,09,, ,9 9,8 0,8,,,8,00.9 9,8.9,8 8, 9,9 0,,,890,9,8,,9 0,,9,9,,8,,9,,0,,0,09,8,899, S eries F, G, J, and K combined / m a r s : ~ 9-...,9,99 -,0,09 $ /&!/& 0,0,9, / Calendar y e a rs: 9-...,9,9,, S / / /8 / 0,,8, / 9, Months: 9-Aug Sept _ Oct Nov... - _ Dec Jan... _ -. _ Feb Mar _ A p r June J u ly Aug... -, - - Footnotes at end of Table SB-.

79 September 9 U N IT E D STA T E S SAVINGS BONDS Table SB-. - Sales and R edem ptions by P e rio d s, Series through K C on tin u ed ( I n m illio n s o f d o lla r s ) Period S ales / Accrued d isco u n t S a le s p lu s accrued d isco u n t T o ta l Redemptions / S a le s p r ic e / Accrued d isco u n t / Exchange o f E bonds f o r H bonds Amount outstanding ( in t e r e s t - b earin g debt) S e rie s E F is c a l y e a rs i 9-...,8,89, 9,8 8, 0,,9 a, ,,,8,80,90 89,8 9...,99,9,,89,98 9, ,,,9,,8 9 9, ,,88,,8,,08 8, ,89,8,0,99,, 0, 9...,80,0,9,99,8,08, ,0,0,90,9,9,0 9 8, ,90, 8,,09,8,09 8, ,,9 8,89,,8, 0, 9...,0, 9,,0,, 0, Calendar.Years: 9-...,,,80 9,0 8, 0,80,09 0,9 9...,09,,0,0,8 8 90,0 9...,0,80,0,9,99 9, ,,80,,9,0 99 0, ,,,09,00,8,0 9, 99...,,8,0,8,, 80, ,0,909,,,0, 8, ,8,9,,8,8,00 9, ,9, 8,8,00,98,09 9 0,0 9...,988, 8,, 0,0, 9, 9...,,99 9,8,8,9, 0, Months; 9-Aug , 9 9 0,8 O ct ,09 9 0, , 9 -Ja n ,00 8 9,9 Feb , , m 9, , June... 9 $ , , , S e rie s H I 'i s e a j j e a r s i ,00-9,00,8,8 -, , , _ 9, , , , , , , ,8 g.a,efldsff..yeara: ,08-9,08,9,9 -,09, , , , , _ 80, _ 8, , , , , Ifonths: 9-Aug ,0 Sept ,9 - -, , , 9-Jan _, Feb ,8 Mar ,80 A p r , ,88 June , , ,9 Footnotes at end of Table SB-.

80 .U N IT E D S T A T E S SAVINGS B O N D S, Treasury Bulletin T able SB-. - R edem ptions o f M atured and Unm atured Savings B onds (In millions of dollars) Period T o ta l T o tal Matured S e rie s E and H Other To ta l Unmatured S e rie s E and H Other U n c la s s ifie d 0/ Fipoal, y ea rs; C alendar vears ,0 8,,89,,,,,,9,98,9,8,,8,8,8,,00 8,,,9,0,0,,,000,9,,9,9,,,0,8,88,,,9,0,0,8,.,8,0,9,90.0,,9,,0,0,0,,8.0,,8.,8,,8,8,0,0,08,,9,0,,8,9,,98,9,09,89,,,8,0,,,,,,9,,,,889,9,080,0,,0,8,0,0,0,,8,8 / 90 / 9 8 / / ,9,8 y,089 / / 9 /w 0 8 /9 / / ,00,,8,00,9,088,8,00,,0,,8,0,,9,8,,08,0,98,00,00,0,,8,8,,,,88,0,,8,89 8,,8,0,8,8,98,,9,,,0,8,0,,9,8,,8,,,899,8,90,0,,, 0,,,88,0,,8,89 8,, ,80, Months: 9-Aug.... S ept... Oct N o v..., D e c...., 9-Ja n F e b..., Mar. Apr M a y..., Ju n e... J u l y..., A u g Source: Monthly Statement o f the P u b lic Debt o f the U.S.; O ffic e o f Market A nalysis, United States Savings Bonds D ivisio n. Note: In these t a b le s s a le s o f S e rie s A-F and J bonds are in clu d e d at is s u e p r ic e, and redemptions and amounts outstanding at c u rre n t redemption value. S eries G,H, and K are included at face value throughout. U Matured bonds w hich have been redeemed are includ ed in redem ptions. Matured J and K bonds outstanding are in clud ed in the in t e re s t-b e a rin g debt u n til a ll bonds of the annual se rie s have matured, and are then / transferred to matured debt on which in terest has ceased. / Sales and redemption fig u res include exchanges of minor amounts of ( l ) / matured S e rie s E bonds f o r S e rie s G and K bonds from May 9 through A p ril 9; ( ) S eries F and J bonds fo r S eries H bonds beginning / January I90; and ( ) U.S. savings notes f o r S e rie s H bonds beginning January 9; however, they exclude exchanges of S eries E bonds fo r 8 / S eries H bonds, which are reported in Table SB-. / D etails by se rie s on a cumulative b a sis and by periods fo r S eries A-D / combined w i l l be found in the Feb ruary 9 and p revio u s is s u e s o f the Treasu ry B u lle t in. 0 / ] Because there is a normal la g in cla ssify in g redemptions, the d istrib u t io n o f redemption between s a le s p r ic e and accrued disco u n t has been estimated. Beginning w ith the Treasury B u lle tin of March 9 the method o f d is t r ib u t in g redemptions between s a le s p r ic e and accrued discount has been changed to r e f le c t the d is t r ib u t io n shown in f in a l re p o rts o f c la s s i f i e d redemption. A l l p e rio d s shown have been re v is e d on t h is b a s is. S e rie s F and G s a le s were d isco n tin u e d A p r il 0, 9, and S e rie s J and K s a le s were disco n tin u ed A p r il 0, 9. S a le s fig u r e s a f t e r A p r il 0, 9, repre sen t adjustm ents. In clu d e s exchanges o f S e rie s 9 F and G savin g s bonds f o r - / $ marketable bonds o f In clu d e s exchanges o f S e rie s 98 F and G bonds f o r - / $ marketable notes o f 9. In clu d e s exchanges o f S e rie s 99 F and G bonds f o r $ marketable bonds o f 99. In clu d e s exchanges o f S e rie s I90 F and G bonds f o r - /8 $ marketable bonds o f 98. In clu d e s exchanges o f S e rie s 9 and 9 F and G bonds f o r - /8 $ marketable bonds of 9 and $ marketable bonds o f 980. Represents changes in the amounts o f redemptions not y et c l a s s i f i e d between matured and immatured is s u e s. Less than $00,000.

81 September 9.U N IT E D STA T S SAVINGS BONDS, T able SB-. - Sales and R edem ptions by Denom inations, Series E and H Com bined ( I n thousands o f p ie c e s ) Period T o ta l a l l denominations $0 / $ $0 $ / $00 $00 ij $00 $,000 $,000 $0,000 jg/ / Sales / F is c a l y e a rs : p... Calendar years: Months: 9 -Ju l y Aug... S ept.... O c t..... Nov... Dec... 9-Ja...n Feb... M ar... A p r... May... June p..,9, 0,00,.,9 8,8,0,,,,8,00,,8 9, 98, 00, 0,99,00 8,9, 0,0, 0,8,90,, a 0,98 0,,9 0,98,8,0 0,,08, 0,,8,0,0,0,,0,0,9 8,08 8,0,0, 8,89 8,0,9,,,9 0,,8,8, 8,0,9,88,,0, 8,9,80,0,88,9,0,8,9,8,,9,8,0 8,809,0 ~,,8,0, 8,0 0,,,89,9 9,9,88,8,0,98,,9,,8 8,9,00,,,80,,9,88,,9,,,8,,,888,,9,9,80,8,8,989,0,8,8,99,,0,8,9,9,8,9,9,0, , 0,, 0,9 0, ,,8,0,,9 0, 0, 0,,, 0, 9,80,09,0,0,,89,00,9,0.,8,,,,0,9.,,,00, ,9,,,8,,0,09,000 90,0,0 9 88,00,8,,9, ,,0, ,, 0,88,,0,0,,,0,, ,9,, 8, ,80,0, ,00,,8,,0,88,, 98, ,9,0,, In ce p tio n to date p.,88,9 0,0,8,,99,99 Redemptions / F is c a l years: 9-...,, 8 9,88,,9, 0, 9,8,, ,0 9,,98 8 9,8,, ,9 8,90, 8 9,89 0,08, ,00,9,0,0 0, 808,0, ,9 9,0,08,0 0,9 8,, ,9 0,,89,0,0 9,9, ,,,9, 9, ,,8,9, 9, ,0,880,089,8 0, ,8,88 9,,,8,080,9,8 9p..., 9 a 9, 8,,9,90,0,09, Calendar years: 9-...,89,8 9,9,8, 0,8-8,,8,8, ,9 8,0 9,0-8,,008, ,0 0,8 0,0 9,80 0,0, , 0 8,0,0 9,,080, ,0 0,, 0,0 8,, ,,,99 9 9,80,0, ,0 0 0,0,0,0 0,8 8,, ,0 0,000,9,0, 908,, 90...,9,9,,80 0,8 8,9, ,9 8,0,990, 9, ,,990,,0 9, , 8 8,9,9,9, 99,0, ,08,8 0,0,,,088,,9 Months : ^- J u ly... 0,,8, 90, ,9,9, 0,0 0 9,98,9, 8, ,8,9,98 8, Nov... 8,,9, ,,,0 8, Jan...,,0,8 99, Feb... 9,8,, ,000,, A p r... 9,9,0,09 9, ,,0, ,8,09, ,08,, 0,09,,,0,8, 9,00 8,0,9, Note: These fig u res are estimates by the Market A nalysis O ffice, U.S. / Savings Bonds D iv isio n, and are based on the Monthly Statement o f the / P u b lic Debt o f the U.S. and re p o rts from F ed eral Reserve banks and the Bureau of the Public Debt. / / S a le s o f S e rie s H bonds began on June, 9; the denominations authorized were $00, $,000, $,000, and $0,000. j Sales were authorized in June 9, to Armed Forces only, and d is continued a fte r March, 90,, / / S a les began on May, 9.,,9 S a le s o f $0,000 denomination S e rie s E bonds were authorized on May, 9. In clu d e s s a le s and redemptions o f $00,000 denomination S e rie s E bonds which are purchasable o n ly by tru s te e s o f employees savings p la n s, beginning A p ril 9, and also personal tru st accounts beginning January 9. See Table SB-, footnote. Less than 00 pieces. p Prelim inary. 8 9

82 Treasury Bulletin U N IT E D STA T E S SAVINGS N O TE S United States savings notes were on sale May, 9 through June 0, 90. The notes were eligible for purchase by individuals with the simultaneous purchase of Series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the Treasury Bulletins of March 9 and June 98; and in the Annual Report of the Secretary of the Treasury for fiscal year 9. T able SN-. - Sales an d R edem ptions by Periods ( I n m illio n s o f d o lla r s ) Period S ales / Accrued d isco u n t S a le s p lu s accrued d isco u n t T o ta l Redemptions / S a les p r ic e Accrued d isco u n t Amount o utstanding F is c a l y ea rs: Calendar y e a rs: Months: 9-Aug... - O ct Jan... _ 9 Feb... May... June Source: Monthly Statement of the Public Debt of the United States; O ffice / Includes U.S. savings notes exchanged fo r S eries H bonds beginning o f Market A nalysis, United States Savings Bonds D iv isio n. January 9. / S a le s were d isco n tin u ed a f t e r June 0, 90. F ig u re s shown t h e re a ft e r Less than $00,000. re p re sen t adjustm ents.

83 September 9 flw NRPSHTP OF FE D E R A L SF.C.TTRTTTF.S T able OFS-. - D istribu tion o f Federal Securities by Classes o f Investors and T ypes o f Issues End o f f i s c a l year o r month T o ta l F ed e ra l s e c u r it ie s outstanding T o tal outstanding ( I n m illio n s o f d o lla r s ) T o ta l Interest-bearing p u b lic debt se cu ritie s Held by U.S. Government accounts Marketable Government account s e r ie s / Nonmarketable Other P u b lic issu e s held by Fed e ra l Reserve banks,8,,,00 0,9,00,9,,8,809,,0,0,9,98,0,8,9 9,,0,0,99,9 8,8,00,8,0,09 8,8 9,0 9,0,9,,0, 0,9 9,89 0,888 8,09 8,0,0,8 8,,0,0 9,88 89,,0, 9,,,8 0,080 0,8,0,0 8,08,8 8,0,9,9,0 ' 80,8,,,8 0,,,0 8,9 9-D ec... 8,8,8 9, 0,9 0,,0 8, 9 -Ju ly... 8,0,,,,0,0 8,0 Aug... 9, 80,0,0,88 8,9,0 8,008 S ept... 9,0 80,0 / 0,8,,88 /,0 8,0 Oct... 9, 9, 8,,,8,0 9, 9,8 8,0 9,09,89,8,0 80,998 Dec... 0,0 9,,0,90,,0 80,00 9 -Jan... 0,8 9,8 9,0,,88,0 8, Feb... 0,8 98, 9, 0,88,8,0 8,08 M ar.... 0,0 08,8 8,8 0,80,9,0 8,8 A p r...,, 8,0 0,9,,0 8,8 May... 9,,00 0,8 0,0 8,99,0 8, June...,,,8 0,,,0 8,9 J u ly... 9,0,, 0,8 0,,0 8,88 End o f f i s c a l year o r month Interest-bearing public debt se cu ritie s - Con. Held by p riv a te in v e sto rs Matured p u b lic debt and debt bearing no in terest T o tal outstanding / Agency se cu ritie s Held by U.S. Government accounts and F ed e ral Reserve banks Total Marketable Nonmarketable Held by p riv a te in v e sto rs ,9,909,0,, 8, ,8 0,8,0,9 8,,00, 98...,0 9,8,,8,99,00, ,89,00,8,99,9,8, ,,9 8,,89,0, 9,9 9...,88,8,00,8,, 9,9 9...,,98,,90 0,89,0 8, 9...,9,89 90,08,88,09, 8,9 9...,8,8 89,8,8,0, 9, ,090 0,8 9,0,0 0,9,8 8, 9-D ec... 9,0 0, 88,9,0,8,0 9,80 9 -J u ly... 8,8 9, 89,,0,89, 9,8 8,09 9, 88,,0,8,0 9, 8,8 0,9 88,,,, 9,9,0, 88,88,0,, 9,0,,0 89,0,,0, 9, 9,8 8,000 88,8,0,,9 9, 9 -Jan..., 8, 89,,0,, 9, Feb......,80 8,8 89,9,09,0,0 8,9 88,0 9, 90,90,08,0,099 8,9 89,890 98,8 9,08 989,00,8 8,8 00, 09, 9,89,9 0,998,9 8,80 0,090 0,8 9,0,0 0,9,8 8,,8, 9,80,09 0,90,0 9,0 / Change in heading r e f le c t s p u b lic a tio n o f the Monthly Statement o f the Public Debt of the U.S. on Ju ly, 9. j Figures do not re fle c t an additional $0 m illio n in "Government account s e r ie s ". F ig u re s not in cluded in the Monthly Statement o f the P u b lic Debt. J For detail, see Table FD-.

84 Treasury Bulletin n W N R R S H T P OF F E D E R A L «iar<ttpt>rti?.g T a b le O F S -. - E stim a te d O w n e rsh ip o f P u b lic D eb t S e c u r it ie s b y P r iv a te In v e s to r s (Par values / in b illio n s of d o lla rs ) Nonbank in v e s to rs End o f month T o ta l p r iv a t e ly held Commerc i a l banks / T o ta l T o ta l In d iv id u a ls / Savings bonds S e rie s E and H Other S e rie s Z Other secur i t i e s Insurance companies Mutual savin g s banks Corporatio n s t j State and lo c a l governments Foreign and in t e r n a tio n a l / Other in v e s to rs / 99-Dec _ Peb Dec June Dec Ju n e Dec June Dec Jun e Dec June Dec Ju n e Dec June Dec June Dec June Dec June Dec I9 0 -June D ec Ju n e Dec Ju n e Dec June Dec Ju n e Dec Ju n e Dec June Dec June Dec Jun e Dec Ju n e Dec... ^ Jun e Dec Ju n e Dec Jun e Dec Q -Ju n e Dec $ Jan Feb A p r May June..., J u ly r 0. r r Aug l r 0.9r r S ept Or 08.l r r O ct..... r 09. 8r l r Nov..... r. r Or r.0.r. r r r 9 -Jan....8.r 9.r r r.r r r r 8.Or l r l r. 8r r r M a y r r Ju n e J u ly p S o urce: O ffic e o f Debt A n a ly s is in the O ffic e o f the S e cre ta ry. / United S tates savings bonds, S e rie s A-F and J, are in cluded at cu rre n t redemption v a lu e. / C o n sis ts o f commercial banks, t r u s t companies, and stock savings hanks in the United States and in T e rrito rie s and islan d possessions. Figures exclude se cu ritie s held in tru st departments. / Includes partnerships and personal tru st accounts. U E x c lu s iv e o f banks and insurance companies. / Consists of the investments of foreign balances and in tem atio n al accounts in the United S ta te s. Beginning w ith J u ly 9 the f ig u r e s exclude n o n in te re st-b earin g notes issued to the In t e m a t io n a l 'Monetary Fund. / C o n sis ts o f savin g s and lo a n a s s o c ia tio n s, n o n p ro fit in s t it u t io n s, corporate pension tru st funds, and dealers and brokers. Also in cluded are ce rta in government deposit accounts and government-sponsored agencies. / Includes U.S. savings notes. Sales began May, 9 and were d is continued a fte r June 0, 90. p P re lim in a ry. r R evised.

85 September 9 T R E A S U R Y SURVEY OF O W N ER SH IP. JULY, 9 The monthly Treasury Survey of Ownership covers securities issued by the United States Government, Federal agencies, Federally-sponsored agencies, and the District of Columbia. 9^- Treasury Bulletin, for corporations and savings and loan associations in the September i90 Bulletin, and for State and local governments in the February 9 Bulletin. The banks and insurance companies included in the Survey cur - rently account for about 90 percent of all such securities Holdings by commercial banks distributed according to Federal Reserve member bank classes and nonmember banks axe held by these institutions. The similar proportion for corporations and for savings and loan associations is 0 percent, published for June 0 and December. and for State and local governments, 0 percent. Data were first published for banks and insurance companies in the May Holdings by corporate pension trust funds are published quarterly, first appearing in the March 9^ Bulletin. Table TSO-. - Sum m ary o f Federal Securities (P ar v a lu e s - in m illio n s o f d o lla r s ) Held by p r iv a te in v e s to rs covered in T reasu ry Survey C la s s if ic a t io n Public debt issu e s : In t e r e s t - b earin g p u b lic debt s e c u r i t ie s : M arketable... Nonmarketable /... T o ta l in t e re s t-b e a rin g p u b lic debt s e c u r it ie s. Matured debt and debt bearin g no in t e r e s t... T o ta l p u b lic debt securities... Government agency issu e s : R egular is s u e s... P a rt ic ip a t io n c e r t if ic a t e s /... T o ta l Government agency s e c u r it ie s covered in T reasu ry Survey... Nonsurveyed Government agency s e c u r it ie s... T o ta l Government agency s e c u r it ie s /... T o ta l Fed e ra l s e c u r i t ie s... T o ta l amount outstan d- m g /,0,0,,09 U.S. Government accounts and F ed e ra l Reserve banks 0,0,,9 T o ta l p riv a te in v e s t o r s,0 9,8,8,09 8,0,9,8,, 9,0,8 8,80,0 0,9,8,0,08 0,898,8 8, 9,8,9,9, commerc i a l banks / mutual savings banks / Insurance companies 8 89 l i f e f i r e, c a su a lty, and marine savings and lo a n a sso c ia tio n s corpora t io n s State and lo c a l governments ge n e ra l funds 8 pension and re tirem ent funds A l l o th er p r iv a t e in v e s t o r s /,,0,0,0,,9,9,8 9, ,8,,0,0,0,,9,9,8 0, _,09,,0,0,0,,9,9,8,9,0, , 9 9 9, Footnotes at end of Table TSO-.

86 8 Treasury Bulletin TRRASTTRV SURVEY OF OWNERSHIP,,JULY, 9 Table TSO-. - Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution (Bar values - in m illio n s o f d o lla rs ) Held by investo rs covered in Treasury Survey C la s s if ic a t io n T o ta l amount outstandin g / U.S. Government a c counts and F e d e ra l Reserve 'hn.nlrg, commerc i a l banks / m utual savings banks / In su ra n ce canq?anies 89 l i f e f i r e, c a s u a lty, and m arine 8 savings and lo an a s s o c ia t io n s corporatio ns State and lo c a l governments g e n e ra l funds 8 pension and re tirem ent funds H eld by a l l o th er in v e s t o r s / By type s e c u r it y : Is s u e d b y U.S. Government: T reasu ry b i l l s... T reasu ry n o te s Treasu ry bonds T o ta l... By m a tu rity d is t r ib u t io n : C a l l c la s s e s (due o r f i r s t becoming c a lla b le ) : W ith in y e a r... to y e a r s... to 0 y e a r s... 0 td y e a r s... to 0 y e a r s y e a rs and o v e r... T o ta l... M a tu rity c la s s e s ( f i n a l m a tu rity ): W ith in y e a r... to 0 y e a r s to y e a r s.... $ to 0 y e a rs... 0 y ea rs and o v e r...,,,0,88,,88 0,,0,0 9,89 9,0 00, ,0,,,9,8,,0 0,0,,0,0,0,,9.9 9,9 0,,8,,9,,8,9 0,09,,, 0,9 9,8,8 9, , ,9 89 8,0,8 8 8,80, ,0,0 0,0,,0,0,0,,9.9,8 8,8 0,,8,098 8, 8,,,898,99,0,80, 0, 9,8,9 8 8, ,0 8 8,9 8 9, 9 9,0,8 9,8,8 8 9,9,,8,8 9, ,8,0,,0,00,0 9,09 9,,89,,9,,,0 0,0,,0,0,0,,9,9,8 9,09 Footnotes at end o f Table TSO-. Table TSO-. - Interest-Bearing Marketable Public Debt Securities by Issue Is s u e T o ta l amount outstandin g / U.S. Government a c counts and F ed e ral Reserve banks (B ar v a lu e s - in m illio n s o f d o lla r s ), commerc mutual i a l savings banks banks / / H eld by in v e s to rs covered i n Treasury Survey Insurance companies 89 l i f e f i r e, ca su a lty, and marine 8 savings and loan a sso c ia tio n s corpora t io n s State and l o c a l gvtvauuk g e n e ral funds 8 pension and re tirem ent funds H eld by a l l o th er in v e s to rs / T reasu ry B il l s :. R egular weekly and annual maturing: Aug, 9...,98, ,8 Sept. 9.,9,0,90 8,9 Oct. 9. 9,09,8, 0 9 8, Nov, 9.,0, ,90 Dec. 9.,89, ,9 Jan. 9.,9,9, , Feb. 9., Mar. 9., Apr. 9., ,0 May 9., 8 8 9, June 9,,99,9, Ju ly 9., T o ta l Treasu ry B i l l s...,,89 0, ,,9 9,9 Treasury. Notesj. -/8 Aug., ,9,89, 8 9 9,8 8-/8 Sept., 9-G..., ,99 Nov. 9-D..., ,9 Dec. 9-H:..., /8 Feb. 9-F...,9, 8,98 0 Q9, -/ Feb. 9-A...,9, Mar. 9-H..., ,9 -/ May 9-E...,80 9, May 9-M...,80 8 _ 8 -/ May 9-B..., ,08 8-/ June 9-...,0 0 9,0 -/8 Aug. 9-L..., / Aug. 9-G...,88, / Aug. 9-C...,9, 90 8, 8. Sept., 9-J..., Footnotes at end o f Table TSO-.

87 September 9 TREASURY SURVEY OF OWNERSHIP, JULY, 9 Table TSO-. - Interest-Bearing Marketable Public Debt Securities by Issue Continued (E ar v a lu e s - i n m illio n s o f d o lla r s ) H eld by in v e s to rs covered in T reasu ry Survey xssue T o ta l U. S. Govern Insurance companies, 8 amrtinrh ment a c commerc i a l savin g s f i r e, and lo an corpo mutual savings outstandin g / F ed e ra l banks banks 89 ca s u a lty, a s s o c ia ra t io n s counts and Reserve S/ / l i f e and t io n s banks marine State and lo c a l governments 8 pension ge n e ra l and r e funds tirem ent funds H eld by a l l other in v e s t o r s / I^ e a s ia x Notes (C o n y g y ed l: - / Oct , / Nov. 9-D...,, 9 90,08 - /8 Nov. 9-N..., / Dec. 9-K...,8, Feb. 9-F..., Feb. 9-A...,,0 8 9, - / Mar. 9-G...,, /8 Apr. 9-H..., / May , /8 May 9-C..., 0, May 9-D...,9,9 99, - / June 9 -J..., / J u ly 9-K..., / Aug. 9-B...,98,, 8, - / Nov. 9-E...,0,, / Feb. 98-A... 8,89,0, , - /8 May 98-D...,90 89, ,008 - /8 Aug. 98-E...,,9, 8,9 8 - / Aug. 98-C..., 9 9 Nov. 98-B... 8,0,9, 8 8, - /8 May 99-D...,9, / June 99-E..., / Aug. 99-A...,9,9 9 8,80 - /8 Nov. 99-B...,0, 99 Nov 99-C..., /8 May 980-A...,, Aug. 980-B...,9,9 0,00 Feb. 98-A..., /8 Feb. 98-C..., / Nov. 98-B...,,08, , 8 May 98-A...,, Exchange S eries T o ta l T reasu ry Notes...,,,0,89,000,0,,8, Treasu ry - / May , / June , Feb , / Nov , Aug /8 Feb.,0, /8 Aug.,, / May /8 Nov , / Aug ,, H I, Feb _ 8 - / Aug ,9, /8 May , / Feb.,, , 8 - / May, / Feb May / May ,, Feb /8 Feb / Nov., ,0 8 - / May , T o ta l T reasu ry Bonds...,0,88,0,0 80,,0,8 T o ta l marketable p u b lic debt s e c u r it ie s...,0 0,0,,0,0,0,,9,9,8 9,09 Footnotes at end of Table TSO-.

88 80..TREASURY SURVEY OP OWNERSHIP.JULY, 9. Treasury Bulletin Table TSO-. - Securities Issued by Government Agencies (Par value - in millions of dollars) Issu e E xport-im port Bank: Debentures:.0# Dec / Aug Feb Aug Nov Mar May Is s u e s to S tate and L o ca l Govts. (Mtg. Backed Bonds) /... P a rt ic ip a t io n C e r t i f i c a t e s... T o t a l... Eg.er.al Housing Admjnis.tralLi.cm;. (D ebentures)... 9Y8?SP P-i.,%^.iQ^l-M.tgage Association.! P a rt ic ip a t io n C e r t i f i c a t e s... EfrSftal S e rv ic e;. - /8 Feb Tennessee V alley Authority;. - / /8 - /. 0 - /8 8 - / / / T o ta l. J u ly Apr. Nov. J u ly Feb. May Nov. O ct. Mar. June Oct. Jan. May J u ly Oct. Jan. A pr. J u ly O ct. Jan T o ta l Government agency s e c u r it ie s covered by su rvey... T o ta l amount outstan d- U.S. Government accounts and Fed e ra l Reserve banks, commerc i a l banks / Held by in v e s to rs covered in T reasury Survey. mutual savin g s banks / Insurance companies 89 l i f e f i r e, ca s u a lty, and marine 8 savin g s and lo an a sso cia tio n s corporatio ns State and lo c a l governments ge n e ra l funds 8 pension and re tirem ent funds Ifeld by a l l o th er in v e s t o r s / _ «. _ ,9 9 0 S -.,, _ ,0-8,. 9,0,0, 9 9 9, Footnotes at end of Table TS0-.

89 September 9 8 TREASURY SURVEY OF OWNERSHIP, JULY, 9 _ T able TSO -. - Securities Issued by G overnm ent-sponsored Agencies and the District o f Columbia Issu e (P ar va lue - In m illio n s o f d o lla r s ) Held by in v e s to rs covered in T reasu ry Survey T o ta l U.S. Govern Insurance companies State and lo c a l Held by, 8 crnvp»tmment. s a l l amount ment ac other outstan d- counts and commerc i a l savings mutual savin g s F ed e ra l 89 f i r e, 8 in v e s and lo an corpor a t io n s g en eral c a su a lty, Reserve banks banks l i f e a sso c ia pension t o r s / and and re banks / / t io n s funds marine tirem ent funds Banks f o r CooDeratives Debentures:.0 Aug Sept Oct Nov Dec Jan Apr Oct T o tal, ,99 Farm Credit Banks: Discount Notes Farmers Home Administration: Insured Notes: - /8 Aug Mar June /8 Aug Dec Mar / May July Dec. 98-CBO Jan. 0-8 _ Nov Mar /8 June Jan /8 July / Aug /8 Dec / Mar / May / Dec. 988-CBO _ 0 9 A pr. 989-CBO T o t a l....,8, 8 9 8, Federal Home Loan Banks: Discount Notes ' 0 Bonds:. Aug /8 Aug Aug / Nov Nov Nov /8 Feb Feb Feb _ 8 9. Feb May May _.80 Aug Aug Nov Nov _ Feb _ Feb _ 0.9 May May 00 0 _ 80. Aug _ Aug Nov Nov Nov /8 Feb May Nov Feb Feb May May Aug Nov Nov Footnotes at end of table.

90 , TREASURY SURVEY OF OWNERSHIP, JULY, Treasury in TSO-. - Securities Issued by Government-Sponsored Agencies and the D istrict o f Columbia Continued (P ar v a lu e - in m illio n s o f d o lla r s ) Held by in v e s to rs covered in T reasu ry Survey T o ta l amount outstandin g / U.S. Government accounts and F ed e ra l Reserve banks, commerc i a l banks Z / mutual savings banks / Insurance companies 89 l i f e f i r e, c a s u a lty, and 8 savin g s and lo an a sso c ia t io n s corpora t io n s State and lo c a l governments g e n e ra l funds Ld by L le r re s- 8 / _ _ 0 _ / ,0,, , _ _ ,8 0, , [El , _ _ ,8,8 0 s

91 September 9 8 _ TREASURY SURVEY OF OWNERSHIP^ JULY, 9 T a b le T SO -. - Securities Issued by G overnm ent-sponsored A gencies and the D istrict o f C olum bia C ontinued (P ar v a lu e - in m illio n s o f d o lla r s ) Held by in v e s to rs covered in T re a su ry Survey T o ta l U.S. Govern Insurance companies S tate and lo c a l Held by, crovemment a a l l amount ment ac 8 iss u e / other 89 outstandin g / counts and F ed e ra l Reserve banks commerc i a l banks / mutual savings banks / l i f e f i r e, c a s u a lty, and marine savin g s and lo an a sso c ia t io n s corporatio ns g e n e ra l funds I 8 p ension and re tirem ent funds F ed eral N ational Mortgage A s so cia tio n : Discount Notes... J..., ,8 Debentures:.80 Sept Sept Dec Dec _. M ar /S Mar _ 8.8 June June June Sept _ 0 - /8 Sept Sept _. Dec _ Dec _ 9 8. Dec / Feb Mar Mar June _ 8 - /8 June _.0 June /8 Sept , _.8 Sept / Dec Dec _.0 Mar Mar _ 8. June June Sept Dec Dec Mar June June _.0 Sept _.8 0 Sept _ 08. Dec Dec /8 Mar Mar June Sept Dec Mar _ - / June / Sept Sept Dec _ /8 Mar _. June Sept Dec _ 8. June _ 9. 0 June _ 0 8. Sept Dec _ / June J u ly _ 8.9 Sept Dec _ 8. Mar Mar June Dec _ 8 C a p ita l Debentures: - /8 Apr /8 Oct Oct Mtg. Backed Bonds: 8 - /8 Oct Issu e s to State and L o ca l G o v 'ts. f T o t a l... D is t r ic t o f Columbia: Bonds:.0 Dec. Footnotes an following page. in vest o r s / 8,9,,, 8,8 88,89 9, _ 9

92 8 Treasury Bulletin.TREASURY SURVEY OF OWNERSHIP, JULY, 9 F ootnotes to T re a su ry Survey o f O w nership T a b le s / Securities issued by the Treasuiy and Government agencies that are / Includes Export-Import Bank and Government National Mortgage Association classified as debt under the new unified budget concept. For debt participation certificates. subject to lim itation, see Table FD-9. / Includes matured securities outstanding on which interest has ceased. / Includes trust departments. / Direct placements with State and local governments with various / Included with a ll other investors are those banks, insurance companies, savings and loan associations, corporations, and State and local </ interest rates and maturity dates. Includes securities issued for use as collateral for short-term government funds not reporting in the Treasuiy Survey. Also included borrowings. are certain Government deposit accounts and Government-sponsored / Obligation o f the Federal Home Loan Mortgage Corporation. The capital agencies. stock o f the Federal Home Loan Mortgage Corporation is held by the y Data on the holdings of nonmarketable Public Debt were no longer twelve Federal Home Loan Banks. collected beginning with July 9 Treasury Survey of Ownership. Less than $00,000.

93 September 9 8.M A R K E T Q U O T A T IO N S ON T R E A S U R Y S E C U R IT IE S, AUGUST 9, 9, Current market quotations shown here are over-thecounter 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 Treasury. Securities issued by Federal agencies and guaranteed by the United States Government are excluded. Amount outstanding (millions) -week $,80,0,00,0,0,80,80,80,90,00, week $,0.0.0,0,00,80,0.0.0,80,80,80,80,0,9,0,0,0,90,90,90,90,00,0,0,0 -week // // /9/ // // /0/ // // // 8// 8// 8// 8/8/ Issue date -week // // /0/ // // /0/ // /A // /8/ // // /9/ // // /9/ // // /0/ // // // 8// 8// 8// 8/8/ T able MQ-. - T reasury B ills Amount Bank discount Maturity outstanding date (millions) Change from Bid last month -week 9// 9// 9/8/ 9// 0// 0 /^ 0// 0/0/ // // /0/ /8/ // // /8/ // // /8/ // // /9/ // // /9/ //.8$ $ f $,80,00,00,00,00,0,0,0,,0,9,9, Mount -.0 outstanding -.0 (millions) Issue date -week 9// 0// /9/ // // // // /8/ // // // /9/ 8// Maturity date Special issue Issue date 9// 0// /8/ // // /0/ /9/ // // // /9/ // 8// Maturity date Bank disount Bid.9$ Bid Change from last month -.$ Bank discount Change from last month $,8 // //.9$ +.$ T able MQ-. - Treasury N otes Amount outstanding (m illions) Description Bid Price (Price decimals are d!s) Change from last month To maturity Yield Change from last month Issue date Price range since firs t traded / High Low Price Date Price Date $,0 8-/8$ _ 9/0/-G $ +.0$ 9// 0. // //, _ //-D // 0.09 // 9. 8//, _ //-H // 0.00 /8/ 9.9 8//,9 -/ - //-A //9 0. // 9.0 /0/0,9 -/8 - //-F 99. l // 00.0 // 9.0 8//,88 8 _ //-H /9/ 0. // //,9 -/ - //-B //9 0. // 9. /0/0,80 -/ - //-E " // 0.00 // 9. 8//,80 - //-M // 00.0 // 98. 8//,0 8-/ - /0/ // 0.8 // //,9 -/ 8//-C //9.8 // 9.0 8//,88 -/ - 8//-G // 00. /9/ 9.0 8//, -/8-8//-L // 99.8 /8/ //,0 8-/ _ 9/0/-J /0/ 0.08 /0/ 99. 0//,9 -/ - 0// // 00.8 // //, -/ _ //-D /8/ 0. /8/ 9.0 8//,0 -/8 _ /0/-N /8/ 0. // 98. 8//,8 -/ - //-K // 0.00 /9/ //, 8 - //-A //0.08 // //, - /8/-F // 99. // 9.0 //, -/ //-G // 00.0 /8/ 9.8 8//,9 -/8 - /0/-H /0/ 0. // 98. 8//, -/8 - //-C // 0. // 9.9 8//,9 9 - //-D // 0.9 // 99. 8//, -/ - // // 00.9 // 9. 8//,0 -/ /0/-J /0/ 99. /9/ 9.0 8//, -/ - //-K // /8/ 98. 8//,98 -/ - 8//-B //0.00 // 9.0 8//,00 8-/ - 8//-L /9/ 00. 8/9/ //,0 -/ - //-E // 0.9 // // 8,89 -/ _ //8-A // 0.0 // 9.0 8//, 8-/ - 8//8-C // 0.0 // 99. 8//,90 -/8 - //8-D /8/ 0.8 /9/ 9.0 8//, - / 8 - //8-F // 99.0 // //, -/8-8//8-E // 0.08 // // 8,0 _ //8-B // 0.08 // //,9 -/8 _ //9-D // 0.0 // 98. 8//,8 -/ - /0/9-E /9/ // //,9 -/ _ 8//9-A // 00.0 // //,00 8-/ 9/0/9-N // 0.0 8/9/ // Footnotes at end of Table MQ-.

94 8 Treasury Bulletin.M A R K E T Q U O T A T IO N S ON T R E A S U R Y S E C U R IT IE S.A U G U S T ft. ftk Table MQ-. - Treasury Notes Continued Amount outstanding (m illions) Description Bid Price Change from last month To maturity Yield Change from last month Issue date Price Price range since firs t traded / High Date Price Low Date $,0,,,9,8,8,,,98 0 -/8 -/8 9 -/8 -/ 8 8-/8 -/ -/ -/ -/ -/ -/ -/ -/ -/ -/ //9-B //9-C //80-A 8//80-B //8-A //8-0 //8-B //8-A 8//8-B 0//-E0 //-EA 0//-E0 //-EA 0///E0 //8-EA 0//8-E0 //9-EA 0//9-E0 //80-Ea $ % // // // 8// // /8/ // // 8// 0//0 // 0// // 0// // 0// // 0// // /9/ /0/ 0/9/ /9/ // /9/ /8/ // // // /0/ /8/ /0/ /0/ // /0/ /0/ // 8// 8// 8// 8// 8// 8// 8// 8// 0/0/0 /0/ 0/9/ /8/ 0// 9/0/ 0// /0/ T a b le M Q -. - T r e a s u r y B o n d s Amount outstanding (millions) Description Bid Price Change from last month (Price decimals are ds) To fir s t ca ll or maturity / Yield Change from last month Issue date Price range since fir s t traded / High Low Price Date Price Date $,9 -/$ _ // % -.08% //0 0.8 //.0 //0, -/ - // //.8 8//.0 //0, _ // //9 0.8 //.0 /9/9,89 -/ _ // //0 9. //. //0 80 _ 8// // 0.0 // 9. 9/8/,0 -/8 - // // 0. /9/ 8. 8/8/, -/8 _ 8// // 99. // 8. 8// 900 -/ _ // //8 0.0 //8.08 //0, -/8 _ //8 y // 00.0 // 8. 8//,9 -/ _ //90 J //8 0. //8 9.0 //0, 8-/ - //90 I f // 0. // 98. /9/, -/ _ 8//8-9 / // 0.0 //.00 //0 _ //88-9 / // 00. //.8 //0 -/ _ //9 J /0/ 99. // 8.8 8//,9 - / - 8//88-9 / // 0. 9/8/ 89. 8//,0 -/8 - //89-9 / 8. +' /8/ 00. 8/8/. 8// 09 //9 / // 0. /8/ 9.0 //0 9 _ //9-98 j // 99. 9/8/ 8.0 8//,0 -/ _ //98 / //0 9. // 9.0 //0, 8-/ - //9-99 / // 0.8 // 9.0 8// 90 -/8 - //9-00 / /8/ 00.0 // 9.0 8/8/, 8-/8 _ 8//9-00 / 99.0 _ 8. 8// /9/ //,0 8-/ // // 00. // 9.0 8// / Beginning April 9, prices are closing bid quotations in the overthe-counter market. Prices for prior dates are the mean of closing bid and ask quotations. "When issued" prices are included in the history beginning October 9. Dates of highs and lows in case of recurrences are the latest dates. i / On callable issues market convention treats the yields to earliest ca ll date as more significant when an issue is sellin g above par, and to maturity when i t is selling at par or below. Included in the average yield of long-term taxable Treasury bonds as shown under "Average yields of Long-Term Bonds."

95 YIELDS OF TREASURY SECURITIES AUGUST 9, 9 Based on closing bid quotations <> v o -a a 0 > S «) Id to s PI 00

96 88 Treasury Bulletin AVERAGE YIELDS OF LONG -TERM BONDS Table AY-. - Average Y ie ld s o f Long-Term Treasury, C orporate, and M u n icipal Bonds by P eriod s Period Treasury bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds / Treasury bonds / Aa new corporate bonds Z f S. I. A. new Aa municipal bonds / Treasury bonds / Aa new corporate bonds j S. I. A. new Aa Treasury municipal bonds / bonds / Aa new corporate bonds / Monthly series - averages o f daily or weekly series ' 9 S. I. A. new Aa municipal bonds / A/..99 Feb / Mar June A/ 8..0 Sept Nov.... / / Feb May / A/ / July Aug / A/ i V 9..0 Feb A/ a// A/ A/ Oct Period 9 Mar Apr Treasury "bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds / Period May AJ 9.8.0, June , Treasury bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds J Weekly series - average for weeks ending - Period Treasury bonds / Aa new corporate bonds / S. I. A. new Aa municipal bonds / A/ 9.90 n.a / A/ / Treasury bond yields are based on a composite of closing bid quotations in the over-the-counter market. Series includes bonds on which the interest income is subject to normal tax and surtax which are neither due nor callable before 0 years. For bonds currently in series, see Table MQ-. / Treasury series based on reoffering yields of new corporate bonds with years call protection and rated Aa by Moody's Investors Service. Prior to June 9, this series reflected bonds without ca ll protection. The value of years ca ll protection in that period ranged from 0 to basis points. / Index of new issue reoffering yields on Aa 0 year general obligations compiled by Securities Industry Association. available prior to January 90. A/ One 0? more new long-term bonds added to the average. / An existing bond dropped from the average, n.a. Not available. Weekly series are not

97 AVERAGE YIELD S OF LONG-TERM TREASURY, CORPORATE, AND MUNICIPAL BONDS vo V/I > < M > O W t" d U l o o? H a S w o a CO Change inaa computation method effective June 9. See footnote following table AY-.

98 90 Treasury bulletin.international FINANCIAL STATISTICS The tables in this section are designed to provide data on United States reserve assets and liabilities and other statistics related to the United States balance of payments and international financial position. A number of changes were introduced in the May 9 and July 9 issues of the Bulletin to increase the usefulness of this section. Table IFS- shows the reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund, holdings of convertible foreign currencies, and reserve position in the International Monetary Fund. Table IFS- brings together statistics on liabilities to foreign official institutions and liquid liabilities to all other fore igners which are used in the United States balance-of-payments statist ics. Table IFS- presents an area breakdown of United States liabilities to official institutions of foreign countries. Table IFS- shows United States Treasury nonmarketable bonds and notes issued to official institutions of foreign countries. Table IFS- sets forth the factors which affect the United States position in the International Monetary Fund. Table IFS- presents a measure of weighted-average changes in exchange rates between the United States dollar and the currencies of certain other countries. Table IFS-. - U.S. Reserve Assets (In millions of dollars) End of calendar year or month Total reserve assets Total Gold stock / Treasury J Special drawing rights / Convertible foreign currencies / Reserve position in International Monetary Fund / 9...,8,8,8 _, ,..,,...,0 0,8 0, - -, ,0 9,0 9, - _, ,9,80, -., 9..,... 8,,9,889 -, ,0,0,98-99,0 9...,8,9, -,0 9...,,, ,0,80 /, / y 9...,88,,9, 9...,80,0,98 -, ,0 0,89 0,,8, ,9 /,89 0, -,8 /, 90...,8,0 0, 8 9,9 9..., 8 / 0,0 0,,00 8 / , / 0,8 / 0,0 /,98 / / 9...,8 0/, 0/, 0/, 0/ 8 0/ 9...,88 /,,, /,8 U / 9-Aug...,0 /, ',,00 /,8 H /,89 /,,,8 H /, U / Oct...,890 /,,,0 / 9,9 U /,80 H /,,,9 H /,8 /,88 /,,, /,8 / 9-Jan...,98 H /,,,0 /,908 / Feb..., U /,,, /,0 H /, H /,0,0, H / 9,9 H /,8 /,0,0,9 /,8 / May...,80 /,0,0,8 /,8 XL/ -, /,0,0,8 H /,9 U /,08 n /,8,8,9 H /, H /, /,99 j, / 8,9 / Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, and gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign purchases for the purpose of making gold subscriptions to the Fund under quota increases. For corresponding lia b ilitie s see Table IFS-. / Prior to December 9, excludes gold held by the Exchange Stabilization Fund. On December 9, 9, the Treasury acquired a ll gold held by the Exchange Stabilization Fund. See "Account of the U.S. Treasury," Table UST-. / Includes in itia l allocation on January, 90 of $8 million, second allocation on January, 9 of $ million and third allocation on January, 9 o f $0 million of special drawing rights (SDR) in the Special Drawing Account in the International Monetary Fund, plus or minus transactions in SDR. Includes holdings of Treasury and Federal Reserve System. The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund automatically i f needed. Under appropriate conditions the United States could purchase additional amounts equal to the United States quota. See Table IFS-. / Reserve position includes, and gold stock excludes, $9 million gold subscription to the Fund in June 9 for a U.S. quota increase which became effective on February, 9. In figures published by the Fund from June 9 through January 9, this gold subscription was included in the U.S. gold stock and excluded from the reserve position. t i Includes gain of $ million resulting from revaluation of the German mark in October 99, of which $ million represents gain on German mark holdings at the time of revaluation. See also footnotes and, Table IFS-. 8/ Includes $8 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of December, 9. See also footnotes and, Table IFS-. / Total reserve assets include increase of $,0 million resulting from change in par value of the U.S. dollar in May 9, consisting of $88 million total g< Ld stock, $8 million Treasury gold stock, $ million special drawing rights and $ million reserve position in the International Monetary Fund. 0/ Total reserve assets include increase of $, million resulting from change in par value of the dollar on October 8, 9, consisting of $, million total gold stock, $, million Treasury gold stock, $ million special drawing rights, and $ million reserve position in the International Monetary Fund. / Beginning July 9, the IMF adopted a technique for valuing the SDR based on a weighted-average of exchange rates for the currencies of member countries. The United States SDR holdings and reserve position in the IMF are also valued on this basis beginning July 9. At valuation used prior to July 9 (SDR =$.0), the following end-of-month values amounted to (in millions of dollars): SDR holdings (net) U.S. reserve p in the IMF 9-Aug.,0,0 Sept.,8, Oct.,,8 Nov.,,80 Dec.,8,8 9-Jan.,8,8 Feb.,8,9 Mar.,, Apr.,,08 May,8,9 June July,8,8,, Aug.,8,09 ' Lon U.S. total reserves,,,,99,99,88,8,8,9,0,0,,,8,

99 September 9 IN T E R N A T IO N A L F IN A N C IA L S T A T IS T IC S 9 End of calendar year or month Total T a b le IF S -. - U.S. L ia b ilitie s to F o r e ig n O f fic ia l Liquid lia b ilitie s to IMF arising from gold transactions / a n d L iq u id L ia b ilitie s to A ll O th er F oreig n ers Total (In millions of dollars) O fficial institutions / Liquid lia b ilitie s to nonmonetary international and regional organizations Shortterm lia b ilities reported by banks in U.S. Liabilities to foreign countries Marketable U.S. Treasury bonds and notes / Nonmarketable U.S. Treasury bonds and notes y Other readily marketable lia b ilitie s / In s tit u t io n s Liquid lia b ilitie s to banks V Liquid lia b ilitie s to other foreigners Total Shortterm lia b ilities reported by banks in U.S. Marketable U.S. Govt. bonds and notes / / V 9...,8 / 00 n.a.,9 n.a. - -, n.a., n.a ,8 / 00 n.a. 8, n.a. - -,0 n.a.,0 n.a., ,8 00 0,0 9, 9 - -,8,90,99,90 f 0,99 800,08 0, 8..,88,,0, \,0 800,088 0, 8 - -,88,80,0 0, J,8 800,80 0,90 890,0,8,,98 \,9 800,80 0, ,8,8,,99 j,8 800,98,99 00,,0, 8, \,8 800,9,9 00 -,,0, 8,9 TQ/lO Irt / /, 800,9,, 9,8,9,0,90 \,9 800,,,8 9,8,8,0,9 nft// i r \ f (9, 800,90,,,8 8,,0,, 9, 800,8,0,,8 8,0,,, ,8r 8,8r,0,0, 0,9,09,8, noaa nn/ f,r,0,80r, ,,, 8 90 i,09r,0,89r, ,9,, 8 90 i q j in / j,89,0 8,0,0 908,,80,09,8, 8 9 {,,0 8,9,0 908,,80,08,8,0 8 m / J 8,8,00,0,8 9,9,,,0, 09 [ 8,,00,0,8,9,,,909, tq q in / f, /,09,9 /,0,00 H /,0,8,,99 9 (,9,09,998,0,00,0,,89,0 nrjr\ in / r,0 0 9,8 9, 0, 9,,,09 8 [,90, 9, 9, 9,9,0,09 8 i n / to / J,8,09 9,9,9 9, 0,,8,9,8 I,808 0, 9,08,9 9, 0,99,,9, ,8 -, 0,000,,,,0,8, ,etJ/,8/,9,0,0 /,r,9,9,0 0, ,09r -,8r,0,09,9,r 0,lr 8,80r 8,0r 98,r 9-July... I0,r _, 8,,0,98 l,8r,8x,,9 l,899r Aug... 0,080r -,08r 8,8r,90,98 l,r 9,8?,9 :,9r,8r ll0,80r -,0r 0,9,880,98 l,r 8,0r 8,00, 9, 0r Oct...,r -,8r 0,9,880,9 l,89r 8,09 r 8,08r,r,8r Nov...,8r -,00r,80r,90,9,8r 9,8r 8,,8 8,0r Dec... ll9,09?r -,8r,0r,09,9,r 0,r 8,80r 8,0r 98,r 9-Jan... 8,89r -,90r,8r,,,r 9,r 8,9r 8,r 08,8r Feb... ll9,8r 8,89r,Qr,9r,,r,9r 9,0r 8,0r 0,r M ar... 0,0r - 9,0r,9,00,,8,r 9,00r 8,8r r,8r Apr...,r - 9,08r,,9,,r 9,l9r 8,809r 8,r r,09r May..., - 9,,,0,9, 8,88 9,09 8,,9 June p...,08-80,8,8,9 9,0,08 8, 9,08 8,, July p..., - 9,00 0,0,0 9,, 9, 9,0 8, 0,8 Note: Table is based on Treasuiy Department data and on data reported to the Treasuiy Department by banks and brokers in the United States. Data correspond generally to statistics following in this section and in the "Capital Movements" section, except for the exclusion of nonmarketable, nonconvertible U.S. Treasuiy notes issued to foreign o ffic ia l nonreserve agencies and the inclusion o f investments by foreign o fficia l reserve agencies in debt securities o f U.S. Federally-sponsored agencies and U.S. corporations. Table excludes International Monetary Fund "holdings o f dollars," and holdings of U.S. Treasuiy letters of credit and nonnegotiable, noninterest-bearing spe^ _al U.S. notes held by other international and regional organizations. / Includes lia b ility on gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign purchases for gold subscriptions to the Fund under quota increases, and U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning assets. Includes Bank for International Settlements and European Fund. % Derived by applying reported transactions to benchmark data; breakdown of transactions by type of holder estimated Excludes notes issued to foreign o ffic ia l nonreserve agencies.' % Includes long-term lia b ilitie s reported by banks in the United States and debt securities of U.S. Federally-sponsored agencies and U.S. corporations. Includes short-term lia b ilitie s payable in dollars to foreign banks, and short-term lia b ilitie s payable in foreign currencies to foreign banks and to "other foreigners. / Includes marketable U.S. Government bonds and notes held by foreign banks. 8 / Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank and the Asian Development Bank. / Includes total foreign holdings o f U.S. Government bonds and notes, for which breakdown by type of holder is not available. 0/ Data on the two lines shown for this date d iffer because of changes in reporting coverage. Figures on the fir s t line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. / Includes $0 million increase in dollar value o f foreign currency lia b ilities resulting from revaluation of the German mark in October 99, as follows: liquid $ million; other $8 million. / Data on the second line d iffer from those on the fir s t line because certain accounts previously classified as "o fficia l institutions" are included with "banks"; a number o f reporting banks are included in the series for the fir s t time; and foreign currency lia b ilitie s to o ffic ia l institutions of foreign countries are increased in value by $0 million to reflect market exchange rates as o f December, 9, as follows: U.S. Treasury certificates, $ million; nonmarketable U.S. Treasury bonds and notes,$0 million. / Includes $ million increase in dollar value o f foreign currency lia b ilitie s to o ffic ia l institutions of foreign countries revalued to reflect market exchange rates, as follows: short-term lia b ilitie s, $ million; and nonmarketable U.S. Treasury notes, $ million, n.a. Not available, p Preliminary, r Revised.

100 9 Treasury Bulletin IN TE R N A TIO N A L FINANCIAL gtattsttfifi Table IFS-. - U.S. Liabilities to Official Institutions of Foreign Countries, by Area (In millions o f dollars) End of calendar year or month Total foreign countries Western Europe i i / Canada Latin American Republics Asia Africa Other countries / 9..., 8,08,89,08,0 9...,8 9,,8,8, ,8 8,8,0,0, y... f,80,,,0, [,89,,,0, ,9 0,,0,8, y... f,0 8,00,8,8,0 9 0 [,0 8,0,8,8, y... P,9 y,0 y,,888, 9 [,998 J /,0 y,,9, 9 90 y... J,8,0,9,8, 0 I,,,9,8, y y... J,09 0,00,980,,9 8 \ 0, 0,,980,9, ,,9,9,,,9 9...,8r /,8r /,8, 0,88 88,0 9...,8r,8r,,9 8,0,, 9-July... Ar,0r,,9,,0,9,08r,r t,9,,,,800r,0r,r,89,,99,80,r Oct...,8r,09r,80,0,9,9,90r,00r,l9r,0,8 8,,0,r,8r,8r,,9 8,0,, 9-Jan...,90r,r,,9 9,,, Feb... 8,89r,0r,, 0,,,0 Mar... 9,0r,r,,90 9,r,,kr 9,08r,09r,,0 0,0,9,0 9,r,,0,00 0,,8,9 80,8,,008 ^, 0,^,800,9 9,00,,9,,99,9, Note: Data represent short-term and long-term lia b ilities to the o fficial institutions of foreign countries, as reported by banks in the United States; foreign o fficia l holdings of marketable and nonmarketable U.S. Government securities with an original maturity of more than one year except for nonmarketable notes issued to foreign o fficia l nonreserve agencies; and investments by foreign o ffic ia l reserve agencies in debt securities of U.S. Federally-sponsored agencies and U.S. corporations. The table does not include certain nonliquid lia b ilities to foreign o fficia l institutions which enter into the calculation of the o fficia l reserve transactions balance by the Department of Commerce. / Includes Bank for International Settlements and European Fund. / Includes countries in Oceania and Eastern Europe, and Western European dependencies in Latin America. / Data on the two lines shown for this date d iffer because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. y Includes $0 million increase in dollar value of foreign currency lia b ilities due or revaluation of the German mark in October 99. / Data on the second line d iffer from those on the fir s t line because certain accounts previously classified as "o fficia l institutions are included with "banks ; a number of reporting banks are included in the series for the first time; and U.S. Treasury lia b ilitie s payable in foreign currencies to o ffic ia l institutions o f foreign countries are increased in value by $0 million to reflect market exchange rates as of December, 9. / Includes $ million increase in dollar value of foreign currency lia b ilitie s revalued to reflect market exchange rates, p Preliminaiy. r Revised.

101 September 9 9 INTERNATIONAL. FINANCIAL STATISTICS. Table IFS-. - Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions of Foreign Countries End of calendar year or month Total (In millions of dollars or dollar equivalent) Payable in dollars Total Belgium Canada / Denmark Germany Italy / Korea Sweden Taiwan Thailand ,0,9 9.,0,8 /. 9, /,8 ",9 /.9 8,9,,80,89,, ,,9,89,0, ,000,, Aug.. Sept. Oct.. Nov.. Dec.. 9-Jan.. Feb.. Mar.. Apr.. June. July ,,,,0 8,0 9,9 9, 9, ,90,,0 8, , , ,.,0.8.8 Payable in foreign currencies End of calendar year or month Total Austria Belgium Germany y Italy Switzerland Bank for International Settlements 9... «_ 00 _ , _ , , ,8 0 _, , 0 y _,0 8 y , ,8 _ / _, 9...,9 _ 0, _ 9..., 9 y _,9 _ 9...., -. 9-Aug..., , - Oct , , , Jan...,99 _ Feb ,99 - Mar ,99 - Apr ,99 - M»y _ - -,99 - June ,99 - July....99,99 _ Aug...,99 _ - -,99 - Note: For further information, see "Public Debt Operations," Tables PDO-8and 9. j / Includes bonds issued to the Government of Canada in connection with transactions under the Columbia River treaty. Amounts outstanding were $0 million, September 9 through October 9; $ million, November 9 through October 9; $ million, November 9 through October 9;$ m illion, November 9 through October 98; $8 million, November 98 through September 99; $ million, October 99 through September 90; and $ million, October 90 through October 9. / Notes issued to the Government o f Italy in connection with military purchases in the United States. / In addition, nonmarketable Treasury notes amounting to $ million equivalent were held by a group o f German commercial banks from June 98 through November 9. The dollar value of these notes was increased by $0 million in October 99, and by $8 million as o f December, 9. See also footnotes and 8, Table IFS-. y Includes an inrease in dollar value of $8 million resulting from revaluation o f the German mark in October 99. See also footnote, Table IFS-. / Includes $0 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of December, 9. See also footnote 8, Table IFS-. / Includes $ million increase in March and $ million increase in April in dollar value of foreign currency obligations revalued to reflect market exchange rates.

102 9 Treasury Bulletin INTERNATIONAL FINANCIAL STATISTICS Table IFS-. - U.S. Position in the International Monetary fund Calendar year or month Payments o f subscripttions in dollars (In millions of dollars) Transactions affecting IMF holdings of dollars during period U.S. transactions with IMF Net gold sales by IMF / transactions in foreign currencies J IMF net income in dollars Transactions by other countries with IMF Purchases o f dollars / Repurchases in dollars Total change IMF holdings o f dollars at end of period Amount Percent o f U.S. quota U.S. reserve position in IMF at end of period 9-8.., Aug., Sept, Oct., Nov., Dec., 9-Jan., Feb., Mar., Apr., May., June, July Aug.,0,0, / / 00 0 / , , , , , , - 9, ,0,99,0 9 -, ,8,0,,0,090,,,8,0,80,8,,,80,. /, /,9 /, /, /. /, /, /,99 /,9 /,9 /,9 /,9 B /,8 / ,98,99,,90.0,0 9 8 / 0,90,,9 8.8,8,,9,8.8,908.0,9,8,8,9,,9 Note: The in itia l U.S. quota in the Intemational Monetary Fund was $,0 m illion. The U.S. quota was increased to $, m illion in 99, $,0 million in February 9, and $,00 million in December 90, and revalued to $, m illion in May 9 and $8,08 million in October 9 as a result o f changes in the par value of the dollar. Under the Articles of Agreement, subscription payments equal to the quota have been made percent in gold and percent in dollars. / Represents net Fund sales of gold to acquire U.S. dollars for use in Fund operations. Does not include transactions in gold relating to gold deposits or gold investment (see Table IFS-). g / Positive figures represent purchases from the Fund of currencies of other members for equivalent amounts of dollars; negative figures represent repurchases of dollars, including dollars derived from charges on purchases and from other net dollar income of the Fund. The United States has a commitment to repurchase within - years, but only to the extent that the Fund s holdings of dollars exceed percent o f the U.S. quota. Purchases o f dollars by other countries reduce the U.S. commitment to repurchase by an equivalent amount. / Beginning January 90, includes dollars obtained by countries other than the United States from sales of gold to the Fund. i j Represents the United States gold tranche position in the Fund (the United States quota minus Fund s holdings of dollars), which is the amount that the United States could purchase in foreign currencies automatically i f needed. Under appropriate conditions, the United States could purchase additional amounts equal to the United States quota. / Includes $9 million gold subscription to the Fund in June 9 for a U.S. quota increase which became effective on February, 9. In figures published by the Fund from June 9 through January 9, this gold subscription was included in the U.S. gold stock and excluded from the reserve position. / Includes $0 million of special drawing rights. / Represents amount payable in dollars to the Fund to maintain the value of Fund holdings of U.S. dollars. / Excludes currency valuation adjustments as follows (in millions of dollars) : Payable to Payable to the U.S. ^he IMF 9-Au g 0 Sept... - Oct... - Nov... - D ec Ja n - Feb M a r... Apr... 0 May... - June... 9 July... Aug... 9 Less than $00,000.

103 September 9 9.INTERNATIONAL FINANCIAL STATISTICS. Table IFS-. - W eighted-a verage o f E xchange R a te C hanges fo r the D o lla r (Percent change relative to exchange rates as of end-may 90) End of calendar year or month Currencies of OECD countries / Trade-weighted average appreciation (+) or depreciation ( - ) of the U.S. dollar / Vis-a-Vis Currencies o f main trading countries / , 9. 9-Aug.. Sept. Oct.. Nov.. Dec.. 9-Jan.. Feb.. Mar.. Apr.. May.. June. July. Aug ' This table presents calculations of weighted average percentage changes in the rates o f exchange between the dollar and certain foreign currencies, in order to provide a measure of change^ in the dollar's general f o r e i g n, exchange value broader than a measure provided by any single exchange rate change. Calculations are pro- " vided for two sets o f countries that account for a major share of U.S. foreign trade. U.S. bilateral trade patterns in 9 are used as a convenient, readily available proxy for the assignment o f relative weights to individual exchange rate changes, though such weights do not provide a fu ll measure of individual currencies relative importance in U.S. international transactions because they take no account o f factors other than trade. The calculations do not purport to represent a guide to measuring the impact o f exchange rate changes on U.S. international transactions. The equations used are as follows: (EQ) Ex = E (A fc j/$ Xj/ZX ) Where: Ex i s the w eighted average o f p ercentage changes in the fo r e ig n cu rren cy c o s t o f d o l l a r s ; Afcj_/$ i s the p e rce n t change in the fo r e ig n cu rrency i c o s t o f d o ll a r s ; and Xj/EX i s U.S. ex p o rts t o cou n try i, as a p r o p o rtio n o f t o t a l U.S. e x p o rts t o a l l c o u n trie s in th e s e t. Equation three combines the above export-weighted and import-weighted averages to provide an overall measure o f exchange rate change: Equation one is used to calculate a trade-weighted average o f changes in the dollar cost o f foreign currencies: (EQ) E [(Em m /m +x)(-l)] + [Ex x/nh-x] (EQl) Where: Ej, - I (A $ /fc Mi/EM) i s the w eighted average o f percentage changes in the d o lla r c o s t o f in d iv id u a l fo r e ig n c u r r e n c ie s ; A $ /fc i s the p e rce n t change in the d o lla r c o s t o f fo r e ig n cu rrency i ; and M^/SM i s U.S. im ports from cou ntry i, as a p r o p o rtio n o f t o t a l U.S. im ports from a l l co u n trie s in th e s e t. Equation two is used to calculate -a trade-weighted average o f changes in the foreign exchange cost o f dollars: Where: m / m + x i s U.S. im ports as a p rop ortion o f i t s t o t a l trad e w ith a l l/c o u n t r ie s in th e s e t; and x / m + x i s U.S. e x p o rts as a p r o p o rtio n o f i t s t o t a l trad e w ith a l l co u n trie s in the s e t. / Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. / The currencies of IMF member countries which account for approximately 90$ of U.S. total trade. As o f October 9 this entire series has been modified to include Hong Kong, Indonesia, Argentina and Brazil, which had not been included in the calculations prior to February 9, and to exclude Chile.

104 9 CAPITAL MOVEMENTS Treasury bulletin Background Data relating to capital movements between the United States and foreign countries have been collected since 9, pursuant to Executive Order 0 of January, I9U, Executive Order 00 of February 8, 9^9> and Treasury regulations promulgated thereunder. Statistics on the principal types of data and the principal countries are published monthly in the "Treasury Bulletin/ Reports are filed with the Federal Reserve Banks by banks, securities brokers and dealers, and noribanking concerns in the United States. These statistics are then consolidated, and are published by the Treasury as promptly as possible. The report forms and instructions used in the collection of the statistics have been revised a number of times. The most recent general revision of the report forms became effective with reports as of May, 9. / The present form of the published presentation of the "Capital Movements statistics was introduced in the May 99 issue of the "Bulletin." The principal changes were the rearrangement of the tables to bring together in separate sections all the data relevant to the same statistical series; the expansion of the time series on aggregate liabilities and claims reported by banks to show more detailed breakdowns by type of holder and type of liability and claim; and the presentation of statistics not previously published on the short-term liquid claims of large nonbanking concerns. Basic definitions The term "foreigner" as used in the Treasury reports covers all institutions and individuals domiciled outside the United States, including United States citizens domiciled abroad, and the foreign branches, subsidiaries and offices of United States banks and business concerns; the central governments, central banks and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term "foreigner" also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, data are reported opposite the foreign country or geographical area in which the foreigner is domiciled, as shown on the records of reporting institutions. For a number of reasons, the geographical breakdown of the reported data may not in all cases reflect the ultimate ownership of the assets. Reporting institutions are not ejected to go beyond the addresses shown on their records, and so may not be aware of the country of domicile of the ultimate beneficiary. Furthermore, U.S. liabilities arising from deposits of dollars with foreign banks are reported generally in the Treasury statistics as liabilities to foreign banks, whereas the liability of the foreign bank receiving the deposit may be to foreign official institutions or residents of another country. Data pertaining to branches or agencies of foreign official institutions are reported opposite the country to which the official institution belongs. Data pertaining to international and regional organizations are reported opposite the appropriate international or regional classification except for the Bank for International Settlements and the European Fund, which are included in the classification "Other Western Europe." "Short-term" refers to obligations payable on demand or having an original maturity of one year or less. "Longterm" refers to obligations having an original maturity of more than ^cme year, and includes securities having no contractual maturity. Reporting coverage Reports are required from banks, securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign firms. Institutions which have total reportable liabilities, claims or securities transactions below a specified exemption level, based on the average for the report dates during a six-month period, including the current report date, are exempt from reporting. Banks file reports monthly covering their short-term and long-term liabilities to and claims on foreigners; an exemption of $00,000 is applicable to reports in each of these categories. Twice a year they also report their shortterm dollar liabilities to foreigners in countries not shown separately on the monthly report of liabilities. Banks, securities brokers and dealers, and in some instances, nonbanking concerns, report monthly their transactions in securities with foreigners; the applicable exemption level is $ 0 0, Quarterly reports are filed by exporters, importers, industrial and conmercial concerns, financial institutions other than banks and brokers, and other nonbanking firms if their liabilities or claims are $00,000 or more. Such firms also report th^ liquid portion of their claims for each monthend when they have reportable claims of $ million or more. The foreign credit and debit balances of securities brokers and dealers are reported quarterly; the exemption level applicable to these reports is $00,000. Description of statistics Data collected on the Treasury Foreign Exchange Forms are published in the "Treasury Bulletin" in six sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and the detailed breakdowns of the latest available data. Section I covers the short-term and long-term liabilities to foreigners reported by banks in the United States. The data exclude the holdings of dollars of the International Monetary Fund derived from payments of the United States subscription and from the exchange transactions and other operations of the Fund. (Liabilities representing the "gold investment" of the Fund, however, are included.) The data also exclude U.S. Treasury letters of credit, and nonnegotiable, noninterest-bearing special notes of the United States held by international and regional organizations. Section II presents the short-term and long-term claims on foreigners reported by banks in the United States, including claims held for their own account and for the account of their domestic customers. The data exclude convertible foreign currencies held by U.S. monetary authorities. Sections III -and IV show respectively the liabilities

105 September 9 CAPITAL MOVEMENTS 9 to, and claims on, foreigners reported by exporters, importers, industrial and commercial firms,financial institutions other than banks and brokers, and other nonbanking concerns in the United States. The data exclude the intercompany accounts of business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. (Such transactions are reported by business firms to the Department of Commerce on its direct investment forms.) The data also exclude claims held through United States banks. Separate figures are shown in Section IV for the short-term liquid claims of large nonbanking concerns in the United States. Section V contains data on transactions in all types of long-term domestic and foreign securities by foreigners reported by banks and brokers in the United States (except nonmarketable U.S. Treasury notes, foreign series, and non- marketable U.S. Treasury bonds and notes, foreign currency series, which are shown in "International Financial Statistics section, Table IFS-^). The data cover new issues of securities, transactions in outstanding issues, and redempitions of securities. They include transactions executed in the United States for the account of foreigners, and transactions executed abroad for the account of reporting institutions and their domestic customers. The data include some transactions which axe classified as direct investments in the balance of payments accounts. The data exclude securities issued abroad by foreign subsidiaries of U.S. corporations, some of which are treated in the balance of payments as issues of U.S. corporations. The geographical breakdown of the data on securities transactions shows the country of domicile of the foreign buyers '" arid <sellers of the" securities; in the case of outstanding issues, this may differ from the country of the original issuer. The gross figures contain some offsetting transactions between foreigners. The net figures for total transactions represent transactions by foreigners with United States residents; but the net figures for transactions of individual countries and axeas may include some transactions between foreigners of different countries. Beginning with data for 99, transactions between foreigners in new issues not offered for sale to United States residents but managed by underwriters in the United States axe excluded from the gross figures. Section VI comprises two tables on the money credit and debit balances, as appearing on the books of reporting brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. The data published in these sections do not cover all types of reported capital movements between the United States and foreign countries. The principal exclusions are the intercompany capital transactions of business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies, and capital, transactions of the United States Government. Consolidated data on all types of capital transactions axe published by the Department of Commerce in its regular reports on the United States balance of payments. / Copies of the reporting forms and instructions may be obtained from the Office of Statistical Reports, Office of the Assistant Secretary for International Affairs, Department of the Treasury, Washington, D. C. 00 or from Federal Reserve Banks.

106 98 Treasury Bulletin End o f calendar year or month Total shortterm lia b ilities r.apttat. MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the U nited States Table CM-I-. - Short-Term Liabilities by Type o f Foreign Holder Total Total (In millions of dollars) Foreign countries O fficial institutions / Banks and other foreigners Payable in dollars 9...,8,,9,9 - Payable in foreign currencies,,90,0,0 Total Payable in dollars Banks Other foreigners in foreign currencies International and regional Total IMF gold investment / Nonmonetary international and regional /,, ,, 8, 8,,0, A/ 99...,, 9, 9,,0,98, ,0,0 0, 0,,0,0, 9 A/ 9 /... /0,0 8,99 0,90 0;89,9,99, 0, 0 0,098 8,8 0,90 0,89,8,80, 0, 0 (,98 9,908,99,99 8,9,, 9,00 800,0 9 /.... \,98 9,,9 ',9 8,9,, 9,08 800,8 _ A/ 9...,8,0,, 0-8,8,,0 0, [,,89,, 0,,, 8, y... ^,8,900,0,0 0,80,, 90., ,,0,0,0 -,00,0,8 9, /... f,,,8,98,89 0,0, 9, [,99,9,9,0,80 9,8,, I 0, 9,0,0,88,,,8, \0,0 9,,0,8,0,008,0, , 0,,8 0,8 8,9,98,, /... /0,00 8,,0 0,8 0,,,99, (0,99 8,8,0 0,8 0,09,9,0, (il,9 0,99 9, 9,8 8,,9,09 0, 00 8 \, 0, 9, 9,8 8,0,99,08 0, yy... [,0, 9,9 9, 8 /,9 0,0,9. 8, 00, \,8, 9,08 / 8,8 /, / 0, j&/,9 8, 00, ,9 9,8 0,000 9,89 9,8,0,8, -, ,0,9,9,9 8 /,9,,0 9.,9 -, ,8r 9,a?,0r,90r 8,9r I9,r 8,0r 9,r -,r 9-July... 8,9r 8,r 8, 8,8,r,8r,9 9, -, 8,9r 8,99r 8,8r 8,r,r 8,r,9r 8,9,9 Sept... 8,r 8,8r 0,9 0,0,r,88r,r 8,900,900 Oct... 88,r 8,r 0,9 0,9.,r,0r,r 9,000r _,000r Nov... 9l,8r 89,9r,80r,r,r 9,r,8,9r,9r Dec... 9,8r 9l,r,0r,90r 8,9r 9,r 8,0r 9,r -,r 9-Jan... 9,8r 89,r,8r,8r,r 8,9r 8,r,98r,98r Feb... 9,r 90,r,0r,0r,0r,89r 8,0r,9r -,9r Mar... 9,r 89,8r,9,9 -,r,09r 8,8r 8,8r -,8r Apr... 9,0r 90,89r,,,8r 8,r 8,r,9 -,9 May... 9,0 89,,,,0,9 8,,89 -,89 June p... 9, 88,88,8,8,0 8,0 8, 8, -, 9,00 88,9 0,0 0,0,988 9,0 8,,09 -,09 / Includes Bank for International Settlements and European Fund. / Short-term U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning assets. Upon termination of investment, the, same quantity of-%gold was reacquired by the International Monetary Fund. / Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. Includes difference between cost value and face value of securities in BIB? gold investment account ($ million at end 9). y In addition, IMF gold investment included investments in U.S. Government bonds and notes which amounted to $09 million at end 90, $8 million at end 9, and $ million at eiid 9. / Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the fir s t line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. / Data on the second line d iffer from those on the fir s t line because certain accounts previously classified as "o ffic ia l institutions" are included with "ban&s" and a number of reporting banks are included in the series for the firs t time. / Second line includes $ million increase in dollar value of foreign currency obligations revalued to re fle ct market exchange rates as of Dec., 9. 8 / Includes $ million increase in dollar value of foreign currency lia b ilitie s revalued to reflect market exchange rates. p Preliminary, r Revised.

107 September 9 99.CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities by Type o f Liability Part A - Foreign Countries Official institutions / (In millions of dollars) Banks and other foreigners End of calendar year or month Total foreign countries Payable in dollars Deposits Demand Time / U.S. Treasury b ills and ce rtificates Other shortterm lia b ilitie s j Payable in foreign currencies Demand Deposits Time / Banks Payable in dollars U.S. Other Treasury shortterm b ills and ce rtificatetie s lia b ili / Demand Deposits Other foreigners Time / U.S. Treasury b ills and c e r t ificates Other shortterm lia b ilitie s / Payable in foreign currencies 9...,,09,, 8 8, ,,,9,0, ,8,8 8,9 9 0, y. 9 y.,0 8,99 8,8 9,908 9,8, ,,, ,09, ,0,8, ,89.9.9,09, /.,0,89,900,0.9.9,,80,8,8.., ,0,00, ,09,0,9,, 9,, y. 9 y.,0,,9 9,0 9., ,8,,8,,8,8,,.98.98,8,,0,80,8.9,9,,9, 900,9,,, 9 9,0,8,88,9, , ,0, y. 90 y. 9 y y July.. Aug... Sept.. O ct... Nov... Dec... 9-Jan... Feb... Mar... A pr.,. May. June p July p 0, 8. 8,8 0,99 0,., 9,8,9 9,r 8,r, 8,99r, 8,8r,8 8,r,8 89,9r, 9,r.9 89,r,8 90,r,08 89,$r, 90,89r, 89,, 88,88, 88,9,9,98,90..,0, i.9,.9,9,899,9,9..,0,09 U,880,9.,,9,8,00,08.,9,0,0,9,,,0, ,,.,9,8,9,,., 8,80 9,0 9, 8,,00,80,,9,8,,,08,,90,8 U,0r, 8,r 9,90 0,9 0,r ll,0r 8,8r 9,lQr 8,0,8, 8-, 000, y y L0, L, L, L, L,8,0,99 y,8.9 8,8r,0,890,09,, 8,8r,r,,0,89,8,0,889,,988,999,, 80 0 y 0 9 l,9r, l,r l,r l,908r l,80r l,9r l,989r,09r,808,0,8,99, ,,8,,0,9,0,99 y 9, 9, 9,r,808r 0,0 8,9 8,9 9,8 9,r 9, 9r,8 l 8,l l l r 9,?r 9, 8,98 0,09,9,09,,88,88,0,0,9,,9r,,9,.,8,9r,,80,0,,8,89,9,99,8,9,88,89,,,,9.9,9,0,,,08.9,0,8r,9,99,089,, ,9.,.8,0.0 l,0r l,r l,r l,09r,98,8, H/ y V Includes Bank for International Settlements and European Fund. Time deposits exclude negotiable time certificates o f deposit, which are included in "Other short-term lia b ilit ie s. Data on the two lines shown for this date d iffe r because o f changes in reporting coverage. Figures an the fir s t line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. Data on the second line d iffer from those on the fir s t line because those lia b ilitie s of U.S. banks to their foreign branches and those lia b ilitie s of U.S. agencies and branches o f foreign banks to their head offices and foreign branches which were previously reported as deposits are included in "Other short-term lia b ilit ie s "; certain accounts previously classified as "o ffic ia l institutions" are included with "banks"; and a number, o f reporting banks are included in the series for the firs t time. y Second line includes $ million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of December, 9. / Includes $ million increase in dollar value o f foreign currency lia b ilitie s revalued to reflect market exchange rates, p Preliminary. r Revised.

108 00 CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities by Type o f Liability C ontinued Part B - International and Regional Organizations Treasury Bulletin End of calendar year or month Total international and regional (In millions of dollars) IMF gold investment? U.S. Treasury bills and certificates / Nonmonetary international and regional organizations / Deposits Demand Time / U.S. Treasury bills and certificates Other short-term liabilities ,0 00 9, 9 U , y 9 9 /... f, \, , 9 y 0 8 8, , , /... [, V, , , , /... f, {, , , ,V^ 9...,r - 9 lllr 9, 9-July..., _ lr,08 Aug...,9a - 8 8r, Sept...,900-8r 9,9,000r - 9r 9,90,9r - 8 9r 8,80 Dec.....,r - 9 lllr 9, 9-Jan...,9l8r - lllr,,0 Feb...,9r - 8 0r,0,'9r,8r - 89,0r Apr....,9-99 8,8,89 -,99,98, ,0 July p...,09,8, / Short-term U.S. Government obligations at cost value, and deposits / awaiting investment (less than $00,000 on all dates shown), obtained from proceeds of sales of gold by the International Monetary Fund to y the United States to acquire income-earning assets. Upon termination of investment, the same quantity of gold was reacquired by the International Monetaiy Fund. / / Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank; excludes Bank for International Settlements and European Fund. Includes difference between cost value and face value of securities in IMF gold investment account ($ million at end 9). Time deposits exclude negotiable time certificates of deposit, which are included in "Other short-term liabilities. In addition, IMF gold investment included investments in U.S. Government bonds and notes which amounted to $09 million at end 90, $8 million at end 9, and $ million at end 9. Data on the two lines shown for this date differ be cause of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. Less than $00,000. p Preliminary. r Revised.

109 September 9 0.CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities by Country (Fosition at end of period in millions of dollars) Country Calendar year 9 / Feb. Mar. Apr. May June p July p Earone: Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Total Europe. Canada... Latin America: Argentina... Bahamas /... Brazil... Chil... Colombia... Cuba... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics.. Netherlands Antilles and Surinam Other Latin America... Total Latin America. Asia: China, People's Republic of (China Mainland)... China, Republic of (Taiwan). Hong Kong... India... Indonesia... Israel... Japan... Korea... Philippines... Thailand... Other Asia: Middle East oil-exporting countries /... Other countries... Total other Asia... Total Asia... Africa: Egypt... Morocco... South Africa... Zaire... Other Africa: Oil-exporting countries /.. Other countries... Total other Africa... Total Africa. Other countries: Australia... All other... Total other countries... Total foreign countries... International and regional. International... European regional... Latin America... Asian regional... Afr-can regional... Total international and regional 0 8 0,0,9 0, ,8 8,,9,0, , , , ,, , Grand total...,0 / 0 8 0,0,9 0, ,9 8,9,9,9, , , , ,, ,,8,09 8,, 8,8,8 98,8,8 9,0, ,08 8 8, ,8 9 8,0 9, 8 99",0,0 9, , 0, , 89,0,88 9 0,88, 98,8 8, 0 0,, ,9 8 0,8 88 9, 8 8,9 9,0 0,89 8,0, 9_,90,9, 0,9 9,0 Data in the two columns shown for this date d iffer because o f changes in reporting coverage. Figures in the fir s t column are comparable in coverage to those shown for the preceding date; figures in the second column are comparable to those shown for the following date. Through December, 9, Bermuda included with Bahamas. 0,0 9,8 9,0 8,,,00 0 8,8 9,98r,9r 8,0r 8 0 8,8r,r 88 l,8r,0 0,0 88,, 8 9r, , 8 0,89 8, 8,, ,8 8,9,, 89_,8 9,r,900r 0,r 9,8r, 0,0 0,80,0,9r 8 ' 0 0, 9,0r,0 8,9r 9 0,00r,8lr,0r 9 8 l,8lr 8,, _ r,8r,0,08 0,909, 9,, ,9 9,9,809,8, 90,r,8r r,9r 9,r 99,9 0 0,, 9,9, ,09 8,80r,0r 8, 8,0r,8r 8 l,r,0 8,8 9,0,8 0r,00, ,90, 98, 0, ,0 0,,88,,88 89,8r, 0 l8r,8r 9,r 9,80 0,00 0,9 0,98,0 8, 8,r 0,09r,,9r,9r 88 yr,0 8,,9, 0 r,0, ,99 0,9 90,8 0,r 9,00 0,,8,8 0_,9 90,89r,9,9 9,0r.8 8,98 8,0,, 8,9 8, 8,980 ^, 8,,9 9, ?.8 0 8,8, 89, ,09, 8, 0, 9 8,009,0,89,09 89,,00,89 9,0,00,9,,98, 9,8 8,,0 8, 0,, 989,8, ,89 9,,0 98,9,0 98 0, 9 0,80 90, 0,9,9,00,9,8.9 8,88,0 8,,98,,0 99,,,8 80 9,00,99 0, 0,0 9 8,,9,0, 8 0, ,9,0 0.,80 0,0 0,9 8,,0 0,8,8 9,,,,08 88,9,8 0,09 9, 9,00 / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). / Includes Algeria, Gabon, Libya,and Nigeria, p Preliminary. r Revised. Less than $00,000.

110 0 Treasury Bulletin Country CAPITAL MOVEMENTS Section I Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities, by Type and Country, as of July, 9 Preliminary Total shortterm lia b ilitie s (Position in millions of dollars) Short-term lia b ilitie s payable in dollars To foreign banks and o fficia l institutions To a ll other foreigners Short-term lia b ilitie s U.S. ~ U.S. payable Treasury Treasury in Total Deposits / b ills and Other / Total Deposits / b ills and Other / foreign ce rtificates ce rtificates currencies Europe: Austria Belgium-Luxembourg..., 9 8,89, Denmark Finland... 9 France...,,8, Germany...,0,9 9,99 9 Greece Italy...,, Netherlands...,,9 8, ' 8 Norway...,8,0 0 9 Portugal Spain Sweden...,00,990,8 8 Switzerland...,99,,8,, 8 0 Turkey United Kingdom...,, 8 90, Yugoslavia Other Western Europe...,0,9 80, 0 _ 9 9 _ Other Eastern Europe Total Europe..., 9,,88 8,8,9,98, Canada Latin America: ',9-,0 9, Argentina..., Rahapas...,, _, Chile _ 9 0 Cuba... Mexico...,9 80 0,,099 Panama Peru _ 0 0 _ Uruguay fi Venezuela...,9,9, l l Other Latin American Republics..., Netherlands Antilles and Surinam _ Other Latin America...,, 9 98 Total Latin America...,80 0,8,9,00,,0 -., 9, 8 Asia: China, People s Republic o f (China Mainland)... 0 _ 0 _ China, Republic o f (Taiwan)..., _ Hong Kong India _ _ Isra el ,9,8 8,,09 99 Korea _ Philippines _ 9 Thailand Other Asia...,0,90,09,0, 9 Total Asia... 0,8 9,8, 0,0,9, Africa: Egypt Morocco... South Africa... 0 Zaire _ Other Africa...,,0 8 _, Total Africa...,.8 0,90 ^ 8 Other, m fftries: Australia...,,0 8, A ll other Total other countries...,08,9, 9 Total foreign countries... 88,9 9,8,,88,90 8,,80, 0 International and regional: International...,8,8 0,9,8 European regional... _ 0 Latin American regional _ Asian regional _ African regional... _ Total international and regional....., _ Grand totfil... 9,00 8,,0 8,0 9, 8,,80, y Deposits exclude negotiable time certificates of deposit, which are included in "Other short-term liabilities. Less than $00,000.

111 September 9.CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities, Countries and Areas Not Regularly Reported Separately 0 (Position at end of period in millions of dollars) Calendar year Apr. 9 Dec. 9 Apr. 9 Other Western Europe Cyprus Iceland... Ireland, Republic o f... Malta... Monaco n.a. -Qther Easjgrn, Europe Bulgaria.... Czechoslovakia... Estonia.... German Democratic Republic Hungary.... Poland... Romania... J&her_I&&fl American figpy^cg Bolivia... Costa Rica.... Dominican Republic...,.... Ecuador... El Salvador... Guatemala... Guyana... Haiti.... Honduras... Jamaica... Nicaragua... Paraguay.... Trinidad and Tobago a n.a. n.a n.a. Other Latin America Bermuda /.... Belize (British Honduras).... British Vest Indies... French West Indies and French Guiana. ( / / Other Asia Afghanistan... Bangladesh /... Burma... Cambodia... Jordan... Laos... Lebanon... Malaysia... Nepal... Pakistan... Ryukyu Islands (including Okinawa) jl/- Singapore... Sri Lanka (Ceylon)... Viet Nam... Yemen (Aden) / / / / / / 9 n.a. n.a. n.a / 0 n.a. Other Africa Ethiopia (including E ritrea)... F. T.A. I. (French Somaliland)... Ghana... Ivory Coast... Kenya... Liberia... Mozambique "Portuguse Southern Rhodesia... Sudan... T anzania...;... Tunisia... Uganda... Zambia _ 9 _ n.a. 8 Other Countries New Zealand... U.S. Trust Territory of the Pacific Islands 9 0 n.a. Note: Data represent a partial breakdown of the amounts shown for the corresponding dates for the "Other categories in the regular monthly series in the Treasury Bulletin. / Bermuda included with Bahamas prior to December 9. / Bangladesh included in Pakistan prior to April 9. / Ryukyu Islands included in Japan after April 9. n.a. Not available. Less than $00,000.

112 0 Treasury Bulletin CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Long-Term Liabilities by Type (In millions o f dollars) W J A calendar year or month Total long-term lia b ilitie s Total / O fficial institutions Foreign countries Payable in dollars Banks Other foreigners International and regional Payable in foreign currencies n.a n.a. - n.a. n.a n.a. - n.a. n.a n.a. - n.a. n.a. in.a n.a. - n.a. n.a n.a. - n.a. n.a. n.a n.a. n.a. n.a n.a. n.a. n.a n.a. 0 n.a. n.a. n.a n.a. 9 L 988 QT" n.a. / 0 0 _ 9 /... [,,88,80 \,0 89,8, , c.f j o y, a ,90-00, , L 'V I l / 0 9 /... Jl, \l, , 00 JL O U crpju , July..., 9 I "< 8 Aug...,98 98 LJO 8 Sept..., j.j.n,00 nnr( 9 8 Oct...,9 //< 90 JLJL m Nov..., //a n o 89 _ ± ± d Dec..., Jan...,0 0 Feb..., 8 ~ Mar... l,8r 8 Apr...,0 800r 8 May... 8, 8 8 June p , I July p..., / Dollar-foreign currency breakdown not available prior to 9; amounts coverage to those shown for the preceding- date- + reported for earlier dates assumed to have been payable in dollars. line S e ^ figures on the second / Data on the two lines shown for this date differ because of changes n.a. Not available following date, in reporting coverage. Figures on the first line are comparable in p Preliminaiy. r Revised,

113 September 9 CAPITAL MOVEMENTS, Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Long-Term Liabilities by Country 0 (Position at end of period in millions of dollars) Calendar year 9 Country 9 / 9 9 Feb. Mar. Apr. May June p July p Europe: United Kingdom... 9 Other Western Europe _ Canada Latin America: 8 0 Chile... Colombia,... Cuba... _ Panama Other Latin American Republics Netherlands Antilles and Surinam Asia: China, People's Republic of 9 0 «China, Republic of (Taiwan)... Hong Kong... India... Korea... Philippines... Other Asia: Middle East oil-exporting r Other countries Total other Asia... - I Total Asia Africa: Morocco... South Africa... _ Zaire... _ Other Africa: r Oil-exporting countries /.. Total other Africa... } { i Total Africa... Qfrher opffltrjes: Australia... All other... Total other countries... Total foreign countries Infrem&Up-nal a^d regional; / / / r r r Total international and regional r 8 8 8,000,08,,8, l,8r,0,,,09 Data in the two columns shown for this date differ because of changes in reporting coverage. Figures in the firs t column are comparable in / coverage to those shown for the preceding date; figures in the second column are comparable to those shown for the following date. p Through December, 9, Bermuda included with Bahamas. r Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. Less than $00,000. Preliminary. Revised.

114 0 Treasury Bulletin C A P IT A L M O V E M E N T S Section II - Claims on Foreigners Reported by Batiks in the United States Table CM-II-. - Short-Term Claims by Type (In millions of dollars) End of calendar year or month Total shortterm claims Total Total O fficial in stitutions Loans Payable in dollars Banks Other foreigners Collections outstanding for account of reporting banks and domestic customers Acceptances made for account of fo r eigners Other shortterm claims Total Pa-yrable in foreign currencies Deposits of reporting banks and domestic customers with foreigners Foreign government obligations and commercial and finance paper Other shortterm claims 9...,99, ,,, ,99, I90...,9,, , /... A, 9,, ,8 00 ^,,, , ,0,0, , ,88,, , 8 9 /... 9 /... 9 /... 9 /... f,,80,,,0,00, ^,9,,,0,0,, f,,8,98,,0,8,0 9 \ l,,,90,,,, f,89,99,9,9,,, ^,8,,,9,,88, [ 8, 8 8,8, 0,0,8,, I 8,0 8,8,0 0,,8,, , 8,,,9,,, [ 9, 8 99 /... 9,0,8,9,0,9, ^9,80 9,,8,9,0,0, ,80 0,9,0 9,0,,89, /l,0,8,0,,,,, / /... u.,,,99 g r,080 g ',8,,,9 I f /... /,,,,9,,9,0, ( l,,80,,90,8, ',, , 0,0,0 8,8,88,0,0, ,9lr,0r ll,0r 8r,r,9, ll,r 9,r, July...,888r,88r 0,8r 80,98r,,, 9,,,,r, Aug...,r,r ll,r,r,,9 9,0r 8,r Sept...,r,r 0,r 8,r,, 9,r. 8,8 98 8,r,?r 0,0r 8r,r,8r, 0,0r 8,,0 0 0,8r,80r 0,999r r,r, h r, 0,r 8,r,08 ~ 8 9 Dec ,9lr,0r ll,0r 8r,r, 9, ll,r 9,r, Jan... 8,9r,88 0,l9r,8r,, ll,0r 0,8r, Feb... 9, 8,8 0,r 9,r,,,p,8,90 09 Mar...,8r,0r 9, 0,8,,,,r, 90 Apr...,80, 0,8,8,8,9,,09,0 May...,0,08,8,8,88, 0,9,9, June p....,0,9,,8,08, 0,9,09, 9 99 July p....,,,9 0 v,88,9,8 0,0,989, i / Data on the two lines shown for this date differ because o f changes in reporting coverage. Figures on the fir s t line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. j Data on the second line d iffer from those on the fir s t line because those claims of U.S. banks on their foreign branches and those claims o f U.S. agencies and branches of foreign banks on their head o ffice s and foreign branches which were previously reported as loans are included in "other short-term claims"; and a number of reporting banks are included in the series for the fir s t time, p Preliminary, r Revised.

115 September 9.CAPITAL MOVEMENTS. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-. - Short-Term Claims by Country 0 (Position at end of period m millions of dollars) Country Calendar year 9 / Feb. Mar. Apr. May June p July p Europe: Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Total Europe... Canada... Latin America: Argentina... Bahamas /... Brazil... Chil... Colombia,... Cuba... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics Netherlands Antilles and Surinam Other Latin America... Total Latin America. Asia: China, People s Republic of (China Mainland)... China, Republic of (Taiwan). Hong Kong... India... Indonesia.... Israel... Japan... Korea... Philippines.... Thailand... Other Asia: Middle East oil-exporting countries J... Other countries... Total Other Asia... Total Asia. Africa: Egypt... Morocco... South Africa... Zaire... Other Africa: Oil-exporting countries /.. Other countries... Total other Africa... Total A frica... Other countries: Australia... All other... Total other countries... Total foreign countries.... International and regional. Grand to ta l ,9 " , , , , _ 0,8, ,0,9' , , , , _ 0,, ,9 0,90,9" 99 88r 900 9, r, , , , 0, ,r,r,9lr 0,98, 90, ,8, 00 r, I,r f ( 8 8 i 99 / Data in the two columns shown for this date differ because of changes in reporting coverage. Figures in the fir s t column are comparable in coverage to those shown for the preceding date; figures in the second column are comparable to those shown for the following date. J Through December, 9, Bermuda included with Bahamas ,9r 8,9r , , T,',99, 9 8,00r r 9.r, ,,8 8, , 9, ,89,,,, ,9,8,0,90, ",9,9..9, 89 98,00,0,0,9r,,99 8,,8,,99,,8, ,,,80,, ,0 9 8 l,8r,.9.8,..,r,08 8, 9, 9, ,00,08 0,0 0, 0,08,,0,,, _ , ,08,8,,99,8, _ ^08,08, / ,8r,80,0,09,,8r,80,0,0, / Includes Bahrain, Iran, Iraq., Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). U Includes Algeria, Gabon, Libya and Nigeria, p Preliminary, r Revised.

116 08 Treasury Bulletin Country CAPITAL MOVRMRMTS Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-. - Short-Term Claims, by Type and Country, as o f July, 9 Preliminary (Position in millions of dollars) Total shortterm claims Total Total Short-term claims payable in dollars Loans Foreign banks and o ffic ia l in stitutions Other Collections outstanding for account of reporting banks and domestic customers Acceptances made for account of foreigners Other Total Short-term claims payable in foreign currencies Deposits of reporting banks and domestic customers with foreigners Foreign government obligations and commercia l and financial paper Europe: Austria... 8 Belgium-Luxembourg Denma-rlc, _ Finland _ France Germany Greece... 9 _ Italy Netherlands _ Norway _ Portugal _ Spain Sweden _ Switzerland _ Turkey.... _ United Kingdom...,8, , 9 Yugoslavia Other Western Europe... _ 80 9 _ Other Eastern Europe Total Europe...,,80,0, 0, 8 Canada...,,0 9 0, 0 9 Latin Ameyica: Argentina...,0, _ Bahamas...,8,8 8 0,... Brazil...,90, Chile _ Colombia _ Cuba... _ - _ Mexico...,,,,0, Panama _ Peru Uruguay Venezeula _ Other Latin American Republics.,0, Netherlands Antilles &Surinam. _ Other Latin America...,, , Total Latin America... 9,089 8,98,,,9 89, 9,8 0 Asia: China, People's Republic of X (China Mainland)... 8 _ China, Republic of (Taiwan)... Hong Kong India... _ Indonesia _ Israel... Japan... 0,08 0,8,09,00 89,9,9, 9 8 Korea...,, 9 09,8 _ Philippines «. Thailand... _ Other Asia...,08, Total Asia...,9,9,98,,,, Africa: Egypt... Morocco... South Africa... Zaire... Other Africa... Total Africa... Other countries: Australia... A ll other... Total other co u n trie s... Total foreign countries... International and regional... Grand to ta l... Less than $00, Other -,,0, , ,,,8,,9,8 0,0,989, ,,,9,,9, 0,0,989,

117 September 9 09 C A P IT A L M O V E M E N T S Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-. - Long-Term Claims by Type End of calendar year or month Total long-term claims Total (In millions of dollars) Total O fficial institutions Payable in dollars Loans Banks Other foreigners Other long-term claims Payable in foreign currencies 9..., n.a. n.a. n.a. n.a. n.a. n.a. n.a , n.a. n.a. n.a. n.a. n.a. n.a. n.a , n.a. n.a. n.a. n.a.. n.a. n.a. n.a. I90...,98 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9...,0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9...,0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9-May /... 9 /... 9 /... f,9,9,0 0,8 \,9,9, 0, f,8,8,8 9,9 V,00,08,8 8 9,8 j,9,9, 0 0, 9 ^,8,8,99 9, ,,08, 9 8, ,80,,9 0, ,9,909, 9, ,,,8 8, ,0,, , /...,0,00,98 0, ,,,, 00 9 /... f,9,9,9 8 0, 0 \,0,0,88 8 0, ,99,9,,0 9, ,r,09r,8r l,r 9, July...,,08,0,90 909,0 Aug...,0,98,8, 9, ,999,98,8,9 8, Oct...,9r,l89r,80r l,r 9,r 08 Nov...,0r,l8r,0r l,8r 9,r 8 Dec...,r,09r,8r l,r 9, Jan....,,08,,8 98,89 8 Feb...,,0,9,8,0,8 0 Mar...,,98,900,99,0,8 98 Apr...,8,0,9,9,0, 0 May...,80,80,9,8,8,0 0 June p...,,8,8,9,0, 9 July p... 8,8 8,09,0,8,9, 89 / Data on the two lines shewn for this date differ because of changes n.a. Not available. in reporting coverage. Figures on the firs t line are comparable in p Preliminary, r Revised, coverage to those shewn for the preceding date; figures on the second Less than $00,000. line are comparable to those shown for the following date.

118 u o CAPITAL MOVEMENTS, Treasury Bulletin Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-. - Long-Term Claims by Country Country (Position at end of period in millions of dollars) Calendar year / 9 9 Feb. Mar, Apr. May June p July p Europe: Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Total Europe. Latin America: Argentina... Bahamas /......v.. Brazil... Chile... Colombia,... Cuba... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics Netherlands Antilles and Surinam Other Latin America... Total Latin America , , Q _, , , , , , , , 8" , , , L., I 0 -,8 9 I Z j& L., ,98 China, People s Republic of (China Mainland)... China, Republic of (Taiwan).. Hong Kong... India... Indonesia... Israel Japan... Korea... Philippines... Thailand... Other Asia: Middle East oil-exporting countries % J... Other countx-ies... Total other Asia... Total Asia... Africa: Egypt... Morocco... South Africa... Zaire... Other Africa: Oil-exj)orting countries /. Other countries... Total other Africa... Total Africa , , , r l,9r , , , ( ^, , , Other countries: Australia... All other. Total other cou ntries... Total foreign cou ntries... Intemational and regional 8,90,09 ^, , 0, ,0 0 8, Grand to ta l...,,9,0,99,r,,,8,80, 8,8 / / / Data in the two columns shown for this date differ because of changes in reporting coverage. Figures in the first column are comparable in coverage to those shown for the preceding date; figures in the second column are comparable to those shown for the following date. Through December, 9, Bermuda included with Bahamas. Includes Bahrain, Iran, Iraq,, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). / Includes Algeria, Gabon, Libya, and Nigeria. Less than $00,000. p Preliminary, r Revised.

119 September 9 Country fiapttat. MOVEMENTS Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-. - Long-Term Claims, by Type and Country, as of July, 9 Preliminary Total long-term claims (Position in millions of dollars) Long-term claims payable in dollars Total Loans Other Long-term claims payable in foreign currencies Europe: - - Belgius^Luxembourg... - Denmark _ Italy Portugal Spain Sweden Switzerland... Turkey United Kingdom Yugoslavia Other Western Europe Total Europe...,,,089 m»dattt- - - TTT. TTT, f r r r _ r r TTTT. r TT Latin America: Argentina Bahamas... 0 _,08,08 98 Chile... 0 _ Colombia... 9 Cuba... - _ Mexico... 9 Panama _ Peru Uruguay... - Venezuela Other Latin American Republics Netherlands Antilles and Surinam... 8 Other Latin America... - Total Latin America...,98,9, 0 9 Asia: China, People's Republic o f (China Mainland)... China, Republic o f (Taiwan) _ Hong Kong India... _ Indonesia... 0 _ Israel... _ 0 _ Japan... Korea Philippines... Thailand _ Other Asia Total Asia...,,,8 Africa: gyp... - Morocco... _ South Africa Zaire Other Africa... 0 Total Africa _ Other countries: Australia _ A ll other... Total other countries... 8 Total foreign countries... 8, 8,0, 8 International and regional... _ Grand to ta l... 8,8 8,09,0 89 Less than $00,000.

120 Treasury Bulletin.CAPITAL MOVEMENTS. Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-. - Liabilities by Type (In millions of dollars) Short-term lia b ilitie s End of calendar year or quarter-end month / Total lia b ilitie s Total Payable in dollars Payable in foreign currencies Long-term lia b ilitie s I90 /... r J 89 9-Mar. _/. June /. Dec... 9-June /. Dec. / June /. Dec... 9 / / U /... 9 / Mar.. June. Sept.., Dec r 9 f < 8 f 8 { 8 f 98 ( 80 f \ ( «) J J 9 0 J J L f \,9, f,8 ^,8,,8,0,09,,08, 8.9 f, (,8,8,,99, 8 0 8,,0,80,,8 9,0 (,8 ^,90,0,,9,0 f,9,9, 8,0,9,8 V.,99r,99r,9r 8r,9r,88r,9r,9r r,8r 8,9r,8r,r 89r,8lr 8,r,r,8r 9r,r 8,90r,00r,r 9r,0r 9,,,8 9, 9-Mar.p. Note: Breaks in series arising from changes in amount to $ million or less for any year are cases, only the figure comparable to that for shewn. / Data are shewn for calendar year ends and for quarter ends for which figures are available. 9,,,0 8,9 reporting coverage which not shown; in such the following date is most recent five Data are also shown J for earlier quarter ends when the reporting coverage changed. Data on the two lines shewn for this date d iffer because of changes in reporting coverage. Figures cm the fir s t line are comparable in coverage to those shewn for the preceding date; figures on the second line are comparable to those shown for the following date, p Preliminary. r Revised.

121 September 9 CAPITAL MOVEMENTS Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-. - Short-Term Liabilities by Country Country (Position at end of period in millions of dollars) Calendar year y 9 / 9 Mar. June Sept. Dec. Mar.p Europe: Austria Belgium-Luxembourg r 00r Denmark Finland France... r r r r 0 Germany Italy r 0r r lr r 8 Netherlands r Norway Spain... 9 r r 0r r 8r Sweden Switzerland Turkey... lor /9r U r 0r 8 United Kingdom ,09 90r l,8r l,r l,r,,0 Yugoslavia... r r 8r r 0 Other Western Europe... 9r 8r r r Other Eastern E u rope... Total Europe...,,,80 l,90r,09r,8r #r,00r.9.8 Canada " r 8r r 98r 98 0 fefcfri, America: Argentina Bahamas / r 8r r Brazil Chilp r r Cuba... Mexico... Panama Peru... 8 Uruguay... Venezuela Other Latin American Republics Netherlands Antilles and Surinam Other Latin America Total Latin America r 8r 8r Asia: China, People's Republic of (China Mainland) China, Republic o f (Taiwan) Hong Kong India Indonesia Israel Japan Korea Philippines Thailand Other Asia... 0r 0 Total Asia r 00 8,0,089,9, Africa: Egypt... 0 Morocco... South Africa... 8 Zaire Other Africa Total Africa Ofcher cpiffltries: Australia... 0r r r r r 0 All other r r r r 0 Total other countries r 8r 9r r....8j? JL- Total foreign countries...,0,,9,99r,9r,r,09r,r,08, International and regional Grand tota l...,0,,9,99r,9r,8r,r,00r,, / Data in two columns shown for this date differ because of changes / Through December, 9, Bermuda included with Bahamas, in reporting coverage. Figures in the fir s t column are comparable in Less than $00,000. coverage to those shown for the preceding date; figures in the second p Preliminary, column are comparable to those shown for the following date. r Revised.

122 U.CAPITAL MOVEMENTS Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States T able CM-III-. - Short-Term Liabilities, by Type and Country, as o f M arch, 9 Preliminary Treasury Bulletin (Position in millions of dollars) Country Total short-term lia b ilities Payable in dollars Payable in foreign currencies Europe: Italy Portugal , Other Western Europe...,8,0 Canada Chile... Colombia... 0 Panama Peru Other Latin American Republics.. Netherlands Antilles and Surinam 8 8 Total Latin America Asia: China, People's Republic of (China Mainland) India Israel ,, 0 Africa: 0 Other countries: 0 All other Total foreign countries...,,0 8 M.ernatioP^L and regional,... ' o r Grand to ta l...,,80 8 Less than $00,000.

123 September 9 CAPITAL MOVEMENTS Section - Liabilities to Foreigners Reported by Nonbanking Concerns in the U nited States Table CM-III-. - Long-Term Liabilities by Country (Position at end of period in millions of dollars) Country Calendar year / 9 / 9 Mar. June Sept. Dec. Mar. p Europe; 8 0r 8r 9 a _ r 0r Portugal... Italy r r r r 8r 9r 8r ,0, l,9r l,089r,, - _ - _ Other Eastern Europe ,0,,0.0r,0r,r,r,r,8,9 Canada... 9 A r 0r 0r " 9r 89r 9 9 Argentina ' Chil... Colombia,,,... Cuba... Peru... ' Uruguay... Venezuela... Other Latin American Republics.. Netherlands Antilles and Surinam Total Latin America Asia: China, People's Republic of (China Mainland)... - China, Republic o f (Taiwan)... Hong Kong... India... r Indonesia Japan Korea... Philippines... Thailand Total Asia r 0 Africa: Egypt... Morocco... South Africa... _ Total Africa P-fcbe r ffjfi s.: Australia... lr r r r r All other... Total other countries... r r r r r Total foreign countries...,9,8,0,9r,8r,8lr,r,0r,,9 International and regional Grand tota l...,9,8,0,9r,8r,8r,r,0r,,9 _ - / Data in the two columns shown for this date d iffer because of changes in reporting coverage. Figures in the fir s t column are comparable in coverage to those shewn for the preceding date; figures in the second column are comparable to those shown for the following date. / Through December, 9, Bermuda included with Bahamas. Less than $00,000. p Preliminary, r Revised.

124 Treasury Bulletin.CAPITAL MOVEMENTS. Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Claims by Type (In millions o f dollars) End of calendar year or quarter-end month / Total p. a-irps Total Payable in dollars Short-term claims Payable in foreign currencies Deposits with banks abroad in reporter s own name Other short-term claims payable in foreign currencies Long-term claims , I90 Z J... f, ^,89,, Mar. /... f, [,0,8, June /... f,89 \,9,9,8,8, Sept. /... f,099 \,,,,,0 9 9 J Dec...,8,, June /... [,,8 Dec. J... 9-Mar. /... June /... Dec. /... 9-June /... Dec. /... 9 /... f,809,8 f, 9 9,99 f,08^,j r,8,9 f,9, f,8 ^,9 f, t,8,80,9,0,098,,,,98,,8,, ^ 00 J,8,8 8,,88,8,0,,8,9,99,9,8,000,9,0,8,000, ,88,8,, 9 /... f,8 (, ,,9,0,9,99 f,9,0, 99-/... ^,,9, 90...,0,8,0, ^ 0 J f ^ 88 9 /... f 8,0,8, 8,8 ^ 80,000, 89,08 9 / ,,9 J 9,0-,,0 0, \ 9,9,, 9,8 9-Mar...,9 0,0 June..., 0,9 0,00 0,809 Sept..., 0, 9, Dec,8,0 0, 90, 9-Mar.p...,9 0,9 9,9 98, Note: Breaks in series arising from changes in reporting coverage which amount to $ million or less for any year are not shown; in such cases, only the figure comparable to that for the following date is shown. / Data are shown for calendar year ends and for the most recent five quarter ends for which figures are available. Data are also shown 8 ^ 8 9,08,9,9,,0,90,, 8,8, 8,9,90 9, 00,8 9 8,9 j Data on the two lines shown for this date differ because o f changes in reporting coverage. Figures on the fir s t line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date, p Preliminary.

125 September 9 ^CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Short-Term Claims by Country (Position at end of period in millions of dollars) Calendar year 9 9 Country 9 / 9 / 9 Mar. June Sept. Dec. Mar.p Europe: 0 9 Belgium-Luxembourg r 9r 8r r r r 8r r r r 9r r r Portugal r r 0r 09r r r r 8r r 9 9,0, l,r l,89r,8,8,8, r r r r Other Western Europe...! ,080,0,09,r,8r,9r,9r.r,,90 Canada ,,,,0,,88 Win, America: Chil... r r Cuba Panama Other Latin American Republics Netherlands Antilles and Surinam Other Latin America... r 9 9 Total Latin America...,090,08,89 l,0r l,89r,,99,9,08, Asia: China, People's Republic o f (China Mainland) China, Republic o f (Taiwan)... r 0 r 8 Hong Kong... r India... r Indonesia Israel Japan r 89r l,r 9r l,00r,8, Philippines Thailand... r 9 0 Other Asia Total Asia l,0r l,0r,0r l,8r,0r,,8 Africa: Efeypt Morocco Zaire Other Africa Total Africa Other countries: All other Total foreign countries...,8 ^99,,U r,r 0,0r 0,9 0,r ^0 0,9. r Iaj^rm^iQnal.aiid.regional,......'K...I " " " " T...r Grand Total...,8, 0 0 0,,r 8,8r 0,0r 0,9r 0,r,0 0,9 / Data on the two columns shewn for this date differ because of changes / Through December, 9, Bermuda included with Bahamas, in reporting coverage. Figures in the firs t column are comparable in Less than $00,OCX), coverage to those shown for the preceding date; figures in the second p Preliminary, column are comparable to those shown for the following date, i Revised,

126 8.CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Short-Term Claims, by Type and Country, as o f M arch, 9 Prelim inary (Position in millions of dollars) Treasury Bulletin Country Total short-term claims Payable in dollars Deposits with banks abroad in reporter's own name Payable in foreign currencies Other short-term claims payable in foreign currencies Europe: Belgium-Luxembourg , Italy Netherlands... Portugal... Spain Turkey...,, Other Western Europe... Other Eastern Europe... Total Europe...,9, 0 Canada,,& - T ; % %... IfiJ^America: Argentina... Bahamas... Chilp Cuba Uruguay... Venezuela... 8 Other Latin American Republics Netherlands Antilles and Surinam Other Latin America Total Latin America...,,00 Asia: China, People's Republic of Hong Kong... 8 India... Indonesia Israel...,8,0 0 Korea... Philippines Thailand Total Asia...,8,0 8 8 Africa: Egypt... South Africa Zaire Other countries: Australia All other... Total other countries... Total foreign countries... 0,9 9,8 98 International and regional Grand to ta l... 0,9 9,9 98 Less than $00,000.

127 September 9 CAPITAL MOVEMENTS End of calendar year or month 9 /... Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Type Total short-term liquid claims Total (In millions of dollars) Payable in dollars Payable in foreign currencies Deposits Deposits Short-term Short-term Total Demand Time investments / Demand Time investments / P V f, ^, ,8,0 8, T,8, (,9,, , O/ f,8,9,09 0 0,0, L,0 nqr»o O/ /,9,, 9 0 0,,9, ,,, ,0,9, C) U9 9-June...,,,0-9 0 ($9 8 July...,,9, Aug...,0,99,9 9 Sept...,0,, Oct...,99,, Nov...,998,9,80 0 Dec...,0,9-,8 0 9-Jan...,,, 9 Feb...,,8, 8 Mar...,,00, 8 Apr...,9,8,9 9 8,8,, June...,,, 9 8 Note: Data represent the liquid assets abroad of large nonbanking con- from the date on which the obligation was incurred by the foreigner, concerns in the United States. They are a portion of the total claims on / Data on the two lines shown for this date differ because of changes foreigners reported by nonbanking concerns in the United States and in reporting coverage or classification. Figures on the firs t line are included in the figures shown in Tables CM-IV- through CM-IV-. are comparable to those shown for the preceding date; figures on the / Negotiable and other readily transferable foreign obligations payable second line are comparable to those shown for the following date, on demand or having a contractual maturity of not more than one year Table CM-IV-. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Country (Position at end of period in millions of dollars) Calendar year 9 Country 9 / 9 / 9 9 Feb. Mar. Apr. May June ^ ,8,,09,0, ,,,,8, All other countries j / Total...,8,0,9,,,0,,,9,8, Note: Data represent the liquid assets abroad of large nonbanking con- / Data on the two lines shown for this date differ because of changes cerns in the United States. They are a portion of the total claims on in reporting coverage or classification. Figures on the-first line are foreigners reported by nonbanking concerns in the United States and comparable to those shown for the preceding date; figures on the second are included in the figures shown in Tables CM-IV- through CM-IV-. line are comparable to those shown for the following date. / Negotiable and other readily transferable foreign obligations payable / Includes the liquid claims of^$00 thousand or more held by reporting on demand or having a contractual maturity of not more than one year concerns in any country not listed above, from the date on which the obligation was incurred by the foreigner.

128 0 Treasury Bulletin CAPITAL MOVEMENTS, Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country, as o f June 0, 9 (Position in millions of dollars) Country Total short-term liquid claims Total Payable in dollars Deposits Short-term investments / Total Payable in foreign currencies Deposits Short-term investments / Germany Italy... - _ Netherlands _ , ,,, 9 8 Note: Data represent the liquid assets abroad of large ncmbanking concerns on demand or having a contractual maturity of not more than one year in the United States. They are a portion of the total claims on foreigners from the date on which the obligation was incurred by the foreigner, reported by nonbanking concerns in the United States and are included / Includes the liquid claims of $00 thousand or more held by reporting in the figures shown in Tables CM-IV- through CM-IV-. concerns in any country not listed above. / Negotiable and other readily transferable foreign obligations payable Less than $00,000.

129 September 9 CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Long-Term Claims by Country (Position at end of period in millions of dollars) Calendar year 9 9 Country 9 / 9 / 9 Mar. June Sept. Dec. Mar. p iffiope; Belgium-Luxembourg r Portugal Sweden Turkey... United Kingdom r 0 9 Yugoslavia... 9 Other Western Europe r 9 0 lor 0 Total Europe r,0 l,0r,00,0, Canada., T,,,,, t,,,, TTt, TTt T, t... T. 9r 8 888r 90r 9r 9,09 Latin America: Argentina Bahamas / Chil Cuba Mexico Panama Peru Venezuela Other Latin American Republics Netherlands Antilles and Surinam r r,08,0,0,0..08 Asia: China, People's Republic of China, Republic o f (Taiwan) Hong Kong... 9 India... r Indonesia Israel r Korea r 8 0 Philippines Thailand Other Asia r Total Asia Africa: Egypt...:... Morocco... South Africa Zaire Other Africa Total Africa Other countries: All other r r r r Total other countries r 9r r r r Z.8 Total foreign countries...,,0,08,8r,90,808r,80,9r,0,,merna^ional..and,,.regional, "'"... " V...,8,08,,8r,9>r,8r,809,9r,, / Data in the two columns shown for this date differ because of changes / Through December, 9, Bermuda included with Bahamas, in reporting coverage. Figures in the first column are comparable in Less than $00,000. coverage to those shown for the preceding date; figures in the second p Preliminary, column are comparable to those shown for the following date. r Revised.

130 .CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-. - Foreign Purchases and S a les'of Long-Term Domestic Securities by Type x i v u s u r y L > u, n, v u n Calendar year or month 98., , '9-Jan. -July p. 9-July... Aug... Sept... Oct... Nov... Dec... 9-Jan Feb Mar... Apr.... May.... June p. July p. (Tn mi-n ions of dollars: negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Total 89-8 Marketable Treasury bonds and notes Net foreign purchases Foreign countries O fficia l in stitutions n,, -9,,8-0 - r - 0,,0 - -r - - -r -0 r r 8 9 r 0r 0 l,r r r Other foreigners International and regional $ 0 r 8 9? -8r r -r 8 9 r -0r Gross foreign purchases,,,0,,80,8,9, ,,8,8,8r, 0 r 9r 0r 0 8 r l,0r r 8 Gross foreign sales,88 8,0,,08,9,8,,9 9 9,0,,8r,8 9 0r 08r r 8 89 Net foreign purchases of corporate and other securities ,00,,88,8,,08,r l,0r,0 - r 0'r 9r r -0r -r 0r 8r 00r r,00 Corporate and other securities Bonds / Net Gross foreign foreign purchases purchases ,0,9,0 9 0,88 l,9r 9r 8 -r r r r -9r -r 0r -r r -r ,,,,0,99,9,,88r 8,9r,0 lr 89r l,09r 9r 80r r 98r 9r 08r r 9 8 Gross foreign sales ,99,8,8,,,8,8?r,8r, 9 r r r 8r 90r 8 9r r L r 9r 0 9 Net foreign purchases ,0,8,88,8 0, Stocks Gross foreign purchases,9,,9,0,0,,0,0,0 8,0,8,9 8,9,,,, 9, ,8,8,8,,,9 Gross foreign sales,,8,,,9,,,,0, 0,88 0,9 8,0 0,89, 9,98,09r, ,08,9,0,080 / Data include transactions in issues of states and municipalities, and of corporations and other agencies of the U.S. Government. p- Preliminary. r Revised. Table CM-V-. - Foreign Purchases and Sales o f Long-Term Foreign Securities by Type (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year or month Net foreign purchases of foreign securities Net foreign ' purchases Foreign bonds Gross foreign purchases Gross foreign sales Net foreign purchases Foreign stocks Gross foreign purchases Gross foreign sales , -,0 889, , , , ,08-9,09, ,0 -,09 99, , ,,98, ,8, ,0 -,,0,8-880, ,9 -,80,0,8 -,, , -,09,,8 -,9, ,90,, ,8, -9,8, ,0,90,9 09,, ,,,9, ,0r -,0r,0,8 8r,90 l,0r -,8 -,,,98-8 9,0 9-July Aug Sept Oct Nov Dec Jan... -,08 -,0,0, -9 Feb Mar... -r -0r 9r Apr May...: June p July p , p Preliminary. r Revised.

131 September 9.CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-. - N et Foreign Transactions in Marketable Treasury Bonds and N otes by Country (In millions of'dollars; negative figures indicate net sales by fore:lgners or a net outflow of capital from the United States ) Calendar year 9 Country through July p Feb. Mar. Apr. May Junep July p Europe: - _ _ - _ Germany _ - Italy _ Netherlands... - r _ Portugal Spain Sweden Switzerland r Turkey _ _ United Kingdom Yugoslavia _ _ Other Western Europe _ _ Other Eastern Europe _ 9r r - -9 Canada ~ Latin America: Argentina _ - _ B razil Chil... _ Cuba... - _ - _ Mexico... r Panama... X Peru Uruguay _ - Venezuela... - Other Latin American Republics.. - _ Netnerlands Antilles and Surinam r - - Other Latin America Total Latin America r -r Asia: China, People's Republic of (China Mainland) China, Republic of (Taiwan) _ - _ Hong Kong... 0 _ India _ - _ - _ Indonesia «. Israel... - _ Japan..., -,0 - - _ Korea Philippines _ Thailand Other Asia: Middle East oil-exporting \ \ - -, > / - 00, , 8, Africa: Egypt ~ Other Africa: Oil-exporting countries /..." Total other Africa Total Africa.... -r 0. - JXI. 0 _ 0 Other countries: Memational and, regional: - _ i ,8 0 - ", 0r 9r r 0 r -08r Latin American regional Asian regional Total international and regional - 0 lr 8 9 r -0r Grand to ta l..., 0 -r, r l,r -r -0 9 / Through December, 9, Bermuda included with Bahamas. Z / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). / Includes Algeria, Gabon, Libya and Nigeria, p greliminary. r Bfevised. Less than $00,000.

132 CAPITAL MOVEMENTS Treasury Bulletin Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States T able CM-V-. - Estim ated Foreign H oldings o f Marketable U.S. Treasury B onds and N otes by C ountry (Position at end of period in millions of dollars) Calendar year 9 Country Feb. Mar. Apr. May June p July p Europe: r 8r « _ Other Eastern Europe l,8r ' l,r,,. Canada X^ilLJmerica: Bahamas / - - Chile r _ Other Latin American Republics.. Netherlands Antilles and Surinam 8 0r r 8 8 Other Latin America.... Total Latin America r t > 0r X 9 Asia: China, People s Republic of (China Mainland)... China, Republic o f (Taiwan) India _ ,80,,98,9,9,9,9,9,9 r ,0,09,8,,,9,,09,0,,,8,89,9 Africa: Egypt _ _ r r r lr Qtftar cqiffimeg.: All other ,,,,889r,9r,9r,8 j,,80 International and regional- International r 9r 0r r Total international and regional 9 0r r 99r 88r 99 9,8,9,08r,r,r,08r,08,8,09 Note: Data represent estimated o fficia l and private holdings of marketable totals or to Grand total. U.S. Treasury securities with an original maturity of more than one / Through December, 9, Bermuda included with Bahamas, year. Data are based on a benchmark survey as of January, 9 and p Preliminary, r Revised, the monthly transactions reports. Country detail may not add to the area Less than $00,000.

133 September 9 CAPITAL MOVEMENTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-. - Net Foreign Transactions in Long-Term Domestic Bonds, Other than Treasury Bonds and Notes, by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow o f capital from the United States) Calendar year 9 Country through July p Feb. Mar. Apr. May June p July p Europe: - - Denmark _ r Italy r 0r 8 - Portugal Sweden Switzerland Turkey _ United Kingdom... r - - 9r Yugoslavia _ Other Western Europe _ -8 - _ Total Europe...,0 l, r l9r 08-88r Canada r 8 k Latin- America: -, - Bahamas \ /... 8 Brazil... _ Chilp Cuba... Mexico Panama Peru... Uruguay... Venezuela... Other Latin American Republics.. Netherlands Antilles and Surinam Other Latin America Total Latin America... - Asia: China, People's Republic of (China Mainland)... - _ - China, Republic o f (Taiwan)... - _ # Hong Kong... 8 India Indonesia... _ Israel... - Japan Korea Philippines... Thailand..... _ Other Asia: Middle East oil-exporting countries /... Other countries... 9 _ Total other Asia Total Asia Egypt..... Morocco... South Africa... Zaire... _ Other Africa: Oil-exporting countries /... Other countries... Total other Africa... Total Africa... Qfoer c9mfffrrie$: Australia... A ll other... _ Total other countries , l,9r l,0r,0 -r = = Z r -9 r - -Qr 9 -r Latin American regional _ - _ Total international and regional 8 r -, r -9 -r 8... IQ,... --d fe 8,88 l,9r 9 8 -r r -r - / Through December, 9, Bermuda included with Bahamas../ Includes Algeria, Gabon, Libya,and Nigeria. / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and P Preliminary, the United Arab Emirates (Trucial States). r Revised. Less than $00,000. to 9

134 CAPITAL MOVEMENTS, Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the U nited States Table CM-V-. - Net Foreign Transactions in Dom estic Stocks by Country Treasury Bulletin (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Country Calendar year through July p Feb. Mar. Apr. May June p July p Europe: Belgium-Iuxembourg Portugal Other Eastern Europe ,98,0 8, 9 9 Canada,,,,,. t, t, t, Tt Tt T- - T Amegioa: Chile... - Colombia,,, _ Panama r Other Latin American Republics Netherlands Antilles and Surinam r r Asia: China, People's Republic of (China Mainland)... - _ India _ Korea _ - Philippines... Thailand... - Other Asia: Middle East oil-exporting r countries /... I ) Other countries... < - Total other Asia... J 0 L Total Asia Africa; Egypt _ Morocco... South Africa Zaire... Other Africa: r Oil-exporting countries / / Other countries... > I ^ J Other countries: Australia All other Total other countries Total foreign countries...,0,8lr, International European regional Asian regional... - African regional Total international and regional Grand to ta l...,88,90r 0, / Through December, 9, Bermuda included with Bahamas. y Includes Algeria, Gabon, Libya,and Nigeria. Z / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, p Preliminary. Less than $00,000. r Revised and United Arab Emigrates (Trucial States).

135 September 9 CAPITAL m o v b m b u t s Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-. - N et Foreign Transactions in Long-Term Foreign Bonds by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year 9 Country through July p Feb. Mar. Apr. May June p July p Europe: r _ Italy Norway Portugal... Spain Other Eastern Europe Canada , -, Latin America: 8 8 Bahamas / Brass i l Chilp... Colombia " - - _ Mexico Panama... 0 Peru... Venezuela... 8 Other Latin American Republics Netherlands Antilles and Surinam - 9 Other Latin America Total Latin America Asia: China, 'People's Republic of (China Mainland)... China, Republic o f (Taiwan) Hong Kong... - India _ Indonesia _ Israel Japan _ Philippines _ Thailand... - Other Asia... - Total Asia Africa: Egypt... Morocco... - South Africa... _ Zaire... - Other Africa... - Total Africa Qfrher.countries.: Australia All other Total other countries... - i - Total foreign countries , -,80 -,9, International and regional : International ! 9r Latin American regional Asian regional Total international and regional , -8-0r -8 - l / Through December, 9, Bermuda included with Bahamas, p Preliminary. Less than $00,000. r Revised. -,0-99 -,0 -, - -0r

136 8 CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-8. - N et Foreign Transactions in Foreign Stocks by Country Treasury Bulletin Calendar year 9 Country through July p Feb. Mar. Apr. May June p July p Europe: _ Yugoslavia r _ r Qaa^d^,,,,,,,,,, T,,,, -, TT- - TTT- T Latin America: Argentina Bahamas / _ - - Chile... _ Panama Other Latin American Republics Netherlands Antilles and Surinam Total Latin America Asia: China, People's Republic of _ - - China, Republic o f (Taiwan) Hong Kong India _ _ Philippines _ - _ Africa: Egypt _ - - _.. _ _ - _ All other Total other countries l$r International and regional European regional Total international and regional Grand tota l I8r / Through December, 9, Bermuda included with Bahamas, p Preliminary. Less than $00,000. r Revised.

137 September 9 CAPITAL MOVEMENTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-9. - Foreign Purchases and Sales o f Long-Term Securities, by T ype and Country, During July 9 Prelim inary ( In millions of dollars; Country Total purchases Gross purchases by foreigners Gross sales by foreigners Domestic securities Foreign securities Domestic securities Foreign securities Marketable Treasury bonds and notes Corporate and other Bonds Stocks Bonds Stocks Total sales Marketable Treasury Corporate and other bonds and notes Bonds Stocks Europe: 9 - _ 0 _ 8 - _ 9 - _ - _ _ «_ Italy... 0 _ - 8 _ i _ _ T & 88, 0 0, 8 0, T ~ 8 0 Latin America: - l 9 _ 9 9 _ j - - _ i 0 8 l 9 - l _ - _ Venezuela... 9 _ Other Latin American Republics.... _ Netherlands Antilles and Surinam Asia: China, People's Republic of _ China, Republic of (Taiwan) _ 0 0 India _ - -. _ - _ Other Asia Africa: Egypt _ _ ~ - - _ Other.countries: ,, 8 0,89, ai\d regioi^al: International Asian regional African regional Total international and regional _,8 8,9 0,9,080,00 Bonds Stocks Less than $00,000.

138 0 Treasury Bulletin.CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-0. - Foreign Purchases and Sales o f Long-Term Securities, by Type and Country, During Calendar Year 9 (In millions of dollars) Gross purchases by foreigners Domestic securities Foreign securities Gross sales by foreigners Domestic securities Foreign securities Country- Total purchases Marketable Treasury bonds and notes Corporate and other Bonds Stocks Bonds Stocks Total Marketable Treasury bonds and notes Corporate and other Bonds Stocks Bonds Stocks Austria... Belgium-Luxembourg... Denmark... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe... U.S.S.R... Other Eastern Europe... Total Europe... Canada... Lai;in America: Argentina... Bahamas... Brazil... Chile... Colombia... Cuba... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics.. Netherlands Antilles and Surinam Other Latin America... Total Latin America... Asia: China, People's Republic of (China Mainland)... China, Republic o f (Taiwan)... Hong Kong... India... Indonesia... Israel... Japan... Korea... Philippines... Thailand... Other Asia... Total Asia... Africa: Egypt... Morocco... South Africa... Zaire... Other Africa... Total Africa... Pfrfter countries: Australia... All other... Total other countries... Total foreign countries... International and regional: International... European regional... Latin American regional... Asian regional... African regional... Total international and regional Grand to ta l... 08, r 9 0,8,0r 9,9r, 8 0, 9,0,9,8 9 8,8r,r 8,0r,r ,,08lr,9r,8r llr 0,r., ,8 >9,9r 8,9r ,9 90 8, , , ,90, r ,,0 9,r,^r , 0 8 0,9, 0 8 " 0,8r,0r 00,8r,r ,0,0,8 l,99r,08r,8r 98 r 0,89 9, r 8 8,8r,r, ZL0 0,908,8 0, , , " ,9,0 Less than $00,000. r Revised.

139 September 9 CAPITAL MOVEMENTS, Section VI - Foreign Credit and Debit Balances in Brokerage Accounts Table CM-VI-. - Foreign Credit Balances (Due to Foreigners) by Country (Position at end of period in millions of dollars) Calendar year 9 9 Country June Sept. Dec. Mar. June p Europe: Austria... Belgium-Luxembourg... 0 France Italy Netherlands Portugal... Spain Sweden... Switzerland Turkey... United Kingdom Yugoslavia... Other Western Europe _ Other Eastern Europe... - Total Europe Canada Latin America: Argentina... Bahama /, Brazil... Chilp... Colombia,... Cuua... Mexico... Panama... Peru... Uruguay... Venezuela... Other Latin American Republics.., Netherlands Antilles and Surinam Other Latin America i 8 Total Latin America... 0! 9 j Asia: China, People's Republic of (China Mainland)... - China, Republic o f (Taiwan)... i Hong Kong Lidia... i Indonesia... Israel... i Japan... i Korea... Philippines... Thailand... Other Asia... Total Asia Africa: Egypt... Morocco... Ar! South Africa... Zaire... Other Africa...! Total Africa... Other countries: Australia... All other... Total other countries... Total foreign countries ftrternational.and.regional - Grand tota l... - j r r - m lb... W.. 8 Note: Data represent the money credit balances (due to foreigners), as carried by foreigners. appearing on the books of reporting brokers and dealers in the United l / Through December, 9, Bermuda included with Bahamas. States, in accounts of foreigners with them, and in their accounts p Preliminary. Less than $00,000.

140 Treasury Bulletin.CAPITAL MOVEMENTS. Section VI - Foreign Credit and Debit Balances in Brokerage Accounts T able OM-VI-. - Foreign D ebit Balances (Due from Foreigners) by Country Calendar year 9 9 Country June Sept. Dec. Mar. June p Europe: Austria... Belgium-Luxembourg..., Denmark.... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe. U.S.S.R... Other Eastern Europe. Total Europe. Canada... fra-frie America: Argentina... Bahamas /... Brazil... Chil... Colombia... Guua... Mexico... Panama..., Peru... Uruguay... Venezuela... Other Latin American Republics Netherlands Antilles and Surinam Other Latin America... Total Latin America. Asia: China, People s Republic of (China Mainland)... China, Republic o f (Taiwan). Hong Kong... India... Indonesia... Israel... Japan... Korea... Philippines... Thailand... Other Asia... Total Asia. Africa: Egypt... Morocco... South A frica... Zaire... Other A frica... Total A frica... Qlffrer couiflyies: Australia... A ll other... Total other cou ntries..., Total foreign cou ntries..., Merna>iQfla, regjtq^ r< u 8 9 r Grand to ta l... Note: Data represent the money debit balances (due from foreigners), as appearing on the books of reporting brokers and dealers m the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. / Through December, 9, Bermuda included with Bahamas, p Preliminary. Less than $00,

141 September 9 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section II - Federal Credit Programs Table GA-H-. - Direct Sales and Repurchases of Loans (In millions o f dollars) Fiscal year or month Total Export-Import Bank o f the United States Farmers Home Administration Housing and Urban Development Department Government National Mortgage Association Office o f Secretary / Small Business Administration Veterans Administration Sales Sales Sales / Sales Sales Sales Sales Repurchases Repurchases Repurchases Repurchases Repurchases Repurchases Repurchases ,00,,,8,0,,90, ,, ,8,00,0,,, ,0,,00,0, July Aug. Sept Oct. Nov. Dec. 9-Jan. Feb. Mar. Apr. May. June July, , / Includes college housing, elderly housing, and public fa c ility loans. / Sales by fisca l years 9-9 are on basis o f actual figures shown in the Budget document and include in itia l sales of loans from credit insurance fund. The monthly figures are on basis o f agency report. Less than $00,000. '

142 Treasury Bulletin C U M U L A T IV E T A B L E OF C O N T E N T S October 9 through September 9 Issues and page numbers Sections 9 9 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Article: Treasury financing operations... V V V V V V V V V V V V Federal fisca l operations: Summary of fis ca l operations... Budget receipts by source... Chart - budget receipts by source... Budget outlays by agency... Undistributed offsetting receipts... ' Budget outlays by function Investment transactions of Government accounts in Federal securities (n et) Trust fund transactions... Selected accrual data reported by Federal agencies... Detail of excise tax receipts Accountability of the Account of the U.S. Treasury on an accounting basis Summary of internal revenue collections by State, and other areas... Federal obligations Account of the U.S. Treasurv: Status of the Account of the U.S. Treasury Analysis of changes in tax and loan account balance Summary of cash transactions through the Account of the U.S. Treasury Monetary statistics: Money in circulation Federal debt: Summary of Federal debt... 0 Computed interest charge and computed interest rate on interest-bearing public debt... 0 Interest-bearing public debt Maturity distribution and average length of marketable interest-bearing public debt Government account series Interest-bearing securities issued by Government agencies Participation certifica tes... 8 l 9 Status and application of statutory limitation Treasury holdings of securities issued by Government corporations and other agencies Description of securities of Government corporations and other business-type activities held by the Treasury Public debt operations Maturity schedule of interest-bearing public marketable securities other than regular weekly and -week New money financing through regular weekly Treasury 9 b ills... Offerings of public marketable securities other than Unmatured marketable securities issued at a premium or discount other than advance refunding operations.. Allotments by investor classes on subscription for Disposition of public marketable securities other 8 9 Foreign series securities (nonmarketable) issued to o ffic ia l institutions of foreign countries... Foreign currency series securities (nonmarketable) 0! 8 issued to o fficia l institutions of foreign 0 0 ' 0 United States savings bonds: Sale and redemption by series, cumulative... Sale and redemption by periods, a ll series Redemptions of matured and unmatured savings bonds Sales and redemptions by denominations, Series E and Sale and redemption by periods, Series E through K