Treasury Bulletin OFFICE OF THE SECRETARY. F e b r u a r y U N I T E D S T A T E S T R E A S U R Y D E P A R T M E N T

Transcription

1 Treasury Bulletin F e b r u a r y U N I T E D S T A T E S T R E A S U R Y D E P A R T M E N T OFFICE OF THE SECRETARY

2 The Treasury Bulletin is for sale by the Superintendent of Documents, S. Government Printing Office, Washington, D.C Subscription per year $3.50 domestic, $7.00 foreign. Single copy price varies.

3 February 972 CONTENTS 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... II Federal fiscal operations... Federal obligations... 2 Account of the Treasurer of the United States... 6 M o n e t a r y statistics... 9 Federal debt Public debt operations United States savings bonds United States savings notes Ownership of Federal securities Treasury survey of ownership Treasury survey - commercial bank ownership M arket quotations on T reasury secu rities... 8 Average yields of long-term bonds International financial statistics Capital movements Financial operations of Government agencies and funds Cumulative table of contents N o te : D e ta ils o f fig u res m ay n ot add to to ta ls becau se o f rounding.

4 II Treasury Bulletin Treasury Financing Operations February Refunding On January 26 the Treasury announced an exchange offering of 5-3 Treasuiy Notes of Series E-976 at par and 6-3/8% Treasury Bonds of 982 at par to holders of $4,470 million of Treasury notes and Treasury bonds maturing February 5, 972. The 6-3/8% bonds were also offered in exchange to holders of $4, 347 million of notes and bonds due February 5 and May 5, 974, and for cash subscription to individuals in amounts not to exceed $0,000 for any one person. Details relating to the securities, amounts held, and preliminary figures of amounts exchanged are shown in the accompanying table. (In millions of dollars) ELIGIBLE FOR EXCHANGE AMOUNT EXCHANGED Securities Amount for 5-3/4% notes maturing May 5, 976 for 6-3/8% bonds maturing Feb. 5, /4% notes, A-972 maturing Feb. 5,, 972 $ 800 $ 508 $ 56 $ 564 -/2$ notes, C-972 maturing Feb. 5,, 972 2,690,795 4,936 4% bonds, maturing Feb. 5, /4% notes, C-974 maturing Feb. 5,, 974 3, /8% bonds, maturing Feb. 5, 974 3, /4% notes, D-974 maturing May 5, 974 4, /4% bonds, maturing May 5, 974.3, exchanged $8,86 $2,768 $2,6 $4,884 Sold for cash Grand total $8,86 $2,768 $2,82 $4,950 The amounts exchanged include subscriptions for Government accounts and the Federal Reserve Banks which totaled $42 million for the notes and $554 million for the bonds. Cash sales of the bonds totaled $66 million. The subscription books were open until 5:00 p.m., local time, February 2, 972. To be timely, subscriptions had to be received by a Federal Reserve Bank or Branch or by the Office of the Treasurer of the United States by such time, except that subscriptions addressed to one of those agencies and postmarked before midnight, February, were deemed to be timely. Coupons dated February 5, 972, were to be detached from securities tendered in exchange and cashed when due. Coupons dated subsequent to February 5, 972, attached to the appropriate securities when had to be surrendered. Interest on securities due in 974, was adjusted as of February 5, 972, Interest due on February 5, 972 on registered securities was paid by issue of interest checks in regular course to holders of record on January 4, 972, the date the transfer books closed. Interest on the new notes will be payable on May 5 and November 5 until maturity. Interest on the new bonds will by payable on February 5 and August 5 until maturity. The notes and bonds were issued in bearer and registered form in denominations of $,000, $5,000, $0,000, $00,000, and $,000,000. Subscribers exchanging securities due in 974 may elect, for Federal income tax purposes, to recognize gain or loss on account of the exchange either in the taxable year of the exchange or (except to the extent that cash is received) in the taxable year of disposition or redemption of the securities received in the exchange. Any gain to the extent that

5 February 92 Treasury Financing Operations - (Continued) cash was received by the subscriber (other than as an interest adjustment) must be recognized in the year of the exchange. Subscribers exchanging securities due in 972 must recognize gain or loss on account of the exchange in the taxable year of the exchange. Details shewing cash and interest adjustments for subscribers who exchanged securities due in 974, appear in the following table. (In dollars per $,000 face value) Securities to be exchanged Payment to or by (-) subscriber to adjust exchange values Payment to subscriber for accrued interest to Feb. 5, 972, on securities exchanged Net amount to be paid To subscriber By subscriber 7-3/4$ Note 2/5/ /8# Bond 2/5/ /4# Note 5/5/ /4# Bond 5/5/ Month and One-Year Bills On January 9 tenders were invited for $500 million, or thereabouts, of 274-day Treasury bills, representing an additional amount of bills dated October 3, 97, maturing October 3, 972, and for $,200 million, or thereabouts, of 366-day Treasury bills to be dated January 3, 972, to mature January 3, 973, both series to be issued January 3. These issues were to refund $,700 million of bills maturing January 3. Tenders were opened on January 25. Tenders received for the 274-day bills totaled $,506 million, of which $500 million was accepted, including $2 million of noncompetitive tenders. The average bank discount rate was 3.89 percent. Tenders received for the 366-day bills totaled $2,204 million, of which $,200 million was accepted, including $8 million of noncompetitive tenders. The average bank discount rate was percent. 3-Week and 26-Week Bills Issues of regular weekly Treasury bills in January totaled $5.6 billion, replacing an equal amount of maturing bills. There were four 9-day issues of $2.3 billion and four 82- day issues of $.6 billion. Average rates for the new issues are shown in the following table. 3-week (Additional amount of bills of original maturity of 26 weeks) Additional issue 972 Jan Date of Original issue 97 Oct l/ Bank discount basis. Treasury Bills - General Approximate equivalent annual average rate / Date of issue 972 Jan Treasury bills are sold on a bid basis. 26-week Approximate equivalent annual average rate / The face amount is payable without interest at maturity. They are issued in bearer form only, and in denominations of $0,000, $5,000, $50,000, $00,000, $500,000, and $,000,000 (maturity val

6 IV Treasury Bulletin Treasury Financing Operations - (Continued) ue). 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 $5,000. 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 2 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. Noncompetitive tenders (without stated price), -usually for $200,000 or less from any one bidder, 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 3-week, 26-week, 9-month, and oneyear bills may not be made by credit in Treasury tax and loan accounts. Foreign Series and Foreign Currency Series Foreign series securities issued in January totaled $,60 million, consisting of ten certificates of indebtedness and two notes. Redemptions for the month totaled $,645 million. At the end of January, foreign series securities outstanding totaled $4,703 million. (Details are shown on page 56.) Foreign currency series securities issued in January consisted of one certificate denominated in Swiss francs equivalent to $ million and two notes denominated in Swiss francs equivalent to $73 million. In addition, the amount outstanding was increased $20 million because of the revalue ation of the dollar equivalent of outstanding.foreign currency series securities. The action was taken due to the the devaluation of the U.S. Dollar in December. The revaluation was based on the December 3, 97, exchange market rates. Redemptions for the month totaled an equivalent of $269 million. At the end of January, foreign currency series securities outstanding totaled an equivalent of $2,47 million and were denominated in German marks and Swiss francs. (Details are shown on page 59.) E R R A T A T a b l e F F O - l. - S u m m a r y o f F i s c a l O p e r a t i o n s Treasury Bulletin for: November - 97 Incorrect Correct Column 3 Sept. 970 l,328r -l,32sr December - 97 Column 9 Oct. 970,552,522 January Column 6 Nov r 43r Rote: Details of Treasury market financing operations are shown elsewhere in tables on public debt operations.

7 February 972.FEDERAL FISCAL OPERATIONS Table FFO-. - Summary of Fiscal Operations F is c a l year or month (In millions of dollars) Budget re c e ip ts, expenditures, and lending Means o f financing - net transactions The expenditure account Loan account / Net r e c e ip t s 2 / (i) Net expenditu res i / (2) Surplus o r d e f i c i t ( - ) ()-(2 ) (3) Loan d is b u rsements (4) Loan repayments (5) Net len d in g y -(4)4(5) (6) Outla y s 2 / (2)-(6) (7) Budget surplus o r d e f i c i t ( - ) (3)+(6) (8) P ublic debt secu rit ie s (9) Borrowings from the public - Federal Agency secu rit i e s (0) In v e stments o f Government a c counts i j (ID S p e cia l notes (2) se cu rities T o ta l borrow ings from the p u b lic (9)+(io) -(M 2) (3) ,560,456-4,896 9,646 9,79 45,3-4,75 7,659 96, , ,662 8,039-5,377 0,237 9, ,584-5,922 5, , , ,833 7, ,9 9,662 -,249 8,430 -,596 5, , , ,856 30, ,628 0,796-3,832 34,652-3,796 2,633 4,04 3, , ,552 53,20-3,649 7,676 2,623-5,053 58,254-8,702 6,34 5,079 9, , ,67 72,802-9,3 20,327 4,297-6,030 78,833-25,6 2,357 5,944 5,320 -,9 23, ,784 83,072 4,72 3,67,69 -,476 84,548 3,236 6,42-0,50 8,522 -,384 -, ,743 ' 94, ,344 6,25-2,28 96,588-2,845 7,98 -,739 0,062 5, ,392 20,38-2,927 8,49 7,042 -,07 2,425-23,033 27, ,47-9, ( E s t. )... 97, ,597-37,770 8,258 7,246 -,03 236,60-38,783 46, ,86 39, ( E s t.) , ,463-25,678 8,354 8, ,257-25,472 36,26,255 9,88-27, Dec... 5,436i 5,920r -484r ,594r -58r 5,59 3 2,546r - 3,004r 97-Jan... 5,773 6,870 -, ,5 -,34-88, _ 660 Feb... 5,30 6,77 -, ,546 -,47 2,324 -,00,082 _ 240 Mar... 3,205 8,328-5, ,646-5,44, A pr... 2,024 7,769 3, ,88 3, _ -27 May... 3,90 6,882-3, ,52-3,96 4, ,797-2,97 June... 22,508 9,669 2,840, ,965 2,543, , July... 3,98 8,507-5, ,556-5,358 7,69-960,983 _ 4,226 Aug... 5,652 9,276-3, ,582-3,930 9, ,459-6,854 S ept... 9,70 8,265, ,96,53-2, _ -2,003 O ct... 2,462 8,677-6, ,79-6, ,69 _,407 Nov... 4,945 8,798-3, ,947-4,002 2, _ 2,590 Dec... 7,23 7, , ,5 284,33-8,482 Fiscal ,80 0,608-7,429 3,85 2, ,557-8,377 26,00 -,9 3,327-2,556.. Fiscal year or month Within gen'l acct. of Treasurer, U.S. 6/ (deduct) (4) Means of financing - net transactions (continued) Changes in cash and monetary assets,876 -,264, ,57 -, , With other Government officers (deduct) SDR's 7 / Other (5) (6) , , With International Monetary Fund (deduct) (7) Other means of financing 8/ (8) 88, , ,03 Transactions not applied to year's surplus or deficit 2/ (9) , budget financing (3M 4) -(5M 6) -<7)+(8) +(9) (20) 4,75 5,922,596 3,796 8,702 25,6-3,236 2,845 23,033 General account of Treasurer, U.S. 6/ (2) 2,380,6 2,70 2,450 7,879 6,785 7,544 9, Public debt securities (22) 305,860 3,73 37,274 39, ,22 347, , , Selected balances, end of period Agency securities 0/ (23) 8,23 8,63 9,335 3,377 8,455 24,399 4,249 2, Federal securities Investments of Government accounts (24) 56,345 59,20 6,540 64,784 73,89 79,40 87,66 97,723 05,40 Special notes 5 / (25) 3,76 3,58 3,455 3,80 3,328 2, Held by the public (22)+(23) -(24)-(25) (26) 254, ,64 264, , , , , (Est.). 973 (Est.). 970-Dec.. 97-Jan.. Feb.. Mar.. A p r.. May.. June. July... Aug... Sept... Oct... Nov... Dec... Fiscal 972 to date... 2,035,836 -,75-3,34 4,830-2,447,946 -,78 2, ,385-2,43 7,028 2, * r ,506-89t 2, ,402, ,39 -,507,229,300 -,04 -,34-2, Source; Based on monthly statement of receipts and expenditures of the Government. The loan account data for fiscal years and all 7/ estimates are from 973 Budget document released January 24, 972. Includes investments in non-federal securities. 3 / / See Table FF0-2. j / See Table FF0-3. 4/ See Table FF0-6. 5/ Represents non-interest bearing public debt securities issued to the IMF and international lending organizations (IDA and IADB) in recognition 9/ of U.S. Government subscription commitments. 6/ Current fiscal year to date transactions are on the daily Treasury statement clearance date basis and are converted to accounting date basis at June 30 (final) only. Prior fiscal year amounts include transactions in transit as of June 30. For amounts in transit see 0/ ,783 25,472 58r,34,47 5,44-3,206 3,96-2,543 5,358 3,930 -,53 6,330 4, , ,769 0,605 8,854 5,53 0,343 7, ,93 0,469,099 7,74 5, , ,75 389,58 388,34 390,664 39,668 39,89 396, ,299 44,592 42,268 4,934 44, ,984 3,239 2,489: 3,504 2,503 3,02 2,676 2, ,203,223 0,720 0,7.70 0, ,956 2, ,685r ,222 00,304 0,50 0,300 04,098 05,40 07,23 09,582 08,757 07,066 07,53 08,466 08, , ,38 30, , ,73 302, , ,408 33,406 34,82 37, Table FF0-8 in December 97 Bulletin. Represents holdings of Special Drawing Rights, less certificates issued to Federal Reserve Banks. Includes accrued interest payable on public debt securities, deposit funds, and miscellaneous liability and asset accounts. Includes seigniorage, fiscal 969 conversion of certain corporations to private ownership, fiscal 970 reclassification of certificates of interest of $,590 million less $7 million investments held by Government accounts, and net outlays of the Export-Import Bank of the U.S. that were reclassified outside the unified budget Sphere effective August 7, 97. See Table FD-6. * Less than $500,000. r Revised.

8 2 Treasury Bulletin FEDERAL FISLCAL OPERATIONS, Table FFO-2. - Budget Receipts by Principal Sources (In millions of dollars) Fiscal year or month Net budget receipts Individual Withheld Other Refunds Net total Income taxes Gross Corporation Refunds Net total Net total income taxes ,560 38,79 4,269 5,400 47,588 22, ,579 69, ,662 39,259 5,33 5,893 48,697 24, ,493 72, ,833 36,840 6,820 4,869 48,792 26, ,46 74, ,856 42,8 8,486 5,85 55,446 30, ,073 85, ,552 50,52 8,850 7,845 6,526 34, ,97 95, ,67 57,30 20,95 9,527 68,726 29,897,232 28,665 97, ,784 70,82 27,258 0,9 87,249 38,338,660 36,678 23, ,743 77,46 26,236 3,240 90,42 35,037 2,208 32,829 23, ,392 76,490 24,262 4,522 86,230 30,320 3,535 26,785 3, (E st.)... 97,827 76,200 24,800 4,500 86,500 32,900 2,800 30,00 6, (E st.) ,785 84,300 26,600 7,000 93,900 38,400 2,700 35,700 29, Dec... 5,436r 5,846r ,27r 4, ,484 0,70r 97-Jan... 5,773 6,339 4, ,579, ,05 Feb... 5,30 7, ,407 6, ,865 Mar... 3,205 6,605,392 4,63 3,366 3, ,523 6,890 Apr... 2,024 5,940 7,95 4,26 9,630 4, ,05 3,645 May... 3,90 6, ,4 3, ,469 June... 22,508 6,690 3, ,867 6, ,447 6,34 July... 3,98 6, ,59, ,398 Aug... 5,652 6, , ,373 Sept... 9,70 5,53 3, ,92 4, ,306 3,499 Oct... 2,462 5, ,282, ,08 Nov... 4,945 7, , ,967 Dec... 7,23 6, ,096 5, ,927 2,023 Fiscal 972 to date... 93,80 38,449 5, ,465 3,262,448,83 55,278 Fiscal year or month Gross Social insurance taxes and contributions Employment taxes and contributions OLd-age, disability, and Railroad hospital insurance retirement accounts Refunds Net total Gross Net total Gross Unemployment insurance , , * 572 4,746 4,5 3 4, , , * 593 6,959 4, , , , * 636 7,359 3, , , , * ,662 3, , , , * ,823 3, , , , ,224 3,35 6 3, , , * ,236 3, , , , ,33 3,47 6 3, , ,79 98 * 980 4,699 3, , (Est.)... 45, ,344,023 *,023 46,367 4, , (Est.)... 54, ,030,083 *,083 55,3 5, , Dec... 2,46-2,46 85 * 84 2, * Jan... 2,286 _ 2,286 5 * 5 2,29 65 X 65 Feb... 4,808-4, * 68 4, * 72 Mar... 3,537-3, * 87 3, * 77 Apr... 4,369-4,369 0 * 0 4, May... 5, , * 64 5,03,007 2,005 June... 3,339-3, X 88 3, Refunds July... 2,97 _ 2, , Aug... 4,945-4, * 04 5, Sept... 3,364-3, * 87 3, Oct... 2,582-2,582 0 * 0 2,592 7 * 6 Nov... 3,248-3, * 60 3, x 424 Dec... 2,228-2, * 83 2,.-ill Fiscal 972 to date... - ^ * 460 9,798,523 5,58 Footnotes at end of table. (Continued onfollowing page) Net total Refunds Net total

9 February 972.FEDERAL FISCAL OPERATIONS, 3 Table FFO-2. - Budget Receipts by Principal Sources - (Continued) Fiscal year or month Social insurance taxes and contributions - (continued) Federal Supplemental Medical Insurance Contributions for other insurances and retirement Federal employees retirement Other employees retirement (In millions of dollars) Net total social insurance taxes and contributions Miscellaneous excise taxes Gross Refunds Net total Excise taxes Airport and airway trust fund _ ,804 0, ,95 _ ,008 22,02 0, , ,065 6,08 22,258,0 99 0, , 8,29 25,567 9, , ,20 9,867 33,349 9, , , ,052 34,622 9, , , ,353 39,98 0, , , ,70 45,298 0, , ,253, ,205 48,578 0, , (Est*),355, ,36 54,092 0,4,236 9, (E st.),477 2, ,554 63,683 9, , Gross Refunds Net total 970-Dec r 2,544r 886 I2r 874r Jan , _ 40 Feb , * 3 Mar , * 48 Apr , May , June ,764,037 2,025 5 * 5 July ,464,02 2, Aug , * 50 Sept , Oct , _ 62 Nov ,20,073,06 54 * 54 Dec ,642, * 52 Fiscal 972 to date ,673 22,989 5, , Excise taxes - (continued) Estate and gift taxes Customs duties Miscellaneous receipts Fiscal year or month Gross Highway trust fund Refunds Net total Net total excise taxes Gross Refunds Net total Gross Refunds Net total Deposits of earnings by Federal Reserve banks All other Net total miscellaneous receipts , ,279 3,94 2, ,67,24 35, , , ,59 3,73 2, ,394,284 32, , , ,659 4,570 2, ,76,478 35,442, , , ,97 3,062 3, ,066,8 45,767,73 62, , ,44 3,79 3, ,978,972 7,90, , , ,379 4,079 3, ,05 2,3 75 2,038 2, , , ,637 5,222 3, ,49 2, ,39 2, , , ,354 5,705 3, ,644 2, ,430 3, , , ,542 6,64 3, ,735 2, ,59 3, , (E st.)... 5, ,349 5,200 5, ,200 3, ,20 3, , (E st.)... 5, ,83 6,300 4, ,300 2, ,850 3, , Dec l,347r r 338r 97-Jan , Feb , Mar , Apr , k>48 May , J une , July , Aug , Sept , Oct , Nov , Dec , Fiscal 972 to date... 2, ,889 8,96 2, ,395,889 50,838,655 63,78 Source: Beginning fiscal 967 actual figures are from the monthly adopted January 968. Estimates are from the 973 Budget document statement of receipts and expenditures of the Government. Data for released January 24, 972. prior years were derived onbasis of the unified budget concepts * Less than$500,000. r Revised.

10 BUDGET RECEIPTS BY PRINCIPAL SOURCES Fiscal Years $ B ir $Bil. Comparisonfirst 6 - monthsfiscal years- 97and972 -Fiscal Year I I I I I i i i I i i i ia i i I FEDERAL FISCAL OPERATIONS, v t o * Source.- Monthly Statement of Receipts and Expenditures of the U.S. Government. For actual amounts see proceeding Table FFO-2. y Includes estate and gift taxes, customs duties, and miscellaneous receipts.

11 February FEDERAL FISCAL OPERATIONS Table FFO-3. - Budget Outlays by Agencies Fiscal year or month Legislative Branch The Judiciary Executive Office of the President Net expenditures (In millions of dollars) Funds appropriated to the President Net lending Net expenditures Agriculture Department Net lending Commerce Department Net expenditures Net lending ,20 _ 3,20 6, ,333 3, , ,694-3,694 7, ,458 4, , , ,889 6, ,795 4, , , ,385 5, ,53 4, , ,85 2 4,872 5, , , ,93 6, , ,97-4 4,967 7, , , ,774 7, , , ,55-4,540 8, ,560,47 4, (Est.) , ,433, J.,60,237 52, (Est.) ,29 3 4,3,087-82,005,375 5, Dec r r Jan Feb Mar Apr * May June July _* 298 2, , Aug ,328 04, Sept Oct ,243 63, Nov , Dec , Fiscal 972 to date ,972-5,968 7, , Fiscal year or month Net expenditures Defense Department Military Net lending Civil / Health, Education, and Welfare Department Net expenditures 'Jet Lending Housing and Urban Development Department Net expenditures Met Lending Interior Department Net expenditures Net lending Justice Department , ,40,03 20, , , ,573,30 2, , ,968 45,969,2 22, , ,66 54,67,278 27, , ,28 2, ,453 * 67,453,30 34, , ,05 2, , ,373,300 40, , ,434 4, , ,870,268 46, , , ,50-77,50,2 52, ,338, ,603,36, ,546 * 74,546,376 6, ,866 2, , (Est.)... 75,000 _* 75,000,655 7, ,9 3, ,462,03 22,053, (Est.)... 75, ,900,822 78, ,953 4, ,24 -,59 2 -,38, Dec... 6,546r 6,546r 7r 5,032r 2 5,034r r * -07r 66r 97-Jan... 5,777 * 5, , , * Feb... 5,720 5, , , Mar... 6,309 * 6, , , Apr... 6,04 -* 6, ,29 6 5, May... 5,809 _* 5, ,39 4 5, June... 7,590 * 7, ,67 5 7, July... 5,047 -* 5, ,46 5, Aug... 5,4 82 * 5, , , Sept... 5,764 * 5, , , Oct... 5,886 * 5, , , Nov... 5,996 -* 5, , , Dec ,386 * 6, , , * Fiscal 972 to date... 34,560 _* 34, , ,343, , Footnotes at endof table. (Continued onfollowing page)

12 6 Treasury Bulletin FEDERAL FISCAL OPF.RATTONS Table FFO-3. - Budget Outlays by Agencies - (Continued) (In millions of dollars) Fiscal year or month Labor Department State Department Transportati on Department.2/ Net expenditures Net lending.treasury Department Net expenditures Interest on public debt / Other Net lending Atomic Energy Commission Environmental Protec tior Agency General Services Admin. Net expenditures Net lending National Aeronautics and Space Admin , _ 9, ,745 2,758 _ , , , ,552 2, , , , ,433 2, , , , ,427 2, , ,286 / 49 5,428-3, * 3,064 2, , ,272 / 424 5,732-4, * 4,655 2, , , ,970 - * 6, * 6,924 2, , , ,48 - * 9, * 9,50 2, , , , , _ * 20,99 2, , (E st.)... 0, ,80 5 2,400 2,724 _ * 29,24 2,358, , (E st.)... 9, , ,700 5,037 _ * 27,737 2,422, ,9 970-Dec _,822-22r _ *,700i Jan _, _ *, Feb , _ *, Mar ,727 42, Apr ,699 7 _ *, May _, _ *, June ,708 35, July , _ *, _ * Aug ,80 27 _ *, Sept ,830 63, Oct , *, Nov ,800 3, Dec ,855-80, Fiscal 972 to date... 4, ,24 0,929-9 _ * 0,738, ,777 Fiscal year or month United States Postal Service Veterans Administration Net expenditures Net lending Other independent agencies Net expenditures Net lending Undistributed intrabudgetary transactions 4/ Net expenditures Net expenditures Net lending , ,499 2, ,839-2,644,456-45, , ,660 2,7 52 2,864-2,877 8, , , ,708 2, ,559-3,09 7,8,249 8, , ,960 3, ,97 3,364 30,820 3,832 34, ,4 6, ,845 3,825,588 5,43-3,936 53,20 5,053 58, ,080 6,7 48 6,858 4,74 2,083 6,257-4,499 72,802 6,030 78, , ,669 4, ,970-5,7 83,072,476 84, ,50 8, ,653 5, ,736-6,380 94,460 2,28 96, ,83 9, ,756 6, ,696-7,376 20,38,07 2, (Est.)...,943, ,0 7, ,26-7, ,597.5/,03 236, (Est.)...,409 2,0-296,75 8, ,572-8, ,463 6 / , Dec ,56r 5,920r ,594r 97-Jan , ,5 Feb , ,546 Mar * , ,646 Apr , ,88 May , ,52 June ,284 9, ,965 July..., , ,556 Aug , ,582 Sept V 755 * , ,96 Oct / , ,79 Nov , ,947 Dec ,332 7, ,484 Fiscal 972 to date , ,985 3, ,205-3,822 0, ,557 Source: See Table FF0-. / Includes net lending. Note: Net expenditures represent disbursements less proprietary receipts 2 / Figures prior to fiscal 967 represent expenditures for the Federal from the public and certain intrabudgetary transactions applicable Aviation Agency. to the expenditure accoimt. Net lending represents loan disburse Reported on an accrual basis. ments less loan repayments. If only one column is shown for an 4 / For content see Table FF0-4. agency, the amounts represent net expenditures, unless otherwise 5/ Includes $550 million estimate for special allowances for pay raises noted. Agency shifts are shown in this table beginning with the and contingencies. period of such shifts, figures prior to the shifts have not been 6 / Includes $,275 million estimate for special allowances for pay raises adjusted. and contingencies.

13 February 9J2 7.FEDERAL FISCAL OPERATIONS. Table FFO-4. - Undistributed Intrabudgetary Transactions Fiscal year or month Federal employer contributions to retirement funds Health, Education, and Welfare Dept. Federal Old-Age, Disability, and Hospital Insurance Civil Service Commission Civil Service Retirement and Disability Fund Other (In millions of dollars) Defense Department Soldier's Home Permanent Fund Interest credited to certain Government Accounts 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 , , _ ,042 4, ,090 4, _ ,8 5, ,30 5, ,40 6 2,08 3, , ,444 3, , ,6 3, (E st.) , ,687 3, (E st.) , ,893 3, Dec r Jan Feb * Mar * Apr _ 25 4 May _ 46 June July _ 2 * Aug _ 43 3 Sept _ Oct _ Nov Dec Fiscal 972 to date , Fiscal year or month Interior Department Indian Tribal Funds Labor Department Unemployment Trust Fund Interest credited to certain Government accounts - (Conti iued) Transporta ti on Veterans Administration Civil Service Department Commission Highway Trust Fund Government Life Insurance Fund Mfl +*Tsxno It9.XirodQ D *T J Grand Service Civil Service Retirement Other Life Retirement and Board Insurance Disability Fund Fund ,485 2, , , , , , , ,275 3, ,674 4, ,099 5, ,936 6, I , ,765 7, (E st.) , ,90 7, (E st.) , ,697 8, Dec... * ,949 2,56r 97-Jan... * 4 * * Feb * * Mar... * 4 * * 2 * Apr... * 8 * 3 2 * May... * 2 * * 28 6 * June... * ,058 2,284 July... * 4 * Aug * Sept... * 5 5 * * 3 * Oct... * 6 7 * 2 2 * Nov... * 3 -* * 28 7 * Dec ,28 2,332 Fiscal 972 to date ,52 3,822 Source: See Table FF0-2. * Less than$500,000.

14 00 Table FFO-5. - Budget Outlays by Major Function (In millions of dollars) Function Fiscal year 97 Fiscal year 972 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dee. Cumulative to date Comparable period FY 97 National defense Expenditures... Proprietary receipts from the public... Intrabudgetary transactions... 6,880r 6, _* -2 6,785r -* 5,905 6,82 6,432 6, * -* -* -2 8, , , * 6,044 6,94 6, * -88 * ,428 6,82 -* ,53 5,85 6,673 6,337 6,043 8,22 5,88 5,595 5,979 6,06 6,75 6,73 35,755 38,52 * -* * -* * * * _* * -* -* national defense... 6,785r 6,53 5,85 6,673 6,337 6,043 8,22 5,87 5,595 5,979 6,06 6,75 6,73 35,755 38,5a and finance ,880,652 Proprietary receipts from the public * Intrabudgetary transactions... _* _* -* -*.* _* _* - _* -* -* -* - * -* _ * ,70,47 Net lending international affairs and finance ,752,409 Snace research and technology ,784,728 Proprietary receipts from the public.... -* _* -2 _* -* _ * * _ * - -* ,777,720 39, lr, ,469 4,990 Proprietary receipts from the public * -5 _ * _* -4 -* , ,459 4, agriculture and rural development ,784, , ,999 4,633 Natural resources ,57 2,26 Proprietary receipts from the public _* - _* _* - _* -* -* -* _* -* _* - * ,946,559 * * -* * * ,952,56 Commerce and transportation ,337, ,654,86, ,553 5,802 Proprietary receipts from the public _* _* * , ,643 93, ,867 5, ,000,05 707,62 572,68 947, ,030 5,808 CtoflBwni'tar, tevexopineirt asid ,895,302 Proprietary receipts from the public.... -* _* -52 -* -* -* _* -* _ * - * -* -* Intrabudgetary transactions ,895, community development and housing ,8,677 (Continued on following page) I &

15 Function Education and manpower Proprietary receipts from the public... Net expenditures... ' education and manpower... Health Proprietary receipts from the public... Intrabudgetary transactions.... Table FFO-5. - Budget Outlays by Major Function - (Continued) (In millions of dollars) Fiscal year 97 Fiscal year 972 Dec. Jan. Feb. Mar, Apr. May- June July Aug. Sept. Oct. Nov. Dec * , l,i Cumulative to date ,328 -* Comparable period FY 97 3, , , , ,355 3,744 2,606r -* -980 l,625r -*,286 -* -,35 -* -97, ,43 _ * -09,279 _ * -0,439 * -97,33 - i l l,523 -* -4, ,478 _* -4, ,463 -* , ,24,74 *,27 - *,243 -*,322 *,77,343 2,202,409 *,45,364,3 5,776 8,206 5 health... l,625r,74,27,243,322,77,345,202,409,45,364,36,776 8,2 7,476 Income security Expenditures... Proprietary receipts from the public... Intrabudgetary transactions... Net expenditures...! income security... Veterans benefits and services Proprietary receipts from the public... Intrabudgetary transactions... Net expenditures... veterans benefits and services... Interest Proprietaxy receipts from the public... Intrabudgetary transactions... General government Expenditures... Proprietary receipts from the public... 4,57r -* ,746 -* -22 4,72 -* - * 4, ,77 -* -* 4,69 -* - 6, ,990 -* - 5,000 -* -23 5,024 -* 5,35 5,26 -* -* 4,052r * 4,724 * 4,7 -* 4,894 * 4,77 -* 4,68 * 6,244-4,989 * 4,977 -* 5,023 5,35 * 5,26 * 4,668 * 29,98 4,052r 4,724 4,7 4,895 4,77 4,68 6,243 4,989 4,976 5,024 5,35 5,26 4,669 29,920 25, , * -39 -* -42 _ * -45 -* -4 _ * -39 -* -4 _* * ,207 -* , , _ * -* -* _* -* -* * ,003 4,626, , , , , ,724, , ,676,63,695,709,683,667,626,65,668,800,48,8,702 0,050 9,597 35r r ,37, r m ,392,88 Undistributed intrabudgetary transactions. -2, , ,332-3,822-3,607 Source: On basis of monthly statement of receipts and expenditures of the Government. * Less than $500,000. r Revised. 5,594r 7,5 6,546 8, ,52 9,965 8,556 9,582 8,96 8,79 8,947 ' 7,484,557 04,26, , , , , ,5-48 0, , , ,496 7,476 -* 25, , , , , , w o H > co o > t- o a w w 5HH o a CO r VO k! vo

16 iranibpat. nscal OPRRATTONS Treasury Bulletin Table FFO-6. Investment Transactions of Government Accounts in Federal Securities (Net) Fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund (In millions of dollars) Health, Education, and Welfare Department Housing and Urban Development Department Labor Department 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 * * * 38 _ * _ * * ,468 * , * ,56 * , * _ -0,46 * ,898, * * ,953, * * 97...,274, ,747 _* 972 (Est.) , _ ,728 * 973 (Est.) , _* 970-Dec _ 45r 2 - * -62 _ 97-Jan _ _ -570 _ Feb _* Mar..., * Apr _ * 49 - * * -4 _ May..., _ June * July _* _ -404 _ Aug..., * 302 _ Sept * Oct _ Nov * 43 * _ * -5 _ Dec * Fiscal 972 to date * ,08 - Fiscal year or month Transportation Department Highway Trust Fund Treasury Department United States Postal Service Veterans Administration National Service Life Insurance Fund Other Civil Service Commission Other independent agencies Federal Federal Deposit Savings Insurance and Loan Corporation Insurance Corporation National Credit Union Administration Railroad Retirement Board , _ -5, , , _ 26 6, * 2, , , , , , , , , , , ,033, , , (Est.) , , , (Est.)..., , ,88 All Other 970-Dec r _ _ 62 _ * 2,546r 97-Jan _ Feb ,082 Mar _ * Apr * May * ,797 June * 4 * 676 4,042 July , * - * -42 3,983 Aug ,459 Sept * * Oct ,69 Nov... * * Dec ,33 Fiscal 972 to date... 8,34 2, , ,327 Source: See Table FFO-2. * Less than $500,000. r Revised.

17 Table FFO-7. - Trust Funds Transactions July, 97 through December 3, 97 r Classification Federal Old-Age and Survivors Federal Supplementary Medical in trust funds (i) Trust interfund and proprietary receipts / (2) Receipts Receipts of trust funds (3) Intragovernmental transactions 2 / (4) budget receipts attributable to trust funds 2/ (5) (In millions of dollars) in trust funds (6) (7) Trust interfund transactions Proprietary receipts from the public (8) Outlays of trust funds (9) Federal payments and contributions (0) Outlays Intragovernmental transactions Federal employer contributions (ID Interest and profits on investments in Federal securities (2) 6,689 * 6,689,593 5,095 7,230 _ * 7, _,593 5, ,306 Mr 2, ,034 2,070 - * 2, , ,896 * 2, ,209 2,965 - * 2, ,278-69,37 *, ,22 - Mr, ,33 3 3,30 2,26,004,864 3, ,26-265,269 Other (3) U (4) Unified budget outlays attributable to trust funds (5) Excess of receipts or outlays (-) (6) VO ks Federal Employees Life and Federal Deposit Insurance Corporation ,987-2, ,889 2,864-2, , , , ,778 -, ,58 2, , ,642 -,24 a CO o s 3 ts o as CO _ _ , ,888 6,660 26,227 33, ,522 2,252,30 2, ,660 25, Source: Based on monthly statement of receipts and expenditures of the 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 (3) and (9) above. Trust interfund transactions are payments from one trust fund to another trust fund which result in the recording of a receipt and an outlay, and are excluded in calculating trust fund receipts and outlays. Intragovemmental transactions are payments from Federal funds to trust funds, and vice-versa. Intragovernmental transactions as shown in this table consist of Federal fund payments to trust funds it does not include trust fund payments to Federal funds of $44 million. / For content see columns (7) and (8). 2/ For content see columns (0-3). 2 / Includes net taxes and other receipts, mainly deposits by States and Federal employee retirement contributions. y This column excludes trust fund payments to Federal funds, such as charges for administrative expenses of Social Security Act. * Less than $500,000.

18 2.FEDERAL OBLIGATIONS, Treasury Bulletin "Obligations are the basis on which the use of funds is controlled in the Federal Government. They are recorded at the point at which the Government makes a firm commitment to acquire goods or services and are the first of the four key events order, delivery, payment, consumption which characterize the acquisition and use of resources. In general, they consist of orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money. 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 of categories which are based upon the nature of the transaction without regard to its ultimate purpose. All payments for salaries and wages, for example, are reported as personnel compensation, whether the personal services are used in current operations or in the construction of capital items. Federal agencies and firms often do business with one another; in doing so, the"buying" agency records obligations, and the "performing agency records reimbursements. In Table FO-, obligations that are incurred within the Govern^ ment are distinguished from those incurred outside the Government. Tables FO-2, 3, and 4 show only those incurred outside. Obligation data for the administrative budget fund accounts were first published in the September 967 Treasury Bulletin and the trust fund accounts were first published in the October 967 Bulletin. Beginning with the April 968 Bulletin, the data are on the basis of the budget concepts adopted pursuant to the recommendations of the President's Commission on Budget Concepts.

19 February 972»FEDERAL OBUGATIONS. Table FO-. - Gross Obligations Incurred Within and Outside the Federal Government by Object Class, November 30, 97 (in millions of dollars) Gross obligations incurred Object class Outside Within 3 Personal services and benefits Personnel compensation... Personnel benefits... Benefits for former personnel... 7,904,09 2,485 7,904 2,607 2,485 Contractual services and supplies Travel and transportation of persons. Transportation of things... Rent, communications, and utilities.- Printing and reproduction... Other services... Supplies and materials ,809 7, ,249 2, ,62, ,058 0/226 Acquisition of capital assets Equipment... Lands and structures... Investments and loans... 5,634,644 9, ,404,748 9,723 Grants and fixed charges Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds... 9,289 26,786 7, ,89 9,30 27,340 9, Other Undistributed U.S. obligations... Obligations incurred abroad... Unvouchered... -2,094 3, >793 3,742 Gross obligations incurred l / Source: Reports on Obligations, Standard Form 225, 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)... $29,200 Deduct: Advances, reimbursements,.other income, etc... 28,495 Offsetting receipts... 5,498 Net obligations incurred... 95,206 Less than $500,000...'.... Table FO-2. - Gross Obligations Incurred Outside the Federal Government by Major Function and Major Object Class, November 30, 97 (In millions of dollars) Major function Personal services and benefits Contractual services and supplies Major object class Acquisition of capital assets Equipment Lands and structures Investments and loans Grants and fixed charges National defense... 2,9 4,424 5, ,857 36,05 International affairs and finance , ,0 23, * -,258 36, ,6 3,355-2,08 5, ,70 Commerce and transportation... 3, , , , * 5, ,770 7,597 Health ,569 7,506 Income security ,702-2,7 Veterans benefits and services , ,787 Other ,897-6,897, * , ,480 20,677 5,634,644 9,72 53,536,039 3,73 " * Less than $500,000.

20 Table FO-3. - Gross Obligations Incurred Outside the Federal Government by Department or Agency, November 30, 97 (Inmillions of dollars) Personal services &benefits Contractual services and supplies Acquisition of capital assets Benefits Travel and Rent, communications, and Other plies Printing Sup Lands Investments Classification Personnel Personnel for transportatiotation of and repro ser and Equip and Transpor compensation y personnel of persons things utilities duction vices matement struc and benefits former tures rials loans Legislative Branch 2/ * Grants, subsidies, and contributions Grants and fixed charges Insurance Interest claims and and indemnities dividends Refunds Other Undistributed U.S. obligations Obligations in Unvoucherecurred abroad gross obligations inourred # - # REP0R' PS NOTRI SCEIVED Executive Office of the President... *4 ~ - * * * * * Funds appropriated to the President: Military assistance * * 4 3 * _ 49 Economic assistance « * * 6 * 2 * 6 * * - _* 248 _ -. * 7 _ 38 Agriculture Department: Commodity Credit Corporation * 78 * * -,702 2, ,024 - _ 3, * ,44, _# 6 _ 4,468 Commerce Department * * * * m. Defense Department: Military: Department of the Army... 3, ,225, ,73 * 8,82 Department of the Navy... 3, ,752,70, * 237,67 3, ,226,696 2,5 6 - # 4 8 _ _,253 Defense agencies , * Civil defense... 5 * * * * 0 «26 * u? military... 0,66,070, ,364 5,30 5, ,85 # 34,358 Civil... Health, Education, and Welfare 205 _ 0 6 * _ 4 * * Department * ,973 9, Housing and Urban Development Department: Government National Mortgage Association , * - - 4, * 6 l ,65 Interior Department * * U * * * ,055 Justice Department * - * - * 532 Labor Department " 35 5 * 5 * 36 3 * -,739 2, , ll * 338 Transportation Department ,926 * * * - 3,80 Treasury Department: Interest on the public debt , ,804 Interest on refunds, etc * * 65 Atomic Energy Commission * *, * ,588 Environmental Protection Agency * 4 # 2 * * * General Services Administration * 6 2 * * * * _ 934 National Aeronautics and Space Administration _ * * ,258 United States Postal Servloe... 2,690 - * Veterans Administration ,842 - * ,775 Other independent agencies: Export-Import Bank of U.S * * * * * * ,05 Small Business Administration * 2 * l * 6 * * * * Other , ,429 7,904,09 2, ,809 7,265 5,634,644 9,72 9,289 26,786 7, ,094 3,32 3,73 I Source: Reports on Obligations, Standard Forms 225, fromagencies. 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. 2/ Includes reports for Library of Congress, Government Printing Office, and General Accounting Office only. * Less than $500,000. I 3 s

21 Object Class Table FO-4. - Gross Obligations Incurred Outside the Federal Government Comparative Statement by Months (In millions of dollars) Fiscal year 97 Fiscal year 972 Nov. Dec. Jan. Feb. Mar. Apr. May June p July Aug. Sept. Oct. Nov. Cumulative to date Comparable period FY 97 National defense: Personal services and benefits: Personnel compensation...,85,87,886,983 2,25 2,073,935 2,00 2,7 2,29,963 2,030,960 0,253 9,653 Personnel benefits ,070,095 Benefits for former personnel ,588,365 Contractual services and supplies: Travel and transportation of persons Transportation of things Rent, communications, and utilities Printing and reproduction r Other services... 2,07,663, ,293,37 982,573,935,574,286 l,243r,666 7,703 6,920 Supplies and materials...,088, ,032 75,422 98,02 952,086,270 5,303 5,449 Acquisition of capital assets: Equipment ,07,20, ,232,25 750,050, ,263 4,989 Lands and structures Investments and loans... * * * * * * * * * 2 3 Grants and fixed charges: Grants, subsidies, and contributions Insurance claims and indemnities Interest and dividends Refunds Other: Undistributed U.S. obligations... * - - _ * -* 3 * - * * - - Obligations incurred abroad Unvouchered * - * - * * * * 2,857 * 2,863 national defense... 7,427 7,253 6,086 6,09 6,436 6,787 5,859 8,88 7,788 7,040 6,745 7,246 7,96 36,05 34,49 Non-defense: Personal services and benefits: Personnel compensation...,37,464,534,405,545,976,456,537,62,528,502,52,520 7,650 7,03 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 " ,07 2,700 Supplies and materials ,962 2,052 Acquisition of capital assets: Equipment Lands and structures , Investments and loans...,238, ,07 779,447 2,483,493 2,78 2,055,64 2,379 9,720 4,655 Grants and fixed charges: Grants, subsidies, and contributions... 3,0 3,887 2,599,736 3,769 2,303 3,679 4,962 4,942 3,530 4,767 3,738 3,52 9,256 5,609 Insurance claims and indemnities... 4,578 5,006 5,00 4,974 5,289 6,384 3,07 5,75 5,289 5,385 5,32 5,327 5,483 26,76 23,098 Interest and dividends...,46,440,40,329,377,277,22,393,359,57,20,448,53 7,0 6,832 Refunds Other: Undistributed.U.S. obligations , , ,093-3,053 Obligations incurred abroad Unvouchered * * * * - * * 2 non-defense... 3,080 5,043 3,023,555 7,068 4,948 3,28 8,747 5,78 4,926 6,533 5,52 5,939 77,77 62,086 Grand total... 20,508 22,295 9,08 7,664 23,505 2,735 8,987 26,935 23,569 2,967 23,278 22,758 23,35 3,73 96,576 * Less than $500,000. p Preliminary, r Revised. C-A CM.FEDERAL O B L IG A T IO N S,

22 6.ACCOUNT OP THE TREASURER OF THE UNITED STATES. Treasury Bulletin Source and A vailability o f the Balance in the Treasurer s Account The working cash of the Treasury is held mainly in Treasurer 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 955, pages Table TUS-. - Status of the Account of the Treasurer of the United States (In millions of dollars) End of fiscal year or month Federal Reserve Banks Treasury operating balance / Available funds in Special depositaries. Treasury Tax and Loan Accoimt s Other depositaries y Funds in process of collection through: Federal Reserve Banks Other depositaries i / Time deposits and other depositary accounts Coin, currency, and coinage metal Miscellaneous items Gold balance (J Balance in accoimt of Treasurer of the United States ,324., , ,80-0, , ,689 -, , ,050-0, , ,3 4,272-5, , , ,074 4,3-5, , ,258 4,525-5, , ,005 6,929 _ 8, , ,274 7,372-8, ,9 970-Dec...,56 6,834-8, , Jan ,532 _ 9, _ ,605 Feb...,064 6,725-7, ,854 Mar ,56-4, ,53 Apr...,322 7,462-8, ,343 May ,938-6, ,896 June...,274 7,372-8, ,9 July...,5 5,968 _ 7, ,93 Aug ,408-9, ,469 Sept... 2,02 7,763-9, ,099 Oct...,876 4,667-6, ,74 Nov...,996 2,223-4, ,30 Dec... 2,020 9,73 -, , Jan... 2,860 8,8 35, ,303 Note: This table has been revised to reflect the changes made in the daily Treasury statement effective January 3, 972. / Effective January 972 the Treasury operating balance consists of / available funds in demand accounts at Federal Reserve banks, special depositaries, and other depositaries, and excludes the gold balance in Treasury. Treasury operating balances shown prior to Janaury 972 include the gold balances. 2 / Represents deposits in certain commercial depositaries that have been kf converted from a time deposit to a demand deposit basis to permit greater flexibility in Treasury cash management. Represents funds in process of collection by (a) the Treasurer, U.S., and (b) commercial banks which have been authorized to defer credit until checks are collected. Data prior to January 972 included in Miscellaneous items column. The free gold balance can be readily converted to available funds with Federal Reserve banks.

23 February 972.ACCOUNT OF THE TREASURER OF THE UNITED STATES. 7 Table TUS-2. - Analysis of Changes in Tax and Loan Account Balances Credits (In millions of dollars) Balance Proceeds from sales of securities / Taxes During period Fiscal year Savings bonds and savings notes 2 / Retirement plan and tax and loss bonds 2/ Tax anticipation securities Other Withheld, excise, and corporation y Income (by special arrangement)' 5 / credits Withdrawals End of period High Low Average ,699 2,760 2,635 2,704 2,783 2,673 2,599 2,573 2,844 2,963 2,340 7,368 7,643 9,538 0,408 3,043 6,954 3,830 2,04,627,73 9,576 5,47 3,640 2,42 4,267 43,580 42,475 48,478 70,524 90,79 23,906 32,460 3,2 6,835 9,92 2,598 4,522 9,257 57,595 58,277 60,050 74,699 9,382 2,583 42,333 5,72 53,346 56,085 59,42 58,540 75,338 97,60 2,74 4,92 49,37 52,900 0,324 9,80 0,689 0,050 4,272 4,3 4,525 6,929 7,372 0,324 0,257 0,872,274 9,979 8,004 9,720 7,990 8,532 2,535,577, , ,325 4,747 5,43 4,324 3,775 4,9 4,329 4,022 5,46 97-Jan.. Feb.. Mar.. Apr.. May.. June. July. Aug.. Sept. Oct.. Nov.. Dec Jan ,73 4,7,000,90 499,508,599 2,250,220,28, ,98 2,768 2,267 0,608 4,795 9,99 0,475 2,2 9, ,605 0,60 0,72 2,622 3,54 4,062 2,47 7,304,99,957 3,570,3 0,49 8,575 0,474 8,474 4,429 6,705 0,6 3,995 5,869 3,395 9,58 4,26 4,403 2,593,622,522 8,532 6,725 3,56 7,462 5,938 7,372 5,968 8,408 7,763 4,667 2,223 9,73 8,8 8,532 8,83 6,705 7,462 8,7 7,382 6,625 8,508 7,907 6,803 4,59 0,242 8,75 2,969 5,567 2, ,427,458 4,907 2,454 4,22 2,372,765,737 4,489 5,22 6,699 4,055 3,838 6,458 3,592 5,869 5,68 6,043 4,205 2,737 5,32 6,45 Source: Office of Fiscal Assistant Secretary; figures are on basis of telegraphic reports. / 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, when this method of payment is permitted under the terms of the circulars inviting subscriptions to the-issues. 2/ United States savings notes first offered for sale as of May, 967 and were discontinued after June 30, / Retirement plan bonds first offered for sale as of January, 963; tax and loss bonds first issued in March 968. ij Taxes eligible for credit consist of those deposited by taxpayers in the depositary banks, as follows: Withheld income taxes beginning March 948; taxes on employers and employees under the Federal Insurance Contributions Act begiijning January 950, and under the Railroad Retirement Tax Act beginning July 95; a number of excise taxes beginning July 953; estimated corporation income taxes beginning April 967; all corporation income taxes due on or after March 5, 968; and FUTA taxes beginning April / Under a special procedure begun in March 95, 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 967. * Less than $500,000.

24 8 Treasury Bulletin ACCOUNT OF THE TREASURER OF THE UNITED STATES Table TUS-3. - Summary of Cash Transactions through the Account o f the T reasurer o f the United States (In millions of dollars) Net cash transactions other than borrowing Fiscal year or month Cash deposits Deposits and withdrawals (budget and other accounts) Cash withdrawals / Excess of deposits, or withdrawals (-) Clearing accounts 2/ net transactions Plus: Net cash borrowing, or repayment of borrowing (-) Equals: Treasurer s account balance, increase, or decrease (-) ,454 8,477-4,023,039-2,984 4,670, ,562 24,047-2,485 -,49-3,975 2,895 -, ,464 26, ,55 3,089, ,095 42,9 -,095 -,075-2,7, ,036 64,59 -, ,747-4, ,086 84,58-9,495-2,095-2,590 20,525 -, ,735 20, ,928 -,684 2, , ,648-3,723,556-2,67 4,079, ,96 229,353-23,393,822-2,57 22, Jan... 7,890 7, ,836 Feb... 7,930 9,982-2, ,82,070 -,75 Mar... 5,036 8,880-3, , ,34 Apr... 2,803 7,744 4, , ,830 May... 3,864 7,877-4, ,82,735-2,447 June... 23,54 2,446 2, , ,05 July... 4,866 9,566-4,700 -,68-6,38 4,600 -,78 Aug... 7,567 22,985-5, ,02 7,297 2,276 Sept... 20,660 9, ,779 -, Oct... 4,308 7,60-2,852-2,499-5,35,966-3,385 Nov... 5,307 22,7-6,864,809-5,055 2,642-2,43 Dec... 20,04 9, ,288 -,362 8,390 7, Jan... 9,7 2,378 -,668, Fiscal 972 to date... 22,432 42,223-9,79-2,022-2,82 24,205 2,392 Source: Daily Treasury statement. Figures in the first four columns may / Beginning with the February 963 Bulletin, figures have been revised, differ somewhat from those originally published in the daily Treasury as shown in the daily Treasury statements beginning January 2, 963, statement because of subsequent reclassification of certain trans- to exclude transactions of clearing accounts, actions. 2 / Previously included under cash withdrawals. See footnote. Table TUS-4. - Gold Assets and Liabilities of the Treasury (In millions of dollars) End of calendar year or month Gold assets / Liabilities: Gold certificates, etc. 2/ Balance of gold in Treasurer s account 5,53 5, ,388 5, ,733 2/ 3, ,59 3,04 8,982, ,367 0,256 0,367 0, ,732 0, ,32 0, Jan... 0,732 0, Feb... 0,732 0, Mar... 0,732 0, Apr... 0,732 0, May... 0,332 0, June... 0,332 0, July... 0,332 0,29 3 Aug... 0,32 0,09 3 Sept... 0,32 0,09 3 Oct... 0,32 0,09 3 Nov... 0,32 0,09 3 Dec... 0,32 0, Jan... 0,32 0,09 3 Source: Circulation Statement of United Stages Money through 965; daily Treasury statement thereafter. / Treasury gold stock; does not include gold in Exchange Stabilization Fund. See "International Financial Statistics," Table IFS-. 2 / Comprises gold certificates held by the public and in Federal Reserve Banks, the gold certificates fund - Federal Reserve System, and gold deposited by and held for the International Monetary Fund. Prior to March 968 also includes () reserve of $56 million against United States notes and through June 30, 96, Treasury notes of 890 and (2) the redemption fund - Federal Reserve notes (Pursuant to P. L approved March 8, 968, this fund was combined with gold certificate fund - Federal Reserve System). 2/ The United States payment of the $259 million increase in its gold subscription to the International Monetary Fund, authorized by P.L. 89-3, approved June 2, 965 (70 Stat. 9) was made on June 30, 965.

25 February MONETARY STATISTICS Table MS-. - Money in Circulation (In millions of dollars except per capita figures) End of fiscal year or month Federal Reserve bank notes National bank notes Currencies no longer issued Gold certificates 2/ Silver certificates Federal Reserve notes 2/ Treasury notes of 890 Currencies presently being issued / United States notes Federal Reserve notes jj currencies ,847 8 * 39 30,274 32, ,723 8 * 32 32,338 34, * ,820 36, * ,35 38, * ,289 40, * 299 4,722 42, * ,547 45, * ,626 48, * 32 5,304 5, Dec * ,334 47, Dec * ,204 50,82 97-Jan * 3 48,482 49,09 Feb * 32 48,734 49,345 Mar * 35 49,389 50,00 Apr * 37 49,68 50,232 May * ,377 50,993 June * 32 5,304 5,922 July * 322 5,448 52,065 Aug * 322 5,750 52,367 Sept * 32 5,625 52,24 Oct * 32 52,0 52,627 Nov * 32 53,306 53,922 Dec * 32 53,678 54,293 End of fiscal year or month Dollars Coin Fractional coin money in circulation 2 / Money in circulation per capita (in dollars) 6/ 4 2,466 2,878 35, ,723 3,205 37, ,80 3,662 39, : 482 3,782 4,264 42, ,60 4,64 44, ,827 5,309 47, ,308 5,790 50, ,646 6,28 54, ,990 6,472 58, Dec ,539 6,02 53, Dec ,800 6,28 57, Jan ,773 6,254 55, Feb ,785 6,266 55, Mar ,82 6,303 56, Apr ,878 6,360 56, May ,928 6,40 57, June ,990 6,472 58, July ,0 6,493 58, Aug ,055 6,537 58, Sept ,074 6,556 58, Oct ,07 6,589 59, Nov ,70 6,74 60, Dec ,209 6,775 6,068 7/ Source: Circulation Statement of United States Money through December 965; thereafter, Statement of United States Currency and Coin. / Excludes gold certificates, Series of 934, which are issued only to Federal Reserve banks and do not appear in circulation. 2 / Issued prior to January 30, / Issued prior to July, 929. ij Issued on and after July, / Excludes money held by the Treasury and money held by or for the account of the Federal Reserve banks and agents. 6/ Based on the Bureau of the Census estimated population. 7/ Highest amount to date. * Less than $500,000.

26 20 FEDERAL DEBT Treasury Bulletin Table FD-. - Summary of Federal Debt (In millions of dollars) End of fiscal year or month outstanding Public debt securities Agency securities Government accounts Public debt securities Agency securities Securities held by: IMF & International lending organizations / The public 2 / Public debt securities , ,860 8,23 56,345 55, ,76 254,46 247,046 7, ,344 3,73 8,63 59,20 58, ,58 257, ,533 8, ,609 37,274 9,335 6,540 6, ,455 26,64 252,748 8, ,284 39,907 3,377 64,784 64, ,80 264,690 25,782 2, , ,22 8,455 73,89 7,809 2,00 3, ,529 25,084 6, , ,578 24,399 79,40 76,38 3,00 2, , ,23 2, , ,720 4,249 87,66 84,85 2, , ,080,403 * , ,99 2,50 97,723 95,70 2, , ,924 9, , ,30 2,63 05,40 02,888 2, , ,47 9,9 969-Dec , ,226 3,820 9,927 89,042 2, , ,358 0,936 Agency securities 970-Dec... 40,648r 389,58 2,489r 99,685r 97,09r 2, ,38 29,242r 9,895r 97-Jan... 40, ,34 3,504 99,222 96,660 2, , ,856 0,942 Feb ,67 390,664 2,503 00,304 97,996 2, ,038 29,844 0,94 Mar ,688 39,668 3,02 0,50 98,800 2, ,73 292,043 0, ,567 39,89 2,676 0,300 99,05 2, , ,05 0, ,56 396,845 2,76 04,098 0,850 2, , ,70 0,468 June... 40, ,30 2,63 05,40 02,888 2, , ,47 9,9 July... 46, ,299,203 07,23 04,878 2, , ,596 8,958 Aug ,85 44,592,223 09,582 07,355 2, , ,4 8, ,988 42,268 0,720 08,757 06,49 2, , ,952 8,454 Oct ,704 4,934 0,770 07,066 04,680 2, ,82 306,429 8,383 Nov ,380 44,620 0,760 07,53 04,747 2, , ,048 8,354 Dec ,75 424,3,044 08,466 06,045 2, ,884 37,26 8,622 Source: Daily Treasuiy statement and monthly statement of receipts and recognition of U.S. Government subscription commitments. Since June expenditures of the Government. 965 letters of credit have been issued in lieu of the special notes. / Represents non-interest bearing public debt securities issued to the All outstanding notes have been converted to letters of credit with International Monetaiy Fund, and prior to FY 967 to the International Development Association, and the Inter-American Development Bank in 2/ the exception of those for IMF. Includes holdings of Federal Reserve banks. Revised. Table FD-2. Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt (Dollar amounts in millions) Computed annual interest rate End of fiscal year or month interestbearing public debt Computed annual interest charge interestbearing public debt Bills v Marketable issues Notes Treasury bonds Certificates Nonmarketable issues 2 / Special issues , ,357 33,H3 35,43 322, ,40 35, , ,289 0,9 0,900,467 2,56 2,953 5,404 7,087 20,339 20, Dec. 387,252 2, Jan. Feb. Mar. Apr. May. June July, Aug. Sept Oct. Nov. Dec. 972-Jan, 386, , , , , , ,533 42,762 40,450 40,8 42, ,308 42,090 20,937 20,698 20,272 9,959 20,064 20,254 2,049 2,806 2,748 2,654 2,584 2,853 2, Footnotes at endof Table FD-8.

27 February FEDERAL DEBT Table FD-3. - Interest-Bearing Public Debt End of fiscal year or month interestbearing public debt public issues Bills Marketable Certificates (In millions of dollars) Public issues Notes Treasury bonds U.S. savings bonds Treasury bonds investment series Nonmarketable Depositary bonds Foreign series securities / Foreign currency Other series securities 2 2 / / Special issues , ,53 203,508 47,230 22,69 52,45 8,964 53,645 48,34 3, , , , ,489 50,740-67,284 88,464 54,240 49,299 3, , ,3 264, ,695 53,665-52,549 02,48 55,768 50,043 3,256 59,32, , ,43 264,3 209,27 54,929,652 50,649 0,897 55,83 50,537 2, , , ,3 20,672 58,535 5,60 49,08 97,48 55,459 5,23 2, , ,40 284, ,592 64,440-7,073 9,079 58,282 5,72 2, ,00, , , , ,07 68,356-78,946 78,805 58,833 5,7 2,459 28,703 2,367' , , , ,599 76,54-93,489 62,956 60,03 5,28 2, ,389,366,656 76, ,289 33, ,473 86,677-04,807 53,989 68,032 53,003 2, ,606,664 3,389 82, Dec , ,46 247,73 87,923-0,227 58,563 6,434 5,842 2, ,33,366,500 78,06 97-Jan , , ,667 87,98 0,228 58,522 6,06 5,928 2, ,926,366,492 77,73 Feb , , ,092 89,303-04,283 54,507 6,657 52,04 2, ,33,366,463 78,898 Mar , , ,457 88,977-04,305 54,75 62,27 52,324 2, ,57,66,383 80,049 Apr ,029 30, ,888 87,504-04,27 54,2 64,490 52,54 2, ,056,66 2,904 79,652 May ,922 33,84 245,635 89,096-02,495 54,043 67,550 52,788 2, ,83,664 2,895 8,738 June ,289 33, ,473 86,677-04,807 53,989 68,032 53,003 2, ,606,664 3,389 82, ,533 38, ,649 88,98-04,83 53,98 7,208 53,22 2, ,43,664 4,522 84,676 Aug... 42, , ,654 89,60-08,84 5,868 76,29 53,444 2, ,385,998 3,940 86,980 Sept... 40, , ,93 88,644-09,473 5,84 74,559 53,66 2, ,230 2,005 2,348 85,96 Oct... 40,8 325, ,240 89,028 -,462 5,750 73,609 53,83 2, ,44 2,008,284 84,332 Nov... 42, , ,456 89,829-3,964 50,664 73,922 54,062 2, ,293 2,008,27 84,355 Dec , , ,038 97,505-3,965 50,568 74,64 54,275 2, ,738 2,03,246 85, Jan... 42, ,939 26,98 97,57-3,964 50,436 75,02 54,484 2, ,703 2,47,343 84,5 Source: Daily Treasury statement. foreign currencies. / Consists of certificates of indebtedness, Treasury notes beginning ji/ Includes Treasury bonds, Rural Electrification Administration series January 963, and Treasury bonds beginning September 964, sold to beginning July I960; retirement plan bonds beginning January 963; foreign governments for U.S. dollars. Treasury certificates beginning June 963; Treasury certificates 2/ Consists of the dollar equivalent of Treasury certificates of indebted- eurodollar series from April 97-September 97. Treasury bonds ness; Treasury bonds from October April 967; and Treasury beginning January 964; and U.S. savings notes beginning May 967 notes beginning November 966 issued and payable in designated and discontinued after June 30, 970. Table FD-4. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt End of fiscal year or month Amount outstanding Within year (In millions of dollars) - 5 years Maturity classes 5-0 years 0-20 years 20 years and over Average length ,508 85,294 58,026 37,385 8,360 4,444 5 yrs. mo ,489 8,424 65,453 34,929 8,355 6,328 5 yrs. 0 mo ,695 87,637 56,98 39,69 8,449 7,24 5 yrs. 4 mos ,27 89,36 60,933 33,596 8,439 7,023 4 yrs. mos ,672 89,648 7,424 24,378 8,425 6,797 4 yrs. 7 mos ,592 06,407 64,470 30,754 8,407 6,553 4 yrs. 2 mos ,07 03,90 62,770 34,837 8,374 6,27 4 yrs. 0 mo ,599 05,530 89,65 5,882 0,524.,048 3 yrs. 8 mos ,473 2,772 89,074 24,503 8,455 0,670 3 yrs. 6 mos. 970-Dec ,73 23,423 82,38 22,553 8,556 0,863 3 yrs. 4 mos. 97-Jan ,667 23,48 82,36 22,553 8,542 0,839 3 yrs. 4 mos. Feb ,092 5,534 86,0 27,97 8,529 0,82 3 yrs. 7 mos. lifer ,457 4,940 86,025 27,99 8,53 0,780 3 yrs. 6 mos. Apr ,888 3,466 85,990 27,99 8,49 0,742 3 yrs. 6 mos. May ,635 3,959 88,004 24,502 8,472 0,699 3 yrs. 6 mos. June ,473 2,772 89,074 24,503 8,455 0,670 3 yrs. 6 mos. July ,649 5,04 89,077 24,503 8,435 0,622 3 yrs. 4 mos. Aug ,654 6,664 92,865 2,5 8,420 0,590 3 yrs. 5 mos. Sept ,93 7,662 90,95 22,397 8,404 0,553 3 yrs. 4 mos. Oct ,240 8,007 92,940 22,397 8,385 0,5 3 yrs. 3 mos. Nov ,456 08,9 96,204 29,32 9,566 0,454 3 yrs. 6 mos. Dec ,038 9,4 93,648 29,32 9,530 0,397 3 yrs. 4 mos. 972-Jan... 26,98 9,52 93,646 29,38 9,484 0,37 3 yrs. 4 mos. Source: Office of Debt Analysis in the Office of the Secretary. bonds which have been classified to earliest call date. The last of these / All issues are classified to final maturity except partially tax-exempt bonds were called on August 4, 962, for redemption on December 5, 962.

28 22.FEDERAL DEBT, Table FD-5. - Special Public Debt Issues Treasury Bulletin (In millions of dollars) End of fiscal year or month Exchange Stabilization Fund Federal employees' retirement funds Federal Deposit Insurance Corporation Federal Disability Insurance Trust Fund Federal home loan banks Federal Hospital Insurance Trust Fund Federal Old-Age and Survivors Insurance Trust Fund , , , , , , , _ 4, , ,577 32, , , ,89 57, , , ,569 85,376 52,92 7, , ,668 74,89 52,259 9, ,790-7, ,042 52,890 2, ,323-8, , ,583 25, ,784,242 2, , ,980 27, Dec... 78, , , ,093 25, Jan... 77, , , ,037 25,069 Feb... 78, , , ,023 25,552 80, , , ,96 26,630 Apr... 79, , , ,853 27,092 May... 8, , , ,927 28,27 June... 82,784,242 2, , ,980 27,248 July... 84,676,395 22, , ,849 26,606 Aug... 86,980 2,36 22,59 6 5, ,975 27,796 Sept... 85,96 2,364 22, , ,920 27,457 Oct... 84,332 2,503 22, , ,739 26,590 Nov... 84,355 2,53 22, , ,635 26,543 Dec... 85,656 2,53 22, , ,947 26, Jan... 84,5 2,506 23, , ,829 26,4 End of fiscal year or month Federal Savings and Loan Insurance Corporation Government Life Insurance Fund Highway Trust Fund National Service Life Insurance Fund Postal service fund Railroad Retirement Accounts Unemployment Trust Fund Other / , ,74 _ 2,786 4, ,783-2,969 4, ,909-3,23 5, ,3-3,277 7, ,744-3,339 7, ,856-3,303 8, ,53 5,754-3,434 9, ,602 5,95-3,75 0, ,635 6,068-3,852 8, Dec ,823 5,96-3,396 9, Jan ,936 5,950 3,264 9,44 88 Feb ,226 6,02-3,343 9, Mar ,305 5,995-3,33 8, ,388 5,98-3,96 8, May ,58 5,970-3,76 8, ,635 6,068-3,852 8, July ,700 6,069 2,528 3,70 8, ,646 6,064 2,094 3,593 8, ,689 6,055,885 3,525 7, ,656 6,044,788 3,354 7, ,657 6,036,763 3,337 7,627,038 Dec ,753 6,60,897 3,36 7,406, Jan ,762 6,75,453 3,90 6,987,090 Source: Daily Treasury statements. / Consists of: Federal Housing Administration Funds; Employees Life Insurance Fund; Veterans' Special Life Insurance Fund; Veterans' Reopened Insurance Fund beginning May 965; Federal Supplementary Medical Insurance Trust Fund beginning July 966; Servicemen's Group Life Insurance Fund beginning August 969; Employees Health Benefits Fund beginning October 970; and Export-Import bank of the United States from February October 968.

29 February FEDERAL DEBT Table FD-6. - Interest-Bearing Securities Issued by Government Agencies / (In millions of dollars) End of fiscal year or month Agriculture Department Commodity Credit Corporation 2/ Defense Department Federal Housing Administration Familyhousing mortgages and Homeowners assistance mortgages Housing and Urban Development Department Government National Mortgage Association Participation Sales Fund Federal National Mortgage Assn. 2/ Secondary market operations Other independent agencies Export-Import Bank of the United States Farm Credit AdndLnistration Banks for cooperatives A/ Federal Intermediate credit banks ij ,23 _ 2, _, , ,63-2, _, , ,335-2, ,797, , ,377-2,2 44 2,0 3,269, , ,455-2, ,830 4,079 2,64,072 3, ,399 -, ,900 5,887 2,57,230 3, ,249 -, ,600 _ 2, ,50 -, ,320 _, ,63 -, ,005-2, Dec... 3, , ,060-2, Dec... 2,489r _ l,727r 476 7,230 _, Jan... 3,504 _, ,230 _ 2,882 Feb... 2,503 -, ,430-2,632 Mar... 3,02 -, ,430 _ 3,27 Apr... 2,676 -, ,075-3,25 - _ May... 2,76 -, ,075-3,25 June... 2,63 -, ,005-2, July...,203 _, ,970 _,625 _ Aug...,223 -, ,970 _,62 Sept... 0,720 -, ,970 _,28 Oct... 0,770 -, ,970 -,2 - _ Nov... 0,760 -, ,940 -,20 Dec...,044 -, ,95 -, End of fiscal year or month Other independent agencies - (Continued) Federal Home Loan Bank Board Tennessee Valley Authority Other Banks for cooperatives 4 / Federal home loan banks i / Federal intermediate credit banks u (Memorandum) Federal land banks Federal District of National Columbia Mortgage Association Stadium Fund i / 6 / * 45 * _ 2,770 _ 2, * 80 * - 4,20-2, * 225 * - 4,757 _ 3,532 _ * 285 * _ 6,30 _ 4,06 _ * ,588-4,62 _ ,702-5,39 _ ,4 5,524 4,240 5,720 8, ,529 9,94 4,942 6,92 3, ,355 3,790 7,923 5,705 6,652 4, Dec ,492 8,423 4,80 5,953 0, Dec... 6,66 3,776 0,532 4,863 6,405 5, Jan... 6,88 3,806 0,24 4,909 6,405 5,32 20 Feb... 6,245 3,840 9,653 5,023 6,536 5,2 20 Mar... 6,266 3,839 9,88 5,44 6,500 5,23 20 Apr... 6,285 3,920 8,536 5,40 6,739 5, May... 6,327 3,850 8,077 5,532 6,654 5,42 20 June... 6,355 3,790 7,923 5,705 6,652 4, July... 6,435 3,746 7,87 5,775 6,934 5, Aug... 6,466 3,80 7,789 5,805 6,898 5,76 20 Sept... 6,477 3,80 7,743 5,776 6,896 6, Oct... 6,545 3,764 7,930 5,744 7,088 6, Nov... 6,575 3,782 7,709 5,668 7,075 7,38 20 Dec... 5,595 3,820 7,679 5,565 7,075 7,70 20 Source: Bureau of Accounts. 4/ Effective December 3, 968, banks for cooperatives and Federal inter- / Includes unredeemed matured securities outstanding on which interest mediate credit banks were converted to private ownership pursuant to has ceased. provisions of Public Law , October 7, / Certificates of interest in the amount of $,590 million were reclassi- 5 / Includes mortgage backed bonds beginning November / fied July, 969 from budget transactions to agency securities. 6 / Includes mortgage backed bonds beginning June 970. Effective September 30, 968, Federal National Mortgage Association * Less than $500,000. was converted to private ownership pursuant to provisions of the r Revised. Housing and Urban Development Aet of 968 (P.L ).

30 24 Treasury Bulletin FEDERAL DEBT Table FD-7. - Participation Certificates Fiscal year or month Sales Agriculture Department Commodity Credit Corporation (In millions of dollars - face amounts) Export -Import Bank of the United States Sales Sales Participation certificates issued by GNMA, acting as trustee Farmers Home Administration / Sales Health, Education, and Welfare Department 2 / Sales _ _ _ , _ ,385, , _ ,4 2/ 650 2/ 2,46 2, , _ ,83 3, , , ,84, , , ,8 2,8 32,493 -,280 7, ,226 -,35 6, Dec , , Jan... _,482 7, _ Feb , , Mar , , Apr , , May... _ - - _ *, , June *, , July... _,226 _ 35 5, Aug , , Sept , Oct... _ , Nov... - _ , Dec , Fiscal year or month Participation certificates issued by GNMA, acting as trustee - (Continued) Housing and Urban Development Department Office of Secretary ij Government National Mortgage Association 5/ Small Business Administration 6/ Veterans Administration 2 / (Memorandum) Commodity Credit Corp. (net certificates of interest authorized under Charter Act) 8/ Sales Sales Retirements Outstanding Retirements Outstanding Retirements Outstanding Retirements Outstanding Retirements Outstanding Retirements Outstanding Sales Retirements Outstanding Sales Retirements Outstanding Sales Retirements Outstanding Retirements Outstanding. _ _ 200 _ _ , , , ,40 _, , , , , , , , , ,09 _ 90, , ,46-8, , Dec... _ - 2,09 -, , Jan... 2,09,667 _ , Feb... _ 652,457 _ 27, , Mar...,457 _ -, , Apr... _ 3,46-4, , May... _ -,46 - -, , June ,46 - -, , July...,46 _ 5,6 _ , ,46 _ -, , ,46 - -, , Oct... _ -,46 - -, , Nov... _,46-2, , Dec...,46 0, ,597 Source: Bureau of Accounts. / Includes Direct Loan and Rural Housing Loan programs. 2/ Includes Construction of Higher Education Facilities, Health Professions Education Fund, and Nurse Training Fund, beginning April / Includes $07 million refunding transaction. U Includes College Housing, Elderly Housing, and Public Facility programs. 2 / Includes Special Assistance, and Management and Liquidating programs. 6 / Includes programs for Disaster Loans, and Business Loans and Investments. 2J Includes Direct Loan and Loan Guaranty programs. 8 / In the case of Commodity Credit Corporation, participation certificates are called "certificates of interest" and are not included in the Participation Sales Act of 966. Amounts shown as sales and retirements represent the net excess transactions for the period. On July, 969, the amount outstanding was reclassified as agency securities. * Less than $500,000.

31 February , FEDERAL DEBT. Table FD-8. - Debt Subject to Statutory Limitation End of fiscal year or month Statutory debt limit outstanding subject to limitation Public debt securities Agency securities Public debt & debt of District of Columbia / securities Interest bearing debt subject to limitation Agency securities District of Columbia 2 / / Matured debt and debt bearing no interest subject to limitation Public debt securities Agency securities , , , , , ,000 32,64 3, , , ,000 37,58 36, , , , ,02 39, , , , ,47 325, , ,673 * , , ,925 3,89 344,40 3, ,524 * , , ,084 3,847 35,729 3,827 20,355 * , , ,288 3,37 369,026 3,7 20,262 * , , ,503, ,289,952 20,24 * 970-Dec ,000 39, ,530 3, ,252 3,076 20,278 * 97-Jan , , ,72 3, ,487 3,076 20,226 * Feb , , ,036 2, ,648 2,276 20,388 * Mar , ,343 39,040 2, ,777 2,283 20,263 * Apr , ,23 39,263, ,029,948 20,234 * May , ,9 396,28, ,922,953 20,296 * June , , ,503, ,289,952 20,24 * July , , ,672,97 403,533,952 20,39 * Aug ,000 45,936 43,966,970 42,762,950 20,203 Sept ,000 43,607 4,642,965 40,450,945 20,92 * Oct ,000 43,27 4,308,963 40,8,943 20,28 * Nov ,000 45,954 43,995,959 42,733,939 20,262 * Dec , , ,506, ,308,936 20,98 * 972-Jan , ,92 422,238,954 42,090,934 20,48 * Source: Daily Treasury statement. Note: For debt subject to limitation for fiscal years , see Table 2 of the Statistical Appendix to the Annual Report of the Secre'tary / of the Treasury on the State of the Finances for fiscal 97, For a summary of legislation on debt limitation under the Second Liberty 2 / Bond Act and the amounts of limitation see Table 3 of the Statistical Appendix. Of $3,250 million in ^participation certificates subject to limitation issued in fiscal 968, $,4.65 million are now outstanding. District of Columbia Armory Board Stadium Bonds. Jjess than $500,000. Footnotes to Table FD-2 Source: On the basis of the daily Treasury statement. Note: The computed annual interest charge represents the amount of interest that would be paid i f each interest-bearing issue outstanding at the end of each month or year should remain outstanding for a year at the applicable annual rate of interest. The charge is computed for each issue by applying the appropriate annual interest rate to the amount outstanding on that date (the amount actually borrowed in the case of securities sold at a premium or discount, beginning with May i 960). The aggregate charge for all interest-bearing issues constitutes the total computed annual interest charge. The average y 2/ annual interest rate is computed by dividing the computed annual interest charge for the total, or for any group of issues, by the corresponding principal amount. Beginning with data for December 3* 958, the computation is based on the rate of effective yield for issues sold at premium or discount. Prior to that date it was based on the coupon rate for all issues. Included in debt outstanding at face amount, but discount value is used in computing annual interest charge and annual interest rate. On United States savings bonds the rate to maturity is applied against the amount outstanding.

32 26 FEDERAL DEBT Table FD-9. - Status and Application of Statutory Limitation Treasury Bulletin The Second Liberty Bond Act (3 U.S.C. 757b), as amended by the Act of March 7, 97 (Public Law 92-5), provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States, shall not exceed in the aggregate $400 billion outstanding at any one time. Public Law 92-5 also provides that beginning March 7, 97, and ending June 30, 972, the public debt limit shall be temporarily increased by $30 billion to $430 billion. The Act of June 30, 967 (Public Law 90-39) provides that the face amount of beneficial interests and participations issued under section 302(c) of the Federal National Mortgage Association Charter Act (2 U.S.C. 77(c)) during the fiscal year 968 and outstanding at any time shall be added to the amount otherwise taken into account in determining whether the requirements of the above provisions are met. Part A. - Status Under Limitation January 3, 972 (In millions of dollars) The statutory debt limit established by the Second Liberty Bond Act, as amended (3 U.S.C. 757b) ,000 Amounts outstanding subject to statutoiy debt limitation: U.S. Government securities issued under the Second Liberty Bond Act, as amended ,238 Debt of U.S. Government agencies Participation certificates (2 U.S.C. 77(c))...,465 amount outstanding subject to statutory debt lim itation ,92 Balance issuable under limitation... c Part B. - Application of Statutory Limitation January 3, 972 (In millions of dollars) Classification outstanding Public debt: Interest-bearing debt: Public issues marketable: Treasury b ills... 97,57 Treasuiy notes... 3*964 Treasuiy bonds... 50*436 public issues marketable Public issues nonmarketable: Certificates of indebtedness: Foreign series... 6,874 Foreign currency series... Treasury notes: Foreign series Foreign currency series...,98 Treasury bonds Treasury certificates U.S. savings bonds... 54,484 U.S. savings notes U.S. retirement plan bonds Depositary bonds Treasury bonds, R.E.A. series... 9 Treasury bonds, investment series ,320 public issues nonmarketable...75,02 Special issues to Government agencies and trust funds... 84,5n interest-bearing debt... jp ^90 Matured debt on which interest has ceased Debt bearing no interest:... - Special note of the United States: International Monetary Fund series Mortgage Guaranty Insurance Company Tax and Loss Bonds U.S. savings stamps Excess profits tax refund bonds... U.S. notes... Deposits for retirement of national bank and Federal Reserve bank notes Silver certificates Other debt bearing no interest... iq Source: Daily Treasury statement. * Less than $500,000. debt bearing no interest...,58 public debt Debt of U.S. Government agencies: Interest-bearing debt Matured deht on which interest has ceased... * debt of U.S. Government agencies public debt and debt of U.S. Government agencies ,352 Deduct debt not subject to limitation... 6^4 Add participation certificates...,465 subject to limitation

33 February 972 FEDERAL DEBT Table FD-0. - Treasury Holdings of Securities Issued by Government Corporations and Other Agencies 27 End of fiscal year or month Agency for International Development / Commodity Credit Corporation Agriculture Department Rural Electrification Administration Secretary: Farmers Home Administration programs 2 / (in millions of dollars) Export- Import Bank of the United States / Housing and Urban Development Department Secretary k/ Government National Mortgage Assn. 5/ Other 6 / Tennessee Valley Authority Transportation Dept. Saint Lawrence Seaway Development Corp. Veterans Administration: Direct loan program Under Defense Production Act of / , ,599 3,657,027,476 2,005 2, ,730, , ,990 3,828, ,302 2, ,730 2, , , 4,075, ,753, ,730 2, , ,768 4,234, ,33, ,730 2, , ,097 4,58,45-2,670, ,730, , ,989 4,770, ,937, ,730, , ,5 5,045, ,570 2, ,730 2, , ,262 5,328,46,586 2,26 3, ,730, ,944 45,977 5,746, ,602 3, ,730 2, Dec... 3, ,665 5,543,293,523 2,42 3, ,730 2,00 83 Other */ 97-Jan... 30, ,594 5,643, ,49 3, ,730 2, Feb... 3, ,47 5,643, ,66 3, ,730 2, Mar... 3, ,269 5,643, ,39 3, ,730 2, Apr... 3, ,78 5,743, ,74 3, ,730 2, May... 3, ,2 5,743, ,692 3, ,730 2, June... 3,944 45,977 5,746, ,602 3, ,730 2, July... 3, ,205 5,746,396,758 3,622 3, ,730 2, Aug... 32, ,783 5,846,496,732 3,682 3, ,730 2, Sept... 32, ,343 5,846,506 2,26 3,682 3, ,730 2, Oct... 32, ,994 5,946,506 2,289 3,732 3, ,730 2, Nov... 32, ,627 5,946,506 2,255 3,732 3, ,730 2, Dec... 33, ,266 5,953,506,895 3,732 3, ,730 2, Jan... 33, ,793 5,953,506 2,024 3,774 3, ,730 2, Source: Daily Treasury statement. Note: These securities were issued to the Treasury in exchange for advances by the Treasury from public debt receipts under congressional authorization for specified government corporations and other agencies to borrow from the Treasury. Further detail may be found in the 97 Statistical Appendix to Annual Report of the Secretary of the Treasury, pages 308-2, and the 970 Combined Statement of Receipts, Expenditures and Balances of the United States Government, pages / And predecessor agencies. Beginning fiscal 957 figures exclude notes previously issued by the Administrator in connection with informational media guaranties. The obligation for these notes was assumed by the Director of the United States Information Agency, pursuant to the act approved July 8, 956 (22 U.S.C. 442), and the notes together with others issued for the same purpose are included in "Other." 2 / Farm housing and other loan programs, Agricultural Credit Insurance Fund (formerly Farm Tenant Mortgage Insurance Fund), and Rural Housing Insurance Fund. 2 / Includes securities transferred from the Reconstruction Finance Corporation. ij Consists of notes issued to borrow for: The urban renewal program (formerly slum clearance program); college housing loans; public facility loans; Low Rent Public Housing Fund; and advances for National Flood Insurance Fund. 5 / Consists of liabilities taken over by the Association from the Secretary in accordance with the act approved August 2, 954, and notes issued by the Association under authority of that act (2 U.S.C. 79 (c), 720 (d), and 72 (d)) and also securities transferred from the Reconstruction Finance Corporation. 6/ Public Housing Administration ; Federal Housing Administration beginning January Q66; Housing Assistance Administration from September December / Consists of notes of: The Administrator, General Services Administration, for defense materials procurement; the Secretary of Agriculture; the Secretary of Interior (Defense Minerals Exploration Administration); and the Secretary of the Treasury through May / Consists of notes issued by the*. United States Information Agency for informational media guaranties (see footnote ); Secretary of Commerce (Maritime Administration) for the Federal Ship Mortgage Insurance Fund, fiscal years ; Virgin Islands Corporation from September September 968; District of Columbia Commissioners for the Stadium Sinking Fund; Secretary of the Interior (Bureau of Mines) for development and operation of helium properties beginning May 964; Bureau of Commercial Fisheries for Federal Ship Mortgage Insurance Fund, Fishing Vessels from January May 967; and revenue bonds for Smithsonian Institution (John F. Kennedy Center Parking Facilities) beginning July 968.

34 28 PUBLIC DEBT OPERATIONS. Treasury Bulletin Table PDO-. - Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and Annual Treasury Bills Outstanding January 3, 972 (In millions of dollars) Tear and month of final maturity / Description Amount of maturities Held by 2 / - U.S. Govt, accounts and All Federal Reserve banks other investors Tear and month of final maturity / Description Amount of maturities Held by 5/ - U.S. Govt, accounts and Federal Reserve banks All other investors 972 Feb. Apr. May. Aug.. Sept. Oct.. Nov.. Dec.. 4-3/4% 4$ 7-/2% -/2% 4.55$% 3.846% 4-3/4% 6-3/4% 2-/2% 4.273% 4.056% 5% 2-/2% -/2% 6% 2-/2%.. Note - 2/5/72-A Bond - 2/5/72 Note - 2/5/72-C Note - 4//72-EA M U :> V2/72 (Tax ant.) Note - Note - 5/5/72-B 5/5/72-D Bond - 6/5/67-72 b :> w (Tax ant.) Bond - 8/5/72 Note - 8/5/72-E Bond - 9/5/67-72 Note - Note - 0//72-E0 /5/72-F Bond - 2/5/ Feb... 6-/2$ Note - 2/5/73-C 4-7/8$ Note - 2/5/73-D Apr... -/2$ Note - 4//73-EA May /4$ Note - 5/5/73-A Aug... 8-/8$ Note - 8/5/73-B 4$ Bond - 8/5/73 Oct... -/2$ Note - 0//73-E0 Nov... 4-/8$ Bond - /5/ ,690 C I 2,506 \ ^,527J 3,676,378,228 f 2,00 \JL,06j,455 2,572, ,285 2,553 28,694 2,54 4, ,844,839 3, , , , ,82 57,844 2, , ,939,255,95,075 2,942,24,04, ,237 2,283 22,882 2,357 2, ,67,59 3, , Feb.. Apr.. M ay.. Aug.. Oct.. Nov Feb.. Aug Feb.. Nov Feb.. Nov.. 98 Aug.. M l June. 6-/4% -/2% 6-/2% 7-/2% -/2% 6-/4%. 8% 7-3/4%. 6-/4% 6%.. 4$ 3-/2%. 7% Note - Note - Note - Note - Note - Note - Note - Note - Note - Note - Bond Bond 2/5/76-A 4//76-EA 5/5/76-B 8/5/76-C 0//76-E0 /5/76-D 2/5/77-A 8/5/77-B 2/5/78-A /5/78-B 2/5/80 /5/80 Bond - 8/5/8 3-/4% Bond - 6/5/ , ,697 4,94 3,283,943 5,63 2,264 7,427 8,389 8,208 6,597 2,587,902 4, ,524 2, , ,26 2, ,80 3,382 3,387 6, , ,949 2,643 3,223 6,727 2,66,460 3,626 5,007 4,82 9,828,759,53 2,92 432, Feb / 8? 7-3/ 4? Bond - Note - 2/5/74 2/5/74-C Apr... - / 2? Note - 4//74-EA May /4? 7-/4? Bond - Note - 5/5/74 5/5/74-D Aug /8? Note - 8/5/74-B Oct... -/2? Note - 0//74-E0 Nov /4? 3-7/8?. Note - Bond - /5/74-A /5/74 22,764 3,25 3, ,576 4,505 0, ,22 2,237 34,54 6, ,755 2, ,042 6,486 2,450 2, ,873 3,547 4, ,329,53 22,2 M ay Nov. 990 Feb. 992 Aug. 993 Feb. 3-/4$ Bond - 5/5/85 4-/4$ Bond - 5/5/ /8$ Bond - /5/86 3-/2$ Bond - 2/5/90 4-/4% Bond - 8/5/ $ Bond - 2/5/88-93,033,20 2,243,26 4,50 3, ,40, , ,36 2,40 75 Feb / 4? 5-7/ 8? Note - Note - 2/5/7 5-A 2/5/75-E Apr... - / 2? Note - 4//7 5-EA May... 6$ Note - 5/5/7 5-B 5,48 2, ,760, ,464 3,368, , May. 995 Feb. 4-/8$ Bond - 5/5/ $ Bond - 2/5/95,540, Aug /8$ Note - 8/5/7 5-C Oct... -/2$ Note - 0//75- E0 7, ,397 5, Nov. 3-/2$ Bond - /5/98 3, ,756 Nov... 7$ Note - H /5/7 5-D 3, ,46 24,785 9,427 5,358 Source: Daily Treasury statement and Office of Debt Analysis in the Office of the Secretary. / For issue date of each security, see Market Quotations on Treasury Securities. 2/ Beginning with Februaiy 969 Treasury Bulletin, the definition of U.S. Government accounts and all other investors is in conformity with the unified budget concept.

35 February 972.PUBLIC DEBT OPERATIONS. Table PDO-2. - Offerings of Treasury Bills 29 Issue date Maturity date Number of days to maturity (Amount in millions of dollars) Description of newissue Amount of bids tendered amount Amount of bids accepted On competitive basis On noncompetitive basis 2 / Amount maturing on issue date of new offering unmatured issues outstanding after new issues Regular weekly: (3-week and 26-week) 97-Oct Nov. Dec. 4., l^^-jan. Apr. Jan Apr. Jan. Apr. Jan. Apr. Feb. May Feb. May Feb. May Feb. May Mar. June Mar. June Mar. June Mar. June Mar. June ,700. 3,229.4r 3,9.2r , ,30.8,60.2 2,30.0, , , ,309.5r l,60.8r , ,088.0, , r 88.8r ,302.6, ,302.3, , 302.0, ,300.6, ,300., , , , , , , , , , , ,923.Or 4,608.3r 29,924.7r 4,609.lr 972-Jan yax.anticipat^ii: 97-Dec Month and One-Year: 97-Jan Feb. Mar Apr. 30. May June July 3. Aug Sept. 30. Oct. 3. Nov Dec Jan. 3. f Apr. July 6 6 Apr. 3 July 3 Apr. 20 July 20 Apr. 27 July 27 Apr. 2 June 2 Apr. 2 June Jan 97-Oct. 972-Feb. 97-Nov. Dec. 972-Mar. Jan. Apr. May Feb. Mar. June May Aug. Aug. Nov. Oct. 973-Jan July 3 Apr June 30 Sept. 30 Oct. 3 July Sept. 30 Dec , ,777.9r , ,289.5r , , ,506.5r , , l,200.5r , , , , r r , , , ,200.0, , , ,506.5r 4,5l6.8r 6,044.3r 7,060.2r , , ,406.5r ,407.5 Footnotes at endof Table EDO-3. (Continuedonfollowing page)

36 30 Treasury Bulletin PUBLIC DEBT npbwatinkh Table PDO-2. - Offerings of Treasury Bills - (Continued) Issue date Average price per hundred On total bids accepted Equivalent average rate High On competitive bids accepted Price per hundred Equivalent rate 2/ Price per hundred Equivalent rate 2l fteguiar weekly: (Percent) (Percent) (Percent) (^^-week and 26-week) * H... ' c $ * U Nov K a / ' y / * " Dec 2 h / * * w Q7?-J«yn 6 f / t f ^ f / \ f { Tax anticipation: 97-Dec / f / / Month and one-year: 97-Jan Feb / / Mar / f \ / Apr 30 / / t / May / June on f I / July / Aug C! / Oct Nov in / / iqno Ta«r / Footnotes at end of Table PD0-3. Low

37 February PUBLIC DEBT OPERATIONS. Table PDO-3. - New Money Financing through Regular Weekly Treasury Bills / Issue date Lon of issue Maturity date Number of days to maturity (Dollar amounts in millions) Amount of bids tendered Amount of bids accepted Average rate of bids accepted 2 / (Percent) New money increase, or decrease (-) 969-Nov Dec Jan : 29. Feb. 26. lifer Apr May June July Footnotes at endof table. 970-Feb. 5 9 $2,994 $, May ,294, Feb ,779, May ,593, Feb ,655, May ,265, Feb ,733, May ,392, Mar ,867, June ,52, Mar ,380, June 82 2,097, Mar ,666, June ,76, Mar ,44, June 25 8,872, Apr ,426, July 2 8 2,26, Apr ,720, July ,54, Apr ,876, July ,59, Apr ,60, July ,532, Apr ,775, July ,264, May ,573, Aug ,958, June 4 9 2,458, Sept ,92, June 9 2,986, Sept ,832, June 8 9 3,05, Sept ,685, June ,838, Sept ,383,302 6.I 84 July 2 9 2,604, Oct. 82 2,098, July 9 9 2,68, Oct ,696, July 6 9 3,088, Oct ,447, July ,768, Oct ,272, July ,445, Oct ,906, Aug ,869, Nov ,846, Aug ,866, Nov ,597, Aug ,966, Nov ,606, Aug ,854, Nov ,26, Sept ,743, Dec ,809, Sept ,002, Dec ,2, Sept ,064, Dec ,5, Sept ,838, Dec ,42, Oct. 9 2,357, Dec ,659, Oct ,38, Jan ,70, ' 970-Oct ,96, Jan. M 82 2,873, ct ,04, Jan ,458, (Continuedonfollowing page) $

38 32 Treasury Bulletin, PUBLIC DEBT OPERATIONS. Table PDO-3. - New Money Financing through Regular Weekly Treasury Bills / - (Continued) (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 2j (Percent) New money increase, or decrease (-) 970-July Aug. Sept. Oct. Nov. Dec. 97-Mar. Apr. June July , , 8, 5, , 9, 27, 3, 0, 7, k I970-Oct. I97-Jan. I970-Nov. I97-Feb. [ 970-Nov. 97-Feb. [970-Nov. 97-Feb. [970-Nov. 97-Feb. [970-Dec. I 97-Mar. [970-Dec. I 97-Mar. [970-Dec. 97-Mar. [970-Dec. 97-Mar. [970-Dec. I97-Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. Apr. Feb. May Feb. May Feb. May Feb. May Mar. June Mar. June Mar. June Mar. June Apr. July June Sept. July Sept. July Oct. July Oct. Sept. Dec. Sept. Dec. Oct. 972-Jan. ^97-Oct. 972-Jan. 97-Oct. 972-Jan. f97-oct. \ 972-Jan $2,662 $, ,465, ,632, ,056, ,499, ,476, ,946, ,55, ,660, ,588, ,380, ,075, ,758, ,976, ,74, ,607, ,992, ,525, ,453, ,486, ,449, ,562, ,780, ,444, ,56, ,00, ,65, ,909, ,230, ,448, ,877, ,940, ,940, ,272, ,839, ,470, ,527, ,320, ,84, ,069, ,883, ,343, ,928, ,364, ,646, ,00, ,959, ,648, ,885, ,672, ,795 2, ,600, , 2, ,68, ,0 t 2,203 U.95^ ,670, ,97 2, ,303, ,335 2, ,286, ,095 2, ,226, ,09 2, ,982, ,42 2, ,609, $ Footnotes at endof Table. (Continued onfollowing page)

39 February 972 PUBLIC DEBT OPERATIONS. 33 Issue date Table PDO-3. - New Money Financing through Regular Weekly Treasury Bills ±J - (Continued) Description of issue Maturity date Number of days to maturity (Dollar amounts in millions) Amount Amount Average rate New money of bids of bids of bids increase, or tendered accepted accepted 2/ decrease (-) (Percent) 97-Aug Sept Oct Nov Dec ^97-Nov. 4 9 $3,802 $2, Feb ,399, ' 97-Nov. 9 3,56 2, Feb ,742, ' 97-Nov. 972-Feb. ^97-Nov. 972-Feb ,269 2,877 3,73 2,87 > ) $ 94 2, ,600 ^ on'* ( 296 2, ±,ouu nn ( 98 f 97-Dec ,769 2, \ 972-Mar ,66, J f 97-Dec ,259 2, , } 203 \ 972-Mar. 9,602 J f 97-Dec ,23 2, > 99 \ 972-Mar ,452,60 5.Uo? J f 97-Dec ,352 2, } Afar ,399, J f 97-Dec ,950 2, > 0 t 972^Mar ,046, J j Jan ,55 2, ,275 Am } 98 \ Apr. JL, OUJ J Jan. Apr ,55 2,983 2,302, J 88 J f Feb ,954 2, ,027,602 } \ May J 203 f Feb ,725 2, ) { May 82 2,799, J 20 f Feb ,035 2, ) { May ,304,602 e+.dyy J 99 f Feb ,436 2, \ May ,93, V. C Mar ,583 2, June 82 2,842, J 200 J f Mar ,623 2, \ June ,905, f Mar ,378 2, June ,700, Source: See Table PDO-2. and April 6, 97 ($2,206 million). / Excludes issues of strips of additional amounts of outstanding 2 / Equivalent average rate on bank discount basis, regular weekly bills for cash on December 2, 970 ($2,05 million), 200 Footnotes to Table PDO-2 Source: Daily Treasury statement; Bureau of the Public Debt. / The 3-week bills represent additional issues of bills with an original maturity of 26-weeks and the 9-month bills represent additional issues of bills with an original maturity of one year. 2 / For 3-week, 26-week, 9-month, and one-year issues, tenders for $200,000 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. 2/ Bank discount basis. ij Except $260,000 at / Except $300,000 at / Except $670,000 at , $600,000 at and $900,000 at / Except $30,000 at / Except $500,000 at / Except $500,000 at / Except $20,000 at / Except $200,000 at , $,000,000 at , $,600,000 at , and $00,000 at / Except $00,000 at and $200,000 at / Except $00,000 at , $,000,000 at , and $,000,000 at / Except $200,000 at / Except $50,000 at / Except $00,000 at and $400,000 at / Except $200,000 at / Except $230,000 at and $,000,000 at / Except $700,000 at and $,000,000 at / Except $300,000 at / Except $850,000 at / Except $0,000 at and $420,000 at / Except $,250,000 at / Except $60,000 at / Except $560,000 at / Except $505,000 at r Revised.

40 34 PUBLIC DEBT OPERATIONS Table PDO-4. - Offerings of Public Marketable Securities Other than Regular Weekly Treasury Bills Treasury Bulletin Issue date Description of securities / Amount of sub Amount issued 2/ period to final scriptions tendered ilia OU-L-L (years, months, For In exchange days) 2 / Cash Exchange cash A/ Date subscription books opened or bill tenders received Allotment ratio 7/9/69 7//69 7/24/69 8/4/69 8/20/69. 8/26/69 9/23/69 9/22/69 0/ 0/8/69 0/23/69 0/28/69 /2/69 /25/69 2/23/69 /27/70 2/2/70 2/24/70 2/25/70 3/9/70 3/24/70 IQ/ 4/23/70 5/4/70 5/5/70 5/26/70 6/23/70 7/2/70 7/6/70 7/23/70 8/5/70 8/5/70 8/25/70 9/24/70 IQ/ 0/5/70 0/23/70 0/27/70 /5/70 7/8/69 7/8/69 4/30/69 7/3/69 8/5/69 f 5/3/69 8/3/69 6/30/69 9/30/69 f 0//69 < 0//69 0//69 0//69 0/4/69 0/29/69 f 7/3/69 ^0/3/69 rio/4/69 Ul/29/69 8/3/69 /30/69 9/30/69 2/3/69 0/3/69 /3/70 ( 2/5/70 2/5/70 2/5/70 f /30/69 2/28/70 0/4/69 3/26/70 f 2/3/69 ^ 3/3/70 4//70 /3/70 4/30/70 5/5/70 5/5/70 5/5/70 2/28/70 5/3/70 3/3/70 6/30/70 7/8/70 7/23/70 4/30/70 7/3/70 8/5/70 8/5/70 8/7/70 f 5/3/70 ^ 8/3/70 f 6/30/70 ^ 9/30/70 0//70 0/2/70! /5/70 /5/70 Footnotes at endof table. 7/3/70 0/3/70 /6/ $ 7.202$ Bill Bill - 2/22/69-3/23/70 - Tax ant. j>/ Tax ant. 5 / 57d 248d 3,390 3,386 (In million of dollars) -,763,752 _ 7.407$ Bill 4/30/70 - Reopening 273d, $ Bill _ 7/3/70 365d 2,204 _,202 _ 7-3/4$ Note - 2/5/7-D 6 / iy 6m - 2,924-2,924 2/ 5.543$ Bill - "Strip" of 7 series 8 / 7.387$ 7.340$ 7.357$ 7.350$ 8$ 7-3/4$ 7-/2$ Bill Bill Bill Bill - Note Note Note - 5/3/70-8/3/70 6/30/70-9/30/70-5/5/7-E 5/5/73-A 8/5/76-C 6 / Reopening Reopening 45.Od (Average) 3,75 _ 2,2 _ ly 7-3-m 3y 7jm* 6y lojm 27d 365d 273d 365d,32,982,258, ,76,60, ,20 500, ,76^,60),683^ 2 / -/2$ Note - 0//74-E0 5y $ Bill - 4/22/70 - Tax ant. 5/ 90d 3,80-2, $ Bill - 6/22/70 - Tax ant. j>/ 236d 4,262-3, $ Bill 7/3/70 - Reopening 273d, $ Bill 0/3/70 365d 2,29, $ 7.975$ 7.777$ 7.59$ 7.80$ 7.56$ 7.724$ 7.533$ 8-/4$ 8-/8$ 8$ 6.995$ 6.932$ Bill Bill Bill Bill Bill Bill Bill Bill Note Note Note Bill Bill 4/22/70 - _ 6/22/70-8/3/70 - /30/70-9/30/70-2/3/70 _ 0/3/70 - /3/7 ~ 8/5/7-F 8/5/73-B 2/5/77-A -?/30/70-2/28/7 Reopening Tax ant. 5/ Reopening Tax ant. 5/ Reopening Reopening Reopening Reopening 6.549$ Bill - 4/22/70 - Reopening Tax ant. 5/ iy 3y 7y 47d 208d 273d 365d 273d 365d 27d 365d 2,494 2,94 6m 6m - 273d 365d,522 2,249 _,003,645 _,344,698 _ 2,257,839,856,228,884 _ -,007,504 50,00 _ 500, , ,257\,839),85 ej / 500,200 _ 50d 3,404 -, $ Bill - 9/22/70 - Tax ant. j>/ I80d 5,627 -, $ 6.32$ Bill Bill - 2/3/70-3/3/7 Reopening 275d 365d,64, ,20 -/2$ Note - 4//75-EA 5y $ 6.84$ 7-3/4$ 8$ Bill Bill Note Note - /3/7-4/30/7-5/5/73-A - 2/5/77-A - Reopening Reopening 6 / Reopening 3y 6y 9m 276d 365d,00,725 _ - 4,683 3, ,200-4,683 'I 3,307 J 2/ 7-3/4$ Note - ll/5/7-g 6 / ly 6m 0,744 L2/ - 3,679 7,065 U / 7.353$ 7.277$ Bill - 2/28/7 _ Reopening 272d, Bill 5/3/7 365d 2,40 _,200 _ 7.068$ 7.079$ Bill Bill 3/3/7-6/30/7 Reopening 274d 365d,243,774-50, $ Bill - 3/22/7 - Tax ant. j>/ 257d 4,74-2, $ Bill - 4/22/7 - Tax ant. 5 / 273d 4,755-2,26-6.li67$ 6.380$ Bill Bill _ 4/30/7-7/3/7 Reopening 273d 365d,597 2, , /4$ Note 7-3/4$ Note _ 2/5/74-C 3y 6m 3,39-3,39 8/5/77-B 6 / 7y _ 2,264 2,264 J W 7-/2$ Note - 2/ 5/ 72- C 6 / iy 6m 8,89 2/ - 3, / 6.50$ Bill - 5/3/7 - Reopening 273d, $ Bill 8/3/7 365d 2,036,204 _ 6.237$ 6.26$ Bill Bill : 6/30/7-9/30/7 Reopening 273d 365d,70,72-50,202 -/2$ Note - 0//75-E0 5y ^ 5.970$ Bill - 6/22/7 - Tax ant. 5/ 244d 5,593-2,55-7-/4$ 7-/2$ 6.53$ 6.072$ Note Note Bill Bill - 5/5/74-D 8/5/76-C Reopening 6 / _ 7/3/7-0/3/7 Reopening 3y 5y 6m 9m 27d 365d - 4,505 2,5,222 2,006 _ - 4,505 2,5 j 2/ 50,20 _ 6-3/4 $ Note - 5/5/72-D 6 / iy 6m 5,254-2,037 - (Continued onfollowing page) / 00 8/ 00 20/

41 February 972.PUBLIC DEBT OPERATIONS. Table PDO-4. - Offerings of Public Marketable Securities Other than Regular Weekly Treasury Bills - (Continued) 35 /24/70 /25/70 2/23/70 /2/7 /26/7 2//7 2/23/7 3/24/7 3/25/7 3/3/7 0/ 4/27/7 4/29/7 5/9/7 5/26/7 6/22/7 6/24/7 6/30/7 7/22/7 7/27/7 8/5/7 8/24/7 8/3/7 9/22/7 IQ/ 0/5/7 0/26/7 0/28/7 /9/7 /23/7 /24/7 2/8/7 2/22/7 2/28/7 /25/72 /27/72 Isdue date ( ' 8/3/70 /30/70 9/30/70 2/3/70 " 2/5/7 2/5/7 *0/3/70 /3/7 /ll/3 0 /7 0 ^ 2/28/7 7/23/70 <2/3/70 ^ 3/3/7 4//7 /3/7 f 4/30/7 5/5/7 5/5/7 { 2/28/7 5/3/7 6/29/7 5.84% 5.00% Description of securities / Bill Bill - 8/3/7 - /30/ % Bill - "Strip" of series 4.949% 4.886% 5-7/8% 6-/4% 4.269% 4.249% Bill Bill Note Note Bill Bill - 9/30/7-2/3/7-8/5/75-C 2/5/78-A _ 0/3/7 - /3/72 Period to final maturity (years, months, days) 2 / Amount of sub Amount issued 2/ scriptions tendered Cash Exchange For cash (In millionsi of dollars ) 50,200 In exchange k/ Reopening 274d 365d,323, / (Average) 57d 3,560-2,05 - Reopening Reopening 4y 6m 7y 3.28% Bill "Strip" of series 6 22/ (Average) 3.69% 3.675% Bill Bill /30/7-2/29/72 Reopening 3.67% Bill - 4/22/7 - Reopening Tax ant. 5/ 3.507% 3.587% Bill Bill _ 2/3/7-3/3/72 Reopening 273d 365d 272d 365d,404 2,952 : _ 7,679 8,389,285,80 _ 50,20-500, d 4,065 -, ' 679 "I 22/ 8, d, d 2,94 _,20 _ 23d 5,095-2,00-275d 366d,49 2,77-500,200 : 3.8% Bill - "Strip" of series 24/ (Average) 28d 5,080 _ 2,206. -/2% Note - 4//76-EA 5y % 4.422% Bill Bill 5% 5-3/4% Note Note - /3/72-4/30/72 Reopening - 8/5/72-E ll/5/74-a - Reopening 6/ 4.099% Bill - "Strip" of 8 series 4.688% 4.790% f 3/3/7 ( 6/30/7 7% 7% 7/6/7 r 8/5/7 8/5/7 * 4/30/7 7/3/7 V 8/6/7 ( 5/3/7 8/3/7 9/8/7 r 6/30/7 ^ 9/30/7 0//7 0/22/7 7/3/7 0/3/7 /5/7 /5/7 /5/7 ( 8/3/7 /30/7 2//7 2/3/7 f 2//7 J2/3/7 ( 9/30/7 2/3/7 il0/3/7 ^ /3/72 Footnotes onfollowing page. f 2/5/72 ^ 2/5/72 Bill Bill - 2/29/72-5/3/72 Reopening 276d 366d,449 2,223 ly 3m 3y 6m _ 3,452 3,23-500,200 _ 26/ (Average) 54.5d 3,093 _,608 _ 273d 366d,682 2, ,20-3,452 ^ 3,23 J ~ Date subscription books opened or bill tenders received Allotment ratio 6% Note - ll/5/72-f ly 4im 4,028-2,285-27/ 5.425% 5.567% Bill Bill - 3/3/72-6/30/72 Reopening 275d 366d,302 2,52 _ 500,200 : 5.033% Bill - 9/2/7 - Tax ant. 5/ 77d 3,886 -, % 5.953% Note Bond Bill Bill - /5/75-D 8/5/8 6 / _ 4/30/72-7/3/72 Reopening 4y 3m loy 95 28/ 272d 366d,583 2, , V J 00-50,202 6-/2% Note - 2/ 5/ 73- c ly 6m 4,36-2,54-20/ 5.090% 5.25% Bill Bill - 5/3/72-8/3/72 Reopening 274d 366d,544 2, ,200 6-/4% Note - /5/76-D 6/ 5y 2jm 3,407p - l,283p - 2/ 5.242% Bill 6/30/72 - Reopening 274d, % Bill _ 9/30/72 366d 2,220 _,20 -/2% Note - 0//76-E0 5y /8% Note - 2/5/7 5-E 3y 3-3/4m 4,6l5p - 2,045p - 2/ 4.496% 4.490% Bill Bill 6% Note 6-/8% Bond - - 7/3/72-0/3/72 /5/78-B /5/86 Reopening / 6 / 273d 366d,524 2,385 7y 5y 24p 28/ - 500,200 8,208p,2l6p 24p - - 8,208p \ 0/,26 4-7/8% Note - 2/5/73-D ly 3m 4,04p,500 2k/ 2,768p,500 2k/ 25/ 4.580% 4.563% Bill Bill - 8/3/72 - /30/72 Reopening 275d 366d,528 2, , % Bill - 4/2/72 - Tax ant. 5/ 42d 4,778-2, % Bill - 6/2/72 - Tax ant..5/ 9d 4,383-2, % 4.056% 3.930% 3.927% 3.89% 3.936% 5-3/4% 6-3/8% Bill Bill - Bill Bill - Bill Bill Note Bond - 4/2/72-6/2/72-9/30/72-2/3/72-0/3/72 /3/73 2/5/76-E 2/5/82 Reopening Tax ant. 5/ Reopening Tax ant. 5/ Reopening Reopening 4y 3m lqy 4d 75d 274d 366d 274d 366d 3,59 2,737 -,488 2,290,506 2, p ^ 2,768p 2,ll6p,527,06-50,20-500,200-66p , ^ / 2,6p/^/ 00

42 36 PUBLIC DEBT OPERATIONS. Treasury Bulletin Footnotes to Table PDO-4 Source: Bureau of the Public Debt. / For bill issues, always sold at auction, the rate shown is the equivalent average rate (bank discount basis) on accepted bids. Other securities issued at par except those bearing footnote 6. For details of bill offerings see Table PDO-2. 2 / From date of additional issue in case of a reopening. 2 / In reopenings the amount issued is in addition to the amount of original offering. ij For securities exchanged for the new issues see Table PDO-7. 5 / Tax anticipation b ill, accepted at face value in payment of income taxes due on the 5th of the month in which the bills mature. / Price at which issued appears in Table PDO-5. ]/ Includes $25 million allotted to Federal Reserve banks and Government accounts. 8 / Sale of a "strip" of Treasury bills consisting of an additional $303 million of series maturing on September 8 and 25, and October?, 9, 6, 23, and 30, / Includes.$565 million of the 8$ notes, $25 million of the 7-3/4% notes, and $564 million of the 7-/2# notes, allotted to Federal Reserve banks and Government accounts. 0/ Exchange offering available to owners of nonmarketable 2-3/4% Treasury bonds, Investment Series B , dated April, 95. For further information on the original offering see Treasury Bulletin for April 95, page A-l. Amounts shown areas of January 3, 972. / Includes $292 million of the 8-/4% notes, $288 million of the 8-/8% notes, and $458 million of the 8% notes, allotted to Federal Reserve banks and Government accounts. 2/ Includes $2,42 million of the 7-3/4% notes and $2,25 million of the 8% notes allotted to Federal Reserve banks and Government accounts. 3/ Payment for subscriptions allotted could be made in cash or in Treasury bonds or notes maturing on the issue date of the new security. U/ Consists of allotments paid for with Treasury bonds or notes maturing on issue date of new security. 5/ All subscriptions were allotted in full. Subscriptions for Government accounts and Federal Reserve banks totaled $7,005 million. 6/ Includes $5 million of the 2/5/74-C notes and $479 million of the 8/5/77-B notes allotted to Federal Reserve banks and Government accounts. 7/ This is amount of bonds and notes maturing August 5, 970 exchanged by Federal Reserve banks and Government accounts. W Subscriptions from the public for $200,000 or less were allotted in full and those above that amount were allotted 9-/2% but not less than $200,000. 2/ Includes $842 million of the 7-/4% notes and $8 million of the 7-/2% notes allotted to Federal Reserve banks and Government accounts. 20/ Sold at auction through competitive and noncompetitive bidding. Prices accepted ranged from (yield 6.09%) down to (yield 6.26%). 2/ Sale of a "strip" of Treasury bills consisting of an additional $30 million of series maturing on January 7, 4, 2, and 28, arid February 4,, and 8, / Includes $2,39 million of the 5-7/8% notes and $2,722 million of the 6-/4% notes allotted to Federal Reserve banks and Government accounts. 23/ Sale of a "strip" of Treasury bills consisting of an additional $20 million of series maturing on May 27, June 3, 0, 7, and 24, and July, 97. 2L/ Sale of a "strip" of Treasury bills consisting of an additional $20 million of weekly series maturing from July 8 through September 6, 97 25/ Includes $,457 million of the 5% notes and $,046 million.of the 5-3/4% notes allotted to Federal Reserve banks and Government accounts. 26/ Sale of a "strip" of Treasury bills consisting of an additional $20 million of weekly series maturing from June 24 through August 2, / Sold at auction through competitive and noncompetitive bidding. Prices accepted ranged from (yield 5.7%) down to (yield 6.05%) with the average at (yield 6.00%). 28/ Cash subscriptions were accepted only from individuals in amounts of $0,000 or less. 29/ Includes $592 million of the notes and $35 million of the bonds allotted to Federal Reserve banks and Government accounts. 30/ Sold at auction through competitive and noncompetitive bidding. Prices accepted ranged from (yield 6.44%) down to (yield 6.59%) with the average at (yield 6.54%). 3/ Sold at auction through competitive and noncompetitive bidding. Prices accepted ranged from 0.44 (yield 5.92%) down to 0.00 (yield 6.02%) with the average at 0.4 (yield 5.98%). 32/ Sold at auction through competitive and noncompetitive bidding. Prices accepted ranged from 0.25 (yield 5.46%) down to (yield 5.6%) with the average at (yield 5.58%). 33/ Includes $2,925 million of the notes and $673 million of the bonds allotted to Federal Reserve Banks and Government accounts. 34/ Issued to Federal Reserve Banks and Government accounts in exchange for securities maturing November 5, / Sold at auction through competitive and noncompetitive bidding. Prices accepted ranged from 00.0 (yield 4.79%) down to (yield 4.96%) with the average at (yield 4.9%). ^6/ Includes $42 million of the notes and $554 million of the bonds allotted to Federal Reserve banks and Government accounts. p Preliminary.

43 February PTTRTTf! DEBT OPERATIONS Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged /4% Note 2/5/72-A 2/5/67 { $, $99, % J 3-5/& 4% Note Note 2/5/67-B 2/5/67-C 7-/2% Note 2/5/72-C 8/7/70 c , /8% 4% 2 / Note Bond 8/5/70-D 8/5/70 4-3/4% 6-3/4% Note Note 5/5/72-B 5/5/72-D 5/5/67 /6/70 { ' ,804 2, /2% 5-/4% 3-3/4% 4-7/8% 2J Bond Cert. Note Note 6/5/67 8/5/67-A 8/5/67-A 8/5/67-E /2% Note 2/5/73-C 8/6/7 2, / 7-3/4% Note /5/73-A / 5/5/70 f. 3,497, /8% 6-3/8% Note Note 5/5/70-B 5/5/70-C 4-7/8% Note /5/73-D /5/7 C 2,768p,500p 4,268p / 7-3/4% Note /5/7-G /4% Bond 5/5/74 5/5/65 {. 732, /8% Note Note 5/5/65-A 5/5/65-C 5-5/8% 3-7/8% Note Bond 8/5/74-B /5/74 / 8/5/68 /5/6 ( 5,44 4, , / /4% Note - 8/5/68-C /4% Bond - 8/5/ /2% Bond - /5/6 5-3/4% Note A5/74-A / 5/5/7,860, /4% Note _ 5/5/7-A 5.8 8% Note 5/5/7-E /4% Note 2/5/75-A 2/5/68 {. 507, /4% Note 8/5/68-C /4% Bond - 8/5/ /4% Note _ /5/68-D /8% Bond - /5/68 5-7/8% Note 2/5/75-E 0/22/7 2,045p / 7% Note /5/75-D 8/5/7 (.,407, /4% Note _ 8/5/7-F % Bond 8/5/ /4% Note 2/5/76-A 2/5/69 ( 3, , /8% Note 2/5/69-A % Bond 2/5/69 7-/2% Note 8/5/76-C f 2,09 57,683 2, /2% Note 0//69-E % Bond - 0// /2% Bond - 2/5/ % Note - /5/70-A Footnotes at endof table. (Continuedonfollowing page)

44 38,PUBLIC DEBT OPERATIONS. Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations - (Continued) Treasury Bulletin Description of securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged /4% % 98 Note Note Bond 8/5/77-B /5/78-B 2/5/80/ 8/5/70 /5/7 ( /23/59 2/5/62 (. f $752,52 2, p 3,09p l,446p 602p 843P 509p l,065p 8,208p $ % a 6-3/8% 4% Note Bond 8/5/70-D 8/5/70 5-3/8$ Note - l l / l 5/7-B 7-3/4$ NQte - /5/7-G 4-3/4$ Note 5/5/72-B 6-3/4% Note 5/5/72-D 5$ Note 8/5/72-E 3-7/8$ Bond /5/7 4$ Bond 8/5/72 2/ Series F & G savings bonds 2 / 7% Bond 8/5/8 8/5/7 { " /4% 4% 2/ Note Bond 8/5/7-F 8/5/ /4% Bond 5/5/85 6/3/58, / /8% Bond /4% Bond /5/86 8/5/87-92/ /5/7 8/5/62 98p 487p I87p 58p 36p 268p 58p 24p,2l6p " /8% Note - /5/7-B 7-3/4% Note - /5/7-G 4-3/4% Note 5/5/72-B 6-3/4% Note 5/5/72-D 5% Note 8/5/72-E 3-7/8% Bond /5/7 4% Bond 8/5/72 2/ 4% 3-/4% 2 / Note Note 8/5/62-B 8/5/62-G 988 4% /8% Bond Bond 2/5/ /5/89-94 /7/63 4/8/ / 2 / l / A dditional issu e. 2 / Issued fo r cash. j j To adjust fo r market value o f bonds, subscribers were paid $2.20 per $,000 fa ce value exchanged. * Less than $500,000. p Prelim inary.

45 February 972 PUBLIC DEBT OPERATIONS. 39 Date of financing Table PDO-6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Part A. - Other than Treasury Bills / Issues Description of securities Amount issued For cash In exchange for other securities U.S. Government accounts and Federal Reserve Banks 2/ (In millions of dollars) Commercial banks y Individuals y Insurance companies Allotments by investor classes Mutual savings banks Corporations y Private pension and retirement funds State and local governments 6 / Pension and retirement funds Other funds Dealers and brokers 8/5/68 5-5/8% Note - 8/5/74-B 8/ 5,44 4,870 4,8 2, O/O'X/Art f5-5/8% Note - 5/5/70-B Q/ _ 7,793 5,336, J-U/ O/Do ^5-3/4% Note - /5/74-A ^ - 2,329, O/l e //:q f6-3/8%note - 5/5/70-C _ 8,764 6,88, <./Ly/Kxy ^ 6-/4% Note - 2/5/76-A - 3,739 2, R/ C /cx\ f 6-3/8% Note - 8/5/70-D _ 2, , Jf ±2/ 07 6-/2% Note - 5/5/76-B - 2, , /5/69 7-3/4% Note - 2/5/7-D - 2,924 25, fa% Note - 5/5/7-E _ 4, , //69 \ 7-3/4% Note - 5/5/73-A -, r7-/2% Note - 8/5/76-C -, J8-/4% Note - 8/5/7-F _ 2, , /5/70 \ 8-/8% Note - 8/5/73-B -, \8% Note - 2/5/77-A -, f 7-3/4$ Note - /5/7-G 3,679 7,065 7,005 2, /5/70 < 7-3/4% Note - 5/5/73-A 2 / - 4,683 2,42, \^8% Note - 2/5/77-A 2 / - 3,307 2, d /i ^ /nc\ A-3/4% Note - 2/5/74-C _ 3,39 50, /J.P/ (\J ^7-3/4% Note - 8/5/77-B - 2, /7/70 7-/2% Note - 2/5/72-C 3, , n /i5 /7n /7-l/4% Note - 5/5/74-D Q/ _ 4, , ±±/±>s/ (yj <7-/2% Note - 8/5/76-C ^ - 2,5 8, /6/70 6-3/4% Note - 5/5/72-D 2, , * n/l /rr\ f 5-7/8%Note - 8/5/75-C _ 7,679 2,39 3, <yi5/ /i 6-/4% Note - 2/5/78-A - 8,389 2,722 3, R/l K /rr\ f5% Note - 8/5/72-E _ 3,452,457, ^5-3/4% Note - /5/74-A 2 / - 3,2 3,046, /29/7 6% Note - l l / l 5/72-F 2, , * /5/7 p7% Note - /5/75-D _ 3,5 592, % Bond - 8/5/ /6/7 6-/2% Note - 2/5/73-C 2, , * /8/7 6-/4% Note - /5/76-D l,283p - -, * /22/7 5-7/8% Note - 2/5/75-E 2,045p - -, (4-7/8%Note - /5/73-D 2,768p l,500p, _ /5/7 76% Note - /5/78-B - 8,209p 2,95 3, , /8% Bond - /5/86 24p l,92p All other 7/ Source: Based on subscription and allotment reports. For detail of offerings see Table PDO-4. / Excludes -/2% Treasury notes issued in exchange to holders of nonmarketable 2-3/4% Treasuiy bonds, Investment Series B / Includes trust funds and accounts that comprise Government accounts under the unified budget concept. 2 / Includes trust companies and stock savings banks. y Includes partnerships and personal trust accounts. / Exclusive of banks and insurance companies. 6/ Consists of trust, sinking, and investment funds of State and local governments and their agencies. 2 / Includes savings and loan associations, nonprofit institutions, and investments of foreign balances and international accounts in this country. Also included are certain Government deposit accounts and Government-sponsored agencies. 8 / Offerings subject to allotment, were made for the purpose of paying off maturing securities in cash. Holders of the maturing securities were not offered preemptive rights to exchange their holdings but were permitted to present them in payment of exchange, in whole or in part, for the new issues. 2 / Reopening of earlier issue. * Less than $500,000. p Preliminary.

46 40 PUBLIC DEBT OPERATIONS. Treasury Bulletin Table PDO-6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Part B. - Treasury Bills Other than Regular Weekly Series (in millions of dollars) amount issued Allotments by investor classes Date of financing 7/8/69 7/3/69 8/3/69 9/30/69 Date of maturity 2/22/69 3/23/70 4/30/70 7/3/70 ' 5/3/70 8/3/70 f 6/30/70 \ 9/30/70 Average rate (Percent) One-year series , , ,005 9-month series H Tax anticipation series U.S. Government accounts and Federal Reserve Banks 2/,763,752 _ Commercial banks,733, Corporations Dealers and brokers 0/4/69 4/22/ ,007-2, /29/69 6/22/ ,004-2, r 7/3/70 0/3/ * /3/ , /26/69 /30/69 2/3/69 /3/70 2/28/70 k 4/22/70 6/22/70 " 8/3/70 /30/70 9/30/70 2/3/70 '0/3/70 /3/7 "n/30/70 2/28/ , , , ,200,007 5 /,504 5 / ,002, * * All other k/ /3/70 4/22/ ,753 5 / -, /26/70 9/22/ ,758 -, /3/70 4/30/70 5/3/70 6/30/70 r2/3l/70 3/3/7 k /3/7 4/30/7 * 2/28/7 5/3/7 3/3/7 6/30/ , , , , /8/70 3/22/ ,57-2, /23/70 4/22/ ,26-2, /3/70 [ 4/30/7 7/3/7 8/3/70 9/30/70 * 5/3/7 8/3/7 ' 6/30/7 9/30/ , , , * * /2/70 6/22/ ,55-2, /3/70 /30/70 2/3/70 /3/7 2/28/7 7/3/7 0/3/7 * 8/3/7 /30/7 9/30/7 2/3/7 *0/3/7 /3/72 */30/7 2/29/ , , , , , /30/7 4/22/ ,00 5/ - 798,80 2 3/3/7 4/30/7 5/3/7 6/30/7 2/3/7 3/3/72 /3/72 ^ 4/30/72 2/29/72 5/3/72 ' 3/3/72 6/30/ , , , , * x Footnotes at endof table. (Continued onfollowing page)

47 February 972 PUBLIC DEBT OPERATIONS. 4 Table PDO-6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Part B. - Treasury Bills Other than Regular Weekly Series - (Continued) (in millions of dollars) amount issued Allotments by investor classes Date of financing Date of maturity Average rate (Percent) One-year series 9-month series Tax anticipation series U.S. Government accounts and Federal Reserve Banks 2/ Commercial banks Corporations 2 / Dealers and brokers All other kj 7/6/7 7/3/7 8/3/7 9/3/7 0/3/7 /30/7 ^9/2/7 ^4/30/72 7/3/72 5/3/72 8/3/72 6/30/72 9/30/72 * 7/3/72 0/3/72 * 8/3/72 /30/ ,202,200,20,200, , , //7 4/2/ ,506 2, /3/7 6/2/ ,00 2,004 2/29/7 2/3/7 f 4/2/72 \ 6/2/72 f 9/30/72 U2/3/ ,20 50,526 5 /,06 5 / ,520,02 28r 98r r 42r /3/72 h.0/3/72 \ /3/ , Source: Based on subscription and allotment reports. For detail of offerings see Table PDO-4. / Reopening of one-year series. 2 / Includes trust funds and accounts that comprise Government accounts under the unified budget concept. y 5/ r Exclusive of banks and insurance companies. Included with all other investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Gove mment inves tment accounts. Reopening of earlier issue. * Less than $500,000. Revised. '

48 42 PUBLIC DEBT OPERATIONS. Table PDO-7. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury Bills Treasury Bulletin Date of refunding or retirement 7/3/69 8/5/69 8/3/69 9/30/69 0//69 0/3/69 /30/69 2/5/69 2/22/69 Called or maturing securities / Description Issue date 5. 30$ Bill _ 7/3/69 7/3/ $ Bill _ 7/3/69 7/3/ $ Bill - 7/3/69 7/3/68 6$ Note - 8/5/69-C 5/5/68 5.5$ Bill 8/3/69 8/3/ $ Bill _ 8/3/69 8/3/ $ Bill - 8/3/69 8/3/ $ Bill _ 9/30/69 9/30/ $ Bill - 9/30/69 9/30/68 "l-l/2 $ Note - 0//69-E0 0//64 4$ Bond - 0//69 0//57 2-/2$ Bond - 2/5/69 9/5/43., 5.40$ Bill 0/3/69 0/3/ $ Bill - 0/3/69 0/3/ $ Bill _ /30/69 /30/ $ Bill - /30/69 /30/68 2-/2$ Bond _ 2/5/69 9/5/ $ Bill - 2/22/69 7/8/69 Amount outstanding, ,366, , ,240 2,484 8,883, , ,763 Disposition offers by Treasury Cash retirement Exchange security offered (in millions of dollars),00 I 502 V W - 200J,.000 \ 505 h/ 200J, J' 3, ,240 2,484 8,883 Results of exchange offers Exchanged 2,924 7,020 Turned in for cash 2 / 442 Description of new securities offered (See also Table PDO-4) 7-3/4$ Note D-97 )8% Note - E <7-3/4% Note - A /2* Note - C-976 j8% Note - E-97,097 < 7-3/4% Note - A /2? Note - C-976 _ )S% Note - E-97 <7-3/4% Note - A /2% Note - C-976 U, 76 of 8$ Note,90 <,60 of 7-3/4$ Note \l,683 of 7-/2$ Note 2/3/69 /3/70 2/5/70 2/28/70 3/5/70 3/23/70 3/3/70 4//70 4/22/70 4/30/ $ Bill _ 2/3/69 2/3/ $ Bill - 2/3/69 2/3/ $ Bill _ /3/70 /3/ $ Bill - /3/70 /3/69 4$ Bond - 2/5/70 /5/65 2-/2$ Bond - 3/5/70 2//44,, 6.235$ Bill 2/28/70 2/28/ $ Bill - 2/28/70 2/28/69 2-/2$ Bond - 3/5/70 2// $ Bill - 3/23/70 7/8/ $ Bill _ 3/3/70 3/3/69 7%387$ Bill - 3/3/70 3/3/69 -/2$ Note - 4//70-EA 4// $ Bill _ 4/22/70 0/4/ $ Bill _ 4/22/70 0/4/ $ Bill - 4/22/70 0/4/ $ Bill _ 4/30/70 4/30/ $ Bill - 4/30/70 4/30/ , ,38 2,280 6,66, ,752, ,753,00 500,000 " / 500 y' 30,752 4 /,00 50 J* \k/.007 W,753 J, y 4,38 2,280 6,66 5, /4$ Note - F-97 8-/8$ Note - B-973 ^8$ Note - A / 4$ Note - F-97 8-/8$ Note - B-973 8$ Note - A-977 2,257 of 8-/4$ Note,839 of 8-/8$ Note,856 of 8$ Note 5/5/70 {: '5-5/8$ Note - 5/5/70 /5/68 6-3/8$ Note - 5/5/70 2/5/69 7,793 8,764 7,793 8,764,625 6,94 7-3/4$ Note - A-973 8$ Note - A /4$ Note - A-973 8$ Note - A-977 5/3/70 6/22/70 6/30/70 7/3/70,, Footnotes at endof table $ Bill 5/3/70 5/3/ $ Bill - 5/3/70 5/3/ $ Bill - 6/22/70 0/29/ $ Bill - 6/22/70 0/29/ $ Bill _ 6/30/70 6/30/ $ Bill - 6/30/70 6/30/ $ Bill _ 7/3/70 7/3/ $ Bill - 7/3/70 7/3/69 6,557, ,004,504,20 500, , ,004",504,20" 500,202 ' 500 6,557 (Continued onfollowing page) 7,990 3,566 5/ 4,683 of 7-3/4% Note 3,307 of 8$ Note

49 February 972 PUBLIC DEBT OPERATIONS, Table PDO-7. - Disposition of Public Marketable securities Other than Regular Weekly Treasury Bills - (Continued) 43 Date of refunding or retirement B/5/70 8/3/70 9/23/70 9/30/70 0//70 0/3/70 /5/70 Called or maturing securities / Description Issue date 6-3/8% Note - 8/5/70 5/5/69 4% Bond - 8/5/70 6/20/63,, 7.340% Bill 8/3/70 8/3/ % Bill - 8/3/70 8/3/ % Bill - 9/23/70 3/26/ % Bill _ 9/30/70 9/30/ % Bill - 9/30/70 9/30/69 -/2% Note - 0//70-E0 0// % Bill _ 0/3/70 0/3/ % Bill - 0/3/70 0/3/69 5% Note - ll/5/70-a 2/5/66 Amount outstanding 2,329 4,29 6,458,20 50,758, , ,675 Disposition offers by Treasury Cash retirement Exchange security offered Results of exchange offers Exchanged (in millions of dollars) 2,329,272 "I (,868 4,29 6,458 5,404 l,20l\, 50 J *,758 y,005^3/ 500 )2/ 3,003^ 502 )2/ 7,675 I 752J ^ 2J 7,06 Turned in for cash 2 / ,055 / 660 Description of new securities offered (See also Table PDO-4) [n-3/ls Note C-974 \l-3/ls Note B-977 f 7-3/4* Note C-974 \ 7-3/4* Note - B-977 [3,39 of Note C-974 ^2,264 of Note B-977 4,505 of 7-/4% Note D-974 2,5 of 7-/2% Note C-976 /30/ % Bill _ /30/70 /30/ % Bill - /30/70 /30/69, l,0 0 ll 500J 2/3/ % Bill _ 2/3/70 2/3/69 6.0% Bill - 2/3/70 2/3/69, ,002^ 500J /3/ % Bill _ /3/7 /3/ % Bill - /3/7 /3/70, ,003^ 500J 5-3/8% Note - 2/5/7-C 8/30/67 2,509-2,509,070*,086j /8% Note _ C /4% Note - A /4% Note - 2/5/7-D 8/5/69 2,924-2,924,028 ^,32 J /8% Note _ C /4% Note - A-978 2/5/7 2-/2% Bond - 3/5/7 2//44 5-3/8% Note - /5/7-B /5/66 7-3/4% Note - ll/5/7-g 5/5/70,29 -,734-0,743 -,29,734 0, } ,480 j ) 5-7/8% Note _ C /4% Note - A /8% Note _ C /4% Note - A /8% Note _ C /4% Note - A /8% Bond - /5/7 5/5/62 2,760-2, "I 786 j 5-7/8% Note C /4% Note - A /4% Note - 2/5/72-A 2/5/67 2,006-2, ^ 606 J 5-7/8% Note _ C /4% Note - A /2% Note - 2/5/72-C 8/7/70 3,375-3, \ 304 / 5-7/8% Note C /4% Note - A-978 4% Bond - 2/5/72 /5/62 2,344-2, I 730 J 5-7/8% Note _ C /4% Note - A ,64-29,64 6, ,679 of 5-7/8% Note 8,389 of 6-/4% Note 2/28/ % Bill 2/28/7 2/28/ % Bill - 2/28/7 2/28/70, , j k 3/5/7 2-/2% Bond - 3/5/7 2// /22/ % Bill - 3/22/7 7/8/70 2,57 2,57 V 3/3/7 6.32% Bill _ 3/3/7 3/3/ % Bill - 3/3/7 3/3/70,20 50 l,2 0 ll 50, 4//7 -/2% Note - 4//7-EA 4// /22/ % Bill 4/22/7 7/23/ % Bill - 4/22/7 3/30/7 2,26 2,00 2,26^ 2,00^>-v 4/30/7 6.84% Bill _ 4/30/7 4/30/ % Bill 4/30/7 4/30/70, ,200> 500 Footnotes at endof table. (Continuedonfollowing page)

50 44 PUBLIC DEBT OPERATIONS Table PDO-7. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury Bills - (Continued) Treasury Bulletin Date Of refunding or retirement 5/5/7 Called or maturingsecurities / Description 5/5/7 -A 5/5/7-E Issue date 8/5/66 0//69 Amount outstanding 4,265 4,76 Disposition offers by Treasury Cash retirement Exchange security offered Results of exchange offers Exchanged (In millions of dollars) 4,265 4,76,780,860 },672,37 turned in for cash 2 / 626,33 [5# \5-3/4# \5-3/4# Description of new securities offered (See also Table PDO-4) Note Note Note Note E-972 E-974 E-972 A ,442 8,442 6,682,759 f3,452 \3,23 of 5# Note of 5-3/4# Note 5/3/ # Bill ^6.50# Bill 5/3/7 5/3/7 5/3/70 5/3/70,200 50,200\, 50J* 6/22/ # Bill 6/22/7 0/2/70 2,55 6/30/7 I7.079# Bill ^6.237# Bill 6/30/7 6/30/7 6/30/70 6/30/70,20 50 i, 2oiL 50lH 7/3/7 r6.380# Bill I6.53# Bill 7/3/7 7/3/7 7/3/70 7/3/70,202 50,2o5\ 50JJ 8/5/7 8/5/7 8/5/7-F 3//62 2/5/70 2,806 2,257 5,063 2,806 2,257 5,063 f,708* I 4j (,407^ 202 j 3, ,336 [7# Note D-975 L7# Bond 8/5/7 f7# Note D-975 L7# Bond 8/5/7 (3,5- of 7# Note 62 of 7% Bond 8/3/7 Bill _ 8/3/7 8/3/70,204 Bill - 8/3/7 8/3/70 50!,2 4 L 50^,204 9/2/7 Bill - 9/2/7 7/6/7,752, /30/7 Bill _ 9/30/7 9/30/70,202 Bill - 9/30/7 9/30/70 50,202\ 502J 0//7 Note - 0//7-E0 0// /3/7 /5/7 f c 3-' 6-3/4# 4# 5#. Bill _ 0/3/7 0/3/70,20 Bill - 0/3/7 0/3/ Bond - /5/7 5/5/62,08 Note - /5/7-B /5/ Note - /5/7-G 5/5/70 5,836 Note - 5/5/72-B 5/5/67 5,30 Note - 5/5/72-D /6/70 2,037 Bond - 8/5/72 9/5/62 2,579 Note - 8/5/72-E 5/5/7 3,452 2,262 l$3, ,836 5,30 2,037 2,579 3,452 2,262 9,399p 304*> 236p 6# 6-/8# 6# 6-/8# 2,240p / 6# 6-/8# ,780p *6# 6-/8# *6# 6-/8# *6# 6-/8# *6# 6-/8# ey Note Bond Note Bond Note Bond Note Bond Note Bond Note Bond Note Bond - B-978 /5/86 - B-978 /5/86 - B-978 /5/86 - B-978 /5/86 - B-978 /5/86 _ 0, 0 0To woxe l,92p of 6-/8# Bond B-978 /5/86 - B-978 /5/86 /30/7 r5.00# Bill 3.69# Bill /30/7 /30/7 /30/70 /30/70,20 50 l,20l\ 50lJ 2/3/7 /3/72 2/5/2 *4.886# Bill 3.507# Bill *4.249# Bill 4.403# Bill. 2/3/7 2/3/7 /3/72 /3/72 2/3/70 2/3/70 /3/7 /3/7 4-3/4# Note 2/5/72-A 2/5/67 7-/2# Note 2/5/72-C 8/7/70,4# Bond 2/5/72 /5/62 7-3/4# Note 4-/8# Bond 7-/4# Note 4-/4# Bond 2/5/74-C 2/5/74 5/5/74-D 5/D 5/74 8/5/70 /5/65 /5/70 5/5/64,20 500, , ',39 3,25 4,505 3,577 3,86,20 50m,99* , ,39 3,25 4,505 3,577 8,86 508p 56p l,795p 4p 465p 20p 79p 65p 73p 75p 4,884p 236p p l,204p 5-3/4# 6-3/8# h k-3/4# 6-3/ 8# >8/ [2,768p [2,ll6p Note Bond Note Note Bond of 5-3/4# Note of 6-3/8# Bond - E-976 2/5/82 E-976 2/5/82 Footnotes onfollowing page.

51 February 972 PUBLIC DEBT OPERATIONS 45 Footnotes to Table PDO-7 Source: Daily Treasury statement and Bureau of the Public Debt. / Original call and maturity dates are used. 2 / All by investors other than Federal Reserve banks. 2/ Rolled over into 9-month and one-year bills (see Table PDO-4). 7 / ij Tax anticipation issue: for detail of offerings beginning July 969, see Table PDO-4; for amounts redeemed for taxes and for cash see 8 / "Note below. j>/ Of this amount $909 million of the 5-5/8$ notes and $6,56 million of the 6-3/8$ notes were submitted in payment for subscriptions allotted for the 7-3/4$ Treasury Notes of Series G-97 which were offered on a cash basis. Holders of the maturing notes were not offered preemptive rights to exchange their holdings for the new notes. (For detail of offerings see Table PDO-4). 6 / Of this amount $0 million of the 6-3/8$ notes and $80 million of the 4$ bonds were exchanged by Federal Reserve banks and Government accounts for 7-/2$ notes of Series C-972. Other holders of the maturing securities were not given preemptive rights to exchange their holdings for the 7-l/2$ notes. Federal Reserve banks and Government accounts exchanged $,500 million of the notes for 4-7/8$ notes issued November 5, 97. The four securities due in 974 were eligible to be exchanged only for the 6-3/8$ bonds. Subscribers exchanging such securities may elect, for Federal income tax purposes, to recognize gain or loss on account of the exchange either in the taxable year of the exchange or (except to the extent that cash is received) in the taxable year of disposition or redemption of the securities received in the exchange. Any gain to the extent that cash was received by the subscriber (other than as an interest adjustment) must be recognized in the year of the exchange. Note: Information on retirement of tax anticipation issues referred to in footnote 4» in millions of dollars: Date of retirement Securities amount retired Redeemed for taxes Redeemed for cash 3/24/69 Bill 2,05 826,89 4/22/69 Bill 2, ,74 6/23/69 Bill 3,00 6/23/69 Bill 2,00 ) 2,099 4,672 6/23/69 Bill,759 J 2/22/69 Bill, ,299 3/23/70 Bill, ,327 4/22/70 Bill 2,007 4/22/70 Bill,007 ),35 3,632 4/22/70 Bill,753 J 6/22/70 Bill 3,004 \ 6/22/70,222 Bill 3,286,504 J 9/23/70 Bill, ,008 3/22/7 Bill 2, ,060 4/22/7 Bill 2,26 2,00 J 957 3,305 6/22/7 Bill 2,55,58,357 9/2/7 Bill,

52 46 Treasury Bulletin Month of activity PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Securities Issued to Official Institutions of Foreign Countries Issue date (Payable in U.S. Dollars) Maturity date Interest rate Issued Amount Retired outstanding end of month (Percent) (In millions of dcdllars) * r 4/25/69 7/24/ _ 3 6/0/69 9/0/ _ 7 6/2/69 9/0/ /8/69 9/5/ /9/69 9/5/ _ 7 6/24/69 7/24/ _ 2 6/24/69 9/5/ _ 30 6/24/69 9/0/ /24/69 9/5/ _ 8 6/26/69 7/24/ _ 3 6/27/69 7/7/ _ 3 6/27/69 7/24/ /27/69 9/5/ _ 5 6/30/69 7/7/ /30/69 7/0/ _ 0 7//69 9/5/ _ 7//69 7/0/ //69 8/3/ /2/69 0/2/ /2/69 9/5/ /3/69 7/7/ /3/69 7/24/ /3/69 9/5/ /3/69 9/5/ _ Certificates of indebtedness < 7/7/69 9// ,643 7/7/69 9/5/ July... / 7/8/69 9// \ 3 3 7/8/69 7/7/ /8/69 9/5/ /8/69 9/0/ /9/69 9/9/ /9/69 9// /0/69 9/9/ //69 9/9/ /5/69 9/9/ /7/69 9/9/ /7/69 9// /8/69 0/0/ _ 7/8/69 0/7/ /2/69 0/0/ /2/69 9/9/ /23/69 0/23/ /25/69 0/24/ _ 7/28/69 0/24/ _ 7/29/69 0/24/ _ 4 7/30/69 9/9/ /30/69 0/23/ _ 7/3/69 0/0/ _ L 7/3/69 0/23/ No f /2/68 4/3/ _ 0 es 25 \ 5/3/68 3/3/ * 5/2/69 8/2/ _ 7 > 6/27/69 9/5/ _ 89 7//69 9/5/ /3/69 9/5/ _ 9 7/7/69 9/5/ /8/69 0/0/ /8/69 0/7/ /2/69 0/0/ _ 5 7/25/69 0/24/ /28/69 0/24/ _ 6 7/29/69 0/24/ /3/69 0/0/ //69 9/5/ //69 0/0/ /4/69 9/5/ /4/69 0/0/ _ 8/5/69 9/5/ /5/69 9// /5/69 0/0/ _ 8/5/69 9/6/ /6/69 9/6/ /7/69 9// /8/69 9/6/ //69 0/0/ Certificates of indebtedness < 8//69 0/7/ _ Aug... y 8//69 0/24/ ,627 \ 8//69 9/2/ //69 9/6/ /2/69 /2/ /3/69 /3/ _ 8/4/69 /3/ /5/69 9/2/ /8/69 /4/ /8/69 9/2/ /9/69 /4/ /9/69 /3/ (Continuedonfollowing page)

53 February PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) Monthof activity Securities Issue date 969-Sept. Notes Certificates of indebtedness Notes (Payable in U.S. Dollars) 8/9/69 8/9/69 8/20/69 8/20/69 8/2/69 8/22/69 8/22/69 8/22/69 8/22/69 8/22/69 8/25/69 8/25/69 8/26/69 8/26/69 5/3/68 7/8/69 7/3/69 8//69 8//69 8//69 8/3/69 8/4/69 8/9/69 8/20/69 8/20/69 8/22/69 8/22/69 8/25/69 8/26/69 9/2/69 9/2/69 9/2/69 9/2/69 9/2/69 9/2/69 9/3/69 9/4/69 9/5/69 9/5/69 9/9/69 9/0/69 9//69 9/2/69 9/2/69 9/5/69 9/5/69 9/5/69 9/6/69 9/6/69 9/7/69 9/8/69 9/9/69 9/22/69 9/22/69 9/23/69 9/24/69 9/25/69 9/25/69 9/26/69 9/26/69 9/26/69 9/26/69 9/26/69 9/26/69 9/26/69 5/3/68 5/23/68 5/24/68 9/23/69 ' 9/24/69 ^ 7/23/69 7/30/69 7/3/69 7/3/69 8//69. 8/4/69 8/5/69 8//69 8/22/69 8/25/69 8/26/69 9/2/69 9/5/69 9/5/69 9/5/69 9/6/69 Maturity date 9/2/69 0/7/69 /3/69 0/0/69 /4/69 /4/69 9/0/69 0/0/69 0/7/69 0/0/69 /4/69 0/24/69 9/0/69 0/24/69 3/3/70 0/7/69 0/0/69 0/0/69 0/7/69 0/24/69 /3/69 /3/69 /3/69 0/0/69 /3/69 0/0/69 /4/69 /4/69 9/0/69 9/5/69 9/5/69 9/0/69 0/2/69 0/7/69 0/0/69 /4/69 /4/69 /4/69 2/5/69 2/9/69 2/0/69 2//69 2//69 2/2/69 0/7/69 0/0/69 2/5/69 0/2/69 0/7/69 2/5/69 0/2/69 0/2/69 0/2/69 2/5/69 2/5/69 0/2/69 0/24/69 2/0/69 0/2/69 0/0/69 0/7/69 /3/69 2/5/69 2/0/69 2/5/69 3/3/70 9/23/69 9/24/69 2/2/70 /8/7 0/23/69 0/23/69 0/0/69 0/23/69 0/0/69 0/0/69 0/0/69 0/24/69 0/0/69 0/24/69 0/24/69 0/0/69 0/7/69 0/0/69 0/0/69 0/7/69 Interest rate (Percent) (Continuedonfollowing page) Amount Issued Retired endof outstanding month (in millions of dollars) ,568

54 48 Treasury Bulletin PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) (Payable in U.S. Dollars) Monthof activity Securities Issue date Maturity date Interest rate Amount Issued Retired outstanding endof month 969-Oct. Certificates of indebtedness Notes Bonds Nov. Certificates of indebtedness Notes L 9/25/69 9/25/69 9/26/69 9/26/69 9/26/69 9/26/69 0//69 0//69 0//69 0//69 0/3/69 0/6/69 0/6/69 0/6/69 0/7/69 0/8/69 0/9/69 0/9/69 0/9/69 0/0/69 0/4/69 0/5/69 0/6/69 0/6/69 0/6/69 0/7/69 0/20/69 0/2/69 0/2/69 0/22/69 0/22/69 0/22/69 0/23/69 0/23/69 0/23/69 0/23/69 0/24/69 0/24/69 0/24/69 0/27/69 0/27/69 0/27/69 0/28/69 0/29/69 0/29/69 0/30/69 0/3/69 ( 6/2/68 2/3/68 0//69 0/3/69 9/6/64 0/5/69 0/6/69 0/7/69 0/2/69 0/22/69 0/22/69 0/29/69 0/3/69 /3/69 /3/69 /3/69 /3/69 /5/69 /5/69 /7/69 /7/69 /7/69 /0/69 /0/69 /0/69 /0/69 /2/69 /2/69 /2/69 /7/69 /7/69 /24/69 /24/69 /25/79 /25/69 /26/69 2/3/68 0/22/69 0/24/69 0/24/69 2/0/69 0/2/69 0/7/69 /3/69 2/0/69 0/2/69 0/7/69 2/5/69 2/3/69 0/0/69 0/7/69 0/0/69 2/5/69 2/5/69 2/5/69 /3/69 2/0/69 2/5/69 2/5/69 2/5/69 2/5/69 /3/69 2/0/69 2/5/69 2/5/69 /9/70 2/5/69 /20/70 2//69 2/5/69 /22/70 0/24/69 2/9/69 2/0/69 2//69 /3/69 2/9/69 2/0/69 /3/69 2/9/69 /26/70 /27/70 /5/69 /29/70 /3/69 2/5/69 0/3/69 /2/70 2/8/7 3/25/7 //69 2/5/69 2/5/69 2/5/69 2/5/69 2/5/69 /22/70 /5/69 2/5/69 /3/69 2/0/69 2/5/69 /9/70 2/5/69 /9/70 2/5/69 /2/70 /9/70 2//69 2/5/69 2/30/69 /2/70 2/5/69 2//70 /2/70 2/3/70 2/3/70 2/5/69 2/3/70 2/25/70 2/5/69 2/3/70 /2/70 /22/70 2/0/69 (Percent) (In millions of dollars) 2 26 * ,932 ),792 (Continuedonfollowing page)

55 February PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions o f Foreign Countries - (Continued) 969-Dec. 970-Jan. Monthof activity Securities Issue date Certificates of indebtedness Notes Certificates of indebtedness (Payable in U.S. Dollars) 0/29/69 /3/69 /5/69 /7/69 /7/69 /0/69 /7/69 /24/69 /24/69 /25/69 /26/69 2//69 2//69 2//69 2//69 2//69 2//69 2/2/69 2/2/69 2/2/69 2/3/69 2/4/69 2/5/69 2/8/69 2/9/69 2/0/69 2/0/69 2/0/69 2/2/69 2/5/69 2/5/69 2/5/69 2/6/69 2/9/69 2/24/69 2/24/69 2/26/69 2/26/69 2/26/69 2/29/69 2/29/69 2/29/69 2/29/69 2/29/69 2/29/69 2/29/69 2/30/69 2/30/69 2/3/69 2/3/68 0/29/69 2/0/69 2/26/69 2/29/69 2/29/69 2/29/69 2/30/69 2/30/69 2/3/69 /2/70 /5/70 /5/70 /7/70 /7/70 /8/70 /9/70 /2/70 /2/70 /3/70 /3/70 /4/70 l/u /70 /5/70 /6/70 /9/70 /20/70 /2/70 /2/70 /2/70 /2/70 /23/70 /26/70 /26/70 /27/70 /29/70 Maturity date /29/70 2/0/69 2/5/69 2/5/69 /9/70 2/5/69 2/3/70 2/5/69 2/3/70 2/5/69 2/3/70 2/5/69 2/5/69 /2/70 /9/70 2/3/70 3/2/70 2/5/69 /26/70 3/3/70 3/4/70 3/4/70 3/5/70 3/4/70 3/4/70 /2/70 3/4/70 3/0/70 3/2/70 /2/70 /26/70 3/6/70 /26/70 3/6/70 3/6/70 3/24/70 3/5/70 3/0/70 3/6/70 2/3/70 3/3/70 3/4/70 3/5/70 3/2/70 3/6/70 3/30/70 2/3/70 3/3/70 2/l3/70 /2/70 /29/70 3/0/70 3/5/70 2/3/70 3/5/70 3/6/70 2/3/70 3/3/70 2/3/70 3/3/70 /9/70 2/3/70 /9/70 3/3/70 4/8/70 4/8/70 4/8/70 4/3/70 3/3/70 4/8/70 3/3/70 4/8/70 3/3/70 4/6/70 3/3/70 *3/3/70 3/6/70 3/3/70 4/8/70 4/3/70 3/6/70 3/6/70 4/8/70 4/8/70 4/29/70 Interest rate (Percent) Amount Issued Retired (In millions of dollars) outstanding endof month >,765 2,285 (Continuedonfollowing page)

56 50.PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) (Payable in U.S. Dollars) Monthof activity Securities Issue Maturity date date 970-Feb. Mar. Apr. Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness Notes { 9/9/68 9/0/68 9/26/68 /5/70 /30/70 /25/69 /4/70 /26/70 /27/70 2/2/70 2/2/70 2/2/70 2/2/70 2/3/70 2/3/70 2/4/70 2/4/70 2/6/70 2/6/70 2/6/70 2/6/70 2/9/70 2/3/70 2/8/70 2/9/70 2/9/70 2/9/70 2/25/70 2/26/70 2/3/68 2//69 2/0/69 2/24/69 2/26/69 /5/70 /9/70 /20/70 /2/70 /2/70 2/2/70 2/2/70 2/3/70 2/4/70 2/6/70 2/26/70 3/2/70 3/2/70 3/2/70 3/3/70 3/4/70 3/5/70 3/6/70 3/6/70 3/2/70 3/6/70 3/23/70 3/24/70 3/3/70 5/3/68 3/2/70 3/26/70 3/3/70 /8/70 /6/70 /2/70 /29/70 2/2/70 2/2/70 3/6/70 3/3/70 4/8/70 4/6/70 4/28/70 4/29/70 2/6/68 2/20/68. 2/23/68 \ 2/3/68 4/9/70 4/30/70 /5/70 /5/70 /30/70 4/22/7 5/20/7 2/25/70 3/3/70 4/8/70 4/8/70 3/0/70 3/3/70 4/20/70 4/27/70 3/3/70 5/4/70 3/6/70 3/3/70 3/6/70 3/3/70 5/6/70 5//70 3/6/70 3/6/70 3/6/70 3/2/70 3/6/70 5/9/70 5/25/70 5/26/70 /2/70 3/2/70 3/0/70 3/24/70 3/0/70 3/3/70 3/3/70 3/3/70 3/3/70 4/3/70 3/0/70 3/3/70 3/3/70 3/3/70 3/3/70 5/26/70 3/6/70 3/3/70 6/2/70 3/6/70 3/6/70 3/6/70 3/2/70 3/6/70 6//70 6/5/70 6/23/70 6/24/70 6/30/70 3/3/70 6/7/7 7/22/7 7/29/7 4/8/70 4/6/70 4/3/70 4/29/70 4/20/70 4/27/70 6/5/70 6/30/70 7/8/70 7/6/70 7/28/70 7/29/70 4/30/70 4/30/70 4/30/70 /2/70 8/26/7 9/23/7 Interest rate (Percent) Amount Issued Retired Treasury Bulletin (In millions of dollars) outstanding endof month 2,606 2,873 2,620 (Continuedonfollowing page)

57 February 972 5,PUBLIC DEBT OPERATIONS^ Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) 970-May. Month of activity June. July. Aug. Sept. Oct. Securities Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness Certificates of indebtedness (Payable in U.S. Dollars) Issue date 2/3/70 2/0/70 2/25/70 2/26/70 3/2/70 3/23/70 3/24/70 4-/28/70 4/29/70 5/4/70 5/5/70 5//70 2/2/68 5/5/70 5/5/70 6//70 6/5/70 6/24/70 6/26/70 6/26/70 6/30/70 2/23/65 2/3/68 6/4/70 6//70 6/8/70 6/25/70 4/8/70 4/6/70 6/24/70 6/26/70 6/26/70 7/6/70 7/7/70 7/8/70 7/5/70 7/6/70 7/22/70 7/24/70 7/27/70 7/27/70 7/28/70 7/29/70 2/3/68 8/5/70 8/0/70 8/7/70 8/24/70 8/25/70 5//69 8/3/70 8/3/70 6/5/70 6/30/70 7/6/70 7/27/70 9/5/70 9/6/70 9/22/70 9/23/70 9/28/70 9/30/70 9/30/70 7/6/70 7/7/70 7/8/70 7/6/70 7/22/70 7/24/70 7/27/70 7/28/70 7/29/70 9/30/70 0//70 0/7/70 0/8/70 0/6/70 0/2/70 0/22/70 0/23/70 0/26/70 0/27/70 0/28/70 0/28/70 0/29/70 Maturity date 5/4/70 5//70 5/25/70 5/26/70 6/2/70 6/23/70 6/24/70 7/28/70 7/29/70 8/4/70 8/5/70 8//70 /2/70 5/27/7 6/24/7 9//70 9/5/70 9/24/70 7/23/70 9//70 9/30/70 6/23/70 /2/70 8/26/7 0/28/7 0/28/7 /8/7 7/8/70 7/6/70 9/24/70 7/23/70 9//70 0/6/70 0/7/70 0/8/70 0/4/70 0/6/70 0/22/70 0/23/70 0/27/70 0/27/70 0/28/70 0/29/70 /2/70 /5/70 /0/70 /7/70 /24/70 /25/70 8/3/70 2/23/7 /20/72 9/5/70 9/30/70 0/6/70 0/27/70 2/5/70 2/6/70 2/22/70 2/23/70 2/28/70 2/30/70 2/30/70 0/6/70 0/7/70 0/8/70 0/6/70 0/22/70 0/23/70 0/27/70 0/28/70 0/29/70 2/30/70 2/3/70 /7/7 /8/7 /5/7 /2/7 /22/7 /22/7 /26/7 /27/7 /28/7 /28/7 /29/7 Interest rate (Percent) Issued Amount Retired outstanding end of month (In millions of dollars , ,389 > 3,9 4,076 3,97 3,755 (Continued on following page)

58 52 Treasury Bulletin.PUBLIC DEBT OPERATIONS. Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) Month of activity Securities (Payable in U.S. Dollars) Issue date Maturity date Amount Interest rate Issued Retired outstanding end of month 970-Nov. Dec. 97-Jan. Feb. Notes Bonds Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness { l { 2/3/63 0/28/70 9/6/64 8/5/70 8/0/70 8/7/70 8/24/70 8/25/70 9/30/70 /5/70 /0/70 /0/70 /7/70 /23/70 /23/70 /24/70 /24/70 /25/70 /25/70 /27/70 /30/70 2/3/68 n /2 /7 0 9/5/70 9/6/70 9/22/70 9/23/70 9/28/70 9/30/70 0//70 0/7/70 0/22/70 0/28/70 0/29/70 /5/70 n/24/70 /25/70 /25/70 2/9/70 2/5/70 2/6/70 2/22/70 2/23/70 2/28/70 2/3/70 9/23/69 /2/70 2/2/70 0/8/70 0/6/70 0/2/70 0/23/70 0/26/70 0/27/70 0/28/70 /0/70 /0/70 /7/70 /24/70 /27/70 2/5/70 2/6/70 2/22/70 2/23/70 2/28/70 /8/7 /5/7 /9/7 /2/7 /25/7 /26/7 /27/7 /28/7 9/24/69 /8/7 /0/70 /23/70 /23/70 /27/70 2/3/7 2/0/7 2/6/7 2/23/7 2/23/7 /2/70 /20/72 //70 /5/70 /0/70 /7/70 /24/70 /25/70 2/30/70 2/5/7 2/0/7 2/0/7 2/7/7 2/23/7 2/23/7 2/24/7 2/24/7 2/25/7 2/25/7 2/26/7 3//7 /2/70 2/2/72 2/5/70 2/6/70 2/22/70 2/23/70 2/28/70 2/30/70 2/3/70 /7/7 /22/7 /28/7 /29/7 2/5/7 2/24/7 2/25/7 2/25/7 3/9/7 3/5/7 3/6/7 3/22/7 3/23/7 3/29/7 3/3/7 2/2/70 2/2/72 2/24/72 /8/7 /5/7 /2/7 /22/7 /26/7 /27/7 /28/7 2/0/7 2/0/7 2/7/7 2/24/7 2/26/7 3/5/7 3/6/7 3/22/7 3/23/7 3/29/7 4/8/7 4/5/7 4/9/7 4/2/7 4/26/7 4/26/7 4/27/7 4/28/7 /8/7 2/24/72 2/0/7 2/23/7 2/23/7 2/26/7 5/3/7 5/0/7 3/6/7 5/24/7 5/24/7 (Percent) IQ (In millions of dollars) ,637 4,33 3,926 4,33 (Continued on following page)

59 February 972.PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) Mar. Month of activity Apr. May. Securities Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness I { Issue date 2/24/7 2/26/7 0//69 2/8/7 /30/70 2/9/70 2/28/70 2/3/70 /26/7 2/6/7 3//7 3//7 3//7 3/9/7 3/0/7 3/22/7 3/3/7 0/3/69 3/25/7 /8/7 /5/7 /9/7 /25/7 /27/7 4/7/7 4/7/7 4/7/7 4/7/7 4/8/7 4/5/7 4/9/7 4/26/7. 4/27/7 /5/70 4/22/7 2/3/7 2/0/7 2/23/7 2/23/7 2/24/7 2/26/7 3//7 3/3/7 4/7/7 4/7/7 5/3/7 5/4/7 5/7/7 5/7/7 5/7/7 5/7/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/3/7 5/4/7 5/9/7 5/24/7 5/24/7 5/26/7 5/26/7 /30/70 5/5/70 5/20/7 5/27/7 3//7 3//7 3/9/7 3/0/7 3/22/7 4/7/7 4/9/7 4/26/7 5/4/7 5/7/7 5/0/7 5/0/7 5/3/7 5/24/7 6//7 6/9/7 6/0/7 6/28/7 (Payable in U.S. Dollars) Maturity date 5/24/7 5/26/7 2/8/7 4/27/72 3//7 3/9/7 3/29/7 3/3/7 4/26/7 3/6/7 6//7 6//7 6//7 6/9/7 6/0/7 6/22/7 6/30/7 3/25/7 4/27/72 4/8/7 4/5/7 4/9/7 4/26/7 4/ 27/7 7/7/7 7/7/7 7/7/7 7/7/7 7/8/7 7/5/7 7/9/7 7/26/7 7/27/7 4/22/7 5/25/72 5/3/7 5/0/7 5/24/7 5/24/7 5/24/7 5/26/7 6//7 6/30/7 7/7/7 7/7/7 8/3/7 8/4/7 8/6/7 8/6/7 8/6/7 8/6/7 8/0/7 8/0/7 8/0/7 8/0/7 8/0/7 8/3/7 8/3/7 8/9/7 8/24/7 8/24/7 8/26/7 8/26/7 5/20/7 5/27/7 6/22/72 6/22/72 6//7 6//7 6/9/7 6/0/7 6/22/7 7/7/7 7/9/7 7/26/7 8/4/7 8/6/7 8/0/7 8/0/7 8/3/7 8/24/7 9//7 6/24/7 9/0/7 9/28/7 (Continued on following page) Interest rate (Percent) Issued ,00, Amount Retired (in millions of dollars) , outstanding end of month 4,57 5,056 7,83 7,606

60 54 PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) Treasury Bulletin (Payable in U.S. Dollars) Month of activity Securities Issue date Maturity date Interest rate Issued Amount Retired outstanding end of month (Percent) (In millions of 97-July. Aug. Notes Certificates of indebtedness Notes Certificates of indebtedness 3/2/70 6/7/ _ 00 5/5/7 6/24/ _ 00 6/7/7 7/20/ _ 6/24/7 7/20/ _ 6/25/7 6/26/ _ 6/25/7 6/25/ _ 6/25/7 6/25/ /25/7 6/25/ _ 6/25/7 6/25/ /7/7 7/7/ _ 30 4/8/7 7/8/ _ 27 4/5/7 7/5/ _ 250 4/26/7 7/26/ _ 5 4/27/7 7/27/ _ 20 5/0/7 8/0/ _ 80 5/0/7 8/0/ _ 00 6/28/7 9/28/ //7 0// /2/7 0/4/ /6/7 0/6/ /7/7 0/7/ _ 7/8/7 0/8/ _ 7/8/7 0/8/ /9/7 0/2/ /3/7 0/3/ /5/7 0/5/ /2/7 0/2/ /26/7 0/26/ /27/7 0/27/ /28/7 0/28/ /26/70 7/22/ _ 00 3/3/70 7/29/ /7/7 7/7/ /7/7 7/9/ /7/7 7/8/ /7/7 7/7/ /7/7 7/7/ /4/7 7/4/ /4/7 7/6/ /4/7 7/5/ /4/7 7/4/ /4/7 7/4/ /22/7 8/24/ /29/7 8/24/ /3/7 8/3/ /4/7 8/4/ /7/7 8/6/ /0/7 8/0/ /0/7 8/0/ /0/7 8/0/ /4/7 8/3/ /9/7 8/9/ /24/7 8/24/ /24/7 8/24/ /26/7 8/26/ /26/7 8/26/ /3/7 /3/ /4/7 /4/ /4/7 /4/ /6/7 /5/ /9/7 3/30/ /0/7 /0/ /0/7 /0/ /2/7 /2/ /2/7 /2/ /3/7 /5/ /6/7 /6/ /6/7 /7/ /6/7 /6/ /7/7 /7/ /7/7 /7/ /7/7 /7/ /7/7 /7/ /8/7 9/20/ /8/7 9/20/ /8/7 9/20/ /8/7 /8/ /8/7 /8/ /9/7 9/20/ /9/7 9/20/ /20/7 9/20/ /20/7 9/20/ /23/7 9/23/ /24/7 9/24/ /24/7 /24/ /24/7 /24/ /26/7 /26/ J > 9,43 4,385 (Continued on following page)

61 February 972.PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) 55 fpayable in U.S. Dollars) Month of Activity Securities Issue date Maturity date Interest rate Issued Amount Retired outstanding end of month (Percent) (In millions of dollars) 97-Sept. Oct. Nov. Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Certificates of indebtedness { { i 8/30/7 8/3/7 8/3/7 8/3/7 4/9/70 6/4/70 /2/70 8/26/7 6//7 6/0/7 8/8/7 8/9/7 8/23/7 8/2 4/7 8/30/7 8/3/7 8/3/7 9//7 9/3/7 9/8/7 9/8/7 9/0/7 9/20/7 9/20/7 9/23/7 9/24/7 9/30/7 4/30/70 9/23/7 7/7/7 7/8/7 7/5/7 7/2/7 7/26/7 7/27/7 7/28/7 8/3/7 8/3/7 9/3/7 9/8/7 9/0/7 0//7 0/4/7 0/7/7 0/8/7 0/8/7 0/5/7 0/2/7 0/28/7 6//70 6/8/70 /2/70 0/28/7 8/3/7 8/4/7 8/6/7 8/0/7 8/2/7 8/2/7 8/3/7 8/6/7 8/6/7 8/6/7 8/7/7 8/7/7 8/7/7 8/7/7 8/7/7 8/8/7 8/8/7 8/24/7 8/24/7 8/26/7 /3/7 /4/7 /5/7 /0/7 /0/7 /2/7 /2/7 /5/7 /6/7 /6/7 /7/7 9/30/7 0//7 0//7 0//7 8/26/7 8/26/7 2/2/72 9/2/72 9//7 9/0/7 9/20/7 9/20/7 9/23/7 9/24/7 9/30/7 0//7 0//7 2//7 0/4/7 0/8/7 0/8/7 0/2/7 2/20/7 2/20/7 2/23/7 2/24/7 2/30/7 9/23/7 0/26/72 0/7/7 0/8/7 0/5/7 0/2/7 0/26/7 0/27/7 0/28/7 0//7 0//7 0/4/7 0/8/7 0/2/7 /3/72 /4/72 /7/72 /7/72 /7/72 /4/72 /2/72 /28/72 0/28/7 0/28/7 2/2/72 /25/73 /3/7 /4/7 /5/7 /0/7 /2/7 /2/7 /5/7 /6/7 /6/7 /7/7 /7/7 /7/7 /7/7 /7/7 2/7/72 /8/7 /8/7 /24/7 /24/7 /26/7 /3/72 2/4/72 2/30/7 /3/72 2/0/72 2//72 2//72 2/5/72 2/6/72 2/6/72 2/7/ , ,44 > 4,293 (Continued on following page)

62 56.PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) Treasury Bulletin Jyfonth of Activity Securities (Payable in U. S. Dollars) Issue Maturity Interest Amount date date rate Issued Retired (Percent) (In millions of /7/7 2/7/ /7/7 2/7/ /8/7 2/8/ /8/7 2/8/ /24/7 2/24/ /24/7 2/24/ /26/7 2/25/ /30/7 2/29/ outstanding end of month Notes 6/25/70 /8/ _ 200 /2/70 2/2/ /8/7 2/22/ /29/7 2/22/ Bonds 9/6/64 // Dec. Certificates of indebtedness 9//7 2// _ 285 9/20/7 2/20/ _ 552 9/20/7 2/20/ _ 237 9/23/7 2/23/ _ 72 9/24/7 2/24/ _ 55 9/30/7 2/30/ _ 67 /3/7 /3/ _ 55 /5/7 2/30/ _ 50 /0/7 /3/ _ 0 /7/7 2/7/ _ 35 2//7 3// _ 2/7/7 3/7/ _ 2/7/7 3/7/ /4/7 3/4/ /5/7 3/5/ /7/7 3/7/ /20/7 3/20/ _ 2/20/7 3/20/ /20/7 3/20/ _ 2/23/7 3/23/ _ 2/24/7 3/24/ _ 2/24/7 3/24/ _ 2/30/7 2/29/ > 4,738 Notes Certificates of indebtedness 972-Jan. Notes Source: Bureau of the Public Debt. * Less than $500,000. i 8/3/70 2/23/ _ 200 2/6/7 3/22/ /7/7 4/26/ _ 2/23/7 3/29/ //7 /3/ /4/7 /4/ /7/7 /7/ /8/7 /7/ /8/7 /7/ /5/7 /4/ /2/7 /2/ /28/7 /28/ /0/7 /3/ /3/72 4/3/ /3/72 4/4/ /4/72 4/4/ /7/72 4/7/ /7/72 4/7/ /7/72 4/7/ /0/72 4/0/ /4/72 4/4/ /23/72 4/2/ /28/72 4/28/ /3/70 /20/ _ 00 0/28/70 /20/ /20/72 4/26/ /20/72 5/24/

63 February 972.PUBLIC DEBT OPERATIONS Table PDO-9. - Foreign Currency Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries 57 Month of activity Securities Payable in Issue date Maturity date Interest rate Issued Amount (Dollar equivalent) Retired outstanding end of month 969-July. Aug. Sept. Oct. Nov. Certificates of indebtedness Notes Certificates of indebtedness Notes Notes Certificates of indebtedness Notes Certificates of indebtedness ( Notes ' Certificates of indebtedness (Percent) Swiss francs i/av(69 7/ 2V Swiss francs V 6/69 7/ 36/ Swiss francs 7/ 7/69 8/ 8/ Swiss francs 7/ 2V 69 / 23/ Swiss francs V3/68 7/ 3/ Austrian schillings 6/2/68 2/ 2/ Swiss francs 7/3/69 0/ 5/ Swiss francs 7/6/69 0/ 6/ Swiss francs 2/6/69 8/ 6/ Swiss francs 8/ 6/69 2/ 6/ Swiss francs 7/7/69 8/ 8/ Swiss francs 8/ 8/69 / 8/ Italian lire 2/6/68 6/ 8/ Swiss francs 5/27/68 9/ 29/ Swiss francs 9/29/69 / 29/ Swiss francs V7/69 0/ 7/ Swiss francs 0/ 7/69 V7/ Austrian schillings 2/2V69 8/2ty Swiss francs 8/ 8/69 I I /8/ German marks 2/2/68 2/2/ German marks /2/69 l/k/ German marks 3/3/69 9/3/70 6.& German marks V i /69 0// Swiss francs / 8/69 2/8/ Swiss francs 7/2V69 /23/ Swiss francs / 23/70 7/23/ (in millions of dollars) ^ ,220 2,220 2,95, Jan. Notes German marks 0/ 2/67 V3/ German marks /5/68 7/5/ Italian lire 7/30/68 /30/ German marks 8/ 9/68 2/9/ Swiss francs 9/ 30/68 /30/ German marks 0/2/68 It/2/ German marks I / 6/69 7/2/ German marks U/2/69 0/2/ German marks 8/9/69 2/9/ German marks 0/2/69 0/2/ Swiss francs /30/70 6// ^ b b,390 Feb.. Mar.. Certificates of indebtedness Notes Swiss francs 8/ 6/69 2/6/7 7.U5 Swiss francs 2/ 6/70 8/6/ German marks 7/3/67 /3/ German marks tyl/68 0/2/ German marks 6/2V68 2/22/ ,390,*50 Apr.. May.. Certificates of indebtedness Notes Notes Swiss francs 0/7/69 k/7/ Swiss francs / 6/69 V6/ Swiss francs V6/70 7/6/ Swiss francs 2/ 6/69 5/6/70 6A0 Swiss francs 2/7/69 5/9/ Swiss francs 5/6/70 8/6/ Swiss francs 5/9/70 8/9/ ,366,366 June. July. Aug.. Sept. Oct.. 97-Jan.. Notes Certificates of indebtedness Notes Certificates of indebtedness Notes Notes Certificates of indebtedness Notes Swiss francs 3/ /69 6// Swiss francs 6/ /70 9/3/ Swiss francs /23/70 7/23/ Swiss francs 7/23/70 /22/ Swiss francs k/9/69 7/9/ Swiss francs U/29/70 7/29/ Swiss francs 7/9/70 0/8/ Swiss francs 7/29/70 0/29/ Swiss francs 2/ 6/70 8/6/ Swiss francs 8/ 6/70 2/5/ Swiss francs 6/ 9/69 9/9/ Swiss francs 9/9/70 2/9/ Swiss francs 7/3/69 0/5/ Swiss francs 7/ 6/69 0/6/ Swiss francs 0/5/70 /5/ Swiss francs 0/ 6/70 /7/ Swiss francs 7/23/70 /22/ Swiss francs / 22/7 7/22/7 It.+0 Swiss francs 9/9/69 /29/ Swiss francs /29/7 5/30/72 i+.i+o ^ b 00 30,366,366,366,366,366,366 (Continued on following page)

64 58 PUBLIC DEBT OPERATIONS, Table PDO-9. - Foreign Currency Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) Treasury Bulletin Month of activity Securities Payable in Issue date Maturity date Interest rate Issued Amount (Dollar equivalent) Retired outstanding end of month 97-Feb. May. June. J u ly. Aug. S ept. { Certificates of indebtedness Notes Certificates of indebtedness Certificates of indebtedness Notes C e r t ific a t e s o f indebtedness Notes C e r t ific a t e s o f indebtedness Notes C e r t ific a t e s o f indebtedness Notes C e r t ific a t e s o f indebtedness Notes Swiss francs Swiss francs ' Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss fra n cs Swiss fra n cs Swiss francs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs 8/6/70 2/5/7 H /8/69 2/8/7 3/0/7 /22/7 2/5/7 3/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 5/0/7 /30/70 W 7 0 5/6/70 5/9/70 6/ /70 7/9/70 7/29/70 9/9/70 0/5/70 0/6/70 /29/7 2/8/7 5/0/7 5/0/7 5A0/7 6//7 5A0/7 5/0/7 7/22/7 7/6/7 5/0/7 5 / 0 /7 5 /L0/7 8/5/7 8/6/7 8A 9/7 8/27/7 5A0/7 5/0/7 9/0/7 9/3/7 2/5/7 8/5/7 2/8/7 5/8/72 9/0/7 7/22/7 7/6/7 7/22/7 8/5/7 8/6/7 8/9/7 9/3/7 0/8/7 0/29/7 2/9/7 /5/72 /7/72 6//7 7/6/7 8/6/7 8/9/7 9/3/7 0/8/7 0/29/7 2/9/7 /5/72 /7/72 5/30/72 5/8/72 5/8/72 5/30/72 6//7 9//72 7/6/7 7/22/7 /2/72 0/6/72 8/5/7 8/6/7 8/9/7 2/4/72 /6/72 /20/72 8/27/73 9/0/7 9/3/7 2//72 2/3/72 (Percent) (In millions of _ 'i / j > i,66* 8.0 _ o If J 8.0 _ 27 'l j 6.75 _ 55 < I J L _ _ J 3.35 _ I _ r j,366 l,6 l ,998 2,005 O ct. Dec. 972-Jan. C e r t ific a t e s o f indebtedness Notes C e r t ific a t e s o f indebtedness Notes C e r t ific a t e s o f in d e b te d n e s s!/ Notes / Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs German marks German marks German marks German marks German marks Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs Swiss fra n cs 5A0/7 5/0/7 0/8/7 0/29/7 5A0/7 2/9/7 8/5/7 7/3/67 4//68 6/24/68 8A 9/69 0/2/69 5A 0/7 5A 0/7 6A /7 7/6/7 8/6/7 8A9/7 9A 0/7 9A 3/7 0/8/7 0/29/7 2/9/7 8/27/7 0/8/7 0/29/7 /8/73 /29/73 2/9/7 3/9/73 2/4/72 3/3/72 0/2/72 2/22/72 2/9/73 0/2/73 5/8/72 5/30/72 9//72 0/6/72 /6/72 /20/72 2//72 2/3/72 /8/73 /29/73 S%7$3 (Continued on following page) 7.30 _ _ _ j 'i N _ _ * * _ ,008 2,03 2,47

65 February 972 PUBLIC DBBT OPERATIONS. Table PDO-9. - Foreign Currency Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries - (Continued) 59 Month of activity Securities Payable in Issue date Maturity date Interest rate Issued Amount (Dollar equivalent) Retired outstanding end of month Certificates of indebtedness Notes Swiss francs ) Swiss francs S Swiss francs Swiss francs j Swiss francs Swiss francs 5/0/7 5/0/7 7/22/7 /2/72 /5/72 /7/72 /5/72 /7/72 /2/72 7/2/72 4/5/73 4/7/73 (Percent) in millions of dollars) Source: Bureau of the Public Debt. / Dollar value of securities increased to reflect market exchange rates as of December 3, 97. * Less than $500,000.

66 60 JJNITED STATES SAVINGS BONDS. Treasury Bulletin Series E and H are the only savings bonds currently being sold. Series E has been on sale since May, 94* and Series H has been on sale since June, 952. Series A-D were sold from March, 935, through April 30, 94-. Series F and G were sold from May, 94, through April 30, 952. Series J and K were sold from May, 952, through April 30, 957. Details of the principal changes in issues, interest yields, maturities, and other terms appear in the Treasury Bulletins of April 95, May 952, May 957, October and December 959, and May and October 96 \ the Annual Report of the Secretary of the Treasury fiscal year 966 (pages 97 and 258), and fiscal year 967 (pages 79 and 8); and the Treasury Bulletin of June 968. Table SB-. - Sales and Redemptions by Series, Cumulative through January 3, 972 Series A-D 2 /., Series E and H. Series F and G, Series J and K. A-K... Series Sales / 3,949 56,80 28,396 3,556 Accrued discount (In millions of dollars),054 33,83,25 98 Sales plus accrued discount 5,003 90,623 29,52 3,754 Redemptions / 4,998 36,40 29,494 3,743 Interestbearing debt 54,484 Amount outstanding Matured noninterestbearing debt 92,70 36,90 228,90 74,375 54, Footnotes at end of Table SB-4. Table SB-2. - Sales and Redemptions by Periods, All Series Combined Period Sales J Accrued discount Sales plus accrued discount (in million of dollars) Redemptions / Sales price 2/ Accrued discount 2/ Interestbearing debt Amount outstanding Matured noninterestbearing debt Fiscal, years: ,924 8,485 6,407 3,654 03,983 9,67 47, ,42,358 5,780 5,76 4, , ,58,408 5,926 5,273 4, , ,656,476 6,32 5,64 4, , ,543,57 6,060 5,346 4, , ,650,554 6,204 5,724 4, , ,965,626 6,592 5,922 4, , ,739,735 6,473 5,982 4,978,003 5, ,550,789 6,338 6,339 5,237,02 5, ,449,84 6,29 6,748 5,508,240 5, ,082 2,056 7,38 5,425 4,342,083 53, Calendar years: ,068 9,54 64,22 6,428 06,380 0,049 47, ,278,397 5,675 5,602 4, , ,760,423 6,83 5,0*2 4, , ,609,508 6,7 5,252 4, , ,486,527 6,03 5,44 4, , ,860,59 6,45 6,000 5, , ,898,686 6,584 5,793 4, , ,696,759 6,455 6,33 5,094,040 5, ,393,832 6,224 6,639 5,457,82 5, ,665,909 6,574 6,295 5,072,223 5, ,477 2,92 7,669 5,244 4,224,02 54, Months: 97-Jan , Feb ,04 49 Mar , Apr ,54 47 May , June , July ,22 45 Aug , Sept ,66 44 Oct ,83 43 Nov , Dec , Jan , Footnotes at end of Table SB-4.

67 February UNITED STATES SAVINGS BONDS Table SB-3. - Sales and Redemptions by Periods, Series E through K (In millions of dollars) Period Sales / Accrued discount Sales plus accrued discount Redemptions / Sales price J/ Accrued discount 2 / Intere st -bearing debt Amount outstanding Matured noninterestbearing debt Series E and H combined Fiscal years: ,024 6,24 23,236 79,43 7,746 7,685 43, ,42,33 5,753 4,603 3, ,955 _ *,58,~386 5,904 4,500 3, ,359 z ,656,458 6,4 4,736 3, , ,5-43,502 6,045 4,987 4, , ,650,542 6,92 5,305 4, , ,965,69 6,584 5,449 4, , ,739,73 6,470 5,75 4, ,572 _ ,550,788 6,337 6,98 5,2,086 5, ,449,84 6,29 6,72 5,484,237 5,28 _ ,082 2,056 7,38 5,46 4,334,082 53,003 - Calendar.years: ,68 6,869 26,037 8,55 73,539 8,02 44, ,278,372 5,650 4,636 3, , ,760,404 6,64 4,557 3, ,06 _ ,609,49 6,0 4,84 4, , ,486,54 6,000 5,7 4, ,249 _ ,860,580 6,440 5,477 4, , ,898,680 6,578 5,439 4, , ,696,757 6,452 5,95 4,898,07 5,890 _ ,393,832 6,224 6,565 5,39,73 5, ,665,909 6,574 6,28 5,060,22 5,842 _ ,477 2,92 7,669 5,237 4,27,020 54,275 - Months: 97-Jan ,928 _ Feb ,04 _ Mar ,324 _ Apr ,54 _ May ,788 _ June ,003 - July ,22 _ Aug ,444 _ Sept ,66 _ Oct ,83 _ Nov ,062 _ Dec , Jan ,484 - Series F, G, J, and K combined ij Fisc,al_Y^a S: ,95,27 33/68 29,237 3/6/2/ 28,92,045 3, /, , / , / , , _ _ Calenda^.'^ears: ,95,230 33,82 29,892 5/6 /2/8/ 28,88,074 2, /2/ , / , , , * * _ _ Months: 97-Jan... - * _ 44 Feb * - 43 Mar * * - 42 May * * * - 4 July * - 40 Aug * * - 39 Sept Mr - 39 Oct * M - 38 Nov * * Mr Jan... * * 37 Footnotes at end of Table SB-4. (Continued on following page)

68 62 Treasury Bulletin UNITED STATES SAVINGS BONDS Table SB-3. - Sales and Redemptions by Periods, Series E through K - (Continued) ( l a m illio n s o f d o lla r s ) Period Sales / Accrued discount Sales plus accrued discount Redemption / Sales price 2 / Accrued discount 2 / Exchanges of E bonds for Hbonds Amount outstanding (interestbearing debt) Series E Fiscal years: ,026 6,24 6,240 78,034 70,349 7, , ,674,33 5,005 4,343 3, , ,94,386 5,300 4,203 3, , ,36,458 5,594 4,363 3, , ,2,502 5,64 4,538 3, , ,246,542 5,787 4,80 3, , ,599,69 6,27 4,895 3, , ,466,73 6,96 5,54 4, , ,343,788 6,3 5,548 4,462, , ,289,84 6,30 5,959 4,722, ,67 97.:... 4,870 2,056 6,926 4,959 3,877, ,902 Calendar vears: ,793 6,869 8,662 80,032 72,020 8, , ,624,372 4,996 4,349 3, , ,85,404 5,589 4,229 3, , ,32,49 5,623 4,425 3, , ,092,54 5,606 4,650 3, , ,450,580 6,03 4,93 3, , ,574,680 6,255 4,94 4, , ,452,757 6,209 5,300 4,283, , ,22,832 6,052 5,835 4,66, , ,503,909 6,42 5,626 4,405, , ,28 2,92 7,4 4,87 3,85, ,08 Months: 97-Jan ,902 Feb , , ,473 May , ,902 July , ,34 Sept ,479 Oct ,686 Nov ,907 Dec , Jan ,297 S eries H Fiscal vears: ,998-6,998,398, , , , , , , , , , _ , ,0 Caleiidar^e.arsj ,374-7,374,59, , , , , , , , , , , ,67 Months: ,027 Feb ,037 Mar , ,068 May ,082 June ,0 July _ ,9 Aug ,30 Sept ,37 Oct ,45 Nov ,55 Dec , Jan ,87 Footnotes at end of Table SB-4.

69 February TtMTTTCn STATES SAVINGS wnwna Table SB-4. - Redemptions of Matured and Unmatured Savings Bonds (In millions of dollars) Matured Unmatured Period Unclassified 0/ / Series E and H Other Series E and H Other fiscal years: ,633 0,059 5,8 4,877 5/ 20,459 6,007 4, ,846 4,263,97 2,345 3,467 2, '8,958 4,5,97 2,44 4,657 3,32, ,544 3,730,906,824 4,739 3,95, ,249 3,62,996,625 3,778 3, ,557 4,26 2,304,822 6/ 4,64 3,285, ,89 2,673, / 3,358 3, ,76 2,593, / 3,070 2, ,273 2,250, / 2,95 2, ,64 2,057, ,088 2, ,346 2,84, ,284 3, ,... 5,724 2,253, ,300 3, ,922 2,47 2, ,35 3, ,982 2,548 2, ,40 3, ,339 2,560 2, ,566 3, ,748 2,792 2, ,842 3, ,425 2,490 2,48 9 3,660 3, Calendar years: ,60,506 6,097 5,40 2/ 9,46 5,235 4, ,264 4,246,89 2,355 3,899 2, ,630 4,56 2,084 2,072 5,207 3,322, ,255 3,393,69,702 3,84 3, ,772 4,70 2,433 2,268 6/ 4,520 3,445, ,732 3,033,944,089 6/ 2/ 3,938 3, ,595 2,555, / 8/ 3,00 2, ,602 2,387, / 2/ 3,002 2, ,02 2,043, / 3,03 2, ,252 2,7, ,57 3, ,44 2,48, ,287 3, ,000 2,472 2, ,384 3, ,793 2,386 2, ,43 3, ,33 2,652 2, ,455 3, ,639 2,686 2, ,726 3, ,295 2,84 2, ,885 3,885 _ ,244 2,022 2,04 8 3,305 3, Months: 97-Jan Feb July * Dec * Jan Source: Daily Treasury statement; Office of Debt Analysis in the Office of the Secretary. Note: In these tables sales of Series A-F and J bonds are included at issue price, and redemptions and amounts outstanding at current redemption value. Series G, H, and K are included at face value throughout. Matured bonds which have been redeemed are included in redemptions. Matured J and K bonds outstanding are included in the interest-bearing debt until all bonds of the annual series have matured, and are then transferred to matured debt on which interest has ceased. l/ Sales and redemption figures include exchanges of minor amounts of (l) matured Series E bonds for Series G and K bonds from May 95 through April 957 and (2) Series F and J bonds for Series H bonds beginning January i960; however, they exclude exchanges of Series E bonds for Series H bonds, which are reported in Table SB-3. 2/ Details by series on a cumulative basis and by periods for Series A-D combined will be found in the February 952 and previous issues of the Treasury Bulletin. jj Because there is a normal lag in classifying redemptions, the distribution of redemption between sales price and accrued discount has been estimated. Beginning with the Treasury Bulletin of March 96 the method of distributing redemptions between sales price and accrued discount has been changed to reflect the distribution shown in final reports of classified redemption. All periods shown have been revised on this basis. k f Series F and G sales were discontinued April 30, 952, and Series J and K sales were discontinued April 30, 957. Sales figures after April 30, 957, represent adjustments. 5/ Includes exchanges of Series 9^ F and G savings bonds for 3-l/U% marketable bonds of / Includes exchanges of Series 9^8 F and G bonds for k-3/k% marketable notes of / Includes exchanges of Series 9^9 F and G bonds for marketable bonds of / Includes exchanges of Series 950 F and G bonds for 3-7/8% marketable bonds of / Includes exchanges of Series 95 and 952 F and G bonds for 3-7/8% marketable bonds of 97 and marketable bonds of / Represents changes in the amounts of redemptions not yet classified between matured and unmatured issues. * Less than $500,000.

70 64 Treasury Bulletin.UNITED STATES SAVINGS BONDS. Table SB-5. - Sales and Redemptions by Denominations, Series E and H I/Combined Period all denominations $0 2/ $25 $50 $75 2/ $00 $200 U $500 $,000 $5,000 $0,000 5/ 6/ Sales 2/ Fiscal vears: ,224,236 2,076,482, ,64-247,630 3,83 34,040 36, ,479 _ 53,00 20,90 _ 9,286 83,86, ,627-54,629 2,903-9, ,233, ,609-59,230 23, ,324,006,220, ,560-60,928 23,947,4 0, ,087, ,500-63,430 24,704,469 0,74,00,0, ,433-7,506 26,476,749,4,068,3, ,279-75,925 25,823,860 0, ,84-75,508 25,06,822 0, ,026-78,043 24,675,682 0, ,544-76,03 28,034,989 2,073,59,22, Calendar vears: ,265,750 2,076,507, , ,33 4,227 34,632 36, ,094-53,503 2,329-9,96 799,098, ,23-57,39 22,828-0,62,09,325, ,44-60,27 23, ,445,000,5, ,657-6,84 24,06,322 0, , ,949-66,38 25,498,607,4,054,55, ,004-74,422 26,47,8,24,04, ,955-78,023 25,694,925 0, ,23-77,9 24,332,659 9, ,30-77,828 26,583,853,049, ,637 Months: 75,736 28,94 2,39 3,022,284,292, Jan... 0,433 6,756 2, * Feb... 9,396 _ 5,72 2, * Mar...,704 _ 7,82 2,740 96, * Apr... 0,03-6,286 2,267 68, * May... 9,625-5,776 2,25 72, * June...,02-6,668 2,659 86, * July... 0,66 _ 6,335 2,282 68, * Aug...,230-6,728 2, , * Sept... 9,53-5,697 2,30 75, * Oct... 9,625-5,979 2, * Nov... 0,574 _ 6,368 2, , * Dec... 0,245-6,249 2,432 78, * Inception to date , ,068 24,74 45,483 47, Re^nrojapnJZ/ Fiscal years: ,770, 9,583,239, ,909 70,206 6,887 20,263 20, , ,958 8,746-9,50 653,077, , ,08 9,022-8,75 60,005, , ,264 20,034 * 9, ,05, , ,736 20, , ,070, , ,235 2, , ,3, , ,960 22, , ,084, , ,956 23,605,032 0, ,06, , ,560 25,308,205 0, ,65, , ,446 25,789 >W>,297, , ,27 22,659,327 9,33 m Calendar years: 94-6^.,.,809,897 9,620,265,30 30,805 _ 74,407 7,7 20,75 20, , ,23 9,006-9,29 653,070, , ,055 9,402-8,77 65,008, , ,682 20, ,80 670,067, , ,045 2, ,532 75,080, , ,546 22, ,03 786,37, , ,375 22, ,860 76,047, , ,04 24,20,05 0, ,25, , ,000 25,976,270,37 908,254, , ,693 24,444,280 0, ,69, Monies:... 0, ,206 22,990,434 9, Jan... 9, ,72 2, Feb... 8,20 2 5,40, Mar... 9, ,84 2, Apr... 8, ,292, May... 7,274 4,708, * June... 8,6 5,572, * July... 8,792 5,665, Aug... 9, ,056 2, Sept... 8,479 5,449, Oct.... 7,5 4,82, Nov... 8,00 5,88, Dec... 8,869 5,780, Inception to date.... 2,799,09 20,034,895,56 524,859 7, ,75 4,7 3,603 32, Note: These figures are estimates by the Office of Debt Analysis in the u Sales began on October 29, 945. Office of the Secretary and are based on the daily Treasury statement 5/ Sales of $0,000 denomination Series E bonds were authorized on May, and reports from Federal Reserve banks and the Bureau of the Public Debt i j Sales of Series H bonds began on June, 952; the denominations 6/ Includes sales and redemptions of $00,000 denominations Series E bonds authorized were $500, $,000, $5,000, and $0,000. which are purchasable only by trustees of employees savings plans, 2/ Sales were authorized in June 944, to Armed Forces only, and discontinued after March 3, 950. uary 955. beginning April 954, and also personal trust accounts beginning Jan 2/ Sales began on May, 964. U See Table SB-4, footnote. * Less than 500 pieces.

71 February S tate.united STATES SAVINGS BONDS. Table SB-6. - Sales by States, Series E and H ^Combined (In thousands of dollars at issue price) In cep tion 97 through December 97 2/ Jan. Feb. Mar. Apr. May June July Aug. Sept. O ct. Nov. Dec. Alabama...,456,055 3,888 3,898 3,749 4,045 3,828 3,668 3,856 4,043 3,5 3,898 3,40 3,898 A laska... 78,94 2/ A rizon a ,269 2,536 2,70 2,375 2,750 2,823 2,302 2,472 2,59 2,22 2,257 2,629 2,059 Arkansas... 88,766,83 2,06,686,99,794,548,62,889,766,738,830,622 C a lifo r n ia... 0,465,539 27,424 29,94 27,767 29,405 27,495 27,2 26,232 28,85 25,95 25,547 27,298 25,760 C o lo r a d o...,30,38 3,306 2,639 3,45 3,375 3,036 3,048 2,853 3,68 3,273 3,07 2,764 3,622 C on n ecticu t... 2,435,377 7,725 6,677 8,507 7,806 7,494 7,566 7,824 8,07 6,670 7,66 7,69 7,543 Delaware ,757,64,720 2,044,653,807,826,730,682,994,829,928,494 D istrict o f Columbia...,553,7 3,263 3,496 3,782 3,337 3,360 2,64 3,269 3,504 3,839 4,395 2,76 5,200 F lo r id a... 2,90,634 8,69 9,323 8,887 9,24 0,046 7,044 9,405 9,043 7,678 7,960 8,563 7,770 G eorgia...,680,374 4,996 4,62 4,300 4,773 5,42 4,209 5,090 5,428 5,088 5,43 5,309 7,095 H awaii ,437,650,09,40,393,309,272,027,022,279,240,843,606 Idaho , I l l i n o i s...,99,727 28,935 26,049 29,350 30,380 30,374 26,727 28,304 30,467 23,383 27,925 27,68 28,870 Indiana... 4,328,90,99 3,400,42,58 2,3 0,877,644 2,866 0,706,090 2,370,55 Iowa... 3,938,29 6,96 7,054 7,23 7,04 6,875 5,835 6,334 6,834 5,455-5,788 5,739 6,535 Kansas... 2,38,694 4,756 4,574 4,543 4,732 4,306 4,269 4,694 4,550 4,37 4,037 3,893 ' 4,088 Kentucky...,678,78 4,932 4,79 4,376 4,87 4,584 4,02 4,467 5,072 3,94 4,840 3,939 4,328 L ou isia n a...,48,725 3,584 4,229 3,39 4,302 4,085 3,258 3,294 4,46 2,960 3,506 3,35 3,77 Maine ,54,296,3,46,354,306,287,27,388,366,04,392,288 Maryland ,6,348 7,58 7,547 9,095 7,543 9,605 7,46 8,342 8,443 6,462 7,290 7,492 6,96 M assachusetts... 4,274,4,2,00 2,98 3,208 2,894 2,566 2,84 4,62 2,270,795 2,98 2,67 8,846,33 24,034 24,94 33,6 30,936 27,40 36,967 36,54 32,926 38,045 30,624 34,09 66,6 M innesota... 2,674,54 5,025 5,32 5,570 6,055 5,694 5,409 5,262 5,782 5,592 5,653 5,80 5,67 M is s is s ip p i ,75,677,765,508,62,690,386,474,723,47,490,433,588 M is so u ri... 4,358,783 0,920,58,85,45,796,805 0,280 2,24 0,26 0,332 0,629 2,26 Montana ,92 956,2 994,05, Nebraska... 2,36,536 4,242 3,825 4,0 4,767 3,835 3,593 3,992 3,50 4,256 3,782 3,884 4,4 Nevada... 95, New Hampshire... 35,893,85 860,4,82,04 956,089, ,55 New J e rsey... 5,940,99 9,395 7,5 20,272 20,58 20,08 9,78 20,394 20,376 7,79 8,27 9,598 20,837 New M exico ,374,224,243,233,59,249,206,230,90,52,20,74,079 New York... 7,208,72 47,405 42,243 47,028 55,45 5,230 50,204 5,498 49,752 44,039 44,2 48,62 48,402 North C arolin a...,697,049 5,40 5,628 4,607 5,338 5,543 4,96 5,242 5,205 5,096 5,660 5,58 5,407 North Dakota , ,07, O h io... 9,635,782 25,408 24,027 28,97 28,826 27,75 26,689 24,36 28,650 23,289 23,506 24,472 24,397 Oklahoma...,824,462 4,46 4,247 4,253 4,346 4,339 3,933 4,234 4,648 4,037 3,958 4,2 4,34 O r e g o n...,334,472 2,955 2,873 2,65 3,34 3,607 2,625 2,949 2,957 2,505 2,602 2,252 2,392 Pennsylvania... 3, ,492 40,304 42,253 42,830 47,609 45,727 44,637 47,80 37,59 38,893 43,57 40,832 Rhode Isla n d ,36 2,6,973 3,097 2,640 2,427,879 2,22,636 2,78,690,736,89 South C arolin a ,989 2,392 2,569 2,53 2,326 2,492 2,040 2,24 2,68,694 2,743 2,02 2,273 South Dakota ,609,346,46,443,529,277,7,040,202,266,080,249,260 Tennessee...,549,682 4,232 4,74 4,027 4,697 4,544 4,35 4,534 4,906 4,04 4,734 4,003 4,585 Texas... 5,225,433 5,048 5,088 5,06 5,8 4,009 3,83 4,656 4,932 4,48 3,044 4,360 3,508 Utah... 67,02 2,07 2,049,863,794 2,00,986,90,976,858,868,892,720 Vermont... 89, V ir g in ia... 2,582,283 7,25 9,36 8,429 8,367 0,467 7,92 8,379 9,90 7,323 8,607 8,57 8,33 Washington... 2,30,874 4,486 4,667 4,804 5,490 5,23 4,703 4,9 5,274 4,06 4,590 4,754 4,727 West V ir g in ia...,533,980 4,269 4,420 3,907 4,228 4,357 4,049 4,26 4,40 3,699 3,73 3,967 4,024 W isconsin... 3,297,680 7,488 7,04 7,720 7,70 7,556 7,755 7,853 8,327 7,272 7,496 7,587 7,350 Wyoming , Canal Zone... 98, Puerto R ic o... 9, V irg in Is la n d s... 6, U ndistributed and adjustment t o d a ily Treasuiy statem ent... 7,729,74 U 35,929 40,54 96,669 3,586 35,209 78,602 4,977 82,342 33,243 20,297 55, T o ta l... 56,289,63 429,794 43,30 53, ,390 46, , ,533 56,257 44, , ,04 439,449 Source: Daily Treasuiy statement and geographic reports from Federal 2/ Reserve banks. / Sales of Series H began June, / Figures include exchanges of minor amounts of Series F and J bonds for Series H bonds from January 960 through October 969; however, they exclude exchanges of Series E bonds for Series H bonds. 4/ Excludes data for period April 947 through December 956, when reports were not available. In previous issues of the Bulletin, data for period May 94 through March 947 were included in "Other possessions," and data for calendar years 957 and 958 were included in "Adjustment to daily Treasuiy statement." Includes a small amount for other possessions.

72 66 UNITED STATES SAVINGS NOTES Treasury Bulletin United States savings notes were on sale May, 967 through June 30, 970. 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 Treasuiy Bulletins of March 967 and June 968. Table SN-. - Sales and Redemptions by Periods Period Sales / Accrued discount (In millions of dollars) accrued discount Redemptions Sales price Accrued discount Amount outstanding Fiscal years: * * * 20 * * * Calendar years: * * * Months: 5 4 X ooy 2 2 X o? / Mar... * X o4o Ay A Apr.... * May... * 0^ X K>C( June... * X 69 July.... * X Ati OXX Aug... * X 604 Sept.... * X Oct... * X 592 Nov... * X Dec... * Poo Jan... * Jan... Feb... * * Source: Daily Treasury statement; Office of Debt Analysis in the Office of the Secretary. / Sales were discontinued after June 30, 970. Figures shown thereafter represent adjustments. * Less than $500,000.

73 February OWNERSHIP OF FEDERAL SECURITIES Table OFS-. - Distribution o f Federal Securities by Classes o f Investors and Types of Issues (In millions of dollars) Interest-bearing public debt securities End of fiscal year or month Federal securities outstanding outstanding Held by U.S. Government accounts Public marketable Special issues Non-marketable Other Public issues held by Federal Reserve banks 33,983 30,954 55,638 9,033 44,429 2,77 32, , ,357 58,598 9,878 46,546 2,74 34, ,609 33,3 6,07 0,35 48,549 2,7 39,00 333,284 35,43 64,36 2,050 50,96 2,070 42,69 344, ,286 7,809 3,635 56,03 2,07 46, , ,40 76,38 4,694 59,374 2,07 52, ,969 35,729 84,85 6,007 66,738 2,07 54, , ,026 95,70 6,974 76,24 2,07 57,74 40, ,289 02,888 8,092 82,740 2,056 65, Dec , ,22 89,042 6,295 70,677 2,07 57, Dec... 40,648r 387,252 97,093 7,09 77,93 2,07 62,42 40, ,487 96,660 7,209 77,380 2,07 6,783 Feb ,67 388,648 98,06 7,0 78,844 2,07 62,462 Mar , ,777 98,800 7,378 79,366 2,056 64,60 Apr , ,029 99,05 7,408 79,586 2,056 63,72 May ,56 394,922 0,846 8,09 8,68 2,056 64,764 June... 40, ,289 02,888 8,092 82,740 2,056 65,58 July... 46, ,533 04,878 8,220 84,60 2,056 65,84 Aug ,85 42,762 07,303 8,338 86,90 2,056 66,868 Sept ,988 40,450 06,49 8,53 85,904 2,056 67,566 Oct ,704 40,8 04,680 8,40 84,23 2,056 67,205 Nov ,380 42,733 04,747 8,438 84,253 2,056 67,87 Dec ,75 422,308 06,045 8,444 85,545 2,056 70,28 End of fiscal year or month Interest-bearing public debt securities - (Cont.) Held by private investors Public marketable Nonmarketable Matured public debt and debt bearing no interest outstanding / Agency securities Held by U.S. Government accounts and Federal Reserve banks Held by private investors ,289 62,449 5,840 3,906 8, ,46 23,964 6,86 52,48 4,356 8,63 6 8,020 22,94 59,244 53,697 4,6 9, , ,946 54,909 54,037 4,476 3, , ,758 50,38 53,440 3,935 8,455 2,00 6, ,032 59,668 56,363 3,78 24,399 3,00 2,398 22,89 56,006 56,84,99 4,249 2,846, ,42 57,9 58,23,893 2,50 2,553 9, ,883 6,863 66,020,84 2,63 2,25 9,9 969-Dec ,026 62,45 57,60 2,004 3,820 2,884 0, ,07 68,480 59,537,907 2,489r 2,594 9,895r 228,044 68,675 59,369,854 3,504 2,562 0,942 Feb ,70 68,530 59,64 2,07 2,503 2,289 0,24 226,87 65,920 60,898,89 3,02 2,4 0,60 227,258 64,758 62,500,86 2,676 2,250 0, ,32 62,762 65,55,923 2,76 2,252 0, ,883 6,863 66,020,84 2,63 2,25 9,9 July ,84 63,587 69,227,765,203 2,245 8, ,59 64,448 74,43,829,223 2,329 8, ,394 63,834 72,560,87 0,720 2,266 8,454 Oct ,297 66,625 7,672,753 0,770 2,387 8, ,68 68,200 7,968,887 0,760 2,406 8, ,046 73,376 72,670,823,044 2,462 8,582 / For content see Table FD-6. r Revised.

74 68 OWNERSHIP OF FEDERAL SECURITIES. Treasury Bulletin Table OFS-2. - Estimated Ownership of Public Debt Securities by Private Investors End of month privately held Commercial banks u Individuals 2/ Savings bonds Series E and H Other Series 2/ Other securities Nonbank investors Insurance companies Mutual savings banks Corporations i j State and local governments Foreign and international 5/ 939-Dec Feb Dec I June Dec June Dec / June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec June Dec Jan Feb Mar Apr May June ' July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec. p ' Source: Office of Debt Analysis in the Office of the Secretary. / United States savings bonds, Series A-F and J, are included at current 6/ ZJ redemption value. Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and island possessions. Figures exclude securities held in trust departments. 2/ Includes partnerships and personal trust accounts. Exclusive of banks and insurance companies. Consists of the investments of foreign balances and international p Other investors 6/ accounts in the United States. Consists of savings and loan associations, nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included are certain government deposit accounts and government-sponsored agencies. Includes U.S. savings notes. Sales began May, 967 and were discontinued after June 30, 970. Preliminary.

75 February 972 TREASURY SURVEY OP OWNERSHIP, DECEMBER 3, Hie 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 i960 Bulletin, and for State and local governments in the February 962 Bulletin. The banks and insurance companies included in the Survey cur - rently account for about 90 percent of all such securities held by these institutions. The similar proportion for corporations and for savings and loan associations is 50 percent, and for State and local governments, 70 percent. Data were first published for banks and insurance companies in the May Holdings by commercial banks distributed according to Federal Reserve member bank classes and nonmember banks are published for June 30 and December 3* Holdings by corporate pension trust funds are published quarterly, first appearing in the March 95h Bulletin. Classification Public debt issues: amount outstanding l/ U.S. Government accounts and Federal Reserve banks Table TSO-. - Summary of Federal Securities (Bar values - in millions of dollars) Held by private investors covered in Treasury Survey Insurance companies State and local 5, governments private commercial savings 45 fire, savings mutual 487 investors banks banks 289 casualty, and loan corporations 36 pension life and associations general. and retirement 2/ 2/ marine funds funds All other private investors 3/ Memorandum: Held by 43,303 corporate pension trust funds b f Interest-bearing public debt securities: 5,363 2,742 2,583 94,745, / , Special issues... 85,656 85, Marketable... Nonmarketable / ,038 74,64 88,662 2,056 73,376 72,558 3, , ,02 * 7, ,36 58 interest-bearing public debt securities. 422,308 76, ,405 2,747 3,25 2,60 3,006 6,02 7,524 2,374 67,235,598 Matured debt and debt bearing no interest...,823 -, ,823 - public debt securities ,3 76, ,868 5,405 2,747 3,25 2,60 3,006 6,02 7,524 2,374 69,058,598 Government agency issues: Regular issues... 2, , ,53 4 Participation certificates 2 j... 6,635,977 4, , Govt. agency securities covered in Treasury Survey... 9,400 2,244 7,56, , Nonsurveyed Govt, agency securities...,644 28,426 Govt, agency securities 8/...,044 2,462 8,582 Federal securities ,75 7^, ,450 Footnotes at end of Table TSO-6.

76 70 Treasury Bulletin Classification TREASURY SURVEY OF OWNERSHIP, DECEMBER 3, 97 Table TSO-2. - Interest-Bearing Marketable Public Debt Securities amount outstanding / ment accounts and Federal Reserve banks by Type and Maturity Distribution (Par values - in millions of dollars) Held by investors covered in Treasury Survey 5, commercial savings mutual banks banks 2/ 2/ Insurance companies 289 life 45 fire, casualty, and marine 487 savings and loan associations 466 corporations State and local governments Held by Memorandum: Held by 86 all 43, pension other corporate general and retirementors 2/ trust inves pension funds funds funds i j By tvx>e security: Issued by U.S. Government: 97,505 3,637 8, ,280 3, , ,965 44,652 34,022, ,008,585,557 2, , ,568 2,373 9,054,04 2,708,342,074,84,884,900 8, ,038 88,66r 5,363 2,742 3,096 2,583 3,002 6,02 7,508 2,36 94,745,465 By maturity distribution: Call classes (due or first becoming callable): 9,4 37,42 4, ,9 4, ,26 6 to 5 years... 94,858 33,384 28,902,239 3,256,462,493 2, , to 0 years... 30,847 2,658 6, , to 5 years... 2,257, to 20 years... 0,9 3, ,47 3, years and over... 4,85, , ,038 88,662 5,363 2,742 3,096 2,583 3,002 6,02 7,508 2,36 94,745,465 Maturity classes (final maturity): 9,4 37,42 4, ,9 4, , ,648 32,93 28,823,22 275,223,449,492 2, , ,32 2,379 6, ,934 I84 4,993, , ,537, , ,397 3, , ,038 88,662 5,363 2,742 3,096 2,583 3,002 6,02 7,508 2,36 94,745,465 Footnotes at end of Table TSO-6. Table TSO-3. - Interest-Bearing Marketable Public Debt Securities by Issue Issue amount outstanding / U.S. Government accounts and Federal Reserve banks (Par values - in millions of dollars) Held by investors covered in Treasury Survey 5, commercial savings mutual banks banks 2/ 2/ Insurance companies fire, 289 casualty, life and marine savings and loan associations State and local crmroi»nmonf a corporations general and re 36 pension funds tirement funds Held by Memorandum: Held by all 43,303 other corporate investors 2 ] trust pension funds id Treasury Bills: Regular weekly and annual maturing: Jan ,299 6, , Feb ,306 6, ,23 05 Mar ,29 7,043, , Apr ,03 2,520, , May ,06 2, , June ,706 3,505, ,82 20 July , * Aug , * 534 Sept , * Oct , * 338 Nov , Dec , * 358 Tax anticipation: Apr , * 2,838 June , *,905 - Treasury bills... 97,505 3,637 8, ,280 3, , treasury noi.es: 4-3/4# Feb. 972-A * /2 Feb. 972-C... 2, , * , /4 May 972-B... 3,676 2, /4 May 972-D..., * Aug. 972-E... 2,572, * Nov. 972-F... 2,285 87, * _ /8 Feb. 973-D... 4,268,777, /2 Feb. 973-C... 2,54 39,56 26 * * /4 May 973-A... 5,844 2,665, , /8 Aug. 973-B..., * /4 Feb. 974-C... 3,39 36, Footnotes at end of Table TSO-6. (Continued on following page)

77 February 972 TREASURY SURVEY OP OWNERSHIP. DECEMBER 8, 97 7 TreasupL_notes_- 7-/4* May Issue Table TSO-3. - Interest-Bearing Marketable Public Debt Securities by Issue - (Continued) amount outstanding / U.S. Government accounts and Federal Reserve banks (Par values - in millions of dollars) Held by investors covered in Treasury Survey Insurance companies 5, commercial savings 289 casualty, and loan corpo mutual 45 fire, savings 466 banks banks life and associationrations 36 2/ 2/ marine State and local governments general funds 86 pension and retirement funds Held by all oil other inves - tors J j Memorandum: Held by JO Of)'} corporate pension trust funds k/ (Continued): 974-D... 4, , , /8 Aug. 974-B... 0,284 5,795 2, , /4 Nov. 974-A... 7,22 2,888, , /4 Feb. 975-A... 5,48,774, , /8 Feb. 975-E... 2,045 62, May 975-B... 6,760 4, , /8 Aug. 975-C... 7,679 2,444 3, , Nov. 975-D... 3,5 682, , /4 Feb. 976-A... 3,739 2, /2 May 976-B... 2, , /2 Aug. 976-C... 4,94,552, , /4 Nov. 976-D..., * Feb. 977-A... 5,63 2, /4 Aug. 977-B... 2, /4 Feb. 978-A... 8,389 3,394 2, , Nov. 978-B... 8,209 3,259 2, , /2 Apr. 972-EA * 8 - * 8 - -/2 Oct. 972-EO * * -/2 Apr. 973-EA * /2 Oct. 973-EO * /2 Apr. 974-EA * /2 Oct. 974-EO * * 5 4 * - 20 * -/2 Apr. 975-EA * * -/2 Oct. 975-EO * /2 Apr. 976-EA * 8 * /2 Oct. 976-EO * * - * * - T ota l Treasury n o te s... 3,965 44,652 34,022, ,008,585,557 2, ,7 445 Treasury bonds: 2-/2% June , /2 Sept,, , /2 Dec , ,8 4 4 Feb Aug , Aug , , , /8 Nov , , , /8 Feb ,25 676, /4 May , , , /8 Nov , /4 May , * /4 June , Feb , * 90 06, /2 Nov , Aug /4 May , * /8 Nov , /4 Aug ,794, , Feb * /8 May , * /2 Feb ,537, , Feb , /2 Nov , K 79 9,79 6 T ota l Treasury bonds... 50,568 2,373 9,054,04 2,708,342,074,84,884,900 8, T ota l m arketable p u b lic debt s e c u r i t i e s ,038 88,662 5,363 2, ,583 3,002 6,02 7,508 2,36 94,745,465 Footnotes at end of Table TSO-6.

78 72 Treasuiy Bulletin Type TRBA8ITRY SURVEY OP OWNERSHIP, DECEMBER 8, 97 - Table TSO-4. - Interest-Bearing Nonmarketable Public Debt Securities by Type amount outstanding / U.S. Government accounts and Federal Reserve banks (Par values - in millions of dollars) Held by investors covered in Treasury Survey Insurance companies 5, commercial savings 289 casualty, and loan mutual 45 fire, savings banks banks life and associations 2/ 2/ marine State and local governments Held by all 86 other pension investors 2/ and retirement funds 466 corporations 36 general funds,y,s, savings, bonds: j>/ Series E... 47,08 * * * * * 47,08 32 Series H... 7,67 * - - * * * * * 7,65 U.S. savings bonds... 54,275 * - - * * * * 54, Other U.S. securities: Certificates of indebtedness: Foreign Series... 6, ,909 - Foreign Currency Series Treasury certificates Treasury notes: Foreign Series... 7,829 7,829 _ Foreign Currency Series..., ,690 - Depositary bonds / Treasury bonds: Foreign Series... _ - _ Foreign Currency Series R.E.A. Series Investment Series B... 2,320 2, * Other ,339 2, / * ,05 nonmarketable public debt securities... 74,64 2, / * , Footnotes at end of Table TSO-6. Memorandum: Held by 43,303 corporate pension trust funds i j Table TSO-5. - Securities Issued by Government Agencies Issue amount outstanding / 8/ (Par values - in millions of dollars) Held by investors covered in Treasury Survey Insurance companies State and local U.S. Govern 5, governments ment accounts and commercial savings 289 casualty, and loan corpo mutual 45 fire, savings 466 Federal Reserve banks banks life and associations funds tirement rations pension general and re banks 2/ 2/ marine funds Held by all other investors 2/ Memorandum: Held by 43,303 corporate pension trust funds i j ExDort-Imnort Bank: 6.5% Apr. 973 (Debentures) * 5.70 Dec. 976 (Debentures) * * Participation certificates , Federal Housing Administration: (Debentures) Government National Morteaee Association: Participation certificates... 5,95, , Tennessee Valiev Authority: Short-term notes _ 409 _ 8% June 974 (Bonds) _ - * /4 June 975 (Bonds) * - - _ 32 _ 7-/4 July 976 (Bonds) * Nov. 985 (Bonds) * 6 * /8 July 986 (Bonds) * * 3 - * /2 Feb. 987 (Bonds) * * May 992 (Bonds) * /8 Nov. 992 (Bonds) _ /4 Oct. 995 (Bonds) * * 9 Mar. 995 (Bonds) _ * _ - _ 86 * 9-/4 June 995 (Bonds) * 0 * - _ - _ Oct. 996 (Bonds),,,, 50 - * 2 * * 35 *..., ,056 9 Government agency securities covered in survey... 9,400 2,244, , Footnotes at end of Table TSO-6.

79 February Issue TREASURY SURVEY OP OWNERSHIP* DECEMBER 3, 97 Table TSO-6. - Securities Issued by Government-Sponsored Agencies amount outsta] iding U.S. Government accounts and Federal Reserve banks and the District of Columbia (Par values - in millions of dollars) Held by investors covered in Treasury Survey 5,662 commercial banks 2/ 486 mutual savings banks 2/ Insurance companies 289 life 452 fire, casualty, and marine 487 savings and loan associations 466 corporations State and local governments pension general and retirement funds funds Held by all other investors 3/ Memorandum: Held by 43,303 corporate pension trust funds k/ Batiks for coo-oerativesi 5.65% Jan. 972 (Debentures) /8 Feb. 972 (Debentures) /8 Apr. 972 (Debentures) / May 972 (Debentures) / June 972 (Debentures) / * Oct. 973 (Debentures) *.,84 0/ ,025 Fanners Home Administration! 8-/8 Jan. 975 (Insured notes) /8 Aug. 976 (Insured notes) Jan. 980 (Insured notes) Nov. 980 (Insured notes) Mar. 98 (Insured notes) _ -/8 June 98 (Insured notes) /8 July 985 (Insured notes) /2 Aug. 986 (Insured notes) ,, Federal home loan banks: 8.20% Feb. 972 (Bonds) * * Feb. 972 (Bonds) _ _ May 972 (Bonds) _ 33 6-/4 Aug. 972 (Bonds) * Nov. 972 (Bonds) * _ 20 * -3/8 Nov. 972 (Bonds) * * 8.35 Feb. 973 (Bonds) * * Feb. 973 (Bonds) * /4 May 973 (Bonds) Aug. 973 (Bonds) Jan. 974 (Bonds) * * 5 5 * Feb. 974 (Bonds) * 2-35 * 8.40 Feb. 974 (Bonds) * May 974 (Bonds) Aug. 974 (Bonds) * Nov. 974 (Bonds) Mr 29-3 _ Feb. 975 (Bonds) * 8.05 May 975 (Bonds), * Aug. 975 (Bonds) _ 57 6-/2 Nov. 975 (Bonds) * _ /8 Feb. 976 (Bonds) * * 28-4 Mr May 977 (Bonds) Feb. 980 (Bonds) Mr Oct. 980 (Bonds) _ Nov. 98 (Bonds) * Nov. 972 FHLMC 8/ (Mtg, Backed Bonds) * Nov. 973 FHLMC 8/ (Mtg. Backed Bonds) * Nov. 995 FHLMC 8/ (Mtg. Backed Bonds) Aug. 996 FHLMC 8/ (Mtg. Backed Bonds) ,755 8, , Federal intermediate credit banks: 3.85$ Jan. 972 (Debentures ) / Feb. 972 (Debentures) / Mar. 972 (Debentures) / * _ Apr. 972 (Debentures) / * * /4 May 972 (Debentures) / Mr June 972 (Debentures) / * * 5.55 July 972 (Debentures) / * Aug. 972 (Debentures) / /8 Sept. 972 (Debentures) / * 8.5 Mar. 973 (Debentures) / * _ 34-3/4 July 973 (Debentures) / - 47 * * 6.85 Jan. 974 (Debentures( / * 5.95 July 974 (Debentures) / , 5,53 0/ 23, , Footnotes at end of table. (Continued on following page)

80 74 Treasury Bulletin Issue.TREASURY SURVEY OF OWNERSHIP..DECEMBER 3, 97 _ Table TSO-6. - Securities Issued by Government-Sponsored Agencies and the District of Columbia - (Continued) (Par values - in millions of dollars) Held by investors covered in Treasury Survey Insurance companies State and local U.S. Government ac Held by 5, governments all amount commercial savings 289 mutual 45 fire, savings outstanding Federal corpo 36 pension invescounts and other casualty, and loan banks banks life and associations general Reserve banks 2/ 2/ marine rations and retirementors 3/ funds funds Memorandum: Held by 43,303 corporate pension trust funds k/ FMeral l-and banter: 4-/8% Feb (Bonds) * * Feb. 972 (Bonds) _ /4 Apr. 972 (Bonds) * _ Apr. 972 (Bonds) _ July 972 (Bonds) / * /8 Sept. 972 (Bonds) Sept. 972 (Bonds) * _ /8 Oct. 972 (Bonds) * * /2 Oct. 972 (Bonds) * _ Jan. 973 (Bonds) / 87 3 _ * /8 Feb (Bonds) 48 _ * July 973 (Bonds) / _ 0 7 _ 6 * July 973 (Bonds) _ * _ Oct. 973 (Bonds) / _ 5 3 * /2 Feb. 974 (Bonds) Apr. 974 (Bonds) / _ 9 * July 974 (Bonds) _ * Oct. 974 (Bonds) * 8-3/8 Jan. 975 (Bonds) _ * /8 Apr. 975 (Bonds) Oct. 975 (Bonds) _ 6 * Feb. 976 (Bonds) _ /8 July 976 (Bonds) * 4 2 * Oct. 977 (Bonds) * _ l/8 Apr. 978 (Bonds) Jan. 979 (Bonds) 442 0/ Apr. 98 (Bonds) * ,220 0/ 45, , Federal National Mortgage Association: Discount notes..., /8% Feb. 972 Debentures).. 98 _ /4 Mar. 972 Debentures) * 36 3 _ Mar. 972 Debentures) * /8 June 972 Debentures) June 972 Debentures) * * Sept. 972 Debentures) _ 23 _ * _ Sept. 972 Debentures) _ 8 * Dec. 972 Debentures) _ Dec. 972 Debentures) _ 7 * Mar. 973 Debentures) _ Mar. 973 Debentures) _ 34 0 * 4 _ 6 _ /4 June 973 Debentures) * June 973 Debentures) * _ June 973 Debentures) _ /8 Sept. 973 Debentures) * Sept. 973 Debentures) _ 5 23 _ /4 Dec. 973 Debentures) _ * Dec. 973 Debentures) _ Mar. 974 Debentures) * _ /4 Mar. 974 Debentures) _ * _ June 974 Debentures) _ June 974 Debentures) _ 4 34 _ 7 * Sept. 974 Debentures) _ _ Sept. 974 Debentures) * Dec. 974 Debentures) _ _ Dec. 974 Debentures) * _ Mar. 975 Debentures) _ Mar. 975 Debentures) X 29 _ /4 June 975 Debentures) Sept. 975 Debentures) x 3 40 _ 8 * Mar. 976 Debentures) * June 976 Debentures) * _ /8 Sept. 976 Debentures) _ * _ Dec. 976 Debentures) _ * /2 Feb. 977 Debentures) June 977 Debentures) _ * 7 _ /8 June 977 Debentures) _ 24 _ 2 _ 5 * 6-7/8 Sept. 977 Debentures) _ X 6.75 Dec. 978 Debentures) _ 6 * Dec. 979 Debentures) _ 6 _ 85 7-/4 June 98 Debentures) * 2 2 * Footnotes at end of table. (Continued on following page)

81 February TREASURY SURVEY OF OWNERSHIP. DECEMBER 3, 97 Issue Table TSO-6. - Securities Issued by Government-Sponsored Agencies T otal amount ou tsta n d ing and the District of Columbia - (Continued) U.S. Government a c counts and Federal Reserve banks (Par values - in m illion s o f d o lla rs) 5,662 commerc i a l banks 2 / Held by in v e sto rs covered in Treasury Survey 486 mutual savings banks 2 / Insurance companies 289 l i f e 45 f i r e, ca su a lty, and marine 487 savings and loan a s s o c ia tio n s 466 c o r p o ra tio n s State and l o c a l governments 36 gen eral funds 86 pension and r e tirem ent funds Held by a l l oth er in v e s - to rs 2/ Memorandum: Held by 43,303 corp orate pension tr u s t funds k/ ederal N ational Mortgage A ssociation ( C ontinued): 7-/4* Sept. 98 (D ebentures) * June 982 (D ebentures) June 983 (D ebentures) * 6 * 6.75 Sept. 983 (D ebentures) * /4 June 984 (D ebentures) * Dec. 984 (D ebentures) * Oct. 973 (C apital D eben tu res) * Apr. 975 ( C ap ita l D ebentures) * 0 2 _ /8 O ct. 996 ( C a p ita l D ebentures) * - _ /2 O ct. 972 (Mtg. Backed Bonds) * /8 June 975 (M tg. Backed B onds) /8 Oct. 990 (Mtg. Backed B onds) T ota l, 7, , , , ,08 96 D istrict <o f Columbia: 4.20 % Dec (B on d s) * * / Securities issued by the Treasury and Government agencies that are classified as debt under the new unified budget concept. For debt subject to limitation, see Table FD-9. 2/ Excludes trust departments. 2/ Included with all other investors are those banks, insurance companies savings and loan associations, corporations, and State and local governrment funds not reporting in the Treasury Survey. Also included are certain Government deposit accounts and Government-sponsored agencies. i j Consists of corporate pension trust funds and profit sharing plans which involve retirement benefits. The data are compiled from quarterly reports by bank trustees who report total number of funds administered and Public Debt and Agency Securities held. It is estimated that these funds account for approximately 90 percent of Federal Securities held by all corporate pension trust funds. Since the data are not available each month, the regular monthly Survey includes holdings by these funds under "Held by all other private investors." The quarterly data are presented as supplemental information in a memorandum column accompanying the Survey for each reporting date, beginning with December 3, 953. j>/ United States savings bonds, Series JE, are reported to the Treasuiy Survey at maturity value but have been adjusted to current redemption value for use in this table. 6/ Includes $ million depositary bonds held by commercial banks not included in the Treasury Survey. 7/ Includes Export-Import Bank and Government National Mortgage Association participation certificates. 8/ Includes matured securities outstanding on which interest has ceased. 2/ Obligation of the Federal Home Loan Mortgage Corporation. The capital stock of the Federal Home Loan Mortgage Corporation is held by the twelve Federal Home Loan Banks. 0/ Includes securities issued for use as collateral for short-term borrowings. * Less than $500,000.

82 76 Treasury Bulletin.TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 3, 97 The tables which follow report the security holdings of those commercial banks included in the Treasuiy Survey of Ownership by type of bank and by type of security. The figures in the columnar headings indicate the number of report irg banks in each class. Commercial bank ownership was first published in the May 944 issue of the Treasury Bulletin based on the Survey data for December 3, 943. It has appeared at semiannually or quarterly intervals since that time and is now being published for the June 30 and December 3 Survey dates. Table TSC-. - Summary of Interest-Bearing Public Debt Securities (Par values - in millions of dollars) Classification Held by 5,662 commercial banks / 3,423 member banks 2 New York City Federal Reserve member banks 77 Reserve city 9 Chicago 56 other 3,246 country 2,239 nonmember banks Interest-bearing nublic debt securities: Marketable... 5,363 Nonmarketable 2/ / 42, ,999,892 5, , ,765 6 interest-bearing public debt securities... 5,405 42,623 4,999,892 5,737 9,995 8,77 Footnotes at end of Table TSC-6. Classification Table TSC-2. - Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution (Par values - in millions of dollars) Held by 5,662 commercial banks l/ 3,423 member banks Federal Reserve member banks 2 New York City 77 Reserve city 2,239 9 Chicago 56 other 3,246 country nonmember banks Bv tyne security: Issued by U.S. Government: 6,83,063,474 27,892 2,997 6,29 Treasury bonds... 9,054 7, ,368 3,344,6 Treasury bills... Treasury notes... 8,287 34, ,074 2,848 9,57 2,326 4, ,363 42,598 4,999,892 5,733 9,973 8,765 fly maturi-ty distribution: Call classes (due or first becoming callable): Within year... 4,920 2,447, ,954 4,974 2,473 to 5 years... 28,902 23,87 2, ,588 2,06 5,03 5 to 0 years... 6,929 5, ,993 2,695,73 0 to 5 years to 20 years..., years and over Maturity classes (final maturity): 5,363 42,598 4,999,892 5,733 9,973 8,765 Within year... 4,920 2,447, ,954 4,974 2,473 to 5 years... 28,823 23,800 2, ,553 2,072 5,023 5 to 0 years... 6,847 5, ,955 2,665,60 0 to 5 years to 20 years * years and over ,363 42,598 4,999,892 5,733 9,973 8,765 Footnotes at end of Table TSC-6.

83 February TREASURY SURVEY COMMERCIAL BANK OWNERSHIP, DECEMBER 3, 97 - Table TSC-3. - Interest-Bearing Marketable Public Debt Securities by Issue (Par values - in millions of dollars) Federal Reserve member banks Issue Held by 5,662 commercial banks l/ 3,423 member banks 2 New York City 77 Reserve city 9 Chicago 56 other 3,246 country 2,239 nonmember banks Irsm nw..m2jls: Regular weekly and annual maturing: Jan Feb a Mar ,379, Apr ,224, May June 972..,405, July Aug Sept Oct Nov Dec * Tax anticipation: Apr June Treasury bills... 8,287 6,83, ,848 2,326, /4$ Feb /2 Feb. 972-C..., /4 May /4 May Aug. 972-E Nov.,376, /8 Feb.,622, /2 Feb.,56, /4 May, /8 Aug. 973-B /4 Feb. 974-C...,58, /4 May 2,029, /8 Aug. 2,97, /4 Nov.,7, /4 Feb. 975-A...,53, /8 Feb. 975-E...,307, May /8 Aug. 3,007 2, ,, Nov., /4 Feb. 976-A /2 May /2 Aug. 976-C..., /4 Nov Feb. 977-A /4 Aug /4 Feb. 2,279, , Nov. 2,659 2, /2 Apr. 972-EA * * * 4 * -/2 Oct. 972-EO * * 3 6 * -/2 Apr. 973-EA * * 6 2 -/2 Oct. 973-E * * 2 -/2 Apr. 974-EA * * * 2 * -/2 Oct. 974-EO * * * - -/2 Apr. 975-EA * * * -/2 Oct. 975-E0... * - * * -/2 Apr. 976-EA... * * * * * -/2 Oct. 976-E * * * 34,022 27,892 2,997,074 9,57 4,304 6,29 ireasury uunua: 2-/2$ June /2 Sept /2 Dec Feb Aug Aug.,200, /8 Nov.,720, /8 Feb., /4 May, /8 Nov /4 May * /4 June * Feb /2 Nov Aug /4 May * /8 Nov /4 Aug Feb * * 3 * 4-/8 May * /2 Feb * Feb * /2 Nov. 5 4 * * ,054 7, ,368 3,344,6 marketable public debt securities... 5,363 42,598 4,999,892 5,733 9,973 8,765 Footnotes at end of Table TSO-6.

84 78 Treasury Bulletin... TREASURY SURVEY COMMERCIAL BANK OWNERSHIP, DECEMBER 3, 97 Table TSC-4. - Interest-Bearing Nonmarketable Public Debt Securities by Type Held by 5,662 Type commercial 3,423 banks / member banks (Par values - in millions of dollars) 2 New York City Federal Reserve member banks 77 Reserve city 2,239 3,246 country 9 Chicago 56 other IL S.. savings bonds: Series E....Series H U.S. savings bonds Other U.S. securities: Certificates of indebtedness: Foreign Series... Foreign Currency Series Treasury certificates Treasury notes: Foreign Series.... _ - Foreign Currency Series Depositary bonds / Treasury bonds: Foreign Series... _ Foreign Currency Series R.E.A. Series Investment Series B Other U.S. retirement plan bonds U.S. savings notes nonmember banks 42 2/ nonmarketable public debt securities / Footnotes at end of Table TSC-6. Table TSC-5. - Securities Issued by Government Agencies Issues Held by 5,662 commercial banks l/ (Par values - in millions of dollars) Federal Reserve member banks 3,423 member banks 2 New York City 77 Reserve city 9 Chicago 56 other 3,246 country 2,239 nonmember banks Export-,Import Bank ; 6.5* Apr. 973 (Debentures) * * Dec. 976 (Debentures) Participation certif5-cates Federal Housing Admirnst/ratirm (Debentures ) Government National Mortgage Association* Participation certificates Tennessee Valley Authority: Short-term notes * 8 5 8* June 974 (Bonds) * * _ 3 8-3/4 June 975 (Bonds) * 2 7-/4 July 976 (Bonds) Nov. 985 (Bonds)... * * * * «. 4-5/8 July 986 (Bonds)... * * * - _ * _ 4-/2 Feb. 987 (Bonds)... * * _ - - * * 5.70 May 992 (Bonds)... * * * _ * * 6-3/8 Nov. 992 (Bonds)... * - _ 8-/4 Oct. 994 (Bonds)... * * * - _ * * 9 Mar. 995 (Bonds)... * * _ * 9-/4 June 995 (Bands)... * * _ * * 7.30 Oct. 996 (Bonds)... * * * * * Government agency securities covered in survey...,242, Footnotes at end of Table TSO-6.

85 February TREASURY SURVEY COMMERCIAL BANK OWNERSHIP, DECEMBER 3, Table TSC-6. - Securities Issued by Government-Sponsored Agencies Held by 5,662 Issue commercial 3,423 banks l/ member banks and the District of Columbia (Par values - in millions of dollars) 2 New York City Federal Reserve member banks 77 Reserve city 9 Chicago 56 other 3,246 country 2,239 nonmember banks Banks for cooueratives: 5.65% Jan. 972 (Debentures) * /8 Feb. 972 (Debentures) * /8 Apr. 972 (Debentures) * May 972 (Debentures) * * June 972 (Debentures) Oct. 973 (Debentures) * Farmers Home Administration: 8-7/8$ Jan. 975 (Insured notes) /8 Aug. 976 (Insured notes) Jan. 980 (insured notes)... 2 * 7 Nov. 980 (Insured notes) Mar. 98 (Insured notes) * /8 June 98 (Insured notes) /8 July 985 (Insured notes) _ 8 7-/2 Aug. 986 (Insured notes) % Feb. 972 (Bonds) * Feb. 972 (Bonds) * * May 972 (Bonds) * /4 Aug. 972 (Bonds) * Nov. 972 (Bonds) * * /8 Nov. 972 (Bonds) * Feb. 973 (Bonds) * Feb. 973 (Bonds) * * /4 May 973 (Bonds) * Aug. 973 (Bonds) * J an. 974 (Bonds) * Feb. 974 (Bonds) * Feb. 974 (Bonds) * * May 974 (Bonds) * Aug. 974 (Bonds) * * Nov. 974 (Bonds) * * Feb. 975 (Bonds) * * May 975 (Bonds) i * Aug. 975 (Bonds) i * /2 Nov. 975 (Bonds) * * /8 Feb. 976 (Bonds) * * May 977 (Bonds) * Feb. 980 (Bonds) * Oct. 980 (Bonds) * Nov. 98 (Bonds) Nov. 972 FHLMC 2/ (Mtg. Backed Bonds) Nov. 973 FHLM3 2/ (Mtg. Backed Bonds) Nov. 955 FHLMC 2/ (Mtg. Backed Bonds)... 3 * Aug. 996 FHLMC 2/ (Mtg. Backed Bonds) ,648, Federal intermediate credit banks: 3.85% Jan. 972 (Debentures) Feb. 972 (Debentures) * Mar. 972 (Debentures) * Apr. 972 (Debentures) * * /4 May 972 (Debentures) * June 972 (Debentures) * July 972 (Debentures) * * Aug. 972 (Debentures) * /8 Sept.972 (Debentures) * Mar. 973 (Debentures) * /4 July 973 (Debentures) * * Jan. 974 (Debentures) * July 974 (Debentures) * ,, Federal land banks: 4-/8$ ; Feb (Bonds) * * * Feb. 972 (Bonds) * /4 Apr. 972 (Bonds) Apr. 972 (Bonds) * * July 972 (Bonds) * /8 Sept.972 (Bonds) Sept.972 (Bonds) * /8 Oct. 972 (Bonds) * /2 Oct. 972 (Bonds) * Jan. 973 (Bonds) * * /8 Feb (Bonds) * Footnotes at end of table. (Continued on following page)

86 80 Treasury Bulletin.TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, DECEMBER 3, 97 Federal 7.95* / /8 4-3/ / / land banks July 973 July 973 Oct. 973 Feb. 974 Apr. 974 July 974 Oct. 974 Jan. 975 Apr. 975 Oct. 975 Feb. 976 July 976 Oct. 977 Apr. 978 Jan. 979 Apr. 98 Issue (Continued): (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bonds).. (Bands).. (Bonds).. (Bonds)... Federal National Mortgage Association: Discount notes. 5-/8* Feb. 972 (Debentures). 6-3/4 Mar. 972 (Debentures) Mar. 972 (Debentures). 4-3/8 June 972 (Debentures) June 972 (Debentures) Sept.972 (Debentures) Sept.972 (Debentures) Dec. 972 (Debentures). 8 Dec. 972 (Debentures) Mar. 973 (Debentures) Mar. 973 (Debentures). 4-/4 June 973 (Debentures) June 973 (Debentures) June 973 (Debentures). 6-/8 Sept.973 (Debentures). 8.0 Sept.973 (Debentures). 5-3/4 Dec. 973 (Debentures). 7.5 Dec. 973 (Debentures) Mar. 974 (Debentures). 7-3/4 Mar. 974 (Debentures) June 974 (Debentures) June 974 (Debentures) Sept.974 (Debentures) Sept.974 (Debentures). 6.0 Dec. 974 (Debentures) Dec. 974 (Debentures) Mar. 975 (Debentures) Mar. 975 (Debentures). 5-/4 June 975 (Debentures) Sept.975 (Debentures) Mar. 976 (Debentures) June 976 (Debentures). 6-l/8 Sept.976 (Debentures) Dec. 976 (Debentures). 4-/2 Feb. 977 (Debentures) June 977 (Debentures). 6-3/8 June 977 (Debentures). 6-7/8 Sept.977 (Debentures) Dec. 978 (Debentures) Dec. 979 (Debentures). 7-/4 June 98 (Debentures). 7-/4 Sept.98 (Debentures) June 982 (Debentures) June 983 (Debentures) Sept.983 (Debentures). 6rr,l/4 Ju&fc 984. (D.eb.entu e ) Dec. 984 (Debentures). 6 Oct. 973 (Capital Debentures).. 8 Apr. 975 (Capital Debentures).. 4-3/8 Oct. 996 (Capital Debentures).. 7-/2 Oct. 972 (Mtg. Backed Bonds) /8 June 975 (Mtg. Backed Bonds) /8 Oct. 990 (Mtg. Backed Bonds)... Table TSC-6. - Securities Issued by Government-Sponsored Agencies and the District of Columbia - (Continued) (Par values - in millions of dollars) Held lay 5,662 commercial banks / ,423 member banks. District of Columbia: 4,326 3, * Dec (Bonds). Includes trust companies and stock savings banks but excludes securities held in trust departments. 2/ includes $ million depositary bonds held by commercial banks not included in the Treasury Survey , , Federal Reserve member banks 2 New York City * Reserve city 9 Chicago 56 other 4 24 ** * 3 * * ,2 3,246 country ,889 2,239 nonmember banks / Obligation of the Federal Home Loan Mortgage Corporation. The Capital stock of the Federal Home Loan Mortgage Corporation is held by the twelve Federal Home Loan Banks. * Less than $500,

87 February 972 MARKET QUOTATIONS ON TREASURY SECURITIES, JANUARY 3, 972 Si 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) Issue date Bank discount Maturity 3-week 26-week 3-week 26-week date Bid Change from last month $2,302 2,300 2,30 2,30 2,302 2,30 2,30 2,309 2,303 2,302 2,30 2,30 2,30 Amount outstanding (millions) $,60,600,600,600,600,602,60,600,600,599,60,60,60,602,60,602,600,60,60,600,602,60,60,600,60,603 /4/7 //7 /8/7 /26/7 2/2/7 2/9/7 2/6/7 2/23/7 2/30/7 /6/72 /3/72 /20/72 /27/72 8/5/7 8/2/7 8/9/7 8/26/7 9/2/7 9/9/7 9/6/7 9/23/7 9/30/7 0/7/7 0/4/7 0/2/7 0/28/7 /4/7 //7 /8/7 /26/7 2/2/7 2/9/7 2/6/7 2/23/7 2/30/7 /6/72 /3/72 /20/72 /27/72 Description 2/3/72 2/0/72 2/7/72 2/24/72 3/2/7 3/9/72 3/6/72 3/23/72 3/30/72 4/6/72 4/3/72 4/20/72 4/27/72 5/4/72 5//72 5/8/72 5/25/72 6//72 6/8/72 6/5/72 6/22/72 6/29/72 7/6/72 7/3/72 7/20/72 7/27/72 Bid 3.24$ ?.44 3 ) I Price Table MQ-. - Treasury Bills -.36# _-.4? C _-.4-L i 'I - Amount outstanding (millions) Issue date Maturity 9-month one-year 9-month one-year date Bid $ $,20,200,20,20,200,202,200,20,200,20,200,200 Amount outstanding (millions) $2,506,527 2,00,06 Table MQ-2. - Treasury Notes Change from last month (Price decimals are 32nds) To maturity Yield Change from last month 6//7 6/30/7 8/2/7-8/3/7 9/30/7 n/l/7 /30/7 2/3/7 /3/72 Issue date Issue UaDc 2/28/7 3/3/7 4/30/7 5/3/7 6/30/7 7/3/7 8/3/7 9/30/7 0/3/7 /30/7 2/3/7. /3/72 2/29/72 3/3/72 4/30/72 5/3/72 6/30/72 7/3/72 8/3/72 9/30/72 0/3/72 /30/72 2/3/72 /3/73 Maturity date Tax anticipation bills 2//7 2/29/7 2/3/7 2/29/7J 4/2/72 6/2/72 3.8# Bid 3.35# 3.62 Bank discount Change fro* last month -.4$ Bank discount Change fre*a last month -.47# -.4 Price range since first traded / High Low Price Date Price Date $ /4$ _ 2/5/72-A 00.08^ +.ooi neg. _ 2/5/ /0/ /294BH 2,690 7-/2-2/5/72-C neg. - 8/7/ /9/ /7^* 3, /4-5/5/72-B # /5/ // /29$, /4-5/5/72-D /6/ // //Tk 2, /5/72-E /5/ /7/ / 30 ^ 2,285 6 _ /5/72-F /29/ /4/ /lojfc 2,54 6-/2-2/5/73-C /6/ /4/ / 4, /8 _ 2/5/73-D /5/ /4/ /24^L 5, /4-5/5/73-A // /22/ /4&Hf,839 8-/8-8/5/73-B /5/ /22/ i!/29/gE 3,39 7-3/4 _ 2/5/74-C /5/ /22/ /l(^flB 4,505 7-/4 _ 5/5/74-D /5/ /22/7 00.3i 0/23/W 0, /8-8/5/74-B /5/ /22/ /292&: 7,22 5-3/4 _ /5/74-A /5/ /22/ /2 9/S» 5,48 5-3/4-2/5/75-A /5/ /22/ /293 6, /5/75-B /5/ /22/ /8/A 7, /8 _ 8/5/75-C /5/ /22/ /28/$ 3,5 7 - /5/75-D /5/ /4/ /28/S 2, /8-2/5/75-E /22/ /4/ n/24/gl 3,739 6-/4-2/5/76-A /5/ '3/22/ l/30*g 2,697 6-/2 _ 5/5/76-B /5/ ' 3/22/ /30 2/ 5-3/4-5/5/76-E /5/ /27/ /3/S 4,94 7-/2 _ 8/5/76-C // /22/ /4$sE,283 6-/4 _ /5/76-D /8/ /28/ /3J K 5,63 8-2/5/77-A /5/ /22/ /4/W 2, /4 _ 8/5/77-B /5/ /22/ /7/TO 8,389 6-/4 _ 2/5/78-A /5/ /22/ /0/$. 8, /5/78-B /5/ /4/ /24/S 34 -/2 _ 4//72-EA // /4/ i2/20af 33 -/2-0//72-E // /3/ l/30#0 34 -/2 _ 4//73-EA // /3/ /3Q/ > 30 -/2-0//73-E // /3/ /30/ft 34 -/2 _ 4//74-EA // /3/ /2 _ 0//74-E // /3/ /30/70 8 -/2-4//75-EA // /3/ /29/ /2 _ 0//75-E // /3/ /30/M 27 -/2 _ 4//76-EA // /3/ /30/7 3 -/2-0//76-E // /3/ /29/si Footnotes at end of Table MQ-3.

88 82 Treasury Bulletin.MARKET QUOTATIONS ON TREASURY SECURITIES, JANUARY 3, 972. Table MQ-3. - Treasury Bonds (Price decimals are 32nds) Amount outstanding (millions) Description Bid Price Change from last month To first call or maturity / Yield Change from last month Issue date Price range since first traded / High Price Date Price $ 980,228,455,95 2,553 3,894 4,34 3,25 3,576 2,237,20,524 2,587, y,033,26 4,50 3,79 245,540,093 3, /2 4 2-/2 2-/2 4 4-/8 4-/8 4-/4 3-7/8 4-/4 3-/4 4 3-/ /8 3-/4 6-/8 3-/2 4-/4 4 4-/8 3 3-/2 2/5/72 6/5/ /5/72 9/5/ /5/ /5/73 /5/73 2/5/74 5/5/74 /5/74 5/5/ /5/ /5/80 /5/80 8/5/8 2/5/82 5/5/85 U / 5/86 y 2/5/90 y 8/5/87-92 y 2/5/88-93 y 5/5/89-94 y 2/5/95 V /5/98 4/ 00.07i J* neg. 3.44* * /5/62 6//45 9/5/62 0/20/4 /5/45 9/5/63 7/22/64 /5/64 5/5/64 2/2/57 4/5/60 5//53 /23/59 0/3/60 8/5/7 2/5/72 6/3/58 /5/7 2/4/58 8/5/62 /7/63 4/8/63 2/5/55 0/3/ /26/62 4/6/46 2/26/62 4/6/46 4/6/46 3/22/7 /2/64 3/22/7 /2/64 4/22/58 5/5/6 8/4/54 5/2/6 5A2/6 /5/7 /27/72 6//58 /5/7 4/2/58 2/26/62 A 6/63 8/28/63 6/8/55 5/2/ //69 /6/60 2/29/69 /6/60 /6/60 2/29/69 2/29/69 2/29/69 2/29/69 2/29/69 5/26/70 5/26/70 2/29/69 5/24/70 7/28/7 /3/72 5/26/70 /24/7 5/26/70 5/26/70 5/26/70 5/26/70 5/26/70 5/26/70 / Beginning April 953, prices are closing bid quotations in the over the counter market. Prices for prior dates are the mean of closing bid and ask quotations. "When issued" prices are included in the histoiy beginning October 94. Dates of highs and lows in case of recurrences are the latest dates. 2/ On callable issues market convention treats the yields to earliest call date as more significant when an issue is selling above par, and to maturity when it is selling at par or below. 2/ For amount to be issued on February 5, 972, see "Treasury Financing Operations" in the front of this issue of the Treasuiy Bulletin. y Included in the average yield of long term taxable Treasuiy Bonds as shown under "Average Yields of Long Term Bonds." neg. Negative.

89 PERCENT YIELDS OF TREASURY SECURITIES, JANUARY 3,972 Based on Closing Bid Quotations $ <»** % B JO <3 O H H o z CO O as g 5 6 H O G 9 H 00 Ch Z c > s <0 to N ote: The smooth curve is fitted by eye. M arket yields on coupon issues due in less than 3 months are excluded. 00 <Js>

90 AVERAGE YIELDS OF LONG -TERM B n w n s Treasury Bulletin Table AY-. - Average Yields of Treasury, Corporate and Municipal Bonds by Periods Period Treasury bonds / Aa new corporate bonds 2/ I. B. A. new Aa municipal bonds 2/ Treasury bonds / Aa new corporate bonds 2 j I. B. A. new Aa municipal bonds 2/ I Treasury bonds / Aa new corporate bonds 2/ Monthly series - averages of daily or weekly series I. B. A. new Aa municipal I bonds 2/ Treasury bonds / Aa new corporate bonds 2/ y Mar May June Sept / y Dec Jan Apr May y y July U Aug Oct U U y May Aug Sept Oct ' Period Treasury bonds / Aa new corporate bonds 2/ I. B. A. new Aa municipal bonds y Period Treasury bonds / Aa new corporate bonds 2/ I. B. A. new Aa municipal bonds 3/ Weekly series - aversige for weeks <ending - Period Treasury bonds / Aa new corporate bonds 2/ I. B. A. new Aa municipal bonds y I. B. A. new Aa municipal bonds 2/ 97: 97: 97: Aug Oct Dec / JJ n#a # n.a* Sept U Nov : * Jan n.a / Treasury band yields are based cm 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-3. Treasury series based on reoffering yields of new corporate bonds rated Aa by Moody's Investors Service. The series is calculated to reflect bonds with no call protection. Currently 5 years of call y y v n.a. protection is valued at 5 basis points. Index of new issue reoffering yields on Aa 20 year general obligations compiled by Investment Bankers Association of America. Weekly series are not available prior to January 970. One or more new long-term bonds added to the average. An existing bond dropped from the average. None available.

91 AVERAGE YIELDS OF LONG - TERM TREASURY, CORPORATE AND MUNICIPAL BONDS

92 86 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 967 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 Monetaiy Fund, holdings of convertible foreign currencies, and reserve position in the International Monetaiy Fund. Table IFS-2 brings together the various statistical components of the liabilities which enter into the United States balance of payments calculated on the liquidity basis. The inclusion of the United States reserve position in the International Monetary Fund in Table IFS- requires that the "holdings of dollars' of the Fund be excluded from the data on liabilities to foreigners, in order to avoid double counting. Table IFS-3. presents an area breakdown of United States liquid liabilities to official institutions of foreign countries. Table IFS-4 shows United States Treasury nonmarketable bonds and notes issued to official institutions of foreign countries. Table IFS-5 sets forth the factors which affect the United States position in the International Monetaiy Fund. Table IFS-6 presents United States net monetary gold transactions with foreign countries and international and regional organizations. Table IFS-. - U.S. Reserve Assets (In millions of dollars) End of calendar year or month reserve assets Gold stock / 2/ Treasury Special drawing rights 2/ Convertible foreign currencies k f Res erve position in International Monetary Fund j\/ ,832 22,857 22,78, ,540 20,582 20,534 - _,958 2,504 9,507 9,456 ~ _, ,359 7,804 7,767, ,753 6,947 6,889 _ 6, ,220 6,057 5,978 _ 99, ;... 6,843 5,596 5,53 _ 22, ,672 5,47 5,388 _ ,450 3,806 6/ 3,733 6/ / ,882 3,235 3,59 _, ,830 2,065,982 _ 2, ,70 0,892 0,367 _ 3,528, ,964 7/,859 0,367-2,78 7/ 2, ,487,072 0, , ,67 8/ 0,206 0,32, / Jan... 4,699,040 0,732,468 49,700 Feb... 4,534,039 0,732, ,700 Mar... 4,342 0,963 0,732, ,680 Apr... 4,307 0,925 0,732, ,682 May... 3,8 0,568 0,332,247 38,678 June... 3,504 0,507 0,332, ,428 July... 3,283 0,453 0,332,47 250,433 2,28 0,209 0,32, ,3 0,207 0,32, ,46 0,207 0,32, ,3 0,206 0,32, Dec... 2,67 8/ 0,206 0,32, / Jan... 2,879 0,206 0,32, / 2/ 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 6/ Fund under quota increases. For corresponding liabilities see Table IFS-2. Includes gold in Exchange Stabilization Fund, which is not included in Treasury gold figures shown in daily Treasury statement. See "Account of the Treasurer of the United States," Table TUS-4. 7/ Includes initial allocation on January, 970 of $867 million, second allocation on January, 97 of $77 million and third allocation on January, 972 of $70 million of special drawing rights (SDR) in the Special Drawing Account in the International Monetary Fund, plus or 8/ 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 if needed. Under appropriate conditions the United States could purchase additional amounts equal to the United States quota. See Table IFS-5. Reserve position includes, and gold stock excludes, $259 million gold subscription to the Fund in June 965 for a U.S. quota increase which became effective on February 23, 966. In figures published by the Fund from June 965 through January 966, this gold subscription was included in the U.S. gold stock and excluded from the reserve position. Includes gain of $67 million resulting from revaluation of the German mark in October 969, of which $3 million represents gain on German mark holdings at time of revaluation. See also footnotes 3 and 4, Table IFS-4. Includes $28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of December 3, 97. See also footnotes 3 and 6, Table IFS-4.

93 February 972.INTERNATIONAL FINANCIAL STATISTICS. 87 Table IFS-2. - U.S. Liquid Liabilities to Foreigners End of calendar year or month liquid liabilities to all' foreigners Liabilities to International Monetary Fund arising from gold transactions Gold deposit u Gold investment 2/ (in m illio n s o f d o lla r s ) Liabilities to foreign countries Off:Lcial inst:ltutions I M Shortterm liabilities reported fey banks in U. S. Marketable U. S. Gov't bonds and notes y Non marketable convertible U. S. Treasury bonds and notes Banks and other foreigners Shortterm liabilities reported by banks in U. S. Marketable U. S. Gov't bonds and notes V Liabilities to nonmonetary international and regional organizations 5/ Shortterm liabilities reported by banks in U.S. 6/ ,825 7/ 200 _ 200 n.a. 7,97 n.a. n.a. 5,72* n.a. n.a. 5*2 n.a ,8*5 7/ n.a. 8,665 n.a. - n.a. 5,950 n.a. n.a. 552 n.a ,^ ,20 9, ,68 7,077 54, f 20,99k ,078 0, _ 7,59 7,0*8 5*3, ta, ,088 0, ,598 7,0*8 550,5* [22, ,830 0,9*0 890 _ 8,275 7,759 56,9W 703,2*5 22, ,830 0,9* ,357 7,8* 56,9^9 70k,2*5 [2l*, _ 800 2,7* /..., _ 8,359 7,9H **8 2,l6l, l*, ,7**, ,359 7,9 **8 2,95,28* 9 *26, ^,387 2,*67, ,2* 8,863 35, , /... 26, ^,353 2,*67, ,20l* 8,863 3*, ,57 96I* 8/... ^28, _ 800 5,*28 3,22*,25,079,00 0, , * 29, ,*2* 3,220,25,079,056 0, , k ,5 83U 3^ 800 5,372 3,066,05,20,*78,006 *72,^ / r29,90u, ,600 2,*8* ^,387 3, ,779, ,655 2, ll*,208 3, / '33,27, ,653 ll*,03u ,89* 5, *87 20l* 33,9, ,6*6 ll*, U 5,763 5, U73 20* 968 8/ *33,828, ,5*8, ,525 8, *2 33,6lU, ,U8l,38 * ,38 8,96 * Q6Q #?/ f4,735 2/, ,955 2/, / 28,02 27, ^4,894, ,978, ,234 27, / f t 3, ,068 9, ,83 2, \43, ,057 9, ,768 2, Nov... 44, ,957 9, ,86 22, Dec 8/ f A3, ,068 9, ,83 2, \A3, ,057 9, ,768 2, Marketable U. S. Gov't bonds and notes it/ 97-Jan... 43, ,490 9, ,543 20,93 62,068, Feb... 44, ,32 2, ,92 9, Mar... 45, ,8a 24, ,955 8, , Apr... 47, ,253 26, ,573 7, ,289,48 4 May... 5, ,09 3, ,838 7, ,338,96 42 June... 5, ,640 26, ,452 8,88 8, ,324,8 43 July... 53, ,953 26, ,452 8,40 7, ,390, Aug... 59, ,672 34, ,785 7,96 6, ,497, Sept... 60, ,50 35,08,05 6,054 6,620 6,05 55,480, Oct , ,390 36,063,272 6,055 6,89 6,309 50,433, Nov. p... 62, ,058 37,256,747 6,055 5,577 5,096 48,463, Note: Table is based on Treasury Department data and on data reported to s e c u r it ie s issu ed b y corp ora tion s and oth er a gen cies o f the United the Treasury Department by banks and brokers in the United States. S tates Government, which are guaranteed by the United S ta tes. Data correspond to statistics following in this section and in the P rin cip a lly the International Bank fo r Reconstruction and Development and the Inter-A m erican Development Bank. "Capital Movements" section, except for minor rounding differences. Table excludes International Monetary Fund "holdings of dollars," and 6/ Inclu des d iffe r e n c e between c o s t value and fa ce value o f s e c u r it ie s in holdings of U.S. Treasury letters of credit and nonnegotiable, non- IMF g o ld investm ent a ccou n t. L ia b i l i t i e s data re p orted t o the Treasury interest-bearing special U.S. notes held by other international and in clu d e the fa ce value o f these s e c u r it ie s, but in t h is ta b le the c o s t regional organizations. value o f the s e c u r it ie s i s in clu d ed under "Gold in v estm en t." The / Represents liability on. 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 jj increases. 2/ U.S. Government obligations at cost value and funds awaiting invest- 8/ ment 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 can be reacquired by the International Monetary Fund. <?/ 3/ Includes Bank for International Settlements and European Fund. k/ Derived by applying reported transactions to benchmark data; break- n.a. ~ down of transactions by type of holder estimated 96O-I963. Includes p d iffe r e n c e, which amounted to $9 m illio n as o f the end o f 970, i s included in th is column. Inclu des t o t a l fo r e ig n holdings o f U.S. Government bonds and n o te s, fo r which breakdown by type o f holder is not a va ila b le. Data on the two lin e s shown f o r th is date d i f f e r because o f changes in rep o rtin g covera ge. Figures on the f i r s t lin e are comparable in coverage t o those shown f o r the p reced in g d a te; fig u r e s on the second lin e are comparable to those shown fo r the follow in g date. Includes $7 m illio n increase in d o lla r value o f foreig n currency l i a b ilit ie s resu ltin g from revaluation o f the German mark in October 969. Not a v a ila b le. Prelim inary.

94 88 Treasury Bulletin.INTERNATIONAL FINANCIAL STATISTICS. End of calendar year or month Table IFS-3. - U.S. Liquid Liabilities to Official Institutions of Foreign Countries, by Area / foreign countries Western Europe 2/ (In millions of dollars) Canada Latin American Republics Asia Africa Other countries 2/ ,353 8,445,789,058 2, ,424 9,220,608,238 3, ,372 8,608,528,497 3, /... ( 3,600 7,488,89,34 3, ,655 7,488,89,34 3, ,646 9, ,3 3, /... f 2,548 7, ,354 3, ^ 2,48 7,00 532,354 3, y... f,955 V 5,823 5/ 495,679 3, y,978 5,823 2/ 495,702 3, /... f 20,068 3,02 662,562 4, t 20,057 3,06 662,562 4, Nov... 9,957 3,23 637,66 3, Dec. i j... f 20,068 3,02 662,562. 4, ,057 3,06 662,562 4, Jan... 20,490 3, ,388 4, Feb... 22,32 5, ,389 4, Mar... 24,84 7,5 80,236 4, Apr... 27,253 9,9 88,244 5, May ,09 22, ,23 6, June... 30,640 20, ,262 6, July... 32,953 22,447 92,286 7, Aug... 40,672 25,460,85,348, Sept... 42,50 26,035,73,229 2, Oct... 43,390 26,550,24,298 3, ,058 27,539,345,277 3, / Data represent shortterm liabilities to the official institutions of foreign countries, as reported by banks in the United States, and foreign official holdings of marketable and convertible nonmarketable U.S. Government securities with an original maturity of more than one year. Includes Bank for International Settlements and European Fund. Includes countries in Oceania and Eastern Europe, and Western European dependencies in Latin America. i j j\/ p 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. Includes $7 million increase in dollar value of foreign currency liabilities due to revaluation of the German mark in October 969. Preliminary.

95 February INTERNATIONAL FINANCIAL STATISTICS, Table IFS-4. - Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions of Foreign Countries (In millions of dollars or dollar equivalent) Payable in dollars End of calendar year or month Belgium Canada / Denmark Germany Italy Z/ Korea Sweden Taiwan Thailand _ 3-25 _ , , _ I , _ 77 _ 25 _ ,330,692 32, ,8 t j,43 32, _ ,563, 2, , _ ,657 6/ 7, ,640-5, Jan... 3,563 2, , _ Feb... 3,563 2, ,289 - _ 25 5 _ Mar... 3,563 2, , _ Apr... 3,563 2, , _ May... 3,592 5/ 2, ,289 _ 25 5 _ June... 6,592 5, ,289-3, July... 8,592 7, ,289 _ 5, _ Aug... 8,924 7, ,289 _ 5, Sept... 9,93 7, ,289-5, Oct... 9,95 7, ,289 _ 5, _ Nov... 9,27 7, ,365 _ 5, _ Dec... 9,657 6/ 7, ,640-5, Jan... 9,658 7, ,640 ~ 5, Payable in foreign currencies End of calendar year or month Austria Belgium Germany y Italy Switzerland Bank for International Settlements _ , _ , , _ , _, _ ,750 U - -,084 i j 25 5a _ , _ 97...,827 6/ ,25-97-Jan...,083 - _ 542 _ 54 _ Feb..., _ 54 _ Mar..., _ Apr..., _ 54 _, 2/ / _ June..., July..., - _ _ Aug..., _ Sept..., _,72 _ Oct..., _,74 _ Nov..., _,74 _ Dec...,827 6/ , Jan..., ,26 - Note: For further informtion, see "Public Debt Operations,"Tables PDO-8 and 9. / Includes bonds issued to the Government of Canada in connection with transactions under the Columbia River treaty. Amounts outstanding were $204 million, September 964 through October 965; $74 million, November 965 through October 966; $44 million, November 966 through October 967; $4 million, November 967 through October 968; $84 million, November 968 through September 969; $54 million, October 969 through September 970; and $24 million, October 970 through October 97. 2/ Bonds issued to the Government of Italy in connection with military purchases in the United States. 2/ In addition, nonmarketable Treasury notes amounting to $25 million equivalent were issued to a group of German commercial banks in June 968. The dollar value of these notes was increased by $0 million in October 969, and by $8 million as of December 3, 97. See also footnotes 7 and 8, Table IFS-. i j Includes an increase in dollar value of $84 million resulting from revaluation of the German mark in October 969. See also footnote 7, Table IFS-. jj/ Increase in valuation resulted from redemption of outstanding Swiss franc securities at old exchange rate and reissue of securities at new exchange rate with same maturity dates, at time of revaluation of Swiss franc. The new issues include some certificates of indebtedness issued to replace notes which were within a year of maturity. 6/ Includes $06 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of December 3, 97. Dollar cost of repayment will be subject to negotiation as to settlement terms after prospective action on devaluation of the dollar. See also footnote 8, Table IFS-.

96 90.INTERNATIONAL FINANCIAL STATISTICS. Table IFS-5. - U.S. Position in the International Monetary Fund Treasury Bulletin Calendar year or month Payments of subscriptions in dollars (inmillions^ Transactions affecting IMF holdings of dollars daring period U.S. transactions with IMF Net gold sales by IMF / Transactions in foreign currencies 2/ IMF net income in dollars Transactions by other countries with IMF Purchases of dollars J/ Repurchases in dollars change Amount IMF holdings of dollars at end of period Percent of U. S. quota U. S. reserve position in IMF at end of period U Jan.. Feb.. Mar.. Apr.. May.. June. July 'Aug.. Sept, Oct.. Nov.. Dec Jan.. 2,063,03 776, / , , , * , , ,034,929, # ,28 2,570 2,435 3,06 3,090 3,356 3,52 4,834 4,740 3,870 2,836 4, ,000 5,000 5,020 5,08 5,022 5,272 5,267 6,26 6,23 6,20 6, , ,975,958,997,555,690,064, i/ ,290 2,324, ,680,682,678,428, Note: The initial U.S. quota in the International Monetary Fund was #2,750 million. The U.S. quota was increased to $4,25 million in 959, $5,60 million in February 966, and to $6,700 million in Decembsr 970. Under the Articles of Agreement, subscription payments equal to the quota have been made 25 percent in gold and 75 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 deposit or gold investment (see Table IFS-2). 2/ 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 3-5 years, but only to the extent that the Fund's holdings of dollars exceed 75 percent of the U.S. quota. Purchases of dollars by other countries reduce the U.S. commitment to repurchase by an equivalent amount. 2/ Beginning January 970, includes dollars obtained by countries other than the United States from sales of gold to the Fund. l j Represents the United States gold tranche position in the Fund (the United States quota minus the Fund's holdings of dollars), which is the amount that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could purchase additional amounts equal to the United States quota. j>/ Includes $259 million gold subscription to the Fund in June 965 for a U.S. quota increase which became effective on February 23, 966. In figures published by the Fund from June 965 through January 966, this gold subscription was included in the U.S. gold stock and excluded from ths reserve position. 6/ Includes $30 million of special drawing rights. * Less than $500,000.

97 February INTERNATIONAL FINANCIAL STATISTICS Table IFS-6. - U.S. Net Monetary Gold Transactions with Foreign Countries and International and Regional Organizations (In millions of dollars at $35 per fine troy ounce; negative figures represent net sales by the United States; positive figures, net acquisitions) Calendar year Area and country / July- Sept. Oct.- Dec. / Jan.- Mar. Apr.- June July- Sept. Wef&ejn p&qre: Austria Belgium Denmark France Gemany Italy Netherlands _ - Spain Switzerland 'Turkey * United Kingdom Bank for International Settlements Other * Western Europe ^ -263 Canada Latin American Republics: Argentina Brazil * Colombia... 7 * - * - _ Mexico _ - Peru * -4 - Venezuela Other * * * Latin American Republics * -4 * Asia; Japan Other Asia Africa: Africa * Other countries; other countries foreign countries ,03 -, International and regional organizations 2/ Grand total ,009 -, / / / Includes in 970 total (Oct.-Dec. 970) the U.S. payment of $385 countries and resales by the IMF totaled $548 million each. million increase in its gold subscription to the IMF and gold sold 2/ Includes International Monetary Fund gold sales to and purchases by the IMF tolhe United States in mitigation of U.S. sales to other from the United States, gold deposits by the IMF (see Table IFS-2, countries making gold payments to the IMF. The country data include, footnote ) and withdrawal of deposits. The first withdrawal, for the same period, gold sales by the United States to various amounting to $7 million, was made in June 968. countries in connection with IMF quota payments. Such sales to * Less than $500,000.

98 92 CAPITAL MOVEMENTS Treasury Bulletin Background Data relating to capital movements between the United States and foreign countries have been collected since 935, pursuant to Executive Order 6560 of January 5, 93^, Executive Order 0033 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 nonbanking concerns in the United States. These statistics axe 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 3, 963. / The present form of the published presentation of the "Capital Movements statistics was introduced in the May 969 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 >anks 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 nunfcer 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 axe 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 one 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 $500,000 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 $00,000. Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions other than banks and brokers, and other nonbanking firms if their liabilities or claims are $500,000 or more. Such firms also report the 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

99 February 972 CAPITAL MOVEMENTS 93 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 cure reported by business firms to the Department of Cosmerce on its direct investment forms.) The data also exclude claims held through ttoited States banks. Separate figures are shown in Section IV for the short-term liquid claims of large nonbanking con- *cesos, in the United States. Section V contains data on transactions in «.n types of long-term domestic and foreign securities by foreigners reported by banks and brokers in the United States (except non rke table U.S. Treasury notes, foreign series, and nonmarke table U.S. Treasury bonds and notes, foreign currency series, which are shown in "International Financial Statistics section, Table IFS-U). The data cover new issues of securities, transactions in outstanding issues, and redemptions 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 are 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 and 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 areas may include some transactions between foreigners of different countries. Beginning with data for 969, transactions between foreigners in new issues not offered for sale to United States residents but managed by underwriters in the United States are 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 are published by the Department of Comnerce in its regular reports on the Ufoited States balance of payments. / Copies of the reporting forms and instructions may be obtained from the Office of Balance of Payments Programs, Operations and Statistics, Office of the Assistant Secretary for International Affairs, Treasury Department, Washington, D.C or from Federal Reserve Banks.

100 94 Treasury Bulletin.CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Short-Term Liabilities by Type of Foreign Holder End of calendar year or month shortterm liabilities Foreign countries Official institutions / Banks and other foreigners Payable in dollars Payable Payable Payable in in in dollars foreign Banks Other foreign currencies foreigners currencies International and regional IMF gold investment 2/ Nonmonetary international and regional 3/ ,383 3,64 7,97 7,97-5,724 3,43 2, ,367 4,65 8,665 8,665-5,950 3,460 2, ,26 6,23 9,54 9,54-7,076 4,60 2,398 77, I ,70 7,260 0,22 0,22-7,047 4,705 2,230 3, U / /... f20,05 8,699 0,940 0, ,759 5,299 2,356 04,37 63 (J 704 { 20,098 8,78 0,940 0, ,84 5,380 2,35? 04,37 63 y 704 f 2,958 9,907,997, ,9 5,25 2, , ,250 <2,958 9,874,963, ,9 5,25 2, , , ,877 2,330 2,467 2, ,863 5,73 3,046 04, y /... f 25,467 23,849 3,224 3,224 _ 0,625 7,53 3,354 8, ,58 23,900 3,220 3,220-0,680 7,23 3,376 90, ,55 24,072 3,066 3,066 -,006 7,360 3,587 59, /... f 27,724 26,343 2,484, ,859 0,023 3,743 93, < 27,599 26,29 2,539 2, ,680 9,864 3,743 72, /... f 30,657 29,370 4,034 3, ,337,32 4,28 77, ^30,505 29,232 4,027 3, ,205,008 4,20 77, ,77 30,234,38 0, ,96 4,298 4,444 73, /... f 40,040 38,63,054 0, ,577 23,42 3, , ^40,99 38,786,077 0, ,709 23,49 4, , /... (4,79 ^4,757 40,499 40,536 9,333 9,333 9,84 9, ,66 2,204 6,97 6,94f 4,029 4, ,22, p... 55,557 53,792 39,543 39, / 4',249 0;J343 3, , Dec. 5/... f 4,79 40,499 9,333 9, ,66 6,97 4, , i 4,757 40,536 9,333 9, ,204 6,945 4, , Jan... 42,48 40,705 9,774 9, ,93 6,663 4, , ,042 Feb... 42,534 4,83 2,600 2, ,583 5,220 4,03 260, Mar... 43,862 42,477 24,20 23, ,357 4,027 4, , Apr... 46,050 44,502 26,532 26, ,970 3,604 4,29 238, ,48 May... 50,22 48,66 3,347 30, / 7,269 3,029 4,040 99, ,96 June... 46,698 45,7 26,809 26, ,308 4, 3, ,58 400,8 July... 46,338 44,69 26,869 26, ,822 3,696 3, , ,247 Aug... 52,43 50,670 34,07 33, ,653 2,585 3, , ,342 Sept... 52,9 5,86 35,08 34, ,05 2,22 3, , ,325 Oct... 54,050 52,372 36,063 35, ,309 2,353 3, , ,277 54,060 52,352 37,256 37, ,095,52 3,732 2, ,308 Dec. p... 55,557 53,792 39,543 39, / 4,249 0,343 3, , ,365 / 2/ y Includes Bank for International Settlements and European Fund. Short-term U.S. Government obligations at cost value and funds await- 5/ ing 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 can be reacquired by the International Monetary Fund. 6/ 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 IMF gold investment account ]/ ($4 million at end 97). In addition, IMF gold investment included investments in U.S. Government bonds and notes which amounted to $09 million at end I960, $87 p million at end 96, and $6 million at end 963. Data on the two lines shown for this date differ 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. Increase in valuation resulted from redemption of outstanding Swiss franc securities at old exchange rate and reissue of securities at new exchange rate at time of revaluation of Swiss franc. At cost value in dollars; does not include $7 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of Dec. 3, 97. Preliminary.

101 February End of calendar year or month foreign countries f i A P T T A T. M f l V R M R N T S Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-2. - Short-Term Liabilities by Type of Liability Part A - Foreign Countries Official institutions l/ Payable in dollars Deposits Demand Time 2/ U.S. Treasury bills and certificates Other shori>term liabilities 2/ (In millions of dollars) Deposits Demand Time 2/ Banks Banks and other foreigners Payable in dollars Other foreigners Payable in foreign currencies Other Deposits shortterm liabilities 2/ Demand Time 2/ U.S. Treasury bills and certificates U.S- Treasury bills and certificates Other shortterm liabilities 2/ ,64 3,059 4, ,7' , , ,65 3,5 4, , , ,23 2,834 5, , , ,260 3,038 6, , , o / fl8,699 3,389 6,42, , , / \8,78 3,389 6,42, , , j/ /l9,908 3,26 7, , , / \9,S74 3,234 7, , ,C ,330,402 2,45 7,548, , , TO A.J / /23,849,59 2,820 7,554,259 _ 5, ,039,523, i.v04 J/... \23,900,59 2,86 7,554,259-5, ,077,53, ,072,535 2,862 7,86,483-4, ,406,574, f 26,343,679 2,62 6,36, ,795,249 37,842,53, lvoo 2J» 26,29,679 2,668 6,36, ,636,243 37,848,53, f29,370 2,054 2,462 7,985, ,933,42 29,927,693 2, /.. 29,232 2,054 2,458 7,985,37$ 52 7,763,42 29,973,693 2, ,234. 2, ,486, ,374, ,62,797 2, /'. f 38,63,98 2,95 3,844 2, ,745, ,658,709, ,786,930 2,942 3,844 2, ,756, ,644,7, / f40,499,652 2,554 3,367, ,376, ,202,688, ^40,536,652 2,554 3,367, ,376, ,202,688, p... 53,792,620 2,366 32,3 3, / 7, ,8,66, Payable in foreign currencies Q70-Dec 3/ /40,499,652 2,554 3,367, ,376, ,202,688, \40,536,652 2,554 3,367, ,376, ,202,688, Jan... 40,705,743 2,490 3,638,755 48,20,85 3 4,255,689, Feb... 4,83,688 2,434 5,550, ,037,06 2 4,55,727, Mar... 42,477,579 2,244 7,96, , ,670,726, Apr... 44,502,628 2,205 20,9 2, , ,56 4,482,805, May... 48,66,643 2,205 24,702 2, u 6,56 59C,58 4,359,737, June.. 45,7,462 2,252 20,097 2, ,5?« ,06 3,874,760, July.. 44,69,469 2,308 9,605 3, , ,68 2,90,696, Aug... 50,670,264 2,372 26,674 3, , ,769 2,876,684, Sept.. 5,86,450 2,392 27,855 3, , ,286 2,690,577, Oct... 52,372,23 2,480 28,982 3, , ,504,705, Nov. p 52,352,263 2,500 30,07 3, , ,223,680, Dec. p 53,792,620 2,366 32,3 3, / 7, ,8,66, / Includes Bank for International Settlements and European Fund. 2/ Time deposits exclude negotiable time certificates of deposit, which are included in "Other short-term liabilities." 2/ Data on the two lines shown for this date differ 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. i j Increase in valuation resulted from redemption of outstanding Swiss franc securities at old exchange rate and reissue of securities at new exchange rate at time of revaluation of Swiss franc. 5/ At cost value in dollars; does not include $7 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of December 3, 97. p Preliminary.

102 96 Treasury Bulletin End of calendar year or month.capital MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-2. - Short-Term Liabilities by Type of Liability - (Continued) Part B - International and Regional Organizations (In millions of dollars) international and regional IMF gold investment: U.S. Treasury bills and certificates / Nonmonetary international and regional organizations 2/ Deposits Demand Time 2/ U.S. Treasury bills and certificates Other short-term liabilities 2/ * , , U * 96...,37 63 y I 962 %/ f 2, \ 2, , / , , , / /, \, , , , p..., Dec..., Jan..., Feb..., Mar..., Apr..., May..., June..., July..., Aug..., Sept..., Oct..., Nov. p..., Dec. p..., l/ Short-term U.S. Government obligations at cost value, and deposits tj awaiting investment (less than $500,000 on all dates shown), obtained from proceeds of sales of gold by the International Monetary Fund to k/ the United States to acquire income-earning assets. Upon termination of investment, the same quantity of gold can be reacquired by the International Monetary Fund. 5/ 2/ 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 * ($4 million at end 97). 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 960, $87 million at end 96, and $6 million at end 963. Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first 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. Less than $500,000. p Preliminary.

103 February CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-3. - Short-Term Liabilities by Country Country (Position at end of period in millions of dollars) Calendar year / 970 / 97p July Aug. Sept. Oct. Nov. p Dec. p Europe: I ,383,58,58 2,267 2,267 3,50 3,242 3,663 3,302 2,842 2,858 3,50 2,640,38,38 7,520 7,520 6,60 5,446 5,082 5,339 5,606 5,733 6, I I ,330,330,886,777 2,032 2,286 2,23,953, ,55 2,002 2,005,948,948 3,254,94 3,355 3,268 3,306 3,275 3, ,33,347,349 5,509 5,509 7,534 6,24 6,29 6,367 7,32 7,868 7, Other Western Europe ,553, ,369,47,57,446,404,37, ,70 2,667 2,675 22,653 22, ,926,25,6^.25a9 L ,66 Canada... 2,797 3,99 4,02 4,09 4,056 3,439 3,250 3,36 3,472 3,803 3,590 3,439 Latiin Africa: Chile Panama* Uruguay Other Latin American Republics Bahamas Bermuda. 273,405, , Netherlands Antilles and Surinam ,664 5,57 5,670 4,952 4,952 4,706 5,00 4,940 4,482 4,285 4,333 4,706 Asia; ,320 3,788 3,809 5,50 5,50 4,294 8,69 3,36 3,793 4,04 3,99 4, Taiwan China Mainland ,953 6,396 6,47 7,926 7,926 6,428,23 5,366 5,936 6,255 6,082 6,428 Africa: Other countries: ,234 38,63 38,786 40,499 40,536 53,792 44,69 50,670 5,86 52,372 52,352 53,792 International and regional: International...,372,257, ,330,242,342,309,276,280,330 European regional Latin American regional Asian regional African regional... 4 * * * * 2 5 international and regional..,4*3,409,43,22,22,765,647,742,725,677,708,765 Grand total... 3,77 40,040 40,99 4,79 4,757 55,557 46,338 52,43 52,9 54,050 54,060 55,557 / Data in the two columns shown for this date differ because of changes column are comparable to those shewn for the following date, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary.

104 98 Treasury Bulletin Country Euro-pe; 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... Europe Canada... IM_in.ftpgrica: Argentina... Brazil... Chile... Colombia... Cuba... Mexico... Panama... Peru... Uruguay.... Venezuela... Other Latin American Republics... Bahamas and Bermuda... Netherlands Antilles and Surinam.. Other Latin America... Latin America... Asia: China Mainland... Hong Kong... India... Indonesia... Israel... Japan... Korea... Philippines... Taiwan... Thailand... Other Asia... Asia... Africa: Congo (Kinshasa).... Morocco.... South Africa.... United Arab Republic (Egypt).... Other Africa.... Africa... Qttrer cgip-frrieg: Australia.... All other other countries.... foreign countries.... International and regional: International European regional.... Latin American regional.... Asian regional... African regional international and regional.., Grand total... / Deposits exclude negotiable time * Less than $500,000..CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-4. - Short-Term Liabilities, by Type and Country, as of December 3, 97 Preliminary shortterm liabilities ,50 3,086 6,60 6, ,886, ,254 3, ,534 7, ,369, ,66 26, , , , ,792, (Position in millions of dollars) Short-term liabilities payable in dollars To foreign banks and official Institutions To all other foreigners Deposits / , , , ,724 ', ,764 5,492, U. S. Treasury bills and certificates Other / Deposits / , , , , * , , * * * 45 * ,066 9,553 2, ,820, * * , ,049, ,258 0,548, * ,576 0,673, * * * ""2/26.2>,3l9 573^ 5,679 7, W * * 8 _ * _ * * * * ,679 3,30 :ertificates of deposit, which are included in "Other short-term liabilities. U. S. Treasuiy bills and certificates 6 * Other / 6 * T 273 Short-term liabilities payable in foreign currencies W

105 February 972, CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-5. - Short-Term Liabilities, Countries and Areas Not Regularly Reported Separately Country (Position at end of period in millions of dollars) Calendar year April December April "Other Western Europe" Cyprus Iceland Ireland, Republic of Luxembourg / / / / / Malta Monaco "Other Eastern Europe" Bulgaria Czechoslovakia Estonia n.a. Hungary Poland Rumania Soviet Zone of Germany n.a. "Other Latin American Republics" Bolivia Costa Rica Dominican Republic Ecuador El Salvador Guatemala Guyana (British Guiana) Haiti Honduras Jamaica Nicaragua Paraguay Trinidad and Tobago "Other Latin America" British Honduras British West Indies French West Indies and French Guiana n.a. "Other Asia" Afghanistan Bahrain n.a. Burma Cambodia Ceylon Iran Iraq n.a. Jordan Kuwait Laos Lebanon Malaysia Muscat and Oman... * n.a. Nepal Pakistan Qatar Ryukyu Islands (including Okinawa) n.a. Saudi Arabia Syria Trucial States Viet Nam Yemen (Aden) "Other Africa" Algeria Ethiopia (including Eritrea) F.T.A.I. (French Somaliland)... 2 * Ghana Ivory Coast Kenya Liberia Mozambique Nigeria n.a. "Portuguese West Africa" Southern Rhodesia Sudan Tanzania Tunisia Uganda Zambia n.a. "Other Countries" New Zealand 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 "Treasuiy Bulletin." / Included with Belgium (see Section I, Table CM-I-3). n.a. Not available. * Less than $500,000.

106 00 Treasury Bulletin End of calendar year or month CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-6. - Long-Term Liabilities by Type long-term liabilities / (In millions of dollars) Payable in dollars Official institutions Foreign countries 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. 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. 42 n.a n.a. n.a. n.a. 06 n.a n.a. n.a. n.a. 3 n.a , g/... f*2,546,858, _ ^2,560,863, ,66 2,389 2, _ ,490,600, , p Dec..., , Feb..., Mar..., Apr......, * May..., * June..., I * July..., * Aug * Sept * Oct Nov. p Dec. p l7 Dollar-foreign currency breakdown not available prior to 966; amounts coverage to those shown for the preceding date; figures on the reported for earlier dates assumed to have been payable in dollars. second line are comparable to those shown for the following date. 2// Data on the two lines shown for this date differ because of changes * Less than $500,000. n.a. Not available, in reporting coverage. Figures on the first line are comparable in p Preliminary.

107 February CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-7. - Long-Term Liabilities by Country (Position at end of period In millions of dollars) Calendar year I 97 Country p I July Aug. Sept. Oct. Nov. p Dec.p Europe; Austria * I * * * * * * Belgium-Luxembourg... * * Denmark... * _ Finland * * * * * * * * France... * * 6 6 Germany... 2 * Greece... * * * * * * * * Italy... * * * * * * * Netherlands.... * * 2 * * * * * * * Norway... * * * * * * * * * * Portugal... * * * * * * * * * Spain Sweden... - * - * * * * * * * Switzerland Turkey * * * * * * * * * * United Kingdom... * Yugoslavia... * * * * * * * * * * Other Western Europe... * * * Other Eastern Europe * - * * Europe Canada... * Latin America; Argentina Brazil Chile... * * Colombia... Cuba * * * * * * * * Mexico Panama Peru... * * * * * * * * Uruguay... * * * * * * * * * * Venezuela Other Latin American Republics Bahamas and Bermuda Netherlands Antilles and Surinam 8 4 * * * * * * * * Other Latin America... - * * * * * * * * Latin America Asia; China Mainland... _. _ Hong Kong... 2 * * * * * * * * India... * * * * * * * * * * Indonesia * _ *. _ * * * Israel Japan Korea Philippines Taiwan Thailand * * * Other Asia Asia...,75, Africa: Congo (Kinshasa)... _ Morocco * * * * * * * * * * * * * United Arab Republic (Egypt)... * * * * * * * * * Other Africa... * * * Africa.... &er cpufiiries: Australia All other * * * * * * * * other countries foreign countries... 2,389, In-freyna-frLona;L and regional; International European regional _ Latin American regional Asian regional international and regional Grand total... 3,66 2,490, , * Less than $500,000. p Preliminary.

108 02 CAPITAL MOVEMENTS Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-. - Short-Term Claims by Type Treasury Bulletin (In millions of dollars) End of calendar year or month shortterm claims Official institutions Loans Payable in dollars Banks Other foreigners Collections outstanding for account of reporting banks and domestic customers Acceptances made for account of foreigners Other shortterm claims Payable in foreign currencies Deposits of reporting banks and domestic customers with foreigners Foreign government obligations and commercial and finance paper Other shortterm claims ,99 2, : ,542 2,344, ,599 2,407, ,594 3,35, , /... f 4,79 4,77, , ^ 4,777 4,234, , ,0 4,606, , < ,887 5,344, , /... T 7,4 6,80 2, ,374,055,007 2, ^ 7,957 7,333 2,773 22,403,50,35 2, /... f 7,632 7,58 2,968 27,566,30,268 2, ^ 7,735 7,?43 2,970 27,567,32,272 2, /... ( 7,89 7,399 3,39 256,739,43,367 2, \ 7,853 7,433 3,4 256,739,45,288 2, /... ( 8,583 8,58 3,37 306,603,228,5 3, \ 8,606 8,82 3,50 306,66,228,552 3, ,7 8,26 3,65 247,697,22,733 2, / f 9,578 9,063 3,28 262,946,073,954 3, ^ 9,667 9,5 3, ,943,073 2,05 3, ,799 0,48 3,05 9,720,22 2,389 3, p... 3,49 2,535 4, ,793,684 2,473 4,260, Dec... 0,799 0,48 3,05 9,720,22 2,389 3, Jan... 0,409 9,903 2,867 0,575,82 2,363 3, Feb... 0,56 0,026 2,955 88,594,273 2,353 3, Mar... 0,687 0,24 3,008 00,598,3 2,335 4, Apr... 0,736 0,203 3,6 07,754,255 2,279 4, May...,572 0,937 3,383 56,929,299 2,349 4,36, June...,024 0,459 3.,409 47,969,292 2,378 3, July... 0,92 0,382 3, ,052,38 2,364 3, Aug... 2,400,767 4, ,680,425 2,357 4, Sept...,930,248 3, ,255,45 2,37 4, Oct...,466 0,770 3, ,53,329 2,307 3, lli 2 Nov. p... 2,04,426 4, ,579,429 2,306 3,898, Dec. p... 3,49 2,535 4, ,793,684 2,473 4,260, / Data on the two lines shown for this date differ because of changes second line are comparable to those shown for the following date, in reporting coverage. Figures on the first line are comparable in p Preliminary, coverage to those shown for the preceding date; figures on the

109 February CAPITAL MOVEMENTS Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-2. - Short-Term Claims by Country (Position at end of period in millions of dollars) Country Calendar year / P July Aug. Sept. Oct. Nov. p Dec. p Europe! Austria Belgium-Luxembourg Denmark Finland France Germany Greece Italy Netherlands Norway Portugal Spain Sweden Switzerland Turkey B United Kingdom Yugoslavia Other Western Europe U.S.S.R Other Eastern Europe Europe...,205,463,454,449 2,286,855 2,353,837,732 2,064 2,286 Canada ,085, ,26,65,70,580 Latin America: Argentina Brazil Chile Colombia Cuba Mexico Panama Peru Uruguay Venezuela Other Latin American Republics Bahamas and Bermuda Netherlands Antilles and Surinam Other Latin America Latin America... 2,889 2,803 2,802 3,204 3,495 3,359 3,423 3,356 3,253 3,342 3,495 Asia: China Mainland Hong Kong India Indonesia Israel Japan... 3,4 3,342 3,432 3,890 4,295 3,222 4,078 4,046 3,738 3,885 Korea... 4, Philippines Taiwan Thailand Other Asia Asia... 3,872 4,26 4,352 4,797 5,576 4,326 5,204 5,63 4,862 5,079 5,576 Africa: ' Congo (Kinshasa) Morocco South Africa United Arab Republic (Egypt) Other Africa Africa ,- Other countries: Australia All other other countries _ foreign countries... 8,70 9,576 9,664 0,796 3,46 0,98 2,398,927,463 2,0 3,46 International and regional... * Grand total... 8,7 9,578 9,667 0,799 3,49 0,92 2,400,930,466 2,04 3,49 / Data in the two columns shown for this date differ because of changes column are comparable to those shown for the following date, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary.

110 04 Treasury Bulletin Country fiapttat. M O V E M E N T S Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-3. - Short-Term Claims, by Type and Country, as of December 3, 97 Preliminary (Position in millions of dollars) short - term claims Short-term claims payable in dollars Foreign banks and official institutions Other Collections Accept - outstanding ances for account made for of reporting banks of account and domestic foreigners customers Other Short-term claims payable in foreign currencies Deposits of reporting banks and domestic customers with foreigners Foreign government obligations and commercial and finance paper Europe: * 2 * * * Belgium -Luxembourg Denmark * * * * * * * * * - * Italy * * * * * * * * Turkey * * * - * Yugoslavia * 2 2 * * * Other Western Europe * * - * * * * - - Other Eastern Europe * * * - - Europe... 2,286,96, * 24,580, * Latin America: * * * 3 Chile * * - * * _ * * - * Peru * * - - * Uruguay * * * Other Latin American Republics * - Bahamas and Bermuda Netherlands Antilles and * * * * _ * * - * 3, Asia: China Mainland... i _ * * * * * - * Indonesia * * 4,295 4, ,225 2, Korea * * - * * * - * * * Other Asia * Asia , V * 3,, , Africa: Congo (Kinshasa) * * * - * 4 4 * 2 * * * - * United Arab Republic (Egypt) * * 7 * * * * * 2 9 J m MWtl» Other countries: * 5 All other * * - * other countries " lo " * Other T - 3,46 2,532 4,695 3,03,682 2,473 4,260, International and regional... 3? * Less than $500, , ,684 2,473 4,260,

111 February May l/. 963 /... End of calendar year or month 964 / CAPITAL MOVEMENTS. Section II Claims on Foreigners Reported by Banks in the United States long-term claims,74,362,545,698 2,034 2,60 '2,293,2,379 2,837,3,030 3,97 j4,285 4,57 4,80 3,925 3,567 3,250 * n.a. n.a. n.a. 2,293 2,379 2,834 3,028 3,97 4,283 4,50$ 4,62 3,909 3,552 3,232 3*050 3,593 Table CM-II-4. - Long-Term Claims by Type (In millions of dollars) n.a. n.a. n.a. n.a. n.a. n.a. 2,260 2,346 2,78 2,8 3,777 3,995 4,2 3,95 3,635 3,58 2, ,39 Payable in dollars Official institutions n.a. n.a. n.a. n.a. n.a Loans Banks n.a. n.a. n.a. n.a. n.a. n.a Other foreigners n.a. n.a. n.a.,328,342,659,685 2,372 2,550 2,790 2,702 2,642 2,393 2,096,958 2,447 Other long-term claims n.a. n.a. n.a Payable in foreign currencies n.a. n.a. n.a. n.a. 2 2 * Dec.. 97-Jan.. Feb.. Mar.. Apr.. May.. June. July... Aug... Sept... Oct... Nov. p. Dec. p. 3,075 2,962 2,957 3,044 3,083 3,246 3,28 3,279 3,387 3,433 3,494 3,536 3,66 3,050 2,937 2,932 3,04 3,049 3,24 3,9 3,259 3,360 3,405 3,467 3,53 3,593 2,698 2,60 2,643 2,737 2,778 2,935 2,95 2,986 3,084 3,5 3,8 3,238 3,39 Data on the two lines shown for this date differ 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 n.a. p ,958,93,946 2,0 2,047 2,6 2,97 2,244 2,305 2,332 2,382 2,396 2, line are comparable to those shown for the following date. Not available. Preliminary. * Less than $500,

112 Country Treasury Bulletin CAPITAL MOVEMENTS. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-5. - Long-Term Claims by Country (Position at end of period in millions of dollars) Calendar year p July Aug. Sept. Oct. Nov. p Dec. p Europe: Italy Portugal Turkey... * United Kingdom Yugoslavia _ * _ * * * * Other Eastern Europe Latin America: Chile Colombia Cuba... _ * - _ * Panama Uruguay Venezuela Other Latin American Republics Bahamas and Bermuda Netherlands Antilles and Surinam Other Latin America Argentina... Brazil Latin America...,375,329,325,435,263,33,346,323,360,435 Asia: China Mainland... _. * _ India Taiwan Thailand Other Asia Asia Africa: South Africa United Arab Republic (Egypt)... 4 * - * Ill Africa Other countries: All other other countries foreign countries... 3,565 3,248 3,074 3,6 3,278 3,386 3,432 3,492 3,534 3,6 International and. regional Grand total... 3,567 3,250 3,075 3,66 3,279 3,387 3,433 3,494 3,536 3,66 * Less than $500,000. p Preliminary.

113 February Country f i A P T T A T. M O V E M E N T S Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-6. - Long-Term Claims, by Type and Country, as of December 3, 97 Preliminary (Position in millions of dollars) Long-term claims payable in dollars long-term claims Tbtal Loans Other Long -term claims payable in foreign currencies Europe: Austria *. Belgium -Luxembourg * - Denmark * - Finland... * Germany Italy Norway Portugal * Switzerland * * - United Kingdom * Other Western Europe * - * * * - - Other Eastern Europe * Canada Latin America: Argentina Chile Cuba... * * - * Peru Venezuela Other Latin American Republics * * * -,435,428, Asia: Hong Kong India Israel _ Japan * Korea Philippines _ Thailand _ * Africa: Congo (Kinshasa) Morocco * - South Africa United Arab Republic (Egypt) Africa Other countries: Australia All other * foreign countries... 3,6 3,588 3, International and regional _ Grand total * Less than $500,000.

114 08 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 liabilities End of calendar year or quarter-end month / liabilities Payable in dollars Payable in foreign currencies Long-term liabilities /... f 574 ^ Mar. 2/... June 7 j... f 674 \ June 2/... f Dec. 2/... f 798 { J t) 9 f \ J 5 29 ^ 30 J June 2/... [ 763 ^ J Dec /... ( f 36 ^ J ,49, j... f,784,37, ,386, ,737,608, , /... r 3,5,786,399 {.4,3 90 2,090, ,725 2, Sept... 5,250 2,482, ,768 Dec... 5,684 2,597 2, , Mar... 5,59 2,365, ,54 June... 5,469 2,322, ,47 Sept. p... 5,420 2,498 2, , Note: Breaks in series arising from changes in reporting coverage which earlier quarter ends when the reporting coverage changed. amount to $5 million or less for any year are not shown; in such 2/ Data on the two lines shown for this date differ because of changes cases, only the figure comparable to that for the following date is in reporting coverage. Figures on the first line are comparable in shown. coverage to those shown for the preceding date; figures on the / Data are shown for calendar year ends and for the most recent five second line are comparable to those shown for the following date, quarter ends for which figures are availabe. Data are also shown for p Preliminary.

115 February CAPITAL MOVEMENTS Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-2. - Short-Term Liabilities by Country Country (Position at end of period in millions of dollars) Calendar year / Sept. Dec. Mar. June Sept. p Europe: Finland C * * * ,034,02,330,556.,605,403,304, i W '...T Lajin America: * * * * * * * * * Other Latin American Republics Netherlands Antilles and Surinam Asia: Africa: * * * * Other countries: ,386,608,786 2,090 2,48 2,597 2,365 2,322 2,498 * * * * * * * * Grand total...,386,608,786 2,09C 2,482 2,597 2,365 2,322 2,498 / Data in the two columns shown for this date differ because of changes column are comparable to those shown for the following date, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary.

116 0 Treasury Bulletin CAPITAL MOVEMENTS Section III - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-3. - Short-Term Liabilities, by Type and Country, as of September 30, 97 Preliminary (Position in millions of dollars) Country short-term liabilities Payable in dollars Payable in foreign currencies Europe: 0 0 * * * * * 2 * * * 2 2 *,366, La&in. America: Chile * * * Panama Peru Uruguay * Other Latin American Republics Netherlands Antilles and Surinam. 4 4 * Asia: China Mainland. _ 9 8 India ' * Africa: 2 2 * * * United Arab Republic (Egypt)... * Other countries: ,498 2, International and regional... * Grand total... 2,498 2, * Less than $500,000.

117 February 972 CAPITAL MOVEMENTS Section III Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-III-4. - Long-Term Liabilities by Country in Country (Position at end of period in million of dollars) Calendar year / Sept. Dec. Mar. June Sept. p EuroDe: - * * * * * * * Finland Ill * * * * * * * * * * * * * * * * * * * * ,00,025,036 * 93 * * * * * * * * * U.S.S.R _ Other Eastern Europe _ 346,04,582 2,0 2,538 2,732 2.,74 2,76 2, Latin America: * 2 Chile... * * * * * * * * * * * Cuba... _ - _ - _ * * 5 5 * * * * * * * * * Uruguay * * * * * * Other Latin American Republics. * Netherlands Antilles and Surinam. * * * * * * * * * * Asia; India... * * * * * * * * * * * * * * * * * * * * * _ * * * * _ * * * * * * * * * * * * * Taiwan... * _ * * * * * _ * * * * * * * * * * Africa: * * - _ - - * * * * * * * * * * United Arab Republic (Egypt)... * * * * * * * * * * * * Other countries: All other... - _ * * * * * * * <L ,29,725 2,300 2,768 3,087 3,54 3,47 2,922 International and^regional Grand total ,29,725 2,300 2,768 3,087 3,54 3,47 2,922 / Data in the two columns shown for this date differ because of changes column are comparable to those shown for the following date, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary.

118 U2 CAPITAL MOVEMENTS End of calendar year or quarter-end month / Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Claims by Type (In millions of dollars) 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 Treasury Bulletin , /... f,775 ^, Mar. 2/... f,633 ^,70 June 2/... f,895 \,934 Sept. 2/... f 2,099 \ 2,7,432,505,248,305,496,528,646, ,8,208,323,340 Dec... 2,38,636, June 2/... f2,443 2,678 Dec. 2/... f 2,809 2, Mar. 2/... *2,929 2,979 June 2/... [ 3,048^ ^ 3,64J Dec. 2/... f 2,854 2, June 2/... f3,297 \3,245 Dec. 2/... f 3,738 ^3, /...;... f3,565 t 3,438,807,974 2,05 2,098 2,3 2,62,475,598,625,668,72, " 92 j Long-term claims ^ 200 J 86 2,282, f766 ^ 882 2,3 2,88 2,482 2,430 2,776 2,853 2,397 2,299,739,778 2,000,952 2,306 2,338 2,000, ^ 260 / ,884 2,628 2, , /... f 4,483 (4,58 2,946 3, ,572 3,783 3, , /... f5,925 I 6,459 3,70 4, Sept... 7,74 4,36 3, ,858 2,529 2,599 3,24 3,495 Dec... 7,029 4,7 3, ,92 97-Mar... 7,445 4,499 3, ,945 June... 7,645 4, ,753 4,854 Sept. 4,46 p , ,08,69,39,537,570 2,25 2, ,953 2,899 Note: Breaks in series arising from changes in reporting coverage which amount to $5 million or less for any year are not shown; in such 2/ 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 p for earlier quarter ends when the reporting coverage changed. Data on the two lines shown for this date differ 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. Preliminary.

119 February 972 Country CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-2. - Short-Term Claims by Country (Position at end of period in millions of dollars) Calendar year / Sept. Dec. Mar. June Sept. p Europe: Finland United Kingdom , , , Other Western Europe * ,449 2,039,732,909,977,652,997 2,027,928 Canada Latin America: Chile Panama Uruguay Other Latin American Republics Netherlands Antilles and Surinam Other Latin America ,036 Asia: * * * * * * * India Africa: United Arab Republic (Egypt) Other countries: other countries ,00 3,782 3,709 4,24 4,35 4,5 4,496 4,688 4,850 International and regional... * * * " T 4 4 Grand total... 3,0 3,783 3,70 4,24 4,36 4,7 4,499 4,692 4,854 3 / Data in the two columns shown for this date differ because of changes column are comparable to those shown for the following date, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary.

120 U4 Country CAPITAL MOVEMENTS, Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-3. - Short-Term Claims, by Type and Country, as of September 30, 97 Preliminary short-term claims (Position in millions of dollars) Payable in dollars Deposits with banks abroad in reporter s own name Treasury Bulletin Payable in foreign currencies Other short-term claims payable in foreign currencies Eurone: Austria * Belgium-Luxembourg * * 6 5 * * * 0 * * * Switzerland * 4 4 * * 4 4 * * 2 * * Europe...,928, Lgiin. America: Chile * * * Uruguay * Other Latin American Republics Bahamas and Bermuda * Netherlands Antilles and Surinam. 9 9 * * 22 9 * 2, Asia: * * * * Taiwan * 6 5 * Africa: 4 3 * * United Arab Republic (Egypt) Other countries: International and regional ,850 4, Grand total... 4,854 4, * Less than $500,000.

121 February 9J2 5 End of calendar year or month..capital MOVEMENTS. Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-4. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Type short-term liquid claims (In millions of dollars) Payable in dollars Payable in foreign currencies Deposits Short-term Deposits investments / Demand Time Demand Time Short-term investments i j ,436, / f \ / f, ^, ,638,306 28, ia Aa 0 / f,38, !4 76 \,454,85, , > I 970-Nov...,485, a Dec..., Jan..., Feb..., Mar...,450, Apr......,468, May...,530, June...,462, July...,475, Aug...,666,297, a 28 Sept... l,552r l,l65r 96lr r 280r 07 Oct... l,576r l,200r 996r Nov...,570,89 <^ Note: Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables CM-IV- through CM-IV-3. / Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than one year from the date on which the obligation was incurred by the foreigner. 2/ Data on the two lines shown for this date differ 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, r Revised. Table CM-IV-5. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Country (Position at end of period in millions of dollars) Calendar year 97 Country / 970 June July Aug. Sept. Oct. Nov. Belgium-Luxembourg 2/ France Germany Italy Netherlands Switzerland United Kingdom r 62 Canada a r 525r 488 Bahamas and Bermuda r 237 Japan All other countries 2J 2/ ,63,638,38,454,095,462,475,666 l,552r l,576r,570 Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables CM-IV- through CM-IV-3. 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. 2/ Through December 967, Luxembourg included in "All other countries." 2/ Includes the liquid claims of $500 thousand or more held by reporting concerns in any country not listed above, r Revised.

122 6 Treasury Bulletin Country CAPITAL MOVEMENTS. Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-6. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country, as of November 30, 97 (Position in millions of dollars ) short-term liquid claims Payable in dollars Deposits Short-term investments / Payable in foreign currencies Deposits Short-term investments / Belgium-Luxembourg _ * * * France Germany * 7 7 * Italy Netherlands * * _ Switzerland _ United Kingdom * Canada Bahamas and Bermuda * * - Japan * All other countries 2/ ,570, Note: Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables CM-IV- through CM-IV-3. i/ Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than one year from the date on which the obligation was incurred by the foreigner. 2/ Includes the liquid claims of $500 thousand or more held by reporting concerns in any country not listed above. * Less than $500,000.

123 February CAPITAL MOVEMENTS Section IV - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-7. - Long-Term Claims by Country Country (Position at end of period in millions of dollars) Calendar year / Sept. Dec. Mar. June Sept. p Europe: Austria... 2 * * * * * Denmark Finland... * Spain * * U.S.S.E. - * * * oi Latin America: Chile Cuba Panama Uruguay Other Latin American Republics* Netherlands Antilles and Surinam. * _ * * * * * * * * Asia: China Mainland.... _ Hong Kong... * 2 2 India Indonesia Africa: * * * * * * * * * * * * * * Other countries: ,570,790 2,25 2,335 2,858 2,92 2,945 2,952 2,898 International and regional * * *... Y ~.". Grand total...,570,790 2,25 2,335 2,858 2,92 2,945 2,953 2,899 / Data in the two columns shown for this date differ because of changes column are comparable to those shown for the following date, in reporting coverage. Figures in the first column are comparable in * Less than $500,000. coverage to those shown for the preceding date; figures in the second p Preliminary.

124 8 Treasury Bulletin Calender year or month o. apttat. 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 Sales o f Long-Term Domestic Securities by Type (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Marketable U S. Government bonds and notes Corporate and other securities <et foreign purchases Foreign countries Official instituitons I Other foreign- Iers International and regional Gross foreign purchases Gross foreign sales Net foreign purchases of corporate and other securities Net foreign purchases Bonds / Gross foreign purchases Gross foreign sales Stocks Net Gross foreign foreign purchases purchases Gross foreign sales ,224, ,397, , ,224,862 I ,730, ,977, ,744, ,067 2, ,780 2, ,260 2, ,867, ,724 2, ,49, ,076 3, ,077, ,720 4, , ,0, ,740 5, , ,243, ,033 7, ,234,964 4,446 2,48 2,270 3,8 0, ,688,202 3,054,853,487 2,429 0, a , ,499, ,927 8,30 97p...,672 * ,44 742', ,922 2, ,60 0, Dec , Jan Feb ,39,7 Mar ,7,43 Apr * 3 8 ' ,24,29 May r June r * July Aug Sept Oct * Nov. p * Dec. p , / Data include transactions in issues of states and municipalities, and not guaranteed by the United States. of corporations and other agencies of the U.S. Government which are p Preliminary. * Less than $500,000. r Revised. Table CM-V-2. - Foreign Purchases and Sales of Long-Term Foreign Securities by Type Calendar year or month (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) 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 ,363 -, , , , , , ,093 2, ,044 -, , , ,242,98 2, ,778 2, ,320 -,63 2,024 3, , ,695 -,380 2,306 3,686-34,252, ,547 -,029,552 2,58-57,59 2, ,490 2,4a 36, p ,685 2,56-46,385, Dec Jan Feb Mar Apr May June July., Aug Oct Nov. p Dec. p p Preliminary.

125 February 9J2 CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-3. - Net Foreign Transactions in Marketable U.S. Government Bonds and Notes by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) 9 Country Calendar year p July Aug. Sept. Oct. Nov. p Dec. p Europe; Austria... * * * * - - * Belgi um- Luxembourg... - * 5 - * - - * - - Denmark... * Finland France... * * * * * * * * - * Germany... - * * * * * - * * * Greece * - - * * * - Italy * * * * - - * * * Netherlands... * * * * - * * * - - Norway * * - * * - * - Portugal * Spain... - * * * Sweden _ * * _ 4 Switzerland * - * 3 * Turkey * United Kingdom Yugoslavia " - - _ Other Western Europe * 55 _ * 25 2 _ U.S.S.R... Other Eastern Europe... * * * * - Europe Canada * * IMjL.fi Africa: Argentina... * * Brazil... * * _ Chile... * * * _ Colombia.... * * _ Cuba... _ Mexico... * * * * Panama * * * * * * * Peru... * * _ Uruguay... Venezuela.... * * * * _ Other Latin American Republics.. * * - _ Bahamas and Bermuda * _ * _ * * * Netherlands Antilles and Surinam. 6-3 * * * _ Other Latin America..... * * * _ -. Latin America * * * * * * * Asia; China Mainland... _ Hong Kong... * * * * * _ * * India... * Indonesia... _ * * Israel... * * * * _ Japan *, Korea... _ * _ Philippines... * * * * _ * * Taiwan * _ Thailand... * 2 - * _ Other Asia * * * - * * Asia , Africa; Congo (Kinshasa).... Morocco... _ * South Africa... United Arab Republic (Egypt)... Other Africa Africa ^Aus traliat^?? * * * * All other * _ other countries... * * * * foreign countries , International Mid regional: International Latin American regional * * * Asian regional * * international and regional * Grand total... -4sr~ -73 &.,^72 2&0 22 L p Preliminary. * Less than $500,000.

126 20 Treasury Bulletin CAPITAL MflVBMBMTfl Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-4. - Estimated Foreign Holdings of Marketable U.S. Government Bonds and Notes by Country Country 969 (Position at end of period in millions of dollars) Calendar year (Sqe note) 97p July Aug. Sept. Oct. Nov. p Dec. p Europe: * * * * * * * * * * Belgium-Luxembourg... * * * * * * * * * * * * * * * * * * * * * * Italy... * * * * * * * * * * * * * * * * * * * * * * * * * * * k Sweden * * Other Western Europe Other Eastern Europe Europe Canada Latin America: * * * * * * * * * * * * _ _ Chile... * * _ - - _ * * * - - _ - _ Cuba... _ - Mexico... * * * * * * * * * * Panama... * * * * * * * * * * Peru... * * _ - - _ * * Venezuela... * * * * * * * * * * Other Latin American Republics Bahamas and Bermuda Netherlands Antilles and Surinam * * * * * * * * * * Latin America... Asia: - - * * * * * * * * * * India _ _ Indonesia... * * - _ _ Israel... * * * * * * * * * * Japan , ,009,488,77 _ * * * * * * * * * * * * - * * * * * _ 2 2 _ 2 * * * * * * * * * Other Asia Asia , ,038,58,727 Africa: * * - _ South Africa... * * * * * * * * * * United Arab Republic (Egypt)... _ Other Africa Other countries: * * * * * * * * * * - * other countries... * * * * * * * * * * ,402,2,43,530,782 2,228 2,402 International and regional: International * Latin American regional Asian regional * * international and regional Grand total ,558,354,567,685,937 2,383 2,558 Note: Data represent estimated official and private holdings of marketable of December 3, 970, rather than as of the survey date. The difference U.S. Government securities with an original maturity of more than one year. between the two series is believed to arise from errors in reporting Data shown as of end year 968 through end year 970 (first column) are during the period between the two benchmark surveys, from shifts in based on November 30, 968 benchmark Survey of holdings and the regular ownership not involving purchases or sales through U.S. banks and monthly reports of securities transactions (see Table CM-V-3). Data shown brokers, and from physical transfers of securities to and from abroad, for end year 970 (second column) through latest date are based on a it is not possible to reconcile the two series or to revise figures benchmark survey as of January 3, 97, and the monthly transactions for earlier dates. reports. For statistical convenience, the new series is introduced as * Less than $500,000. p Preliminary.

127 February CAPITAL MOVEMENTS. Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-5. - Net Foreign Transactions in Long-Term Domestic Bonds, Other than U.S. Government Bonds and Notes, by Country Country Calendar year p July Aug. Sept. Oct. Nov. p Dec. p Euroue: Austria... 3 * - * * * * * * Belgium-Luxembourg Denmark * * _ * * * Finland... * * * 2 _ * _ * France * 5 * - Germany Greece... 5 * * * * * * _ Italy * * * -3 Netherlands * * - -2 Norway * -2 * * 6 2 Portugal... * * * * * * * * * * Spain... 3 * * * * * Sweden Switzerland * Turkey... ;... * * * * * * _ * * * United Kingdom Yugoslavia... * * * * _ Other Western Europe * 2 * * * * U.S.S.R... * Other Eastern Europe... * * * Europe..., Canada * Latin America: Argentina... * * * * * * -* * * Brazil... * * * * * * * ~ * * Chile... * - * * * * * * * * Colombia... * * * * * * * * * Cuba... _ - _ Mexico * * - * * Panama * * 7 2 * * * * - Peru... * * * * * _ * * * * Uruguay... * * * * * * * * * Venezuela... 3 * * * * * * Other Latin American Republics.. * - * * * * * * * Bahamas and Bermuda Netherlands Antilles and Surinam Other Latin America... * * * * * - * * * * Latin America * Asia: China Mainland... Hong Kong * * * * India... * * * * * _ * * Indonesia... * * * * * * _ Israel * * * * * * * Japan * 2 6 * * * * * * Korea... * _ * _ * - Philippines * - * * * * * * Taiwan... * - * * Thailand... * * * * * * * * * * Other Asia * * * * Asia * * - 2 Africa: Congo (Kinshasa)... * * _ Morocco.... * * * * South Africa... * * * * * * * _ * _ United Arab Republic (Egypt)... * * Other Africa... * - * - * - - * - * Africa... * - * * * * * * * Other countries: Australia * * * * -5 - All other... * * - * * other countries * * * * -5 - foreign countries..., International and regional: International European regional * * * Asian regional international and regional Grand total...,964, <d0 94 '"-4O.. -- =TT.. Note: Data include transactions in issues of states and municipalities, p Preliminary. and of corporations and other agencies of the U.S. Government which are * Less than $500,000. not guaranteed by the United States.

128 22 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-6. - Net Foreign Transactions in Domestic Stocks by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital 'from the United States) Country Calendar year p 97 July Aug. Sept. Oct. Nov. p Dec. p Europe: Austria... Belgium-Luxembourg... Denmark Finland... France... Germany... Greece... Italy... Netherlands... Nonray... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe.... U.S.S.R... Other Eastern Europe... Europe * * -28-4, * , *6-0 7* * *2 9 * * 38 * *2 2 * 2 - * * * * 0 * Canada... Latin America; Argentina... Brazil... Chile... Colombia... Cuba... Mexico... Panama...'... Peru... Uruguay... Venezuela... Other Latin American Republics.. Bahamas and Bermuda... Netherlands Antilles and Surinam Other Latin America... Latin America... Asia: China Mainland Hong Kong India... Indonesia... Israel... Japan Korea... Philippines... Taiwan... Thailand... Other Asia... Asia... Africa: Congo (Kinshasa)... Morocco... South Africa United Arab Republic (Egypt)... Other Africa... Africa... fifther, countries: Australia... All other.... other countries * * * * 42 * * foreign countries... 2,257, JnternaMflnal and regional: International... European regional... international and regional Grand total ,270, p Preliminary. * Less than $500,000.

129 February 972.CAPITAL MOVEMENTS Section V - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-V-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country fin millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Country Calendar year p July Aug. Sept. Oct. Nov. p Dec. p 23 Europe: Austria... 2 * * * * * * Belgium-Luxembourg * 2 6 * Denmark * * * * * * Finland * * * * -4 France * - * * 2-3 * Germany * * - Greece * * * * Italy * * 2 * - Netherlands Norway * * - Portugal * * * * - * * Spain * 4 * * * * * Sweden * * * * * Switzerland * Turkey... * * * * _ * United Kingdom * Yugoslavia... - * Other Western Europe * -7 * - * * Other Eastern Europe... * * * * * - - Europe Canada Latin America: Argentina * * * * -25 Brazil * * * - * -2 Chile * * * -3 * * Colombia * * * * Cuba... * * * Mexico * Panama... 3 * * * * * * * Peru * * * * * * * Uruguay * 3 * * * * * * Venezuela * * * * * * Other Latin American Republics * * * * * - Bahamas and Bermuda * 2 2 * * 2 Netherlands Antilles and Surinam * * * * * Other Latin America * - - * * Latin America... * * Asia: China Mainland... Hong Kong * * * * * India * _ Indonesia * -3-6 _ - * - * - Israel Japan * - Korea... * _ Philippines * * * * * * * Taiwan... _ - * * * * * * * * Thailand * * * * * * * Other Asia * * * * * * Asia Africa: Congo (Kinshasa) * * Morocco * * South Africa * * 3 * United Arab Republic (Egypt)... * * * Other Africa * a. * -4 Africa * * -4 Ql^er,countries; Australia... All other * 2 * 2 other countries foreign countries... -,054 -, International and regional: International European regional... 6 * * * * * * _ Latin American regional * 5 * 5 _ Asian regional _ _ international and regional Grand total , p Preliminary. * Less than $500,000.

130 24 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-8. - Net Foreign Transactions in Foreign Stocks by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the Unites States) Country Calendar year p July Aug. Sept. Oct. Nov. p Dec. p Europe: Austria... * - * * * * * * * * Belgium-Luxembourg * * 5 4 Denmark... * * * * * _ * * * * Finland... * * * -2-2 * * _ France * Germany * 5-2 * -2 Greece... * * - * * * * * * * Italy * * * * * * Netherlands Norway... * * * * * * * * * * Portugal.... * * * * * * - * * * Spain * * -3 * * * * * * Sweden * * * * * * * _ * Switzerland Turkey...;... * * * * * - - United Kingdom Yugoslavia... - * - * Other Western Europe... * * * * * * * * * Other Eastern Europe * * - - * * - - Europe Canada Latin America: Argentina * - * * * * * * Brazil... * * * * * _ Chile... * * 2 * * * * _ * Colombia... * * * * * * * * * _ Cuba... _ * Mexico * * * * Panama... ' * -6 * * * * * * Peru... - * * * _ * * _ * _ Uruguay... - * * * * * * * * * Venezuela * -3 * * * * * * * Other Latin American Republics.. * -2 * -2 * * * * -2 * Bahamas and Bermuda... * Netherlands Antilles and Surinam Other Latin America... * * * * * * * * * Latin America... * Asia: China Mainland... _ Hong Kong * - * * * * India... * * * * _ * Indonesia... * * * * * * * * Israel * - * * * Japan Korea... * * * * * Philippines * * * * * Taiwan... * * * * * * * _ Thailand... * * * * * * * * * * Other Asia * * * * * * * Asia Africa: Congo (Kinshasa)... * * * * _ Morocco * * _ * _ * South Africa * * * * United Arab Republic (Egypt)... * * * * _ * _ Other Africa... * * - * - * * * * * Africa * * * * * Other countries: Australia * * All other... * * * - - * - * - * - * * other countries * * * * * * foreign countries International and regional: International * - - international and regional * - - Grand total p Preliminary. * Less than $500,000.

131 February Countiy 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 of Long-Term Securities, by Type and Country, During December 97 Preliminary (In millions of dollars) Gross purchases by foreigners Gross sales by foreigners Domestic securities Foreign securities Domestic:securities Foreign securities Marketable Corporate and Marketable U.S. Government bonds Bonds Stocks sales ment bonds Bonds Stocks purchases other Corporate and U.S. Govern other and notes Bonds Stocks and notes Bonds Stocks Europe: 3 * 2 * * 2 * 2 * * Belgium-Luxembourg _ 0 73 T ppnmarlc - * * - - * * * * _ * * * Frap^e * Germany * * Greece * * * - * * * Tt»Jy * * 7 5 ands Norway * * 3 - * 2 * Portugal......*... - * * * * - * * * * Spain * 4 - * 3 * * Sweden * *,Swi and 40 * Turkey.... * - * * - - * ' - * * - - United Kingdom, Yugoslavia OthftT* yfftfttj&m T?iirope 2 * * 2 * * 2 * * * * _ - _ * - - * - - Europe, , ij..^ Ido ojl OX <c9-l PO -*-^4 i0/ JO»7C (s Latin America: Argentina... 3 _ * 2 * 2 _ * 2 * *... * _ * * * * * 2 * Chile... * _ * * * * * - - * - - Col ombi a..,.... * * _ * _ - * * - Cuba * _ - _ * Mexico _ * _ * Panama, * * 0 * * 8-6 * Peru * - * * * _ * - - * * - Uruguay.... _ * * * * * * * Venezuela. 6 _ * 5 * 4 - * 3 * Other Latin American Republics... 3 _ * 2 * 4 - * Bahamas and Bermuda * * Netherlands Antilles and Surinam * * * * * * Latin America... ±<c 0 62 g * Asia: China Main!and.... _ * Hong Kong * * 6 2 India * * * * * Indonesia.... * * * * Israel... 9 * 2 7 * 43 * 42 * Japan * * * * Korea * * * * * Philippines.... * * * * * * Taiwan.... * * * Thai!and... * * * * * * * * * Other Asia * * 6 * 5 * Asia... Op Q Africa: Congo (Kinshasa)... * * Morocco... * * * * South Africa... * * * United Arab Republic (Egypt)... * Other Africa... 2 _ * * 6 * * 5 * Africa... 2 * * 6 * 5 * Other countries: Australia * * All other... * * * * * other countries... j'i 2 * * * foreign countries... 2, , T9T", " 857 rj2 Y5± International and regional: International European regional... _ Latin American regional... * _ Asian regional... * * international and regional _ 4. _ n 2, , ,60 eb ' 5 * Less than $500,000.

132 226 Treasury Bulletin Country TAPTTAT. 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 of Long-Term Securities, by Type and Country, During Calendar Year 970 (In millions of dollars) Gross purchases by foreigners Gross, sales by foreigners Domestic securities Foreign securities Domestic>securities Foreign securities Marketable Corporate and Marketable Corporate and U.S. Government bonds Bonds Stocks sales ment bonds Bonds Stocks purchases other U.S. Govern other and notes Bonds Stocks and notes Bonds Stocks Eurone: 28 * * * * * 7 * * 9 * * * 8 - * * * * * * * * * * 3 - * 2 - Italy * * U 953 * * * * 40 * * 7 - * 4 3 * 2 - * 2 * * 39 * * * * 3, , , , * * * * 3 - * 3 * * 2, , , * - - * * - * - * * * 3 6 * 23 * 9 3 * * _ * _ * * - * 2 * * _ 8, ,277 6, , , , , sr 3, ",220, Chile * _ * 2 * 5 - * 2 * * 4 * * 7 * * 6 * 9 * * 6 2 * * - - * * - * - - * - - Panama. 75 * * * * * 4 * 5 * * 5 * * * 9 - * 6 * 49 * * * * * Netherlands Antilles and Surinam * 5 * * * * 9 * Latin America......, , , , Asia; * - - * - - * - - * * * India * * 2 * _ * * * * Indonesia... * _ * * _ * 4 * * * 3 * 42 * * * * * * Korea * * 4 * - * 4 * Philippines... 3 * * 8 4 * * Taiwan... _ * * * - * - * 6 2 * 2 * 6 4 * 2 _ * * _ _ Africa; Congo (Kinshasa).... * * * *. * * Morocco * - * * _ * * South Africa... 5 _ * 4 * * 6 _ * 4 * 2 United Arab Republic (Egypt)... * _ - * - - * - - * * * * Africa * Other countries: Australia * 4 4 * 4 All other * 0 * * - * - * other countries * 4 4 * 5 foreign countries f m r m r t m T 7 W " i ; w.. 575" ' it Z T - $97 feteraatignax and, regional International _ European regional _ - _ - * - * - * - Latin American regional _ 00 6 _ - 94 _ Asian regional.... _ international and regional , ,499 8,927,490,033 3, ,543 8,30 2, * Less than $500,000.

133 February 972 CAPITAL MOVEMENTS. 27 Country 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 Sept. Dec. Mar. June Sept. p Europe: 2 2 * Belgium-Luxembourg i/ Denmark... * * * * _. * Finland... * * * * * * * * * France * * * * * * Italy * * * * * * * * * * * * * * * United Kingdom * * * * * * * * * * * - Other Eastern Europe... * * * * * * * * * Europe Latin America: * * * * * * * Chile... * * * * * * * * * * * * * * * * * * * * * * * * * * * * Other Latin American Republics... 2 Bahamas and Bermuda Netherlands Antilles and Surinam * * * * * * * * * Asia: * - * * India... * * * * * * * * * * * * * * * * * * * * * * 2 2 * 2 5 * * * * * * * * * * * * * * * * * * * * * * * * * * * * Africa: * * * * * * * * * * * * * * * * * * * * * * United Arab Republic (Egypt)... * * * * * * * * * Other countries: * * * * * * * * * * * * * International and regional Grand total Note: Data represent the money credit balances (due to foreigners), as / Through June 967, Luxembourg included in "Other Western Europe." appearing on the books of reporting brokers and dealers in the p Preliminary. United States, in accounts of foreigners with them, and in their * Less than $500,000. accounts carried by foreigners.

134 28 Treasury Bulletin CAPITAL MOVEMENTS Section VI - Foreign Credit and Debit Balances in Brokerage Accounts Table CM-VI-2. - Foreign Debit Balances (Due from Foreigners) by Country Country (Position at end of period in millions of dollars) Calendar year Sept. Dec. Mar. June Sept. p Europe: * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 2 * Turkey... * * * * * * * * * * - * * * * * - * * * _ * * * * * Canada Latin America: Chile * * * * * * * * * * * * * * * * * * * * * * * * Panama*. * * * =* * * * * * 3 * * * * * Other Latin American Republics... * * Netherlands Antilles and Surinam * * * * * * * * * Asia: China Mainland.... _ India... * * * * * * * * * * * * * * * * * * * 2 * 4 3 * * * * * * * * * * Taiwan... * * * * * * * * * * * 2 2 * * * Africa: * - * * * * * * * * * * * * * * * * * * * * 2 United Arab Republic (Egypt)... * * * * * * * * * * * * * Other countries: * * * * * * * * * * * * * * * * * foreign countries International and regional Grand total Note: Data represent the money debit balances (due from foreigners), / Through June 967, Luxembourg included in "Other Western Europe." as appearing on the books of reporting brokers and dealers in p Preliminary, the United States, in accounts of foreigners with them, and in * Less than $500,000. their accounts carried by foreigners.

135 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS The financial statements o f corporations and other busi- ness-type a ctivities o f the United States Government, which have appeared in the "Treasury Bulletin since the August 956 issue, are compiled from reports submitted to the Treasury under Department Circular No. 966, issued January 30, 956, and Supplement No., Revised, issued June 6, 965. These regulations were issued pursuant to the Budget and Accounting Procedures Act o f 950. Regulation They superseded Budget-Treasury No. 3, issued under Executive Order No. 852 of August 3, 940, as amended by Executive Order No of March 3, 942, under which financial statements previously published in the Bulletin were submitted. Department Circular No. 966 requires submission of financia l statements by a ll wholly owned and mixed-ownership Government corporations sp e cifica lly included in the Government Corporation Control Act, as amended (3 U.S.C. 846, 856); and a ll other activities o f the Government operating as revolving fluids. Other activities and agencies whose operations, services, or functions are largely self-liquidating or primarily of a revenue-producing nature, and a ctiv itie s and agencies whose operations result in the accumulation o f substantial inventories, investments, and other recoverable assets, were brought under the regulations as the agency accounting systems were developed to where they were capable o f furnishing the required financial reports. Four kinds o f financial statements are called for by Department Circular No They are statements of financial condition, income and expense, source and application o f funds, and certain financial contingencies. The statements of financial condition are published quarterly and appear as Section I, Table GA-I-. The fir s t statements o f financial condition published under Circular 966 were as o f March 3, 956, arid were presented in the August 956 Bulletin. Loans shown on the statements o f financial condition are classified by type and account in Section III, Table GA-III-2. Statements of income and expense and source and application o f funds are published semiannually, for June 30 and December 3 reporting dates, and appear as Section I, Tables GA-I-2 and GA-I-3. The fir st of these statements under Circular 966 covered the fiscal year 956, and were published in the January 957 Bulletin. All funds shown in the statements are noted to indicate whether they are public enterprise revolving funds, intragovernmental revolving funds, trust or trust revolving funds, or general and special funds. Supplement No., when originally issued in 956, extended the coverage to include a ll executive agencies and activities not previously reporting under Circular 966, but required only a statement o f financial condition annually as o f June 30. These were activities which were not principally of a businesstype nature. Those which had not yet developed formal accounting procedures to provide complete balance-sheet type statements were temporarily authorized to report only assets. Thus, the supplement rounded out provisions for information on properties and other assets, as well as lia b ilitie s, o f the United States Government a ll of which is needed by Treasury for the compilation of complete Government-wide financial reports. The first comprehensive reporting under the original Supplement No. was for June 30, 957, and the data were published in the December 957 Bulletin as Part B o f Table 4 in Section I. Statements submitted under this supplement are now published annually in Section II, Table GA-II-. The revision to Supple-*- ment No. in 965 made no basic change to the overall purpose of the originally issued supplement; i t updated and consolidated a ll amendments to both the regulation and instructions.

136 30 Treasury Bulletin Account FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND F U N D S Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30,97 Legislative Branch Government Printing Office (IR) (In thousands of dollars) Appalachian housing fund (PE) Funds appropriated to the President Office of Economic Liquidation Military Opportunity of foreign assistance military credits in Economic sales liquidation opportunity fund (PE) (G&S) loan fund (PE) / Agency for International i/cvcjlupjuullu rvnfnori+ Acquisition of property revolving fund (IR) ASSETS Cash in hanks, on hand, and in transit , Fund balances with the U.S. Treasury 2/... 24,643,447 38,874 2,84 26,86 304,687 -,98 Investments: Public debt securities (par value)... 3,89, _ Securities of Government enterprises... 60, Securities of Government-sponsored enterprises...*... 20, Other securities... 3,836,754 _ - Unamortized premium, or discount (-) , _ Advances to contractors and agents: Government agencies , * Other , Accounts and notes receivable: Government agencies...,797,420 49, _ 2,749 Other (net) , _ 8,52,48 63, Allowance for losses (-)... -3,430 _ Accrued interest receivable: On public debt securities... 53, On securities of Government enterprises. 993, _ - Other...,083, ,730 8,000 Loans receivable: Government agencies... - Other: U.S. dollar loans... 43,95,58 -,070 62,958 97,,87 _ Foreign currency loans... 5,584, _ Allowance for losses (-) ,700 _ - -29,705 _ Acquired security or collateral:,027,638 2 _ Other ,87 * _ - _ Allowance for losses (-) ,93 Land, structures, and equipment... 20,086,494 33,330 _ Accumulated depreciation (-) ,428,59-25,030 - Foreign currencies... 29,694 Other assets (net)... 8,6, * -,089 assets... 39,27,967 j/ 6,99 3,885 62,96 409,798,87 5,89 4/ LIABILITIES Accounts payable:.government agencies...,005,388, Other... 3,828,804 22, Accrued liabilities: Government agencies...,004, ,02 Other ,765 2, , Advances from: Government agencies , Other... 30,437 2, , Trust and deposit liabilities: Government agencies... 6,80, Other , Bonds, debentures, and notes payable: Government agencies... 66, _ Participation certificates... 5,970,000 _ - _ - - _ Principal payments for redemption of participation certificates (-) ,360 5J _ Other...,898, _ Other liabilities (including reserves)... 8,99,878 4, liabilities... 24,33,29 36, ,848 6/ -,358 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... 00, _ - Borrowings from the U.S. Treasury... 25,20,786 - _ Other... 2,592,892 0,850 _ Noninterest-bearing investment: Capital stock... 80,000 - _ - - _ Appropriations... 67,46,04 5,500 4,000 3,400 78,400,87 5,000 Capitalization of assets (net)... 6,047,964 33,85 - _ 97,066 - _ Other... 34,60, _ Accumulated net income, or deficit (-).. -9,94,420 39, ,88 2,484 _ -540 Deposits of general and special fund revenues ( - ) _ - United States interest... 0,209,932 24,73 3,872 6, ,950,87 4,460 Trust and private interest: Principal of fund... 2,456 _ Accumulated net income, or deficit (-) trust and private interest... 4,874, liabilities and investment... 39,27,967 6,99 3,885 62,96 409,798,87 5,89 Footnotes at end of Section. (Continued on following page)

137 February _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND F U N D S Account Section I - Governm ent Corporations and Other Business-Type A ctivities Table G A -I-. - Statem en ts o f Financial C ondition, Septem ber 30, 97 - (Continued) Alliance for Progress, development loans (PE) Common defense, economic, and triangular trade loans (GSS) (In thousands of dollars) Funds appropriated to the President - (Continued) Agency for International Development - (Continued) Development loans (PE) Development loan fund liquidation account (PE) Foreign currency loans Private enterprises (GSS) 2/ Housing investment guaranty fund (PE) Loans of predecessor agencies in liquidation (GfiS) ASSETS Cash in banks, on hand, and in transit Fund balances with the U.S. Treasury 2 j...,54,656 2,43,229,363 20,784-50,407 9,855 Investments: Public debt securities (par value) Securities of Government enterprises... _ - - Securities of Government-sponsored enterprises Other securities... _ , Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies... - _ - - Other ,452 _ Accounts and notes receivable: Government agencies... _ 2 _ Other (net)... 42, Inventories _ - Allowance for losses (-)... _ - - Accrued interest receivable: On public debt securities... _ - _ On securities of Government enterprises. _ Other... 8,724 38,503 25,036 4,825 6,326-9,348 Loans receivable: Government agencies Other: U.S. dollar loans... 2,442,66 59,320 5,436,426 27, ,024 Foreign currency loans... _ 3,870,57-798,669 65, ,36 Allowance for losses (-)... _ Acquired security or collateral: Real estate... _ Other _ Allowance for losses (-)... _ Land, structures, and equipment.... _ - Accumulated depreciation (-)... - Foreign currencies... _ 4,48 85,508 _ 2,759 Other assets (net) ,405 assets... 3,60,572 4,0,80 6,733,497,055,69 258,37 5,450,686,707 LIABILITIES Accounts payable: Government agencies... 3 _ 5, Other... 3,655 2 _ 46 7,799 Accrued liabilities: Government agencies... _ ,623 Other... 20,68 _ 3, Advances from: Government agencies... _ _. - - Other... Trust and deposit liabilities: Government agencies... _ - - Other... _ - - Bonds, debentures, and notes payable: Government agencies Participation certificates Principal payments for redemption of participation certificates (-) Other Other liabilities (including reserves) ,405 liabilities... 24, ,78 5, / 78,827 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury ,000 Other Noninterest-bearing investment: Capital stock... - Appropriations ,466,925 5,750,63 6,42,753 2,000, ,660 -,50,288 Capitalization of assets (net) _ - - Other... 69,232-29,763 83,72-242,44 -, Accumulated net income, or deficit (-).. 50, , , ,0-46,838 5, ,076 Deposits of general and special fund revenues (-)... _ / _ -,243,223 8/ -224,200 g/ - -90,484 8/ United States interest... 3,586,222 4,0,799 6,730,39,039, ,37 5,030,607,880 Trust and private interest: Principal of fund _ Accumulated net income, or deficit (-) trust and private interest liabilities and investment... 3,60,572 4,0,80 6,733,497,055,69 ' 258,37 5,450,686,707 Footnotes at end of Section. (Continued on following page)

138 32 Treasury Bulletin _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Funds appropriated to the President - (Continued) Agency for Expansion of defense production Int e mat lonal Development - Inter-American (Continued) Social International General Financial Other loans (G&S) 2/ Agriculture Department (PE) Interior Department (PE) Treasuiy Department (PE) Services Administration (PE) Development Institute (PE) Institutions (G&S) ASSETS Cash in banks, on hand, and in transit... Fund balances with the U.S. Treasury 2/... y, ,026 49,58 3,20,3 Investments: Public debt securities (par value) Securities of Government enterprises Securities of Government-sponsored enterprises Other securities ,832,458 2/ Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies Other... _ Accounts and notes receivable: Government agencies Other (net) Inventories , Allcwance for losses (-)... _ _ - - Accrued interest receivable: On public debt securities On securities of Government enterprises ,22 - -,692, Loans receivable: Government agencies Other: U.S. dollar loans... 55,59-2,535 6, Foreign currency loans... 59, Allowance for losses (-) Acquired security or collateral: _ Other... _ _ Allcwance for losses (-)... _ _ Land, structures, and equipment _ Accumulated depreciation (-) Foreign currencies _ Other assets (net) ,770 * - assets... LIABILITIES 652,847-2,2 8,402 95,223 49,585 6,952,57 Accounts payable:.government agencies... 4, Other Accrued liabilities: Government agencies ,949 7, , Other Advances from: Government agencies Other Trust and deposit liabilities: Government agencies Other Bonds, debentures, and notes payable: Government agencies Participation certificates Principal payments for redemption of participation certificates (-) Other Other liabilities (including reserves) ,726-9,72,593 liabilities... 4,958 4,949 7, ,23 73,72,593 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury ,062 38,800 -,877, Other... _ _ - Noninterest-bearing investment: Capital stock _ Appropriations , ,000 5,230,978 Capitalization of assets (net) Other... _ -9 Accumulated net income, or deficit (-).. 72,396-09,0-43,945 8,393 -,409, _ Deposits of general and special fund revenues (-) ,023 8/ United States interest ,889-4,949-5,45 8, ,992 49,5 5,230,978 Trust and private interest: Principal of fund Accumulated net income, or deficit (-).. - ~ ~ ~ - trust and private interest liabilities and investment ,847-2,2 8,402 95,223 49,585 6,952,57 Footnotes at end of Section. (Continued on following page)

139 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) Funds appropriated to the President - Agricultural (Continued) Overseas Service Private Investment Working Corporation capital (PE) / fund (IR) (In thousands of dollars) Commodity Credit Corporation (PE) Agriculture Department Consumer and Marketing Farmers Home Administration Service Agricultural Direct Emergency Milk market credit loan credit orders insurance account revolving assessment fund (PE) (PE) fund (PE) fund (TR) 2/ ASSETS Cash in banks, on hand, and in transit...,204,067 Fund balances with the U.S. Treasuiy 2/... 74, ,222 _ 99,34 296,726 74,77 Investments: Public debt securities (par value)... 52,290 _,65 Securities of Government enterprises... _ 59,26 Securities of Government-sponsored enterprises... _ 73 _ Other securities... _ Unamortized premium, or discount (-)... -2, Advances to contractors and agents: Government agencies... _,45 2/ _ Other... 4 _ Accounts and notes receivable: Government agencies ,773 _ 435 6,452 Other (net) ,378 52, Inventories... _ 95,0,545 _ Allowance for losses (-)... _ Accrued interest receivable: On public debt securities _ On securities of Government enterprises. Other _ 73,569 _ 35,974 60,54 Loans receivable: 3,484 Government agencies... - _ Other: U.S. dollar loans ,968, ,267,380,675 U / 9,69 Foreign currency loans... _ - _ Allowance for losses (-)... - _ -2,98 _ -8,725-63,277-26,426 Acquired security or collateral: Real estate... -, Other... 3,550 _ 4 * Allowance for losses (-)... Land, structures, and equipment ,924 _ 2 _ Accumulated depreciation (-) ,57 Foreign currencies... Other assets (net) , assets... LIABILITIES 230,65,463 7,36,573 3, ,386,693,630 7,78 Accounts payable:.government agencies... _ ,452 _ Other , _ Accrued liabilities: Government agencies... * 2 426,385 3,558 5,444 * Other ,584 _ 39,52 7,834 * Advances from: Government agencies... Other Trust and deposit liabilities: Government agencies... _ 362,256 _ Other... _ * 40,603 _ Bonds, debentures, and notes payable: Government agencies... Participation certificates... _ 490,69 Principal payments for redemption of participation certificates (-)... _ -35,757 _ Other... Other liabilities (including reserves)... 3, ,398,045,322 3,053 _ liabilities... NET INVESTMENT 4,65 6/ 774 3,428,753,63 73,763 6/ 374,59 * United States interest: Interest-bearing investment: Capital stock... 00,000 Borrowings from the U.S. Treasury... 6,284,694 35, ,960 Other... Noninterest-bearing investment: Capital stock... 20,000 _ Appropriations... 4, ,92 7,00 286,98 Capitalization of assets (net)... _ 379 _ 494,202 45,858 Other... 20,000 4,057,952 5/ Accumulated net income, or deficit (-).. 6, ,509, ,475 29,777-6,059 Deposits of general and special fund revenues (-)... - United States interest... 25, ,932, ,623,39,039 7,77 Trust and private interest: Principal of fund... Accumulated net income, or deficit (-) trust and private interest , liabilities and investment ,65,463 7,36,573 3, ,386,693,630 7,78 Footnotes at end of Section. (Continued on following page)

140 34 Treasury bulletin _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Agriculture Department - (Continued) Account Loans, salaries, and expenses (G&S) Farmers Home Administration - (Continued) Rural housing insurance fund (EE) Self help housing land development fund (PE) State rural rehabilitation funds (TR) 2/ Federal Crop Insurance Corporation (PE) 6/ Forest Service Working capital fund (IR) Rural Electrification Administration (G&S) ASSETS Cash in banks, on hand, and in transit Fund balances with the U.S. Treasury 2/... r'0, ,962, ,79 9,369 5,556 Investments: Public debt securities (par value)... _ 605 Securities of Government enterprises... Securities of Government-sponsored Other securities... _ Unamortized premium, or discount (-)... _ -3 Advances to contractors and agents: Government agencies... _,49 2/ _ Other Accounts and notes receivable: 4,530 2,03 3 2, ,425 _ * 40, _ 7,294 _ Allowance for losses (-)... Accrued interest receivable: On public debt securities... _ On securities of Government enterprises , _ 2,58 Loans receivable: Government agencies..., ,348 U J 2 3,629 _ 5,882,92 Foreign currency loans... _ - Allcwance for losses (-) ,76 _ -90-9,640 Acquired security or collateral: 3,869 _ Other... _ Allcwance for losses (-)... _ Land, structures, and equipment... 4,947 _ , Accumulated depreciation (-)... -, , Foreign currencies... _ Other assets (net) _ assets... 30,23,42,687 2,007 4,974 76,463 57,95 6,0,550 LIABILITIES Accounts payable: Government agencies ,950 -, Other _ 488,623 4 Accrued liabilities: Government agencies...,657,32 - _ ,637 3,590 57,764 - _ 23, Advances from: Government agencies _ Other... 2 Trust and deposit liabilities: _ 6 Other... 48,826 _ Bonds, debentures, and notes payable: Government agencies... _ Participation certificates... _ 94,42 _ Principal payments for redemption of participation certificates (-) ,40 Other... _ - _ Other liabilities (including reserves)... 9,296 24, liabilities... 63,866 44,29 6/ ,86 5,33 30,896 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... - _ - Borrowings from the U.S. Treasury ,78 - _ 5,845,582 Other... Noninterest-bearing investment: Capital stock... - _ 60,000 «_ Appropriations...,552,42 26,497 2,000 _ 80,229 _ 429,762 Capitalization of assets (net) ,77 35, ,270 Other... _ -824 _ Accumulated net income, or deficit (-) ,942-6,62 7 _ -87,97 3,5-203,25 Deposits of general and special fund revenues (-) , ,566 United States interest ,257 70,558 2,007-5,647 52,782 6,070,654 Trust and private interest: Principal of fund... _ Accumulated net income, or deficit (-) , trust and private interest , liabilities and investment... 30,23,42,687 2,007 4,974 76,463 57,95 6,0,550 Footnotes at end of Section. (Continued on following page)

141 February _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND F U N D S Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) Agriculture Department- (Continued) (In thousands of dollars) Economic Development Administration Commerce Department Maritime Administration Federal ship Account Maritime Vessel War-risk Working Economic mortgage Administration insurance operations insurance capital development fund (IR) revolving (G&S) revolving revolving revolving fund(pe) fund (PE) fund (PE) fund (PE) National Bureau of Standards Working capital fund (IR) ASSETS Cash in banks, on hand, and in transit Fund balances with the U.S. Treasury 2/ , , ,286 35,2 Investments: Public debt securities (par value) ,80-5,056 - Securities of Government enterprises Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) _ Advances to contractors and agents: Government agencies Other... _ Accounts and notes receivable: Government agencies..., ,60 * 4,644 Other (net) * 2, _ 677 Inventories ,573 Allowance for losses (-) _ - _ Accrued interest receivable: On public debt securities On securities of Government enterprises. - _ Other , Loans receivable: Government agencies Other: U.S. dollar loans ,44 4,294 20, Foreign currency loans Allowance for losses (-) , , _ Acquired security or collateral: Real estate _ Other _ - _ Allowance for losses (-)... - Land, structures, and equipment... 2,47-2,273,263 2/ - 6,883 Accumulated depreciation (-)... -, ,6,885 8/ - -3,326 Foreign currencies _ Other assets (net) ,072, * 95,057 assets... LIABILITIES Accounts payable: 3,00 485,08 2,088,433 35,599 7,675 5,05 78,885.Government agencies Other , ,836 Accrued liabilities: Government agencies ,87 _ Other _ 79,395 _ 29 _ 2,439 Advances from: Government agencies _ 78 _ 6,45 Other... _ 5 Trust and deposit liabilities: Government agencies... - _ -,850 Other... - _,054 Bonds, debentures, and notes payable: Government agencies... Participation certificates _ Principal payments for redemption of participation certificates (-) _ - Other... - _ Other liabilities (including reserves) ,780 3, ,387 liabilities... NET INVESTMENT / United States interest: Interest-bearing investment: Capital stock... - _ - _ Borrowings from the U.S. Treasury... Other Noninterest-bearing investment: Capital stock Appropriations ,53 6,460,796 _ 4,032 Capitalization of assets (net) ,700,359-35,252 Other ,582-2,077 _,45 Accumulated net income, or deficit (-) ,060-6,055,052 32,232 9,007 5, Deposits of general and special fund revenues (-)... -, _ United States interest...,777 48,093,837,258 32,232 6,93 5,007 50,805 Trust and private interest: Principal of fund... Accumulated net income, or deficit (-) _ trust and private interest liabilities and investment... 3,00 485,08 2,088,433 35,599 7,675 5,05 78^885 Footnotes at end of Section. (Continued on following page)

142 236 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Accoimt Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Commerce Department - (Continued) National Oceanic and Atmospheric Administration waxionax Marine f isneneis Service Federal ship mortgage insurance fund, fishing vessels (PE) Fisheries loan fund (PE) Fishermen's protective fund (PE) Revolving fund (IR) Working capital fund (IR) Defense Department Military Tr>r*r» TVa-n»T»+.mno,n+ Defense production guarantees (PE) Industrial fund (IR) 9/ ASSETS Cash in hanks, on hand, and in transit Fund balances with the U.S. Treasury 2/ , ,75 5,74 Investments: Public debt securities (par value)... _ Securities of Government enterprises... _ Securities of Government-sponsored _ Other securities... _ - - Unamortized premium, or discount (-)... _ - _ - _ Advances to contractors and agents: Government agencies _ Other... _ 6 Accounts and notes receivable: Government agencies... _ 30 2,042 _ 28,575 3 _ , ,409 Allowance for losses (-)... _ - _ Accrued interest receivable: On public debt securities... - _ - - _ On securities of Government enterprises. _ _ Other... _ 254 _ Loans receivable: Government agencies... _ Other: U.S. dollar loans... _ 9,06 _ 474 _ Foreign currency loans... _ Allowance for losses (-)... _ -7 _ Acquired security or collateral: _ Other... _ 33 _ Allowance for losses (-)... _ Land, structures, and equipment... _ 0 _ 270,702 Accumulated depreciation (-)... _ -00 -,002 Foreign currencies... _ Other assets (net) assets , ,367 6,89 436,65 LIABILITIES Accounts payable:.government agencies ,785 Other... _ ,759 _ 59,20 Accrued liabilities: Government agencies Other... _ 6 * ,226 Advances from: Government agencies... _ Other _ - _ - - _ - Trust and deposit liabilities: Government agencies... _ Other... _ Bonds, debentures, and notes payable: Government agencies... _ Participation certificates... _ Principal payments for redemption of participation certificates (-) Other... _ Other liabilities (including reserves)... -, ,696 liabilities... -, , ,827 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury... _ - _ - _ Other... _ Noninterest-bearing investment: Capital stock... _ Appropriations... _ 3, _ 3,000 Capitalization of assets (net) _ 44,048 Other... _ Accumulated net income, or deficit (-) , ,89 -,70 Deposits of general and special fund revenues (-)... _ United States interest , ,023 6,89 45,338 Trust and private interest: Principal of fund... _ Accumulated net income, or deficit (-).. _ trust and private interest liabilities and investment , ,367 6,89 436,65 Footnotes at end of Section. (Continaed on following page)

143 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) Stock fund (IR) (In thousands of dollars) Defense Department - (Continued) Military - (Continued) Air Force Department - (Continued) Army Department Surcharge collections, sales of commissary stores (TR) Air Force cadet fund (TR) Defense production guarantees (PE) Industrial fund (IR) 2/ Stock fund (IR) Surcharge collections, sales of commissary stores (TR) ASSETS Cash in banks, on hand, and in transit Fund balances with the U.S. Treasury 2/... 54,54 20, ,9 44,554 89,368 2,670 Investments: Public debt securities (par value) Securities of Government enterprises Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies Other... 6, ,479 - Accounts and notes receivable: Government agencies... 96, ,77 39,364 - Other (net)... 8, ,203 56,668 - Inventories... 2,026, ,28 2,657,665 - Allcwance for losses (-) ,237 20/ - Accrued interest receivable: On public debt securities On securities of Government enterprises Other Loans receivable: Government agencies Other: U.S. dollar loans Foreign currency loans Allowance for losses (-) Acquired security or collateral: Real estate Other Allowance for losses (-) Land, structures, and equipment Accumulated depreciation (-) Foreign currencies Other assets (net)... 27, ,033 39,082 - assets... 2,329,40 20,59,668 2, ,095 3,,388 2,670 LIABILITIES Accounts payable:.government agencies... 22, ,064-5,407 72,638 - Other... 23, ,5 00,043 - Accrued liabilities: Government agencies... _ - - _ Other... 44, Advances from: Government agencies... - _ 8 _ - Other Trust and deposit liabilities: Government agencies... _ Other _ - - Bonds, debentures, and notes payable: Government agencies... _ - - Participation certificates Principal payments for redemption of participation certificates (-) Other Other liabilities (including reserves) , ,093-3,880 - liabilities , ,064-49,997 58,800 - NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury... _ - - Other... _ Noninterest-bearing investment: Capital stock... _ Appropriations... _ 82,80 Capitalization of assets (net)... - _ -, Other... 2,00,575 2/ - _ 2,952,588 2/ _ Accumulated net income, or deficit (-).. _ 2,653 7,665 - _ Deposits of general and special fund revenues (-)... _ United States interest... 2,00, ,653 88,098 2,952,588 - Trust and private interest: Principal of fund... _ ,695 Accumulated net income, or deficit (-).. _ 9, ,975 trust and private interest , ,670 liabilities and investment... 2,329,40 20,59,668 2, ,095 3,,388 2,670 Footnotes at end of Section. (Continued on following page)

144 38 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND F U N D S Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands o f d olla rs ) Defense Department - (C ontinued) M ilita ry - (Continued) Navy Department Account Defense Laundry Marine Corps Naval production service, Industrial Stock working guarantees fund Naval fund fund fund (PE) (IR) 2/ Academy (PE) (IR) 2/ (IR) (PE) U.S. Naval Acaderoy Midshipmen's store (TR) ASSETS Cash in banks, on hand, and in transit Fund balances with the U.S. Treasury 2/... 5, , ,227 45,337,39 9 Investments: Public debt securities (par value) Securities of Government enterprises Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies Other , Accounts and notes receivable: Government agencies ,07 4,034 6, Other (net) ,540 9 * Inventories ,555 -,09 274, Allowance for losses (-) Accrued interest receivable: On public debt securities On securities of Government enterprises Other Loans receivable: Government agencies Other: U.S. dollar loans... 2, Foreign currency loans Allowance for losses (-) Acquired security or collateral: Real estate Other Allowance for losses (-) Land, structures, and equipment ,92 Accumulated depreciation (-) Foreign currencies Other assets (net) , ,070-7 assets... LIABILITIES 8,797 8a, , ,93,39 2,404 Accounts payable:.government agencies ,033 -,99 0,87-54 Other ,25 * 28 2, Accrued liabilities: Government agencies Other , Advances from: Government agencies Other , Trust and deposit liabilities: Government agencies Other Bonds, debentures, and notes payable: Government agencies Participation certificates Principal payments for redemption of participation certificates (-) Other Other liabilities (including reserves) , , liabilities , ,560 39, NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury Other Noninterest-bearing investment: Capital stock Appropriations ,769-4, Capitalization of assets (net) , Other ,86 2/ - - Accumulated net income, or deficit (-).. 8,797 7, ,55 - Deposits of general and special fund revenues (-) United States interest... 8, , , ,86 0,55 - Trust and private interest: Principal of fund... _ _ Accumulated net income, or deficit (-) ,780 trust and private interest ,780 liabilities and investment... 8,797 84, , ,93,39 2,404 Footnotes at end of Section. (Continued on following page)

145 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Defense Department - (Continued) Military - (Continued) Civil Navy Family Defense agencies Array Department Department - housing Panama Canal Account (Continued) Defense Defense Defense Homeowners Corps of industrial production stock Engineers Canal Zone Stock assistance fund (IR) guarantees fund Government (IR) fund (IR) fund (PE) 22/ 22/ (PE) (ir) 22/ (G&S) ASSETS Cash in hanks, on hand, and in transit Fund balances with the U.S. Treasury 2/... 73,23 5,989 39, ,38 4,563 5,02 Investments: Public debt securities (par value)... _ - - _ - -,000 Securities of Government enterprises Securities of Government-sponsored enterprises Other securities... _ _ Unamortized premium, or discount (-)... _ - _ - _ Advances to contractors and agents: Government agencies Other... 20, , Accounts and notes receivable: Government agencies... 23,487-5,46-60,793 36,68 2,040 Other (net)... 7,499-2, ,303 Inventories...,806,730 -,846-2,42,63 0, Allowance for losses (-)... -7,667 20/ ,000 20/ - - Accrued interest receivable: On public debt securities... _ _ 0 On securities of Government enterprises. _ Other Loans receivable: Government agencies... _ - - Other: U.S. dollar loans... Foreign currency loans _ Allowance for losses (-)... Acquired security or collateral: Real estate... Other... Allowance for losses (-)... _ Land, structures, and equipment... _ _ 357,354 87,47 Accumulated depreciation (-) ,87-33,85 Foreign currencies... Other assets (net)... 2,322 5,287 23,692-54,5 5,346 5,79 assets... 2,045,435,276 73, ,036, ,34 27,075 LIABILITIES Accounts payable:.government agencies... 87, ,522 2,94 0,370 Other... 77,557 35,743-62,33 3,694 - Accrued liabilities: Government agencies Other ,427 Advances from: Government agencies ,750 _ Other Trust and deposit liabilities: Government agencies Other ,489 Bonds, debentures, and notes payable: Government agencies... _ _ Participation certificates Principal payments for redemption of participation certificates (-) Other... _ 2, Other liabilities (including reserves)... 8, ,672 74,34 7,556 liabilities... 73,682 2,74 37,078-67,82 97,403 23,857 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... _ Borrowings from the U.S. Treasury... _ _ Other... _ - Noninterest-bearing investment: Capital stock Appropriations... _ 26,23 3,57 _ - 23,68 45,678 Capitalization of assets (net)...,30 92,724 57,54 Other...,87,753 2/ ,868,876 2/ - _ Accumulated net income, or deficit (-).. _ -7,669 3,483 2 _ 6,570 _ Deposits of general and special fund revenues (-)... _ _ United States interest...,87,753 8,562 36, ,868,876 77,92 03,28 Trust and private interest: Principal of fund.... Accumulated net income, or deficit (-) trust and private interest liabilities and investment... 2,045,435,276 73, ,036, ,34 27,075 Footnotes at end of Section. (Continaed on following page)

146 40 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30,97 - (Continued) (In thousands of dollars) Defense Department - (Cont.) Health, Education, and Welfare Department Civil - (Continued) Food and Drug Office of Education Health Services and Army Department - (Continued) Admini str at ion Mental Health Administration Higher Student Panama Canal - education loan (Continued) United States Revolving Narcotic fund for facilities insurance hospitals Operation of Panama Canal Company (PE) Soldiers Home revolving fund (TR) wcx uxiivaoivxi fi r»o+.inn and other services (PE) fund (PE) (PE) Working capital fund (IR) commissaries, narcotic hospitals (PE) ASSETS Cash in banks, on hand, and in transit..., Fund balances with the U.S. Treasury 2/... 4, ,465 68,995 4, Investments: Public debt securities (par value) Securities of Government enterprises Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies / Other... - _ Accounts and notes receivable: Government agencies...,20 _ Other (net)..., Inventories... 4, * Allowance for losses (-)... _ Accrued interest receivable: On public debt securities On securities of Government enterprises Other... _ 5, Loans receivable: Government agencies... _ Other: U.S. dollar loans... _ ,377 U 22, Foreign currency loans Allowance for losses (-) , Acquired security or collateral: Real estate... _ Other Allowance for losses (-)... _ Land, structures, and equipment ,28 _, Accumulated depreciation (-) , Foreign currencies... - _ Other assets (net) , assets... LIABILITIES Accounts payable: 592, , ,920 25, Government agencies _ Other... 2, _ Accrued liabilities: Government agencies... 3,20 _ 427 7,6 _ Other... 8,674 _ 2 _ Advances from: Government agencies Other Trust and deposit liabilities: Government agencies Other Bonds, debentures, and notes payable: Government agencies Participation certificates , Principal payments for redemption of participation certificates (-) , Other Other liabilities (including reserves)... 35, ,395 * - 4 liabilities... 60,686 8,567 92,53 4,395 6/ 40 i t.. NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury Other... 37, , Noninterest-bearing investment: Capital stock Appropriations , Capitalization of assets (net)... 8, Other Accumulated net income, or deficit (-).. 96,602 -,677 -,207-4, Deposits of general and special fund revenues (-) United States interest... 53,823 -, ,407 2, Trust and private interest: Principal of fund Accumulated net income, or deficit (-) trust and private interest liabilities and investment , , ,920 25, Footnotes at end of Section. (Continued on following page)

147 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Health, Education, and Welfare Department - (Continued) Housing and Urban National Institutes of Health Departmental Development Department Health Services management and Mental Housing production and Health Adminis Health Nurse Service mortgage credit tration - (Cont.] professions training and Working Federal Housing Administration educ ation fund supply capital Service and (EE) fund (IR) fund (IR) 2/ supply fund(ir) fund (PE) Revolving Housing for the fund (PE) elderly or handicapped (PE) ASSETS Cash in banks, on hand, and in transit... _ 25,34 35 Fund balances with the U.S. Treasury2/ ,33-55,02 2,03 8,329 Investments: Public debt securities (par value) _,042,09 _ Securities of Government enterprises ,324 _ Securities of Government-sponsored enterprises Other securities... - _ «29 Unamortized premium, or discount (-) ,95 Advances to contractors and agents: Government agencies... 7 * 2/ 5 2/ _ 3 _ 2,488 2/ Other... - _ 4 _ Accounts and notes receivable: Government agencies * 24 5,44 6,28 20, Other (net)... * ,87 Inventories _, Allowance for losses (-)... - _ Accrued interest receivable: On public debt securities... - _ 2,75 On securities of Government enterprises ,463 _ - 5,245 2,6 3,67 Loans receivable: Government agencies... Other: U.S. dollar loans ,3 u / 4,928 U / 280, ,326 U Foreign currency loans... Allowance for losses (-)... -7,93-5,25 Acquired security or collateral: 820,20 Other...,02 - _ 564,72 Allowance for losses (-) ,540-2 Land, structures, and equipment ,648 Accumulated depreciation (-) _ Foreign currencies... Other assets (net) _ assets... 2,853 35,667 8,882 LIABILITIES 6,740 8,766 2,68, ,833 Accounts payable: Government agencies _ ,2 Other , ,800 Accrued liabilities: Government agencies ,729 4,57 Other ,838 4,687 Advances from: 509 Government agencies... _ 5,642 Other _ Trust and deposit liabilities: Government agencies... _ 275 Other... _ 30,84 26 Bonds, debentures, and notes payable: Government agencies... 66,740 Participation certificates... _,459 3,0 _ Principal payments for redemption of 97,323 participation certificates (-) ,484 Other ,275 Other liabilities (including reserves) liabilities...,359,905,847 4,33 2, ,359 6/ 97,73 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... Borrowings from the U.S. Treasury... _ 237,000 _ Other... Noninterest-bearing investment: Capital stock... Appropriations ,897 4, ,000 Capitalization of assets (net) , Other... Accumulated net income, or deficit (-) ,864 2, ,86,709,325 4,02 Deposits of general and special fund revenues (-) United States interest...,494 23,76 7,035 2,409-3,629,946, ,02 Trust and private interest: Principal of fund Accumulated net income, or deficit (-) trust and private interest liabilities and investment... Footnotes at end of Section. 0 C'-' O'-' 3,853.?5r667 8,882 6,740 8,766 2,68, ,833 (Continued on following page)

148 42 Treasury Bulletin Accoimt FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Housing and Urban Development Department - (Continued) Housing production and mortgage credit - (Continued) Housing Federal Housing Administration- Government National Mortgage Association management 24/ (Continued) College housing loans (PE) Low and moderate income sponsor fund (PE) Guarantees of mortgage-backed securities fund (PE) Management and liquidating functions (PE) Participation sales fund (PE) Special assistance functions (PE) Community disposal operations fund (PE) ASSETS Cash in banks, on hand, and in transit Fund balances with the U.S. Treasury 2/.. 42,984 6, ,674 Investments: Public debt securities (par value) , ,488 - Securities of Government enterprises ,062 3,945 03, Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) ,795 Advances to contractors and agents: Government agencies U / - - 3,48 2/ - 67,229 U / _ Other _ Accounts and notes receivable: Government agencies... 5, _ 7,088 _ Other (net) ,276 -,449 _ Inventories _ Allowance for losses (-) _ Accrued interest receivable: On public debt securities ,029 On securities of Government enterprises Other... 39, ,863 _ 5,539 _ Loans receivable: Government agencies _ Other: U.S. dollar loans... 3,260,806 U 2,609 -,608,893 U / - 3,466,894 U / 8,937 Foreign currency loans _ Allowance for losses (-)... -4, ,745 22/ _ ~ -75 Acquired security or collateral: Real estate... 2, _ 282 Other ,887 _,936 _ Allowance for losses (-)... -, Land, structures, and equipment _ Accumulated depreciation (-) Foreign currencies... _ Other assets (net) ,769,4 - assets... 3,346,250 9,505,404,679, ,494 3,674,40,29 LIABILITIES Accounts payable: Government agencies ,24 2 Other... 3,706 5 _ 7 * Accrued liabilities: Government agencies... 6,500 3,207 _ 4,43 _ Other..., _,0 _ Advances from: Government agencies... _ Other... _ Trust and deposit liabilities: Government agencies ,33 Other ,69 _ 72, Bonds, debentures, and notes payable: Government agencies... Participation certificates ,88 653,475 _ 957,434 _ Principal payments for redemption of participation certificates (-) ,47 _ -04,599 _ -94,960 _ Other... Other liabilities (including reserves) , liabilities , , , , NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... _ Borrowings from the U.S. Treasury... 2,450, ,280 _ 2,707,650 _ Other _ Noninterest-bearing investment: Capital stock... _ Appropriations ,500 _ Capitalization of assets (net)... 00,989 Other ,700 Accumulated net income, or deficit (-).. 4,98 -,387 43,988 Deposits of general and special fund - -20,680-6,508 revenues (-) United States interest... 2,465,348 9,500,387,07,268-2,686,970 0,782 Trust and private interest: Principal of fund Accumulated net income, or deficit (-) trust and private interest liabilities and investment... 3,346,250 9,505,404,679, ,494 3,674,40,29 Footnotes at end of Section. (Continued on following page)

149 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Housing and Urban Development Department - (Continued) Housing management 24/ - (Continued) Community Community development Federal development Housing planning and Account Admini stration Revolving management Public Rehabilitation Urban ASSETS Cash in banks, on hand, and in transit... Fund balances with the U.S. Treasury 2/... Investments: Public debt securities (par value)... Securities of Government enterprises... Securities of Government-sponsored enterprises... Other securities... Unamortized premium, or discount (-)... Advances to contractors and agents: Government agencies... Other... Accounts and notes receivable: Government agencies.... Other (net)... Inventories... Allowance for losses (-)... Accrued interest receivable: On public debt securities... On securities of Government enterprises. Other... Loans receivable: Government agencies... Other: U.S. dollar loans... Foreign currency loans... Allowance for losses (-)... Acquired security or collateral: Real estate... Other... Allowance for losses (-)... Land, structures, and equipment... Accumulated depreciation (-)... Foreign currencies... Other assets (net)... assets... LIABILITIES Rental housing assistance fund (PE) Low-rent public housing (PE) 35, , ,02 75,594 -, fund, liquidating programs (PE) 22, ,374-42,08.7 2,385-2,385 New communities guarantee fund (EE) 74 2, facility loans (EE) 2,786 6,052 2/ 83 5,67 44,749 u -3,252 loan fund (EE) 7 88, ,33-3, renewal programs (EE) 3,542,593 5,952 9,3 386, ,875 64,77 2, ,35 2,654 3,954,973 Accounts payable:.government agencies Other * _ * Accrued liabilities: Government agencies ,952-5,324 Other , Advances from: Government agencies _ Other... - _ - Trust and deposit liabilities: Government agencies Other... -, Bonds, debentures, and notes payable: Government agencies Participation certificates , Principal payments for redemption of participation certificates (-) , Other _ - Other liabilities (including reserves) liabilities... NET INVESTMENT - 2,099 6/ 40 * 52, ,764 6/ United States interest: Interest-bearing investment: Capital stock _ - - Borrowings from the U.S. Treasury ,000 30, ,000 Other... _ Noninterest-bearing investment: Capital stock Appropriations ,839,387,408,484 - _ 222,938 8,5,40 Capitalization of assets (net) ,274-3,276 - Other... _ Accumulated net income, or deficit (-) ,989,885 -,230,53 2,459-20,7 -,7-5,36,93 Deposits of general and special fund revenues (-) United States interest ,776 64,677 2, ,383 2,228 3,949,209 Trust and private interest: Principal of fund... Accumulated net income, or deficit (-) _ trust and private interest liabilities and investment ,875 64,77 2, ,35 2,654 3,954,973 Footnotes at end of Section. (Continued on following page)

150 44 Treasury Bulletin _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA--. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Housing and Urban Development Interior Department Department - ^continued; «?nv\ A «?iam Departmental Administration management 26/ Alaska Bonneville National flood insurance fund (PE) National insurance development fund (PE) Working capital fund (IR) Power Administration (G&S) Power Adminis trat ion (G&S) Revolving fund for loans (PE) Liquidation of Hoonah housing project (PE) assets Cash in banks, on hand, and in transit _ Fund balances with the U.S. Treasury 2/ ,720 3, ,792 2, Ii&restments: Public debt securities (par value)... 72,52 Securities of Government enterprises Securities of Government-sponsored enterprises...*... Other securities... - Unamortized premium, or discount (-)... -, Advances to contractors and agents: Government agencies Other _ Accounts and notes receivable: Government agencies... _ - 2,334-3,94 - _ Other (net) ,78 - Inventories... _ ,96 _ Allowance for losses (-)... _ - _ - _ Accrued interest receivable: On public debt securities On securities of Government enterprises Other... _ Loans receivable: Government agencies... - _ Other: U.S. dollar loans , Foreign currency loans Allowance for losses (-) , Acquired security or collateral: Real estate... Other... Allowance for losses (-) Land, structures, and equipment ,522 33,805,069,20 - Accumulated depreciation (-) ,498-77,63 Foreign currencies _ - - Other assets (net) ,325 20,388 27/ - - assets... LIABILITIES ,240 9,56 40,075,249,56 27, Accounts payable:.government agencies _ -, Other... 2,04, ,852 Accrued liabilities: Government agencies Other... _ _ 7,565 Advances from: Government agencies... Other _ Trust and deposit liabilities: Government agencies... 2,443 Other... _ 8 7,589 Bonds, debentures, and notes payable: Government agencies... Participation certificates Principal payments for redemption of participation certificates (-)... Other Other liabilities (including reserves) , , liabilities... 2,20 4,380 3, , NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury..., Other... _ Noninterest-bearing investment: Capital stock Appropriations ,947,638,652 25, Capitalization of assets (net)... 6,248-27,939 - Other ,970 28/ 262,679 22/ 2,783 - Accumulated net income, or deficit (-).. -2,956 72, ,575 40,500 -,82-8 Deposits of general and special fund revenues (-) , United States interest... -,896 72,859 5,953 39,492,74,560 27, Trust and private interest: Principal of fund Accumulated net income, or deficit (-) trust and private interest liabilities and investment ,240 9,56 40,075,249,56 27, Footnotes at end of Section. (Continued on following page)

151 February 972 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, 45 Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 (Continued) (In thousands of dollars) Bureau of Mines Helium fund (PE) Fund for emergency expenses, Fort Peck Project, Montana (PE) Interior Department - (Continued) Bureau of Reclamation Office of Office of the Secretary Territories Upper Lower Colorado Colorado Working Alaska River River capital public Basin Basin fund works fund (PE) fund (PE) (IR) (G&S) Southeastern Power Administration (G&S) ASSETS Cash in hanks, on hand, and in transit... _ - - Fund balances with the U.S. Treasury 2/#..,76,92 9,688-2,454-2,45-24 Investments: Public debt securities (par value) Securities of Government enterprises... _ Securities of Government-sponsored enterprises _ Other securities... _ Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies Other Accounts and notes receivable: Government agencies * 3,29 * 4,030-6 Other (net)...,433 4, ,043 Inventories Allowance for losses (-) Accrued interest receivable: On public debt securities On securities of Government enterprises Loans receivable: Government agencies Other: U.S. dollar loans Foreign currency loans Allowance for losses (-) Acquired security or collateral: Other Allowance for losses (-) Land, structures, and equipment... 57,08 8,90 70, Accumulated depreciation (-) ,625 -,946-9, Foreign currencies Other assets (net) ,06 20/ ,97 2/ 29,2 - -,222 assets... 40,856 9,3 840,526 26,727 2, ,53 LIABILITIES Accounts payable:.government agencies ,348 -,405-2 Other , Accrued liabilities: Government agencies Other Advances from: Government agencies Other..., Trust and deposit liabilities: Government agencies Other Bonds, debentures, and notes payable: Government agencies Participation certificates ~ - - Principal payments for redemption of participation certificates (-) Other Other liabilities (including reserves) , liabilities... 2, ,530 53, NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury , Other... 86, Noninterest-bearing investment: Capital stock Appropriations ,2 770,28 5, ,645 Capitalization of assets (net) ,20 59,523, Other ,745 66,836 22/ Accumulated net income, or deficit (-).. 5,309 36,240 0, ,950 Deposits of general and special fund revenues (-) , ,43 United States interest ,730 8, ,996 26, ,447 Trust and private interest: Principal of fund... Accumulated net income, or deficit (-) trust and private interest liabilities and investment... 40,856 9,3 840,526 26,727 2, ,53 Footnotes at end of Section. (Continued on following page)

152 46 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS A Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) Interior Departmentcontinued) Southwestern Power Administration (G&S) (In thousands of dollars) Justice Department Commissazy funds, Federal Prisons (TR) 2/ Labor Department Federal Prison System Manpower Office Immigration Legal Adminis trat ion of the Federal and activities Secretary Prison Naturalization and general Industries, Service administration Inc. (IR) (G&S) (G&S) Advances to unemployment trust fund (IR) 22/ Working capital fund (IR) ASSETS Cash in banks, on hand, and in transit Fund balances with the U.S. Treasury 2/... 7, ,802 9,97 49, ,695 6,529 Investments: Public debt securities (par value)... _ Securities of Government enterprises Securities of Government-sponsored enterprises...*... Other securities... Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies Other ,269-3 Accounts and notes receivable: Government agencies , _ 7 Other (net)... 6, ,603-4 Inventories..., , Allowance for losses (-) _ Accrued interest receivable: On public debt securities _ On securities of Government enterprises Other Loans receivable: Government agencies Other: U.S. dollar loans Foreign currency loans Allowance for losses (-) Acquired security or collateral: Eeal estate Other... Allowance for losses (-) Land, structures, and equipment... 52, ,967 32,59 4, Accumulated depreciation (-)... -5, ,5-6, Foreign currencies _ Other assets (net)... 5, ,825 24/ - - assets... 67,068,46 6,667 38, , ,695 6,974 LIABILITIES Accounts payable:.government agencies , Other..., ,308 4,533 3, Accrued liabilities: Government agencies , Other , Advances from: Government agencies ,444 Other Trust and deposit liabilities: Government agencies... 2, , Other , _ Bonds, debentures, and notes payable: Government agencies Participation certificates Principal payments for redemption of participation certificates (-)... - Other _ Other liabilities (including reserves) ,30 27, liabilities... 4, ,346 47,927 8,882-5,33 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock _ Borrowings from the U.S. Treasury _ Other Noninterest-bearing investment: Capital stock _ Appropriations... 00, ,603 33,86 33,000 _ Capitalization of assets (net)... 2,47-6,900-3,079 - _ 496 Other... 20,934 22/ ,56 _ -88 Accumulated net income, or deficit (-).. -,35-50,42-28,52$ - 33,695,254 Deposits of general and special fund revenues (-) , , United States interest... 62,079-57,32 90, , ,695,66 Trust and private interest: Principal of fund Accumulated net income, or deficit (-).. -, trust and private interest... -, liabilities and investment... 67,068,46 6,667 38, , ,695 6,974 Footnotes at end of Section. (Continued on following page)

153 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) State Department International Boundary and Water Commission (G&S) Working capital fund (IR) Aviation war risk insurance revolving fund (PE) Federal Railroad Administration Alaska Railroad revolving fund (PE) Transportation Department Saint Lawrence Seaway Development Corporation (PE) United States Coast Guard Coast Guard Cadet fund (TR) ASSETS Cash in banks, on hand, and in transit... 2 _ _ Fund balances with the U.S. Treasury 2/..., ,945 4,548, ,205 Investments: Public debt securities (par value)... _ 25 Securities of Government enterprises... Securities of Government-sponsored enterprises....*... - _ Other securities Unamortized premium, or discount (-)... _ -6 _ Advances to contractors and agents: Government agencies... 2 Other _ Accounts and notes receivable: Government agencies... _ 734 _,9 _ 27,972 Other (net)... _ 4,000 3, * 8 Inventories , ,832 Allowance for losses (-)... Accrued interest receivable: On public debt securities... _ On securities of Government enterprises. _ Other... _ Loans receivable: Government agencies... Other: U.S. dollar loans... _ Foreign currency loans... _ Allowance for losses (-)... _ Acquired security or collateral: Real estate... _ Other... _ Allowance for losses (-)... _ Land, structures, and equipment... 54, * 49,457 24,29 _ Accumulated depreciation (-)... -7, * -35,789-6,064 Foreign currencies... Other assets (net)... 0, , assets... 59,036 2,448 8,205 30,664 0, ,29 LIABILITIES Accounts payable:.government agencies _ 2,274 Other _ ,026 Accrued liabilities: Government agencies... * _ Other... _ 63 2, _ Advances from: Government agencies Other... _ 750 Trust and deposit liabilities: Government agencies... _ 3 Other _ 49 _ Bonds, debentures, and notes payable: Government agencies... Participation certificates... Principal payments for redemption of participation certificates (-)... Other... _ Other liabilities (including reserves)... 8, , _ liabilities ,2,675,568 3, ,299 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... Borrowings from the U.S. Treasury... _ Other... Noninterest-bearing investment: Capital stock... _ - _ Appropriations ,790 93,265 _ Capitalization of assets (net) , ,95 0,742 Other ,503 28,276 5/ - _ Accumulated net income, or deficit (-).. -75, ,636-6,822-8,388 _ 87 Deposits of general and special fund revenues (-) ,7 - _ United States interest... 49, ,636 26,855 09,888-0,829 Trust and private interest: Principal of fund Accumulated net income, or deficit (-).. 23 _ trust and private interest liabilities and investment... 59,036 2,448 8,205 30,664 0, ,29 Supply fund (IR) Footnotes at end of Section. (Continued on following page)

154 48 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Transportation Department - (Continued) United States Coast Guard _ (Continued) Urban Mass Transportation Admini str at ion Treasuiy Department Working Bureau of Civil defense Surcharge capital Engraving and RFC loans collections, Yard and Printing sale of fund (IR) in liquidation fund Urban mass (IR) (PE) commissary (IR) transportat ion stores (TR) fund (PE) Internal Revenue Service Federal tax lien revolving fund (PE) ASSETS Cash in banks, on hand, and in transit _ Fund balances with the U.S. Treasury2/ ,84 660,94 2,233 4, Investments: Public debt securities (par value) Securities of Government enterprises Securities of Government-sponsored enterprises Other securities _ Unamortized premium, or discount (-) _ Advances to contractors and agents: Government agencies... _ - 2, Other... _ - 20 _ 92 Accounts and notes receivable: Government agencies... _ 749 -,039 2, Other (net) , Inventories , ,429 - _ Allowance for losses (-)... _ Accrued interest receivable: On public debt securities... _ - _ On securities of Government enterprises _ Other Loans receivable: Government agencies... _ - _ _ Other: U.S. dollar loans , ,42 _ Foreign currency loans Allowance for losses (-)... _ _ Acquired security or collateral: Real estate...,... _ Other... _ - Allowance for losses (-)... _ Land, structures, and equipment... _ 6,857 -,78 44, Accumulated depreciation (-)... _ -8,753 _ ,342 - _ Foreign currencies... _ - _ Other assets (net) , assets... LIABILITIES Accounts payable: 30 9,45 668,403 6,32 43,668 7, Government agencies _ Other ,72 806,80 Accrued liabilities: Government agencies _ Other... _ 27 _ 697,895 Advances from: Government agencies... _ 7,352, , Other... _ Trust and deposit liabilities: Government agencies * - - Other Bonds, debentures, and notes payable: Government agencies Participation certificates Principal payments for redemption of participation certificates (-) Other _ Other liabilities (including reserves)... -, , liabilities... 9,579 25,35 3,56 6, NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury Other... _ Noninterest-bearing investment: Capital stock... _ - _ - - Appropriations...,266,706-6, Capitalization of assets (net) , ,00 - _ Other... _ 2,862 8,939 7,955 Accumulated net income, or deficit (-) , Deposits of general and special fund revenues (-) United States interest , ,268 2,75 36,77 7, Trust and private interest: Principal of fund... _ Accumulated net income, or deficit (-).. 29 _ - _ - trust and private interest liabilities and investment ,45 668,403 6,32 43,668 7, Footnotes at end of Section. (Continued on following page)

155 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) Miscellaneous loans and certain other assets (G&S) (In thousands of dollars) Treasuiy Department - (Continued) Office of the Comptroller of the Currency (TR) Office of the Secretaiy Federal Farm Mortgage Corporation liquidation fund (PE) Working capital fund (IR) Office of the Treasurer Treasurer of the U.S., check forgery insurance fund (PE) Environmental Protection Agency Revolving fund for certification and other services (IR) General Services Administration General Services Administration (G&S) 26/ ASSETS Cash in banks, on hand, and in transit ,0 Fund balances with the U.S. Treasury 2/ ,49,02 Investments: Public debt securities (par value) , Securities of Government enterprises Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies ,355 Other ,5 Accounts and notes receivable: Government agencies ,904 Other (net) ,764 Inventories ,54,4 Allowance for losses (-) _ Accrued interest receivable: On public debt securities On securities of Government enterprises. 988, _ Other , ,38 Loans receivable: Government agencies Other: U.S. dollar loans... 4,85,26 22/ ,970 Foreign currency loans... 22, Allowance for losses (-) Acquired security or collateral: Real estate _ Other _ Allowance for losses (-) _ Land, structures, and equipment... -, ,643,877 Accumulated depreciation (-) ,587 Foreign currencies Other assets (net) ,407 28/ assets... LIABILITIES Accounts payable: 5,635,697 34, ,235,25.Government agencies ,693 Other ,8 Accrued liabilities: Government agencies Other... -, _ 2 _ Advances from: Government agencies _ 40 80,364 22/ Other... - Trust and deposit liabilities: Government agencies _ Other _ - 2,99 Bonds, debentures, and notes payable: Government agencies... - _ Participation certificates... _ - _ Principal payments for redemption of participation certificates (-) Other _ Other liabilities (including reserves) , ,592 liabilities , ,685 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury... - _ - Other... _ Noninterest-bearing investment: Capital stock _ Appropriations... 4,207, Capitalization of assets (net) Other _ - _ 9,97,530 Accumulated net income, or deficit (-)..,427, _ Deposits of general and special fund revenues (-) United States interest... 5,635, ,97,530 Trust and private interest: Principal of fund... _ Accumulated net income, or deficit (-).. - 2, trust and private interest , liabilities and investment... 5,635,697 34, ,235,25 Footnotes at end of Section. (Continaed on following page)

156 50 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) General Services Administration - (Continued) Account Automatic data processing fund (IR) Buildings management fund (IR) Construction services, public buildings (IR) Defense production guarantees (PE) Federal telecommunications fund (IR) General supply fund (IR) National Archives trust fund (TR) ASSETS Cash in banks, on hand, and in transit... 7 Fund balances with the U.S. Treasury 2/... 26,780 4,572 4, ,794 86, Investments: Public debt securities (par value) Securities of Government enterprises Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) Advances to contractors and agents: Government agencies _ 9 _ Other * _ 6 4,308 Accounts and notes receivable: Government agencies... 2,968 45, ,66 59, Other (net) ,2 65 Inventories ,762 - _ , Allowance for losses (-)... - Accrued interest receivable: On public debt securities... _ 3 On securities of Government enterprises. - _ Other... _ Loans receivable: Government agencies _ Other: U.S. dollar loans... Foreign currency loans... - _ Allowance for losses (-)... Acquired security or collateral: Real estate... _ Other Allowance for losses (-)... _ Land, structures, and equipment... 3,975 24,003 - _,879 77, Accumulated depreciation (-)... -6,434-7,582 - _ -,20-74, Foreign currencies Other assets (net) ,852,97 - assets... 46,207 63,832 4, ,67 583,878,638 LIABILITIES Accounts payable:.government agencies , _ 477 3, Other...,7 39, * 2,985 47, Accrued liabilities: Government agencies... _ Other... Advances from: Government agencies ,653 _ 6,424 _ Other _ Trust and deposit liabilities: Government agencies... Other... Bonds, debentures, and notes payable: Government agencies... _ Participation certificates... _ Principal payments for redemption of participation certificates (-)... Other... _ Other liabilities (including reserves) ,386,656-5,460 2,827 7 liabilities... 2,096 6,64 2,47 * 27,922 88,85 3 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... _ Borrowings from the U.S. Treasury... Other... Noninterest-bearing investment: Capital stock... _ Appropriations... 30,000 3,500 9, ,750 Capitalization of assets (net)... 3,865 7, ,636 _ Other , ,937 _ Accumulated net income, or deficit (-) ,200,853 90,525-5,260 _ Deposits of general and special fund revenues (-) United States interest... 44, 2,28, , ,063 - Trust and private interest: Principal of fund Accumulated net income, or deficit (-) _.327 trust and private interest ,327 liabilities and investment... 46,207 63,832 4, ,67 583,878,638 Footnotes at end of Section. (Continued on following page)

157 February _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) Reconstruction Finance Corporation liquidation fund (PE) (In thousands of dollars) General Services Administration - (Continued) Liquidation of Virgin Islands Corporation (EE) William Langer Jewel Bearing Plant revolving fund (PE) Working capital fund (IR) National Aeronautics and Space Administration (G&S) United States Postal Service (PE) 40/ Administration Veterans Canteen service revolving fund (PE) ASSETS Cash in banks, on hand, and in transit... _ 260 _ 5 47,09,000 Fund balances with the U.S. Treasury2/ ,066, ,058 3,837 Investments: Public debt securities (par value)... _,938,84 Securities of Government enterprises... 0,000 _ Securities of Government-sponsored enterprises ,000 - Other securities... - _ - - _ Unamortized premium, or discount (-)... - Advances to contractors and agents: Government agencies ,20 2,422 - Other * 2 36,674 28,632 - Accounts and notes receivable: Government agencies ,326 23,72 3, Other (net) ,72 39,960,550 Inventories ,685 6,4 9,483 Allowance for losses (-)... _ Accrued interest receivable: On public debt securities _ 28,749 _ On securities of Government enterprises Other _ Loans receivable: Government agencies Other: U.S. dollar loans , Foreign currency loans Allowance for losses (-) Acquired security or collateral: Real estate _ Other _ - _ - Allowance for losses (-) Land, structures, and equipment ,02 2,558 4,685,425 2,40,376 QJ 9,22 Accumulated depreciation (-) , ,26-4,40 Foreign currencies... _ Other assets (net) ,537,09 2/ 26,29 2/ - assets... LIABILITIES Accounts payable: 50 2,882 3,328 3,28,806,05 4,00,232 20,75.Government agencies ,868 63, Other... _ ,783,724,075 2,963 Accrued liabilities: Government agencies... _ Other Advances from: Government agencies... _ 488 Other _ Trust and deposit liabilities: Government agencies... 6 _ 6,36 52 Other... _ 4,364 _ 27 Bonds, debentures, and notes payable: Government agencies... _ Participation certificates... _ Principal payments for redemption of participation certificates (-) Other... - _ - _ Other liabilities (including reserves) , ,283,04 liabilities ,74 74,603 2,27,492 UJ 5,956 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock... Borrowings from the U.S. Treasury... - _ Other... Noninterest-bearing investment: Capital stock... _ - _ Appropriations ,063,209 Capitalization of assets (net)... -,925 2, _ 369 Other ,028,293,828,740 -,57 Accumulated net income, or deficit (-).. _ ,997 Deposits of general and special fund revenues (-) United States interest ,880 3,85,504,09,502,828,740 4,795 Trust and private interest: Principal of fund Accumulated net income, or deficit (-) trust and private interest liabilities and investment ,882 3,328 3,28,806,05 4,00,232 20,75 Footnotes at end of Section. (Continued on following page)

158 52 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Veterans Administration - (Continued) Account Direct loans to veterans and reserves (PE) Loan guaranty revolving fund (PE) Rental, maintenance, and repair of quarters (PE) Servicemens group life insurance fund (PE) Servicedisabled veterans insurance fund (PE) Soldiers' and sailors' civil relief (PE) Supply fund (IR) ASSETS Cash in banks, on hand, and in transit... _ - _ Fund balances with the U.S. Treasury 2/ ,79 509, , ,439 Investments: Public debt securities (par value)... _ 0, Securities of Government enterprises... _ Securities of Government-sponsored enterprises... _ Other securities _ Unamortized premium, or discount (-)... _ - _ Advances to contractors and agents: Government agencies... 55,532 2/ 3,22 2/ Other _ - _ - 5 Accounts and notes receivable: Government agencies... - _ 4,953 Other (net)..., _ 846 Inventories... _ 44,603 Allowance for losses (-)... _ Accrued interest receivable: On public debt securities On securities of Government enterprises. _ Other...,79, Loans receivable: Government agencies Other: U.S. dollar loans...,278,837 i j,308,9 y j - - 2, Foreign currency loans Allowance for losses (-)... _ Acquired security or collateral: Heal estate... 3,783 22, Other... _ - - Allowance for losses (-) ,086 _ Land, structures, and equipment...,42 Accumulated depreciation (-)... _ Foreign currencies... _ Other assets (net) , assets... 2,009,854,963, ,975 7, ,650 LIABILITIES Accounts payable: Government agencies ,296 Other... 32,867 39,579-02, ,902 Accrued liabilities: Government agencies... 5,402 _ Other _ Advances from: Government agencies... _ ,000 Other Trust and deposit liabilities: Government agencies Other... _ Bonds, debentures, and notes payable: Government agencies Participation certificates... Principal payments for redemption of 77,624 92, ,959-72, Other Other liabilities (including reserves)... 2,26 2, ,6-79 liabilities ,06 882,65 / ,7 4 9,63 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury...,224, Other... _ Noninterest-bearing investment: Capital stock... _ - _ Appropriations... _ ,500 2,028 - Capitalization of assets (net)... _ 649, ,624 Other... _ 505,78 l j _ Accumulated net income, or deficit (-).. 6,433-74, ,873-62,527-2, Deposits of general and special fund revenues (-)... _ United States interest...,340,793,08,22 3 0,873-58, ,037 Trust and private interest: Principal of fund... - _ Accumulated net income, or deficit (-) trust and private interest liabilities and investment.... 2,009,854,963, ,975 7, ,650 Footnotes at end of Section. (Continued on following page)

159 February 972 *53 _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND F U N D S Account Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 (Continued) (In thousands of dollars) Veterans Administration - (Continued) Other independent agencies 46/ Veterans * reopened insurance fund (PE) Veterans' special life insurance fund (PE) Vocational rehabilitation revolving fund (PE) Employees health benefits fund (TR) Civil Service Commission Employees life insurance fund (TR) Revolving fund (IR) Retired employees health benefits fund (TR) ASSETS Cash in banks, on hand, and in transit ,757 2,500 - Fund balances with the U.S. Treasury 2/ * * 2,430 2,500 Investments: Public debt securities (par value)... 93, ,37-237, ,66-4,696 Securities of Government enterprises Securities of Government-sponsored enterprises Other securities Unamortized premium, or discount (-) , Advances to contractors and agents: Government agencies Other , , ,000 Accounts and notes receivable: Government agencies ,309 24,57 4,524 2 Other (net) ,220 * 268 Inventories ,582 - Allowance for losses (-) Accrued interest receivable: On public debt securities... 3,93 3,393-2,590 0, On securities of Government enterprises Other ,86 Loans receivable: Government agencies Other: U.S. dollar loans... 8,98 28, Foreign currency loans Allowance for losses (-) Acquired security or collateral: Real estate Other... _ - _ _ Allowance for losses (-) _ Land, structures, and equipment ,369 - Accumulated depreciation (-) Foreign currencies _ Other assets (net) assets... LIABILITIES Accounts payable: 206, , ,632,227,454 9,93 48,803.Government agencies Other , ,358 44, Accrued liabilities: Government agencies Other ,085,029 Advances from: Government agencies ,494 - Other Trust and deposit liabilities: Government agencies Other Bonds, debentures, and notes payable: Government agencies Participation certificates Principal payments for redemption of participation certificates (-) Other Other liabilities (including reserves)... 94, ,004 * 75,597,227,608,355,559 liabilities... 95,32 329, ,955,272,25 4,687 2,67 NET INVESTMENT United States interest: Interest-bearing investment: Capital stock Borrowings from the U.S. Treasury Other Noninterest-bearing investment: Capital stock Appropriations ,000 - Capitalization of assets (net) Other Accumulated net income, or deficit (-)..,422, Deposits of general and special fund revenues (-) United States interest...,422, ,506 - Trust and private interest: Principal of fund Accumulated net income, or deficit (-) ,677-44,797-36,85 trust and private interest ,677-44,797-36,85 liabilities and investment , , ,632,227,454 9,93 48,803 Footnotes at end of Section. (Continued on following page)

160 54 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Other independent agencies 46/ - (Continued) Civil Farm Credit Administration Service Commission - Banks for Revolving Short-term Account (Continued) cooperatives fund for credit investment adminis trat ive investment Salaries and fund (PE) expenses (PE) fund (PE) expenses (G&S) ^2/ Federal Communications Commission (G&S) Federal Deposit Insurance Corporation (TR) Federal Home Loan Bank Board Federal Savings and Loan Insurance Corp. (PE) ASSETS Cash in banks, on hand, and in transit... *,846 Fund balances with the U.S. Treasury 2/... 50,823 48,09,634,708 47,524 4,444,022 Investments: Public debt securities (par value) ,734,478 2,548,399 Securities of Government enterprises _ 43,550 Securities of Government-sponsored enterprises _ Other securities Unamortized premium, or discount (-)... - _ - -6,473-4,247 Advances to contractors and agents: Government agencies _ Other _ 4 Accounts and notes receivable: Government agencies...,638 _ 9 _ 3 _ * Other (net) _,282 Inventories _ Allowance for losses (-)... Accrued interest receivable: On public debt securities ,28 On securities of Government enterprises ,8 Other... - _ Loans receivable: Government agencies Other: U.S. dollar loans ,636 Foreign currency loans Allowance for losses (-)... _ - Acquired security or collateral: Real estate _ 67,208 Other ,55 Allowance for losses (-) ,860 Land, structures, and equipment... 6, ,463 8,394 5 Accumulated depreciation (-) _ -,3-22 Foreign currencies... _ Other assets (net) , assets... 59,380 LIABILITIES 48,09,667,708 58,438 4,928,24 3,0,640 Accounts payable:.government agencies ,38 Other ,502 2,524 8 Accrued liabilities: Government agencies... 3, _ 45 Other... 2, Advances from: Government agencies Other... Trust and deposit liabilities: Government agencies Other _ 20,506 2,0 0 Bonds, debentures, and notes payable: Government agencies Participation certificates Principal payments for redemption of participation certificates (-) Other Other liabilities (including reserves)... 4,7 -,594-2, ,230 55,745 liabilities... NET INVESTMENT,06 -,840-24, ,309 & 59,380 6/ United States interest: Interest-bearing investment: Capital stock _ Borrowings from the U.S. Treasury... - Other... Noninterest-bearing investment: Capital stock _ Appropriations... 45,729 50,000 _ 30,000 25,65 Capitalization of assets (net)... 6, ,38 Other ,7 _ -40 _ Accumulated net income, or deficit (-).. _ -, ,292 _ 2,952,260 Deposits of general and special fund revenues (-) _ United States interest ,274 48,09-73,708 33,996-2,952,260 Trust and private interest: Principal of fund Accumulated net income, or deficit (-) ,649,85 & - trust and private interest ,649,85 - liabilities and investment... 59,380 48,09,667,708 58, ,0,640 CM 8 ir\ Footnotes at end of Section. (Continued on following page)

161 February A ccoim t ASSETS FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) Federal Home Loan Bank Board - (C ontinued) Home Owners Loan C orporation (liq u id a t e d ) (PE) R evolving fund (PE) (in thousands of dollars) Other independent agencies 46/ - (Continued) Federal Maritime Commission (G&S) Federal M edlation and C o n c ilia tio n S erv ice (G&S) Federal Power Commission (G&S) In te rs ta te Commerce N ational Loans t o Commiss ion C redit Union D is tr ic t o f Adminis tra t ion Repayment Columbia o f loa n (G&S) guarantees Operating (G&S) fund PE) Cash in banks, on hand, and in t r a n s i t.... _ Fund balances w ith the U.S. Treasury 2/ ,348 8,329 4,094-24, Investm ents: P u b lic debt s e c u r it ie s ( par v a lu e ) S e c u r it ie s o f Government e n t e r p r i s e s S ecu rities o f Government-sponsored e n te r p r is e s Other s e c u r i t i e s Unamortized premium, or discou n t ( -) Advances t o con tra cto rs and agents: Government a g e n c ie s O ther... _ Accounts and notes re c e iv a b le : Government a g e n cie s , Other ( n e t )... -, ,796 In v e n to rie s Allowance f o r lo s s e s ( - ) Accrued in tere st receiva ble : On p u b lic debt s e c u r i t i e s On s e c u r it ie s o f Government e n te rp ris e s O ther ,663 - Loans r e c e iv a b le : Government a g e n cie s Other: U.S. d o lla r lo a n s , ,025 - F oreign cu rrency lo a n s Allow ance f o r lo s s e s ( - ) , A cquired s e c u r it y or c o lla t e r a l: Real estate Other Allowance f o r lo s s e s ( - ) Land, s tru ctu re s, and equipment , , Accumulated d e p re cia tio n ( - ) Foreign cu r r e n c ie s Other a ssets ( n e t ) assets ,623 4,702 8,496 7,67 6,66 53,902 3,28 T.TARTT.TTTRS LxaDIJjII llq Accounts payable:.government a g e n cie s... _ Other Accrued l i a b i l i t i e s : Government a g e n c ie s... _ Other... _,264 _ Advances from: Government a g e n cie s... _ Other Trust and deposit lia b ilit ie s : Government a g e n cie s * 2, O ther... _ 9 _ _ Bonds, debentures, and notes payable: Government a g e n cie s P a rtic ip a tio n c e r t i f i c a t e s... - _ - _ P rin cip al payments fo r redemption o f p a r t ic ip a t io n c e r t i f i c a t e s ( - ) O ther ,393 - _ Other lia b ilit ie s ( including re se rv e s ) , T o ta l l i a b i l i t i e s... NET INVESTMENT 283 0, ,368 3,00 / -,535 United States in terest: In te re s t-b e a rin g investm ent: C ap ita l s to c k Borrowings from the U.S. T reasury... _ _ - Other... N oninterest-bearing investment: C a p ita l s to c k... _ A p p rop ria tion s , ,945 50,590 - C a p ita liz a tio n o f a ssets ( n e t )... _ _ Other... - _ 4, ,605 - Accumulated net income, or d e fic it (-).. -,636-2,673 3,33,682 Deposits o f general and sp e cia l fund revenues ( - ) _ _ - T ota l United S ta tes in t e r e s t... -,636 4,95 7,28 4,067 6,66 53,902,682 Trust and p rivate in terest: P rin c ip a l o f fund Accumulated net income, or d e fic it (-) T ota l t r u s t and p riv a te i n t e r e s t T ota l l i a b i l i t i e s and investm ent ,623 4,702 8,496 7,67 6,66 53, Footnotes at end of Section. (Continued on following page)

162 56 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Financial Condition, September 30, 97 - (Continued) (In thousands of dollars) Other independent agencies 46/ - (Continued) National Credit Small Business Administration United States Union Administration - Selective Account (Continued) Service Business Disaster Lease and Tennessee Information surety bond Salaries Valley Agency System loan and loan and Authority Share (G<SS) investment fund guarantees (EE) insurance fund (PE) (PE) revolving expenses Informational fund (PE) (G<SS) media guaranty fund (PE) fund (,PE) ASSETS Cash in banks, on hand, and in transit... * * 44 _ 28 _ Fund balances with the U.S. Treasury 2/ ,04 520, ,59 8,655 26,502 64, Investments: Public debt securities (par value)... 6, , Securities of Government enterprises _ Securities of Government-sponsored _ Unamortized premium, or discount (-)... Ill _ - _ -0 _ Advances to contractors and agents: - 3,363 U /,267 2/ ,856 - _ 2,83 54 _ Accounts and notes receivable: - - 3,730,48-2 8,396-4, ,345 _ 97, _ Accrued interest receivable: On public debt securities _ On securities of Government enterprises _ 29,959 4, _ Loans receivable: Other: U.S. dollar loans...,32,325 U / 593,070 y j _ - Foreign currency loans ,062-25,498 _ Acquired security or collateral: _ - 3, , _ * 0,08 _ 3,4 3,979,308 _ - -,72 -,4, ,805 2, ,069,853 42/ - 7,289 82,40,859,2 904,894 0,699 30,39 4,32, LIABILITIES Accounts payable:,35 3,470 _ 297 _ 570,352 - _ 3, _,07 83,872 _ Accrued liabilities: 25,879, , ,246 9,326 _ Advances from: Trust and deposit liabilities: *,359 _ ,367 _ Bonds, debentures, and notes payable: _ Participation certificates... _ 548,330 42,984 Principal payments for redemption of participation certificates (-)... -4,839-30,472 _,477,300 _ Other liabilities (including reserves) ,98 24, ,72 20,923 - liabilities...,236 2, ,69 6/ 24, ,95,606,995 5,008 NET INVESTMENT United States interest: Interest-bearing investment: Borrowings from the U.S. Treasury ,000 22,4,02, ,089 _ Noninterest-bearing investment: , ,000 24,668 2,34,52 - Capitalization of assets (net) ,08 539, ,724 -,699 53, ,98 8, , Accumulated net income, or deficit (-).. 6,053-25, , , ,69 0/ -26,766 Deposits of general and special fund ,053 69,482,40, ,985 0,09 2,96 2,525,940-4,652 Trust and private interest: Accumulated net income, or deficit (-) trust and private interest liabilities and investment... 7,289 82,40,859,2 904,894 0,699 30,39 4,32, JL Footnotes at end of Section.

163 February 972 FINANnTAT, OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. 57 Footnotes to Table GA-I- (PE) Public enterprise revolving funds. (IR) Intragovernmental revolving funds. (TR) Trust revolving funds. (G&S)- General and special funds (also includes loan accounts of enterprises in liquidation and foreign currency). l/ Includes $3 million applicable to the economic opportunity loan fund, executive. 2/ These amounts consist mainly of unexpended balances of general, special, and revolving fund accounts against which checks may be drawn to pay proper charges under these funds. The funds are considered as assets of the agencies, but are not assets of the United States Government since funds must be provided out of cash balances of the Treasurer of the United States and future receipts to take care of checks to be issued against the balances. 2/ Includes foreign currency assets, representing loans and other receivables recoverable in foreign currency as well as balances of foreign currencies in United States depositaries, aggregating $5,783 million in dollar equivalent. These currencies, acquired without the payment of dollars, were generated under various Government programs, principally the Agricultural Trade Development and Assistance Act of 954, as amended, and the Mutual Security Acts, as amended. Dollar equivalents are computed for reporting purposes, to provide a common denominator for the currencies of the many countries involved. Foreign currencies on hand and on deposit and loans under section 04 (e) of the Agricultural Trade Development and Assistance Act of 954, as amended, are stated at the rates as of September 30, 97, at which the United States could purchase currencies on the market for regular operating purposes. Other loans are stated at rates at which they are to be repaid or at rates in effect when the loans are extended. Currencies that are dollar denominated or guaranteed as to rates of exchange are stated at rates specified in the agreements. i j Excludes personal property which had an original acquisition cost value of $7 million accounted for by this fund. 5/ Represents collections of principal turned over to the Government National Mortgage Association, participation sales fund and held for redemption of participation certificates. 6/ Certain corporations and other business-type activities that have submitted statements of financial condition guarantee and insure loans made by private financial institutions and insure deposits in banks and savings and loan associations. These commitments are excluded from their balance sheets. The activities that have the major programs and the principal amounts are as follows: Amount (in millions Activity of dollars) Funds appropriated to the President: Liquidation of foreign military sales fund (June 30, 97) Agency for International Development: Housing investment guaranty fund (June 30, 97) 78 Overseas Private Investment Corporation (June 30, 97)... 3r Agriculture Department: Farmers Home Administration: Agricultural credit insurance fund... 2,277 Rural housing insurance fund... 3,64 Commerce Department: Maritime Administration: Federal ship mortgage insurance fund Health, Education, and Welfare Department: Office of Education: Student loan insurance fund (June 30, 97)... 2,76 Housing and Urban Development Department: Housing production and mortgage credit: Federal Housing Administration revolving fund... 79,30 Housing management: Low rent public housing: Local housing authority bonds and notes... 6,377 Local housing authority temporary notes... 3,423 Community development: Urban renewal programs (June 30, 97)... 3,042 Veterans Administration: Loan guaranty revolving fund (June 30, 97)... 9,704 Other independent agencies: Federal Deposit Insurance Corporation (June 30, 97) ,708 Federal Home Loan Bank Board: Federal Savings and Loan Insurance Corporation... 57,80 Interstate Commerce Commission (June 30, 97) Small Business Administration: Business loan and investment fund (June 30, 97) 876 7/ Represents the Cooley loan program established pursuant to the Agricultural Trade Development and Assistance Act of 954, as amended (7 U.S.C. 704 (e)). 8/ Represents transfers of principal and interest to miscellaneous receipts of the United States Department of the Treasury. 9/ Consists of contingency fund, Inter-American social and economic program, and supporting assistance loans. 0/ Consists of stock of the Asian Development Bank amounting to $00 million, stock of the International Bank for Reconstruction and Development amounting to $635 million; and subscriptions to the International Finance Corporation, the Inter-American Development Bank, and the International Development Association amounting to $35 million, $,950 million, and $,2 million, respectively. / Includes the insurance and guaranty fund. The amount of $20 million, shown as "Other" in the Net Investment section, will be classified as capital stock when the stock certificate is issued. 2/ Figures are as of June 30, 97, the latest available. 3/ Represents interest collections turned over to the Government National Mortgage Association, participation sales fund and held for payment of interest on participation certificates. 4/ Participation certificates, shown in the liability section of this statement, have been issued against certain of these loans under trust agreements with the Government National Mortgage Association, participation sales fund. 5/ Represents noninterest-bearing public debt borrowings from the United States Department of the Treasury pursuant to Public Law approved November 2, 965 (5 U.S.C. 73a-a). 6/ Includes administrative and operating expenses funds. 7/ Includes assets in use, and vessels and other assets held primarily for mobilization, and vessels held for scrapping. 8/ Represents depreciation on assets in use and on mobilization assets, and allowances for losses on vessels held for scrapping. 9/ Excludes property such as land, structures, and equipment as follows: Air Force, $4,584 million; Amy, $2,090 million; Marine Corps, $25 million; Navy, $5,052 million; and defense agencies, $7 million. 20/ Represents reserve for equity of others. 2/ Consists mainly of capital representing appropriations, reappropriations, capitalization of assets, and accumulated net income or deficit. Figures for each of these amounts were not shown separately on the report submitted by the fund. 22/ Includes the Defense Communications Agency. 23/ Includes the National Security Agency. 24/ The homeowners hip and rental housing assistance and the rent supplement program, mortgage credit general funds; formerly shown under this heading, will be reported on an annual basis hereafter. 25/ Represents allowance for title and other contingencies. 26/ The interstate land sales special fund and the salaries and expenses general fund, formerly shown under this heading, will be reported on an annual basis hereafter. 27/ Includes construction work in progress and unclassified assets amounting to $82 million. 28/ Includes interest accrued on investment in power facilities amounting to $2 million. 29/ Represents interest on invested capital. 30/ Includes helium stored underground held for future use amounting to $372 million. 3/ Includes construction work in progress amounting to $06 million. 32/ Includes interest on invested capital. 33/ Represents the fund known as "Revolving fund for advances to employment security administration account, unemployment trust fund." 34/ Represents judgments in favor of the United States. Does not include allowance for uncollectible items. 35/ Represents public debt borrowings which are noninterest-bearing as provided by an act approved October 2, 970 (33 U.S.C. 985 (b)). 36/ Includes Public Works Administration (in liquidation) and strategic and critical materials. 37/ Includes lend-lease and surplus property balances amounting to $,095 million; and receivables from Greece, Japan, and the United Kingdom amounting to $3 million; $73 million; and $2,90 million, respectively. 38/ Includes buildings and land improvements, and construction work in progress amounting to $6 million, and $566 million, respectively. 39/ Represents an accountable advance to General Services Administration for transfer of silver to strategic and critical materials inventories. The value of this silver is included in inventories. 40/ Figures are as of October 5, 97, and are preliminary. The cash and fund balances and receivables include sufficient funds to pay for resources on order of $408 million. These resources on order are a part of the Government equity of the Postal Service. 4/ Valued at cost, estimated if not known. Land includes sites held for resale to prospective lessors for which $25 million has been paid or obligated. 42/ Includes construction work in progress amounting to $08 million and contractor held property amounting to $2,42 million. 3/ Represents construction urork in progress. LL/ Liabilities do not include: () undetermined amounts of postage in the hands of the public which have been accounted for as revenue when sold, and (2) the following contingent and future obligations: contingent liabilities for cases pending before the Civil Aeronautics Board and for pending suits and damage claims, and commitments under long-term leases. 45/ Represents public debt borrowings transferred from the direct loans to veterans and reserves fund. These borrowings are noninterestbearing as provided by acts of February 29, 964 (78 Stat. 47), Augsut 30, 964 (78 Stat. 66), and September 6, 966 (80 Stat. 679). 46/ Pursuant to Public Law 92-26, approved August 7, 97 (2 U.S.C. 635 (a)); the receipts, expenditures, and net lending of the Export- Import Bank of the United States; formerly shown under this heading, were classified outside the unified budget totals, effective as of the close of business August 6, / Includes the Federal Labor Relations Council. 48/ The net income is not available by law for dividend distribution and is considered by the Corporation as a reserve for future deposit insurance losses and related expenses with respect to insured banks. 49/ Includes investigations and construction work in progress amounting to $,057 million. 50/ Consists of net income from power operations of $740 million and net expense of nonrevenue-producing programs of $503 million. * Less than $500. r Revised.

164 258 Treasury Bulletin Fiscal year or month Sales B i M A M r u i. O P E R A T IO N S O F G O V E R N M E N T A G E N C IE S A N D» m m n Section III - Federal Credit Programs Table GA-III-. - Direct Sales and Repurchases of Loans Export-Inrport Bank of the United States Sales Repurchases Repurchases (In millions of dollars) Farmers Home Administration Sales y Housing' and Urban Development Department Government Office of Secretaiy National Mortgage Association / 2/ Sales Sales Small Business Administration Sales Veterans Administration , _ 5 _ 460 _ , _ _ , * , * 6 * , , * , , Dec _ Jan _ Feb Mar Apr May June July _ _ Aug Sept Oct * 27 Dec * 4 2 Fiscal 972 ' ' ' ' to date..., , / The secondary market operations of Federal National Mortgage Associ- through Sept. 30, 968 $296 million. ation were converted to private ownership effective Sept. 30, 968, 2/ Includes college housing, elderly housing, and public facility loans, pursuant to P.L (82 Stat. 536). Amounts reported exclude the 2/ Sales by fiscal years are on basis of actual figures shown in the following applicable to secondaiy market operations: net sales, 963 Budget document and include initial sales of loans from credit insur- $547 million; net purchases, 964 $67 million, 965 $232 million, ance funds. The monthly figures are on basis of agency reports. 966 $,838 million, 967 $,07 million, 968 $2,36 million, 969 * Less than $500,000. Sales t Repurchases Repurchases Repurchases Repurchases Repurchases

165 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Federal Credit Programs Table GA-III-2. - Loans Outstanding, September 30, 97 Excluding Interagency Loans (In thousands of dollars) Type of loan and lending agency / United States dollar loans Loan account 2/ Expenditure account Foreign currency loans J/ To aid agriculture: Loans to cooperative associations: Economic opportunity loan fund... 5,89 5,89 Farmers Home Administration: Direct loan account... 47,728 47,728 State rural rehabilitation funds... 2 U 2 U - - Rural Electrification Administration... 5,882,92 5,882, Crop, livestock, and commodity loans: Commodity Credit Corporation...,97,800 _,97,800 _ Farmers Home Administration: Direct loan account Emergency credit revolving fund... 9,69 9, Storage facility and equipment loans: Commodity Credit Corporation... 43,465 43,465 _ Farm mortgage loans: Farmers Home Administration: Agricultural credit insurance fund , ,267 Direct loan account... 23,979 5/ 23,979 2/ ,348 2/ 523,348 5/ - - State rural rehabilitation funds... 2,964 U 2,964 U - - Other loans: Consumer and Marketing Service: Milk market orders assessment fund U 597 U Economic opportunity loan fund: Loans to aid farm or rural families... 47,39 47,39. Farmers Home Administration: Direct loan account ,820 5/ 730,820 5/ State rural rehabilitation funds U 653 U - - Watershed protection and other loans...,359, ,358,907 8,387,07,97,800 - To aid homeowners: Mortgage.loans: Housing and Urban Development Department: Federal Housing Administration: 8,937 8, ,036 6/ 845,036 6/ - - Government National Mortgage Association: Management and liquidating functions...,608,893 /,608,893 / Special assistance functions... 3,466,894 2/ 3,466,894 5/ Interior Department: Bureau of Indian Affairs: Liquidation of Hoonah housing project Veterans Administration: Direct loans to veterans and reserves...,227,465 2/,227,465 2/.. Loan guaranty revolving fund... 5,898 5, Federal Home Loan Bank Board: Federal Savings and Loan Insurance Corporation... 72,636 72,636 Other loans: Funds appropriated to the President:,070,070 Agriculture Department: Farmers Home Administration: Self help housing land development fund: 2 2 Veterans Administration: 5,373 5,373,292,22 2/,292,22 2/ - - 8,690,82 8,689,75,070 - To aid industry: Loans to railroads: Expansion of defense production:,54,54 Other purposes: Treasury Department: Reconstruction Finance Corporation loans in liquidation... 4,57 4,57 73,839 73,839 _ Ship mortgage loans: Commerce Department: 20,94 20,94 4,09 4,09 _ Other loans: Expansion of defense production: 2,535 2,535 4,99 4, Defense production guarantees: ,82 2, Footnotes at end of Section. (Continued on following page)

166 60 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Federal Credit Programs Table GA-III-2. - Loans Outstanding, September 30, 97 Excluding Interagency Loans - (Continued) (In thousands of dollars) Type of loan and lending agency / United States dollar loans Loan account 2/ Expenditure account Foreign currency loans 2/ To aid industry fcontinued)i Other purposes: Commerce Department: Economic Development Administration: Economic development revolving fund , ,465 National Oceanic and Atmospheric Administration: Fisheries loan fund... 9,06 9,06 Interior Department: Geological Survey 7/... 2,47 2,47 Transportation Department: Right-of-way revolving fund 7/ ,59 38,59 Urban mass transportation fund... 4,375 4,375 - _ Treasury Department: Reconstruction Finance Corporation loans in liquidation General Services Administration: Reconstruction Finance Corporation liquidation fund Small Business Administration: Business loan and investment fund...,32,325 i/,32,325 5/ - - to aid industry....'...,793,960,788,955 5,006 - To aid education: Health, Education, and Welfare Department: Office of Education: Elementary and secondary educational activities 7/...,64,64 Higher educational activities, loans to institutions 7/... 8,880 8,880 Higher educational activities, advances for reserve funds 7/... 8,744 _ 8,744 _ 475,377 5/ 475,377 2/ _ Loans to students in institutions of higher education 7/...,57,95 _,57,95 _ Student loan insurance fund... 22,682 22,682 National Institutes of Health: Loans to institutions: Health professions education fund... 30,30 5/ 30,30 / Nurse training fund... 4,928 y _ 4,928 i/ _ 70,05 8/ - 70,05 8/ _ Social and Rehabilitation Service: Assistance to refugees in the United States 7/... 25,53 25,53 Housing and Urban Development Department: College housing loans... 3,260,806 / 3,260,806 5/ - - to aid education ,545,642 3,794,539,75,04 - To aid States. Territories, etc.: Commerce Department: Economic Development Administration: Economic development revolving fund... 4,949 4,949 Health, Education, and Welfare Department: Health Services and Mental Health Administration 7/... 2,66 2,66 Housing and Urban Development Department: Urban renewal programs , ,925 Low-rent public housing... 75,42 75,42 Public facility loans... 44,749 / 44,749 5/ Revolving fund, liquidating programs... 79,889 5,02 74,868 _ Interior Department: Bureau of Reclamation 7/... 46,34 k/ 46,34 A/ Office of Territories: Alaska public works Loans for rehabilitation in Guam 7/... 27,00 27,00 _ General Services Administration: Public Works Administration (in liquidation)... 34,70 34,70 374, , to aid States, Territories, etc......,820,500,745,632 74,868 - Foreign loans: Funds appropriated to the President: Liquidation of foreign military sales fund... 97, 97, Military assistance credits in liquidation...,87 _,87 _ Agency for International Development: Alliance for Progress, development loans... 2,442,66 2,442,66 Common defense, economic, and triangular trade loans ,320 _ 59,320 3,870,57 Development loans... 5,436,426-5,436,426 _ Development loan fund liquidation account... 27,749 _ 27, ,669 Loans to domestic or foreign firms and United States firms in foreign countries... 65,626 Loans of predecessor agencies in liquidation... 98,024-98, ,36 Other loans... 55,59 55,59 59,065 Footnotes at end of Section. (Continued on following page)

167 February FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section III - Federal Credit Programs Table GA-III-2. - Loans Outstanding, September 30, 97 Excluding Interagency Loans - (Continued) (In thousand^ of doliars) Type of loan and lending agency / United States dollar loans Loan accoimt Expenditure accoimt Foreign currency loans 2 / Foreign loans(continued): Agriculture Department: Commodity Credit Corporation: T.ong-term evport sales creditsttitttttitttttt,tttttttttttttttt.ftt. TTT 2,352,040 Short-term export sales credits... 50,028 50,028 2,352, Commerce Department: Maritime Administration _ State Department: T-nans to the United Nations /, t,.,ttttt,tt,ttt,..t.,tt,t*ttttt..trtttttttt 73,704 _ 73,704 _ Treasury Department: Miscellaneous loans and certain other assets: T.end- ease and surplus property.,.ttttttttttt,tttt.ttttttt.tt..irttrtttttt..,095,46,095,46 22,825 Loans and other credits... 3,089,979 2/ - 3,089,979 2/ - Receivable from foreign banving ns+. tutions, 2,82 2, Atomic Energy Commission: Long-term receivables 2 /... 60,362 _ 60,362 _ foreign loans... 6,899,228 0/ 504,043 0/ 6,395,85 5,584,659 Other loans: Housing and Urban Development Department: Housing for the elderly or handicapped ,326 5/ 520,326 / Low and moderate income sponsor fund... 2,609-2,609 - Low-rent public housing Rehabilitation loan fund... 35,33 35, Revolving fund, liquidating programs... 4,484 4, Interior Department: Bureau of Indian Affairs: Revolving fund for loans ,640 27,640 Justice Department: Law Enforcement Assistance Administration 2 / ,990 U 44,990 u State Department: Emergencies in the diplomatic and consular service 7/...,55,55. General Services Administration: Liquidation of Virgin Islands Corporation... 2,278 2,278 Surplus property credit sales and liquidation activities... 37,260 5,563 2,697 - Veterans Administration: Insurance appropriations policy loans 2 /...,302,302 National service life insurance fund 2 / , ,806 _ - Service-disabled veterans insurance fund... 2,072 2, Soldiers and sailors' civil relief U.S. Government life insurance fund 2/... 75,882 75,882 Veterans' reopened insurance fund... 8,98 8, Veterans' special life insurance fund... 28,045 28, Vocational rehabilitation revolving fund Small Business Administration: Disaster loan fund ,070 / 593,070 _ other loans ,486,760 2,44,03 72,729 - T o ta l, loa n and expenditure a ccou n ts... 47,595,89 27,324,058 20,27,76 5,584,659 Deduct: Loans o f agencies submitting fin a n cia l statements on an annual basis 3,6,490,227,762,888,727 loans o f agencies submitting fin a n cia l statements on a quarterly basis ,330 / 26,096,296 / 8,383,034 5,584,659 Memorandum Investments in s e cu rities o f n riv a telv owned Government,-ST)onsored en terp rises: i/ K2/ & Agriculture Department: Consumer and Marketing S ervice : mi v market ord ers assessment fund ,000 2/ 20,000 2/ ,73 20, Does not include foreign currency loans. Includes trust funds. The dollar equivalents of these loans are computed for reporting purposes at varying rates. If the loan agreements stipulate a dollar denominated figure, the loans outstanding are generally valued at agreement rates of exchange. Loans executed in units of foreign currency are valued at the market rates (i.e., the rates of exchange at which the Department of the Treasury sells such currencies to Government agencies). As of June 30, 97, the latest available. Participation certificates have been issued against certain of these loans under trust agreements by the Government National Mortgage Association, participation sales fund. For the full amounts of participation certificates outstanding for these programs, see Section I - Government Corporations and Other Business-Type Activities. Includes $564 million representing defaulted mortgage notes and defaulted Title I, Section 2 notes reported as acquired security or u 8/ 2/ 0/ / 2/ collateral on the statement of financial condition of the Federal Housing Administration revolving fund. This activity submits financial statements annually as of June 30, pursuant to Supplement No. (Revised) to Department Circular No A complete balance sheet as of September 30, 97, was not submitted, but the outstanding loans of this activity were reported to the Department of the Treasury and are shown on this line. Represents final figure as of June 30, 97, the latest available. Represents receivables of $4 million from Finland, $3 million from Greece, $73 million from Japan, and $2,90 million from the United Kingdom. Loans of the Export-Import Bank of the United States amounting to $5,707 million as of September 30, 97, are. excluded. Pursuant to Public Law approved August 7, 97 (2 U.S.C. 635 (a)), the receipts, expenditures, and net lending of the Bank were reclassified outside the unified budget as of the close of business August 6, 97. See footnotes 6 and 0. Figure is as of October 5, 97.

168 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FTTNns Section IV - Trust Funds Table GA-IV-. - Civil Service Retirement and Disability Fund (In millions of dollars) Receipts Fiscal year or month Agencies contributions Employees contributions Federal contributions Donations, service credit payments, and other misc. receipts Interest and profits on investments ,838 3,777 0,098 4, , , , ,664,050, ,823,097, ,094,9, ,434,38, ,753,44, ,683,72, ,86,890, , (Est.)... 6,474,949,949,5 3, (Est.)... 7,226 2,020 2,020,524 3,63 97-Jan Feb , Dec Fiscal 972 to date.... 3, Assets, end of period Fiscal year or month expenditures other than investments Net increase, or decrease (-), in assets Investments Unexpended balance ,662 2,77 2,77 2, ,76,07 3,248 3, ,38,38 4,386 4, ,438,226 5,62 5, ,686,37 6,749 6, ,965,29 7,878 7, ,39,296 9,73 9, ,406,347 20,52 20, ,752,93 22,452 22, ,234 2,58 25,033 24, (Est.)... 3,632 2,842 27,875 27, (Est.)... 4,39 3,087 30,962 30, Jan ,59 23, Feb ,590 23, ,669 23, Apr ,750 23, ,49 23, ,033 24, ,479 25, ,56 25, Sept ,582 25, ,592 25, ,666 25, ,306 25, Fiscal 972 to date...,850 ^,273 26,306 25,

169 February F IN A N C IA L O P E R A T IO N S O F G O V E R N M E N T A G E N C IE S A N D w rm rtg Fiscal year or month Section IV - Trust Funds Table GA-IV-2. - Federal Old-Age and Survivors Insurance Trust Fund ^ 2/ Appropriati ons 2/ (In millions of dollars) Receipts Deposits by States k f Net earnings on investments y Expenditures other than investments Benefit payments Payments to Railroad Retirement Accounts 6/ ,225 92,08 3,959 7,29 $3,562 79,98, ,856 2, ,53 3, ,043 4,335, ,284 4, ,47 4,572, ,965 5, ,46 6,474, ,770 8, ,37 20,732, ,729 7/ 8, ,64 20,627 2, ,624 7/ 20, ,348 23,693 2,260,03 24,690 23, ,746 27,96 2,758,349 27,320 26, ,982 28,849 3,066,68 32,268 3, (Est.)... 36,736 30,983 3,565,70 35,832 34, (Est.)... 4,9 35,073 3,864,707 40,63 39, Jan...,837, ,537 2,470 Feb... 3,879 3, ,548 2,5 _ Mar... 2,747 2, ,576 2,54 _ Apr... 3,508 3, ,584 2,54 _ May... 3,935 2,87, ,59 2,537 _ June... 3,282 2, ,476 3, July... 2,374 2, ,823 2,806 _ Aug... 3,954 2,80,0 43 2,855 2,83 _ Sept... 2,66 2, ,850 2,829 _ Oct... 2,087 2, ,98 2,857 _ Nov... 2,655, ,895 2,867 _ Dec... 3,002, ,889 2,849 - Fiscal 972 to date... 6,689 3,553, ,230 7,02 - Fiscal year or month Construction 8/ Expenditures other than investments - (Cont.) ileimbursement to general fund 9/ Administrative expenses Bureau of 0ASI 0/ Reimbursement to or from (-), FDI, FHI, and FSMI Trust Funds Net increase, or decrease (-), in assets Assets, end of period Investments Unexpended balance 2/ 9^ , ,662 9,662 8,456, ,987 7,633, ,746 8,325,42 * ,98 8,783, ,889 7,925, ,643 23,53 2,780, ,07 25,548 23,250 2, ,657 28,205 26,235, ,426 32,63 30,2 2, *,74 34,345 3,375 2, (Est.) ,249 32,035 3, (Est.) ,737 32,34 3, Jan... * ,768 29,23 2,538 Feb... * ,33 33,099 29,680 3,420 Mar... * ,270 30,757 2,53 Apr... * ,94 3,29 2,976 May... * ,346 35,539 32,254 3,285 June... * ,94 34,345 3,375 2,970 July... * ,897 30,733 3,64 Aug ,099 34,996 3,923 3,073 Sept... * ,762 3,584 3,79 Oct... * ,93 30,77 3,24 Nov... * * ,690 30,670 3,020 Dec ,803 30,70 3,03 Fiscal 972 to date ,803 30,70 3,03 Source: See Table FFO-. / Includes transactions -under the predecessor Old-Age Reserve Account. 5/ 2/ includes: $5 million transferred from general fund for administrative and other costs of benefits payable to survivors of 6/ certain World War II Veterans (60 Stat. 979 and 64 Stat. 52); $35 2/ million (937-59), paid from the Railroad Retirement Account; begin- 8/ ning November 95, small amounts in the nature of recoveries from expenditures incidental to the operations; beginning 958, interest 2/ payments from Federal Disability Insurance Trust Fund and sale of waste paper; $78 million for each FY 967 and 968, $56 million FY 969, $78 million for each FY 970 and FY 97, and $37 million December 97 for military service credits; and $226 million for FY 0/ 969, $364 million FY 970, $37 million FY 97, and $35 million December 97 for benefits for the aged. Estimates include $37 million FY 972, $38 million FY 973 for military service credits, and $35 million FY 972 and $337 million FY 973 for special benefits for the aged. 2/ Includes unappropriated receipts from January 962 to June 965. i j To cover employees of States and their political subdivisions, under the Social Security Act Amendments of 950 (42 U.S.C. 48). Includes payments for vocational rehabilitation services to Federal Disability Insurance Trust Fund and Social Rehabilitation Service. See Table GA-IV-6, footnote 3. Excludes transactions for investments in non-federal securities. Construction and equipment of office buildings for the Bureau (Public Law 70. approved July 3, 953 (67 Stat. 254)). Under the social security Act, as amended (42 U.S.C. 40 (g) ()), for administration of Titles II and VII of that act and related parts of the Internal Revenue Code (26 U.S.C , ). See also footnote 0. Salaries and expenses of the Bureau of (Hd-Age and Survivors Insurance are paid directly from the trust fund beginning 947, under provisions of annual appropriation acts until passage of the Social Security Act Amendments of 956 (42 U.S.C. 40 (g)()), previously these expenses were included in reimbursements to the general fund. Beginning July 966 payments of salaries and expenses for the Social Security Administration are charged directly to each trust fund. * Less than $500,000.

170 l64 f t m a m p t a t. OPERATIONS OF GOVERNMENT AGENCIES AND F T T K m s Section IV - Trust Funds Table GA-IV-3. - Federal Disability Insurance Trust Fund Treasury Bulletin Fiscal year or month / Appropriations 2/ Receipts Deposits by States / Interest and profits on investments (in millions of dollars) V Expenditures other than investments Payments to Railroad Retirement Accounts 2/ Administrative: Reimbursement to SSA Trust Funds 6/ General fund Net irn crease, or decrease (-), in assets Assets, end of period ,447 2/ 4, ,939 2, ,508 2,508 2, , ,259, ,394 2, ,2, ,339, ,266 2, ,24, ,498, ,009, ,66, ,937, ,688, ,332 2, ,997 8/, ,024, ,800 2, ,237 8/ 2, ,587 2, ,705 3, ,63 2, ,092 3,679 3, ,380 3, ,954 2, ,426 5,05 4, ,90 4, ,606 3, ,305 6,40 6, (Est.) 4,857 3, ,22 3, ,046 6, (Est.)... 5,23 4, ,883 4, ,286 6, Benefit payments Investments Unexpended balance 2/ 97-Jan * _ ,584 5, Feb ,785 5, Mar ,905 5, Apr ,084 5, May ,37 5, June ,40 6, July _ 6-3 6,397 6, Aug ,557 6, Sept ,65 6, Oct ,546 6, Nov ,530 6,8 348 Dec _ 6 7 6,646 6,3 336 Fiscal 972 to date... 2,306, ,070, ,646 6,3 336 Source: See Table FFO-. / Includes payments for military service credits as follows: $6 million FY 967, FY 968, $32 million FY 969, $6 million for each FY 970, 97, and $50 million December 97. Estimates are $50 million FY 972 and $5 million FY J Includes unappropriated receipts from January 962 to June / To cover employees of States and their political subdivisions under the Social Security Act (42 U.S.C. 48). fx/ Includes payments for Vocational Rehabilitation Services beginning FY 966 and construction and equipment of buildings beginning FY 967. Estimates include $5 mil5on FY 972, $2 milion FY 973 for construction of buildings; $32 million FY 972 and $54 million FY 973 for vocation Fiscal year or month / 2/ Appropriations Table GA-IV-4. - Federal Hospital Insurance Trust Fund 5/ 6/ 8/ (In millions of dollars) Receipts Expenditures other than investments Net *V_ luf Interest Federal Deposits and profits on Benefit trative Adminis payment t>y Contraction States investments payments expenses rehabilitation services. See Table GA-IV-6, footnote 3. For appropriate share of administrative expenses, including interest, paid from the trust fund during the preceding fiscal year as determined by the Secretary of Health, Education, and Welfare (42 U.S.C. 40 (g ) ()). Beginning July 966 monthly reimbursements are paid to the Social Security Administration to cover salaries and expenses instead of the semi-annual reimbursement to FOASI. Includes $27 million paid from Railroad Retirement Accounts in FY 960. Excludes transactions for investments in non-federal securities. Less than $500,000. crease, or decrease (-), in assets Assets, end of Deriod _ 64 _ ,089 2, ,597 V 2, _ 492,343, ,902 3, ,85 4/ 3, _ 87,43, ,344 3, ,758 4, _ 586 2,07 2, ,64 4, ,953 4, ,677 2, ,08 4, ,592 5, * 426 3,03 3, (Est.)... 7,873 6, ,435 5/ 6, ,438 4,54 4, (Est.)... 2,226 0,2 56, ,577 2/ 7, ,649 9,89 9, Jan * _ -87 3,05 3,07-92 Feb _ 95 3,0 3,093 7 Mar * * -0 3,00 3,03-2 Apr * -36 2,974 2,903 7 May * 5 3,089 2,977 June * 4 3,03 3, July _ -44 2,959 2,899 6 Aug _ 26 3,086 3,025 6 Sept * -64 3,022 2,970 5 Oct * -87 2,835 2, Nov * -70 2,665 2, _ Dec * 370 Fiscal 972 3,034 2, to date... 2,896, ,965 2, * -69 3,034 2, Source: See Tabl*e FF0-. / Includes nonimal amounts of other receipts. 2/ Includes receipts and interest from Railroad Retirement Account - net settlement of $fl6 million FY 967, $44 million FY 968, $54 million FY-969, $64 million FY 970, $66 million FY 97, and $66 million August 97. The estimates are $66 million FY 972 and $92 million FY / Represents payments for military service credits of $ million for each FY 967 and 968, $22 million FY 969, $ million for each FY 970, 97, and $48 million December 97; and payment for transiy Investments Unexpended balance tional coverage for the uninsured of $327 million FY 967, '$273 million FY 968, $749 million FY 969, $67 million FY 970, $863 million FY 97, and $503 million December 97. Estimates include $503 million FY 972, $468 million FY* 973 for transitional coverage and $48 million each FY 972 and 973 for military service credits. Excludes transactions for investment in non-federal securities. Includes $ million FY 972 and $4 million FY 973 for incentive reimbursement experimentation. Less than $500,000.

171 February Fiscal year or month....financial OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section IV - Trust Funds Table GA-IV-5. - Federal Supplementary Medical Insurance Trust Fund / (In millions of dollars) Receipts Expenditures other than investments Assets, end of period Net Premiums Interest increase, Federal and profits on payments Benefit Administrative contributions invest Construction or decrease expenses Investments Unexpended (-), in ments assets balances , _ , ,532, , ,840, , ,96, ,56,253, ,283 2, * (Est.)... 2,754,355, ,539 2/ 2, (Est.)... 3,2,477, ,859 2, Jan Feb * Mar * Apr ' * May * June * July * _ r r Aug r 330 lor Sept * r r Oct * Nov * * Dec * Fiscal 972 to date..., ,22, Source: See Table FFO-. experimentation, l/ Includes nominal amounts of other receipts. * Less than $500,000. 2/ Includes $2 million for incentive reimbursement r Revised. Table GA-IV-6. - Railroad Retirement Accounts Fiscal year, or month / Appropriations 2/ Receipts Interest and profits on From F0ASI and FDI investments funds trust 2/ (In millions of dollars) Expenditures other than investments From Unemployment Trust Fund i j 5/ Benefit payments To Unemployment Trust Fund i j Administrative expenses 6/ Net increase, or decrease (-), in assets Assets, end of period Investments Unexpended balance 2/ ,330,296,445, ,54 9, ,789 3,788 3, , ,2, ,805 3, , ,39, ,859 3, , ,85, ,06 3, , ,246,94 a ,8 4, , ,35, ,477 4, , ,436, ,60 4, , ,595, ,692 4, , ,653, ,863 4, , ,968, ,857 4, (Est.) 2,2, ,63 2, ,805 4, (Est.) 2,24, ,36 2, ,9 4, Jan ,368 4,27 52 Feb ,39 4, Mar * _ ,340 4,96 44 Apr ,89 4, May... 7 I64 6 _ ,90 4,09 7 June ,857 4, July I ,70 4, Aug _ ,68 4, Sept ,536r 4,368 I68r Oct ,366 4,97 70 Nov I ,348 4,80 68 Dec ,372 4, Fiscal 972 to date _ 2,8, ,372 4, Source: See Table FF0-. / Includes payment for military service credits beginning fiscal / Includes the Government s contribution for creditable military service (45 U.S.C. 228c- (n)) through fiscal 964 and unappropriated transfers of tax receipts and beginning FY 968 includes transfers of receipts to Federal Hospital Insurance trust fund of $44 million FY 968, $54 million FY 969, $6 million FY 970, $63 million FY 97, and $64 million August 97. 2/ Payments are made between the Railroad Retirement Account and Federal old-age and survivors and Federal disability so as to place those funds in the position in which they would have been if railroad employment after 936 had been included in social security coverage (45 U.S.C. 228e (K)). See Tables GA-IV-2 and GA-IV-3. k/ See Table GA-IV-7. Receipts include repayment and interest. / Includes $62 million (936-60), paid to Federal old-age and survivors and disability insurance trust funds and $6 million FY 967 to Federal Hospital Insurance Trust Fund; beginning FY 968 excludes transactions for investments in non-federal securities; and includes payments to Railroad Unemployment Trust Fund of $5 million FY 970 and $0 million FY 97. Estimates are $0 million for FY 972 and FY / Paid from the trust fund beginning 950 (63 Stat. 297). 7/ Includes unappropriated receipts. * Less than $500,000. r Revised.

172 66 Treasury Bulletin Fiscal year or month.financial OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS State accounts i/ Deposits by States Section IV - Trust Funds Table GA-IV-7. - Unemployment Trust Fund (In millions of dollars) Receipts Employment security program Employment Security Admini strat ion Account Appropriations Advances from! general fund 2/ Federal Unemployment Account Board u Federal Extended Compensation Account 2/ Deposits by Railroad Retirement accounts / Railroad unemployment insurance Railroad Unemployment Insurance Account 6/ Advances from Railroad Retirement Accounts 8/ General fund Administration fund 2/ Deposits by Railroad Retirement board ,708 0/ 33, , , ,26 3, ,288 3, _ * :... 4,32 3, * _ _ ,26 3, _ 39 4 _ ,072 2, _ ,822 2, _ 3 35 _ i 3,899 2, _ ,9 2/ 2, _ ,37 2/ 2, _ (Est.)... 5,664 2/ 3,200, (Est.)... 5,824 2/ 3,600, Interest and profits on investments 97-Jan * 8 * 4 Feb _ 5 7 * 28 Mar _ Apr * 8 * 8 May...,040 2 j _ 6 5 _ * 2 June July _ 5 _ * 4 Aug _ _ * 26 Sept..; _ 23 _ 2 5 Oct _ 0 _ * 6 Nov _ * 3 Dec Fiscal 972 to date...,884, Expenditures other than investments Employment security program Fiscal year or month State accounts / Withdrawals by States Grants to States Employment Security Administration Account 2 / Payments to general fund Reimbursements and recoveries Interest on advances U/ Salaries and expenses Federal Extended Compensation Account j>/ Temporary extended compensation payments Repayment' of advances from general fund Reimbursement to State accounts / ,883 IQ/ 3, ,89 2, ,698 2, * ,30 2, * * ,687, * ,755 / 2, _ ,830 2, * ,865 2, * ,634 2, _ ,26 5, (Est.)... 7,392 5, (Est.)... 6,87 5, Jan * 3 Feb _ Mar * 2 _ Apr * - May * * 2 - June * * July * * * _ Aug * 4 - Sept * * _ Oct * * 2 _ Nov * * 2 _ Dec * * * Fiscal 972. to date... 2,922 2, * Footnotes at end of Table. (Continued on- following page)

173 February 972 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND m m n Section IV - Trust Funds Table GA-IV-7. - Unemployment Trust Fund - (Continued) J^7 Fiscal year or month (In millions of dollars) Expenditures other than investments - (Continued) Railroad unemployment insurance Railroad Unemployment Insurance Account 6/ Benefit Payments Temporary extended benefit payments Repayment of advances to - Railroad Retirement Accounts u General fund Investments Administration fund 2/ Administrative expenses Net increase or decrease (-), in assets Assets, end of period Unexpended balance , ,827 5,835 5/ 5, / * ,277 6, ,867 6, ,002 7,870 7, * 92-7,439 9,308 9, ,38 0,626 0, ,68, ,034 2,652 2, ,37 3, ,844,293, (Est.)... 0 _ 79 _ 8 -,728 9,565 9, (Est.) ,202 9, Jan ,06,87 45 Feb ,008,994 4 Mar ,358,33 46 Apr ,064 0, May ,593,542 5 June * -300,293,24 52 July ll,065r 0, r Aug * 95 r,260r,38 2r Sept ,863r 0,75 48r Oct ,575 0, Nov ,537 0, Dec ,255 0,33 22 Fiscal 972 to date ,038 0,255 0,33 22 Source: See Table FFO-. / State unemployment funds; used for benefit payments. For the period August 96 to Februaiy 964, withdrawals by States were reduced by reimbursements to State accounts from the Federal Extended Compensation Account. 2 / Established by the Employment Security Act of 960, approved September 3, 960 (a2 U.S.C. 0 (a)), into which are deposited tax receipts transferred in accordance with the act and from which are paid the administrative expenses of the employment security program and reimbursement for tax refunds. Receipts consist of appropriated and unappropriated transfers of tax collections. 2/ Net of repayments. k/ Amounts represent excess of collections from Federal Unemployment tax over expenditures for benefits and administrative expenses which excess was appropriated from the general fund to this account. (Includes amounts appropriated to the State Unemployment Accounts). Beginning 96, such excess is transferred between book accounts within the Unemployment Trust Fund. 5/ Established by the act approved March 24, 96 (42 U.S.C. 05(a)), which provides for a temporaiy program of extended Unemployment compensation payments. 6 / For payment of benefits and refunds (45 U.S.C. 360). Figures exclude interim advance of $5 million from the Treasury and subsequent repayment, both in / Contributions under the Railroad Unemployment Insurance Act of 938, as amended (45 U.S.C. 360 (a)), in excess of the amount specified for Administrative expenses. Through 957, also includes transfers from the administration fund of excess amounts over the specified balance (45 U.S.C. 36 (d)). 8 / Temporary advances are made when the balance in the Railroad Unemployment Insurance Account is insufficient to meet payments of benefits and refunds due or to become due. Whenever the balance is sufficient to pay such benefits and refunds, repayments are made, plus interest at 3% per annum, pursuant to an act approved May 9, 959 (45 U.S.C. 360 (d)). 2 / Consists of specified proportion of contributions deposited in the fund to be available for administrative expenses. The Railroad Unemployment Insurance Administration Fund was established in the Unemployment Trust Fund pursuant to the amending act of September 6, 958; before that the administration fund was a separate trust fund (45 U.S.C. 36). 0/ includes $07 million transferred from State accounts to the Railroad Unemployment Insurance Account in connection with its establishment (45 U.S.C. 363). Beginning fiscal 96 refunds of taxes (principal only) are reported as deductions from receipts. Interest paid on refunds of taxes is included under expenditures. See footnote 3. / Beginning FY 967 excludes transactions for investments of non-federal securities. 2/ Includes $5 million FY 970 and $0 million FY 97 from Railroad Retirement Unemployment Insurance Account. Estimates are $0 million for FY 972 and FY / Includes interest on refunds of taxes. 4/ Includes interest. 5/ Includes an adjustment of $7 million pursuant to the act of September 6, 958 (45 U.S.C. 36 (a)). 6/ Includes unappropriated receipts beginning September 960. * Less than $500,000. r Revised.