Buy U. S. Savings Bonds GOVERNMENT PRINTING OFFICE SUPERINTENDENT OF DOCUMENTS. . stock^ UNITED STATES WASHINGTON. D.C OFFICIAL BUSINESS

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4 UNITED STATES GOVERNMENT PRINTING OFFICE SUPERINTENDENT OF DOCUMENTS WASHINGTON. D.C. 040 OFFICIAL BUSINESS PENALTY FOR PRIVATE USE, S300 POSTAGE AND FEES PAID DEPARTMENT OF THE TREASURY TREAS FIRST CLASS. stock^ Buy U. S. Savings Bonds

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6 -^ The Treasury Bulletin is for sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 040 Subscription per year $55.5 domestic, $68.95 foreign. Single copy price varies.

7 Treasury Bulletin October 976 DEPARTMENT OF THE TREASURY WASHINGTON. D.C. OFFICE OF THE SECRETARY

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9 October 976 FO-

10 // Treasury Bulletin CONTENTS PDO-5, PDO-6. PDO-7. - Unmatured Marketable Seciirities Issued at a Premium or Discount // - Allotments by Investor Classes on Subscription for Public Marketable Securities ^8 - Disposition of Public Marketable Securities PDO-8. PDO-9. - Foreign Series Securities - Foreign Currency Series Securities UNITED STATES SAVINGS BONDS 5-4 yy SB-. SB-. SB-3. SB-4. SN-. OFS-. OFS-. TSO-, TSO-. TSO-3. TSO-4. TSO-5. - Sales and Redemptions by Series, Cumulative /ip - Sales and Redemptions by Periods, All Series Combined Sales and Redemptions by Periods, Series E through K g^o Redemptions of Matured and Unmatured Savings Bonds f- UNITED STATES SAVINGS NOTES Sales and Redemptions by Periods,, OWNERSHIP OF FEDERAL SECURITIES Distribution of Federal Securities, Estimated Ownership of Public Debt Securities TREASURY SURVEY OF OWNERSHIP Summary of Federal Securities...,^ d9 Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution. 70 Interest-Bearing Marketable Public Debt Securities by Issue 70 Securities Issued by Government Agencies Securities Issued by Government -Sponsored Agencies and D.C 7 ^ g^g y MARKET QUOTATIONS ON TREASURY SECURITIES MQ-. MQ-, MQ-3. Chart AY-. Chart Treasxiry Bills ^ Treasury s, Treasury Bonds y Yields of Treasury Securities yc AVERAGE YIELDS OF LONG-TERM BONDS Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds 76 Average Yields of Long-Term Treasury. Corporate. and Municioal Bonds 77 ESF-. ESF-. Balance Sheet Income and Expense EXCHANGE STABILIZATION FUND 78 INTERNATIONAL FINANCIAL STATISTICS IFS-. IFS-, IFS-3. U.S. Reserve Assets go U.S. Liquid and Nonliquid Liabilities to Foreign Official Institutions, and Liquid Liabilities to All Other Foreigners 8 U.S. Liquid and Nonliquid Liabilities to Official Institutions of Foreign Countries, by Area g

11 October 976 ^^ CONTENTS IFS-4. - Nonmarketable U.S. Treasury Bonds and s 33 IFS-5. - U.S. Position in the International Monetary Fund g^ IFS-6. - Weighted Average of Exchange Rate Changes for the Dollar CAPITAL MOVEMENTS LIABILITIES TO FOREIGNERS REPORTED BY BANKS - U.S. CM-I-. - Short-Term Liabilities by Type of Foreign Holder gg CM-I-. - Short-Term Liabilities by Type of Liability 89 CM-I-3. - Short-Term Liabilities by Country 9 CM-I-4. - Short-Term Liabilities, by Type and Country 9 CM-I-5. - Short-Term Liabilities, Not Regularly Reported Separately 93 CM-I-6. - Long-Term Liabilities by Type 9A CM-I-7. - Long-Term Liabilities by Country 95 CLAIMS ON FOREIGNERS REPORTED BY BANKS - U.S. CM-II-. - Short-Term Claims by Type 96 CM-II-. - Short-Term Claims by Country 97 CM-II-3. - Short-Term Claims, by Type and Country 98 CU-II-A. - Long-Term Claims by Type 99 CM-II-5. - Long-Term Claims by Country 00 CM-II-6. - Long-Term Claims, by Type and Country 0 LIABILITIES TO FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. CM-III-. - Liabilities by Type 0 CM-III-. - Short-Term Liabilities by Country IO3 CM-III-3. - Short-Term Liabilities, by Type and Country 0^ CM-III-4. - Long-Term Liabilities by Country 05 CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. CM-IV-. - Claims by Type 06 CM-IV-. - Short-Term Claims by Country 07 CM-IV-3. - Short-Term Claims, by Type and Country 08 CM-IV-4. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type IO9 CM-IV-5. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Country IO9 CM-IV-6. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country... no CM-IV-7. - Long-Term Claims by Country Ill TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS CM-V-. - Foreign Purchases and Sales of Long-Term Domestic Securities CM-V-. -Foreign Purchases and Sales of Long-Term Foreign Securities CM-V-3. - Net Foreign Transactions in Marketable U.S. Treasury Bonds and s by Country 3 CM-V-4. - Estimated Foreign Holdings of Marketable U.S. Treasuiy Bonds and s by Country II4 CM-V-5. - Net Foreign Transactions in Long-Term Domestic Bonds II5 CM-V-6. - Net Foreign Transactions in Domestic Stocks by Country llg, CM-V-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country II7 CM-V-8. - Net Foreign Transactions in Foreign Stocks by Co\mtry 8 CM-V-9. - Foreign Purchases and Sales of Long-Term Securities, Latest Date 9 CM-V-IO. - Foreign Purchases and Sales of Long-Term Securities, Latest Year 0 gj

12 ly Treasury Bulletin CONTENTS FCREIGN CREDIT AND DEBIT BALANCES IN BROKERAGE ACCOUNTS CM-VI-. - Foreign Credit Balances (Due to Foreigners) CM-VI-. - Foreign Debit Balances (Due from Foreigners) FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS FEDEllAL CREDIT PROGRAMS GA-II-. - Direct Sales and Repurchases of Loans ^3 Cumulative Table of Contents 4 : Details of figures may not add to totals because of rounding.

13 October 976 f Treasury Financing Operations Auction of -Year s On September 3 the Treasury announced that it would auction $,500 million of -year notes to refund notes maturing September 30, and to raise new cash. The notes offered were Treasury s of Series R-978, to be dated September 30, 976, due September 30, 978, with interest payable semiannually on March 3 and September 30 in each year until maturity. A coupon rate of 6-/i^ was set after the determination as to which tenders were accepted on a yield basis, the average of which translated into an average accepted price close to Tenders for the notes were received until : 30 p.m. EDST, September, and totaled $5,4 million, of which $,503 million was accepted at yields ranging from 6.7%, price , up to 6.355, price Noncompetitive tenders for $500,000 or less from the public were accepted in full at the average yield of accepted tenders, , price These totaled $407 million. In addition, $68 million of tenders were accepted at the average-yield price from Government accounts and Federal Reserve Banks for their own account and as agents for foreign and international monetary authorities in exchange for notes maturing September 30, 976 ($36 million), and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($355 million) Tenders were received at Federal Reserve Banks and Branches and at the Bureau of the Public Debt, Washington, D. C. Bearer notes, with interest coupons attached, and notes registered as to principal and interest were authorized to be issued in denominations of $5,000, $0,000, $00,000, and $,000,000. Auction of 5 -Year s On September 6 the Treasury announced that it would auction $,500 million of 5-year notes to raise new cash. The notes offered were Treasury s of Series G-98, to be dated October, 976, due November 5, 98, with interest payable semiannually on May 5 and November 5 in each year until matxirity. A coupon rate of 7$ was set after the determination as to which tenders were accepted on a yield basis, the average of which translated into an average accepted price close to Tenders for the notes were received until :30 p.m., EDST, September 8, and totaled $4,65 million from the public of which $,503 million was accepted at yields ranging from 7.0^, price , up to 7.0S6, price Noncompetitive tenders for $500,000 or less from the public were accepted in full at the average yield of accepted tenders. 7.08^, price These totaled $45 million. In addition, $5 million of tenders were accepted at the average-yield price from foreign and international monetary authorities. Tenders v;ere received at Federal Reserve Banks and Branches and at the Bureau of the Public Debt, Washington, D. C. Bearer notes, with interest coupons attached, and notes registered as to principal and interest were authorized to be issued in denominations of $,000, $5,000, $0,000, $00,000, and $,000, Week Bills On September 9 tenders were invited for $,860 million, or thereabouts, of 364-day Treasury bills to be dated September, 976, and to mature September 0, 977. Tenders were opened on September 5. They totaled $6,398 million, of which $,86 million was accepted, including $76 million of noncompetitive tenders from the public and $948 million of the bills issued at the average price to Government accounts and Federal Reserve Banks for themselves and as agents of foreign and international monetary authorities. The average bank discount rate was 5.56 percent. The issue was to refund $,860 million cf bills maturing September. 3-Week and 6-Week Bills Issues of regular weekly Treasury bills in September totaled $7,900 million. These issues were offered for cash and in exchange for bills maturing in the amount of $7,900 million. There were two 3-week issues in the amount of $,00 million, two in the amount of $, 300 million, and one 3-week issue of $,500 million. There were two 6-week issues in the amount of $3,00 million, two in the amount of $3,400 million, and one 6-week issue of $3,600 million. Average rates for the new issues are shown in the following table. Date of issue

14 VI Treasury Bulletin Treasury Financing Operations Continued Treasury Bills (Other than Short-dated bills) - General Treasijry bills are sold on a bid basis. The face amovint is payable without interest at matiirity. 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 value). Tenders are received at Federal Reserve banks and branches. Each tender must be for a minimum of $0,000. Tenders over $0,000 must be in multiples of $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 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 $500,000 or less from any one bidder, for each issue of 3-week, 6-week, and 5-week bills, are accepted in full at the average price of accepted competitive bids for em 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, 6-week, and 5-week bills may not be made by credit in Treasury tax and loan accounts. Foreign Series and Foreign Currency Series Foreign series securities issued in September totaled $0 million, consisting of one bill and one Treasury note. Redemptions for the month totaled $53 million. At the end of September, foreign series securities outstanding totaled $9,335 million. (Details are shown on page 58.) Foreign currency series securities issued in September consisted of one note denominated in Swiss francs equivalent to $/^8 million. Redemptions for the month also totaled an equivalent of $^8 million. At the end of September foreign currency series securities outstanding totaled an eqxiivalent of $,599 million and were all denominated in Swiss francs. (Details are shown on page 6. : Details of Treasury market financing operations are shown elsewhere in tables on public debt operations.

15 October I976.FEDERAL FISCAL OPERATIONS. Table FFO-. - Summary of Fiscal Operations

16 .FEDERAL FISCAL OPERATIONS^ Treasury Bulletin Footnotes to Table FFO-. Source: Ifonthly Treasury Statement of Receipts and Outlays of the United States Government. : Revised Budget estimates based on the 977 Budget update, released July 6, 976, are not available in the necessary detail, except for total net Budget receipts, outlays, and deficit. Other estimates are based on the 977 Budget of the U.S. Government, released January, 976. For detail see Table Fro-. For detail see Table FPO-3. i As of July 3, 974, public debt outstanding has been adjusted to exclude the notes of the International Monetary Fund to conform with the budget presentation. i/ For detail see Table FFO-6. ^ Olrrent fiscal year to date transactions through June 30, 97*;, are on the Daily Statement of the U.S. Treasury 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 Table FfO-0 in the October 974 Bulletin. ^ As of July 974, balances shown under "Within general account of the / 8/ / / U/ n.a. U.S. Treasury" are now presented in columns 9,, and 3. Represents holdings of special drawing rights, less certificates issued to Federal Reserve banks. Represents activity of the International Monetary Fund. Includes: public debt accrued interest payable to the public, deposit funds, miscellaneous asset and liability accounts, and as of July 974, the gold balance. Includes: Seigniorage; increment of gold; fiscal 969 conversions of certain corporations to private ownership; fiscal 970 reclassification of Commodity Credit Corporation certificates of interest; fiscal 974 conversion of interest receipts of Ck>vemment accounts to an accrual basis; and net outlays of off-budget Federal agencies (Export-Import Bank since August 7, 97, rural electrification and telephone revolving fund since May, 973, Postal Service fund since July 973, Federal Financing Bank since July 974, housing for the elderly or handicapped fund since Augast, 974, and Pension Benefit Guaranty Corporation since September 7, 974). For detail, see Table FD-6. Not available. r Revised.» Less than $500,000. Title V of the Congressional Budget Act of 974 (Public Law ) changed the fiscal year from July through June 30 to Oct. through Sept. 30, commencing with the fiscal year 977 (Oct., 976, through Sept. 30, 977). The act also established a 3-month transitional period from July through Sept. 30, 976, between fiscal years 976 and 977. Budget estimates for the transition quarter are Included in tables FFO- through FFO-4, and FFO-6.

17 October 976.FEDERAL FISCAL OPERATIONS, Table FFO-. - Budget Receipts by Source (In millions of dollars)

18 4 Treasury Bulletin.FEDERAL FISCAL OPERATIONS. Table FFO-. - Budget Receipts by Source-Continued

19 October 976.FEDERAL FISCAL OPERATIONS, < I = ^

20 .FEDERAL FISCAL OPERATIONS, Treasury Bulletin Table FFO-3. - Budget Outlays by Agency

21 October 976.FEDERAL FISCAL OPERATIONS. Table FFO-4. - Undistributed Offsetting Receipts (In millions of dollars)

22 8.FEDERAL FISCAL OPERATIONS. Treasury Bulletin r- o 9.T4 u \0 B Jh 0) :^ o a) -M a^ O P. V- rh

23 October 976.FEDERAL FISCAL OPERATIONS. <u B C O o I a o B 3 OQ >. o i) ee O 3n o x>

24 0 Treasury Bulletin.FEDERAL FISCAL OPERATIONS. Table FFO-6. - Investment Transactions of Government Accounts in Federal Securities (Net)

25 October 976.FEDERAL FISCAL OPERATIONS, to 05 s DC <o s CO c o 3OS E-

26 .FEDERAL OBLIGATIONS. Treasury Bulletin "Obligations" axe the basis on which the use of funds of categories which are based upon the nature of the is controlled in the Federal Government. They are recorded at the point at which the Government makes a firm commitment transaction without regard to its ultimate purpose. All payments to acquire goods or services and are the first of the four for salaries and wages, for example, are reported as personnel compensation, whether the personal services are used key events--order, delivery, payment, consumption which 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, 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 obllgational 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 inmediate pressure on the private economy. Obligations are classified according to a uniform set and the "performing" agency records reimbursements. In Table FO-, obligations that are incurred within the Government are distinguished from those incurred outside the Government. Tables FO-, 3, and U show only those incurred outside. Obligation data for the administrative budget fund accounts were first published in the September 96? Treasury Bulletin and the trust fund accounts were first published in the October I967 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. The May through August 976 Obligations data are not included in this issue due to certain unavoidable delays in processinr. This data will be published in subsequent Bulletins.

27 October 976 Table FO-..FEDERAL OBUGATIONS- - Gross Obligations Incurred Within and Outside the Federal Government by 3 Object Class, April 30, 976 (In millions of dollars) Gross obligations incurred Object class Outside Personal services and benefits Personnel compensation Personnel benefits Benefits for former personnel. 38,88,78 9,804 38,88 6,344 9,804 Contractual services and supplies Travel and transportation of persons. Transportation of things Rent, communications, and utilities.. Printing and reproduction Other services Supplies and materials,337,766, ,0 0,3 433,388,68 34,439 9,983,770 3,53 4, ,64 30,96 Acquisition of capital assets Equipment Lands and structures Investments and loans 3,753 3,3,039 5, ,67 3,774,59 Grants and fixed charges Grants, subsidies, and contributions. Insurance claims and indemnities Interest and dividends Refunds 8,056 4,859 5,03, , 388 8,58 4,886 33,40,07 Other Undistributed U.S. obligations. Obligations Incurred abroad... Unvouchered -,777 5,78 64,09, ,07 66 Gross obligations incurred /. 36,4 46, ,940 Source: Reports on Obligations, Standard Form 5, 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 reimbxirsements 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 docximent. Gross obligations incxirred (as above) Deduct Advances, reimbursements, other Income, etc. Offsetting receipts Net obligations incurred. 407,940-67, ,70 Table FO-. - Gross Obligations Incurred Outside the Federal Government by Major Function and Major Object Class, April 30, 976 (In millions of dollars) Major object class Major function Personal services and benefits Contractual services and supplies Acquisition of capital Eqxilpraent Lands and structures assets Investments and loans Grants and fixed charges Other Total National defense International affairs General science, space, and technology. Natxiral resoxirces, environment, and energy Agriculture Commerce and transportation Community and regional development Education, manpower, and social service Health Income security Veterans >,enefits and services Law enforcement and justice General government General revenue sharing Interest 33, ,49 537, ,4,746, ,47 37,56 57,75,68,75, ,8, ,509 8,996 34, , ,634 3,90, ,085,456 7,445,50 4,500 5,740 04,57 7, , , , ,053,335 3,859, 7,343 3,653 6,050 6,376 9,085 08,850,70,984 6,433 8,550 4,68 Total 5,467 54,49 3,753 3,3,039,35 4,05 36,4 Less than $500,000.

28 I. O ' 4 Treasury Bulletin.FEDERAL OBUGATIONS. > r fvj K\ V ^A -H t O >0^^^^ \0<\J^P-J»-0\i S ^J M» M td -«n -< c C T3 n C («0) % o 0 cd V C U) A u^ so t-- O t^ o - *«<7v»r\ CO *v CO VO L. 3 C t. O VD t-- a 0) ^ rt v l CO J- OD. H <NJ n} is - t \c ri 00, (\J t < CC E «3.a CB * «< t o irv IT. o in iti 0-, t^ ^ a' p- OD «^ 'o J^ N b «B. c c S? & O 9 «>t t- I. C A O p X * (. M u «a A w -< <«t S 3 M *> O TJ C I s I s ; e > I. s s 5 : o o o c HI ; -" j: s c p U fl 3 fi C U I) am S U " 9 TJ 3 - i» ^ i : b u «c h V t.be09cc> t S. 5 :4 J S fc^ T s = > -< c t;s («a > C -* 'H t. O A C C 5 a ^ i U w I I - a ««c ffi «I u ^ (. «rh ^ 3 Q *> M > N & ^ t. t. S c o II <u

29 October 976.FEDERAL OBUGATIONS. 5 O ^i3 rh rh f-\ rh f^ \0 ^ Oj oj -4- sd f^ O O Cr- vd ry c^ 00 vd r- cnj r^ ^ M OJ IfN O a> bh O P. ft. TIJ- > to +^ f-4 a) i '^ o O 4J

30 6.ACCOUNT OF THE U.S. TREASURY. Treasury Bulletin Source and Availability of the Balance in the Account of the U.S. Treasury The working cash of the Treasury is held mainly in Treasury's accounts with Federal Reserve banks and branches. As the balances in these accounts become depleted, they are restored by calling in (transferring) funds from the tax and loan accounts with thousands of commercial banks throughout the country. Deposits to tax and loan accounts occur in the normal course of business under a uniform procedure applicable to all banks whereby customers of banks deposit with them tax payments and funds for the purchase of Government securities. In most cases the transaction involves merely the transfer of money from a customer's account to the tax and loan account in the same bank. On occasions, to the extent authorized by the Treasury, banks are permitted to deposit in these accounts proceeds from subscriptions to public debt securities entered for their own account as well as for the account of their customers. The tax and loan account system permits the Treasury to leave funds in banks and in the communities in which they arise until such time as the Treasury needs the funds for its operations. In this way the Treasury is able to neutralize the effect of its fluctuating operations on bank reserves and the econony. A detailed description of the Treasury's depositary system may be found in the Annual Report of the Secretary of the Treasury for 973, pages Table UST-. - Status of the Account of the U.S. Treasury (In millions of dollars) End of fiscal year or month Federal Reserve banks Treaeury operating balance / Available fxinds in demand accounts at: Spec ial depositaries J Treasury tax and loan accounts Other depositaries / Total Funds in proces of collection through Federal Reserve banks Other depositaries / Time deposits and other depositary accounts Coin, currency and coinage metal Miscellaneous items Gold balance Balance in account of the U.S. Treasuiy A ,3, , ,99 773,975 4,7 4,3 4,55 6,99 7,37 7,634 8,433 6,5,475, ,695 5,98 5,894 8,045 8,755 0,7,576 9,59 7,59 4, , Dbc. 975-Mar Sept. Oct.. Nov.. Dae. 976-Jan.. Feb.. Mar.. Apr.. May.. June. July. Aug.. Sept.. 3,3 4,7 8,074 8,57 4,99 7,86 0,077 0,350 7,45 9,808 6,746,975 8,74 0,794 3,99,745,4,6,5,558,59,899,68 864,73,407,854, , ,98 6,633 0,765 0,37 6,485 8,45,98,039 8,06,537 8,59 4,836 0,054,70 7,

31 October 976.ACCOUNT OF THE U.S. TREASURY Table UST-. - Analysis of Changes in Tax and Loan Account Balances (In millions of dollars)

32 . ACCOUNT 8 Treasury Bulletin OF THE VS. TREASURY, Table UST-3. - Gold Assets and Liabilities of the Treasury (In millions of dollars except ounces)

33 I In October I976.MONETARY STATISTICS. 9 Table MS-. - Currency and Coin in Circulation millions of dollars except per capita figures End of fiscal year or month

34 0.FEDERAL DEBT. Treasury Bulletin Table FD-. - Summary of Federal Debt

35 Octoba^ 976 FEDERAL DEBT. Table FD-3. - Interest-Bearing Public Debt (In millions of dollars} Nonmarketable End of fiscal year or month Dec 975-Mar. Total interestbearing public debt 3,86 344,40 35,79 369,06 396,89 45, , ,38 53, 69,54 49,56 508,58 0,67 6,59 6,07 3,599 45,473 57,0 6,97 66,575 35,606 39,58 8,89 99,989 Bills / 58,535 64,440 68,356 76,54 86,677 94,648 00,06 05,09 8,569 6,98 9,746 3,97 Treasury notes 5,60 49,08 7,073 78,946 93,489 04,807 3,49 7,840 8,49 50,57 9,758 9,76 4,95 Treasury bonds 97,48 9,079 78,305 6,956 53,989 49,35 45,07 33,37 36,779 39,66 33,38 34,03,64 7,808 5,63 36,46 50,86 68,58 93,38 06,663 6,56 6,673 08,670 08,59 U.S. savings 5,3 5,7 5,7 5,8 53,003 55,9 59,48 6,9 65,48 69,733 63,349 64,37 Certificates Investment series,589,56,459,387,347,30,75,7,67,63,69,68 Depositary Foreign govemirent series Dollar denomi nated Z/ 64,00,703 3,389 7,606 6,93 6,73 3,4,67 9,90,4,370 Foreign currency denominated / 390,740,367,366,664,07,743,599,599,599,599,599 Government account series 56,55 59,56 66,790 76,33 8,784 89,598 0,738 5,44 4,73 30,557 9,073 6,8 other ,656 3,389,3,407,00,36,6,5, Sept. Oct.. Nov.. Dec. 976-Jaii.. Feb.. Mar.. Apr. May.. June. July. Aug.. Sept. 55,604 56, ,79 575,657 58,86 59, ,4 600,97 608,077 69,54 63,580 63,9 633, , , , ,9 369,36 378, ,96 386, ,0 39,58 397,79 404,34 407,663 4,803 47,053 5,39 57,483 59,645 6,088 63,40 6,764 6,840 6,98 6,399 6,433 6,505 58,488 66,55 66,05 67,077 7,0 77,576 83,43 85,757 86,473 9,758 97,04 0,979 06,39 37,655 37,598 33,689 38,63 38,56 39,0 39,04 38,9 39,708 39,66 39,5 39,90 39,839 3,658 0,57 09,9,466,544 4,00 3,98 4,484 0,056 6,673 5,86 7,977 5,897 66,473 66,8 67,77 67,464 67,86 68,70 68,567 68,968 69,394 69,733 70,48 7,079 70,75,66,65,65,65,65,64,64,63,63,63,6,6, ,869 9,6 9,684 9,966 0,00 0,090 0,070 0,03 9,96 9,90 9,753 9,368 9,5.599,599,599,599,599,599,599,599,599,599,599,599, ,0 7,486 9,385 9,04 0,05 9,438 9,453 4,570 30,557 8,9 30,59 3, ,633,699,787,80,864,980,77,305,6,893 3,069 3,49 Source: Iltonthly Statement of the Public Debt of the United States. / As of July 974, includes Federal Financing Bank. / Consists of certificates of indebtedness. Treasury notes beginning January 963, and Treasury bonds beginning September I964, sold to foreign governments for U.S. dollars, / Consists of the dollar equivalent of Treasxiry certificates of indebtedness; Treasury bonds from October 96- April 967; and TreaSTiry notes beginning November 966 issued and payable in designated foreign currencies. A/ As of the July 3, 974, Monthly Statement of the Public Debt of the U.S. the column heading was changed to "Government account series" which includes Treasury deposit funds in addition to those accounts previously shown as special issues, formerly included in "Other" column. * Less than $500,000. Table FD-4. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors

36 Treasury Bulletin.FEDERAL DEBT. Table FD-5. - Government Account Series (In millions of dollars) End of fiscal year or month Total Airport and Airway trust fund Exchange Stabilization Fund Federal Deposit Insurance Corporation Federal employees retirement funds Federal disability insurance trust fund Federal Energy Administration Federal Home Loan Ban}is Federal hospital insurance trust fund A Dec Mar. 975-Sept. Oct.. Nov.. Dec. 976-Jan. Feb.. Mar.. Apr. May.. June. July. Aug.. Sept. 56,55 59,56 66,790 76,33 8,784 89,559 0,738 5, W 4,73 30,557 9,073 6,8,865 8,0 7,486 9,385 9,04 0,05 9,438 9,453 4, ,557 8,9 ito.sgi 8, ,936,59,387,65,073,7,6,0,56,9,338,38,400,59,588,649, ,4,44,934,364,45,5,538,579,467,473,480,485,49 86,50,503,507,5,58,5, ,367,69 457,079,689,578,840,83,956,354,35,37,67,69,770 3,56 3,49 5,569 5,668 7,354 8,93,644 4,69 7,894 3,0 35,55 40,383 3,50 3,05 35,000 34,78 34,546 35,45 35,90 35,064 34,907 34,635 34, 36 40,383 40,095 39,98 39,607,376,89 3,04 4,435 5,73 6,697 7,488 7,880 7,843 6,66 7,83 7,639 7,4 7,04 6,79 7,04 6,83 6,67 6,598 6,60 6,59 6,66 6,36 6,0 6,38, ,0,485,690,704,77,75,7, ,9,59,890,583,980,834 4,7 7,84 9,7 0,89 9,068 9,59 9,976 9,70 9,409 0,450 0,348 0,398 0,55 0,55 0,49 0,89 0,656 0,643 0,959 End of fiscal year or month

37 October FEDERAL DEBT, Table FD-6. - Interest-Bearing Securities Issued by Government Agencies (In millions of dollars) End of fiscal year or month Total amount outstanding / Defense Department Family housing and homeowners assistance Housing and Urban Development Department Government National Jtortgage Association Federal National Mortgage Assoc. / Secondary market operations Export-Import Bank of the United States Other independent agencies Farm Credit Administration Bank for cooperatives y Federal Housing Administration Federal intermediate credit banks / Federal Home Loan Bank Board lyw Deo Mar. 8,45\) 4,399 4,49,50,63 0,894,09,0 0,943 0,853,33,08,95,863,775,683,588,484,38,76,7,3, ,«3U 7,900 8,600 7,30 6,005 4,90 4,480 4,370 4,60 4,80 4,80 4,80 4,uvy 5,887 y,lfa4,57,47,893,65,89,,894,593,593,893,593 7U7Z",30 3, Aug. Sept Oct. Nov. Dec. 976^an. Feb. Mar. Apr. May. June 0,96 0,935 0,93 0,98 0,904 0,90 0,907 0,90 0,870 0,86 0,853,64,56,4,33,0,,03,94,84,76, ,5 4,5 4,5 4,5 4,00 4,00 4,00 4,00 4,80 4,80 4,80,593,593,593,593,593,593,593,593,593,593,593 July. Aug.. 0,7LJ,066,64, ,45 4,U5,593,960 Other independent agencies - Continued Memorandum - Interest-bearing secxirities of non-government agencies ^ End of fiscal year or month Postal Service Tennessee Valley Authority Other Banks for cooperative; J/ Federal home loan banks Federal intermediate credit banks / Federal land banks Federal National Mortgage Association /6/ District of Columbia Stadium Fund Dec Mar ,355,855,55,696,075,075,75,5,4,59,790,805,338,475,896 3,694 3,589 3,453 4,588 4,70 5,54 9,94 7,93 7,848,49 8,6,50 9,390 3,44, Aug. Sept Oct. Nov. Dec. 976^an. Feb. Mar. Apr. May. June ,075,075,075,075,075,075,075,075,075,075,075,939 July, Aug., 50 50,975,975

38 4 Treasury Bulletin Table FD-7. -.FEDERAL DEBT. Participation Certificates

39 October FEDERAL DEBT. Table FD-8. - Debt Subject to Statutory Limitation (In millions of dollars) End of fiscal year or month Statutory debt limit Debt outstanding subject to limitation Public debt / Other debt // Interest-bearing debt subject to limitation Public debt Other debt Non-interest-bearing debt subject to limitation Public debt / Other debt / Dec. 975-Mar.. 336, , , , , , , , , , ,000 53,000 36,47 350, ,93 373,45 399,475 48, , , ,07 6,556 49,967 50,60 3,63 344,76 35,59 369, ,678 45,83 456, ,68 53,565 69,80 490, ,979 3,840 6,08 4,67 3,96,797,764,39,388,64,736,40,63 3,86 344,40 35,79 369,06 396,89 45, , ,38 53, 69,54 490, ,58 5 3,88 3,847 3,37,97,939,567,563,64,736,595, ,38, Sept. Oct.. Nov.. Dec Jan.. Feb.. Mar.. Apr.. Uay.. June. July. Aug.. Sept. 577, , , , , ,000 67,000 67,000 67, , , , , ,74 563, , , ,55 594,996 60,69 603,00 6,798 6,556 65, , ,8 553,05 56, ,85 576, ,79 593,57 599,877 60,360 60,059 69,80 63,934 63,76 634,089,689,699,704,79,73,739,74,740,739,736,739,737,733 55,604 56, ,79 575,657 58,86 59, ,4 600,97 608,077 69,54 63,580 63,9 633,560,689,699,703,78,73,739,74,740,739,7J6,736,737, , , Source: Monthly Statement of the Public Debt of the United States. : For debt subject to limitation since 940, see Table of the Statistical Appendix to the Annual Report of the Secretary of the Treasury on the State of the Finances for fiscal 975. For a summary of legislation on debt limitation under the Second Liberty Bond Act and the amounts of limitation, see Table 3 of the Statistical Appendix. / Adjusted to exclude notes to IMF and other international lending organizations from public debt and include them in "Other debt" to conform with the budget presentation and the source for this table, / Consists of guaranteed debt of Government agencies, specified participation certificates. District of Columbia Stadium Bonds and notes of international lending organizations.

40 (> FEDERAL DEBT. Treasury Bulletin Table FD-9. - Status and Application of Statutory Limitation The Second Liberty Bond Act ( 3 U.S.C. 757b), as amended. The Act of June 30, 967 (Public Law 90-39) provides provides that the face amount of obligations issued under that the face amount of bensfioial interests and participaauthority of that Act, and the face amount of obligations tions issued under section 30 (c) of the Federal National guaranteed as to principal and interest by the United States, Mortgage Association Charter Act ( U.S.C. 77 (c)) during shall not exceed in the aggregate $A0O billion outstanding the fiscal year 968 and outstanding at any time shall be at any one time. Public Law 9A-33A provides that beginning added to the amount otherwise taken into account in deteron June 30, 976, and ending on September 30, 976, the public mining whether the requirements of the above provisions are debt limit shall be temporarily increased by $36 billion. met. Part A. - Status Under Limitation September 30, 976 (In millions of dollars) Public debt subject to limit: Public debt outstanding $634, 70 Less amounts not subject to limit; Trea3Liry "^3 Federal Financing Bank ( ) Total public debt subject to limit 634,089 Ot.ier debt subject to limt: Guaranteed debt of Ga-rernnent agencies 599 Specified participation certifioates ^^^^^ Total other debt subject to limit Total debt subject to limit 635,3 Statutory debt limit 636,000 Balance of s tatutory debt limit '^,'Ti'i ^'^^ Part B. - Application of Statutory Limitation September 30, 976 (In million.-: or iollars) Classifications Amojnt outstandlig Interaotr-bearing debt; Marketable; Bills: T^^»l^5ury Notas: Treasjry Bonds: Treasjry Total marketable Nonmarketable: Depositary series Foreig'i goverxuiie-it series: Dollar denoraina ted Foreign currency denominated Government accoilnt series Investment series R.E.A. series State and local government series United States individual retirement bond.t United States retirement plan boads United States savings bonds United States savings notes Total nonmarketable Total interes b- bearing debt Noivinterest- bearing debt: Matured debt Other Total non-interest- bearing debt Total public debt outstanding $6,505 06,39 39, ,663 9,5,599 8,640,6 («), , ,4 634,70 Source: Monthly Statement of the Public Debt of tne United States. * $500 thousand or less.

41 October 976.FEDERAL DEBT. Table FD-0. - Treasury Holdings of Securities Issued by Government Corporations and Other Agencies (In millions of dollars) End of fiscal year or month Agency for International Eevelopment / Federal Financing Banic Federal Home Loan Bank Board Agriculture Department Commodity Credit Corporation Rural Electrification Administration Secretary; Farmers Home Administration Programs / Export- Import Bank of the United States y Housing and Urban Development Department Office of the Secretary College housing loans Urban renewal fund Other V i-DBC 975-Mar. 975-sept Oct. Nov. Dec. 976-Jan. Feb. Mar. Apr. May.. June, July. Aug.. Sept. <t,6 7,0-40 8,6A 30,65 3, 9-;^ 33,939 34,37 35,434 44,674 53,09 38,553 4,46 45,039 46,734 48,089 48,577 5,485 5,876 53,600 53,8 54,086 53,09 55,680 56,366 57, ,466,43 3,050 6,737 5,39 5,949 6,686 7,74 9,346 0,97,706,036,736,4i3 4,49 5,05 5,884,47, ,039,408,503,558,559,534,534,534,534,534,534,49,49,49 0,097,989,5,6,977,50 0,364 8,608 5,046,840 5,48 4,60,68,445,67,34,30,393,497,573,676,840 3,00 3,35 3,556 4,58 4,770 5,045 5,38 5,746 6,05 6,563 6,963 7,409 7,5 7,07 7,07 7,409 7,4 7,438 7,50 7,59 7,548 7,409 7,447 7,47 7,5 7,536 7,569 7,409,45,454,583,46,39,606,60,545,48,77,570,570,48,48,48,48,48,68,68,68,68,77,77,79, , ,743,888, ,3 3, ,066, ,400,450,78,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,8,

42 8.FEDERAL DEBT. Treasury Bulletin Footnotes to Table FD-0. Source: Bureau of Government Financial Operations. 6/ : These aecuritlee were issued to the Treasury in exchange for advances by the Treasury from public debt receipts under congressional authorizations for specified Government corporations and other agenjj cies to borrow from the Treasury. Further detail may be found in the 975 Statistical Appendix to Annual Report of the Secretary of the Treasxjry, pages , and the 975 Combined Statement of Receipts, Exjwnditures and Balances of the United States Government, pages / l/ 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 3, 956 ( U.S.C, L44), and the notes together with others issued for the same purpose are included in "Other." / Farm housing and other loan programs. Agricultural Credit Insurance Fund {formerly Farm Tenant Mortgage Insurance Fund), Rural Housing Inexirance Fund, and Rural Development Insurance Fxind. ^ Includes securities transferred from the Reconstruction Finance Corporation, i^ Consists of notes issued to borrcw for: public facility loans; Lew Rent Public Housing Fund; and advances for National Flood Insurance Fund. ^ Consists of liabilities taken over by the Association from the Secretary in accordance with the act approved August, 954, and notes issued by the Association under authority of that act ( U.S. C. 79 (c), 70 (d), and 7(d)) and also securities transferred 3/ from the Reconstruction Finance Corporation, Public Housing Administration ; Federal Housing Administration beginning January 966; Housing Assistance Adndnistratior from September 968- December 969. Consists of notes of: The Administrator, General Services Administration, for defense materials procurement; the Secretary of Agriculture; the Secretary of the Interior (Defense Minerals Exploration Administration); and the Secretary of the Treasury through May 964. 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 and Federal Ship Financing Fund (NOAA), beginning December 97; Virgin Islands Corporation from September 959-September 968; District of Columbia Commissioners for the Stadium Sinking Fund beginning December 97; 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 963; Secretary of Transportation (Washington Metropolitan Area Transit Authority) beginning December 97; Health, Education, and Welfare, Office of Education (Student Loan Insurance Fund) from May August 973; Pension Benefit Guaranty Corporation from September 9 74; Federal Railroad Administratiotn, rail service assistance, beginning January 976, and regional rail reorganization, April, 976. Outstanding loans cancelled pursuant to Public Law 93-46, dated September 30, 974.

43 October 976 Table FD-. -.FEDERAL DEBT. Description of Securities of Government Corporations and Other 9 Business-Type Activities Held by the Treasury, September 30, 976 (In millions of dollars) Title and authorizing act Date of issue Date payable Interest payable Rate of interest Principal amount Commodity Credit Corporation, act of Mar. 8, 938, as amended Advances Do Do Do Do Do Da..^,, Do Do Do..." Percent Total District of Columbia: Stadium sinking fund. Armory Board, act of Jxily 8, 958, as amended: Export-Import Bank of the United States, act of July 3, 945, as amended: s, Series 978. # iai,i, Total Federal Financing Bank, act of Dec. 9, 973: Advances

44 30 Treasury Bulletin.FEDERAL DEBT. Table FD-. - Description of Securities of Government Corporations and Other Business-Type Activities Held by the Treasury, September 30, 976 Continued

45 October 9J6 Table FD-. -.FEDERAL DEBT. Description of Securities of Government Corporations and Other Business-Type Activities Held by the Treasury, September 30, 976 Continued 3

46 3 Treasury Bulletin Table FD-. -.FEDERAL DEBT. Description of Securities of Government Corporations and Other Business-Type Activities Held by the Treasury, September 30, 976 Continued

47 October 976 Table PDO-. - PUBLIC DEBT OPERATIONS, Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 5-Week Treasury Bills Outstanding September 30, 976 {In millions of dollars) 33 Description Amount of maturities Held by, U.S. Govt, accounts and Federal Reserve banks All other Investors Year and month of final maturity / Description Amount of maturities Held by / - U.S. Govt, accounts and Federal Reserve banks All other investors -/* 6-/* 7-/8* 7-//;* Total.. 6* 6-/* -/* 7-3/S* 6-7/8* 9* (>-3A% 6-/* 7-/* 7-3/4* S-l/A* 8-3/3* -/* 7-/* 7-3/4* 6-5/8* 7-/A* Total.. 6-3/8* 6-/A* 6-3/4* -/* 6-/* 7-/8* 7-7/8% 7-/8* Total. 7% -/* 7-7/8* 7-3A* 6-/i* 6-7/8* 8-l/!8 -/* 6-5/8* 7* 7-/* Total.. 4* 7-/* -/* 6-7/8* 7-5/8* 6-7/8* 6-7/8* 8-3/4* 7-5/8* 6-5/8* 6-/4* -/* 6* 8-/8* Bond 0//76-EO 0/3/76-0 /5/76-D /30/76-N /3/76-K / 5/77 -A /S/77-F 3/3/77 -G 4//77-EA 4/30/77-H 5/5/77-C 5/5/77-D 5/3/77-6/30/77 -J 7/3/77-K 8/5/77-B 8/3/77-L 9/30/77-M 0//77-EO 0/3/77 -N /5/77-E /30/77 -Q /3/77-P /3/78-J /5/78-A /8/78-G 3/3/78-K 4//78-EA 4/30/78-L 5/5/78-D 5/5/78-F 5/3/78-M 6/30/78-N 7/3/78-P 8/5/78-C 8/5/78-E 8/3/78-Q 9/30/78-R 0//78-EO /5/78-B /3/78-H /5/79-H 4//79-EA 5/5/79-D 6/30/79-E 8/5/79-A 8/5/79-J 9/30/79-F 0//79-EO /5/79-B /5/79-C /3/79 -G /5/80 3/3/30-C 4//80-EA 5/5/30-A 6/30/80-D,579 4,35,507,8 9,704 5,63,665,576 5,579,565 5,39,37,70,56 4,98,0 3,6 7 3, ,68,765 47,066,5 8,389,5 3,6 5,574 3,960 4,43,567 3,33,855,46 5,55,949 3,9 3 8,07,57 60,387 4,69,69,78 4,559,989,08,604,4,036 4,6,509,069 7,65, , , , , , , , , , ,440, , , , ,554 Source: Daily Treasury statement and Office of Government Financing in the Office of the Secretary. / For Issue date of each security, see "Market Quotations on Treasury Securities." 44,48 3,946,370,05 8,83,07,54,034 5,490,970,83,895,890,43 3,43,896 3,75 7,94,393,54,490 35,64,48 5,036,073,88 5,69 3,04,904,394,569,6,833,545,796, ,60,373 44,947,933,76,687,80,67, ,804,97 7,450,556,968,7, Aug.. Sept. Oct.. Nov. 98 Feb.. Apr. May.. Aug.. Nov. Feb.. May.. Aug.. Nov. 983 Feb.. June. 984 Aug May May. Aug. Nov. 990 Feb. May. Aug 993 Feb Aug. 994 May... Feb May... Nov May Feb.. Aug.. 00 Aug May.. 9* 6-7/8* -/* 3-/* Bond Total 7* 7-3/8* -/* 7-3/8* 7% Bond 7-5/8* 7-3/4* Total 6-3/8* Bond 8* 8-/8* 7-7/3* Total 3-/4* Total.. Bond 6-3/8* Bond - 3-/4* Bond - 4-/4* Bond - Total. 7-7/8% 3* 6-/3* Bond Total 3-/* Bond 8-/4* Bond 4-/4* Bond 4* 6-3/4* 7-/* Total.. Bond - Bond - Bond - 8/5/80-B 9/30/80-E 0//80-EO /5/80 /5/8-A /5/8 -C 4//8-EA 5/5/8-D 8/5/8 8/5/8-F /5/8-B /5/8 5/5/8-A 8/5/8-B /5/8-0 /5/83-A 6/5/ /5/34 5/5/85 5/5/77-5/5/85 5/5/36-A 8/5/86-B /5/86 /5/90 /5/90 8/5/87-9 /5/88-93 /5/93 8/5/ /8* Bond - 5/5/ * Bond - /5/95 3-/* Total.. Bond Bond 8-/* Bond 7-7/8* 3-3/8* Total.. 8-/4*^ Bond - Bond - Bond BoEa - 5/5/93-98 /5/98 5/5/94-99 /5/ /5/ /5/96-0 5/5/uO-a5 / 4,96,4 3,760,30,84 4,796,00 807,586 4,477 6,53,70,747,98,90,69 7,958,344 9,30,353 84,07,895 5,9 9,55,6 5,950 3,5,47 4,398 3, ,94,734, ,3 3,003,44,770,65 4,035,575,, , ,80 3,859,050,40, ,65,099 30,39, , , ,83,8 53,38, ,054, ,360 84,07 7 Beginning with February 969 Treasury Bulletin, the definition of U.S. Government accounts and all other investors is in conformity with the unified budget concept, y Treasury s, 7-3/8* Series C-98 and 7-3/8* Series E-98 consolidated effective Sept., 976.» Less than 500,000.,63,0 3,4,060,9 3,94,93 399,474,657,669,65,37,854,7 7,04 5,359,4 6, ,3 4,53 7,694 33,549, ,5, , ,578,307,368,675,04

48 , PUBLIC 34 DEBT OPERATIONS. Treasury Bulletin Table PDO-. - Offerings of Bills f Amounts in millionf of dollars) Description of new issue Issue date Maturity date Number of days to maturity / Amount of bids tendered Total amount Amount of bids accepted On competitive basis / On noncompetitive basis / Amount maturing on issue date of new offering Total unmatured issues outstanding after new issues Regular weekly: fl3-yeek and 6-^eek) 97^ June 3 July Sept. Dec. Sept. Dec. Sept. 6 Deo. 6 Sept. 3 tec. 3 Sept, Dec ,95. 6,567. 5,53.7 7,07. 4, , ,376.C 5,5.7 4, 63. It 5,.6,504. 3,50.7, ,399.5, ,0.5,05. 3,0.6, 30. Or 3,40.0,39.5 3,36.7, ,83.7, ,09.,774.5,939.9,90.5 3, r 67., ,400.7 Aug. Sept , Oct. 977Jan. 976-Oct. 977-Jan. 976-Oct. 977^an. 976-Oct. 977^an. 976-Nov. 977-Feb. ('976-Nov. 977-Feb. ]^ 0 '976-Nov. 977-Feb. 976-Nov. 977-Feb Dec. 977-Mar. l976-dec. 977-Mar. 'l976-dec. 977-Mar. '976- Dec. 977-Mar. "97^ Mar ^ ,5.? 7, ,33.8 6,98. 4,855.4r 5, ,745. 3r 6, ,43. 5r 7,0.r 5,09.9r 6,0O.9r 4,75.0 7,4.8r 5,380. 6,685. 4r 4,L;9. 5,56.0 4,83.8 3,7.6 4,37.8 6,89. 4, ,3.4 4,78.4 6,563.3, ,505.6,53.8 3,503.?,40.Or 3,50.5,50.r 3,606.3-,70.r 3,693.6r,70.9 3,80.7r,503.4r 3,603.5r,603. 3, 60. It,50.7 3,60.9, ,404.3,04.0 3,0.4,04. 3,03.8, ,403.8,53.9 3,30.,07.8 3,73.8, ,337.8,80.7 3,447., ,54.3,39.3 3,656.,3.4 3,430.6,39.7 3,44.7,9.9 3,44.4, ,38.,70.3,930.5,775.9,939.5, , r r 59. It 34. 5r 56. 3r r 37. Or 7. 8r r week : 975- Sept. Oct. Nov. Deo. 976-Jan. Feb. Mar. Apr. May June July Aug. Sept. snort-oatea: 976-June , ^ept. Oct. 9 Nov. 5 Dec Jan. Feb. 8 Mar. 8 Apr. 5 May 3 May 3 June 8 July 6 Aug. 3 Sept June ,34.7 3, ,48.6 6,0.5 4, ,93.6 5,666. 6, , , , , ,934.r 6, ,007.0, ,06.9 3,44.6 3,53. 3,068.7, ,04.9 3,0.7 3,335.5,9.4,6.6,90.6,95.6r,97.0,009.6,670.8,95.0 3,69.3 3,66.,993., ,07.0 3, ,40.0,845.4,58.6,898.9,866.9,

49 October PUBLIC DEBT OPERATIONS. Table PDO-. - Offerings of Bills-Continued On total bids accepted On conrpetitive bids accepted Average price per hundred Equivalent average rate / High Yice per hundred Equivalent rate 5/ Price per hundred Equivalent rate ^ Regular weekly: fl3-iieek and 6-week) 976- June { Percent / (Percent) (Percent) y s/ / July : 9S*.,-, S ; ( / / '! / Aug / / / Sept / ^-week 975-Sept Oct / Nov Dec fa / ^an. 3, Feb / Mar / 5.98 Apr May / June / July kvg. 4 Sept " ^9 / Zk/ Short-dated: 976^une