ci.-3

T'EASUnY D:PAu. -

JUN 9, ^ 197Z

TREASUHY DEPARlMENT

Treasury DepartmentFISCAL SERVICE, BUREAU OF ACCOUNTS

OFFICE OF THE COMMISSIONERWASHINGTON, D.C. 20226

OFFICIAL BUSINESS

POSTAGE AND FEES PAID

U.S. TREASURY DEPARTMENT

BUYAND

HOLDUNITEDS TAT E S

SAVINGS

BONDS

'SviVi;;*^-^

AUGUST 1966

The Treasury Biolletin is for sale by theSuperintendent of Documents,

U. S. Government Printing Office, Washington, D.C. 204.02

Subscription per year $8.50 domestic, $11.00 foreign.Single copy price varies.

August 1966

Table of Contents

Page

Treasury financing operations lY

Summary of Federal fiscal operations 1

Administrative budget receipts and expenditures... 2

Trust and other transactions 10

* Consolidated cash transactions 20

Account of the Treasurer of the United States 24

Monetary statistics 27

Debt outstanding 28

Statutory debt limitation 33

Public debt operations 34-

United States savings bonds "70

Ownership of Federal securities "^o

Treasury survey of ownership of Federalsecurities 78

Market quotations on Treasury securities 88

Average yields of long-term bonds 91

International financial statistics 93

Capital movements 97

Cumulative table of contents 122

* NEW FEATURE - As requested by users of the Bulletin,a new table showing seasonally adjusted Federalreceipts from and payments to the public has beenadded to this series (p. 23).

II Treasury Bulletin

Reporting Bases

Data on receipts, expenditures, and debt which appear

In the "Treasury BiiLletln" are based largely on two Treasury

financial reports, the "Dally Statement of the United States

Treasury" and the "Monthly Statement of Receipts and Ex-

penditures of the United States Government. Where these state-

ments are given as sources for Individual tables, they are

cited by name only. Their respective reporting bases are

described below. For other data In the Bulletin, informa-

tion on sources or reporting bases Is given In connection

with the tables themselves.

The monthly statement of receipts and expenditures

was first published for February IS^^, and replaced the

dally statement as the primary source of Information on

budget results and other receipt and expenditure data

classified by type of account. At the same time, the

dally statement was changed to a statement of cash deposits

and withdrawals affecting the account of the Treasurer of

the United States. Both publications have provided compar-

ative figures on their respective bases from the beginning

of the fiscal year 1953- The announcement of February 17,

195^-, with respect to these reporting changes may be found

In the April 195!^ Issue of the Bulletin.

The monthly statement shows all receipts and ejcpendl-

tures of the Government, Including those made from cash

accounts held outside the United States Treasury. The

Information is complied from reports by the Treasurer of

the United States and by all other collecting and dis-

bursing agencies. Including those agencies which maintain

checking accounts In commercial banks. These reports cover

transactions recorded In the accounts of the agencies

during the reporting period. The net of the transactions

as complied from these reports la reconciled In the monthly

statement to changes In the balance In the Treasurer's ac-

ooiint and In cash held outside the Treasurer's account and

changes In the public debt outstanding.

Receipts of taxes and customs duties are reported on a

collections basis. Other receipts aire reported partially

on a collections basis and partially on a deposits basis.

Expenditures, except interest on the public debt, are re-

ported on the basis of checks Issued or cash payments made

by disbursing officers. Transactions of an Interfund or

Intragovernmental nature are Included on the same basis

even though the actual Issuance of checks may not be In-

volved. Interest on the public debt Is Included on an

accrual basis beginning with figures for June 1955 and

the fiscal year 1955- Prior to that. It was Included on

a due and payable basis. The same reporting basis as that

In the monthly statement provides the fiscal year figures

for the Treasury's "Combined Statement of Receipts, Expend-

itures and Balances of the United States Government" and

for actual receipts and expenditures In the "Budget of the

United States Government."

Beginning with the final statement for the fiscal

year i960, the monthly statement reports totals for net

budget receipts and budget expenditures after deduction

of certain interfund transactions which are Included in

the detail of both budget receipts and budget expenditures.

The transactions deducted consist of Interest payments and

minor amounts of certain other payments made by Government

agencies to the Treasury. This reporting change was made In

accordance with the plan stated in the President's Budget

Message of January 12, i960. It does not affect the surplus

or deficit. Figures for earlier periods shown in the Treas-

ury Bulletin were revised to the new reporting basis in the

September 196O issue. The interfund transactions deducted

under this procedure do not Include payments to the Treas-

ury by wholly owned Government corporations for retirement

of their capital stock and for disposition of earnings.

These capital transfers have been excluded currently from

budget receipts and budget expenditures beginning July 1,

19'+^, and figures for prior fiscal years back through 19 32

Were revised accordingly at that time.

The daily statement on the new basis was first issued

for February 17, 195'^-. In the deposits and withdrawals as

shown, no distinction is made as to the type of accounts

(budget, trust, etc.). The deposits are on the basis of

certificates of deposit cleared through the account of the

Treasurer of the United States. Total withdrawals are on

the basis of checks paid or cash disbursements made out of

the Treasurer's account. Some of the withdrawal classi-

fications shown are reported on the basis of mailed reports

of checks issued and are adjusted by means of clearing ac-

counts to the total of checks paid. Except for relatively

minor amounts, noncash interfund and other intragovernmental

transactions are excluded. The public debt figures in the

dally statement also are on a "clearance" basis, with the

exception of those Issuance and retirement transactions

reported on the basis of telegrams from Federal Reserve

Banks. Noncash debt transactions are included, however.

The dally statement before February I7, 195'''. covered

not only transactions cleared through the Treasurer's ac-

count but also certain Government agency transactions which

were handled through commercial bank accounts, and included

noncash interfund and other Intragovernmental transactions.

It provided Information similar to that In the present dally

statement with respect to the status of the Treasurer's ac-

count, and similar to that In the present end-of-month daily

statement with respect to debt Issuance, retirement, and

amount outstanding. Receipts and expenditures, however, were

classified by type of account, and the budget results shown

August 1966 III

Reporting Bases - (Continued)

In the dally statement were used a« the basis for reflectingthe results under the President's budget program as enactedby the Congress.

Receipts were on the basis of deposits as they cleared

the Treasurer's account. Expenditures cleared through the

Treasurer's account were reported on two successive

bases. Through I9U-6 they were on the basis of checks paid

by the Treasurer of the United States. Beginning with 19'+7.

expenditures made through the facilities of the Treasfury

Department's Division of Disbursement were on the basis

of checks Issued, while certain others, principally those

of the Department of Defense and Its predecessor organiza-

tions, were on the basis of checks paid. Transactions han-

dled through commercial bank accounts, consisting of market

transactions In public debt and guaranteed securities, were

as reported by the agencies. Interest on the public debt

was Included on a due and payable basis beginning with

November 19^9 and on a checks-paid basis prior to that time.

Note: Details of figures may not add to totals because of rounding.

IV Treasury Bulletin

Treasury Financing Operations

August Refunding

On July 27 the Treasury announced an exchange offering of offered the opportunity to exchange their holdings for the new

5-1/lS certificates of indebtedness dated August 15, 1966, due 5-1/4^ notes. Details relating to the securities and amountsAugust 15, 1967, and 5-1/4^ notes dated August 15, 1966, due exchanged are shown in the accompanying table.

Securities eligiblefor exchange

U% notes, A-1966 maturingAug. 15, 1966

3% bonds, 1966 maturingAug. 15, 1966

Total Aug. maturities...

Prerefunding

4-3/4^ otfs., A-1966 maturingNov. 15, 1966

IS notes, E-1966 maturingNov. 15, 1966

3-3/8^ bonds, 1966 maturingNov. 15, 1966

Total prerefunding

Grand Total

( In millions of dollars)

Amountofeligiblesecuritiesout-standing

8,436

700

9,136

1,652

2,254

1,851

5,757

14,893

Securities issuedin exchange

5-1/4^ctfs.,A-1967

5,602

268

5,871

5,871

5-1/4^notes,A-1971

2,310

271

?,581

517

1,(

4,267

Total

Notex-

changed

7,912

540

^452

517

586

582

1,686

10,138

524

161

684

1,135

1,668

1,269

4,071

4,756

Securities eligiblefor exchange held by-

FederalReserveBanks andGovernmentinvestmentaccounts

5,891

46

5,937

15

585

257

857

6,794

com-

mercialbanks l/

1,235

295

1,530

1,065

775

865

2,705

4,235

May 15, 1971, to holders of notes and bonds maturing August 15, On the basis of preliminary reports there follows1966. Holders of securities due November 15, 1966, were also summary of subscriptions received by investor groups.

Subscribers

August 1966

Treasury Financing Operations - (Continued)

The public held about $8.1 billion of the securities

eligible for exchange and about $6.8 billion was held by

Federal Reserve and Government Investment accounts.

The subscription books were open from August 1 through

August 3. Cash subscriptions were not accepted. Coupons dated

August 15, 1966, were to be detached and cashed when due.

Coupons dated November 15, 1966, had to be attached and

interest on securities maturing on that date was adjusted as

Tenders were opened on July 26 and totaled $1,869 million,

of which $995 million (including $35 million of noncompetitive

tenders) were accepted at the average discount rate of 4.964

percent.

13-Week and 26-Week Bills

Issues of regular weekly Treasury bills in July totaled

$9.2 billion, replacing an equal amount of maturing bills.

[Dollar amounts per $100 face value)

Securities exchanged

4-3/4^ Certificate 11/15/66.U% Note 11/15/663-3/8^ Bond 11/15/66

Payment bysubscriberson accountof issueprice ofofferedsecurities

Accrued in-

terest to

8/15/66, onsecuritiesexchangedto be paid

to

subscribers

Net amountto be paidto sub-scribers

For the 5-l/4^ Note 5/15/71

$0.1000000.3500000.550000

$1.1875001.0000000.843750

$1.0875000.6500000.293750

Approximateinvestmentyield from8/15/66 to

maturity l/

5.24%5.23

5.24

Approximate re-investmentrate for theextension period2/

5.26?5.245.23

l/ Yields to nontaxable holders (or before tax) on issues offered in exchange based on prices of eligibleissues (adjusted for payments on account of issue price). Prices are the mean of bid and ask quotationsat noon on July 26, 1966.

2/ Rate for nontaxable holder (or before tax).

of August 15, 1966. The August 15, 1966, interest due on

registered securities was paid by issue of interest checks in

regular course to holders of record on July 15, 1966, the date

the transfer books closed.

Interest on the certificates of Series A-1967 will be

payable on February 15 and August 15, 1967. Interest on the

notes of Series A-1971 will be payable on November 15, 1966,

and thereafter on May 15 and November 15 until maturity. Both

the certificates and notes were issued in bearer form in

denominations of $1,000, $5,000, $10,000, $100,000, $1,000,000,

$100,000,000, and $500,000,000. The notes are also available in

registered form. This was a taxable exchange.

Exchanges of the U% notes of Series A-1966 and the 3%

bonds of 1966 were made at par. Details for the November

maturities showing cash and interest adjustments, and approxi-

mate investment yields appear in the accompanying table.

One-year Bills

On July 20 tenders were invited for $1 billion, or there-

abouts, of 365-day Treasury bills, to be dated July 31, 1966,

to refund an equal amount of one-year bills maturing on that

date.

There were four 91-day issues of $1.3 billion each and four

182-day issues of $1.0 billion each. Average rates for the

new issues are shown in the following table.

13-week

(Additional amount of bills oforiginal maturity of 26 weeks)

VI Treasury Bulletim

Treasury Financing Operations - (Continued)

bearer form only, and in denominations of $1,000, $5,000,

$10,000, $50,000, $100,000, $500,000, and $1,000,000 (maturity

value) . Tenders are received at Federal Reserve banks and

branches.

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.

Nonconpetitive 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 conpleted 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 13-week, 26-week, and one-year bills may not

be made by credit in Treasury tax and loan accounts.

Foreign Series and Foreign Currency Series

In July the Treasury issued four certificates of indebted-

ness of the foreign series in the amount of $185 million and

two certificates of indebtedness of the foreign currency series

equivalent to $118 million. Retirements amounted to $255

million for the foreign series securities and the equivalent of

$191 million for the foreign currency series.

The new foreign series certificates bear interest at the

rate of 5% per annum and will mature in three months. As of

July 31, the outstanding foreign series securities totaled

$747 million.

The new foreign currency series certificates are denomi-

nated in Swiss francs. One, equivalent to $25 million, was

issued July 1, bears interest at the rate of 4.99^ per annum

and matures June 30, 1967. The other, equivalent to $93

million, was issued July 26, bears interest at the rate of

5% per annum and matures January 26, 1967. At the end of

July foreign currency series securities outstanding totaled

$884. million and were denominated in Austrian schillings,

Belgian francs, German marks, Italian lire and Swiss francs.

i

Note: Details of Treasury market financing operations are shown 'elsewhere in this issue of the Bulletin in the tables on

public debt operations.

August 1966

SUMMARY OF FEDERAL FISCAL OPERATIONS(In millions of dollars)

Period

Administrative budgetreceipts and expenditures

Netreceipts

Netexpend-itures

Surplus

,

ordeficit(-)

Nettrustand othertrans-actions

1/

Clearingaccount,etc. 2/

Netincreasein

publicdebt , ordecrease(-)

Netincrease in

Treasurer'

s

accountbalance, ordecrease (-)

Levels, end of period

Balance in

account ofTreasurerof UnitedStates

Debt outstanding

Publicdebt

Guaranteedsecurities

TotalFederalsecurities

Subject to

limitation

2/

Fiscal years :

1950

195119521953

195A1955195619571958

195919601961

19621963

196419651966p

1967(E3t.)..

Calendar years1950195119521953

195419551956195719581959196019611962

196319641965

Months ;

1964-July...Aug....

Sept. .

.

OctNovDec

1965-JanFeb

MarApr ....

MayJune. .

.

July . .

.

AugSept . .

.

OctNovDec...

1966-JanFebMarApr ....

MayJune p.

Jiily

—

36,42247,48061,28764,67164,42060,20967,85070,56268,55067,91577,76377,65981,40986,376

89,45993,072104,631

111,000

37,23552,87764,70563,65460,93863,11970,61671,74968,26272,73879,51878,15784,70987,51688,69696,679

3,4876,65310,0723,3987,0378,856

5,6427,51811,188

8,5497,268

13,404

3,8077,35010,9993,2958,1069,553

6,4538,335

11,2979,9298,452

17,054

5,702

39,54443,97065,30374,12067,53764,38966,22468,96671,36980,34276,53981,51587,78792,642

97,68496,507106,917

112,847

37,65756,23670,54772,81164,62265,89166,83871,15775,34979,77877,56584,46391,90794,18896,945101,378

7,4108,0838,4508,3297,0518,770

7,6767,1468,1398,2688,116

9,070

7,2408,9909,4528,7509,1059,426

8,8098,156

10,1938,3629,0559,378

10,263

-3,122

3,510-4,017

-9,449-3,117-4,1801,6261,596

-2,819-12,4271,224-3,856-6,378-6,266-8,226

-3,435-2,286

-1,847

-422

-3,358-5,842-9,157-3,683-2,7713,779

592-7,088-7,0401,953

-6,306-7,199-6,672-8,248-4,699

-3,923-1,4301,622

-4,930-1586

-2,033372

3,049280

-848

4,335

-3,434-1,640

1,548-5,455

-999126

-2,356179

1,1041,567-603

7,676

-4,561

99679147

435328231-194195633-329-50

-602

43697

551426571

120

311815

-a101

739-259267

1,092-691

23-698

234729168151694

-4066

-130

366171

-188

64193146972-577

-617

59182-28

156-45189

66

71

88

782-773

-174

-175

483

-2U-401-250-303

284522

-523

530-6

-145507

448196741-978

-1,121

-108

87-106-319-209-34376-21

224109

-237

154204183

493-576328

-393-903

38741

-595-161

377-268

279-8

24421

-57

1,059983294

-792

314

116-585

896-480-31-720

750

4,587-2,1353,8836,9665,1893,115-1,623-2,2245,8168,3631,6252,6409,2307,6595,8535,5612,633

1,835

-423

2,7117,9737,7773,5822,019-4,141-1,7308,0257,875-581

5,9527,3015,8778,5942,964

-5302,9061,520

26

2,851-546

421,900

-2,186-1,1402,661

-1,944

-692

1,658-1,4932,1542,810-807

1,099

1,308-2,312-1,4162,777-2,452

-627

2,0471,839-388

-2,2992,096-551

331-956

4,159-4,3992,654-1,311

3,7361,686

-1,080

1,575-203

-44762

1,770-1,488

603-635-117

179

35562282883

1,015-134-80

-713

-4,886640

3,400-4,4982,412-809

-1,5502,1971,289

105

1,480

1,795

-4,124-858

1,010-2,852

974-177

-1,076973-224

4531,3704,330

-4,613

5,5177,3576,9694,6706,7666,2166,5465,5909,7495,3508,0056,694

10,43012,11611,03612,61012,407

8,700

4,2324,2956,0644,5775,180

4,5454,4274,6064,9615,5836,4116,4947,5097,3757,2956,582

6,1506,789]0,1895,6918,1047,295

5,7457,9429,2319,33610,816

12,610

8,4867,6278,6375,7866,7596,582

5,506

6,4796,2556,7088,077

12,407

7,794

257,357255,222259,105266,071271,260274,374272,751270,527276,343284,706286,331288,971298,201305,860311,713317,274319,907

321,436

256,708259,419267,391275,168278,750280,769276,628274,898282,922290,798290,217296,169303,470309,347317,940320,904

311,183314,089315,610315,635318,486317,940

317,983319,883317,697316,557319,218

317,274

316,582318,240316,748318,901321,711320,904

322,003323,311320,999319,583322,359319,907

319,280

2029

4652

81

4474107

101111140240

444607

813

590462

244

2442

5476

3453

103

104109127156330518

742809

455

8218488868218348O9

664693719

657606

590

474502

522

493465455

416

435456468466462

489

257,377255,251259,151266,123

271,3a274,418272,825270,634276,444284,817286,471289,211298,645306,466312,526317,864320,369

321,680

256,731259,461267,445275,244278,784280,822276,731275,002283,031290,925290,373296,499303,988310,089318,750321,359

312,004314,938316,496316,456319,320318,750

318,646320,575318,416317,213319,823

317,864

317,056318,742317,270319,394322,176321,359

322,419323,746

321,454320,051322,825320,369

319,768

256,652254,567258,507265,522270,790273,915272,361270,188276,013284,398286,065288,862298,212306,099312,164317,581320,102

321,505

256,026258,794266,821274,671278,256280,348276,276274,564282,607290,513289,971296,061303,616309,724318,464321,078

311,643314, 577

316,135316,096319,034318,464

318,361320,290318,131316,929319,540317,581

316,773318,460316,988319,113321,895321,078

322,138323,466321,175319,772322,546320,102

319,502

Source: Actual figures through fiscal year 1952 and calendar year 1953are from the daily Treasury statement, and thereafter from themonthly statement of receipts and expenditures of the Government (forexplanation of reporting bases, see page II); estimates, includingeffect of proposed legislation, are from the 1967 Budget documentreleased January 24, 1966. (More details for data on this page areshown in succeeding tables.)

1/ Excess of receipts, or expenditures (-). For detail, see pages 10-14.

1/ For checks outstanding and telegraphic reports from Federal ReserveBanks; public debt interest accrued and unpaid beginning with June andthe fiscal year 1955 (previously included from November 1949 as interestchecks and coupons outstanding); also deposits in transit and changes incash held outside the Treasury and in certain other accounts beginningwith the fiscal year 1954. Net increase, or decrease (-).

3/ For current month detail, see section on "Statutory Debt Limitation"

in each issue of the Bulletin. The limitations in effect during the

periods covered by this table and the date when each became effective

are as follows: $275 billion on June 26, 1946; $281 billion on August

28, 1954; $278 billion on July 1, 1956; $275 billion on July 1, 1957;

$280 billion on February 26, 1958; $288 billion on September 2, 1958;

$290 billion on June 30, 1959; $295 billion on July 1, 1959; $293

billion on July 1, 1960; $298 billion on July 1, 1961; $300 billion on

March 13, 1962; $308 billion on July 1, 1962; $305 billion on April 1,

1963; $307 billion on May 29, 1963; $309 billion on July 1, 1963; $315

billion on December 1, 1963; $324 billion on June 29, 1964; $328

billion on July 1, 1965) and $330 billion on July 1, 1966.

p Preliminary.

Treasury Bulletin

ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES

Table 1. - Receipts by Principal Sources

(In millions of dollars)

Fiscal yearor month

Internal revenue

Income taxes

Corpo-ration

Individual

Notwithheld

Withheld

Totalincometaxes

Employment taxes

For old-age,disability,and hospitalinsurance

1/

For rail-road re-tirement

For un-employ-mentinsurance

Totalemploy-menttaxes

Estateandgifttaxes

Excisetaxes

Totalinternalrevenue

CustomsMiscel-laneousreceipts

Totalbudgetreceipts

195719581959I960196119621963

196419651966 p

1967(Est.).

1965-July..,AugSept..

Oct...Nov. .

.

Dec...

1966-Jan..

.

Feb...Mar...Apr. .

.

MayJune p

July. .

.

21,53120,53318,09222,17921,76521,29622,33624,30126,13130,835

35,100

727482

4,236625507

4,315

682

573

7,2442,440

7518,252

878

12,30211,52811,73313,27113,17514,40314,26915,33116,82018,486

16,100

362164 i/

2,427

2U141 ^AbB

2,7271,038 1/

9366,2591,151 2/

2,569

351

26,72827,04129,00131,67532,97836,24638,71939,25936,84042,769

46,440

1,2995,377 ,

2,9951,2635,793 .

3,237

1,4125,948

,

3,4401,0826,238

.

4,683

3,374

60,56059,10258,82667,12567,91871,94575,32478,89179,79292,090

97,640

2,3886,0229,6582,1336,4428,020

4,8227,55911,6209,7818,140

15,504

4,603

6,6347,7338,00410,21111,58611,68613,48415,58815,84619,005

23,267 2/

6172,396 ^1,061

4471,414 2/

750

3362,559 2/1,9721,2963,505 2/2,653

1,660

616575

525607571

564572

594636683

772

11

103

57

12

9352

12

936220

10763

13

330336324341345458948851622567

544

2

2

2

2

1

1

75466

7432

7,5818,6448,85411,15912,50212,70815,00417,00317,10420,256

24,583

6292,5011,120

4611,508

803

4233,1172,0401,320

3,6152,719

1,674

1,3781,411

1,3531,6261,9162,0352,1872,4162,7463,089

3,331

232212

193213

185

238

292207

272491328224

215

10,63810,81410,76011,86512,06412,75213,41013,95014,79313,407

13,557

1,2211,3051,162983

1,1551,220

1,0071,038

1,133921

1,1041,158

971

80,17279,97879,79891,77594,40199,441105,925112,260

114,435128,843

139,111

4,47110,04012,1323,7909,29110 , 281

6,54511,922

15,06612,51413,18719,605

7,463

754800

9481,1231,0081,1711,2411,2841,4781,811

1,880

137

U5159153164140

136129

168151

158172

158

2,7493,1963,1584,0644,0823,2064,4364,0774,6225,797

7,050

462401348384

766386

456381

467408401935

373

83,67583,97483,90496,96299,491103,818111,602117,622120,535136,451

148,041

5,070

10,58612,6404,32710,22010,807

7,13712,43215,70113,072

13,74620,712

7,993

Fiscal yearor month

Less: Refunds of receipts /^/

Internal revenueapplicable to

Budgetaccounts

Trust yaccounts

Customs OtherTotalrefunds

5^

Less: Transfers of tax receipts to

Federal 01d-

Age and Sur-vivors Insur-ance TrustFund y

FederalDisabilityInsuranceTrust Fund

FederalHospitalInsuranceTrust Fund

RailroadRetire-

mentAccount

Unemploy-mentTrustFund

High-wayTrustFund y

Deduct:Inter-fundtrans-actions6/

Netbudgetreceipts

1957

1958

1959I96019611962

196319641965

1966p

1967(Est.)..

1965-July...AugSept...

OctNov, . .

.

Dec

1966-JanFebMarApr . .

.

May....

June p

July. .

.

3,8944,4134,9075,0245,7255,9576,2676,8175,6686,854

7,130

220

219

183202

29

101

-126607

2,0541,520

1,312532

218

58

165

180

193224278

269297323

354

443

1

3

86

22828

20

18

23

18

25

29

3532

35

45

35

2

3

3

3

2

4

5

9

3

4

42

3,9764,5985,1145,2385,9766,2666,5717,1486,0307,252

7,611

223

225186206117105

107

6442,0571,526

1,321536

221

6,2436,7957,0849,19210,53710,60012,35114,33514,57216,474

18,932

5742,226 2/988416

1,324 2/698

100

2,182 1/1,666

1,142

2,940 2/2,217

1,384

333863

837929

953945994

1,0571,0821,442

1,886

43169 2/73

3190 2/52

8

215 1/155

104

285 2/216

138

862

2,21C

161151

50

280220

138

616575

525607571

564572

593636683

772

11

103

5712

9352

1293

6220

10763

13

343

453945847615561

539

1

2

2

1

1

1

75465

6

42

1

1,4792,026

2,0742,5392,798

2,9493,2793,5193,6593,917

4,378

333

418334313267

315

309320

302286

359361

357

467

567

355694

654633513664870629

712

79

921

53223

31

7316

5

13

1

43

40

70,56268,55067,91577,76377,65981,40986,37689,45993,072104,631

111,000

3,8077,35010,9993,2958,106

9,553

6,4538,335

11,2979,929

8,45217,054

5,702

Source: Actual figures are from the monthly statement of receipts and

expenditures of the Government (for explanation of reporting bases,

see page II); estimates, including effect of proposed legislation,

are from the 1967 Budget document released January 24, 1966.

I/' Beginning February, 1966 includes hospital insurance.

2/ Includes $2,210 million for Federal Hospital Insurance Trust Fund.

Remaining footnotes on following page.

August 1966

ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES

Table 2. - Detail of Miscellaneous Receipts by Major Categories

(In millions of dollars)

Fiscal yearor month

InterestDividendsand otherearnings 1/

Realiza-tion upon

loans andinvest-ments

Recov-eries andrefunds

Royal-ties

Sale ofGovern-mentproperty

Sale ofprod-ucts

Seign-iorage

V

Fees forpermitsandlicenses

Fees andotherchargesforservices,etc

.

Rents

Fines,

penaltiesand for-feitures

Other 2/

1957 ,

19581959i960 -

1961 ,

1962

1963

196-t

1965t966 p

1967 (Eat.)

1965-July..Aug...Sept..Oct...Nov...Dec . .

.

1966-Jan...

Feb...

ibr...Apr. .

.

May...Jime p

July.

.

2,7i93,1963,158

4,0823,206

i,436i,0774,6225,797

7,050

i62iOI

3i8384766386

456381

467408401935

373

628745601

967942377765

9551,077824

968

94937

6422494

85

17

1721

1494

50

438674506

1,111

805743860984

1,3931,731

1,820

148157169

160

247115

120

123

109125

124134

140

323328587

4361,012

371

1,076752496347

194

352321

31

104-11

3431

2832

30-11

29

266322

343lU182

154200130132141

127

20

A21

911

7

11

7

2110

6

15

21

79

909396114121

124131

132152

204

10

-2010

12

11

9

12

-10

1412

1478

11

387

345325

392

343263

263

331

431944

1,058

84iO38

3964

AA

61

62

128

9356

236

47

312304350

374330342370409427503

396

26

5526

333739

37

693732

4170

24

4959

AA53

5558

4569117649

1,568

91426

3632

48

60

4371

66

94144

21

i953

545781

62101

708391

123

46

A

5

9

10

9

15

5

160161

133111

100101

110118128134

163

U11

9

8

98

17

11

12

U5

U10

2886

93325

9439

43774109229

408

5

5

6

5

713

32

5

7

6

10128

20

2323

16

1411

79488726

15

1

1

2

1

1

2

1

1

1

1

U1

6

5

8

1211

13

6

7

926

11

13

11

-21

11

11

-20

812

-14

-2

5

Source: Actual figures through 1961 are from reports to the Treasury J/Department by disbursing officers and administrative agencies, on

the monthly statement reporting basis (see page II); and from the

monthly statement of receipts and expenditures thereafter. Esti- 2/

mates, including effect of proposed legislation, are from the 1967Budget document, released January 24, 1966.

Beginning October 1965 certain accounts representing profits fromsilver coinage, previously classified as "dividends and otherearnings," have been classified as "seigniorage."Consists of miscellaneous taxes (principally the tonnage tax on

foreign vessels entering U. S. ports), bullion charges, gifts and con-tributions, and undistributed proceeds, sale of foreign cixrrency.Less than $500,000. p Preliminary.

Footnotes to Table 1 - (Continued)

2/ Includes adjustments as follows: Income taxes not withheld, August

-tA million, November -$6 million, February -iA million and May +$93

million; income taxes withheld, August -$202 million, November +$128

million, February +$74 million and May -$122 million; transfers to

Federal Old-Age and Survivors Insurance Trust Fund, August +$187

million, November -$107 million, February -$73 million, and May +$23

million; and transfers to Federal Disability Insurance Trust Fund,

August +$18 million, November -$15 million, February +$2 million andMay +42 million.

^

y

Interest on refunds is included in expenditures in Table 3.The principal amounts for refunds of employment taxes and certainexcise taxes (highway) are excluded from the transfers of tax receiptsshown herein, and are included with refunds of internal revenuereceipts, applicable to trust accounts.For content, see Table 4. These transactions are included in thedetail of both budget receipts and expenditures but are deducted fromthe totals (see Reporting Bases, p. II).

Less than $500,000. p Preliminary.

Treasury Bulletin

, AIMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES.

INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES

$Bil.

80

76

72

68

64

60

$Bil.

125

100

75

50

25

August 1966

ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES

Table 3. - Expenditures by Agencies

(in millions of dollars)

Fiscal yearor month

Legis-lativeBranch

Judi-ciary

ExecutiveOfficeof thePresident

Fundsappropriatedto thePresident

Agri-cultureDepart-ment

CommerceDepart-ment

Defense Department

Military Civil

Health,Education,andWelfareDepartment

Housingand UrbanDevelopmentDepartment

InteriorDepart-ment

JusticeDepart-ment

LaborDepart-ment

PostOfficeDepart-ment 1/

1957195819591960196119621963

196i1965 •

1966p

1967 (Eat.)...

1965-July

August. .

.

SeptemberOctober.

.

November.December.

1966-January .

.

February

,

Ifarch. . .

.

April. . .

.

MayJune p. .

.

July

9799118126

13i153147

152

165181

205

18

8

15

23

16

U18

10

12181613

10

39

4447

4952

5762

657479

91

6

6

68

6

7

6

6

68

7

7

10

11

56

56

70

29

23

23

2426

31

2

2

2

2

2

3

4,1154,0814,1091,764 2/1,8082,0533,9684,1194,307 V4,278

5,028

315348272308

352367

255

359

443279368612

307

5,0064,8757,0915,4195,9296,6697,7357,8977,298

5,986

5,798

5211,112

839647756603

559

334

418-15225692

486

S/

562

645382

539498

594676686758

745

923

6750

4976121

57

62

73

-247265

75

82

38,43939,06241,23342,82444,67748,20548,25249,76046,17354,363

57,150

3,6014,1314,3004,2524,2104,789

4,411

4,198

5,2464,7664,5595,899

4,661

639

733807902971999

1,128

1,1531,2341,309

1,369

96121125131

134129

115

79

1029911066

123

2,2952,6453,0923,4033,6854,2154,9095,4985,7407,652

10,191

541402787541467600

662

613

918752

744626

909

-23

1991,152

309502

739410328250772

-414

-10366

1596

U5233

-93

291

166-58-6628

616

572666751690801

9081,0291,1241,2051,325

1,322

138128113112104136

94104

8787

101121

135

214229250258284294317328358371

405

3728

29

29

30

39

30

29

2'}

31

3130

38

418567

1,016549831 y620

257370480500

522

3363

8470

7967

51

-168

6843

6444

70

518674774525

914797770578

805874

755

43798423

31

84

lU110

9343

7863

74

Fiscal yearor month

StateDepart-ment

Treasury Department

Interest

Onpublicdebt 6/

Onrefundsof taxes

AtomicEnergyCom-mission

FederalAviationAgency

GeneralServicesAdminis-

tration

National

Aero-nauticsand SpaceAdm.

Veterans'Adminis-tration

Otherinde-pendentagencies

DistrictofColumbia

V

Total byagencies

Deduct:Inter-fundtrans-actions8/

Net

budgetexpend-itures

19571958

1959196019611962

1963196419651966p

1967 (Est.)...

1965^ulyAugust. .

.

SeptemberOctober.

.

November.December

.

1966-January .

.

February.March. . .

.

April. . .

.

MayJune p . .

.

July

179206

272

247258307408347383401

405

4922

53

4940

33

13

32

3229

2426

7,2U7,607

7,5939,1808,9579,120

9,89510,66611,34612,034

12,750

1,000966966962963

1,005

1,035

9761,0351,0131,0251,088

1,091

57

74697683

68

748877

104

9

917

9

686

610

15

748765

2,17810/875987985

1,0591,1931,3061,340

1,407

104106

97106158102

115

103110113

137

142

1,9902,268

2,5412,6232,7132,8062,7582,7652,6252,404

2,300

207210177186205

185

192

186197193

241225

226

441508638698726751795804

840

57

556661

74

73

71

6662

6485

70

71

570

425

359408387

445466593624607

635

606558

55

4460

37

576451

48

6

73

145401744

1,2572,5524,1715,093

5,933

5,300

427482489

449470521

477

456519502

569

571

494

4,8055,0985,2325,2505,4015,3925,1735,4785,4885,069

5,718

208482473484525206

528

512524287

484

357

449

9112/940956224794937293159703319

275

-140129

194224384118

88-271

83132100

-723

128

26

25

3128

50

726657

61

71

22

12

1

-12

2

19

1

24

26

69,43371,93680,69777,23382,16988,41993,15598,34897,377

107,546

113,559 11/

7,3199,0829,4538,8039,3279,458

8,882

8,173

10,1988,375

9,055

9,421

10,302

467567

355694654633513664870629

712

79

921

53223

31

73

16

5

13

1

43

40

68,96671,36980,342

76,53981,51587,78792,64297,68496,507106,917

112,847 11/

7,2408,9909,4528,7509,1059,426

8,8098,156

10,1938,362

9,055

9,378

10,263

Source: Actual figures are from the monthly statement of receipts andexpenditures of the Government (for explanation of reporting bases,

see page II); estimates, including effect of proposed legislation,are from the 1967 Budget document released January 24, 1966.

Note: Agency shifts are shown in this table beginning with the period

of such shifts; figures prior to the shifts have not been adjusted.

Therefore, some expenditures do not neaessarily represent functions

which are comparable over a period of time (for a more consistent

basis, see Table 6)

.

Footnotes on following page.

ireasury Bullet.m

ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES

Table 4. - Interfund Transactions Excluded from Both Net Budget Receipts and Budget Expenditures

(In rallllons of dollars)

Fiscal year

or month Total

Interest payments to the Treasury 1/

Totalinter-est

Coramod-

ityCreditCorp.

Export-ImportBank ofWashing-ton

Housingand UrbanDevelop-mentDepart-ment 2/

PanamaCanalCompany

SmallBusinessAdmin.

Tennes-see

ValleyAuthor-ity

Veterans'Admin-istration3/

UnderDefensePro-ductionAct V

Other

Reim-burse-ment by

PanamaCanalCompany6/

Chargesforauditsofvariousagencies

195719581959I9601961

19621963196419651966 p

1967 (Est.)...

1965- JulyAugust..

.

SeptemberOctober.

,

November.December.

1966-January .

.

February

.

March. . .

.

AprilMayJune p..

.

July

467567

355694654633513

664870

629

712

79921

53

223

31

73

16

5

131

43

40

456557342682640620

499648852

611

684

7992

1

47223

31

6916

5

91

39

40

340421181

465410330186

199

459

302

322

2

70

24

31

41

464357

51

3415

14

474539

90118146160

152147138

130

68

1

65

2

26

11

99

9

910

11

1112

12

1

3

7

7

15

1420

27

31

39

45

39

10

14

1923

324047

4936

34

24

24

30

42

356

8

6

154125

U35

3

4

47

8

16

18

22

26

56

106 2/

10

912

11

13

12

14

1517

17

19 9 8/

14

11

1

1

1

2

1

24

26

1

Source: See Table 1.

1/ By Government agencies operated as revolving funds; on loans (see"Debt Outstanding," Table 6) and other interest-bearing U. S.

investments.Consists of payments by: Office of the Secretary for college housing,urban renewal, and public facility loans; Federal National MortgageAssociation; and Public Housing Programs.Direct loan program and reopened insurance fund.By various agencies for programs under Defense Production Act.Consists of payments by the: Colorado River Dam Fund, Boulder Canyonproject; Virgin Islands Corporation; Bxireau of Federal Credit Unions;Civil Defense Program Fund; Farmers' Heme Administration; InfozToational

2/

1/U

6/

8/

fedia Guaranty Fund beginning 1959; Federal Ship Mortgage InsuranceFund beginning I960; St. lAurence Seaway Development Corporationbeginning 1960; Economic Opportunity Loan Fund and Upper ColoradoRiver storage project beginning 1965; and Farmers' Home Administrationrural housing loans beginning 1966.For net cost of Canal Zone Government, less tolls on Government ves-sels, and for part of treaty payment for use of Canal Zone.Includes $48 million for power marketing agencies.Includes $9 million for fees and other charges of power marketingagencies.Less than $500,000.Preliminary.

Footnotes to Table 3 - (Continued)

2//

V

5/

2/

Consists of net expenditures of the Postal Fund, reflecting the change 2/in classification of Post Office transactions to a public enterpriserevolving fund basis, and beginning fiscal I960, payment for publicservices.

Adjusted for reclassification.Beginning with fiscal 1961, administrative expenses of the employ-ment security program are handled as trust account expenditures ratherthan budget expenditures, pursuant to the Employment Security Act of1960, approved September 13, I960 (42 U.S.C. 1101).Includes $258.8 million paid to the International Monetary Fund for theadditional United States gold subscription, authorized by an act approv- 10/ed June 2, 1965 (see "Account of the Treasurer of the United States,"Table 4).Net decrease is due to sale by the Commodity Credit Corporation of cer-tificates of Interest on loans held by the corporation. Net expendi-tures, excluding this sale, were $340 million.Reported on an accrual basis effective June 30, 1955.Consists of Federal payment and loans and advances.For content. See Table 4. These transactions are included in the de- il/tail of both budget receipts and budget expenditures, but are deducted •

from the totals (see Reporting Bases, p. II). p

Effective January 1, 1957, the production credit coporations weremerged in the Federal intermediate credit banks, pursuant to FarmCredit Act of 1956, approved July 26, 1956 (12 U.S.C. 1027, and oper-ations of the merged agencies (as mixed-ownership corporations) wereclassified as trust enterprise funds from January 1, 1957, untilJanuary 1959 when they were classified as Government-sponsoredenterprises (see "Trust and Other Transactions," Table 3); previouslythe operations of the banks and the corporations, respectively, wereclassified as public enterprise funds and were included net in budgetexpenditures.Includes $1,375 million paid to the International Monetary Fund forthe additional United States subscription, authorized by an actapproved June 17, 1959, consisting of $344 million in gold (see"Account of the Treasurer of the United States," Table 4) and

$1,031 million in special notes. The special notes of the UnitedStates issued to international institutions are nonnegotiable andnoninterest-bearing and are payable on demand. See also "Consol-idated Cash Transactions," Table 2 and "Debt Outstanding," Table 1.

Includes an allowance for contingencies of $350 million.

Less than $500,000.Preliminary.

August 1966

ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES

Table 5. - Summary of Appropriations and Authorizations, Expenditures and Balances, by Agencies,as of June 30, 1966 (Preliminary)!/

(In millions of dollars; negative figures are deductions in the columns in whicli they appear^

Agencies

Unexpendedbalancesbrought forwardJuly 1, 1965 2/

Additions, fiscal year 1966 to date

Increase

AppropriationsAuthorizationsto expend fromdebt receipts ^

Other authori-zations ^ Total

Trans-fers 6/

Legislative BranchThe JudiciaryExecutive Office of the PresidentFunds appropriated to the PresidentAgriculture DepartmentCommerce DepartmentDefense Department:MilitaryCivilUndistributed foreign transactions

Health, Education, and Welfare DepartmentHousing and Urban Development DepartmentInterior DepartmentJustice DepartmentLabor DepartmentPost Office DepartmentState DepartmentTreasury DepartmentAtomic Energy CommissionFederal Aviation AgencyGeneral Services AdministrationNational Aeronautics and Space AdministrationVeterans ' AdministrationOther independent agenciesDistrict of Colximbia - Federal payment and loans to.

Total

67

5

6

16,5654,9U1,A15

33,123399

3,517U,190

7096i

5U501

U7239

1,559568

673

3,35i1,257

13,122123

19883

27

5,9707,2461,294

62,2851,393

10,2711,7971,413

388703975403

13,5962,366867596

5,1756,0031,589

117

522

1

41016

-75-16

15

-236-4

97,030 124,756 951 -322

190

8327

5,8957,7511,310

62,2851,393

10,2711,9711,425

388703

975403

13,5962,366

867596

5,1756,0031,592

118

125,385

-146

173

-28

Agencies

Deductions, fiscal year 1966 to date

Expenditures

Rescissions,cancellations,and otheradjustments 7/

Unexpended balances June 30, 1966 (Preliminary)

Undisbursedappropria-tions

Unused author-izations to

expend fromdebt receipts 4/

Unfundedcontratauthori-zations

Invest-mentsheld

8/

Total 2/

Legislative BranchThe JudiciaryExecutive Office of the PresidentFunds appropriated to the PresidentAgriculture DepartmentCommerce DepartmentDefense Department;MilitaryCivilUndistributed foreign transactions

Health, Education, and Welfare DepartmentHousing and Urban Development DepartmentInterior DepartmentJustice DepartmentLabor DepartmentPost Office DepartmentState DepartmentTreasury DepartmentAtomic Energy CommissionFederal Aviation AgencyGeneral Services AdministrationNational Aeronautics and Space AdministrationVeterans ' AdministrationOther independent agenciesDistrict of Columbia - Federal payment and loans toAdjustment to monthly statement of receipts andexpenditures of the Government

Total

Deduct: Interfund transactions

Net budget expenditxares

181

7926

4,2895,983745

54,3271,309

437,653772

1,325371500

874407

13,4782,404804607

5,9335,069

32071

12

25

300

-12

120

5

4

3

109

47

-23 2/

107,546

629

619

58

8

7

12,010

1,3951,450

41,189473-43

6,1362,174

67776

717

595

U4356

1,521631662

2,5961,7341,762

123

23

76,473

5,9913,923

10

9,U811

1,365225

79

3,230116

718

266

10,973

30,322 5,027

188

1,517

2,427

658

718,C016,6821,679

41,268483-43

6,13615,270

80476717

595lU356

1,521631662

2,5962,188

U,257123

23

114,249

106,917

Source: Bureau of Accounts. Details for the current fiscal year to date 4/are shoi.m in Bureau of Accounts report "Budgetary Appropriations andOther Authorizations, Expenditures and Unexpended Balances."

1/ These figures, the latest available, are based on reports from the ^agencies and, as additional information is received, are subject toadjustment preparatory to the closing of the central accounts in theTreasury for the fiscal year 1966. Subject to adjustment are: Certain 6/overseas transactions not yet included; the write-offs or withdrawals 7/of unobligated balances no longer available, since agency reportscovering these transactions are not required by law to be submitteduntil September 30; certain indefinite appropriations included on thebasis of Budget estimates rather than final actual figures; other 8/transactions, including those relating to (a) authorizations to expendfrom debt receipts, (bj restorations and reappropriations. o/

2/ Although not expended, a substantial portion of these amounts isobligated for payrolls, outstanding purchase orders and contracts forequipment and supplies, and similar Items.

2/ Includes reappropriations. »

Consists of authorization by law for Government-owned enterprises to

borrow (1) from the Treasury (to expend from public debt receipts), or

(2) from the public (to expend from corporate debt receipts).Consists of new contract authorizations, established by law for the

current fiscal year, net of current appropriations to liquidateeither current or prior contract authorizations.Consists of appropriation transfers between agencies.Consists of transfers to, or restorations from (-), the surplus fund;

rescissions, cancellations, or adjustments of borrowing authority and

contract authority; transfers to miscellaneous receipts; and

other adjustments.Public debt securities and certain guaranteed securities issued by

Government enterprises.Represents the difference between this report based on accounts sub-

mitted by certain disbursing officers and corresponding preliminarydata used in the monthly statement of receipts and expenditures of the

Government

.

Less than $500,000.

Treasury Bulletin

ADMINISTRATIVE BDDGET RECEIPTS AND EXPENDITURES

Table 6. - Expenditures and Balances by Functions(Fiscal years; in millions of dollars)

FunctionsFunctioncodenumber

1961 1962 1963 1%i 1965

1966p 1/

ExpendituresUnexpendedbalances end

of period 2/

National defense :

Department of Defense-MilitaryMilitary assistanceAtomic energyDefense-related activities

Total national defense

International affairs and finance;Conduct of foreign affairsEconomic and financial programsForeign information and exchange activitiesFood for Peace

Total international affairs and finance

Space research and technology

Agriculture and agricultural resources:Farm income stabilization 3/Financing farming and rural housingFi nancing rural electrification and rural telephonesAgricultural land and water resourcesResearch and other agricultural services J/

Total agriculture and agricultural resources

Natural resources:Land and water resourcesForest resourcesMineral resourcesFish and wildl ife resourcesRecreational resourcesGeneral resource surveys and administration

Total natural resources

Commerce and transportation:AviationWater transportationHighwaysPostal serviceAdvancement of business

,

Area and regional developmentRegulation of business

,

Total commerce and transportation

Housing and community development :

Aids to private housing 4/ ,

Public housing programsDrban renewal and community facilities

,

National Capital region

Total housing and community development

Health, labor, and welfare:Health services and research^.

,

Labor and manpowerPublic assistance^.

,

Economic opportunity programOther welfare services

Total health, labor, and welfare

Education:Assistance for elementary and secondary education 6/.Assistance for higher education b/Assistance to science education and basic research..Other aids to education 6/ ,

Total education

Veterans' benefits and services:Veterans' service-connected con5)ensation 2/Veterans' nonservice-connected pension 2/'Veterans ' readjustment benefits ^/.

,

Veterans' hospitals and medical care,

Other veterans' benefits and services 7/ ,

Total veterans' benefits and services

051057058059

151152153154

251

351

35235335i355

401

i02403iOi,

i05409

501

502

503

505506507

508

551

552

553555

651652

653655659

701

702703704

801802803804805

43,227

1,4^92,713

104

47,494

2161,927

158

1,653

3,954

744

2,345349301

347324

3,667

1,^44331

61

7391

55

2,056

716

56936

914271

67

2,573

-44150162

51

320

961

8092,147

327

4,2U

332286143181

943

2,0341,532

5591,030259

46,815

1,3902,806

92

51,103

2492,130

1971,726

4,301

1,257

,093234303367341

4,33?

1,6232806881

9460

2,206

781

65433

797427

7

74

2,774

-149163261

74

349

1,233591

2,331

382

4,538

337350183207

5,414

1,076

2,0171,635388

1,084279

5,403

48,2521,721

2,75824

52,755

3461,826

201

1,779

4,151

2,552

3,954300

342324391

5,311

1,779

30371

94112

73

2,431

67241

770366101

84

2,843

-537178

222

70

-67

1,511

224

2,631

423

4,739

392428206219

1,^44

2,1161,698-13

1,145240

5,186

49,7601,485

2,765172

54,181

2971,479

207

1,704

3,687

4,171

4,144251

342324414

5,475

1,832

33291

105

130

73

2,563

835658

39578401

40191

3,002

-595149

306

59

-80

1,878

3452,786

466

5,475

404383310241

1,339

2,1581,743

113

1,229249

5,492

46,1731,229

2,625136

50,163

3462,094

2231,641

4,304

5,093

3,438268

392341

457

4,898

1,922374105120

134

94

2.750

875728

3980555739898

3,499

-818

23042064

-104

1,882

4642,827

211

513

5,698

418413

309405

1,544

2,1761,864-50

1,270235

5,495

54,369948

2,404-59

57,662

3151,861

227

1,459

3,864

5,933

2,294169

373

333497

3,667

2,112407108130

15390

2,999

879706

54874201162

99

2,975

-475233

44575

278

1,860496

3,5661,004734

7,660

1,238825368398

2,829

4,2U

-601

1,318

155

5,036

Footnotes at end of table. {CoiitiTiuied on following page)

August 1966

ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES

Table 6. - Expenditures and Balances by Functions - (Continued)

{Fiscal years; in millions of dollars)

FunctionsFunctioncodenumber

1961 1962 1963 1964 1965

1966p 1/

ExpendituresUnexpendedbalances endof period 2/

Interest ;

Interest on the public debt

Interest on refunds of receiptsInterest on uninvested funds

Total interest

General government ;

Legislative functionsJudicial functionsExecutive direction and managementCentral fiscal operationsGeneral property and records managementCentral personnel managementProtective services and alien control..Other general government

Total general government

Undistributed

Total

Deduct; Interfund transactions

Net budget expenditxires (see table 3) •••

851852853

90190290390i905906908910

8,9578310

9,050

11852

22607372140289109

1,709

82,169

654

81,515

9,1206810

9,198

1355722

653419153300136

1,875

3,419

633

87,787

9,8957411

9,980

1316321

715444142323139

1,979

93,155

513

92,642

10,66688

11

10,765

1266622

791576174335189

2,280

98,348

664

97,684

11,3467712

11,435

U27623

825606174366190

2,402

97,378

870

96,507

12,034104

14_

12,151

1

-2

15479

24866591175

384191

499

6

123654

479

_8A^2,465 1,007

-23 23

107,546 114,249

•629

106,917

Source: Expenditures for 1966 are from reports received from disbursing,collecting, and administrative agencies of the Government, on themonthly statement reporting basis (see page II). They are classi-fied in accordance with classifications used in the 1967 Budget docu-ment, Table 19, as nearly as can be done on an individual appropria-tion and fund item basis. Prior year figures are from the same sourcebut have been adjusted below the appropriation level in some instancesby the Bureau of the Budget for use in Table 19. Where currentclassifications differ on this account, they are footnoted. Revolvingfund transactions are included net in the expenditures.

1/ For expenditures by major functions for fiscal 1967 through July 1966,and fiscal 1966 through July 1965, see "Note" below. Details by func-tions are not available for publication in this issue but will appearin the September 1966 Bulletin.

2/ For description of items included, see Table 5. Although not ex-pended, substantial portions of these amounts are obligated forpayrolls, outstanding purchase orders and contracts for equipmentand supplies, and similar items.

1/ Expenditures for 1966 for function code 351 include those relating tospecified research projects applicable to function code 355. Theseexpenditures were made from "Special Activities, Camnodity CreditCorporation."

4/ Expenditures for 1966 for function code 551 include those relating toveterans' readjustment benefits applicable to function code 803.These expenditures were made from the "Participation Sales Fund,Federal National Mortgage Association."

^ Expenditures for 1966 for function code 653 include those relating tomedical and hospital care for the aged applicable to function code 651.These expenditures were made from "Grants to States for Public Assist-ance, Bureau of Family Services."

6/ Expenditures for 1966 for function code 702 include those relating toassistance for elementary and secondary education applicable to func-tion code 701 and other aids to education applicable to function code704. These expenditures were made from "Defense Educational Activities,

Office of Education."

7/ Expenditures for 1966 for function code 801 include those relating toveterans' nonservice-connected pensions applicable to function code802 and other veterans' benefits and services applicable to functioncode 805. These expenditures were made frcan "Compensation and Pen-sions, Veterans' Administration."

» Less than $500,000.

p Preliminary.

Note; Expenditures by major functions.

Functions

National defense ,

International affairs and financeSpace research and technology ,

Agriculture and agricultural resources.Natural resourcesCommerce and transportationHousing and community develo^MentHealth, labor, and welfareEducationVeterans ' benefits and servicesInterestGeneral government

Total

Deduct; Interfimd transactions ...

Net budget expenditures

1967 throughJuly 1966

1966 throughJuly 1965

(In millions)

4,891260

494397299292643951281

4501,106

238

10,302

40

10,263

3,83525

427457265248-127

655101210

1,010215

7,319

79

7,240

10 Treasury Bulletin

.TRUST AND OTHER TRANSACTIONS.

Table 1. - Summary of Trust and Other Transactions

(In millions of dollars)

August 1966 n

.TRUST AND OTHER TRANSACTIONS.

Table 3. - Trust, Deposit Fund, and Government-Sponsored Enterprise Expenditures

(In millions of dollars; negative figures are excess of credits)

12 Treasury Bulletin

.TRUST AND OTHER TRANSACTIONS.

Table 4. - Investments in Public Debt and Agency Securities (Net)

August 196613

.TRUST AND OTHER TRANSACTIONS.

Table 5. - Sales and Redemptions of Government Agency Securities in Market (Net)

(In millions of dollars; negative figures are excess of sales)

Fiscal yearor month

1957

1958

1959

1960

1961

1962

1963196419651966 p

1967 (Est.;...

1965^ulyAugust . .

.

SeptemberOctober.

.

November

.

December.

1966-January.

.

February.March. ...

April. ...

MayJune p. . .

,

July

Fiscal yearor month

Total 1/

-1,171

-400

-1,293-1,746

537-1,780-1,022-1,880-1,372-4,078

-1 ,338

-15

-473

49-33

-168

45

-265

-260

-341

-732-1,070-814

-297

Securities guaranteed by the United States

Totalguaranteed

-33

6-10-29

-100

-204-162

-206

223

129

154

116-23

-20

2928

9

40-19-21

-13

3

4

-27

Public enterprise funds

FederalFarmMortgageCorpo-ration

FederalHousingAdminis-tration

-33

6-10-28

-81-204-162-206

223129

154

116-28-20

2928

9

40-19-21

-13

3

4

-27

HomeOwners'LoanCorpo-ration

Trustenterprisefund

D. C.stadiumfund

-19

Securities not guaranteed by the United States

Total notguaranteed

-1,137 3/-406

-1,283-1,717

638-1,576

-860

-1 ,674-1,595-4,207

-1 ,492

-131

-445

69-62

-197

35

-305

-241

-321

-720-1,072

-818

-270

Public enterprise funds

FederalNationalMortgageAsso-ciation 2/

-233

6

797

1957

1958

1959I960

1961

1962

1963

1964

1965

1966 p

1967 (Est.)...

1965-JulyAugust . .

,

SeptemberOctober.

.

November.December.

1966-January.

.

February.March. . .

.

April. ...

MayJune p . .

.

July

Securities not guaranteed by the United States - (Continued)

Public enterprisefunds - (Cont.)

TennesseeValleyAuthority

-50-95

-35

-45-60

-100

-15

-5

-40

Trust enterprise funds

Federalintermediatecreditbanks ^

-238-225

58

FederalNationalMortgageAssociation ^

-950-115

-125

-994

86-359

597262-99

-1,472

-500

3-10

48-88

-74

35

-454-59

-251

-171

-324-126

212

Government-sponsored enterprises

Banksforcooperatives

-46-20-86

-46

-52

-48-29

-39-189-157

-80

-232

-37-43-10

*

-23

-40

24-9

Source : See Table 1

1/ See Table 1, Note.2/ Management and liquidating functions.^ Federal intermediate credit banks were classified as public enterprise

funds prior to January 1, 1957, as trust enterprise funds January 1,

Federalhomeloanbanks

191

282-554-284

200-750-975

-1 ,431

-556

-1,553

-300

-50-251

12

25-203

3

151

13

-5

-377-462-410

-288

Federalintermediatecreditbanks ^

-340-144

-124-132-278-132

-147-391

-212

-84-81

22

99120

51

-7

-62

-66

-132-143-109

-82

HomeOwners'LoanCorpo-ration

Federallandbanks

-230-95

-242-250

.-220

-192-174-248-559-573

-300

«

-81

1

-62

3

-44

5

-110

7»

-167-125

-111

i/

1957 to January 1, 1959, and as Government-sponsored enterprisesthereafter.Secondary market operations.Less than $500,000.Preliminary.

u Treasury Bulletin

.TRUST AND OTHER TRANSACTIONS,

Table 6.- Interfund Transactions Excluded from Both Net Trust Receipts and Trust Expenditures

(in millions of dollars)

Fiscal yearor month Total

FederalOld-Age andSurvivorsInsuranceTrust Fund X/

Federal Dis-

abilityIneuranceTrustFund 1/ 2/

FederalSupple-mentaryMedicalInsuranceTrust Fund

2/

RailroadRetirementAccount

l/V

Unem-ploymentTrustFund^

Federalemployees'retirementfunds 6/

Alienpropertyactivities 7/

DistrictofColumbia 8/

195719581959i96019611962

1963

196i19651966p

1967 (Est.)...

1965-JulyAugust. .

.

SeptemberOctober.

.

November.December.

1966-January .

.

February

.

March. . .

.

April ....

HayJune p . .

.

July

10

11

135908515528

505521638770

767 2/

4102

24

7

7

30

8

8

26

7

5

543

12A600

332361423403436444

520

1

6

132222

27

32

27

211

132101

38

355841

68

8632

37

9479092

94

23

24

24

10142

24

95

444 28 48

3

910

1012

12

13

151718

32

1

1

1

1

1

3

1

2

2

1

2

1

34 33

Source : See Table 1

.

1/ Payments are made between the Railroad Retirement Account andFederal Old-Age and Survivors, Federal Disability and Federal Hospital ^insurance trust funds so as to place those funds in the position in

which they would have been if railroad retirement employment had been 6/included under social security coverage.

2/ Includes interest on amounts reimbursed to the Federal Old-Age and 7/Survivors Insurance Trust Fund for administrative expenses. g/

2/ Premiums deducted from benefit payments from Federal Old-Age and Sur-vivors and Federal Disability insurance trust funds, and Civil Serviceand Railroad Retirement accounts.

ij Includes temporary advances to the Railroad Unemployment Insurance o/Account in the Unemployment Trust Fund when the balance in the account

is insufficient to meet payments of benefits and refunds due or tobecome due.

Repayment of advances plus interest to the Railroad Retirement Account.See footnote 4.

Transfers from the Civil Service Retirement and Disability Fund tothe Foreign Service Retirement and Disability Fund.Transfers to the Foreign Claims Settlement Commission.Contributions and beginning with 1958, transfers of deductions fromemployees' salaries to the Civil Service Retirement and DisabilityFund, advances to National Park Service, and advances to SmithsonianInstitution.Includes payment of $2 million between Federal Old-Age and SurvivorsInsurance Trust Fund and Federal Supplementary >fedical Trust Fund.Less than $500,000. p Preliminary.

August 1966 15

.TRUST AND OTHER TRANSACTIONS.

Table 7. - Federal Old-Age and Survivors Insurance Trust Fund 1/

(In millions of dollars)

Fiscal yearor month

Receipts

Total 2/Appropriations

yDeposits byStates 4/

Net earningson investments

Expenditures other than investments

TotalBenefitpayments

Payments to Rail-road RetirementAccount y

1937-561957195819591960196119621963196i19651966p

1967 (Est.

J

1965-JuiyAugustSeptember. .

.

October

November. , ,

.

December , . .

.

1966-JanuaryFebruary . . .

.

March

AprilMayJune p

1937 to date p 8/

45,996.1

7,100.67,824.48,108.7

10,360.011,823.912,011.013,855.716,043.416,416.5

18,460.6

21,11^.8 6/

580.62,672.1964.9

447.6

1,627.5918.9

104.82,441.41,664.3

1,177.4

3,469.82,391.3

168,000.8

41,629.46,243.06,794.97,084.09,192.410,537.210,600.012,351.214,335.1U,572.416,473.5

18,932.0

574.02,226.3988.0

416.0

1,323.9698.0

99.92,182.51,666.0

1,142.0

2,939.82,217.0

U9,813.2

433.2296.8472.1481.1650.3755.4869.6989.6

1,166.61,257.9

1,392.3

1,511.0

2.7

423.4-28.6

5.4278.6

-.6

.9

237.1-7.5

13.5

502.4-35.1

8,764.8

3,889.2555.3555.4543.0516.4530.2539.0512.4539.0583.1

588.2

589.9

3.822.3

5.5

26.2

25.0217.9

4.021.85.8

21.827.6

206.3

9,351.3

23,403.06,664.88,040.79,379.811,072.711,752.313,270.214,529.715,284.615,961.9

18,769.4

19,877.0 2/

1,324.21,319.22,114.4

1,467.7

1,495.81,436.1

1,506.21,542.11,544.6

1,551.6

1,598.9

1,868.7

148,129.1

22,452.86,514.67,874.99,049.110,269.711,184.512,657.813,844.6U,579.215,225.9

18,071.5

19,064.0

1,295.21,287.02,075.8

1,435.8

1,459.01,468.1

1,468.61,498.91,497.0

1,508.0

l,5a.31,536.8

141,724.6

124.4600.4331.7360.8422.5402.6435.6

443.8

520.0

443.8

3,122.0

Fiscal yearor month

Expenditures, etc. - (Continued)

Construc-tion 2/

Administrative expenses

Reimbursementto generalfund 10/

Bureau ofOASI 11/

Reimbursement (-) fromFederal Disability In-

surance Trust Fund

Net increase,

or decrease(-), Inassets

Assets, end of period

Total InTestmentsUnexpendedbalance

1937-56.1957....1958....1959....I96019611962

1963....1964. . .

.

1965....1966p...

1967 (Est.).

1965-JulyAugust.. .

.

September

.

October. .

.

November,

.

December.

.

1966 -January. .

.

February. .

March

April.

.

May. . .

.

June p.

1937 to date p 8/.

.3

1.611.612.51.8

3.11.72.6

.3

1.5

6.5

.1

.1

.1

.2

.3

.1

.2

.1

.2

.2

37.2

399.330.9

34.539.0

39.443.845.348.551.7

52.449.9

54.1

4.34.87.9

-4.2

4.46.5

4.64.84.3

4.0

4.34.3

834.4

551.0119.0138.9173.2179.3223.6263.5275.4312.4

322.8

443.4

276.6

24.627.430.6

35.932.1

47.4

33.0

38.343.1

39.6

53.0

38.4

3,002.3

-9.1-17.5-28.8-33.2-60.3-62.9-63.8

-75.1-240.6

-45.2

-85.9

-154.7

-591.4

22,593.1435.8-216.3

-1,271.2-712.7

71.6-1,259.2-674.1758.8

454.6-307.9

1,235.9

-743.61,352.9

-1,149.5

-1,020.1

131.7-517.2

-1,401.4899.4119.7

-374.2

1,871.0522.6

19,871.7

22,593.123,028.922,812.621,541.420,828.720,900.319,641.118,967.119,725.9

20,180.519,871.7

20,070.6

19,436.920,789.8

19,640.3

18,620.218,751.918,234.7

16,833.317,732.717,852.4

17,478.2

19,349.1

19,871.7

19,871.7

22,043.022,263.321,764.220,474.419,748.819,523.518,434.717,613.218,304.9

18,765.717,908.7

18,523.0

17,854.719,150.018,031.2

17,005.817,238.916,642.9

15,143.716,031.515,973.7

15,104.2

17,426.2

17,908.7

17,908.7

550.1765.6

1,048.41,067.01,079.91,376.81,206.5

1,353.91,421.0

1,414.81,963.0

1,547.6

1,582.21,639.81,609.1

1,614.41,513.01,591.9

1,689.61,701.21,878.8

2,374.01,922.91,963.0

1,963.0

Source: See Table 1.

1/ Includes transactions under the predecessor Old-Age Reserve Account.2/ Total includes: $15.4 million (1937-56) transferred from general fund

for administrative and other costs of benefits payable to survivors ofcertain World War II veterans (60 Stat. 979 and 64 Stat. 512); $28.6million (1937-56), $5.2 million (1957), and $1.6 million (1958), paidfrom the Railroad Retirement Account; beginning November 1951, smallamounts in the nature of recoveries from expenditures incidental tothe operations; and beginning 1958, interest payments from FederalDisability Insurance Trust Pimd, and sale of waste paper.

J/ Includes unappropriated receipts beginning January 1962.

^ To cover employees of States and their political subdivisions, underthe Social Security Act Amendments of 1950 (42 U.S.C. 418).

5/ See Table 9.

6/ Includes $78 million for payment for military service credits.

2/8/

2/

10/

11/

Includes $1 million for vocational rehabilitation services.Includes adjustments to monthly statement basis.Construction and equipment of office buildings for the Bureau (PublicLaw 170, approved July 31, 1953 (67 Stat. 254)).Under the Social Security Act, as amended (^2 U.S.C. 401 (g) (l)), foradministration of Titles II and VIII of that act and related parts ofthe Internal Revenue Code (26 U.S.C. 480-482, 1400-1432). See alsofootnote 11.

Salaries and expenses of the Bureau of Old-Age and Survivors Insuranceare paid directly from the trust fund beginning 1947, under provisionsof annual appropriation acts until passage of the Social Security ActAmendments of 1956 (42 U.S.C. 401 (g) (l)); previously these expenseswere included in reimbursements to the general fimd.Less than $50,000.Preliminary.

16 Treasury Bulletin

.TRDST AND OTHER TRANSACTIONS.

Table 8. Federal Disability Insurance Trust Fund(In millions of dollars)

August 1966 17

.TRUST AND OTHER TRANSACTIONS.

Table 10. - Unemployment Trust Fund(In millions of dollars)

Fiscal yearor month

Receipts

Stateaccounts

1/

Total

En^jloyment security program"

DepositsbyStates

Employment SecurityftdministrationAccount 2/

Appro-priations

Advancesfromgeneralfund

3/

FederalUn-employ-mentAccount

V

FederalExtendedConden-sationAccount

Railroad unemployment insurance

Railroad UnemploymentInsurance Account 6/

DepositsbyRailroadRetire-mentBoard

7/

RailroadRetire-mentAccount3/

Advances from-

Generalfund

Adminis-trationfund a/

DepositsbyRailroadRetire-mentBoard

Interestandprofitsoninvest-ments

Expendittires otherthan investments

Total

Stateaccounts

1/

Employmentsecurity program

With-drawalsby

States

Employ-mentSecurityAdminis-trationAccount2/

Grantsto

States

1936-5619571958

19591960

19611962

19631964

1965

1966 p

1967 (Est.)...

1965-JulyAugSept

GotNov

Dec

1966-Jan

FebMar

Apr

MayJune p. . .

.

1936 to date p12/

25,450.

1,912.

1,855.

1,997.2,703.

3,803.

3,985.4,260.4,288.

4,132,

4,126,

8 10/

5

43

3 11/

47

3

2

2

3,923.4

96.0904.383.5

157.3524.8199.2

179.1596.572.8

194.9

946.0171.7

58,515.0

21,541.91,541.71,500.71,700.62,167.02,398.12,728.63,008.93,042.43,051.53,067.1

2,900.0

90.6836.414.8

98.0462.723.7

72.4315.629.8

172.7

923.926.5

45,748.5

344.4 11/

452.6945.4846.6

6U.9561.0

539.4

.7

1.82.2

1.51.0

1.1

74.5465.5

6.3

3.5

1.81.3

3,764.9

232.171.2

33.5

2.651.5

34.9-81.9-4.5

1.5

33.837.6

39.736.737.0

24.0-210.2

498.1332.9

2.4

339.3 833.5

1,091.474.390.4102.0153.0152.7147.1149.8L44.1142.8139.1

U4.9

.6

8.925. f'

.6

5.0

29.8

.4

2.631.9

.5

3.529.6

2,386.8

183.7132.3101.537.735.258.2

40.9

52.0

2.45.8

5.46.4

7.45.2

13.07.0-.6

5.33.0

?.6 19.4

7.98.98.68.17.9

12.09.59.3

7.1

.3

2.0

2.1

.2

2.0

72.2

2,478.2224.8230.9186.9188.1204.5172.6191.1212.6

255.3308.7

280.0

.2

17.21.6

12.012.6

105.6

.4

17.72.6

12.9

13.7112.2

4,653.7

16,661.0

1,643.93,U8.03,053.92,736.44,733.73,906.43,815.53,706.63,130.02,687.7

2,947.3

157.8207.8204.0

166.8264.8236.4

247.0268.1350.5

164.6

219.6200.2

49,223.0

10/L5

11/

,497.21,510.72,926.42,796.92,366.33,552.02,818.82,810.22,703.32,389.61.974.0

2.202.5

134.9158.6133.3

115.7213.6169.8

233.3205.9222.8

153.3

129.5103.2

41,345.4

375.0467.6336.4412.7399.4477.0

509.0

15.139.037.3

40.540.432.5

.3

44.282.4

.3

78.067.0

2,468.1

18 Treasury Bulletin

.TRUST AND OTHER TRANSACTIONS.

Table 11. - National Service Life Insurance Fund( In millions of dollars)

August 1966

.TRDST AND OTHER TRANSACTIONS.

19

Table 12. - Investments of Specified Trust Accounts in Public Debt Securities

by Issues, as of June 30, 1966

(In millions of dollars)

Description of securities

20 Treasury Bulletin

• CONSOLIDATED CASH TRANSACTIONS '

Consolidated cash transactions reported in the Treasury

Bulletin are on a basis consistent with Federal receipts from

and payments to the public as derived in the Budget of the

United States (in the Budget for 1967 in Special Analysis A).

Shown also is the euaount of net cash borrowing from, or repay-

ment of borrowing to, the public. Revisions of the figures

for earlier years have been made where necessary to make them

as nearly comparable with current Budget classifications as

available data will permit. For this reason certain of the

figures differ somewhat from those published in previous

Budget documents as well as in the Bulletin.

This series of cash transactions is designed to provide

information on the flow of money between the public and the

Federal Government as a whole, and therefore includes trans-

actions not cleared through the account of the Treasurer of

the United States. Receipts and payments include transactions

both in administrative budget accounts and in trust and deposit

fund accounts. Major intragovemmental transactions which are

reported as both expenditures and receipts are excluded from

both. Noncash items representing the obligations of the

Government to make payments in the future also are eliminated

from expenditures currently, but are added later when actual

payments are made. These items consist of certain interest

accrued on the public debt and expenditures involving the

issuance of a few special public debt securities. Checks

outstanding, deposits in transit, and other clearing accounts

are excluded from payments. Receipts from the exercise of

monetary authority are excluded as not representing cash

received from the public. Federal cash borrowing from the

public includes net borrowing by the Treasury through public

debt transactions emd also net borrowing by Government agencies

and Government-sponsored enterprises through sales of their

own securities. It excludes changes in the public debt which

do not represent direct cash borrowing from the public. The

net effect of all these transactions with the public is re-

flected in changes in the balance in the Treasurer's account

and in cash held outside the Treasury.

Seasonally adjusted summary data are shown in table 3.

The adjusted data have been derived by applying a seasonal

adjustment formula developed by the Bureau of Census, Depart-

ment of Commerce.

August 1966 21

CONSOLIDATED CASH TRANSACTIONS

Table 1. -Summary of Federal Government Cash Transactions with the Public

(In millions of dollars)

Fiscal yearor month

Federal receipts from the public

Administra-tive budgetreceipts(net)

Trustreceipts(net)

Intragovern-raental andothernoncashtransactions(See Table 2)

TotalFederalreceiptsfrom the

public

Less; Federal payments to the public

Administra-tive budgetexpenditures(net)

Trust fundexpendi-tures (net)

Intragovern-mental and

othernoncashtransactions(See Table 2)

TotalFederalpaymentsto thepublic

Equals:

Excess of cashreceipts from,

or paymentsto (-), the

public

1957195819591960196119621963

196A1965

1966 P

1967 (Est.)...

1965^ulyAugust. .

.

SeptemberOctober.

.

November

.

December.

1966-January .

.

February.March. . .

.

April. . .

.

MayJune p . .

.

July

70,56268,55067,91577,76377,65981,40986,37689,45993,072104,631

111,000

3,8077,35010,9993,2958,106

9,553

6,4538,33511,297

9,9298,45217,054

5,702

14,30116,15316,76920,34223, 583

24,29027,68930,33131,04734,852

41,608

1,4174,5721,9541,2623,012

1,935

9514,1812,7452,2155,8124,795

2,837

^2,758-2,811-3,025-3,027-4,001-3,834-4, 326

-4,259-4,420-5,100

-7,068

-242-328-354-274-390-650

-313-116-238-290-348

-1,556

-436

82,10581,89281,66095,07897,242101,865109,739115,530119,699134,382

145,539

4,98111,59512,5994,28310,72810,838

7,09112,40013,80411,853V3,91620,294

8,103

68,96671,36980,34276, 539

81,51587,78792,64297,68496,507

10 6,917

112,847

7,2408,9909,4528,7509,1059,426

8,809

8,15610,1938,362

9,0559,378

10,263

12,93815,32519,52121,21222,79325, Ul26,54528,88529,63734,788

37,882

2,4182,3493,1422,4472,7072,636

3,0482,6212,996

3,3353,632

3,455

3,642

-1,899-3,222-5,111-3,423-4,766-5,266-5,436-6,237-3,749-4,114

-5,681

37960

-1,504-679

500-942

-624

486-1,103

-372

134-1,006

-978

80,00683,47294,75294,32899,542107,662113,751120,332122,395137,592

145,048

9,69612,29911,09010,51812,31211,121

11,233

11,26412,086

11,325

12,821

11,827

12,927

2,099-1,580-13,092

750-2,300-5,797-4,012-4,802-2,696-3,210

491

-4,7U-705

1,509-6,234-1,584

-283

-4,U21,1361,718

528

1,0958,466

-4,824

repayment (-)

Fiscal yearor month

Plus: Cash borrowing from the public.

Change in securities held by the public

Publicdebt in-

crease, or

decrease (-)

Net salesof Govern-ment agencysecurities in

market 1/

Net in-

vestmentin secu-rities byGovernmentagencies 2/

Totalsecuritiesheld bythe public,increase, or

decrease (-)

Noncashdebttrans-actions(See Table 2]

Total

cashborrowingfrom thepublic,or repay-

ment (-)

Plus:

Seign-iorage

Equals: Cash balances,

net increase, or

decrease (-)

Treasurer' s

account

Cash heldoutsidetheTreasury

Totalchangesin the

cash

balance

19571958195919601961

19621963196419651966 p

1967 (Est.)...

1965-JulyAugust. .

.

SeptemberOctober.

.

November

.

December,

1966-January,

,

February,March

April. ...

MayJune p . .

.

July

-2,224

5,8168,3631,6252,640

9,2307,6595,8535,5612,633

1,835

-692

1,658-1,4932,1542,310-807

1,0991,308

-2,312-1,416

2,777-2,452

-h21

1,171400

1,2931,746-537

1,7801,0221,8801,3724,078

1,338

15

473-49

33168-45

265260

341732

1,070814

297

-2,339-597

1,130-925-855

-493-2,069-2,775-2,356-3,571

-4,944

1,045-2,5151,2101,303-519

935

1,897-1,749

-2

1,170

-4,023-2,327

333

-3,392

5,61910,7852,4461,248

10,5176,6124,9584,5783,141

-1,771

367-383-332

3,4952,460

83

3,261-181

-1,973486

-177

-3,966

292

200

-2,160-597-536-923

-1,033-1,099-250-530

-289

-50it

-46-125-75-107

-84

-74

50»

-66

45

-65

-3,1ijO

5,8208,6261,848712

9,5945,5793,8594,3282,610

-2,060

318-383-378

3,3702,385-24

3,177-255

-1 ,924

486-243

-3,921

-63

49

59

4453

55

58

4569

117649

1,568

9

1426

36

32

48

60

4871

66

94lU21

-956

4,159-4,3992,654

-1,311

3,7361,686

-1,080

1,575-203

-4,124-858

1,010-2,852

974-177

-1,076

973-224

4531,3704,330

-4,613

5

140-23-4

-222

118-74206

174253

-263-215

148

24-141-81

171

-4490627

-423359

-^53

-952

4,299-4,4222,651

-1,533

3,8541,611-874

1,74950

-4,388-1,073

1,157-2,828

833-259

-Q04

929-134

1,080

9474,689

-4,866

Source: Actual figures are based on the monthly statement of receiptsand expenditures of the Government and the daily Treasury statement

(for explanation of reporting bases, see page II); estimates, includ-

ing effect of proposed legislation, are from the 1967 Budget documentreleased January 24, 1966,

1/ See "Trust and Other Transactions", Table 5, for net sales and

redemptions of Government agency securities in market.

2/ See "Trust and Other Transactions", Table 4, for net investments in

public debt and agency securities.

2/ Includes increment resulting from reduction in the weight of the gold

dollar; excluded from receipts from the public but included in cash

deposits in the Treasurer' s account,

p Preliminary.

22 Treasury Bulletin

•CONSOLIDATED CASH TRANSACTIONS'

Table 2. - Intragovernmental and Other Noncash Transactions

(In millions of dollars)

Fiscal yearor month

Intragovernmental transactions excluded from both receipts and payments

Intereston trustfundinvestments

Civil service retirement 1/

Payrolldeductionsfor em-ployees

Employers'share

Federalpaymentsto Districtof Columbia

Other 2/ Total

Noncashdebttrans-

actionsrelatingto receipts

Seigniorage1/

Total

receiptsadjust-ments

195719581959196019611962

1963196419651966 p

1967 (Est.)...

1965-JulyAugust. .

.

SeptemberOctober.

.

November.December.

1966-January.

,

February

.

March. . .

.

April . . .

.

MayJune p . .

.

July

1,3181,3421,3151,3271,4041,4231,4671,6031,7591,894

1,957

6

65

11

U56

349

11

4264

1,168

6

641660

744744838

8459U973

1,0421,088

1,073

909181

8687

10386

1008785

101

93

525579

744744838

845914973

1,0421,089

1,073

90

9181

86

87

10386

1018785

101

93

66

37

7554

7410288

83102

124

152

24

156

-9

425

2

17

5

-210

27

30

158133103105

792 V561

898559

357256

1,245

24

53

129

40125

53

37-191-501010

16

195

2,7092,7512,9802,975

3,9453,7764,2814,1904,3034,451

5,500

233

3U328238358&02

25368

166224254

1,413

416

4959

4453

55

58

4569

117649

1,568

9

U26

3632

48

6048716694lU21

2,7582,8113,0253,0274,0013,8344,326

4,2594,4205,100

7,068

242

328

354274390650

313116238290348

1,556

436

Fiscal yearor month

Intra-govern-mentaltrans-actions(Seeabove)

Noncash debt transactions relating to payments

Interestincrementon savingsand retire-ment planbonds(net) y

Discounton

securities(net) 6/

UnitedNationsfundsbonds7/

Inter-Amer-ican

Devel-opmentBank 7/

Inter-nationalDevelopmentAssociation7/

Inter-nationalKonetaryFund 2/

Other 8/

Totalnoncashdebttransactionsrelating to

payments

Accruedintereston thepublicdebt 2/

Checksoutstandingandcertainotheraccounts 10/

Totalpaymentsadjust-ments

195719581959I960196119621963....-

196419651966 p

1967 (Est.)

1965-JulyAugustSeptember. .

.

OctoberNovember. . .

.

December. . .

.

1966-JanuaryFebruary, . .

.

MarchAprilMayJune p

July

709,751,980

,975

,945,776,281

,190

,303

,451

,500

233314328238

358602

25368

166

224

254

1,413

416

336385383136

430496577611

571

571

7524

59

443876

6666-1

21

3768

96

52

-131418205

-209

145119268

144225

448 11/

-3

48

85

7431

56

39-14

11

29-96

66

11

-39

-40

-17

5570

25

-18

75

-10

-4

-5

58

53

14

13-4

-74

-43

-20

-18

-18

-18

-19

-674-4501,361

259258171

255117

-472-133

-5

-28

-5-19

-12-10-16-25

-13

-5

-292-200

2,160597

536923

1,0331,099

250531

289

50

4612575107

8474

-50»

66-45

65

39

9376

132618

186

38110-47

605-812

537

4U-456

87

603-801

548437-533-679

644

-557576

-105-281

279548-64

910-913-821

-108

-925-461

593-97

-477146

-316172438

-29079317

-146

1,8993,2225,1113,4234,7665,2665,4366,2373,749^,114

5,681

-37-960

1,504679

-500

942

624-486

1,103372

-1341,006

978

1/ Beginning vdth fiscal 1958 excludes District of Columbia.

2/ Includes mainly, general fund advances to trust funds (net), dividendsand interest paid to the Treasury by trust enterprise funds, adjninis- 6/trative expenses of the Federal Old-Age and Survivors, FederalDisability, and Federal Hospital insurance trust funds, the Federal 7/contribution to the Civil Service Retirement Fund and the Federalpayments for military service credits.

2/ Includes increment resulting from reduction in the weight of the gold 8/dollar; excluded from receipts from the public but included in cash 2/deposits in the Treasxirer's account, 10/

4/ Beginning fiscal 1961 includes temporary extended unemployment compen-sation payments. 11/^ Accrued interest on the bonds, i,e, the difference between the purchase •

price and the current redemption value less interest paid on bondsredeemed

.

Discount on securities at time of issuance less interest paid at timeredeemed

.

Treated as noncash expenditures at the time of issuance of the securitiesand as cash expenditures at the time of their redemption; net issuance,or redemptions (-)

.

Includes adjusted service and armed forces leave bonds (see footnote 7)

,

Net increase, or decrease (-), in accrued liability.Net increase, or decrease (-) , in checks outstanding, deposits in transit,

and other accounts.Not shown separately in the Budget document, I

Less than $500,000. p Preliminary, I J

August 1966 23

CONSOLIDATED CASH TRANSACTIONS

Table 3. Federal Receipts from and Payments to the Public

Seasonally Adjusted and Unadjusted

(in millions of dollars)

Calendar quarterReceipts from the Public

Adjusted Unadjusted

Payments to the Public

Adjusted Unadjusted

Excess of Receiptsor Payments (-)

Adjusted Unadjusted

1957 - 1st

2nd3rd4th

1958 - 1st

2nd3rd4th

1959 - 1st,

2nd,

3rd,

4th,

1960 - 1st,

2nd.

3ra.

4th.

1961 - 1st,

2nd.

3rd.

4th.

1962 - 1st.

2nd.

3rd.

4th.

1963 - 1st.

2nd.

3rd.4th.

1964 - 1st.

2nd.3rd.

4th.

1965 - 1st.

2nd.

3ra.

4th.

1966 - 1st.

2nd.

20,82021,40321,17220,616

20,50920,08820,29920,444

20,22220,92323,27323,474

23,66724,70125,03424,665

23,22724,61424,78825,298

24,97126,65227,43427,262

27,06927,91128,69929,113

29,25128,582 1/28,40128,847

29,72432,646 1/30,64630,685

33,68439,567 1/

24,61724,84618,65316,404

23,61823,21918,27416,618

22,62824,Ul21,36419,420

25,77628,51923,35220,640

24,75828,49123,38121,289

26,21430,98126,02922,982

28,17832,55127,30424,543

30,32133,36227,03524,312

30,66937,68329,17525,849

33,29546,063

20,79220,94720,91920,663

20,65221,29623,44123,412

24,02423,96224,00523, 5U

23,23323,63523,68224,105

24,80227,02526,11726,628

27,54027,49827,79528,954

28,20928,84730,12729,881

30,59729,81530,03929,828

30,16532,39532,10433,098

36,908

35,758

19,8U21,57421,09920,909

19,62621,84023,73423,750

22,76424,50324,37523,917

21,95824,07924,15624,540

23,40227,44426,71527,173

25,92327,85128,50229,599

26,51929,13030,95230,619

28,70630,05430,91330,599

28,27032,6U33,08533,951

34,583

35,973

28

456253-47

-U3-1,208-3,142-2,968

-3,802-3,039

-732-40

4341,0661,352

560

-1,575-2,411-1,329-1,330

-2,569-846-361

-1,692

-1,U0-936

-1,428-768

-1,346-1,233-1,638

-981

-441251

-1,458-2,413

-3,2243,899

4,8033,272-2,446-4,505

3,9921,379

-5,460-7,132

-136-362

-3,011-4,497

3,818

4,U0-8O4

-3,900

1,3561,047-3,334-5,884

2913,130-2,473-6,617

1,6573,420

-3,648-6,077

1,6153,309-3,877-6,287

2,3985,069

-3,910-8,101

-1,288

10,089

Source: Adjusted data from Bxireau of the Budget; unadjusted datafrom Treasury Department.

1/ Includes accelerated corporate tax payments of about $300 millionin 1964, 1900 million in 1965, and $2,800 million in 1966. Also,

the 2nd quarter of 1966 includes about $300 million for theinitiation of graduated withholding of personal income taxes and$1,400 million because of a change in the schedule for depositingwithheld and OASI taxes.

24 Treasury Bulletin

.ACCOUNT OF THE TREASURER OF THE UNITED STATES

,

Source and Availability of the Balance in the Treasurer's Account

The account of the Treasurer of the United States re-

flects not only budget receipts and expenditures but also

trust, deposit fund, and public debt transactions.

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 pay-

ments and funds for the purchase of Government securities.

In most oases the transaction involves merely the transfer of

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 opera-

tions. 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 1955, pages 275-28^.

money from a customer's account to the tax and loan account in

Table 1. - Status of the Account of the Treasurer of the United States

(In millions of dollars)

End offiscal yearor month

19571958

1959I960196119621963

196419651966

1%5-JulyAugust. .

.

SeptemberOctober.

.

November

,

December

.

1966-Jamiary .

.

February

.

March. . .

.

AprilMayJune

July

Treasury operating balance

Availablefunds in

FederalReserveBanks

498410535504408612806

939672766

947916

1,002

1,053719708

823805521512

902766

1,232

Tax and loanaccounts in

specialdepositaries

4,0828,218

3,7U6,458

5,4538,815

10,3249,18010,68910,050

6,3335,5486,3943,5344,872

4,577

3,3604,3994,4444,4916,003

10,050

5,147

GoldbalanceinTreasury

489401101106

109121120

120

108102

111

104

107

110

103107

105105108

105102102

102

Totaloperatingbalance

5,0699,0304,3807,068

5,969

9,54811,25110,23811,46910,917

7,3906,5697,5034,6975,6935,392

4,2885,3095,0745,1077,00710,917

6,481

Sliverbalance,coinagemetal,coin, andcurrency

190

259306253

179

147136

145

534775

559561

551

553538

558

586586

570

572612

775

772

Unclassifiedcollections,etc.

37

4963

58

6470

74 2/58

55

93

7962

51

57

73

129

89

87

15834

64

93

102

In FederalReserveBanks in

process of

collection

302287

273337

222

303

342234233370

189

145220188182247

234216217

647182

370

230

In otherdepositaries

440365429375

335Ul313360

320

252

268

291312291274257

310281236

347212

252

209

Totalassets

6,0379,9905,4518,092

6,76910,50912,11611,03612,610

12,407

8,4867,6278,6375,7866,7596,582

5,5066,4796,2556,7088,077

12,407

7,794

Liabilities1/

U7240100 2/87

75

79

Balance in

account ofTreasurerof UnitedStates

5,590

9,7495,350 g/

8,005

6,69410,43012,11611,03612,610

12,407

8,4867,6278,6375,7866,7596,582

5,5066,4796,2556,7088,077

12,407

7,794

Source: Daily Treasury statement.

1/ Includes reserves and other deposits of the Board of Trustees, Postal

Savings System, and uncollected items, exchanges, etc., through 2/

December 1962. Effective January 1963 balances of the Postal Savings

System funds were transferred to deposit fund accounts and becamedemand obligations of the Treasury. Balances of these funds, there-fore, are no longer liabilities within the general account of the

Treasurer. Uncollected items, exchanges, etc., also previously shown

as liabilities were combined with "Unclassified collections, etc." 2/shown under assets. Treasurer's checks outstanding are included

through June 1958, after which they are included in the balance in

the Treasurer's account. (See footnote 2).

Through June 1958, the balance of the Treasurer was reduced when

Treasurer's checks were issued and the amount of the checks was

carried as a liability until paid. Effective July 1958, the balance

is not reduced until the checks are paid, a procedure also applying

to checks drawn on the Treasurer by Government disbursing officers

and agencies.Amounts shown, beginning January 1963, are net of uncollected items,

exchanges, etc. Previously these items were included under liabilities.

August 1966

. ACCOUNT OF THE TREASURER OF THE UNITED STATES

25

Table 2. - Analysis of Changes in Tax and Loan Account Balances

(In millions of dollars)

Fiscal yearor month

Credits

Proceeds from sales of securities 1/

Savingsbonds

Retire-mentplanbonds 2/

Taxantici-pationsecurities

Hitheldandexcise 2/

Income (byspecialarrange-ment) ^

Totalcredits

With-drawals

Balance

End ofperiod

During period

High Average

195719581959

I9601961

1962

1963

196/i

19651966

1965^ulyAugust. . .

.

September

.

October. .

.

November.

.

December. .

1966-January. .

.

February ,

,

MarchAprilMay

June

July

2,9762,82A2,6682,6792,7872,7252,6992,760

2,6352,70i

229210

193196200211

261218265

246242232

242

5,0432,9227,5817,7847,6135,8982,963

2,3407,368

3,9312,452

985

6,56813,51313,1647,9201,7883,7743,830

2,0U

1,627

1,627

26,70927,88129,19033,05934,51137,51941,26743,58042,47548,478

1,4625,5424,1201,1344,9404,024

1,4475,721

5,1331,2566,540

7,158

4,470

4,1527,9035,9196,0539,1426,5216,8359,92112,59814,522

74

4,22376

1,924

53

2,1932,612

743

2,626

128

45,U855,04458,52057,49655,84256,43857,59558,27760,05074,699

1,7645,7528,5365,3377,5926,159

4,3745,9397,5914,1147,526

10,016

4,840

46,00050,90862,99454,78256,84753,07656,08559,42158,54075,338

6,1206,5377,6908,1986,2536,453

5,5914,9007,5464,0676,013

5,969

9,743

4,0828,2183,7446,4585,4538,81510,3249,18010,68910,050

6,3335,5486,3943,5344,8724,577

3,360

4,3994,4U4,4916,00310,050

5,147

6,0788,8698,0556,4587,6538,889

10,32410,25710,87211,274

11,2746,5216,9486,0015,1865,124

4,5814,8565,1014,4916,715

10,050

9,979

813

1,078912

1,3901,161

1,531

2,5351,5771,8U447

6,U55,1971,8062,5331,4271,253

1,3742,3821,002447

4,3471,700

5,147

2,9873,2463,6384,1034,1514,4575,3254,7475,431

4,324

8,1045,9624,3494,4312,8813,401

3,1203,6303,2522,2695,677

4,812

6,917

Source: Office of Fiscal Assistant Secretary; figures are on basis oftelegraphic reports.Special depositaries are permitted to make payment in the form of a

deposit credit for the purchase price of U.S. Government securitiespurchased by them for their own account, or for the account of theircustomers who enter subscriptions through them, when this method ofpayment is permitted under the terms of the circulars inviting sub-scriptions to the issues.Retirement plan bonds first offered for sale as of January 1, 1963.Taxes eligible for credit consist of those deposited by taxpayers inthe depositary banks, as follows: Withheld income tax beginning

1/

s/2/

March 194.8; taxes on employers and employees under the Federal Insur-ance Contributions Act beginning January 1950, and under the RailroadRetirement Tax Act beginning July 1951; and a number of excise taxesbeginning July 1953.

4/ Under a special procedure begun in March 1951» authorization may begiven for income tax payments, or a portion of them, made by checksof $10,000 or more drawn on a special depositary bank, to be creditedto the tax and loan account in that bank. This procedure is followedduring some of the periods of heavy tax payments.

» Less than $500,000.

26Treasury Bulletin

•ACCOUNT OF THE TREASURER OF THE UNITED STATES

Table 3. - Summary of Cash Transactions through the Account of the Treasurer

of the United States

(In millions of dollars)

August 1966 27

MONETARY STATISTICS

,

Table 1. - Money in Circulation

(In millions of dollars except per capita figures

End offiscal yearor month

Currencies no longer issued

FederalReservebanknotes

Nationalb.nknotes

Goldcertifi-cates 2/

Silvercertifi-cates

FederalReservenotes 2/

Treasurynotes of

1890

Currencies presentlybeing issued l/

UnitedStatesnotes

FederalReservenotes ^

Totalcurrencies

1957

19581959I9601961

19621963196419651966

1964-December.

,

1965-June ,

JulyAugust. . .

.

September,October,

.

November.

,

December.

1966-January .

.

February

.

March. ...

April. ...

MayJune

1331201101009285787368bi,

70

68

6867

67

676666

666665

6565

64

62

59

57

56

5i

5337

3622

21

23

2222

2222

22

22

22

2222

222221

33

32

3130

30

2920

19

13

4

13

13

13

13

13

13

13

13

13

13

13

13

13

4

2,1622,200

2,1552,1272,0942,0091,8471,723

829582

1,232

829

786753722698681651

629619609

597

591582

38

37

37

37

36361818

41

321

317316318318318319321302303

299

302

299302302301

305299

291294296298302303

26,29126,30426,99227,05727,31628,58630,27432,33834,82037,315

34,573

34,820

29,04029,07129,69929,72629,94331,11732,59234,52936,05838,290

36,2U

36,058

35,016

28 Treasury Bulletin

DEBT OUTSTANDING

Table 1. - Summary of Federal Securities

(In millions of dollars)

End offiscal yearor month

Total outstanding

Total 1/Publicdebt 2/

Guaran-teedsecuri-ties

Interest-bearing debt

TotalPublicdebt

Guaran-teedsecuri-ties

Matured debt and debt bearing no interest

Total

Public debt

Total Matured

Special notes to

Inter-nationalMonetaryFund

Inter-nationalDevelopmentAssociation

Inter-AmericanDevelop-ment Bank

Other

Guaran-teedsecuri-ties 2/(matured)

1957195819591960196119621963196419651966

1965-JulyAugust ....

September

.

October. . .

November .

.

December.

.

1966-January . .

.

February .

,

MarchAprilMayJune

270276284286289

298306312317320

634

,U4,817

,471,211

,645,466526

,864,369

317,056318,742317,270319,394322,176321,359

322,419323,746321,454320,051322,825320,369

July 319,768

270,527276,343284,706286,331288,971298,201305,860311,713317,274319,907

316,582318,240316,748318,901321,711320,904

322,003323,311320,999319,583322,359319,907

319,280

107

101

111140240

444607813

590462

474502522

493465455

416435456468466462

489

268,592274,798281,944283,380285,911294,886302,559308,169313,702315,892

312,667314,396312,879315,047317,819316,968

318,012319,354317,036315,686318,392315,892

315,368

268,486274,698281,833283,241285,672294,442301,954307,357313,113

315,431

312,197313,896312,3593U,557317,357316,515

317,599318,921316,582315,219317,927315,431

314,88c

106101110

139

240

444605812

589

460

470

499519

490462

453

413433454467464460

488

2,0421,6462,8733,0903,3003,759"3,907

4,3574,1634,477

4,3884,3464,3914,3474,3574,391

4,4074,3924,4184,3664,4334,477

4,401

2,0421,6462,8733,0903,2993,7593,9064,3564,1614,476

4,3844,3U4,3884,3454,3554,389

4,4044,3914,4174,3644,4324,476

4,400

529597476445349438310295292308

240227

234195244278

230246

245197233308

202

1,068618

1,9792,2382,4962,6672,9223,2893,1673,614

3,4623,4343,4943,4893,4703,470

3,5583,5483,5923,5973,6273,614

3,680

58

115129

14213864

138

138118118100100

8282

64

6464

64

45

55

125

150150132

150150150150150150

U2142142136136

132

126

444430417407396484420480414359

394394393393391

391

392372373

371373

359

347

Source: Daily Treasury statement.

1/ Includes certain debt not subject to statutory limitation. For amounts J/subject to limitation, see page 1. 4/

2/ Includes debt incurred for advances to certain wholly owned Governmentagencies in exchange for which their securities were issued to the ^

Treasury (see Table 6)

,

Held outside the Treasury.

Consists of Federal Housing Administration debentures and beginningJuly 1959 D. C. Armory Board stadium bonds.For current month detail, see "Statutory Debt Limitation," Table 2.

Table 2. - Computed Interest Charge and Computed Interest Rate on Federal Securities

(Dollar amounts in millions)

End offiscal yearor month

Total interest-bearing securities

Amountoutstanding

Public debtand guaran-teed securi-ties 1/

Publicdebt

Computed annualinterest charge

Public debtand guaran-teed securi-

ties 1/

Publicdebt

Computed annual interest rate

Totalinterest-bearingsecuri-ties

Public debt

Totalpublicdebt

Marketable issues

Total2/

Bills

1/Certifi-cates

Treasurybonds

Non-market-

ableissues 4'''

Specialissues

Guar-anteedsecuri-ties

1/

19571958

19591960

196119621963196419651966

1965-JulyAugust ....

September.October, .

.

November .

.

Decenber.

.

'1966-January. .

.

February .

.

MarchApril,MayJune

July.

268,592274,798281,9U283,380285,911294,886302,559308, It^

313,702315,892

312,667

3U,396312,879315,047317,819316,968

318,012

319,354317,036315,686318,392315,892

315,368

268,486274,698281,833283,241285,672294,442301,954307,357313,113315,431

312,197313,896312,359

3U,557317,357316.515

317.599318,921316,582315,219317,927315,431

314,880

7,3287,2488,0699,3208,769

9,53410,14110,93111,48812,533

11,UO11,53011,48711,60711,79611,846

11,99812,26512,42912,30612,56412,533

12,537

7,3257,2458,0669,3168,7619,51910,11910,90011,46712,516

11,42311,51211,46811,59011,77911,830

11,98312,24912,41212,28912,54712,516

12,520

2.7302.6382.8673.2973.0723.2403.3613.5613.6783.988

3.6753.6833.6883.7023.7303.756

3.7923.860

3.9403.9183.9673.988

3.996

2.7302.6382.8673.2973.0723.2393.3603.5603.6783.988

3.6753.6833.6883.7023.7303.756

3.7933.861

3.9413.9193.9673.988

3.996

2.7072.5462.891

3.4493.0633.2853.4253.6593.8004.134

3.7953.8003.8073.8213.8573.890

3.9344,0264.0594.0714.1304.134

4.U5

3.1971.0333.3163.8152.5842.9263.0813.7294.0644.845

4.0474.0474.0744.0974.1544.273

4.3954.5224.6714.7104.7804.845

4.889

3.3453.3302.3424.7213.0733.3773.283

4.851

4.8514.8514.8514.8514.8514.851

4.850

2.5042.8063.3044.0583.7043.6803.9213.8543.8424.321

3.8423.8483.8483.860

3.9343.933

3.9324.1624.1584.1644.3214.321

4.321

2.4822.5762.6192.6392.8293.1223.3443.4713.6423.655

3.6423.6523.6523.6523.6523.653

3.6533.6543.6543.6553.6543.655

3.655

2.8532.8922.9253.2193.3303.3643.4123.4623.4933.713

3.4913.5063.5103.5193.5233.530

3.5343.5373.8623.7083.713

3.713

3.717

2.6352.6302.6942.7722.8032.8913.0033.2383.3723.693

3.3673.3983.3823.3833.3973.412

3.4293.4723.4883.4553.5523.693

3.690

2.6112.6222.6282.681

3.1A43.5003.6583.7823.6603.632

3.5803.6153.6403.6203.6033.593

3.5553.5733.5983.6253.6313.632

3.673

interest charge for the total, or for any group of issues, by the

corresponding principal amount. Beginning with data for December 31,

1958, 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.

1/ Guaranteed securities included are those held outside the Treasury.

2/ Total includes "Other bonds" through 1960; see Table 3.

2/ Included in debt outstanding at face amount, but discount value is

used in computing annual interest charge and annual interest rate.

4/ On United States savings bonds the rate to maturity is applied against

the amount outstanding.

Source: On the basis of the daily Treasury statement.Note: The computed annual interest charge represents the amount of

interest that would be paid if each interest-bearing issue outstand-ing at the end of each month or year should remain outstanding for ayear at the applicable annual rate of interest. The charge is com-puted for each issue by applying the appropriate annual Interest rateto the amount outstanding on that date ( the amount actually borrowedin the case of securities sold at a premium or discount, beginningwith May i960). The aggregate charge for all interest-bearing issuesconstitutes the total computed annual interest charge. The averageannual interest rate is computed by dividing the computed annual

August 1966 29

DEBT OUTSTANDING

Table 3. - Interest-Bearing Public Debt

(in millions of dollars)

End offiscal yearor month

Totalinterest-bearingpublicdebt

TotalpublicIssues

Public issues

Marketable

Total BillsCertif-icates

Treasurybonds 1/

Nonmarketable

Total savingsbonds

Treasurybonds,invest-mentseries

Depos-itarybonds

Foreignseriessecuri-ties 2/

Foreigncurrencyseriessecuri-ties 2/

Other

4/

SpecialIssues

19571958

1959196019611962

1963

196i19651966

1965-JulyAugust. . .

.

September.October. .

.

November.

.

December.

.

1%6-January. ..

February.

.

MarchAprilMayJune

July

268,486274,693281,833283,241285,672

294,4A2301,954307,357313,113

315,431

312,197313,896312,359314,557317,357316,515

317, 599318,921316,582

315,219317,927315,431

314,880

221,658228,452237,078238,342240,629249,503257,153260,729264,463264,311

264,408264,116264,290267,600270,304270,260

273,243273,139270,623

270,298269,122264,311

264,184

155,705166,675

178,027183,845187,148196,072203,508206,489208,695

209,127

208,664208,402208,381212,097214,619214,604

217,656217,690215,150

215„004213,764209,127

209,108

23,42022,406

32,01733,41536,72342,03647,23050,74053,665

54,929

53,66253,65753,65557,66060,17260,177

61,58962,00259,481

59,47759,45454,929

54,931

20,47332,920

33,84317,65013,33813,54722,169

1,652

1,6521,6521,652

1,6521,6521,652

1,652

30,97320,416

27,3U51,48356,25765,46452, U567,28452,549

50,649

52,54950,43550,44450,17550,21550,227

50,24450,88150,891

50,79350,64750,649

50,650

80,83990,932

84,85381,29780,83075,02581,96488,464102,481

101,897

102,452104,310104,282104,262104,232104,201

104,171103,155103,126

103,083102,011101,897

101,874

65,95361,777

59,05054,49753,48153,43153,64554,24055,768

55,183

55,7U55,71455,90955,50355,68555,655

55,58755,44955,473

55,29355,35855,183

55,075

54,62251,984

50,50347, 5U47, 5U47,607

48,3H49,29950,043

50,537

50,11950,15550,180

50,25950,32050,324

50,31950,33550,38350,42050,48350,537

50,606

11,1359,621

8,3656,7835,8304,7273,9213,5463,256

2,692

3,2553,2523,2432,8162,8092,797

2,7802,7742,7572,7042,6942,692

2,691

196171

183170117138

103103

59

44

51

4948494949

47

47

47474544

44

860

648392

1,132

817

919864

1,0U1,0341,1641,144

1,099

9991,039949992817

747

75

630832

1,137

957

1,2591,2591,2591,2081,2081,208

1,207

1,1571,1071,0311,007957

884

1925

2968

Ul137

141136136136136134

135

136

140

143137137

104

46,827

46,24644,756

U,89945,043U,93944,80146,62748,650

51,120

47,78949,78048,0^46,95747,052.

46,255

44,356

45,781

45,959U,92148,80551,120

50,696

Source: Daily Treasury statement. ^1/ Includes $50 million of Panajna Canal bonds for fiscal years 1957-60.2/ Consists of certificates of indebtedness. Treasury notes beginning

January 1963, and Treasury bonds beginning September 1964, sold to ^foreign governments for U. S. dollars-

Consists of the dollar equivalent of Treasury certificates ofindebtedness and from October 1962 Treasury bonds issued andpayable in designated foreign currencies.Includes Treasury bonds. Rural Electrification Administration seriesbeginning July I960; retirement plan bonds beginning January 1963;Treasury certificates; and Treasury bonds.

Table 4. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt J/

(In million of dollars)

End offiscal yearor month

19571958

19591960

19611962

1963

196419651966

1965-JulyAugust, . .

.

September,October, ,

,

November ,

.

December.

.

1966-January. .

.

February,

.

MarchAprilMayJune

July.

Amount

Outstanding

155,705166,675178,027133,845187,148196,072203,508206,489208,695209,127

208,664208,402208,381212,097

2U,619214,604

217,656

217,690215,150215,004213,764209,127

209,108

Within1 year

71,95267,78272,95870,46781,12088,44285,29481,42487,63789,136

87,635

92,U692,4U96,49193,39293,396

96,46194,22691,70491,82092,23189,136

89,138

Maturity classes

1 - 5

years

40,66942,55758,30472,84458,40057,04158,02665,45356,19860,933

56,19255,26655,26454,95260,59360,602

60,608

62,89364,30664,07662,45360,933

60,932

5 - 10

years

12,32821,47617,05220,24626,43526,04937,38534,92939,16933,596

39,16635,03235,02735,02435,02135,013

35,01335,00833,60733,60333,60033,596

33,592

10 - 20years

26,40727,65221,62512,63010,2339,3198,3608,3558,U98,439

8,4488,4488,4478,4468,4468,445

8,4448,4438,4y8,4418,4408,439

8,439

20 yearsand over

4,3*97,2088,0887,65810,96015,221

14,44416,32817,24117,023

17,22217,21017,19917,18417,16717,148

17,13117,12017,09217,06517,04017,023

17,007

Average length

4 yrs.

5 yrs.

4 yrs,

4 yrs.

4 yrs.

4 yrs,

5 yrs,

5 yrs,

5 yrs,

4 yrs.

yrs.

yrs,yrs.yrs,yrs.yrs.

4 yrs,

4 yrs,

4 yrs.

4 yrs,

4 yrs,

4 yrs.

4 yrs.

9 mos.

3 mos,

7 mos.4 mos,6 mos.

11 mos.1 mo,

mo,

4 mos.11 mos,

3 mas.

3 mos,

3 mos,

1 mos.mos,mos.

10 mos,

11 mos,11 DOS,10 mos,11 mos*11 mos,

10 mos.

Source: Office of Debt Analysis in the Office of the Secretary,

1/ All issues are classified to final maturity except partially tajt-exempt

bonds which have been classified to earliest call date. The last of thesebonds were called on August 14, 1962, for redemption on December 15, 1962.

30 Treasury Bulletin

DKBT OUTSTANDING

Table 5. - Special Public Debt Issues to United States Government Investment Accounts

August 1966 31

, DEBT OUTSTANDING,

Table 6. - Treasury Holdings of Securities Issued by GovernmentCorporations and Other Agencies

(In millions of dollars)

End offiscal yearor month

Total

AgencyforInter-nationalDevelop-ment 1/

Agriculture Department

CommodityCreditCorop-ration

RuralElectri-ficationAdminis-tration

Secretary:Farmers

'

HomeAdminis-trationprograms

2/

Export

-

ImportBank ofWash-ington

2/

Secretary

Housing and UrbanDevelopment Department

FederalNationalMortgageAssoci-ation ^

Other

6/

SaintLavrenceSeawayDevelop-mentCorpo-ration

Tenn-esseeValleyAuthor-Ity

Veterans'Adminis-tration:Directloanprogram

UnderDefenseProduc-tionAct

of 1950

7/

other

8/

1957

1958

19591960

1961

1962

1963

196i19651966

1965^ulyAugust. ..

SeptemberOctober.

.

November.

December.

1966-Januar7.

.

February.March ....

April. . .

.

MayJune

July

22,73121,85925,34325,63626,01128,63429,166

29,2a28,35426,964

25,69726,61227,25427,75227,02327,458

27,51827,30227,61427,34027,45426,964

24,710

1,1981,1881,1641,1381,1071,062

807

735712689

712712712712712701

701701701701701689

688

13,38311,52812,87412,70411,53412,99013,59913,99013,111

11,768

10,80311,53211,94712,3U11,086

11,494

11,74011,82611,96211,63611,751

11,768

8,984

2,5192,7282,9233,1553,3323,4843,6573,8284,0754,234

4,0754,1704,1704,1704,2904,203

4,2034,2034,3134,3134,3134,234

4,234

265256323369456854

1,0271,1701,2351,436

1,2371,2561,2651,3821,3991,404

1,4351,4591,4841,4901,4941,436

1,445

1,2051,5281,9371,6361,6981,8301,476830513178

336367365416687700

676

334346470547178

225

282476730977

1,2131,5672,0052,3022,7533,133

2,8032,8382,9562,9563,0062,989

3,0152,8612,8862,9403,0253,133

3,228

1,7411,5022,3512,3383,2023,1672,7162,3931,8991,466

1,6681,6721,7681,7391,7781,902

1,6651,8381,3641,7321,5641,466

1,894

41

35272932

32

25

10

10

10

10

10

10

10

10

4897112118121121123123

124125

124124124124124124

124124125

125125125

125

50

85

95100

95

95100

100

100100

100100

100

100100100

100

733780930

1,1801,3301,5301,7301,7301,7301,730

1,7301,7301,7301,7301,7301,73Q

1,7301,7301,7301,7301,7301,730

1,730

1,2941,7231,9501,9701,9641,9761,9232,0192,0562,023

2,0632,0632,063

2,0532,0532,053

2,0532,0482,0232,0232,0232,023

1,975

2118

22212222

29

35

5172

51

53

5456

55

58

6668

6970

7172

Source: Daily Treasury statement. ^/Note: These securities were issued to the Treasury in exchange for ad-

vances by the Treasury from public debt receipts under congressionalauthorization for specified government corporations and other agenciesto borrow from the Treasury. Further detail may be found in the 1965Annual Report of the Secretary of the Treasury, pages 787-90, and the 6/1965 Combined Statement of Receipts, Expenditures and Balances of theUnited States Government, pages 531-533. 2/

1/ And predecessor agencies. Beginning fiscal 1957 figures exclude notespreviously issued by the Administrator in connection with informationalmedia guaranties. The obligation for these notes was assumed by theDirector of the United States Information Agency, pursuant to the actapproved July 18, 1956 (22 U.S.C. 1442), and the notes together with 8/others issued for the same purpose are included in "Other."

2/ Farm housing end other loan programs, and Agricultural Credit InsuranceFund (formerly Farm Tenant Mortgage Insurance Fund)

.

2/ Includes securities transferred from the Reconstruction Finance Corpo-

ration, but excludes securities issued under the Defense ProductionAct.

4/ Consists of notes issued to borrow for: The urban renewal program(formerly slum clearance program); college housing loans; and publicfacility loans.

Consists of liabilities taken over by the Association from theSecretary in accordance with the act approved August 2, 1954, andnotes Issued by the Association under authority of that act (12 U.S.C.1719 (c), 1720 (d), and 1721 (d))and also securities transferredfrom the Reconstruction Finance Corporation.Public Housing Administration 1957-1963; Federal Housing Administra-tion beginning January 1966.Consists of notes of: The Administrator, General Services Administra-tion, for defense materials procurement; the Secretary of Agriculture;the Secretary of Interior (Defense Minerals Exploration Adminis-tration) ; the Export-Import Bank of Washington through March 1962;and the Secretary of the Treasury.Consists of notes issued by the: Secretary of the Treasury; SmallBusiness Administration, fiscal year 1957; United States InformationAgency for informational media guaranties (see footnote 1); Secretaryof Commerce (Maritime Administration) for the Federal Ship MortgageInsurance Fund, fiscal years 1959-61 and 1963-65, beginning March 1963;Virgin Islands Corporation beginning fiscal 1960; District of ColumbiaCommissioners for the Stadium Sinking Fund beginning June 1962; andSecretary of the Interior (Bureau of Mines) for development andoperation of helium properties beginning May 1964, and (Bureau ofCommercial Fisheries) for Federal Ship Mortgage Insurance Fundbeginning January 1966.

32Treasury Bulletin

. DEBT OUTSTANDING

Table 7. - Interest-Bearing Securities Issued by Federal Agencies But Not

Guaranteed by the United States Government

(in millions of dollars)

End offiscal yearor month

TotalBanks for

cooperatives

Federalhome loanbanks \/

FederalIntermediatecredit banks

Federal landbanks 2/

Federal NationalMortgage Association

Managementand liquidat-ing issues

All otherissues

TennesseeValleyAuthority

195719581959196019611962

1963196419651966

1965-JulyAugust. .

.

SeptemberOctober.

.

November.December.

1966- January.

.

February.

March. . .

.

April. . .

.

MayJune

July

5,0135,^236,7088,4077,7659,33210,19211,86513,46017,666r

13,59114,03513,96514,021

U,22314,086

14,49414,72315,055

15,77316,84317,666r

17,928

179

199284330382430

459498686844

686710708

7U787796

796

819

819858

8348U844

738

456992

1,2591,0551,7972,7704,201

4,7576,309

4,8075,0575,0465,0215,2215,221

5,068

5,0505,0605,4355,8956,309

6,594

9241,1591,4561,6001,723

1,8552,1332,3152,4622,853

2,5462,6272,6032,5012,3862,235

2,342

2,4042,4702,6022,7442,853

2,935

1,5521,6461,8882,1372,3572,5502,7252,9733,5324,105

3,5323,6123,6123,6713,6713,710

3,710

3,8133,8133,8133,980

4,105

4,212

570

797797797

1,0501,1651,2902,2842,1982,5561,9601,6981,7973,269

1,7951,8041,7561,8451,9181,884

2,338

2,3972,6482,8203,1443,269

3,058

50

145

145180

225235r

225225240240240240

240

240245245245285r

285

Source: Office of Debt Analysis and agency reports.Note: The securities shown in the table are public offerings.

1/ The proprietary interest of the United States in these banks ended

in July 1951.

2/ The proprietary interest of the United States in these banks ended inJune 1947. Excludes securities which are issued for use as collateralfor coimnercial bank borrowing and not as a part of public offerings.Includes small amounts owned by Federal land banks. r Revised.

August 1966 33

.STATOTORT DEBT LIMnATION.

The Second Liberty Bond Act (31 U.S.C. 757b), as amended $285 billion outstanding at any one time. A tenporary increase

by an act approved June 30, 1959, provides that the face amount to $330 billion has been authorized through June 30, 1967

of securities issued under authority of that act, and the face (act of June 2^., 1966).

amount of securities guaranteed as to principal and interest For a legislative history of the public debt limitation,

by the United States (except guaranteed securities held by the see the Annual Report of the Secretary of the Treasury.

Secretary of the Treasury) shall not exceed in the aggregate

Table 1. - Status Under Limitation July 31, 1966

(In millions of dollars)

Maximum amount of debt which may be outstanding at any one time under limitation imposed by the actof June 30, 1959 (31 U.S.C. 757b), as incresed temporarily by the act of June 2A, 1966 330,000

Amount outstanding subject to statutory debt limitation:U.S. Government securities issued under the Second Liberty Bond Act, as amended 319,013Guaranteed debt of U.S. Government agencies ^89

Total amount outstanding subject to statutory debt limitation 319,502

Balance issuable under limitation 10 498

Table 2. Application of Limitation to Public Debt and Guaranteed DebtOutstanding July 31, 1966

( In millions of dollars)

ClassificationSubject to statutorydebt limitation

Not subject to statutorydebt limitation

Totaloutstanding

Public debt :

Interest-bearing debtsPublic issues—marketable:

Treasury billsCertificates of indebtednessTreasury notesTreasury bonds

Total public issues—marketable

Public issues—nonmarketable:Certificates of indebtedness:

Foreign seriesForeign currency series

Treasury notes, Foreign seriesTreasury bonds:Foreign seriesForeign currency series

Treasury certificatesTreasury bondsU.S. savings bondsU.S. retirement plan bondsDepositary bondsTreasury bonds, R.E.A. seriesTreasury bonds, investment series

Total public issues—nonmarketable

Special issues to Government agencies and trust funds

Total interest-bearing debt

Matured debt on which interest has ceasedDebt bearing no interest:

Special notes of the United States:International Monetary Fund SeriesInternational Development Association SeriesInter-American Development Bank Series

Special bonds of the United States:U.N. Special Fund Series

U . S. savings stampsExcess profits tax refund bondsU.S. notes (less gold reserve)Deposits for retirement of national bank and Federal Reserve bank notes.Other debt bearing no interest

Total debt bearing no interest

Total public debt

Guaranteed debt of U.S. Government agencies:Interest-bearing debtMatured debt on which interest has ceased

Total guaranteed debt of U.S. Government agencies

Total public debt and guaranteed debt

Source: Daily Treasury statement.

54,9311,65250,650

101,874

209,108

235393338

17449060

450,606

16

U24

2,691

55,075

50,696

314,880

199

3,68045127

28

551

3,934

319,013

4881

4,?Q

319,502

1668611

264

266

266

54,9311,65250,650

101,874

209,108

235

393338

17449060

450,606

16

4424

2,691

55,075

50,696

314,880

202

3,68045

127

28

551

16686

11

4,198

319,280

4881

489

319,768

34 Treasury Bulletin]

PUBLIC DEBT OPERATIONS

Table 1. - Maturity Schedule of Interest-Bearing Public Marketable Securities

Outstanding July 31, 1966

Other than Regular Weekly and Annual Treasury Bills

August 1966 35

PUBLIC DEBT OPERATIONS.

Table 1. - Maturity Schedule of Interest-Bearing Public Marketable Securities

Outstanding July 31, 1966

Other than Regular Weekly and Annual Treasury Bills - (Continued)

(In millions of dollars)

Year

and

monthof final

maturity

1/

Description

Amount of maturities

Held by

U.S. Govt.investmentaccounts andFederal Re-serve Banks

Allotherinvestors

Yearandmonthof finalmaturity

1/

Description

Amount of maturities

Total

Held by -

U.S. Govt,

investmentaccounts andFederal Re-serve Banks

1970

Feb...

Apr ....

Aug

Oct.

Nov...

Bond

2-1/2% Bond

1-1/2% Note

1% Bond

1-1/2% Note

5% Note

Total.

1971Mar...

Apr . . .

.

Aug

Nov. . .

.

2-1/2% Bond

1-1/2% Note

i% Bond

3-7/8% Bond

Total.

1972Feb

June. .

.

Aug

Sept.

Dec...

i% Bond

S Bond

Total.

2/15/70

3/15/65-70

i/l/70-EA

8/15/70

lO/l/70-EO

1V15/70-A

4,381

2,313

4,129

113

7,675

18,700

3/15/66-71

W71-EA

8/15/71

11/15/71

1,397

15

2,806

2,760

6,978

2/15/72

2-1/2% Bond - 6/15/67-72

8/15/72

2-1/2% Bond - 9/15/67-72

2-1/2% Bond - 12/15/67-72

2,3W

1,270

2,579

1,952

2,666

10,810

429

406

1,383

2,907

372

596

406

1,374

247

124

493

80

220

1,163

3,952

1,625

1973Aug. .

.

4% Bond

4-1/8% Bond

8/15/73

11/15/73

Total

.

3,894

4,356

3,250

3,723

113

6,292

15,793

1974Feb. .

.

36 Treasury Bulletin

PUBLIC DEBT OPERATIONS ,

Table 2. - Offerings of Treasury Bills

(Amounts in millions of dollars)

Issue date

Description of new issue

Maturitydate

Number ofdays to

maturity 1/

Amount ofbidstendered

Amount of bids accepted

Totalamount

On competi-tive basis

On noncompeti-tive basis 2/

In

exchange

Amountmaturing onissue dateof newoffering

Total ofunmaturedissues out-standing afternew issues

Regular weekly bills;

1966-Apr. 7

Apr. U

Apr. 21

Apr. 28

May 5

May 12

May 19

May 26

June 2

June 9

June 16

June 23

June 30

July 7

July 14

July 21

July 28

Tax anticipation bills;

1965-Oct. 11

VOne-year bills:1965-Apr. 30...

May 28June 30

July 31Aug. 31Sept. 30Oct. 31Nov. 30 ,

Dec. 31 ,

1966-Jan. 31 ,

Feb. 28Mar. 31 ,

Apr. 30 ,

May 31June 30July 31

1966-JulyOct.

August 1966 yj

PUBLIC DEBT OPERATIONS

Table 2. - Offerings of Treasury Bills - (Continued)

Issue date

Regular weekly bills:

1966-Apr

.

7

Apr. U

Apr. 21

Apr. 28

May 5

May 12

May 19

May 26

June 2

June 9

June 16

June 23

June 30

July 7

July K

July 21

July 28

Tax anticipation bills

1965-Oct. 11

2/

Qne-year bills;

1965-Apr. 30May 28June 30July 31Aug. 31

Sept. 30Oct. 31Nov. 30Dec. 31

1966-Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31

On total bids accepted

Average priceper hundred

J98.855|_97.6U

{98.8331^97.592

198.821

1.97.597

f98.830

1_97.609

193.819|97.582

J98.830|97.56i

(98. 831

197.562

{98.828197.542

r98.827

|_97.560

f98.8/Uj_97.602

f98.8U\ 97. 620

(98.870

\97.679

J98.8791_97.669

{98.804197.515

{98.768197.473

{98.737\97.424

{98.782197.513

198.298[97.221

97.62398.002

95.94995.99196.14096.07295.93895.70595.75095.66495.20395.23694.98695.19595.16194.96595.23894.967

Equivalent averagerate 6/

( Percent

)

4.5314.719

4.6174.763

4.6644.754

4.6304.730

4.6734.782

4.6304.818

4.6264.823

4.6384.835

4.6414.826

4.5734.7U4.5754.708

4.4704.591

4.4354.610

4.7314.915

4.8754.999

4.9985.096

4.819

4.919

3.7833.941

4.0754.281

3.9963.9543.8073.8754.0064.2364.1924.2774.7314.6994.9454.7394.7734.9664.6974.964

On competitive bids accepted

High

Price per hundred

7/8/

2/

98.86097.616

98.83997.599

98.825 10/

97.599

98.83497.616 11/

98.824 12/97.592 11/

98.83297.579 14/

98.83697.568 IV

98.83497.548

98.83297.561

98.85597.6U98.85297.624

98.88097.688 16/

98.887 17/97.686 18/

98.822 12/97.542 20/

98.793 21/97.506

98.74397.431

98.790

97.528

98.318 22/97.260 22/

97.638 21J98.008 2y

95.95195.994 26/96.157 22/96.08695.950 28/95.72295.758 22/95.68195.215 iO/95.250 ii/95.00795.215 12/95.18494.98695.30694.991 11/

Equivalent rate 6/

(Percent)

4.5104.716

4.5934.749

4.6484.749

4.6134.716

4.6524.763

4.6214.789

4.6054.811

4.6134.824

4.6214.824

4.5304.720

4.5424.700

4.4314.573

4.4034.577

4.6604.862

4.7754.933

4.9735.082

4.7874.890

3.7383.883

4.0494.269

3.9943.9513.7903.8603.9954.219

184260719685925719

4.7504.9454.6304.940

Price per hundred

98.85297.613

98.82797.588

98.81997.594

98.82797.606

98.81597.574

98.82697.561

98.82797.556

98.82497.538

98.82397.558

Equivalent rate 6/

( Percent)

4.5424.722

4.6404.771

4.6724.759

4.6404.735

4.6884.799

4.6U4.824

4.6404.834

4.6524.843

4.6564.830

38 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 3. - New Money Financing through Regular Weekly Treasury Bills 1/

(Dollar amounts in millions)

Description of issue

Issuedate

Maturitydate

August 1966 39

PUBLIC DEBT OPERATIONS

Table 3. - New Money Financing through Regular Weekly Treasury Billsi/- (Continued)

(Dollar amounts in millions)

Description of Issue

Issuedate

Maturitydate

Number of

days tomaturity

Amountof bidstendered

Amountof bidsaccepted

Average rateon bidsaccepted S/

New moneyincrease, ordecrease (-)

1962-July 5..

July 12..

July 19..

July 26..

August 2.,

August 9.

.

August 16.

.

August 23.

August 30.

.

September 6,

September 13.

September 20.

September 27.

October 4.

October 11,

October 18.

October 25.

November 1.

November 8,

November 15

.

November 23.

November 29-

December 6«

December 13,

December 20-

December 27.

1963-January 3i.

January 10,

March 28..

April 4.

April 11.

April 18.,

April 25..

ri962-0ctober

11963-January

ri962-0ctober'|l963-January

ri962-0otober1l963-January

ri962-0ctober

]J.963-Jaiiuary

Jl962-November11963-January

fl%2-November\l963-February

/l%2-November\l963-February

fl962-November11963-February

fl962-November

1,1963-February

fl962-December\1963Jfarch

fl%2-December\l963-March

fl%2-December\l963-Uarch

fl%2-December\l963-March

ri963-January

\ April

f January

\ April

{JanuaryApril

f January

\ April

IJanuary

\ May

f February

I May

J February

I May

J Febriiary

1.May

f February

I May

(MarchJune

(MarchJune

J March

\ June

f March

1 Jxme

{AprilJuly

f April

I July

r June

\ September

r July

\ October

f July

\ October

f July

\ October

f July1 October

3

11

10

1817

25

24

1

31

15

M2321

2928

6

7

13

M2021

2728

3

4

1011

1718

2425

312

7

9

W16

21

23

28.31

7

6

14

13

2120

2827

45

1111

2726

5

3

11

10

1817

2524

91182

91182

91182

91182

91182

91182

91182

92182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

90181

91183

91182

91182

91182

91182

91183

91182

91182

92182

91182

91182

91182

t2,2121,202

2,3651,126

2,4541,068

2,127

1,362

2,1611,576

1,9721,203

2,0781,766

2,0031,651

2,2481,259

2,0541,332

2,3771,291

2,2651,375

2,1501,777

2,0111,505

2,1361,631

2,2251,436

2,1331,394

2,2071,573

2,2491,761

2,3251,436

2,4091,274

2,0421,528

2,1081,663

1,9731,321

2,0921,248

2,6601,322

2,2201,340

2,1961,542

2,1331,459

2,0811,454

2,2921,553

2,3521,485

2,2591,670

*1,301700

1,301700

1,302700

1,298

703

1,301700

1,301700

1,301704

1,301700

1,301700

1,301700

1,301701

1,301700

1,300700

1,300701

1,301701

1,300700

1,301700

1,301701

1,301702

1,302701

1,300800

1,300801

1,300801

1,301801

1,301800

1,309802

1,301801

1,301800

1,301800

1,300800

1,302801

1,301800

1,300801

(Percent

)

2.9303.008

2.9743.096

2.9833.133

2.892

3.103

2.8743.075

2.8012.990

2.8673.060

2.8372.984

2.8052.916

2.8X2.977

2.7892.911

2.7962.962

2.7492.938

2.7522.902

2.7602.864

2.7492.843

2.7422.828

2.6862.775

2.8412.927

2.8012.846

2.8332.892

2.8532.936

2.8612.945

,807

,861

2.8602.900

2.8932.924

2.9262.966

2.9202.966

2.9192,977

2.9222.982

2.9132.978

2.9173.010

2.8842.982

$200

201

201

200

199

197

204

99

100

100

101

101

100

100

100

98

102

101

101

103

199

199

98

101

99

110

101

100

92

98

102

100

99

Footnotes at end or table. (Continued on following page)

40 Treasury Btilletin

PUBLIC DEBT OPERATIONS

Table 3. - New Money Financing through Regular Weekly Treasury Billsl/- (Continued)

(Dollar amoiints in millions)

Description of issue

Issuedate

Mfiturlty

date

Number of

days tomaturity

Amountof bidstendered

Amountof bidsaccepted

Average rateon bidsaccepted 2/

New moneyincrease, ordecrease (-)

1963-UBy 2.

May 9.

Uay 16.

November 21

,

November 29.

I96i-May 21.

May 28.

July 16.

July 23.

July 30.

September 10^

September 17,

September 24.

October 1.

1965-January 21 .

,

January 28.

,

February 4^. ,

February 11.

,

February 18.

,

February 25,

,

March 4.

,

March 25,.

April 1..

April 8.,

April 15..

1966-January 6.

January 13 .

.

January 20 .

,

January 27 .

.

1

|l963-August1 October

f August1 November

f August

\ November

Jigfe^-FebruaryMay

FebruaryMay

AugustNoTCBber

AugustNovember

October1965-January

i964.-October

1965-Jamiary

i964-0otober1965-January

L96^-December1965-Maroh

196^-December1965-March

1964--Deceinber' 1965-March

1964-December1965-April

AprilJuly

AprilJuly

MayAugust

MayAugust

MayAugust

MayAugust

JuneSeptember

JuneSeptember

JulTSeptember

JulyOctober

JulyOctober

1966-AprilJuly

April

July

AprilJuly

AprilJuly

1

31

87

15

U20

21

27

28

20

19

27

27

15

U22

21

2928

10

11

17

18

25

31

1

2222

29

29

6

5

1312

20

19

27

26

32

23

1

30

8

7

15

U7

7

14

14

2121

2828

91182

91182

91182

91182

90181

91

182

91

183

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91182

91

182

91182

91182

* 2,0541,668

2,1191,715

2,3971,583

2,3211,431

1,9871,614

2,258

1,633

2,0731,709

2,1231,409

2,0701,333

2,204.

1,889

2,1691,464

2,0831,474

2,2001,624

2,0861,451

2,0992,475

2,1852,465

2,2262,470

2,2422,448

2,0742,lo2

2,3272,504

2,3592,304

2,3682,024

2,0611,938

2,2812,188

2,3361,832

1,9661,933

2,2582,004

2,2962,166

2,0842,305

11,302801

1,301802

1,302801

1,202800

1,201802

1,202

900

1,200900

1,202902

1,201900

1,201902

1,302901

1,302900

1,302901

1,301900

1,2001,001

1,2031,003

1,2031,004

1,2001,001

1,2001,000

1,2011,003

1,2001,000

1,2031,000

1,2001,002

1,2021,001

1,2011,001

1,3041,003

1,302

1,000

1,3011,001

1,3011,000

(Percent

)

2.8972.989

2.9052.993

2.9032.990

3.5243.660

3.4803.630

3.482

3.598

3.4763.595

3.448

3.549

3.5023.619

3.4753.591

3.5143.649

3.5413.693

3.5423.692

3.555-

3.711

3.8213.960

3.8483.946

3.8883.968

3.9033.987

3.9364.015

3.9894.043

3.9824.037

3.9223.984

3.9213.993

3.9423.993

3.9373.991

4.5324.718

4.585

4.737

4.673

4.770

4.5964.699

»i01

100

98

-99

-99

101

97

103

100

101

101

102

101

100

99

104

105

100

98

102

100

94

102

200

97

105

102

97

101

Footnotes at end of table. (Continued on follovring page)

August 1966 41

PUBLIC DEBT OPERATIONS

Table 3. - New Money Financing through Regular Weekly Treasury Bills i/- (Continued)

42 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 4. - Offerings of Public Marketable Securities Other than

Regular Weekly Treasury Bills

Date subscrip-

Attcjust 1966 43

PUBLIC DEBT OPERATIONS.

Table 4. - Offerings of Public Marketable Securities Other thanRegular Weekly Treasury Bills - (Continued)

Date subscrip-

44 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 4. - Offerings of Public Marketable Securities Other than

Regular Weekly Treasury Bills - (Continued)

Date subscrip-tion books

August 1966 45

PUBLIC DEBT OPERATIONS ,

Table 4. - Offerings of Public Marketable Securities Other thanRegular Weekly Treasury Bills - (Continued)

Date subscrip-tion books

46 Treasury Bulletin

PUBLIC DEBT OPERATIONS,

Footnotes to Table 4 - (Continued)

25/ Subscriptions for $50,000 or less were allotted in full. Subscrip-tions for more than $50,000 were allotted 15 percent but in no caseless than $50,000. In addition, $100 million of the bonds wasallotted to Government investment accounts

.

26/ Includes $2,166 million allotted to Federal Reserve Banks and Govern-ment investment accounts of the 3-1/4? certificates, $14 million ofthe 3-5/8$ notes, and $64 million of the 3-7/8? bonds.

22/ Subscriptions were permitted to be made with payment in cash or inthe 4? notes or 3-1/4? notes, both maturing August 15, 1962 (seeTable 7, footnote 13).

28/ Consists of allotments on subscriptions from holders of Treasurynotes maturing Axigust 15, 1962.

22/ Subscriptions from States, political subdivisions or instrumentalitiesthereof, public pension and retirement and other public funds, inter-national organizations in which the United States holds membership,foreign central banks and foreign States, Government investmentaccoiuits, and the Federal Reserve Banks totaled $4,760 million forthe certificates and were allotted in full, in accordance with theoffering circular. Subscriptions from all others totaled $15,395million and were allotted 12-1/2 percent with subscriptions for$50,000 or less allotted in full and those for more than $50,000allotted not less than $50,000.

20/ Subscriptions for the 4? bonds totaled $6,743 million and wereallotted 22 percent with subscriptions for $100,000 or less allottedin full and those for more than $100,000 allotted not less than$100,000. In addition, $100 million of the bonds was allotted toGovernment investment accounts,

il/ All subscriptions for the 4-1/4? bonds were allotted in full. Inaddition, $50 million of the bonds was allotted to Governmentinvestment accounts. Savings-type investors were given the privilegeof paying for the bonds allotted to them in installments up toOctober 15, 1962 (not less than 30 percent by August 15, 1962, theissue date; 60 percent by September 15, 1962; and full payment byOctober 15, 1962).

22/ In addition to the amounts allotted to the public, there was allottedto Government investment accounts $21 million of the 3-3/4? notesand $320 million of the 4? bonds.

12/ Includes $3,796 million allotted to Federal Reserve Banks and Govern-ment investment accounts of the 3-1/8? certificates, $1 million ofthe 3-1/2? notes, and $6 million of the 4? bonds.

2i/ Sale of a "strip" of Treasury bills, consisting of an additional$100 million for cash of ten series of weekly Treasury bills maturingfrom January 17, 1963, to March 21, 1963.

22/ Holders of approximately $458 million of Series F and G savingsbonds which mature in 1963 and 1964 were offered in exchange eitherthe 3-7/8? bonds or the 4? bonds with certain adjustments as ofDecember 15, 1962, at a price of 99.50. Smaller denominations ofsavings bonds could be exchanged for the next higher multiple of$500 of the bonds upon payment of any cash difference. Cash paymentsamounted to $93,000 for the 3-7/8? bonds and $101,825 for the 4? bonds.

26/ The bonds were sold to a syndicate on the basis of competitive bid-ding for reoffering to the public. The winning bid was $99.85111 per$100 of face amount for a 4? coition, resulting in a net basis cost tothe Treasury of 4.008210?, calculated to maturity.

22/ Includes $3,921 million allotted to Federal Reserve Banks and Govern-ment investment accounts of the 3-1/4? certificates and $15 millionof the 3-3/4? bonds

.

28/ In addition to the amounts allotted to the public, there was allottedto Government investment accounts $19.8 million of the 3-5/8? notes,$29.6 million of the 3-7/8? bonds of 1971, $151.9 million of the3-7/8? bonds of 1974, and $123.9 million of the 4? bonds of 1980.

22/ The bonds were sold to a syndicate on the basis of competitive bid-ding for reoffering to the public. The winning bid was $100.55119per $100 of face amount for a 4-1/8? coupon, resulting in a net basis,cost to the Treasury of 4.093145?, calculated to maturity.

^0/ Includes $3,327 million allotted to Federal Reserve Banks ana Govern-ment investment accounts of the 3-1/4? certificates, and $85 millionof the 3-5/8? notes,

ii/ Subscriptions for $100,000 or less were allotted in full. Subscrip-tions for more than $100,000 were allotted 5 percent but in no caseless than $100,000.

a/ Includes $4,149 million allotted to Federal Reserve Banks and Govern-ment investment accounts.

A2/ One-year bills issued monthly beginning September 3, 1963.AA/ In addition to the amounts allotted to the public, there was allotted

to Federal Reserve Banks and Government investment accounts $23 mil-lion of the 3-7/8? bonds of 1968, and $171 million of the 4? bonds of1973.

A5/ Issued for cash and in exchange for one-year bills maturing October15, 1963 (see Table 7, footnote 17).

ib/ Sale of a "strip" of Treasury bills, consisting of an additional $100million for cash of ten series of weekly Treasury bills maturing fromFebruary 6, 1964, to April 9, 1964.

A2/ Subscriptions were permitted to be made with payment in cash or in3-1/8? certificates or 4-7/8? notes, both maturing November 15, 1963(see Table 7, footnote 18).

a/ Consists of allotments on subscriptions from holders of Treasury cer-,

tificates of indebtedness and Treasury notes maturing November 15 1963.

?he?e^''^™°j;?-^™'°^*^*^'' political subdivisions or instrumentalitiesthereof public pension and retirement and other public funds, inter-

rlllTJ^organizations in which the United States holds membership,

fcco^s'^nd'Ti T/ ^^ ^°^"'^ ^*^*^==' <^^^™"™t investment '

accounts and the Federal Reserve Banks, as provided in the offering

IZ ,^- '°^f *^'3°^ -"^^"^ ^^ "^^-^ «^l°"ed in full Sb-^scriptions subject to allotment totaled $15 762 million- those un to

S'prr^enfb^t'<?':?°°-"!-?-^"°"^^^'?-^i^ ^^^°^^-^ w^rr^Stted- - ^ in no case less xhan $100,000Issued to replace the one-year bills matirlr,; TantmT»ir 1 S

51/ In addition to amounts allotted to the public, $189 million wasallotted to Government investment accounts

.

^2/ Subscriptions for $50,000 or less were allotted in full. Subscrip-tions for more than $50,000 were allotted 83-1/2 percent but in nocase less than $50,000. In addition, $125 million of the bonds wasallotted to Government investment accounts.

52/ Includes $4,014 million allotted to Federal Reserve Banks and Govern-ment investment accounts of the 3-7/8? notes.

iV Subscriptions for $50,000 or less were allotted in full. Subscrip-tions for more than $50,000 were allotted 9 percent but in no caseless than $50,000.

12/ Includes $6,383 million allotted to Federal Reserve Banks and Govern-ment investment accounts of the 4? notes and $29 million of the 4-1/4?bonds

.

1^ In addition to the amounts allotted to the public, there was allottedto Government investment accounts $22 million of the 4-1/4? bonds of1987-92, and $4 million of the 4-1/8? bonds of 1973.

22/ Sale of a "strip" of Treasury bills, consisting of an additional $100million for cash of ten series of weekly Treasury bills maturing fromOctober 15, 1964, to December 17, 1964.

58/ Subscriptions were permitted to be made with payment in cash or in 5?notes or 3-3/4? notes, both maturing August 15, 1964 (see Table 7footnote 22).

'

22/ Consists of allotments on subscriptions from holders of Treasury notesmaturing August 15, 1964.

60/ Subscriptions from States, political subdivisions or instrumentalitiesthereof, public pension and retirement and other public funds, inter-national organizations in which the United States holds membership,foreign central banks and foreign States, Government investmentaccounts and the Federal Reserve Banks, as provided in the offeringcirculars, totaled $1,950 million and were allotted in full. Sub-scriptions subject to allotment totaled $12,903 million: those upto and including $100,000 were allotted in full; all others wereallotted 15 percent but in no case less than $100,000.

61/ Subscriptions were permitted to be made with payment in cash or in4-7/8? notes or 3-3/4? notes, both maturing November 15, 1964 (SeeTable 7, footnote 24).

62/ Consists of allotments on subscriptions from holders of Treasurynotes maturing November 15. 1964.

63/ Subscriptions from States, political subdivisions or instrumentalitiesthereof, public pension and retirement and other public funds, inter-national organizations in which the United States holds membership,foreign central banks and foreign States, Government investmentaccounts and the Federal Reserve Banks, as provided in the offeringcirculars, totaled $6,607 million and were allotted in full. Sub-scriptions subject to allotment totaled $15,293 million: those upto and including $100,000 were allotted in full; all other wereallotted 16.5 percent but in no case less than $100,000.

64/ In addition to the amounts allotted to the public, there was allottedto Government investment accounts $322 million of the 4? bonds of1970, $325 million of the 4-1/8? bonds of 1974, and $55 million ofthe 4-1/4? bonds of 1987-92.

65/ Subscriptions were permitted to be made with parent in cash or in

2-5/8? bonds maturing February 15, 1965 (see Table 7, footnote 26).

66/ Consists of allotments on subscriptions from holders of Treasurybonds maturing February 15, 1965.

67/ Subscriptions from States, political subdivisions or instrumentalitiesthereof, public pension and retirement and other public funds, inter-

national organizations in which the United States holds membership,foreign central banks and foreign States, Government investment accountsand the Federal Reserve Banks, totaled $582 million and, as provided In

the offering circulars, were allotted in full where the subscribermade the required certification of oimership of bonds maturingFebruary 15, 1965. Subscriptions subject to allotment totaled $10,054million: those up to and including $100,000 were allotted in full;

all othere were allotted 15 percent but in no case less than $100,000,

68/ Includes $4,253 million allotted to Federal Reserve Banks and Government

investment accounts of the 4? notes and $65 million of the 4-1/4? bonds

62/ Includes $3,051 million allotted to Federal Reserve Banks and Government

Investment accounts of the 4? notes and $1,076 million of the 4? bonds.

70/ Subscriptions were permitted to be made with payment in cash or in3-1/2? notes or 4? notes, both maturing November 15, 1965 (See Table7, footnote 28)

.

71/ Consists of allotments on subscriptions from holders of Treasurynotes maturing Noveaiber 15, 1965.

72/ Subscriptions from States, political subdivisions or instrumentalitiesthereof, public pension and retirement and other public funds, inter-national organizations in which the United States holds membership,foreign central banks and forei^ States, Government investmentaccounts and the Federal Reserve Banks, totaled $7,169 million and,as provided in the offering circulars, were alloted in full wherethe subscriber made the required certification of ownership of notesmaturing November 15, 1965. Subscriptions subject to allotment totaled$4,898 million: those up to and including $200,000 were allotted infull; all others were allotted 48 percent but in no case less than$200,000.

73/ Subscriptions for $50,000 or less were allotted in full. Subscriptionsfor more than $50,000 were allotted 14.5 percent but in no case lessthan $50,000.

74/ In addition to the amounts allotted to the public, there was allotted

to Federal Reserve Banks and Government investment accoxints $1,250million of the 4-7/8? notes and $1,121 million of the 5? notes.

75/ Includes $6,685 million allotted to Federal Reserve Banks andGovernment investment accounts.

76/ Includes $4,431 million allotted to Federal Reserve Banks and Govern-ment investment accounts of the 5-1/4? certificates and $1,519 millionof the 5-1/4? notes.

August 1966 47

PUBLIC DEBT OPERATIONS

48 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 5. - Securities Issued in Advance Refunding Operations - (Continued)

Date Issued! Securities Issued

AmountIssued(In millions)

Adjustment paymentsat issue (per $100of face value) 1/

ByTreasury

ToTreasury

Effectiveinterestrate g/

Investmentyield i/

Eligible securities exchanged

3/15/63

9/15/63

l/2?/64

3-5/858 Note

3-7/856 Bond

3-7/8% Bond -

2/15/67-B

11/15/71 i/

11/15/74 V '

4)6 Bond 2/15/80 V

3-7/856 Bond 11/15/68

A% Bond 8/15/73

4-1/8)6 Bond 5/15/89-94 V

4!6 Bond 8/15/70 V

4-1/456 Bond 5/15/75-85 4/

*9602,275206845

4,287

693532

94196

1,515

136

314251

373

1,074

17

492

24195

420210213

1,131

620

194777

1,591

500

214782621

340721

716

3,894

375125317lU105

91132

1,260

694165278211654221

2,223

239106158117

53

76

748

$0.500.100.300.10

1.100.700.900.70

1.501.70

0.90

0.900.500.700.501.001.20

0.40

0.651.600.95

1.152.101.451.15

1.800.400.70

1.352.301.651.352.000.600.90

0.951.650.951.85

1.80

0.050.750.050.95

0.90

$0.50

0.25

1.15

3.76*3.653.713.65

4.023.974.003.97

4.04

4.083.8753.97

4.074.044.064.044.084.113.964.03

4.014.234.08

4.U4.264.184.164.224.074.12

4.204.264.224.214.244.174.20

4.174.294.174.333.964.32

4.254.304.254.324.174.32

3.6556

3.653.643.63

3.973.973.963.96

3.983.983.973.97

4.044.044.044.034.044.044.034.03

4.024.024.02

4.15

,U,15

.15

,15

,U

4.214.204.204.214.214.214.20

4.164.154.164.154.154.16

4.254.254.254.254.254.25

3-1/256 Certificate2-1/256 Bond3-1/356 Certificate356 Bond

3-l/2i6 Certificate2-1/256 Bond

3-1/8J6 Certificate3* Bond

3-1/2* Note

3-5/856 Note

3% Bond

3-3/856 Bond

3-1/256

2-1/2*3-1/8*3*3-1/2*3-5/8*3*3-3/8*

CertificateBondCertificateBondNoteNoteBondBond

3-1/4* Certificate4-3/4* Note

3-3/4* Note

3-1/4*4-3/4*3-3/4*3-3/4*4*3-5/8*3-3/4*

CertificateNoteNoteBondNoteNoteNote

3-1/4* Certificate4-3/4* Note

3-3/4* Note3-3/4* Bond

4* Note

3-5/8* Note

3-3/4* Note

3-3/4* Note

5* Note3-3/4* Note4-7/8* Note2-5/8* Bond4-5/8* Note

3-3/4*

5*3-3/4*4-7/8*2-5/8*4-5/8*

NoteNoteNoteNoteBondNote

8/15/63-C

8/15/6311/15/63-D

2/15/64

8/15/63-C8/15/63

11/15/63-D2/15/64

- ll/15/65-B- 2/15/66-B

8/15/6611/15/66

8/15/63-C8/15/63

ll/15/63-D2/15/64

ll/15/65-B•2/15/66-B

8/15/6611/15/66

5/15/64-B5/15/64-A5/15/64-D

5/15/64-B5/15/64-A5/15/64-D

5/15/668/15/66-A2/15/67-B8/15/67-A

5/15/64-B5/15/64-A5/15/64-D

5/15/668/15/66-A2/15/67-B8/15/67-A

8/15/64-E8/15/64-B

11/15/64-Fll/15/64-C

2/15/655/15/65-A

8/15/64-E8/15/64-B

ll/15/64-F11/15/64-C

2/15/655/15/65-A

Footnotes at end of table. (Continued on following page)

August 1966 49

PUBLIC DEBT OPERATIONS

Table 5. - Securities Issued in Advance Refunding Operations - (Continued)

Treasury Bulletin

PUBLIC DEBT OPERATIONS ,

Table 6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities

Other than Regular Weekly Treasury Bills ^(In millions of dollars)

Issue j

August 1966 51

PUBLIC DEBT OPERATIONS.

Table 6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities

Other than Regular Weekly Treasury Bills 1/ - (Continued)

( In millions of dollars)

Issue

Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities

Other than Regular Weekly Treasury Bills i/- (Continued)

(In millions of dollars)

Issue

August 1966 53

PUBLIC DEBT OPERATIONS

Table 7. - Disposition of Matured Public Marketable SecuritiesOther than Regular Weekly Treasury Bills

Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 7.- Disposition of Matured Public Marketable Securities

Other than Regular Weekly Treasury Bills - (Continued)

Called or maturing securities 1/

DescriptionIssuedate

Amountout-standing

Disposition offersby Treasury

Cashretire-ment

Exchangesecurityoffered

Results of ex-

change offers

Ex-changed

Turnedin forcash 2/

Description of newsecurity offered(See also Table 4)

3% Bond

2-5/8% Bond

2-1/2% Bond

2-1/2% Bond

2-1/2% Bond

2/15/64

2/15/65

6/15/67-72

9/15/67-72

12/15/67-72

Total

.

2.484% Bill

2.827% Bill

3%

4% Note

2-1/4% Bond

Certificate -

Total.

2.705% Bill

2.908% Bill

IS Note

3-1/4% Note

Total.

r.3-1/2% Certificate

2-5/8% Note

3-1/4% Note

3-1/4% Certificate

3-1/4% Note

4% Note

Total

3/23/62

4/15/62

5/15/62

5/15/62

6/15/62

6/22/62

7/15/62

8/15/62

8/15/62

2/15/63-A

2/15/63-A

2/15/63-E

5/15/63-B

5/15/63-D

5/15/63-B

2.896% Bill - 9/21/62

1-1/2% Note - 10/1/62-EO

2.975% Bill - 10/15/62

2/U/58

6/15/58

6/1/45

10/20/41

11/15/45

7/26/61

4/15/61

5/15/61

4/14/60

6/1/45

9/27/61

7/15/61

9/26/57

2/15/61

2/15/62

4/15/58

11/15/61

5/15/62

5/15/61

4/1/59

3/23/62

10/1/57

10/16/61

3,854

6,896

1,757

2,716

3,515

18,739

3,503

2,000

5,509

2,211

3,963

11,684

2,511

2,004

158

7,325

7,483

6,862

2,839

3,642

6,686

5,047

1,743

26,820

1,302

590

2,003

Footnotes at end of table.

(In millions of dollars)

3,503 8/

2,000 y

2, 511 8/

2,004 y

3,854

6,896

1,757

2,716

3,515

18,739

5,509

2,211

3,963

11,684

158

7,325

7,483 12/

1,302 8/

590

2,003 2/

15/

6,0003,000

1,154

[1,651563

233181

345420

322

333

5,202

3,8071,138

465

923842284

1,9511,134

455

11,004

2

3,7806

5

3,795

772370

|1,093259

981402

953449

J1,301

720

181

379

15/ |7,860

1

99

157

423

. 154

3,534

3,688 yj

\

i

4%

r4%4%

Bond

BondBond

(',-1/2% Bond

i_j-l/2% Bond

[3-1/2% Bond

[3-1/2% Bond

[3-1/2% Bond[3-1/2% Bond

[2,806 of 4% Bond563 of 4% Bond900 of 3-1/2% Bond

933 of 3-1/2% Bond-

8/15/71

8/15/712/15/80 11/

2/15/90 11/11/15/98 li/

2/15/90 11/11/15/98 11/

2/15/90 11/11/15/98 11/

3/15/712/15/80 11/2/15/90 11/

11/15/93 11/

5/15/63-B2/15/66-B11/15/71

3-1/4% Certificate3-5/8% Note3-7/3% Bond

'3-1/4% Certificate - 5/15/63-B3-5/8% Note - 2/15/66-B_3-7/8% Bond - 11/15/71

3-1/4% Certificate - 5/15/63-B3-5/8% Note - 2/15/66-B3-7/8% Bond 11/15/71

6,686 of 3-1/4% Certificate3,114 of 3-5/3% Note1,204 of 3-7/8% Bond

3-1/2% Certificate4% Bond4-1/4% Bond

3-1/2% Certificate4% Bond4-1/4% Bond

- 8/15/63-C- 2/15/69-3/15/87-92

- 3/15/63-C- 2/15/69-8/15/37-92

3-3/4% Note

4% Bond

August 1966 55

PUBLIC DEBT OPERATIONS

Table 7. - Disposition of Matured Public Marketable Securities

Other than Regular Weekly Treasury Bills - (Continued)

Called or maturing securities 1/

DescriptionIssuedate

Amountout-standing

Disposition offersby Treasury

Cashretire-ment

Exchangesecurityoffered

Results of ex-

change offers

Ex-changed

Turnedin forcash 2/

Description of newsecurity offered(See also Table 4)

3-3/4* Note

3-1/4* Note

. 2-1/4* Bond

11/15/62-C

11/15/62-H

12/15/59-62

2-3/4* Bond - 12/15/60-65 W

'-

56 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 7. - Disposition of Matured Public Marketable Securities

Other than Regular Weekly Treasury Bills - (Continued)

August 1966 57

PUBLIC DEBT OPERATIONS

Table 7. - Disposition of Matured Public Marketable Securities

Other than Regular Weekly Treasury Bills - (Continued)

58 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 7. - Disposition of Matured Public Marketable Securities

Other than Regular Weekly Treasury Bills - (Continued)

August 1966 59

PUBLIC DEBT OPERATIONS

Table 7. - Disposition of Matured Public Marketable Securities

Other than Regular Weekly Treasury Bills - (Continued)

Date of

refiinding

or retire-ment

Called or maturing securities 1/

DescriptionIssuedate

Amountout-standing

Disposition offersby lYeasury

Cashretire-ment

Exchangesecurityoffered

Results of ex-change offers

Ex-changed

Turnedin forcash 2/

Description of newsecurity offered(See also Table A)

2/15/66

3-5/8$ Note

3-l/B% Note

1-1/2$ Note

Total

6/;

2/28/66

3/22/66

3/31/66

i/1/66

4/30/66

5/15/66

5/31/66

6/22/66

6/30/66

7/31/66

8/15/66

4$ Note

3-3/4$ Bond

A% Note

3$ Bond

Total

Grand total.

4.062$

3.783$

3.987$

1-1/2$

3:

IS

\ 3-31IS

Total.

Bill

Bill

Bill

Note

Bill

Note

Bond

3.954$

3.941$

4.075$4.281$

3.807$

3.875$

4$

3$

Bill

BillBillBill

Bill

Bill

Note

Total.

^J\

4-3/4$ Cert.

4$ Note

3-3/8$ Bond

Total

Grand total.

2/15/66-B

2/15/66-C

4/1/66-EA

5/15/66-D

5/15/66

8/15/66-A

8/15/66

2/28/66

3/22/66

3/31/66

4/1/66-EA

4/31/66

5/15/66-D

5/15/66

5/31/66

6/22/666/22/666/22/66

6/30/66

7/31/66

8/15/66-A

8/15/66

11/15/66-A

11/15/66-E

11/15/66

5/15/62

8/15/64

4/1/61

11/15/64

11/15/60

2/15/62

2/28/58

2/28/65

10/11/65

3/31/65

4/1/61

4/30/65

11/15/64

11/15/60

5/31/65

10/11/6510/11/6510/11/65

6/30/65

7/31/65

2/15/62

2/28/58

1/19/66

2/15/65

3/15/61

2,195

2,597

675

5,467

9,519

1,688

11,060

1,024

23,291

28,758

1,001

3,009

1,000

151

1,001

8,289

1,028

9,316

1,001

1,003

2,5131,007

1,001

1,000

8,436

9,136

1,652

2,254

1,851

5,757

U,893

(In millions

2,195

2,597

675

1,001 y3,009 a/

1.000 1/

151

1.001 y

1,001 3/

1,003 8/2,513 8/1,007 I?

1,001 3j

1,000 y

5,Ub7

9,519

1,688

11,060

1,024

23,291

28,758

8,289

1,028

9,316

8,436

700

9,136

1,652

2,254

1,851

5,757

14,893

of dollars)r 487p[1,470?

fiL456pU,019p

f 174pI 350p

4,957p

l,230p

657p

2,624p

324p

4,836p

9,793p

7,486p

649p

8,135p

5,602p2,310p

268p271p

8,452p

517p

586p

582p

l,686p

10,138p

J238p

|l21p

]l51p

510p

510p

802p

379p

l,181p

524P

16lp

684p

684p

[4-7/8$ Note

l_5$ Note

[4-7/8$ Note1 5$ Note

8/15/67-E11/15/70-A

8/15/67-E11/15/70-A

r4-7/8$ Note - 8/15/67-E

[5$ Note - 11/15/70-A

r2,JJ.7p of 4-7/8$ Note

|_2,840p of 5$ Note

5$ 11/15/70-A

f2,117p of 4-7/8$ Note

[7,675p of 5$ Note

-7/8$ Note 11/15/67-F

15-1/4$ Cert.15-1/4$ Note

8/15/67-A5/15/71-A

5-1/4$ Cert. - 8/15/67-A5-1/4$ Note - 5/15/71-A

'5,871p of 5-1/4$ Cert.

2,581p of 5-1/4$ Note

5-1/4$ Note 5/15/71-A

5,871p of 5-1/4$ Cert.4,267p of 5-1/4$ Note

Footnotes on following page.

60 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Footnotes to Table 7

2/2/i/

^

U

U

Source: Daily Treasury statement; Bureau of the Public Debt.

1/ Original call and maturity dates are used.

All by investors other than Federal Reserve Banks.

Rolled over into a one-year bill (see Table 4).

Holders of the maturing certificates were not offered preemptive

rights to exchange their holdings, but were permitted to present

them in payment or exchange, in whole or in part, for the 3-\/i,%

notes offered in the amount of around ?6.9 billion. For detail of

offering, see Table 4.

Excess of maturing 4-7/8^ certificates over allotments of new

securities on subscriptions from holders of those certificates (see

Table i, footnotes 6 and 7).

Advance refunding offering. Pursuant to the provisions of section

1037 (a) of the Internal Revenue Code of 1954 as added by Public Law

86-346, approved September 22, 1959, the Secretary of the Treasury

has declared that no gain or loss shall be recognized for Federal

income tax purposes upon the exchange of the eligible outstanding

securities solely for the new securities. For tax purposes, there-

fore, the investor will carry the new securities on his books at the

same amount as he had been carrying the eligible securities exchanged.

Gain or loss, if any, upon the aeeurlties surrendered in exchange

will be taken into account upon the disposition or redemption of the

new securities.. See also Table 5.

From March 20 through March 22, 1961, owners of 2-\/lS bonds of June

15, 1959-62, 2-l/4i6 bonds of December 15, 1959-62, 2-5/8^ notes

maturing February 15, 1963, and 2-1/2^ bonds maturing August 15, 1%3,were granted the option of exchanging their holdings. The first

three were exchangeable for a new 3-5/8% bond due November 15, 1967,

and the last for a new 3-3/8% bond due November 15, 1966. Exchangeswere subject to allotment if suhscriptions exceeded $5 billion for

the bonds of 1967 or $3 billion for the bonds of 1966.

Tax anticipation issue; for detail of offerings beginning 1961, see

Table 4; for amounts redeemed for taxes and for cash see "Note" below.

Holders of the maturing certificates and notes were not offered

preenptive rights to exchange their holdings, but were permitted to

present them in payment or exchange, in whole or in part, for the

$5,250 million offering of 3% certificates or the $2,500 million

offering of 3-1/4? notes. For detail of offering, see Table 4.

Excess of maturing 4-3/8% certificates and 3-5/8% notes over

allotments of new securities on subscriptions from holders of those

certificates and notes (see Table 4, footnotes 12 and 13).Reopening of an earlier issue.$1,569 million was redeemed for cash and $168 million was exchanged

for the tax anticipation bills dated March 23, 1962 (see Table 4).

Holders of the maturing notes were not offered preemptive rights to

exchange their holdings, but were pennitted to present them in

payment or exchange, in whole or in part, for the $6,500 millionoffering of 3-1/2% certificates, the $1,500 million offering of

4% bonds, or the $750 million offering of 4-1/4% bonds. For detailof offering, see Table 4.Excess of maturing 4% notes and 3-1/4% notes over allotments of new

securities on subscriptions from holders of those notes (see Table 4,

footnotes 27 and 28).From September 10 through September 12, 1962, owners of securitiesmaturing February 15, 1963 (3-1/2% certificates, 2-5/8% notes,

3-1/4% notes), and May 15, 1963 (3-1/4% certificates, 3-1/4% notes,

4% notes) were granted the option of exchanging their holdings,subject to allotment if subscriptions exceeded the offering limitsof $6 billion for the notes and $3 billion for the bonds.Called on August I4, 1962, for redenption on December 15, 1962.Holders of the maturing one-year bills were offered the option toexchange the bills for the tax anticipation bills dated October 15,1963 (see Table 4, footnote 45).Holders of the maturing certificates and notes were not offeredpreemptive rights to exchange their holdings, but were permitted topresent them in payment or exchange, in whole or in part, for the$7,600 million offering of 3-7/8% notes. For detail of offering, seeTable 4.Excess of maturing 3-1/8% certificates and 4-7/8% notes over allot-ments of new securities on subscriptions from holders of thosecertificates and notes (see Table 4, footnotes 47 and 48).

8/

2/

iQ/

U/

U/

ly

w12/

18/

12/

20/ Tax anticipation bills issued to replace the maturing one-year bills

(see Table 4, footnote 50).

21/ From January 13 through January 17, 1964, owners of seciirities

maturing August 15, 1964 (3-3/4% notes and 5% notes), November 15,

1964 (3-3/4% notes and 4-7/8% notes), February 15, 1965 (2-5/8% bonds),

and May 15, 1965 (4-5/8% notes) were granted the option of exchangingtheir holdings subject to allotment if subscriptions exceeded the of-fering limits of $4 billion for the 4% bonds and $750 million for the

4-1/4% bonds. Subscriptions to the 4-1/4% bonds exceeded the limita-tion. For allotment details see Table 4, footnote 52.

22/ Holders of the maturing notes were not offered preemptive rights toexchange their holdings, but were permitted to present them in

payment or exchange, in whole or in part, for the 3-7/8% notes

offered in the amount of about $4.0 billion. For detail of offering,

see Table 4.

23/ Excess of maturing 5% notes and 3-3/4% notes over allotments of new

securities on subscriptions from holders of those notes (see Table 4)

footnotes 59 and 60)

.

24/ Holders of the maturing notes were not offered preemptive rights to

exchange their holdings, but were permitted to present them in pay-ment or exchange, in whole or in part, for the 4% notes offered in theamount of about $9 1/4 billion. For detail of offering, see Table 4.

25/ Excess of maturing 4-7/8% notes and 3-1/4% notes over allotments of

new securities on subscriptions from holders of those notes (see Table

4, footnotes 62 and 63).

26/ Holders of the maturing bonds were not offered preemptive rights to

exchange their holdings , but were permitted to present them in pay-

ment or exchange, in whole or in part, for the 4% notes offered in

the amount of about $2,170 million. For detail of offering, see

Table 4.27/ Excess of maturing 2-5/8% bonds over allotments of the new security

on subscriptions from holders of those bonds (see Table 4, footnotes

66 and 67).

28/ Holders of the maturing notes were not offered preemptive rights to

exchange their holdings, but were permitted to present them in pay-

ment or exchange, in whole or in part, for the $9,700 million of-

fering of 4-1/4% notes. For detail of offering, see Table 4.

22/ Excess of maturing 3-1/2% notes and 4% notes over allotments of new

securities on subscriptions from holders of those notes (See Table 4,

footnotes 71 and 72).

p Preliminary.

Note: Information on retirement of tax anticipation issues referred toin footnote 8, in millions of dollars:

Date ofretirement

August 1966 61

62 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 8. - Foreign Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries - (Continued)

(Payable in U. S. Dollars)

August 1966 63

PUBLIC DEBT OPERATIONS.

Table 8. - Foreign Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries - (Continued)

(Payable in U. S. Dollars)

64 Treasury Bulletin

PUBLIC DEBT OPERATIONS,

Table 8. - Foreign Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries -(Continued)

(Payable In U. S. Dollars)

August 1966 65

PUBLIC DEBT OPERATIONS

Table 8. - Foreign Series Securities (Nonmarketable)Issued to Official Institutions of Foreign Countries - (Continued)

66Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 8. - Foreign Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries - (Continued)

iu^ust 1966 67

PUBLIC DEBT OPERATIONS

Table 9. - Foreign Currency Series Securities (Nonmarketable)Issued to Official Institutions of Foreign Countries

Month of

activity

68 Treasury Bulletin

PUBLIC DEBT OPERATIONS

Table 9. - Foreign Currency Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries - (Continued)

August 1966 69

PUBLIC DEBT OPERATIONS

Table 9. - Foreign Currency Series Securities (Nonmarketable)Issued to Official Institutions of Foreign Countries - (Continued)

70 Treasury Bulletin

UNITED STATES SAVINGS BONDS.

Series E and H are the only savings bonds currently

being sold. Series E has been on sale since May 1, 13^1,

and Series H has been on sale since June 1, 1952. Series

A-D were sold from March 1, 1935, through April 30, 19^1.

Series F and G were sold from May 1, 19'+1. through April

30, 1952. Series J and K were sold from Maiy 1, 1952 througn

April 30, 1957. Details of the principal changes In Issues,

Interest yields, maturities, and other terms appear In the

Treasury Bulletins of April 1951, May I952, May 1957, Octo-

ber and December 1959j and May and October I961.

Table 1. - Sales and Redemptions by Series, Cumulative through July 31, 1966

(In millions of dollars;

Series

Series A-D 2/.Series E and H

Series F and G

Series J and K

Total A-K

Sales 1/

3,949130,22428,396

3,556

166,124

Accrueddiscount

1,05423,5861,125

186

25,951

Sales plusaccrueddiscount

5,003153,81029,5213,742

192,075

Redemptions }/

4,994104,01229,4542,917

141,377

Amount outstanding

Interest-bearing debt

49,798

50,606

Maturednoninterest-bearing debt

67

16

93

Source: Daily Treasury statement; Office of Debt Analysis in the Officeof the Secretary.

Footnotes at end of Table 4.

Table 2. - Sales and Redemptions by Periods, All Series Combined(In millions of dollars)

Period Sales 1/Accrueddiscount

Sales plusaccrueddiscount

Redemptions 1/

Salesprice 2/

Accrueddiscount 3/

Amount outstanding

Interest-bearing debt

Maturednoninterest-bearing debt

Fiscal years;1935-195619571958

1959I96019611962196319641965

1966

Calendar years :

1935-1956195719581959I9601961

1962196319641965 ,

Months

:

1965-JulyAugust. .

.

SeptemberOctober.

.

November.December.

1966-January .

February.March. . .

.

April . . .

.

MayJune

July

120,0954,8814,6704,5064,3074,4644,4214,5184,6564,543

4,650

122,5654,6054,6894,3204,3504,5394,2784,7604,609

4,486

388371

342369338

329

473345457426413397

411

12,2891,2161,2261,2281,2401,286

1,3581,4081,4761,517

1,554

12,8971,2161,2351,221

1,2621,3221,3971,4231,508

1,527

148117

130113117

140

151

126

128120

117146

154

132,3846,0975,8965,7345,5475,7495,7805,9266,1326,060

6,204

135,4625,821

5,9245,5415,6125,861

5,6756,1836,117

6,013

536489473483455469

624471

585546530543

566

74,5278,9538,5447,2498,5575,8195,7165,273

5,1645,340

5,724

78,4449,6307,2558,7726,7325,5955,6025,021

5,252

5,441

463456451406396420

653460

543513472491

499

69,1918,0557,671

6,3777,5425,033

4,9344,4824,383

4,792

72,7138,6746,4507,7635,851

4,8424,7924,2594,4454,552

387385380342334353

527

386

456430399413421

5,336903873872

1,01578178279178185s

932

5,730956805

1,009881

754810762807

889

7571

71

6462

68

125

748783

7378

79

57,49754,622'

51,98450,50347,54447,51447,607

48,3U49,29950,04350,537

56,29352,47451,19248,15447,15947,45847,53548,82749,734

50,324

50,11950,15550,18050,25950,320

50,324

50,319

50,335

50,38350,42050,483

50,537

50,606

360

374364

331280240211157139110

95

725734686

494368

335331201

158

Ul

107

104101

9996

141

117111

105102

9895

93

Source: Daily Treasury statement; Office of Debt Analysis in the Officeof the Secretary.

Footnotes at end of Table 4.

August 1966 71

.UNITKD STATES SAVINGS BONDS.

Table 3. - Sales and Redemptions by Periods, Series E through K( In millions of dollars)

Period Sales 1/Accmeddiscount

Sales plusaccrueddiscount

Redemptions 1/

Salesprice 2/

Accrueddiscount2/

Amount outstanding

Interest-bearingdebt

Maturednoninterest-bearing debt

Series E and H combined

Fiscal years;19^1-1956195719581959I960196119621963196419651966

Calendar years:1941-1956195719581959I960

1961

1962196319641965

Months :

1965-JulyAugust. . .

.

September.October. .

,

November.

.

December.

.

1966-January . .

.

February .

.

MarchAprilHayJune

July

Fiscal years;1941-1956195719581959I960

196119621963196419651966

Calendar years;W41-1956195719581959I960

19611962

1963,

19641965

Months

:

1965JulyAugust. . .

.

September.October. .

.

November.

.

December.

.

1966-January .

.

February .

,

March. . .

.

AprilMayJune

July

84,4634,6134,6704,5064,3074,4644,4214,5184,6564,5434,650

86,7634,5074,6894,3204,3504,5394,2784,7604,6094,486

388371342369

338329

473345457426413397

411

10,2981,1331,1611,1741,1941,2541,3311,3S61,4581,5021,542

10,8631,1431,1781,1691,2241,2931,3721,4041,4911,514

146116129112116

139

150

125

127119117

H5153

31 ,683

268

31 ,85398

9378365

54

4632272218

1512

74

58

52

38

29

25

19

1614

94,7615,7465,8315,6805,5015,7175,7535,9046,114

6,0456,192

97,6255,6495,8675,4895,5745,8325,6506,1646,1016,000

535488472482

454468

622

470584545530542

565

53,8325,1765,1875,1075,5024,6274,6034,5004,7364,9875,305

56,2285,4694,8565,5194,9964,4844,6364,5574,8415,117

435430429332372

394

608

419

493466430

U5449

50,0384,4444,4324,3104,6163,9063,8733,7593,982

4,1544,408

52,1054,6864,1294,6364,2023,7813,8823,8234,0614,254

362362

360321313

329

i86349410386360

371

373

Series F, G, J, ana K combined 4/

32,61935265

54463227

2218

1512

32,83317258

52

3829

25

191614

15,739 y3,7743,3502,1373,049 6/1,188 7/1,110 8/

771 1/426 2/358418

17,257 5/

4,1532,3953,2461,732 ^7/1,108 2/8/963 8/2/462 2/^

410323

28

2522

23

2426

45

4150

474246

51

15,2393,6053,2352,0632,9211,1291,059

722400

333384

16,6923,9822,3183,1221,6461,058909434383297

25

23

202122

24

41

3746443942

47

Footnotes at end of Table 4.

3,794732755797886721

731

742754

833

897

4,122783727883794703

754733780

863

7368

6962

60

65

122

7184

7970

74

75

500

16911674

128

59

51

4927

24

35

565171

77

12586

50

5528

2726

2

2

2

2

2

3

3

3

443

4

3

40,92941,49842,U242,71642,71543,80644,95546,35947,737

48,79549,682

41,39841,57842,58942,55943,137U,48545,49947,10648,366

49,249

48,89448,95148,99449,09349,17549,249

49,263

49,31449,40549,48549,58549,682

49,798

16,56813,1249,8427,7874,8293,7092,6521,9551,5631,248856

14,89510,8968,6035,5944,0222,9732,0^36

1,7211,3681,075

1,2251,2041,1851,1661,1451,075

1,055

1,021978935897856

(Continued on following page)

312

335331303257222196

144127

9986

681

698655468348318316188

U7131

9693

918986

131

107

102

969288

86

84

72 Treasury Bulletin

UNITED STATES SAVINGS BONDS.

Table 3. - Sales and Redemptions by Periods, Series E through K - (Continued)

( In millions of dollars)

Period Sales 1/Accrueddiscount

Sales plusaccrueddiscount

Redemptions 1/

TotalSales.price 3/

Accrueddiscount 3/

Exchanges of

E bonds forH bonds

Amountoutstanding( interest-bearing debt)

Fiscal years:1941-1956.. . . .

.

195719581959196019611962196319641965

1966

Calendar years:

Wil-Wi19571958 ,

1959196019611962196319641965

Months :

l%5JulyAugust. .

.

September,

October.

.

November .

,

December.

1966-January. .

,

February

.

March. . .

.

AprilMayJune

July,

Fiscal years:1952-1956195719581959196019611962196319641965

1966

Calendar years :

1952-195619571958195919601961196219631964

1965

Months:

1965-JulyAugust. .

.

SeptemberOctober.

.

November.December.

1966-January.

.

February

.

March. . .

.

April. . .

.

MayJune

July

81,2383,9193,8893,6883,6033,6893,6743,9144,1364,112

4,246

83,1763,8753,8023,5983,6323,7113,6244,1854,1324,092

351

341

315

342310

305

433317407387375364

372

10,298

1,1331,1611,1741,1941,2541,3311,3861,4581,502

1,542

10,8631,1431,1781,1691,2241,2931,3721,4041,4911,514

146116

129

112116

139

150125

127

119117

145

153

91,5365,0525,0494,8624,797

4,9435,0055,3005,5945,514

5,787

94,0385,0184,9794,7674,8565,003

4,9965,5895,6235,606

497457444455426

U3582441

534506493

509

525

53,6384,9814,9514,8895,1314,3944,3434,2034,3634,538

4,801

55,9515,2204,6585,2254,7294,2494,3494,229

4,4254,650

398391

382

343335357

568372

UO424387

405

406

49,8444,2434,196

4,0924,2953,6733,6133,4613,6093,705

3,904

51,829

4,4373,9314,3423,9353,5463,5953,4953,6463,787

324323313281

275291

446301

357345317331

331

3,794732755797886721713742754833

897

4,122783727

883

794703

754733780863

7368

69626065

12271

847970

74

75

Series H

201188219191206188

212

278212

199208

198190

18

16

15

16

1412

2214

25

1821

n9

37,89837,96938,067

38,04037,45637,81738,26039,16640,19041,078

41,853

38,08737,88538,20637,74837,59738,14038,58739,74040,739

41.504

41,15941,20941,25741,35341 ,430

41,504

41 ,49741,55241,620

41,68441,768

41,853

3,225694782818704775747604521431

404

3,587631887722718828654575477

394

383028

2728

25

4029

50

403833

39

3,225694782818

704775747604521431

404

3,587631887722718828

654575477394

38

3028

27

28

25

40

29

50

4038

33

39

194196236217322

233260298373449

504

277248198294267

235287328416467

37

3947

3938

38

40

48

53

4242

40

42

194196236217322

233260298373449

504

277

248198294267

235287

328416467

37

39473938

38

4048

534242

40

42

201188

2;9191206188

212

278212

199208198

190

1816

15

16

14

12

22

14

2518

21

19

3,0313,5294,0754,6765,2595,989

6,6957,1937,5467,716

7,829

3,3103,6934,3834,8115,5406,3456,9127,3677,627

7,744

7,7357,7427,7377,741

7,7457,744

7,767

7,7627,7857,8017,817

7,829

7,848

Source: Daily Treasury statement; Office of Debt Analysis in the Officeof the Secretary,

Footnotes at end of Table 4*

August 1966 73

.UHITED STATES SAVHJGS BONDS.

Table 4. - Redemptions of Matured and Unmatured Savings Bonds

(In millions of dollars)

Period Total 1/

Matured

TotalSeries Eand H

Unmatured

Series Eand H Other

Unclassified

10/

Fiscal years;

1951

1952

1953195419551956

19571958195919601961

19621963

196419651966

Calendar years:1951...;

1952

19531954195519561957195819591960

1961

1962

1963

1964

1965

Months

;

1965-JulyAugust. .

.

SeptemberOctober .

.

November

.

December.

1966-January .

.

February.

March. . .

.

April. ...

MayJune

July

6,1375,1095,621

6,5157,2517,8468,9588,5447,2498,5575,8195,7165,2735,1645,3465,724

5,651

5,0746,1496,9857,301

8,2649,6307,2558,7726,732

5,5955,6025,021

5,2525,441

463456451406396420

653460

543513472491

499

817792

1,761

2,7473,9414,2634,1153,7303,6214,1262,6732,5932,2502,057

2,1842,253

772

1,0152,3183,171

4,2304,2464,1563,3934,701

3,0332,5552,3872,0432,1712,148

151

199

159162174145

195161

294226199190

176

38702

1,128

1,4871,8261,9171,971

1,9061,9962,3041,7331,6681,5931,754

1,9381,973

254968

1,3281,5002,0471,8912,0841,691

2,4331,9U1,6331,6561,6171,8891,932

139I84

144148158131

172

130

260

194160153

145

77990

633 1/1,260 V2,1152,3452,1441,8241,6251,822 6/940 7/925 8/657 2/304246280

518

47990 V

1,6722,1832,3552,0721,7022,268 6/1,089 6/ 7/922 7/ i/730 8/ 2/426 2/282216

12

15

151416

14

23

30

33

323936

30

5,3004,3163,8593,5893,3943,4674,6574,7393,7784,541

3,3583,0702,9513,088

3,2843,300

4,9144,0253,7993,0573,6663,8995,2073,8414,5203,9383,1003,0023,031

3,1573,287

233316261263285

237

302

160

355

335278273

262

4,2583,3042,9552,7152,7752,7853,1323,1953,2353,2853,0752,8752,8122,94B

3,1653,196

3,8173,0962,8822,4642,9762,9203,3223,091

3,4453,1142,8992,8272,9053,0263,176

232304252254278

229

295

150

345

325268264

252

1,0421,012904874619682

1,526

1,5U543

1,356283196

139

140118104

1,097929917

593689979

1,886750

1,075825201

175

125

131

111

1

13

109

7

7

7

10

101010

9

10

191

«

179-84116

185

75-150-210-212

537319

-121172

-37

3431

757-59512026622

-449-239-60

213-52-76

6

78-60

30-19-63

39

156

139

-105-48-528

62

Source: Daily Treasury statement; Office of Debt Analysis in the Officeof the Secretary.

Mote: In these tables sales of Series A-F and J bonds are included at issueprice, and redemptions and amounts outstanding at current reden^tionvalue. Series G, H, and K are included at face value throughout. 4/Matured bonds which have been redeemed are included in redemptions.Matured J and K bonds outstanding are included in the interest-bearingdebt until all bonds of the annual series have matured, and are then ^transferred to matured debt on which interest has ceased.

1/ Sales and reden^tion figures include exchanges of minor amounts of (1) 6/matured Series E bonds for Series G and K bonds from May 1951 throughApril 1957 and (2) Series F and J bonds for Series H bonds beginning 7/January I960; however, they exclude exchanges of Series E bonds forSeries H bonds, which are reported in Table 3. 3/

2/ Details by series on a cumulative basis and by periods for Series A-Dcombined will be found in the February 1952 and previous issues of the 2^Treasury Bulletin.Because there is a normal lag in classifying reden^tions, the distribu- 10/tion of redemptions between sales price and accrued discount has beenestimated. Beginning with the Treasiiry Bulletin of March 1961 the •

method of distributing redemptions between sales price and accrued

discount has been changed to reflect the distribution shown in final

reports of classified redenqjtions. All periods shown have beenrevised on this basis.Series F and G sales were discontinued April 30, 1952, and Series J

and K sales were discontinued April 30, 1957. Sales figures after

April 30, 1957, represent adjustments.Includes exchanges of Series 1941 F and savings bonds for 3-1/45K

F and G bonds for 4-3^45^ marketable

F and G bonds for 4^ marketable

3/

marketable bonds of 1978-83.Includes exchanges of Series 1948notes of 1964.Includes exchanges of Series 1949bonds of 1969.Includes exchanges of Series 1950 F and C bonds for 3-7/81 marketable

bonds of 1968.Includes exchanges of Series 1951 and 1952 F and G bonds for 3-7/8it

marketable bonds of 1971 and 4$ marketable bonds of 1980.

Represents changes in the amounts of redemptions not yet classified

between matured and unmatured issues.

Less than $500,000.

74 Treasury Bulletin

.UNITED STATES SAVINGS BONDS.

Table 5. - Sales and Redemptions by Denominations, Series E and H 1/ Combined( In thousands of pieces)

PeriodTotal alldenominations

»10 2/ »25 »50 $75 2/ $100 $200 4/ t500 $1,000 $5,000

Sales 7/

Fiscal years:1941-5619571958195919601961

19621963196419651966p

Calendar years

19U-56.195719581959I96019611962196319641965

Months:1965-July

AugustSeptember.

October. .

.

November.

.

December.

.

1966-January. .

.

February..March

April

May pJune p

Inception to date p.

1,786,66190,16089,43185,88285,60786,49586,47989,62796,60999,560103,500

1.830,857

90,85686,67684,94586,65985,75787,09494,12398,414100,657

8,5538,2347,939

9,0517,8447,903

10,6447,3369,608

9,033

8,5678,787

2,700,013

21,076

21,076

21,076

1,211,99456,32754,90852,89552,97253,45353,010

54,62959,23060,92863,430

1,239,510

56,36153,20052,45253,91052,52853,50357,39160,21761,841

5,2935,0234,830

5,7444,7824,895

6,7084,4145,757

5,551

5,1035,329

1,773,776

286,55220,25621,04320,10820,22020,43420,90121,90323,44223,94724,704

296,43121,16620,15220,05020,34720,U721,32922,82823,81624,106

2,0091,9861,951

2,097

1,9191,901

2,4231,7792,354

;,09;

2^109

503,511

135

1,1411,469

6321,322

115113112

114111

113

144106137

13;

133138

2,745

199,8799,9699,8249,4779,2089,2739,2869,62310,324

10,40910,714

204,850

9,8469,6909,2419,1849,3229,19610,162

10,44510,366

86b

855829

869

818792

1,048794

1,033

939

936934

297,985

9,726851

893798774789813928

1,006

9821,010

10,159887823

775768816

7991,0191,000970

32

7972

78

7269

967399

100

97

93

18,572

27,8391,3201,3041,2121,1651,2011,1861,2331,220

1,0871,101

28, 51'2

1,2571,3021,1411,1731,2471,0981,3251,151

1,044

959075

78

7570

110

84112

108

109

95

39,868

29,3731,3961,4131,3401,2301,2991,2371,2701,214

1,0331,042

30,076

1,3051,4541,2431,2381,3461,1271,3571,117

973

893567

68

6461

111

85

113

108

10487

U,847

15529

33

3527

31

30

2522

1817

169

25

38

30

27

3427

2420

17

2

1

1

1

1

1

2

1

2

2

2

1

421

Redemptions 7/

Fiscal years:1941-56.... ....

1957195819591960196119621963196419651966P

Calendar years1941-56.195719581959I96019611962196319641965

Months;

1965-JulyAugust. . .

.

September.

October. ..

November.

.

December

.

1966-January. .

.

February.

.

March

April.

.

May p.

.

June p.

Inception to date p.

1,319,01293,17593,45288,64790,74885,07783,80483,46987,242

90,01294,718

1,363,94796,38488,90290,08387,81982,76284,28584,96588,054

92,532

7,8228,0527,858

6,9776,9157,289

9,4477,2848,700

8,3707,8218,178

2,209,355

18,609321

231177

144101

7862

54

5147

18,774280

19716112287

71

58

50

50

444

3

3

3

6

44

43

3

19,875

952,33460,61259,88056,03656,79654,28052,95853,01855,264

56,73659,233

981,968

61,69557,08056,38955,55252,62653,23154,05555,682

58,045

4,9055,1334,946

4,3814,3874,654

5,6754,5125,415

5,172

4,9195,132

1,517,148

198,51818,16519,46718,59819,50718,65418,74619,02220,034

20, 7U21,947

207,148

19,77718,29619,15019,08918,34619,00619,40220,204

21,330

1,7981,8191,829

1,6181,5781,648

2,2041,7332,047

1,9901,7931,890

393,402

245585

65

434

38

41U41

4446

54

4458

59

57

60

830

118,95710 , 590

10,43310,39410,6349,1979,1508,7159,080

9,3229,822

123,891

10,96110,07510,6969,8488,9379,1298,7719,180

9,533

821809795

714691717

1,122

744892

882

799837

3,598633639675725616653601

648

694756

3,890666627722657609653615670715

6261

58

5453

53

9058

68

67

6466

216,295 10,238 25,580 25,773

13,3601,3541,3201,3011,3511,0761,0771,0051,051

1,0701,113

14,479

1,4081,2501,3681,2011,0451,0701,0081,0671,080

9391

81

7780

13689

102

959092

13,1201,4851,4641,4511,5671,1391,1261,0231,088

1,1221,182

13,778

1,5781,3651,5751,3341,0981,1081,0371,1111,136

939291

82

80

86

15897111

99

9494

9911

915

10

10

12

15

1922

12

12

91412

912

131820

2

2

2

2

2

2

2

2

2

2

2

2

142

Note: These figures are estimates by the Office of Debt Analysis in theOffice of the Secretary and are based on the daily Treasury statementand reports from Federal Reserve banks and the Bureau of the Public Debt.

1/ Sales of Series H bonds began on June 1, 1952; the denominationsauthorized were $500, $1,000, $5,000, and $10,000.

2/ Sales «ere authorized in June 1944, to Armed Forces only, and dis-continued after March 31, 1950.

3/ Sales began on May 1, 1964.

^ Sales began in October 1945.

^ Sales of $10,000 denomination Series E bonds were authorized on May 1,

1952.

6/ Includes sales and redemptions of $100,000 denomination Series E bonds

which are purchasable only by trustees of employees' savings plansbeginning April 1954, and also personal trust accounts beginning Jan-uary 1955.

7/ See Table 4, footnote 1.* Less than 500 pieces. p Preliminary.

August 1966 75

UNITED STATES SAVINGS BONDS.

Table 6. - Sales by States, Series E and H^ Combined(, In thousands of dollars at issue price)

State

Inception

throughJune 1966

2/

1965

July Aug. Sept. Oct. Nov. Dec.

1966

Jan. Feb. Kar. Apr, May

AlabamaAlaskaArizona

ArkansasCaliforniaColorado

ConnecticutDelawareDistrict of Columbia.

FloridaGeorgiaHawaii

Idaho

IllinoisIndiana

IowaKansasKentucky

LouisianaMaineMaryland

MassachusettsMichiganMinnesota

MississippiMissouriMontana

NebraskaNevadaNew Hampshire

New JerseyNew MexicoNew York

North CarolinaNorth DakotaOhio

OklahomaOregonPennsylvania

Rhode IslandSouth CarolinaSouth Dakota

TennesseeTexasUtah

VermontVirginiaWashington

West VirginiaWisconsinVtyoming

Canal ZonePuerto RicoVirgin Islands ,

Undistributed andadjustment to dailyTreasury statement.

Total

1,23A,11961,720 2/

480,861

720,1918,771,269964,553

2,009,117365,041

1,335,7U

1,724,6541,381,384471,037

300,99810,333,9783,620,578

3,516,0852,055,6821,416,762

1,212,558476,399

1,653,150

3,579,9987,189,9552,363,349

686,9453,634,714615,626

2,055,751157,403295,318

4,856,476313,805

14,407,757

1,416,000617,566

8,051,797

1,564,3641,183,864

10,782,025

551,004721,087754,204

1,298,4544,433,262

502,360

159,5822,110,3492,036,262

1,299,1632,847,894

239,559

79,57072,6144,105

4,824,326 V129,812,358

3,138315

1,620

1,46923,1692,116

6,1701,5903,382

6,1333,6421,060

51927,92110,295

7,9294,0923,725

3,3591,088

5,394

9,75226,4245,489

1,11610,6991,243

4,394479689

15,372835

42,004

3,2471,139

22,301

3,861

2,39434,077

1,3371,7161,269

3,00810,0221,749

3976,0724,410

3,3717,760

552

216

120

22

42,585

3,177331

1,412

1,37423,4462,462

5,2061,7633,479

6,1733,413984

54526,6849,378

7,6274,3703,685

2,9361,1116,400

9,87324,7095,360

1,21511,0661,080

4,347468707

15,514913

37,511

3,619916

23,568

3,8912,071

33,105

1,2132,0601,402

3,4239,8951,505

3546,6294,442

3,3237,296

429

339

19942

33,048

3,247 371,488

2,994233

1,466

1,31122,5712,221

5,3031,9143,357

5,0753,635939

45923,5439,161

7,2903,8803,823

2,8061,2265,241

8,98120,3614,798

1,04410,3U1,062

4,306476801

13,401r881

36,785

3,875961

21,070

3,5391,992

30,032

1,0931,7801,246

3,0129,4261,492

3644,4124,079

2,9476,514

385

171

297

33

32,102

2,961338

1,419

1,14922,6382,216

5,4031,5402,156

5,5493,5431,037

45522,7179,885

6,8163,8713,204

2,548836

5,755

8,20922,2055,006

9189,7751,086

4,589523

489

12,985792

35,183

3,1151,196

20,908

3,4671,888

31,103

9392,1391,474

2,8019,2721,516

3125,9464,157

3,1166,756

371

41114420

60,564

2,836239

1,508

1,33421,0931,863

5,7151,7523,249

5,6303,7371,073

41024,1149,667

6,9053,9643,367

2,8671,0935,404

9,04822,2704,824

1,13310,8411,206

5,217489680

14,120760

36,749

3,6331,183

21,639

4,0131,80431,678

1,0721,3891,442

2,9478,8851,322

3405,1663,926

3,0776,428448

272

35831

21,607

3,155299

1,129

1,32422,860

2,495

6,7681,6093,037

5,6403,880

899

50226,7229,980

9,0184,3603,772

2,9771,0586,481

9,79327,3904,935

1,04711,3571,165

6,206741718

15,442903

40,154

3,7641,159

22,818

4,2302,18234,074

1,3921,8721,742

3,1599,7651,392

3386,5714,315

3,1617,107

518

251

21723

-18,442

3,471212

2,059

1,64326,3862,504

5,9211,6543,843

7,1374,0091,135

502

29,35511,372

11,6525,3154,383

3,5391,2755,631

10,58924,3275,117

1,12511,5451,275

8,846572

949

15,7131,067

40,624

4,2791,462

25,149

4,4152,647

34,217

1,3682,0621,854

3,68610,3071,720

4036,1274,662

3,7277,644

475

30118740

101.337

342,480 369,411 337,817 329.424 472,816

_L

3,003242

1,902

1,74321,4282,403

5,700

1,3582,119

6,9903,299902

573

26,18410,023

8,7584,5063,704

3,1829U

5,957

9,54424,4334,664

1,36810,5641,445

5,151496574

15,2261,179

40,678

3,5401,310

23,144

3,5602,40131,840

1,0631,7411,852

3,36811,0301,582

3575,8364,651

3,2736,552

534

35226116

6.947

3,592333

2,052

1,43827,0932,666

7,3832,2384,327

7,2124,.502

630

53333,28011,616

12,9924,7304,797

3,4621,2216,474

10,75327,726

4,815

1,16512,9191,613

5,784589

877

17,2821,165

47,481

3,7121,274

27,850

4,3322,468

39,131

1,6301,7592,172

3,79711,4571,666

513

6,5444,535

4,0327,409

460

30629331

56,889

345,422 457,005

3,351293

2,117

1,44428,3932,500

6,862

1,4164,802

7,7333,4401,550

59229,02810,416

10,2915,0334,170

3,251826

6,690

9,29025,9095,707

1,16811,0771,410

6,282606528

16,0861,204

46,034

3,7761,070

25,717

4,0652,709

34,803

1,2631,8701,910

3,78610,6931,558

3086,2494,751

3,7917,579

516

289

205

5

50.031

3,U3252

2,055

1,51925,4352,202

6,9071,8533,528

8,0583,9271,038

520

28,13310,312

9,7714,2913,786

3,2781,2706,745

11,41726,9195,427

1,118

11,5591,338

5,097639865

17,1511,019

44,040

3,9471,136

25,103

3,7512,338

34,847

1,3032,0341,428

3,28510,870

1,504

3536,1894,427

3,9637,603

423

29043637

42.553

426,443 412,992

Source: Daily Treasury statement and reoorts from Federal Reserve banks

.

1/ Sales of Series H began June 1, 1952.

2/ Figures include exchanges of minor amounts of Series F and J bondsfor Series H bonds beginning January 1960; however, they excludeexchanges of Series E bonds for Series H bonds,

2/ Excludes data for period April 1947 through December 1956, when

reports were not available. In previous issues of the Bulletin, data

for period May 1941 through March 1947 were included in "Other

possessions," and data for calendar years 1957 and 1958 were included

in "Adjustment to daily Treasury statement."

^ Includes a small amount for other possessions.

r Revisea,

76 Treasury Bulletin

OWNERSHIP OF FEDERAX SECURITIES,

Table 1. - Distribution of Federal Securities by Classes of Investors and Types of Issues

(In millions of dollars)

End of

fiscal yearor month

TotalFederalsecuri-ties out-standing

1/

Interest-bearing securities issued by the U.S. Government

Totalout-standing

Held by U.S. Governmentinvestment accounts 2/

TotalPublicissues

Specialissues

Held by

FederalReservebanks -

public

Held by privateinvestors ^/

Publicmarket-ableissues

Publicnon-market-ableIssues

Interest-bearing securities guar-anteed by the U.S. Government V'

Totalout-standing

Held by

U.S.Governmentinvestmentaccounts2/

Held by

privateinvestors

i/

Matureddebtanddebtbearingno

interest

195719581959I960196119621963196^1965

i96b ,

1965- JulyAugust. , ,

,

September.October, .

.

November.

.

December.

.

1966- January . .

,

February.

.

MarchApril

MayJune

July.

270,634276,444284,817286,471289,211298,645306,466312,526317,864

320,369

317,056318,742317,270319,394322,176321,359

322,419323,746321,454320,051322,825

320,369

319,768

268,486274,698281,833283,241285,672294,442301,954307,357313,113315,431

312,197313,896312,359314,557317,357316,515

317,599318,921316,582

315,219317,927315,431

314,880

55,501

55,84254,55455,25956,00256,29658,20660,964

63 J 236

66,6l8r

62,18264,70363,47262,14062,70261,767

59,88561,60661,59760,39064,38766,6l8r

66,281

8,6749,5969,79910,36010,95911,35713,40514,33714,58615,497r

14,39314,92315,40315,18315,65015,512

15,52915,82415,638

15,46915,58215,497r

15,585

46,827/6,24644,75644,89945,04344,93944,80146,62748,65051,12:

47,78949,78048,06946,95747,05246,255

44,35645,78145,95944,92148,80551,120

50.696

23,03525,43826,04426,52327,25329,66332,02734,79439,100

42,169

39,20739,04939,77439,65740,57540,768

40,56540,18940,73440,71341,48042,169

42,380

189,949193,418201,235201,459202,417208,483211,721211,598210,776

206,645r

210,808210,144209,113212,760214,080213,979

217,149217,126214,251214,115212,060206,645r

206,218

127,179134,593144,983149,546151,392157,418160,361159,575157,220153,566r

157,276156,641155,410159,363160,500160,430

163,667163,782160,883160,926158,807153,566r

153,247

6:., 770

58,82556,25251,9X351,025

51,06551,36052,02353,556

53,079

53,53353,50353,70353,39753,579

53,549

53,48253,34453,36853,18953,25353,079

52,971

106101

110

139240

444605812

589

460

470499519490462

453

413

433454467464460

438

50

5463

79

87

167

165159

139

94

115116

116

115100

100

969897969494

92

56

46

4760

153277

UO653450367

355383

403376362

354

317

335357371370367

396

2,0421,6462,8733,0903,3003,7593,9074,3574,1634,477

4,3884,3464,3914,3474,3574,391

4,4074,3924,4184,3664,4334,477

4,401

Source: Daily Treasury statement for total amounts outstanding; reportsfrom agencies and trust funds for securities held by U.S. Government 3^/investment accounts; and reports from Federal Reserve System for

~

securities held by Federal Reserve banks.1/ Includes certain debt not subject to statutory limitation. For amounts

subject to limitation, see page 1. //2/ Includes accounts under the control of certain U.S. Government agencies

whose investments are handled outside the Treasury.The total amount of interest-bearing securities held by private inves-tors is calculated by deducting from the total amount outstanding theamount held by U.S. Government investment accounts and FederalReserve banks

.

Consists of guaranteed securities held outside the Treasury. All arepublic marketable issues. r Revised.

Table 2. - Net Market Purchases or Sales of Federal Securities forInvestment Accounts and Other Accounts Handled by the Treasury 1/

(In millions of dollars; negative figures are net sales)

Year Jan. Feb. Apr, May June July Aug. Sept. Oct. Nov.

1940,

1941,

1942.

1943.

19U.1945-

1946.

1947.

1948.

1949.1950.

1951.1952.

1953.

1954.

1955.

1956.1957.

1958.1959.1960.1961.1962.

1963.

1964.1965.1966.

-9.5-2.8-.5

-14.5-9.9

-67.5-8.1

.1

-6.636.822.124.67.0

23.0

-1.314.3

-123.414.117.5-5.6

76.980.7

148.7397.675.1

-20.9

12.030.0

-90.3-105.1-48.1

-.7

177.4-1.8

13.5261.2

6.73.8

-4.077.2

-9.872.6

-155.923.016.5

-21.347.1142.1

101.1210.9

334.5

-5.7

5.8-72.9-11.5-5.9

-4.7

106.85.1

6.3482.7

.5

12.9-22.4

18.9

10.713.410.662.243.156.1

18.9293.5

111.383.238.2

-1.6-.7

.3

.4-16.5-55.6

3.3-61.3

-12.11.51.1

8.419.936.2-2.9

29.9

46.735.4-2.1U.O16.419.518.2

32.3

44.67.027.1

.4-.2

-35.2-10.0-34.4

.4

-338.6

-30.4-54.7-1.9

11.42.9

35.92.8

56.2

5.7313.4-86.353.121.824.2

39.9656.2

155.8143.1

298.8

.9

.4

.3

-145.820.5

-56.4-69.8

-359.2

1.1-88.4

5.1

3.51.5

20.1

-45.522.5

398.815.8

177.29.9

-14.515.4-8.7

73.9

141.069.7

59.4

-2.3-67.8-18.5-17.0

-157.8-609.1

5.4-.1

8.2

.2

1.47.9

-21.774.8

49.2182.4445.532.2

35.525.661.9

-59.0

28.7145.9

60.3

-8.4

-15.8-19.0

-.2

-41.2-308.1

4.43.8

-2.0

4.71.9

.4

-17.220.3

9.426.419.1

18.344.417.3

-304.4

33.5

223.4578.6

-4.5-2.7

-28.1-12.5-74.1

-123.1

7.24.65.02.8

3.538.4

-10.011.3

3.410.310.628.3

3.425.1

325.5373.1

169.8198.6

-4.4-.2

1.0

.3

-123.0-14.1

.1

-1.7

5.88.4

16.517.021.1

-30.7

56.226.617.341.125.536.8

-23.3345.7

126.239.8

-5.0-5.9

-57.6221.0

-.8

11.510.7-3.6

11.7-1.1

14.27.9

83.9-67.3

55.171.6105.557.3

-25.4436.7

100.1233.0

-1.160.0

4.8-12.0

-20.3696.4

-.2-.1

7.0

29.03.2.6

41.0234.8

21.333.343.7113.139.727.819.533.8

116.8-1.9

1/ Consists of purchases or sales, in the market, by the Treasury of securitiesIssued or guaranteed by the U.S. Government for (1) trust funds which bylaw are under the control of the Secretary of the Treasury or the Treasurerof the U.S., (2) accounts under the control of certain U.S. Governmentagencies whose investments are handled through the facilities of theTreasury Department; and (3) purchases prior to maturity by the Secretary

of the Treasury of any outstanding securities as authorized underSection 19 of the Second Liberty Bond Act, as amended (31 U.S.C. 754a)This table excludes (1) all investment transactions for the ExchangeStabilization Fund; and (2) all purchases by subscription on originalissue and all securities which are redeemed upon maturity.Less than J50,000.

August 1966 77

OWNEEISHIP OF FEDERAL SECURITIES

-

Table 3. - Estimated Ownership of Federal Securities

(Par values 1/ in billions of dollars)

TotalFederalsecuritiesoutstand-ing 2/

Held by banks

Commer-cial

banks

1/

FederalReserveBanks

U. S.

Govern-ment in-vestmentaccounts

Held by private nonbank investors

Total

Individuals 4/

Total SeriesE and H

Savings bonds

Otherseries ^

Othersecu-rities

Insurancecompanies

Mutualsav-ingsbanks

Corpora-tions 6/

Stateandlocalgovern-ments

Foreignand inter-national

2/

Other mis-cellaneousinvestors

W47.6

279.8259.5

257.4256.7

255.3259.5

259.2267.4

266.1275.2

271.3278.8

274.4280.8

272.8276.7

270.6275.0

276.4283.0

284.8290.9

286.5290.4

289.2296.5

298.6304.0

306.5305.5307.2307.3307.1308.9310.1

309.3311.1310.4308.4312.3312.5312.0314.9316.5316.5319.3318.7

318.6320.6318.4317.2319.8317.9317.1

318.7317.3

319.4322.2321.4

322.4323.7321.5320.1322.8320.4

15.9

93.874.5

65.661.8

58.461.6

61.163.4

58.863.7

63.669.2

63.562.0

56.2

59.5

55.362.1

62.567.2

65.267.2

64.463.361.763.063.262.864.3

62.962.261.661.1

60.060.2

59.360.1

61.962.263.664.0

62.9

61.760.459.7

58.458.357.3

56.5

57.5

59.760.060.9

61.058.756.956.854.954.5

2.5

22.923.3

18.320.8

23.023.8

22.924.7

24.725.9

25.0

24.9

23.624.8

23.824.9

23.024.2

25.426.3

26.026.6

26.527.4

27.328.9

29.730.8

32.032.532.432.632.833.733.6

32.833.233.833.2

34.234.835.135.2

35.435.736.837.0

36.7

36.937.637.8

38.739.139.2

39.0

39.839.7

40.640.8

40.640.240.740.741.542.2

6.5

28.0

30.9

37.839.2

41.042.3

U.345.9

47.648.3

49.349.6

50.551.7

53.554.0

55.655.2

55.954.4

54.653.7

55.355.1

56.1

54.5

56.555.6

58.457.1

58.9

58.357.257.758.0

56.557.557.656.1

59.461.1

59.961.861.860.561.260.6

59.1

60.460.759.2

62.7

63.462.3

64.863.6

62.3

62.861.9

60.061.761.760.564.566.7

22.7

135.1130.7

135.6134.9

132.9131.8

130.8133.4

135.0137.3

133.3135.1

136.7142.3

138.3138.2

135.9136.1

129.9134.8

142.6150.3

149.3145.8

143.3145.9

147.3150.4

151.7152.7154.2153.4154.0154.7154.3

157.2158.3157.4158.0158.7156.4157.7157.9157.5158.0157.8157.1

160.0

161.6159.8160.6

160.1157.1158.3

158.4156.4157.8

158.8157.8

160.9163.2162.1162.0161.9157.0

10.1

64.164.2

67.466.3

65.464.6

64.865.2

66.164.8

64.863.5

65.265.0

66.665.9

66.364.9

64.463.7

66.369.4

69.766.1

64.665.9

65.766.0

66.166.967.267.567.768.068.2

68.769.069.568.769.169.269.569.069.669.869.770.0

70.6

71.071.571.2

71.271.171. 8r

71. 8r72. 2r

72.2r

72. 3r72. 3r

73. 3r

73. 9r75. Ir

74. 9r74.674.3

30.830.3

34.

34.

34.

34.

34.935.3

36.036.7

37.538.2

39.

40.

40.941.4

41.541.6

42.1

42.5

42.642.4

42.542.9

43.644.2

44.645.1

46.046.146.246.346.446.646.7

46.846.947.047.147.247.347.447.547.647.747.847.9

48.0

48.148.248.248.343.348.4

48.5

48.548.648.748.8

48.848.949.049.049.149.2

12.513.9

15.415.1

14.6

U.4

14.113.8

13.212.7

12.111.7

10.910.2

9.48.7

7.66.6

5.95.2

4.53.5

3.12.7

2.52.2

2.01.8

1.51.51.51.41.41.41.4

Source: Office of Debt Analysis in the Office of the Secretary. i/1/ United States savings bonds, Series A-F and J, are included at ^

current redemption value. b/2/ Securities issued or guaranteed by the U. S. Government, excluding 7/

guaranteed securities held by the Treasury.

2/ Consists of commercial banks, trust companies, and stock savings 8/

banks in the United States and in Territories and island possessions.

Figures exclude securities held in trust departments. 2/

1.11.11.0

1.0

1.01.01.0

.9

.9

.9

.9

.9

.8

.7

.7

.6

.6

8.2

20.820.1

17.616.7

16.315.5

15.716.0

16.815.4

15.213.6

15.014.8

16.315.8

17.216.7

16.416.0

19.323.5

24.120.5

18.619.5

19.019.2

18.619.319.519.719.920.120.1

20.620.821.220.320.720.7

20.920.420.921.020.8

21.

1

21.521.822.322.0

22.021.8

22. 5r22. 4r22. 8r22.8r22 .7r

22 .7r

23.7r24.3r25. 4r25. 2r24.824.4

6.3

24.424.9

19.818.7

17.1

16.5

15.716.0

16.0

15.9

15.415,3

15.014.6

13.613.2

12.712.5

12.212.7

12.612.5

12.0

11.9

11.411.4

11.411.5

11.011.1

11.111.211.211.311.3

3.1

11.111.8

11.610.9

10.2

9.8

9.69.5

9.59.2

9.18.8

8.7

8.5

8.48.0

7.97.6

7.47.3

7.36.9

6.66.3

6.36.1

6.36.1

6.1

6.16.16.05.85.8

5.8

11.3

78 Treasury Bulletin

.TBEASUEY SUIWEY OF OWNERSHIP, JUNE 30, 19o6.

The monthly Treasury Survey of Ovmerahip covers secu-

rities issued by the Uiiited States Government and by Fed-

eral agencies. The banks and insurance companies included

in the Survey ciirrently account for about 90 percent of all

such securities held by these institutions. The similar

proportion for corporations and for savings and loan asso-

ciations is 50 percent, and for State and local governments,

70 percent. Data were first published for banks and in-

surance companies in the May 19^1 Treasury Bulletin, for

corporations and savings and loan associations in the Sep-

tember I960 Bulletin, and for State and local governments

in the February 1962 Bulletin.

Holdings by conanercial banks distributed according to

Federal Reserve member bank classes and nonmember banks are

published for June 30 and December 31. Holdings by corpo-rate pension trust funds are published quarterly, first

appearing in the March 1954. Bulletin.

Section I - Securities Issued or Guaranteed by the United States GovernmentTable 1. - Summary of All Securities

August 196679

.TREASUEY SUIWEY OF OWNERSHIP, JUNE 30, 19o(^/.

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

Issue

Treasury bills :

Regular weekly and annualmaturing:

July 1966 - Sept. 1966.Oct. 1966 - Deo. 1966.Jan. 1967Feb. 1967Mar. 1967April 1967May 1967June 1967

Total Treasury bills.

Certificates of indebtedness:-1-3/4? tiov^ 1966-A

Treasury notes:

Ai

80 Treasury Bulletin

.TEEASUKI SUWEY OF OWNERSHIP, JUNE 30, 196(=>.

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

(Far values - in millions of dollars)

Issue

Totalamountoutstand-ing

Held by investors covered in Treasury Survey

5,930commer-cialbanks

2/3/

505mutualsavingsbanks

Insurance companies

295life

i73 fire,

casualty,andmarine

savingsand loanassocia-tions

^69corpo-rations

State and localgovernments 4/

316generalfiands

191

pensionand re-tirementfmids

U. S. Govern-ment invest-ment accountsand FederalReserve banks

Held byallotherinves-tors ^

Memorandum;Held by

20,050corporatepensiontrust funds6/

Treasury bonds - (Continued)

:

A? Feb. 1980

3-1/2 Nov. 19803-1/4 May 1985

i-1//, Aug. 1987-92

4 Feb. 1988-934-1/8 May 1989-943-1/2 Feb. 1990

3 Feb. 19953-1/2 Nov. 1998

Total Treasury bonds

Total public marketablesecurities

Footnotes at end of Section II

606911125818250560

897095404

76104103171

3

65

140

3167

77112

38229

7

23

33449

419

172

39313523134

8199162

877

58

4521

2772

32

792023

62

29109127

11

4414B4092

26

401

3

217117

170

65

5

37

3.'A

156261

354123i;o87036

518

973148919

725708l'?6

98258

470

1,139158

897

101,897 27,805 3,923 4,032 3,383 1,669 4,257 5,457 17,605

209,127 45,120 4,904 -.,111 .,118 3,616 6,3:7 10, "73

86328021984194

250748

1,428844

30,796

6S,699

432}10

878

22

3220

13

1,157

l,8o9

Table 4. - Interest-Bearing Public Nonmarketable Securities by Issues

(par values - in millions of dollars)

Issue

Totalamountoutstand-ing

Held by investors covered in Treasury Survey

5,930commer-cialbanks

2/1/

505mutualsavingsbanks

2/

Insurance companies

295life

473 fire,

casualty,andmarine

savingsand loanassocia-tions

469corpo-rations

State and localgovernments 4/

316generalfinds

191pensionand re-tirementfunds

U. S. Govern-ment invest-ment accountsand FederalReserve banks

Held by

allotherinves-tors ^

Memorandum:Held by23,050corporatepensiontrust funds

6/

U. S. savings bonds; 7/Series ESeries HSeries J and K

Total U. S. savings bonds

Other U. S. securities ;

Certificates of indebtedness;Foreign SeriesForeign Currency Series

Treasury certificatesTreasury notes, Foreign SeriesDepositary bondsTreasury bonds;

Foreign SeriesForeign Currency SeriesR. E. A. SeriesInvestment Series BOther

U. S. retirement plan bonds...

Total other U. S. securities..

Total public nonmarketablesecurities

41,8537,829856

50,537

9

11

1

18

19 11

3053b893

338

44

17458923

2,692

416

U 8/

39 68 65 42 107 2,098

4,646 83 8/

55,183 83 8/

68

70

65

67

42

48

26

38

77

96

^,098

2,104

;i,850,',822

806

,478

305368

93

338

174

58923168

416

2,078

5^556

i;;9

1

7

137

12

12

149

Footnotes at end of Section II.

August 1966 81

.TREASUEY SUWEY OF OWNERSHIP, JUNE 30, 19o(^>

Section II - Interest-Bearing Securities Issued by Federal Agencies ButNot Guaranteed by the United States Government

Footnotes at end of table. (Continued on following page)

62 Treasury Bulletin

.TREASUEY SUEVEY OF OWNERSHIP, JUNE 30, 1966,

Section II - Interest-Bearing Securities Issued by Federal Agencies But

Not Guaranteed by the United States Government - (Continued)

Aagust 1966 83

.TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1966

The tables which follow provide an analysis of the

security holdings of commercial banks reporting in the

Treasury survey of ownership of securities Issued by the

United States Government and by Federal agencies. The

figures show the total holdings distributed according to

Federal Reseirve member bank classes and nonmember banks.

This analysis of commercial bank ownership was first

published In the May 1944 issue of the "Treasury Bulletin, "

based on the survey data for Cecember 31, I943. It has

appeared at semiannual or quarterly Intervals since that

time, and Is now being published for the June 30 and De-cember 31 survey data.

Section I - Interest-Bearing Securities Issued or Guaranteed by the United States GovernmentTable I. - Summary of All Securities

(I'ar values - in millions of dollars)

84 Treasury Bulletin

.TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1966.

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

(Par values - in millions of dollars)

Issue

Held by

5,930commercialbanks

Federal Reserve member bank?

3,739memberbanks

192 Reserve city

12

New YorkCity

11 1A9

other

3,5i7country

2,191nonmemterbanks

Treasury bills:

Regular weekly and annualmaturing:

July 1966 - Sept. 1966Oct. 1966 - Dec. 1966Jan. 1967Feb. 1967Mar. 1967April 1967May 1967June 1967

Total Treasury bills

Certiricates of indebtedness:

i-3/i^ iJov^ 1966-A

Tresury notes:

A% Aug". 1966-A

A Nov. 1966-E4 Feb. 1967-C

3-5/8 Feb. 1967-B

4-1/4 May 1967-D4-7/8 Aug. 1967-E3-3/4 Aug. 1967-A4-7/8 Nov. 1967-F

5 Nov. 1970-A

1-1/2 Oct. 1966-EO1-1/2 Apr. 1967-EA1-1/2 Oct. 1967-EO1-1/2 Apr. 1968- EA

1-1/2 Oct. 1968-EO

1-1/2 Apr. 1969-EA....1-1/2 Oct. 1969-EO1-1/2 Apr. 1970-EA1-1/2 Oct. 1970-E01-1/2 Apr. 1971-EA

Total Treasury notes

Treasxiry bonds:

2-1/2% June 1962-672-1/2 Dec. 1963-682-1/2 June 1964-692-1/2 Dec. 1964-692-1/2 Mar. 1965-702-1/2 Mar. 1966-71

3 Aug. 1966

3-3/8 Nov. 19662-1/2 June 1967-722-1/2 Sept. 1967-72

3-5/8 Nov. 19672-1/2 Dec. 1967-72

3-7/8 May 1968

3-3/4 Aug. 19683-7/8 Nov. 1968

4 Feb. 1969

4 Oct. 1969

4 Feb. 1970

4 Aug. 1970

4 Aug. 1971•3-7/8 Nov. 1971

4 Feb. 1972

4 Aug. 1972

4 Aug. 19734-1/8 Nov. 19734-1/8 Feb. 19744-1/4 May 19743-7/8 Nov. 19744-1/4 May 1975-85....

3-1/4 June 1978-83

3,4661,580

66

71

103

141107549

6,084

914

1,061629818833

1,222390

1,476427

2,82831

104180

9550

246621

61

2_

10,317

669

9191,1571,127

761

449266730367

1,049519560

616

1,573606968

2,0251,9381,355932

1,012790740

1,1611,7481,2211,307

37369

39

2,7161,239

5560

77121

95545

4,909

393

495673696952320

1,262337

2,22018

9316487

4320

5821

58

2_

8,412

588

8051,0561,019688421239560326938407508

4981,287495792

1,6161,5781,023

752864678647989

1,5321,0661,118

312

63

760

August 1966 85

TFEASUEY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1966.

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

Table 3. - Public Marketable Securities by Issues - (Continued)

(Par values - in millions of dollars)

86 Treasury Bulletin

.TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1966

Section II - Interest-Bearing Securities Issued by Federal Agencies But

Not Guaranteed by the United States Government

August 1966 87

TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 1966.

Section II - Interest-Bearing Securities Issued by Federal Agencies ButNot Guaranteed by the United States Government-(Continued)

in Till 1 ion;: iollar;

88 Treasury Bulletin

MARKET QUOTATIONS ON TREASURY SECURITIES, JULY 29, 1966.

Current market quotations shown here are over-the-counter closing bid quotations in the New York marketfor the last trading day of the month, as reported tothe Treasury by the Federal Reserve Bank of New York.

The securities listed include all regularly quoted publicmarketable securities issued by the United States Treas-ury. Securities issued by Federal agencies and guaranteedby the United States Government are excluded.

Table 1. - Treasury Bills

Amount outstanding

August 1966 89

MARKET QUOTATIONS ON TREASURY SECURITIES, JULY 29, 1966.

90 Treasury Bulletin

MARKET QUOTATIONS ON TREASURY SECURITIES, JULY 29, 1966.

IlluEiLl

00 Q-

o

August 1966 91

.AVEiyOE YIELDS OF L0HG-TE»4 BONDS.

Table 1. - Average Yields of Treasury and Corporate Bonds by Periods

Trea,^ury

bonds 1/

Moody' s Aaacorporatebonds

irt:;a:^ur/

bonds 1/

Ko jdy' s A^-d

corpora t .-! rr-asui'y

bonds l''

[ jAy's Aaa'orpura be

Annual series alendar year averages jf monthly serie.

19i2194319W19i51946

19471948

1949

2.472.i82.372.192.252.442.31

2.732.722.622.532.612.822.66

1950.1951.1952.

1953.

1954.

1955.1956.

r^57.

2.fc2.'

. ac

2.9'-

^.20

2.903.063.36

191 -.

1959.19'0.19'. 1.

19'-.;'.

19' '.

19bJ..

19' -:.

4.084.023.903.954.00

5.794.384.41

4.354.334.264.40

Monthly series - averages of daily serie;"

PeriodTree surybonds 1/

Moody'

3

Aaacorporatebonds

Treasurybonds 1.^

Moody'

s

Aaacorpoi'ate

bonds

Trea surybonds 1..'

Moody'

s

Aaa

corporatebonds

T'-ei.-ury

lonl? 1

'

I''.july' s

Aaa

coj-porate

bonds

Treasurybonds 1/

Moody'

s

Aaacorporatebonds

Treasury

bonds 1

^

Moody'sAaa

corporatebonds

January.

.

February

.

March. . .

.

April. . .

,

MayJune

JulyAugust. .

.

SeptemberOctober.

.

November

.

December

.

January ,

.

February

.

March. . .

.

April ....

May

June

JulyAugust. .

.

SeptemberOctober.

.

November.December.

19552.68 2./

2.782.78 2'2..?2

"

2.812.82

2.91

2.952.922.372!892.91

2.993.323.-1

3.05

3 . 06

3.11

3.133.103.10

3.15

1956

2.882.85

2.93 i/3.072.972.93

3.00

3.173.213.20

3.303.40

3.113.083.103.243.283.27

3.233.43

3 . 59

3.693.75

3 . 2';.

3.c33.66 2/ 3/3.733.57 2/3.30 3/

1958

3.24 2/

3.283.25

3.12

3.143.20 2'

3 . 36

3.60

3.703.80

3.o7

3.9.")

4.104.124.10

3.60

3.593.633.60

3.67

3.854.094.114.09

3.923.924.014.084.09

4.114.104.264.11 1/4.12

4.144.134.234.374.46

4.474.434.524.57

1.53

3.813.78

3.803.733.88

3.904.004.023.983.984.0'-,

4.274.224.2^4.274.3?

4.41

4.454.454.42A. 39

3.923.933.97 2/

3.97^.00

4.01^.99

4.044 . 07

1960 1962

4.224.084.18 2/4.163.98

3.86

3.793.84 2/

3.913.933.83

4.614.564.494.454.464.45

4.414.284.254.304.314.35

4.08

4.094.013.39

3.883.90

4.02 2/

3.983.943.893.873.8"

4.424.424.394.334.284.28

4.344.354.324.28

4.24

4.154.144.184.204.164.13

4.1:'

4.144.164.1-

...1..

4.194.194.214.224.23

4.2'0

4.294.314.32

4.164.154.154.14 3/

4.14

4.154.194.254.284.34

4.414.424.434.444.46

1964 1966

4.374.364.384.404.414.41

4.404.414.424.42.'..43

4.434.614.634.554.574.63

4.75

4.744.784.924.964.985.07

5.16

PeriodTreasurybonds 1/

Moody's Aaacorporatebonds

PeriodTreasurybonds 1/

Moody ' s Aa

corporatebonds

Treasurybonds 1/

Moody ' s Aaa

corporatebonds

Weekly series - averages of daily series for weeks ending

1966-February 4

11,

18,

25.

March 4,

11.

18.

25,

1966^uly 1.

4.

5.

6.

7.

4.524.584.654.66

4.714.684.634.57

4.754.764.794.82

4.854.884.934.97

1966-Aprll 1.

8.

15.22.

29.

May 6.

13.20.

27.

4.544-524.554.574.58

4.594.544.554.60

4.994.984.954.95

4.95

4.944.955.015.02

196'^-June 3

10

17

24

July 1

8

15

29

19oc-July 2",

21,

22

25.

26,

27,

28,

29.

4.624.634.634.59

4.694.724.784.754.72

5.065.065.07

5.105.125.145.175.22

Daily series unweighted averages

4.73

4/4.734.724.724.73

5.12

4/5.125.125.125.12

19fab-July 11.12.

13.

U.15.

18.

19.

4.774.784.794.794.79

4.764.75

5.125.12

5.135.155.1b

5.165.17

4.74

92 Treasury Bulletin

AVERAO; YIELDS OF LONG-TERM BONDS

0)

August 1966 93

.INTERNATIONAL FINANCIAL STATISTICS,

Table 1. - U.S. Gold Stock, and Holdings of Convertible ForeignCurrencies by U. S. Monetary Authorities

(In millions of dollars)

End of calendaryear or month

Total gold slockand foreign currencyholdings

Gold stuck 1

Treasury Total 2/

Foreigncurrencyholdings 2/

1953

195i

1955195619571958

19591960

19611962

1963

196i.

1965

1965-JulyAugust. .

.

SeptemberOctober.

.

November

.

December.

1966-January.

.

February.

March. . .

.

April ....

MayJune

July p

091

,793,753058,857582

,507804063,156,808

,903,587

U,697U,953li,884U,795li,686

U,587

U,45014,18814,29714,190

14,21014,251

14,506

22,030

21,71321,69021,94922,78120,53419,45617,76716,88915,97815,51315,38813,733

13,85713,85713,85813,85713,80513,733

13,73213,73013,63413,632

13,53213,433

13,332

22,091

21,79321,75322,05822,85720,58219,50717,80416,94716,05715,59615,47113,806

13,96913,91613,92513,93713,87913,806

13,81113,81113,73813,668

13,58213,529

13,413

116

99212

432781

7281,037959858807781

639377

559522

628722

1,093

Note: The United States also has a gold tranche position in the Interna-

tional Monetary Fund, amounting to $642.2 million as of July 31, 1966.

In accordance with Fund policies the United States has the right to

draw foreign currencies equivalent to this amount from the Fundvirtually automatically if needed. Under appropriate circumstances,the United States could draw additional amounts equal to the UnitedStates quota of $5,160 million.

1/ Includes gold sold to the United States by the International MonetaryFund with the right of repurchase, the proceeds of which are investedby the Fund in U.S. Government securities; as of July 31, 1966, thisamounted to $800 million. Of this amount, the United States purchased$200 million in 1956, $300 million in 1959, and $300 million in I960.

2/

2/P

Beginning September 1965 includes gold deposited by the InternationalMonetary Fund ($182.7 million as of May 31, $182.9 million as of June30, 1966, and $183.9 million as of July 31, 1966) for the purpose ofmitigating the impact of gold payments to the Fund for quota increasesby countries which purchased such gold from the United States. TheUnited States has a corresponding gold liability to the Fund.Includes gold in Exchange Stabilization Fund, which is not includediji Treasury gold figures shown in daily Treasury statement. (Dataas of December 31, 1965 and earlier dates for Treasury gold stocK

taken from Circulation Statement of United States Money.)Includes holdings of Treasury and Federal Reserve System.Preliminary.

Table 2. - U. S. Treasury Nonmarketable Notes and BondsIssued to Official Institutions of Foreign Countries

End of calendaryear or month

Amount outstanding

Payable in foreign currencies

Aust r-ia Pelgium ijermany Italy tzerlani 1/

Payable in dollars

Canada 2/ Italy

1962

1963

1964

1965

1965-JulyAugust. . .

,

September.October. .

.

November .

.

December.

,

1966-January . .

.

February.

.

MarchAprilMayJune

July

251

7301,0861,208

1,2591,2591,2591,2081,2081,20'^

912839

789713640589

490

50

50

101

101

101101101

101

101

101101

101

75

7575

75

(Dollar equivalent, in millions)

30

30

30

30

30

30

30

30

30

3030

3030

3030

30

275679602

653653653603602

602

452401351

301.?51

200

150

200

200

125

125125125125

125

125

125125125125125125

125

51

175

327

350

350350350350350

350

205182182182

158158

110

163

354484

354

354354354

399

484

484484524

524517512

512

125

329

299

329

329329329

299

299

299299299299

299299

299

13

160

75160

160

160200200

193188

1?8

25

25

25

25

252525

25

25

25

25

25

25

2525

25

Note: For complete information on U.S. Treasury securities (nonmarket-able) issued +.0 official institutions of foreign countries, see

"Public Debt Operations," Tables 8 and 9.

1/ Includes bonds payable in Swiss francs to the Bank for International

Settlements. Amounts outstanding were $70 million. May 1964 through

June 1965, and $93 million, July 1965 through December 1965.

2,/ Includes bonds Issued to the Government of Canada in connection with

transactions under the Columbia River treaty. Amounts outstanding

were $204 million, September 1964 through October 1965, and $174

million, November 1965 through latest date shown.

94 Treasury Bulletin

INTERNATIONAL FINANCIAL STATISTICS.

Table 3. - U. S. Net Monetary Gold Transactions

with Foreign Countries and International and Regional Organizations

(In millions of dollars at $35 per fine Iroy ounc; negiUve figures represert iv- < y the Unit«i S' >-^Ltive figures, n-^t acquisitions)

Area and country

Ca] r^ndar ye'nv

1961Jai].- .'ul/-

Seo'.

19fctj

Jan,-Mar.

Western Europe:AustriaBelgiumDenmarkFranceGermanyGreeceItalyNetherlandsSpainSwitzerlandTurkeyUnited KingdomBank for International Settlements.,..Other

Total Western Europe

Canada

Latin American Republics:ArgentinaBrazilColombiaMexicoPeruVenezuelaOther

Total Latin American Republics

Asia:

JapanOther

Total Asia

Africa ;

Total Africa

Other countries:Total other countries

Total foreign countries

International and regional organizations

Grand total

-IW-35

-;'3

-10

100-25-156-125

-2

-306-23-1

75i

-90-2

-6

-12

-109

-970

150

-820

-146102-1

-''f>7

-1,10 5

IQO

85

57

38

-93

-93

-833

-130

2

329

-1

-3072

-11

12

-392

-392

-:no

-60

-3e

1

61

«

54

3

-31"-

-180

2":

29

17

August 1966 95

.INTERNATIONAL FINANCIAL STATISTICS.

Table 4. - Estimated Gold Reserves and Dollar Holdings of Foreign Countries

and International Institutions i/

96 Treasury Bulletin

j:nternatiomal financial statistics.

Table 5. - Liabilities to F(»-eign Official Institutions and International and Regional Organizations 1/

August 1966 97

CAPITAL MOVMENTS

Background

Data relating to capital movements between the United

States and foreign countries have been collected since 1935,

pursuant to Executive Order 6560 of January 15, 1934., Execu-

tive Order 10033 of February 8, 19-^9, and Treasury regulations

promulgated thereunder. Information on the principal types of

data and the principal countries is published monthly in the

"Treasury Bulletin." Reports by banks, bankers, securities

!brokers and dealers, and nonbanking business concerns in the

I United States are made initially to the Federal Reserve Banks,

which forward consolidated figures to the Treasury. These

' statistics are consolidated by the Treasury and published as

promptly as possible.

The reporting forms and instructions used in the collec-

tion of the statistics have been revised a number of times.

The most recent revision became effective with reports' covering

data as of May 31, 1963.1/ A detailed description of the

content of the statistics, including the changes instituted,

appeared in the July 1963 issue of the "Treasury Bulletin,"

pages 79-81. As a result of changes in presentation intro-

duced in that issue, not all breakdowns previously published

will be exactly comparable to those now presented.

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 subsidiaries and offices of United

States banks and business concerns; the central governments,

central banks, and other official institutions of foreign

countries, wherever located; and international and regional

organizations, wherever located.

In general, data are reported opposite the foreign

country or geographical area in which the foreigner is domi-

ciled. Data pertaining to branches or agencies of foreign

official institutions are reported opposite the coxmtry to

which the official institution belongs. Data pertaining to

international and regional organizations are reported opposite

the classification "International," "European regional," or

"Latin American regional," as appropriate, 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, without

deduction of any offsets. "Long-term" refers to obligations

having an original maturity of more than one year, and in-

cludes securities having no contractual maturity.

Exclusi ons

The data published herein do not cover all types of

capital movanents between the United States and foreign

countries. The data reported to and published ty the Treasury

Department exclude entirely the intercompany capital trans-

actions of business enterprises in the United States with

their own branches and subsidiaries abroeid or with their for-

eign parent companies; such transactions are reported by

business firms to the Department of Commerce. Data on the

capital transactions of the United States Government and on

shipments and receipts of United States currency are also

excluded from the Treasury reports . Certain capital trans-

actions not effected through reporting institutions, such as

securities transactions carried out entirely abroad, are not

recorded in the Treasury reports. Consolidated data on all

types of capital transactions are published by the Department

of Commerce in its regular reports on the United States

balance of payments

.

The liabilities data exclude nonnegotiable, noninterest-

bearing special notes of the United States held by the Inter-

American Development Bank and the International Development

Association.

The data on securities transactions and on foreign

holdings of U.S. Goverrment bonds and notes exclude non-

marketable U.S. Treasury notes, foreign series, and non"-

marketable U.S. Treasury bonds, foreign currency series

(see "International Financial Statistics" section. Table

2).

Presentation of statistics

Data collected monthly on the Treasiiry Foreign Exchange

Forms are published in three sections. Section I provides a

summary of the principal data by period; Section II presents

data by country and by period; and Section III shows detailed

breakdowns of the latest available preliminary data.

Section IV presents supplementary data which are reported

less frequently than monthly but which are published monthly.

J Copies of the reporting forms and instructions may be obtained from the Office of Balance of Payments Programs, Operations and Statistics, Office ofthe Assistant Secretary for International Affairs, Treasury Department, Washington, D.C. 20220 or from Federal Reserve Banks.

98 Treasury Bulletin

CAPITAL MOVEMENTS

.

Section I - Summary by Periods

Table l.-Net Movements of Banking Funds and Transactions in Long-Term Securities with Foreigners 1/

August 1966 99

CAPITAL MOVEMENTS

.

Section I - Summary by Periods

Table 2. - Banking Liabilities to and Claims on Foreigners i/

(Position at end of period in millions of dollars)

End of calendaryear or month

Short-term liabilities to foreigners

Total

short-termliabil-ities

Payable in dollars

Foreign coxintries

Officialinsti-tutions

Foreignbanks

Otherfor-eigners

Inter-nationalandregional

Payableinforeigncurren-cies

Totallong-termliabil-ities

Short-term claims on foreigners

Totalshort-termclaims

Payable in dollars

Loans to:

Officialinsti-tutions

Foreignbanks

Otherfor-eigners

Otherclaims

Payable

inforeigncurren-cies

Totallong-termclaims

19i51946

19471948

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

19591960

1961

1961 i/...19621963

1964 8/2/

1965 10/

19ti5-June

JulyAugustSeptember. .

.

OctoberNovember. . .

.

December _1_1/

1966-JanuaryFebruary 12/March 12/...April 12/May p 12/...

June p 12/ . .

.

,883

,480,,116,

,713

,618,

,644,

,302,

,546,

,648,

,918,

,600,

,939,

,158,

159,

,388.

,271.

450,

4,179.03,043.71,831

2,8362,9073,615

3,5474,6545,6666,7706,952.88,045.4 4/7,916.6 4/8,664.99,154.3

10,212.310.893.210,893.311,915.312,436.9

2/

H2/2/2/

2,064.02,528.22,569.82,529.32,530.42,943.13,362.9 4/3,413.0 4/3,460.54,601.14,704.85.299.55,380.45,251.05,713.0

7,213.4 8/

7,359.7

7,159.b7,388.57,824.87,840.18,087.77,817.4

7,359.7

7,674.37,741.97,759.1

7,872.67,932.88,064.9

2,6782,9222,972,

2,947,

3,0011,3921,513,

1,675,1,779,1,805,

1,783,2,029,

2,252,

2,430,2,398,2,229,

2.3552,356,

2,564,3,046.

3,376,

473.72,262.01,864.31,657.81,527.81,641.1

1,584.91,629.41,769.91,881.11,452.11,517.3

1,544.03,158.14,011.83.751.7

25.

40,

49.70,

51.

U.72,

61,

43.

43,

40.

48,

59.

59.

77.

113.

150, 6/

4 6/1 6/

,9 8/

.9

1.44.61.0

.7

1.01.2

2.31.8

2.72.81.2

9.91.6.8

7.52.2

392.

708.

948.1,018.

827.

893.

968.

1,048.904.

1,386.

1,548.1,945.2,199.

2,542.2,624.

3,614.

4.762.

7386

8785.2243.0160.9176.6241.9400.7350.9290.3328.5

100.3

319.6292.9361.2

222.7151.1177.2

122.9156.5206.5328.1

405.4385.5

439.4497.6524.3699.4

104109131

109142

235330303

42746O482617522;

641,773.

P.054,

245.0290.5490.6557.1

494.3328.7503.4627.9451.5584.1

660.0883.8

1,121.6

1,076.71,098.21,837.82.531.1

47.598.1

165.4100.4110.8240.691.8

78.4101.6211.0

163.9149.6147.3197.7217.2479.6585.6

175.6140.7227.5187.7

216.7390.4403.9

U0.5324.9440.9670.9839.4

1,173.8

1,362.11,545.11,698.42.033.82,033.82,160.43,029.8 7/3.971.4

532,018,967

,873 48/13,220.3

3,751.75,144.54, 037.1

3 8/4,973.5

150143134.

89

2.2

7.369.4

310.

J

4,820,5,163,5,974,

7,469.

328.5358.9186.0

223.3

29,071.8

27,780.727,862.123,540.128,912.029,233.629,171.1

29,071.8

29,277.2

13,065.9

12,200.611,747.812,058.912,326.212,403.212,578.9

13,065.9

12,550.129,153.912/12,156.729,266.212/12,157.629,517.912/12,230.529,718.63^712,459.429,681.012/12,333.1

3,537.2

3,471.43,483.33,484.83,503.03,545.83,591.6

3,587.2

3,592.03,657.83,675.8

3,712.23,694.33,746.0

4,999.6

4,847.75,145.55,058.35,125.05,096.15,084.6

4,999.6

59

101

97.

113,

117,

100,

98,

4

3

7

8

5

59.3

5,095.3 365,

5,209.712/387,5,292.212/381,5,296.612/405.5,195.512/436.5,081.412/455.

5

9

4 6/97

5 6/

513.8

505.0

446.3

U7.2454.3419.0466.5

513.8

515.2510.8568.7726.0

842.1965.1

7,9577.6317,7277,7577,5697,5417,4987,3917,485

7,631

2 2/220.7 I 271.2

709.2952.6954.9

1.373.6

'271 .2

230.9241.4233.5239.2264.8251.3

271.2

1,402.51,565.9

1,149.8

2,573.92,652.93,429.4

1

4.158.8

7,727.6n/271.27,553.37,467.87,584.07,468.17,551.37,639.4

1,567.11,475.91,422.01,458.51,467.61,440.11,535.5

1.565.9

,130.

1,129,

1,147,

1,139,

1,128.

1,106.

1,101.

1,100.

4,559.64,190.2

586.3

557.1630.8

659.0

259.1225.7232.5222.0225.3245.0

1,567.11,497.91,496.91,507.81,425.21,520.1

1,585.3

1.130.4

1,129.41,107.21,091.41,123.4

068.61,083.1

1,073.9

47257:

4,337.24,233.84,211.54,152.54,089.04,095.5

4.190.2

624.5474.0

4,267.84,213.74,217.84,275.64,346.34,308.1

,265.9

566.2532.9509.3532.8496.2502.8

474.0491.9475.4436.0444.7406.0414.7469.2

4,284.7 2/

4,516.0

4,545.14,532.84,557.74,586.54,574.64,567.3

4,516.0

4,440.64,418.04,389.1

4,417.54,429.54,401.0

1/ For exelusions see headnote on page 97.

2/ Included with "Other foreigners."2/ Included with "Other claims."4/ Beginning in August 1956 and also in April 1957, certain accounts

previously classified as "Foreign banks" are included with "Official

Iinstitutions."

15/ Differs from 1961 end of year data on the preceding line by inclusioni of liabilities and claims reported by a number of banks included in

Ithe series beginning December 31, 1961.

1(6/ Includes reported liabilities to foreign official Institutions begin-

Ijning October 1961. Figures for selected dates are as follows:

;end 1951. $46.3 million; end 1962, J47.9 million; end 1963, $30.1

Imillion; end March 1966, $317.2 million; end June 1966, $367.2 million.

\l/ Includes claims previously held but first reported as of tfey 31, 1963;

Ias of that date such claims amounted to $85.6 million. Also includesclaims amounting to $193.2 million reported by banks for the firsttime as of December 31, 1963, representing in part claims previouslyheld by banks but not reported.

18/ Short-term liabilities include a net increase of $50.8 million arisingfrom changes in reporting coverage, distributed as follows:"Official institutions" -$4.0 million, "Foreign banks" +$60.3 million,

2/

11/

12/

"Other foreigners" -Hf22,5 million, and "Payable in foreign currencies"-$27.9 million.

Data on claims below the line differ from claims above the line be-cause of the exclusion as of December 31, 196^ of $58.1 million ofshort-term U. S. Government claims previously included; and becauseof the addition of $5^5.9 million of short-term claims and $313.3million of long-term claims arising from the inclusion of claimspreviously held but first reported as of December 31, 196^, and fromrevisions of preliminary figures.See footnote 11.

Data on claims below the line differ from claims above the line be-cause of the addition of short-term claims held in custody fordomestic customers but reported by banks for the first time begin-ning December 31, 1965, and short-term claims reported by banksreporting for the first time.Short-term liabilities exclude $776.3 million letter of credit issuedby the U. S. Treasury Department to the International Monetary Fundin payment of the dollar portion of the U.S. quota increase whichbecame effective on February 23, 1966,Preliminary.

100 Treasury Bulletin

CAPITAL MOVmENTS ,

Section I - Summary by Periods

Table 3. -Purchases and Sales of Long-Term Domestic Securities by Foreigners!/(In millions of dollars; negative figures indicate a net outflow of capital from the United States)

Calendar year or month

U.S. Government bonds and notes 2/

Net purchases

Foreign countries

Official Other

Interna-tionalandregional

Corporate and other

Bonds 2/

PurchasesNetpurchases

Purchases SalesNetpurchases

Netpurchasesof ,

domestic^

securities'-

194619471948

194919501951

1952

1953

1954195519561957

1958195919601961

1962

1963

1964

1965

1966-January-June p.

1965-JuneJulyAugustSeptemberOctoberNovemberDecember

1 966-JanuaryFebruaryMarchAprilMay pJune p

414.5344.8282.4430.0

1,236.4673.6533.7646.0800.9

1,341.1883.4666.1

1,223.91,216.91,729.61,743.71,779.91,867.1

1,149.4

1,077.2

469.2

181.8

27.6100.7

19.718.3

240.615.3

18.8

153.815.813.9

188.778.2

684.2283.3330.3333.6294.3

1,356.6231.4728.0792.7812.1

1,018.3718.3

1,187.6528.0

1,603.01,231.52,507.91,196.2

1,487.1

1,153.0

769.4

167.57.4

92.313.962.3296.613.6

27.6

271.770.379.4

248.571.9

-269.761.5-47.9

96.4942.1-683.0302.3-82.0

8.2

529.0-135.0-52.1

36.3688.9126.6512.2

-728.0670.9

-337.7

-75.3

-300.2

14.320.2

8.3

5.9-U.O-55.9

1.6

-117.8

-54.5-65.5-59.8

6.3

-269.7-13.0-55.49.4

824.2-663.7292.7-96.7-60.0

561.7-204.9117.0

-236.7

523.9-97.9-20.0

-206.6369.1

-58.7

-19.6

1.1

-1.9

-11.0-8.1

-4.6

36.0

95.1

18.6

14.1

20.014.2

5.8-33.1-4.71.4

5.618.6-4.22.4

-9.1

5.3

74.57.5

87.0117.9-19.39.614.768.3-32.770.0

-169.1273.0I64.9224532

-521

301

-315

-151

5

2

48

2

2

-319.8

.2

.2

-4.0.1

.1

-43.1

.2

-9.8-136.4-50.3-67.9-50.6-4.8

2/2/2/2/

107.7120.0200.1212.8289.7324.7287.1310.2361.4368.8

AAZ.A316.9307.7255.7

460.7

675.0

797.1

48.338.816.6

46.030.361.6198.0

63.574.6

220.1

63.1

185.5185.3

2/2/2/2/

108.3

141.6188.5

197.4283.6296.0251.8258.9344.0296.2392.3416.

1

359.0246.4284.4

636.7

273.6

220.054.624.3

35.331.0

53.767.5

41.252.2

63.734.535.546.5

2/3/-.6

-21.611.7

15.36.1

28.7

35.351.317.372.650.1

-99.2-51.39.3

176.3

33.3

523.3

-171.6-15.8-7.810.7-.7

7.8130.5

22.322.4156.3

33.5150.0138.8

367.6226.1

369.7354.1666.9739.8650.2589.1

1,115.11,561.21,619.51,306.41,397.32,224.41,976.53, 06-;. 3

2,260.22,724.0

3,076.2

3,632.1

2,704.2

278.1

204.9217.9319.2404.2364.5445.6

407.6414.5433.7505.7530.7407.0

432.1376.7514.1

375.3664.06!9.5649.2533.9980.2

1,433.71,363.51,163.81,453.61,861.51,774.82,744.62,149.12,526.53,425.3

4,131.4

2,829.3

343.0300.7310.5357.7409.7399.7539.5

395.1

434.9480.0529.3540.2449.3

-64.5-150.6-144.3-21.2

2.9120.3

1.0

55.2

135.0127.5256.0142.6-56.3

362.9201.7322.7111.1

197.5

-349.1

-499.3

-125.0

-64.9-95.8-92.5-38.5-5.6

-35.2-93.9

12.6-20.4-41.3-23.6-9.5-42.8

-334.-89.

-192.

75.

944.-584.314.'

-11.

149.

685.2156.4141.8-2.7

1,124.4378.4735.7-668.2877.8

-510.5

-536.8

93.1

-222.2-91.5-91.9-21.9-50.2-83.338.2

26.1

-115.8

60.5-55.680.7102.2

¥jFor exclusions see headnote on page 97.Through 1949, Includes transactions in corporate bonds.

1/ Through 1949, Included with transactions in Unotes. p Preliminary. * Le

S. Government bonds andS3 than $50,000.

Table 4. - Purchases and Sales of Long-Term Foreign Securities by Foreigners(In millions of dollars; negative figures indicate a net outflow of capital from the United States)

Calendar year or month

Foreign bonds

Purchases Sales Netpurchases

Foreign stocks

Purchases SalesNet

purchases

Totalpurchases

Totalsales

Net purchases

{

of foreignsecurities

19461-947

19481949

19501951

1952

195319541955195619571958

1959I9601961

1962

1963

1964

1965

1966-January-June p.

1965-JuneJulyAugustSeptemberOctoberNovemberDecember

1966-JanuaryFebruaryMarchAprilMay pJune p

755.9658.7211.6321.2539.2500.4495.3542.5792.4693.3606.5699.0889.0945.6882.9801.9

1,093.3990.5

914.81,198.1

892.0

98.672.247.7289.2100.9

124.593.9

109.433.2

243.4105.6152.3198.1

490.4634.3291.4311.5710.2801.0677.4621.5841.3509.4991.5

1,392.01,915.11,457.6

1,U5.01,262.42.037.32,086.0

1,843.1

2,440.1

1,446.0

253.0144.996.7

4I8.9216.5213.0134.4

307.9189.5352.4232.2

155.8208.2

265.5

24.5-79.89.8

-121.0-300.6-182.1

-79.0-48.3

133.9-385.

C

-693.1

-1 ,u26.1

-512.0-562.1

-460.

4

-944.0-1,095.4

-928.3

-1,242.1

-55.;.0

-159.4-72.7-49.0

-129.7-115.7-88.5-40.5

-198.5-106.2-109.1-126.6

-3.5-10.1

65.257.1

81.783.8173.8272.3293.9310.1

393.3663.6749.2592.3467.2566.1

509.1

595.7702.0695.6

748.4

906.2

517.2

71.464.370.275.1

67.368.583.4

72.670.9100.487.7

94.491.2

65.6

42.696.770.3193.2348.7329.6303.4644.9877.9875.2621.9803.7803.8591.7965.6805.9644.3548.2616.6

453.7

36.440.243.853.852.3

50.570.8

65.1

75.5101.3105.0

55.251.6

-.4

14.6-15.018.0

-24.4-76.4-35.3

6.8-251.6-214.3-126.1-29.1

-336.4-237.7-82.6

-370.0-103.9

51.2

200.3239.5

63.4

35.024.1

26.421.315.1

18.0

12.6

7.4-4.6-.9

-17.3

39.239.6

821.2

715.9293.3410.1763.0772.7739.1852.7

1,185.31,356.91,355.71,291.31,356.21,511.71,392.01,397.61,795.31,686.1

1,663.2

2,104.2

1,409.0

170.0136.5113.0

364.3168.2193.1

177.3

181.9154.1

343.8193.2246.7289.3

556.16''6.8

385.2332.3908.4

1,149.71 ,007.0

924.91,436.11,387.31,866.32,014.02,718.82, 26-'.

5

2,036.72,228.02,843.22,730.32,391.3

3,056.7

1,899.6

294.4185.1

140.5•472.7

263.8263.5205.5

373.1

264.9453.7337.2211.0

259.7

265.1

39.0-94.827.8

-145.4-377.0-217.9-72.2

-300.4-30.4

-511.1

-722.1-1,362.5

-749.7

-6U.7-830.4

-1,047.9

-1,0U.2-723.1-952.5

-490.5

-124.4-48.6-22.6

-108.4-100.6-70.5-28.2

-191.1-110.8-109.9-143.9

35.729.5

p Preliminary.

August 1966

CAPITAL MOVEMENTS,

Section II - Summary by CountriesTable 1. - Short-Term Banking Liabilities to Foreigners:/

(Position at end of period in millions of dollars)

Country

Europe;

AustriaBelgiumDenmarkFinland

' FranceGermany

jGreece

jItaly

j

Netherlands

j

Norway

jPortugalSpainSweden

I

SwitzerlandTurkeyUnited KingdomYugoslaviaOther Western Europe

.

U.S.S.ROther Eastern Europe.

Total Europe

Canada

Latin America:

ArgentinaBrazilChileColombiaCubaMexico

PanamaPeruUruguayVenezuelaOther Latin American Republics..Bahamas and BermudaNetherlands Antilles and Surinam.Other Latin America

Total Latin America

Asia;

China Mainland.Hong KongIndia

IndonesiaIsrael

Japan

j

Korea' Philippines

Taiwan• ThailandI Other Asia

Total Asia

Africa;

Congo (Leopoldvllle)MoroccoSouth AfricaUnited Arab Republic (Egypt).Other Africa

Total Africa

Other countries;AustraliaAll other

Total other countries

International and regional;International 8/.

European regionalLatin American regional...

Total international and regional^.

.

Grand totals/'.

Calendar year

1962

329.1

177.467.0

73.21,156.62,729.9

118.91,383.8

2i8.2124.7160.6177.2

490.5907.525.2

1,608.610.5

351.7 2/2.6

13.5 i/

10,161.7

3,348.9

209.6204.1135.3148.314.7 V

531.198.2105.1101.1405.0264.7 5/122.8 6/

97.410.5 V6/

1963

365.5419.9160.799.3

1,478.33,040.7

188.4802.5360.1132.9191.4205.0409.1905.620.6

1,483.215.9

465.21.8

23.7

10, 769.

f

2,987.7

375.5179.2143.4169.310.9

668.8128.7158.2113.5590.7354.7135.993.315.4

2,448.0

35.765.341.428.581.3

2,195.2135.7174.575.2332.7278.6

3,444.1

35.267.9 6/41.513.9

160.5 7/

102 Treasury Bulletin

CAPITAL MOVEMENTS

,

Section II - Summary by Countries

Table 2. - Short-Term Banking Claims on Foreigners 1/

(Position at end of period in millions of dollars)

CountryCalendar year

1963 1964 1965 1/

1966

February April

Europe;AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeU.S.S.ROther Eastern Europe

Total Europe

Canada

Latin America;

ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American RepublicsBahamas and BermudaNetherlands Antilles and SurinamOther Latin America ,

Total Latin America ,

Asia;China Mainland ,

Hong KongIndiaIndonesiaIsrael

JapanKoreaPhilippines ,

TaiwanThailandOther Asia

Total Asia

Africa:Congo (Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt).Other Africa

Total Africa

Other countries;AustraliaAll other

Total other countries

International and regional

Grand total

7.925.513.352.2

69.5121.29.196.833. i.

40.3

U.225.530.170.0

48.0236.86.622.9

15.7

939.1

637.8

188.0162.5187.5207.517.5

465.134.699.564.6

113.7134.541.88.8

15.8

1,741.6

1.711.017.3

.3

22,32,171.4

25.0113.2

8.052.370.9

2,493.3

.7

1.3

15.428.058.7

104.

48.49.3

57.7

1.3

5,974.9

10.541.827.585.279.0

159.39.3

108.939.142.519.039.647.197.436.4

318.814.820.2

20.3

1,216.7

724.6

209.9145.4187.9319.316.9

630.541.0101.976.5165.4222.157.717.819.7

2,211.

1.626.421.76.8

43.92,652.8

21.1

202.38.6

63.988.0

3,137.0

.6

2.0

19.342.355.9

120

August 1966

.CAPITAL MOVEMENTS .

Section II - Summary by Countries

Table 3. - Long-Term Banking Claims on Foreigners(Position at end of period in millions of dollars)

CountryCalRndar Tear

1963 1/ 2/ 196i 2/ 19o5

1966

February March April May p

103

June p

Europe :

AustriaBelgiumDeninark

FinlandFranceGermanyGreec e

ItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western Eiirope

n.s.s.Rother Eastern Europe

Total Europe

Canada

Latin America:ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American Republics..Bahamas and BermudaNetnerlands Antilles and SurinamOther Latin America

Total Latin America

Asia :

China MainlandHong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa:Congo (Leopoldville) ,

MoroccoSouth AfricaUnited Arab Republic (Egypt) . . . .

Other Africa

Total Africa

Other countries :

AustraliaAll other

Total other countries,

International and regional

Grand total

101.257.1

53 .

3

41.733.7

135.'.

16. i

160.85.0

237.875.548.645.216.1

.7

37.'^

19.3

1,130.7 g/

289.8

86.2267.1

23.461.6

.6

322.425.72(3.0

31.1

56.664.243.74.91.7

1,015.3 2/

1.524.6

23.2248.5

1. 2

100.81.6

3.731.3

443.5 2/

28.2

15.5.1

69.1

112.9

104 Treasury Bulletm\

CAPITAL MOVBitENTS

Section II -

Table 4. - Net Transactions in U. S

( In thousands of dollara ; negative figures indicate net

Summary by Countries •

, Government Bonds and Notes by Foreigners 1/

sales by foreigners or a net outflow of capital from the United States)

Country

Calendar year

1963 196A 1965

1966throughJune p

1%6

January Febraary March April May p

Europe:AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeU. S. S. R

Other Eastern Europe

Total Europe

Canada

Latin America:ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American Republics .

,

Bahamas and BermudaNetherlands Antilles and SurinamOther Latin America

Total Latin America

Asia:

China MainlandHong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa:Congo (Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt).,,.Other Africa

Total Africa

Other countries:AustraliaAll other

Total other countries

Ipternational and regional;InternationalEuropean regionalLatin American regional

Total international and regional

Grand total

1,985588

-2,681-2,050

175

79-16

553

504

38,965-13

-IW39,405

247-19

-8,762

2,168

-90

70,894

296, 901

-141

64

33-41

139266-65

-335-41

-329-244-227

735

-186

26

-21

-76

1,694

652

-55

1,023

-19

2

-17

330, 574

-28,783

301,791

670,915

-599

98

1,570226

6-28

635-32,920

-13012

-89,3653,377

85,914

3,700

-85

-27,589

3,034

18516

5

5

-798-9,029

693-14126828

5441,038

-97

-7,289

33914

-230

12

20

-80-25

1,785

1,835

153

6,805

6,958

537

537

-307,840-50

-7,312

-315,202

-337,716

5

126-540-33

-926

204-24508

1,116-48,866

22

141-15,719

9,99817

139,205

784

-172

85,846

-14,280

2432-6

19

-647

138-76-28

114197709

1,130

1,606

-10

12

11

101

3,984

-61

1

-2,046

1,992

416

4

8

32

68

9

77

148,393

-2,722

151,115

-75,842

13

-407

-1,147

259-48-7

-329-1,1671,920

3

212-19

4,433

6,421

660

-10

10,787

10,267

-76-3

-5

25813

-27-7

83-70

-1,44644

-63

-1,299

-116

2025

-123

-6

319,917

215

319,702

300,166

10

5

-191

71

1

-2

-478-138

-4,560

3

4

1,030

902

620

-2,723

2,505

-38

-27

29-25

1,258-5

5

1,136

-9,995

243

16-972

2846

5

-219-10

405

11,371

117

11,003

7,468

-70

189-48

4

-6

10

10

135,355

-1,000

136,355-9,752

-8,786 -117,824

3

-422152

85-3

-3-2

-704

15

-10

9

314

-1,554

-2,116

-2,646

-1

-4-5

2481

-12

267

494

20

24

-50, 500

22 3

-50,277

-54,494

-44

-108

4

61

-45

-2

206

2,443

-25

-22

-68,000

-67, 903

-65,527

-6

-92

-41

-14-2

81-61

-28

220-18

1,181

-10,903

-56

-10

2,490

August 1966 105

, CAPITAL MOVmENTS

.

Section II - Summary by Countries

Table 5. - Net Transactions in Long-Term Domestic Bonds,Other Than U. S. Government Bonds and Notes, by Foreigners

(In thousands of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States)

Country

Calendar year

1963 196^ 19651966throughJune p

1966

January February March April May p

Europe;AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomrugoslaviaOther Western EuropeU.S.S.ROther Eastern Europe ,

Total Europe

Canada

Latin America;ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American Republics..Bahamas and BermudaNetherlands Antilles and Surinam,Other Latin America •

Total Latin America ,

Asia;

China Mainland,

Hong Kong,

IndiaIndonesia

,

IsraelJapan

,

KoreaPhilippines

,

Taiwan,

Thailand,

Other Asia,

Total Asia,

Vfrica;

Congo (Leopoldville),

Morocco,

South Africa,

United Arab Republic (Egypt).,..,Other Africa

,

Total Africa,

Other countries;Austral ia

,

All other,

Total other countries,

International and regional:Internet ional

,

European regional,

Latin American regional ,

Total international and regional.

Grand total,

-19-927

-1,5^514,804

-110

-334-1,12811,2S^:

33,345

-51,B4^

-70

SI

19

1

1,28420

-1481700-1 I-

V^

l,78o

1,153 !

ITi:.

-18

6,143

?/

106 Treasury Bulletin

CAPITAL MOVaffiNTS ,

Section II - Summary by Countries

Table 6. - Net Transactions in Domestic Stocks by Foreigners

{In thousands of dollars; negative figures indicate Aet sales by foreigners or a net outflow of capital from the United States)

Coxintry

Calendar year

1963 196^1966throughJune p

January February April May p

Europe;Austria

,

BelgiumDenmarkFinland ,

France ,

Germany ,

GreeceItalyNetherlands ,

Norway ,

PortugalSpainSweden ,

SwitzerlandTurkey ,

United KingdomTugoslavia ,

Other Western EuropeD.S.S.ROther Eastern Europe ,

Total Europe

Canada ,

Latin America:Argentina

,

BrazilChileColombia ,

Cuba ,

Mexico,

Panama,

Peru ,

UruguayVenezuela ,

Other Latin American Republics...Bahamas and Bermuda

,

Netherlands Antilles and Surinam,Other Latin America, ,,,, -

Total Latin America,

Asia;

China Mainland,

Hong KongIndia ...-

,

IndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa;Congo ( Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt)....Other Africa

Total Africa

Other countries:AustraliaAll other

Total other countries

International and regional:InternationalEuropean regionalLatin American regional

Total international andregional

Grand total

1,963-10,960

-6^1

-891

-9,006-?,370

-327

5,00i3,075

-1,^1215,595

589

-267-25,393

^59196,396

362-1,30^

660 1/

166,037

5,132

2,i6l

3,0072,2^91 . nq?

-136-777

-1,300

897

3-i7

-1,055

1,160 2/2/

2,369-1,680 2/

3,639

-118

3,227

1U-B9

A72615

-A5396-8

696,282

10,915

3A

1/6/;

768

1/

i/

August 1966 107

.CAPITAL MOVEMENTS .

Section II - Summary by CountriesTable 7. - Net Transactions in Long-Term Foreign Bonds by Foreigners

( In thousands of dollars; negative figures Indicate net sales by foreigners or a net outflow of capital from the United States

Country-

Calendar year

throughJ 'one p

1966

January- February March April May p

Europe;AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited Kingdom

,

YugoslaviaOther Western Europe

,

U. S. S. ROther Eastern Europe

,

Total Europe,

Canada,,

Latin America;Argentina

,

Brazil'Chile

,

Colombia,

CubaMexl CO

,

Panama,

Peru,

Uruguay,

Venezuela,

Other Latin American Republics. .

.

Bahamas and Bermuda,

Netherlands Antilles and Surinam,Other Latin America

,

Total Latin America

Asia:

China Mainland,

Hong KongIndiaIndonesia^IsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa;

Congo (Leopoldvllle)MoroccoSouth AfricaUnited Arab Republic (Egypt)Other Africa

Total Africa

Other countries;AustraliaAll other

Total other countries

International and regional;InternationalEuropean regionalLatin American regional . , ,

Total international andregional

Grand total

-5,0U3,867

-56,627-10,89956,87710,9A8-1,006

-28,3992,125

-46,623-63

3,5-C3

-3,037

56, 5U-3

-23,6A7

-2,704 1/

3,269281

-4,133-25,01716,81718,i35

10

-2A,509-8,909

-17,379-3,9736,318

10,32186,881

142

18,555-6

332

-19

-43,675

'i^,?!?

9,1243,298

541

2,349

-28,413-8,325

-23

1,6791,923456 2/

2/I1,631I

-9,974 2/

77,416

31

11,1072,8711,0933,205

-41 , 596218108

3,282868

-16,222-1,423

220

1,243

-50-1,068

930-52

-61,477-130,363

-1,7921,0522,509

13,060

-177, .?S1

1'9,435

J 26

1,497-1,402

-1

-90,6496,769

-9,85950

7,5002,181

-83,914

-6

-9

4,636-1

2,323

6,943

-22,2435,019 2/

18,2072,886

789 i/ 21,093

-105,2708, W7

-96,673

1,095,440

23,850-17,445-147,506

-141,101

-928,320

1,2479,787-8,855-25,84223,8879,138

1510,5223,488

-4,073-20,004

-281

-34,24485,147

-147-43,759

-29,588

102

-23,460

238

-6,5342,6331,2331,788

-4

-31,0191,661

8012,852

-5,017208

-2,688-1,981

883

-35,184

8375

-22

-76,273-48,250

-14,124-1

6,990-10,675

-141,513

2

9

4,476-2

-1,076

3,409

-42,291-14,996

-57,287

-153,219-11,573

-164, 7Q2

-1,242,065

1,70837,6472,267

20/;

16,5992,077

30, 571-2,570

-307

4909,806

75839,832

-1,321500

-50,242

88,021

-523, SA6

-14,11711,4871,644

388

13,553678

-336

1,4291,713

-1,104-14,5152,420

364

3,b0<i

4051,010

-22,765

3,490

-506

1,00010,00016,492

9,126

2,038

4,681

6

108 Treasury Bulletin

CAPITAL MOVMENTS

Section II - Summary by Countries

Table 8. - Net Transactions in Foreign Stocks by Foreigners

(In thousands of dollars; negative figures indicate net sales by foreigners or a net outflow of canital from the United Statps)

Country

Calendar year

196i 19651966throughJune p

1966

January February March April May p

Europe;AustriaBelgiumDeniDark

FinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeU.S.S.ROther Eastern Europe

Total Europe

Canada

Latin America':

ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American Republics.,Bahamas and BermudaNetherlands Antilles and SurinamOther Latin America

Total Latin America

Asia;China MainlandHong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa;

Congo (Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt)....Other Africa

Total Africa

Other countries;AustraliaAll other

Total other countries,

International and regional;InternationalEuropean regionalLatin American regional

Total international and regional

Grand total

108

2,474-251

-i3,iOi6,331-202

4,604-4,340

48740

-1,918405

-10,316-86

25,012-1

123

3 1/

-5,381

130,041

492244

-1,857-62

187-326

88

113 2/

2/722

555 2,/

203

504-1,510

15-4,030-68,958

202-367-210-27

-512

-74,893

17

2/1,217

124

1/

1/

August 1966 109

CAPITAL MOVatENTS ,

Section II - Summary by Countries

Table 9.- Estimated Holdings of U. S. Government Bonds and Notes

(Position at end of period in millions of dollaral

Country

Europe:AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeU. S. S. ROther Eastern Europe

Total Europe

Canada

Latin America;ArgentinaBrazilChileColombiaCuba

MexicoPanamaP eru

UruguayVenezuelaOther Latin American Republics..Bahamas and BermudaNetherlands Antilles and SurinamOther Latin America

Total Latin America

Asia:

China MainlandHong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa;

Congo ( Leopoldville)Morocco ,

South AfricaUnited Arab Republic (Egypt)....Other Africa

Total Africa

Other countries;AustraliaAll other

Total other countries

International and regional:InternationalEuropean regionalLatin American regional

Total international and regional

Grand total

On basis o'*' 196n survey

December

1962

16

1

871

1

9383

370

339

15

33

3i

50

79 S

112

911

1963

1

13

1261

1

133

83

361

50

788

686

2

5

16

33

36

51

1 ,129

8A_

1,213

2,781

On basis of 1963 survey

1963

U1

61

131

75

328

i5

7

2

10

2

3

15

32

3q

i7

1,135

8i_

1 ,213

2 , 742

196A

U1

7

1

79

2

16

10

i9

16

16

1965

827

76

903

2,/,05

Note: Data represent estimated official and private holdings of U.S.

Government securities with an original maturity of more than one

year. (For exclusions see headnote on page 97.) Annual and month-

ly data are shown in this section beginning with the February 1964

issue of the Bulletin. For quarterly data see Section iV, Table 2,

through the June 1964 issue; and "International Financial Statis-

tics," Table 4, beginning with the September 1964 issue. Data as

of December 31, 1962-63 are on the basis of a November 30, 1960

survey and regular monthly reports of securities transactions (see

Table 4). Data for December 31, 1963, also are shown on the basis

14

1

71

7

807

676

1

1

9

1

2

417

1966

February

38

51

1

679

74

752

,329

13

1

7

1

1

6

44

249C'

56o

50

7

815

I

1

1

2

6

17

1s

1a

9

2

38

51

16

16

533

73

13

1

7

1»

1

5

45»

2

2491

564

50

813

683

1

1

1

1

2

6

17

28

38

51

16

16

483

73

April

13

1

7

1

1

5

45»

2

2491»

567

50

7

815

683

May p

131

7

1K

1

5

U»

2

2492»

556

50

806

685

If

110 Treasury Bulletin

CAPITAL MOVEMENTS,

Section III - Preliminary Details by Countries

Table 1. - Short-Term Banking Liabilities to Foreigners as of June 30,19661/

(Position in thousands of dollars)

Country

Europe :

AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeU.S.S.ROther Eastern Europe

Total Europe

Canada

Latin America :

ArgentinaBrazilChileColombiaCubaMexicoPanama -

,

Peru,

Uruguay,

Venezuela,

Other Latin American Republics...,Bahamas and BermudaNetherlands Antilles and Surinam.

,

Other Latin America,

Total Latin America

Asia :

China MainlandHong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThai landOther Asia

Total Asia

Africa :

Congo (Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt)Other Africa

Total Africa

Other countries :

AustraliaAll other

Total other countries

International and regional :

international ^ . .7European regionalLatin American regional

Total international and regional..

Grand total 4/

Totalshort-termliabilities

Short-term liabilities payable in dollars

To foreign banks and official institutions

205,699377,894320,56772,488

1,142,4861,755,937

136,8521,518,585229,779328,308284,597114,912687,961

1,610,15720,661

3,139,887

20,937353,024

1,95028,c)20

12,351,601

2,171,181

485,297325,395195,268181,848

9,594598,007156,003247,317179,317699,527533,649180,571

130,66818,654

3,941,115

34,125113,944123,913

49,487118,094

2,923,782119,033329,220228,201

575,962880,967

5,496,728

8,60522,03867,36523,323

212,619

333,950

278,68526,359

305,044

4,971,57914,17795,643

5,081,399

29,681,018

202,600344,465310,09069,063

1,063,5701 ,492,173

99,9181,480,818203,309294,933196,07062,454662,992

1,360,09217,717

2,829,91319,551

241 ,9241,807

26 , 789

10,980,248

1,867,942

231,945239,34664,63858,089

963

295,97618,68199,89253,527

295,700294,94582,470

45,9815,497

1,787,650

28,69252,551

108,348

45,942111,305,889,975117,211261,274212,884571,219801 ,835

5,201,236

6,34617,88660,481

22,474170,668

277,855

261,74121 ,409

283,150

4,971,48814,17795,624

5,081,289

25,479,370

Deposits 2/

52,682154,32876,772

42,598351,530273,16440,757373,347110,57487,122189,79057,314

122,504350,51917,609

2,206,0879,88276,4731,621

23,783

4,618,456

1,295,203

87,230152,91062,95657,462

963252,33015,63699,72052,818

295,478206,02668,21727,5755,494

1,384,815

28,692

4A,62838,22434,87863,905

,616,576115,119243,077165,532196,529510,659

3,057,819

5,83817,53060 , 1 30

14,195113,261

210,954

133,95414,737

148,691

231,26412,32920,611

264,204

U. S.

Treasurybills andcertif-icates

71,200106,058137,610

5,800539,362

1,069,31011,500

1,046,07079,59654,800

2,000

487,900182,862

512,3796,800

41,275

62

4,354,584

561,367

96,3385,075

22,900793

1 2 , 1 80

137,286

56,20010,90014,600

620,225

2,100

367,96393,969

1,165,957

7,05046,771

53,821

114,400

114,400

4,600,412

13,029

4,613,441

10,980,142 2/11,000,856

1/ For exclusions see headnote on page 97.2/ Grand total Includes $7,296,765 thousand of demand deposits and

$3,683,377 thousand of time deposits, but excludes negotiable timecertificates of deposit, which are Included in "Other."

3/ Grand total includes $1,534,335 thousand of demand deposits and$1,752,974 thousand of time deposits, but excludes negotiable time

78,71884,07995,70820,665172,678149,69947,66161 ,401

13,139153,0116,2803,14052,588

826,711108

111,4472,869

124,176186

2,944

2,007,208

11,372

48,37781,3611,682627

43,6463,045

172

709222

66,01913,4606,226

3

265,549

7,92313,924

16432,800

653,1742,092

18,19745,2526,727

197,207

977,460

508

356351

1,22910,636

13,080

13,3876,672

20,059

139,8121,848

61 ,984

203,644

3,493,37?

To all other foreigners

Total

3,07933,26810,406

3,39674,37856,35036,93237,53425,765

33,23288,51652,37424,888169,5262,944

271,8091,386

19,055143

2,131

947,112

280,981

253,28085,363130,585123,6918,631

300,002137,322147,255125,780

403,501238,48298,00384,68713,155

2,150,237

5,43361,221

14,462

3,5456,789

33,3521,822

67,57615,317

4,74277,624

291,383

2,2594,1526,467

835

41,647

55,360

15,8004,661

20,461

91

19

110

3, 74b, 144

Deposits 3/

3,05931,4538,4433,357

63,88950,991

35,45236,01622,06630,48188,17847,60423,19892,1782,924

118,9861,386

12,637

1432,093

674,534

239,841

250,42084,507

129,644121,724

8,421285,003111 ,077

140,702106,328

395,336230,29980,10960,62413,029

U. S.

Treasurybills andcertif-icates

10

3921,227

6,4282,929

9393640

2,0449

2-73

161

5,54220

14,249

304

28

34,658

19,485

2,017,223

5,25657,39114,461

3,5456,753

30,8931,816

65,18515,186

4,74176,746

281,973

2,2593,3166,405

83540,984

August 1966 111

CAPITAL MOVEMENTS

,

Section III - Preliminary Details by CountriesTable 2. - Short-Term Banking Claims on Foreigners as of June 30, 1966 1/

(Position in thousands of dollars)

Country

Totalshort-termclaims

Short-term claims payable in dollars

Total

Short-term claims payable in foreign currencies

Loans to:

Foreignbanks andofficialinsti-tutions

Other

Collectionsoutstandingfor ownaccount anddomesticcustomers

Accept-ancesmade foraccountof

foreign-ers

Other Total

Deposits of

reportingbanks anddomesticcustomerswithforeigners

Foreigngovernmentobligationsand commer-cial andfinancepaper

Eiirope;

AustriaBelgiumDenmarkFinlandFranceGermanyGreece «

ItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeD.S.S.ROther Eastern Europe

Total Europe

Canada

Latin America;ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American Republics,.Bahamas and BermudaNetherlands Antilles andSurinam

Other Latin America

Total Latin America

Asia;

China MainlandHong KongIndiaIndonesiaIsraelJapan ,,,KoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa;Congo (Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt)Other Africa

Total Africa

Other countries;AustraliaAll other

Total other countries

International and regional;InternationalEuropean regionalLatin American regional

Total international andregional

Grand total

12

55

399272

198

15108

1

,7i9,708

,332

,23i,1^4,322

,332

,•11'''

2352333

A28

,7'"^

,101

,057,922

,602

417

1,282,919

642,627

196,06697,501169,104238,06516,400

722,38767,361186,20955,114

173,794205, U756,467

16,31020,879

2,221,104

1,72033,43523,9691,48488,798

2,728,05216,357188,80216,59569,321116,672

3,290,205

1 ,rjj:

iO,95'='

i?.,487

4?, 379

139,986

9 ^ 1^7

1,053

7,639,425

11,511

47,92638,20692,16662,945148,60215,18796,45729,74945,35134,15917.2,664

54,157t7,4447,773106,523,05630,^

4,59528,410

1,047,406

495,363

196,01596,917169,020237,10116,381

689,04167,061186,141

55,113169,341205,27455,19c

16,30,

20,797

,179,693

1,71533,35628,5911,483

88,7972,694,461

16,357137,52316,59569,302

1W,373

55

1,60639,58547,78£48,057

19

1,053

0,096

9,5166,322

13,32916,83138,9161,922

35,9658,431

16,94315,20519,02711,36317,69145,90933,96621,6733,150

4,33911,713

338,307

27,677

24,667

31,93128,14931,951

289,84635,55349,7U12,05829,07438,04917,664

57

1,664

590,377

727

16,92919,743

18

50,494561,935

418109,405

5,95516,42435,605

3,252,553 817,653

25564

13,95924,61912,042

137,591

112 Treasury Bulletin

CAPITAL MOVMENTS

Section III - Preliminary Details by Countries

Table 3. - Long-Term Banking Liabilities to and Claims on Foreigners as of June 30, 1966

(Position in thousands of dollars)

August 1966 113

CAPITAL MOVEMENTS ,

Section III -Preliminary Details by CountriesTable 4. - Purchases and Sales of Long-Term Securities by Foreigners During June 1966V

(In thousands of dollars)

Country

Purchases by foreigners

Totalpurchases

Domestic securities

U. S.

Governmentbonds andnotes

Corporate andother

Bonds Stocks

Foreign securities

Stocks

Sales by foreigners

Totalsales

Domestic securities

U. S.

Governmentbonds andnotes

Corporate andother

Bonds Stocks

Foreign securities

Bonds

Europe

:

AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSuedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western Europe.n.S.S.ROther Eastern Europe.

Total Europe.

Latin America:ArgentinaBrazilChileColombiaCubaMexicoPanamaPeru ,

UruguayVenezuelaOther Latin American Republics...Bahamas and BermudaNetherlands Antilles and Surinam.Other Latin America

Total Latin America

Asia:

China Mainland.Hong KongIndiaIndonesiaIsraelJapanKoreaPhilippines.TaiwanThailandOther Asia.

.

Total Asia.

.

Africa :

Congo (Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt)

.

Other Africa

Total Africa

Other countries:AustraliaAll other

Total other countries

International and regional :

InternationalEuropean regionalLatin American regional

Total international and regional.

Grand total

1,341

1i,1301,346

30938,84620,004

278

11,99623,2668,986967

3,033

5,288171,300

53245,265

11,457

195

558,110

265,467

5,5381,458830

894

4,1965,225

5691,9775,882852

16,69811,816

720

56,705

3025,714

71

7,3362,891

35133

3216

14,095

50,353

26

26

209

4646

911

1,562525

25,676143

293

26,112

959,745

4

6,527

2,262

67,506

76,305

1,567

36

41

293

293

78 , 206

5

2,372433

4,8372,569

20

1,4662,974409

1972,41814,986

118,636

1 ,728

153,050

TIT954

24318

5

30

15

8313

131

9772

3,616

999103

5,425

711

_85

870

11 ,9-^0

11,920

185,276

1

4

2310

67

1

2

125

31

,021

,10747990

,551,277

249,136,771

,170

853,706813

,04641

,057

,550

195

223,117

104,211

1,730890752682

2,6844,089

4661,4194,897674

8,730

9,048527

36,538

30

24,66371

877

95335

103

2916

13,398

40,175

24

26

107

4477

638

140136

276

1 ,937

1,987

406,992

2875,520426219

5,3592,939

3,6821,002847114

41

1,31522,682

18,858

1,153

64,449

102,946

3,46241597159

1,294952

385716

96786

1,52686

9,974

113

6,436286

201

7,036

lU Treasury Bulletin

CAPITAL MOVEMENTS

.

Section IV - Supplementary Data by Countries

Table 1. - Short-Term Liabilities to Foreigners Reported by Nonbanking Concerns

(Position at end of period in thousands of doJl^rs)

Country

laAi

March June 1/ September December 2/

1965

June September December

Europe:

Austria

BelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeU. S. S. ROther Eastern Europe

Total Europe

Canada

Latin America ;

Argentina

BrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezualaOther Latin American Republics..Bahamas and BermudaNetherlands Antilles and SurinamOther Latin America

Total Latin America

Asia;

China MainlandHong KongIndiaIndonesiaIsraelJapanKorea

PhilippinesTaiwanThailandOther Asia

Total Asia

Africa;

Congo (Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt)....Other Africa

Total Africa

Other countries:Au."5tralia

All other

Total other countries

international and regional;InternationalEuropean regionalLatin American regional

Total international and regional

Grand total

2,29219,1391,3221 ,082

31,33i32,167

2,i1626,353A3,i852,120

1,0326,839

6,93419,9354,342

110,036

6,051898182

901

318,910

67,588

6,10513,487

3,3555,816

200

10,51529,0275,281

1,48420,112

9,5691,9686,0574,669

117,645

1,7682,377

14,0363,1792,341

23,412669

4,826722

80521,909

76,044

1,046304

8,9544,0536,255

20,612

August 1966 115

CAPITAL MOVmENTS

Section IV - Supplementary Data by Countries

Table 2. - Short-Term Claims on Foreigners Reported by Nonbanking Concerns

(Position at end of period in thousands of dollars.)

Country1964

September December 1/

1965

March Jane September December 1/

1966

March p

Europe;AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugal .•

SpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western Europen.s.s.Rother Eastern Europe

Total Europe

Canada

Latin America:ArgentinaBrazil

ChileColombiaCuba

MexicoPanamaPeruUruguayVenezuelaOther Latin American Republics,.

,

Bahamas and Berimida

Netherlands Antilles and SurinamOther Latin America

Total Latin America

Asia;

China MainlandHong KongIndia

IndonesiaIsrael

JapanKoreaPhilippinesTaiwanThailand

,

Other Asia

Total Asia

Africa;

Congo (Leopoldville)MoroccoSouth Africa

,

United Arab Republic (Egypt)....Other Africa

Total Africa

Other countries;Australia

,

All other,

Total other countries,

International and regional;International

,

European regional,

Latin American regional,

Total international and regional,

Grand total,

5

19

6

5

6'

798

99296

10

4616

17

5

2792

6

497897562

189,050

405,712

,249,760

,476

,044,275

,555,240

,155

,653,600

,287377,352

7U,335

922,977

20

1252122

458

922

5

37

4220

49

,060

,037

,390

,060

,936,251839,114

,998,759,182

,153,652,182

403,013

29

5,07738,4355,0737,245

159, b87

4,37411,1324,3397,02551,411

293,827

2,1971,032

11,90612,77824,865

52,778

35,6605,792

41,452

194

1,061

2,430,043

4,94216,9146,3988,21450,27594,7809,640

89,78232,3716,5988,764

44,92318,67016,010

4,240407,123

2,8236,410

98

2,679

831,654

1,032,176

25,798128,30624,63925,3904,48264,1919,24123,2698,040

44,90946,50318,692

4,45610,013

437,929

13

6,83036,6004,4267,471

174,1704,582

14,054

5 , 0346,77154,860

314,866

5,0042,28510,90011,55927,303

57,051

33,3886,726

45,114

L.9

2,719,052

6,55s18,5246,2616,736

60,816139,8279,82894,82031,0947,6624,05642,14119,14321,6579,086

329,2443,2739,016

2982,227

822,267

1,057,075

30,471U4,51725,23424,5964,285

68,87911,93425,72410,021

45,78951,32511,4224,1509,548

467,895

191

8,55640,5114,3446,856

179,8144,201

11,4515,0515,435

60,092

326,502

6,1921,026

11,34612,65026,054

57,268

37,7600,869

44,629

59198

3

2a0

6,55918,688

6,2686,736

60,9H139,9669,828

94,87231,2597,6654,05742,14419,16321,6859,101

330,0013,2739,016

2982,227

823,720

1,125,774

30,484144,52325,23624,6034,29275,68311,93825,92710,021

45,84951,32611,4384,1509,566

475,036

191

8,57340,5114,3506,858

179,8484,20111,4715,0555,436

60,098

326,592

6,1921,026

11,36212,65126,054

57,285

116

August 1966117

CAPITAL MOVIMENTS

Section IV - Supplementary Data by CountriesTable 4. - Long-Term Liabilities to Foreigners Reported by Nonbanking Concerns

(Position at end of period in thousands of dolLars)

Country

Europe:

AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western EuropeU.S.S.ROther Eastern Europe , • . , ,

Total Europe

Canada

Latin America:ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American Republics..,Bahamas and BermudaNetherlands Antilles and Surinam,Other Latin America

Total Latin America

Asia;

China MainlandHong KongIndia

IndonesiaIsrael

JapanKoreaPhil ippinesTaiwanThailandOther Asia

Total Asia

Africa:

Congo ( Leopoldvllle)MoroccoSouth AfricaUnited Arab Republic (Egypt)Other Africa

Total Africa

Other countries;AustraliaAll other ..'..'.'..

Total other Countries

International and regional

Orand total

March

272

5,438

683

52

82

1,U63J, 918

132

167

971,189

5,68550

/>7,911

8i,737

1,207

6<V1

62510

60

3334:19

19

U81,913

317

78

1,251

?,:ioi

38175

138

87

2,308

5

40

30

39

3,904

132

21:

216

142,987

1964

June 1/

4,520

673227

82

1,17332,079

135lt>;'

23

2,.802

6,06750

47,993

83,^73

9^3

503

47118

102

1568021

1?41,920

560

1,001

6,514

35036

138

1,603*

5

2

16

34

:,268

127

3

131

J

140,332 1/

September

4,510

472L46

831,201

31,289

136162

19755

6,02297

^4,392

57,960

673

4557815

60

192

85

46107

1,8958O4

1,201

5,611

350

9941388','

1,4845

2

17

3,077

1.",

128

ill,';.?;

December 2/

3,o&l

4662,306

831,266

29,803

136188

2

755

7,38437

46,087

55,337

oo441543265660

17585

51102

101275

1,201

4,217

U350

994138

93

45

2

13

1,611

128

129

107,386 2/

_L

3,691

567

2,35585

1,288

28,99925

133188

254758

7

9,50836

47,906

60,800

55o123

43266560129126

52982

103

2

1,112

4,360

12351999138

97

3

5

2

37

1,644

1-25

59

185

114,901

1965

2,720

566

2,55783

1,31628,009

30133161

1,106

8,97748

45,706

59,036

54497

33867260

134126

39273

133156

1,107

3,807

12350

1,01813899

5

3

1,641

12480

204

110,399

Note: Data are reported by exporters, importers, industrial and commer-cial firms, and other nonbanking concerns in the United States. Dataexclude intercompany accounts between firms in the United States andtheir affiliates abroad.The series beginning with June 1964 includes reports from firmshaving liabilities of $500 thousand or more; for previous series

_L

2,724

563

3,182691

1,36227,155

1

130

161

1,512

10,669

34

48,184

60,582

48897

36464060

183126

39596

216

705

3,374

12350998138110

1

5

3

2,318

3,935

121

49

170

3,934

5

3,989

120,234

September December 3/

1,817

6823,057

691

1,48929,727

1

130161

1,259

30,4002

31

69,447

5S,744r

50613932664760

201126419107

5

165

1,107

3,808

32

350387138

2

1

5

22

2,276

3,193

13120

151

2,375

5

2.380

137,723r 3/

1966

March p

300

1,812

636

3,U0691

1,59329,726

1130

161

12,722

51,47032

102,414

54,837

44811526964760

1,037165

387100

1

122

1,005

4,356

12

350332138

U1

5

23

2,189

3,114

13128

159

1,521

1,521

166,401

1/

the reporting exemption was $100 thousand. The amount of liabili-ties excluded as a result of this increase in the reporting exemp-tion is $2,854 thousand.

2/ Data include $936 thousand of liabilities reported by firms reportingfor the first time.

3/ Data include $2,077 thousand of liabilities reported by firm reportingfor the first time.

p Preliminary, r Revised.

118 Treasury Bulletin

CAPITAL MOVaCENTS ,

Section IV - Supplementary Data by CountriesTable 5. - Long-Term Claims on Foreigners Reported by Nonbanking Concerns

(Position at end of porio-^ ' n thcni::in'-l:^ of dollar?:)

196iCountry

Jun e September December 1/

1965

September- December 1/

Europe:AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpain

,

Sweden,

SwitzerlandTurkeyUnited Kingdom ,

YugoslaviaOther Western Europe ...

U.S.S.ROther Eastern Europe

Total Europe,

Canada

Latin America;ArgentinaBrazilChileColombiaCubaMexicoPanamaPeru

,

Uruguay,

VenezuelaOther Latin American Republics..Bahamas and Bermuda

,

Netherlands Antilles and Surinam,Other Latin America

Total Latin America

Asia:China MainlandHong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa:Congo ( Leopoldville)Morocco

,

South AfricaUnited Arab Republic (Egypt)Other Africa

Total Africa

Other countries:AustraliaAll other

Total other countries

International and regional

Grand total

2,002

7,U71 ,30

23 , 5a2,5U

11 ,866

12,054300

2,157

W35,365

36

13,3726, ''75

68,3391,212

76010

167

160,052

64,07i

72 , 77066,86810,0306,6336,74878,4894,4989,9291,3487,799

14,7058,1931,049914

289,973

375,065

10,11218,001

93,954155

47,4185,4141 ,025

11 ,923

193,194

1

44,3214,723

85,165

94,214

August 1966 119

, CAPITAL MOVEMENTS

,

Section IV - Supplementary Data by CountriesTable 6. - Foreign Credit and Debit Balances in Brokerage Accounts

(position at end of period in thousands of dollars)

120 Treasury Bulletin

CAPITAL MOVMENTS .

Section IV - Supplementary Data by Countries

Table 7. - Short-Term Banking Liabilities to Foreigners in Countries and AreasNot Regularly Reported Separately

(Position at end of period in thousands of dollars)

Country

December

1961 1962 1963 1964

April1965

December1965

April1966

"Other Western Europe "

Cyprus ,

Gibraltar ,

IcelandIreland, Republic ofLuxembourgMaltaMonaco

"Other Eastern Europe"AlbaniaBulgariaCzechoslovakia 1/EstoniaHungaryLatviaLithuaniaPoland 1/Rumania 1/Soviet Zone of Germany

"Other Latin American Republics "

Bolivia 1/Costa RicaDominican Republic 1/EcuadorGuatemala 1/HaitiHondurasJamaicaNicaraguaParaguayEl Salvador 1/Trinidad and Tobago

"Other Latin America "

British HondurasBritish West IndiesFrench West Indies and French Guiana.

"Other Asia"Aden and South ArabiaAfghanistanBahrainBurmaCambodiaCeylonIran 1/IraqJordanKuwaitLaosLebanonMalaysia j/NepalPakistanRyukyu Islands (including Okinawa)...Saudi ArabiaSingapore 2/SyriaTrucial StatesViet Nam

"Other Africa"AlgeriaCanary IslandsEthiopia (including Eritrea)French SomalilandGhanaGuineaIvory CoastKenyaLiberiaLibyaMalagasy RepublicMozambiqueNigeria"Portuguese West Africa"Somali RepublicSouthern Rhodesia ^/SudanTunisiaZambia /^

"Other countries "

New CaledoniaNew Zealand

657

August 1966 121

CAPITAL MOVEMENTS,

Section IV - Supplementary Data by Countries

Table 8. - Purchases and Sales of Long-Term Securities by Foreigners During Calendar Year 1965

(In thousands of dollars)

Country

Purchases by foreigners

Totalpurchases

U. S.

Governmentbonds andnotes

Domestic securities [Foreign securities

Corporate andother

Bonds Stocks

Bonds Stocks

Sales by foreigners

Totalsales

U. S.

Governmentbonds andnotes

Domestic securities Foreign securities

Corporate andother

Bonds Stocks

Bonds Stocks

Europe;AustriaBelgiumDenmarkFinlandFranceGermanyGreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western Europe.0. S. S. R

Other Eastern Europe.

Total Europe.

Latin America:ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther Latin American Republics...Bahamas and BermudaNetherlands Antilles and Surinam.Other Latin America

Total Latin America,

Asia:

China MainlandHong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total Asia

Africa:

Congo ( Leopoldville)MoroccoSouth AfricaUnited Arab Republic (Egypt).Other Africa

Total Africa

Other countries;AustraliaAll other

Total other countries...

International and regional;InternationalEuropean regionalLatin American regional

Total international and regional.

Grand total

15

121

22

298225

2

99296

9521

3679

1,581

1,371

51

,078,160

,733990,603,586

,571,696413,685

,1U.i56,338,223928

,50563i,806

1,209

i, 323, 358

2,011,930

27,78215,47510,32212,325

420

73,84256,3389,959

27,44.8

55,67510,56183,47485,1222,967

471,710

36

126,69811,428

17122,78339,803

115

2,3242,440

12,498105,995

324,291

405946

6,719194

15,735

23,999

31,1328,819

39,951

257,5687,82727,803

293,198

7,488,437

5

137

3,494

1,416371

2

8422,262

38,06947373

23,16616,453

17

520,849

873

494

608,870

333,267

147

542

317200

16116190

32i4,3972,976

5

8,771

1070

10,014

1164,127

11

1

10,938

25,287

7426

4522

68

9

77

72 , 479

27,778

100,257

l,fi77,ls=.

4219 092

7707

22,98845,290

20

5,91112,07127,966

736

1,99122,22496,810

38

165,303

^143

415,681

2^2,399

69

62321327

1,9613,668

134529

1,114938

7,2725,485

79

23,000

2,525116

65538

4389126

4,819

9,023

303

383

52

24,455

24,455

2,444,'

11,57154,5242,189

258221,18288,9022,49356,194

136,3325,270

19,84721,7297,645

,232,589639

546,8273

36,431

363

666,597

18,90911,4205,6159,546

37835,51145,8207,83719,43138,6266,77736,80870,2261,864

308,768

22

116,369290168

6,0186,341

1151,470

538

45757,652

189,440

399800

1,054190

4,142

6

122 Treasury Bulletin

.CUMULATIVE TABLE OF CONTENTS.

September 1965 through August 1966

Issue and page nuraber

1365

Sept. Oct.

19b6

Apr. May July

Reporting bases

Article:Treasury financing operations

Summary of Federal fiscal operations

Administrative budget receipts and expenditures :

Receipts by principal sourcesDetail of miscellaneous receipts by major categories

Chart - Internal revenue receipts by principal sources

Expenditures by agencies

Interfund transactions excluded from both net budget receipts

and budget expendituresSummary of appropriations and authorizations, expenditures, and

balances, by agenciesExpenditures and balances by functions

Expenditures by functionsDetail of excise tax receiptsSummary of internal revenue receipts by States, calendar year 1965

Trust and other transactions :

Summary of trust and other transactions

Trust receiptsTrust, deposit fund, and Government-sponsored enterprise

expendituresInvestments in public debt and agency securities (net)

Sales and redemptions of Government agency securities in

market (net)

Interfund transactions excluded from both net trustand trust expendituresFederal Old-age and Survivors Insurance Trust Fund

Federal Disability Insurance Trust Fund

Railroad Retirement AccountUnemployment Trust FundNational Service Life Insurance FundInvestment of specified trust accounts in public debt securities,

by issues (latest date June 30, 1966)

Consolidated cash transactions ;

Summary of Federal Government cash transactions with the public...

Intragovernmental and other noncash transactionsFederal receipts from and payments to the public - seasonallyadjusted and unadjusted

Account of the Treasurer of the United States :

Status of the Account of the Treasurer of the United StatesAnalysis of changes in tax and loan account balancesSummary of cash transactions through the Account of the Treasurerof the United States

Gold assets and liabilities of the Treasury

Monetary statistics :

Money in circulation «

Debt outstanding :

Summary of Federal securitiesComputed interest charge and rate on Federal securitiesInterest-bearing public debtMaturity distribution and average length of marketableinterest-bearing public debt

Special public debt issues to U. S. Government investment accountsTreasury holdings of securities issued by Government agenciesInterest-bearing securities issued by Federal agencies but not

guaranteed by the U . S . Government

Statutory debt limitation

Public debt operations:Maturity schedule of interest-bearing public marketable securitieso ther than regular weekly Treasury bills

Offerings of Treasury billsNew money financing through regular weekly Treasury billsOfferings of public marketable securities other than regularweekly Treasury billsSecurities issued in advance refunding operationsAllotments by investor classes on subscriptions for publicmarketable securities other than regular weekly Treasury bills...

Disposition of matured public marketable securities other thanregular weekly Treasury billsForeign series securities (nonmarketable) issued to officialinstitutions of foreign countries

Foreign currency series securities (nonmarketable) issued toofficial institutions of foreign countries

II

A-1

1

1111

12

13

U15

17

13

19

21

22

2223

23

2425

26

27

28

3032

35

40

43

46

53

58

A-1

1

10

11

12

13

15

lb

17

la

19

202021

21

23

28

30

33-

38

41

44

'-1

56

A-1

I

10

11

13

U15

1516

17

18

23

25

2526

27

31

33

35

38

43

46

49

56

61.

II

A-1

1

1111

12

13

1920

2222

23

23

2425

26

3032

3540

43

4o

53

5-

II

A-1

1

10

10

11

12

16

17

13

19

212122

23

24

25

26

27

2931

3439

42

45

52

II

A-1

I'J

111

11

12

13

14

15lo

1617

19

^:3

24

2o27

2723

29

30

31

32

3436

39

44

47

5'J

57

II

A-1

13

14

15

It.

IS

19

242425

.'5

26

27

30

3.

3^

38

43

4b

33

II

A-1

11

12

13

1.,

1'

19

20

20

21

2,'

23

23

25

30

32

3b

41

II

IV

1

11

11

12

13

14

15

16

17

17

18

19

2026

2828

29

29

30

31

33

343633

47

50

53

bl

II

IV

1

12

12

13

14

II

18

19

20

21

22

242425

252627

28

29

30

32

34

38

43

46

49

57

63

10

10

II.

12

lb

17

19

20

21

21

2323

24

25

2931

33

37

42

5o

(Continued* on following page)

August 1966 123

.CUMULATIVE TABLE OF CONTENTS.

September 1965 through August 1966 - (Continued)

Issue and page Dumber

1965

Sept. Oct. Nov. Dec.

1966

Feb. Mar Apr. Kay June July

United States savings bonds :

Cumulative sales and redemptions by series

Sales and redemptions by periods, all series combinedSales and redemptions by periods, Series E through K

Redemptions of matured and unmatured bondsSales and redemptions by denominations, Series E and H combined...Sales by States, Series E and H combined

Ownership of Federal securities ;

Distribution by classes of investors and types of issuesNet market purchases or sales for investment accounts handled by

the TreasuryEstimated ownership

Treasury survey of ownership of Federal securities:

Ownership by banks, insurance companies, and othersOwnership by commercial banks classified by membership in Federal

Reserve Slystem (latest date June 30, 1966)

Market quotations:End-of-month closing quotations on Treasury securities by issues .

.

Chart - Yields of Treasury securities

Average .yields of long-term bonds:

Average yields of Treasury and corporate bonds by periodsChart - Average yields of Treasury and corporate bonds

Monetary statistics:

Money in circulationMonetary stocks of gold and silverGold assets and liabilities of the TreasuryComponents of silver monetary stock

Exchange Stabilization Fund (latest date March 31. 1966) :

Balance sheetU. S. stabilization agreementsIncome and eJfpense

National bank reports;Earnings, expenses, and dividends for calendar years 1961-65

International financial statistics:U.S. gold stock, and holdings of convertible foreign currenciesby U.S. monetary aixthorities

U.S. Treasury nonraarltetable notes and bonds issued to officialinstitutions of foreign countries

U.S. monetary gold transactions (net)Estimated gold reserves and dollar holdings of foreign countriesand international institutionsLiabilities to foreign official institutions and international andregional organizations

Capital movements between the United States and foreign countries;Summary by periods beginning 19^6Summary by countries and periodsShort-term banking liabilities to foreigners, latest monthShort-term banking claims on foreigners, latest monthLong-term banking liabilities to and claims on foreigners,latest monthPurchases and sales of long-term securities by foreigners,latest month

Short-term liabilities reported by nonbanking concernsShort-term claims reported by nonbanking concernsLong-terra liabilities reported by nonbanking concernsLong-term claims reported by nonbanking concernsForeign credit and debit balances in brokerage accountsShort-term liabilities, countries and areas not regularly reportedPurchases and sales of long-term securities by foreigners duringcalendar year 1965

Foreign currencies acquired by the United States without purchasewith dollars:Transactions and balances in Treasury accountsTransactions and balances in agency accounts

Corporations and certain other business-type activities;Statements of financial condition (latest date March 31, 1966)....Income and expense (latest date December 31, 1965)Source and application of funds (latest date December 31, 1965)...

61

61

62

64

65

6566

67

7173

7i75

767777

78

79

79

80

81

82

Si.

87

9697

98

99100

101

103104

105

59

5960

62

b3

63

6i

69

71

72

73

7475

7576

79

7980

81

82

84

87

9697

98

99100

101

103104

64646567

69

6970

7577

787q

80

81

81

82

83

84

85

86

91100

101

102

103

104105107110113114

115

117

117

119

61

61

62

64

65

6566

67

71

73

7677

77

78

79

7980

81

82

8487

9697

99100101

103106109110

111

60

6061

63

64

70

72

73

74

75767677

7870

80

81

9793

99

100

101

102104107

110111

112

65

656668

6970

71

7172

73

77

81

S3

8485

87

87

89

90

91

92

9497106107

108

109110111

113

114115116

117

66

6667

69

70

7071

7678

7980

23

22

81

82

81

84

86

89

9899

100

101

102

103

105

106107108

109

b4

64

65

67

68

6869

70

7476

7778

21

20

7980

30

81

81

82

83

84

9899

100

101102

103

105106107108

109

110

110

707071

7374

75

7576

77

81

83

84

85

27

26

86

8687

91

94103

104

105

106107108110

111112

113

114

666667

69

7071

72

7678

7930

23

22

32

33

84

85

87

90

99

100

101

102

103

104106

107

108

109

110

6565

6668

69

6970

71

7577

7879

22

21

80

81

81

82

83

84

85

87

90

99100

101

102

103104106107108109

110

113

135

116

137

Treas.HJ10.kl

1966C.2

U.S. Treasury Dept,

Treasury Bulletin

n

^OUNP^