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9, 1*6 ?ft*hin£;feoe» ft* C of far ®%*h9 tlmt 6 lMtfUikli»jr * t o t a l r*ftlr«wMit o f J«f MXli«m «« *K^ #a.l<feii, <^®e I *&4 fejr pr*vlm* «ct|>«rl«tt»o. thin i«%»l i i V-} 1 i^ii f*@«»b«r 15 of It i t «r %fe» tlrttMury ®mM berr«ir up t# § billion d#Xl»r» trim DTK: If l i r i « • »*y t k * t »0 »f|r#e^!i%# ImTia^ tan vi#m» is- of U i 1 * 100-1968 PROJECTED DEBT RETIREMENT PROGRAM FOR I9I46 (In millions of dollars) Issue Mar. 1, f/dfooertificates Mar.15, 1% notes liar. 15, 3 3/1$ bonds Apr. 1, 7/3% c e r t i f i c a t e s May 1, 7/8% c e r t i f i c a t e s Total redeemed t o May 1 June June June July Aug. 1, 7/&% c e r t i f i c a t e s 15, 3% bonds 15, 3 ^/W° bonds 1, 0.90% notes 1, 7/0% c e r t i f i c a t e s Sept. 1, 7/&% c e r t i f i c a t e s Oct. 1, 7/0//o c e r t i f i c a t e s Nov. 1, 7/&% c e r t i f i c a t e s Dec. 1, 7/8% c e r t i f i c a t e s Dec.15, 1 1/2$ notes Total possible redemptions June to Doc. TOTAL Coiurncrcial banks Held bv F. R. banks 2,566 953 1,000 7I1 25k 2,680 1,016 7,14.98 1,355 528 Uk 1,318 362 2,751 3,132 89L. 677 1,459 2,127 2,022 2,008 333 531 100 1,419 738 299 out~ llonbank investors standing 623 217 211 813 199 Redeemed for cash Total 4,147 1,291 439 1,016 1,291 U09 4,811 1,579 1,991 1,579 "12,317™ "0,360" Coinrriercial banks 629 1,000 234 1,109 1,018 3, F. R. banks 229 7h 44 54o 362 Konbank investo rs 153 217 211 342 199 Exchanged 3,131 2,820 5795T 4,799 1,036 819 4,910 2,470 2,000 1,036 319 2,000 2,470 565 523 439 1,276 1,459 43 364 677 1,21k 403 332 360 334 790 630 4,336 2,000 3,1440 2,000 1,471 3,773 7ooQ 3 , <~i/ 3,261 2,000 981 1,176 1,063 655 429 158 364 395 779 1,700 1,249 143 308 2, 336 1,1*40 1,778 3,763 1,561 2,913 408 332 381; 334 3,435 221 100 i ~fy 2,910 274 590 15,800 4,930 11,337 32,617 16,025 3,736 ^494 16,592 23,293 7,731 13,905 i-,4,934 22,391 12,726 5,621 22,543 Notet Ownership f i g u r e s for commercial banks and nonbank i n v e s t o r s t a k e n from Treasury survey f~o~r December 3 1 , 1945* F e d e r a l Reserve holdings a r e l a t e s t a v a i l a b l e f i g u r e s . Although maturing i s s u e s tend t o s h i f t t o t h e banking system, no allowance has been made i n t h e e s t i m a t e s for such s h i f t s . According t o presc-nt e s t i m a t e s of Treasury r e c e i p t s and e x p e n d i t u r e s t h e above debt r e t i r e m e n t program w i l l leave a cash b a l a n c e of about 3 b i l l i o n d o l l a r s a t t h e end of the v e a r . SECURITIES SECTION, BOARD OF GOVERNORS April 29, 1946
@FedFRASER