Full text of Treasury Bulletin : November 1976

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.OV.UTO,

UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

\
'•^^6-19-1

The Treasury Bulletin

is for sale by the
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U.S. Government Printing Office, Washington, D.C. 20402
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Treasury Bulletin
November

1976

DEPARTMENT OF THE TREASURY
WASHINGTON.

OFFICE OF THE SECRETARY
D.C.

November 1976

CONTENTS

V

Article

Treasury Financing Operations

FFOl.

Summary of Fiscal Operations

1

FFO-2,

Budget Receipts by Source

3

Chart

Budget Receipts by Source

5

FFO-3.

Budget Outlays by Agency

6

FFO-4.

Undistributed Offsetting Receipts

7

FFO-5.

Budget Outlays_ by Function

FFO-6.

Investment Transactions of Government Accoionts in Federal Securities (Net)

IQ

FEDERAL FISCAL OPERATIONS

8

FFO-7.

Trust Funds Transactions

11

FFO-8.

Selected Accrual Data Reported by Federal Agencies

12

FFO-9.

Detail of Excise Tax Receipts

13

FEDERAL OBLIGATIONS
FO-1.

Gross Obligations Incurred Within and Outside the Federal Government by Object Class..

16

F02.

Gross Obligations Incurred Outside the Federal Government by Major Function and Major
Object Class

l6

F03.

Gross Obligations Incxirred Outside the Federal Government by Department or Agency

17

FO--;.

Gross Obligations Incurred Outside the Federal Government, Comparative Statement
by Months

18

ACCOUNT OF THE

U.S.

TREASURY

UST-1.

status of the Account of the U.S. Treasury

19

UST-2.

Analysis of Changes in Tax and Loan Account Balances

20

UST-3.

Gold Assets and Liabilities of the Treasury

21

MONETARY STATISTICS
22

Money in Circulation

FEDERAL DEBT
FD-1.

Summary of Federal Debt

FD-2.

Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt....

23

FD-3.

Interest-Bearing Public Debt

24

23

FD-4.

Maturity Distribution and Average Length of Marketable Interest- Bearing Public Debt,...

24

FD-5.

Government Account Series

25

FD-6.

Interest- Bearing Secxirities Issued by Government Agencies

26

FD-7.

Participation Certificates

27

FD-8.

Debt Subject to Statutory Limitation

28

FD-9.

Status and Application of Statutory Limitation

29

FI>-10.

Treasury Holdings of Secvtrities

30

PUBLIC DEBT OPERATIONS
PDO-1.

Maturity Schedule of Interest- Bearing Marketable Public Debt Securities

32

PDO-2.

Offerings of Bills

33

PDO-3.

New Money Financing through Regular Weekly Treasury Bills

36

Treasury Bulletin

//

CONTENTS

PDO-4.

Offerings of Public Marketable Seciirities

-40

PDO-5.

Unmatured Marketable Securities Issued at a Premium or Discount

43

PDO-6.

Allotments by Investor Classes on Subscriptions for Public Marketable Securities

47

EDO- 7.

Disposition of Public Marketable Securities

50

PDO-8,

Foreign Series Securities

53

PDC^9.

Foreign Currency Series Securities

58

UNITED STATES SAVINGS BONDS
SB-1.

Sales and Redemptions by Series, Cumulative

61

SB-2.

Sales and Redemptions by Periods, All Series Combined

61

SB-3.

Sales and Redemptions by Periods, Series E through K

62

SB-<i.

Redemptions of Matured and Unmatured Savings Bonds

64

SB- 5.
SB- 6.

Sales and Redemptions by Denominations, Series E and H Combined
Sales by States, Series E and H Combined

65
66

UNITED STATES SAVINGS NOTES
67

SN-1.

Sales and Redemptions by Periods

OFS-1.

Distribution of Federal Securities

63

OFS-2.

Estimated Ownership of Public Debt Securities

69

OWNERSHIP OF FEDERAL SECURITIES

TREASURY SURVEY OF OWNERSHIP
TSO-1.

Summary of Federal Securities

70

TSO-2.

Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution...

71

TSO-3.

Interest-Bearing Marketable Public Debt Securities by Issue

71

TSO-4.

Securities Issued by Government Agencies

73

TSC^5.

Securities Issued by Government-Sponsored Agencies and D.C

73

MQ-1.

Treasury Bills

74

MQ-2.

Treasury Notes

74

MQ-3.

Treasury Bonds

75

Chart

Yields of Treasury Securities

76

MARKET QUOTATIONS ON TREASURY SECURITIES

AVERAGE YIELDS OF LONG-TERM BONDS
AY-1.

Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

77

Chart

Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

78

INTERNATIONAL FINANCIAL STATISTICS
IFS-1.

U.S. Reserve Assets

79

IFS-2.

U.S. Liqnid and Nonlrqmd Li-abilities to Foreign Official .Institutions, .and Liquid
Liabilities to All Other Foreigners

80

IFS-3.

U.S. Liquid and Nonliquid Liabilities to Official Institutions of Foreign Countries,
by Area

gi

IFS-<i.

Nonmarketable U.S. Treasury Bonds and Notes

82

IFS-5.

U .S . Position in the International Monetary Fund

g3

IFS-6.

Weighted- Average of Exchange Rate Changes for the Dollar

84

) )

November 1976

III

CONTENTS
CAPITAL MOVEMENTS
LIABILITIES TO FOREIGNERS REPORTED BY

BAI'JKS -

U.S.

Short-Term Liabilities by Type of Foreign Holder

87

Short-Term Liabilities ty Type of Liability

88

Short-Term Liabilities by Country

90

Short-Term Liabilities, by Type and Country

91

Short-Term Liabilities, Not Regularly Reported Separately

92

Long-Term Liabilities

93

Type

tjy

Long-Term Liabilities by Country

9^

CLAIMS ON FOREIGNERS REPCHTED BY BANKS

Short-Term Claims

try

Type

95

Short-Term Claims by Country

96

Short-Term Claims, by Type and Country

97

Long-Term Claims by Type

98

Long-Term Claims by Country
Long-Term Claims, by Type and Country

99
100

LIABILITIES TO FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S.
Liabilities by Type

101

Short-Term Liabilities by Country

102

ShorVTerm Liabilities, by Type and Country

103

Long-Term

Liabilities, by Country

IO4

CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S.
Claims by Type

105

ShorVTerm Claims by Country

106

Short-Term Claims, by Type and Country

107

Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type

108

Shorl^Term Liquid Claims Reported by Large Nonbanking Concerns, by Country

108

Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country

109

Long-Term Claims by Country

110

TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS

Foreign Piirchases and Sales of Long-Term Domestic Securities

Ill

Foreign Purchases and Sales of Long-Term Foreign Securities

Ill

Net Foreign Transactions in Marketable U.S. Treasury Bonds and Notes by Country

112

Estimated Foreign Holdings of Marketable U.S. Treasury Bonds and Notes by Country

113

Net Foreign Transactions in Long-Term Domestic Bonds

II4

Net Foreign Transactions in Domestic Stocks by Country

II5

Net Foreign Transactions in Long-Term Foreign Bonds by Country

II6

Net Foreign Transactions in Foreign Stocks by Country

XX7

Foreign Purchases and Sales of Long-Term Securities, Latest Date

XI8

Foreign Purchases and Sales of Long-Term Securities, Latest Year

X19

FOREIGN CREDIT AND DffilT- BALANCES IN BROKERAiSE ACCOUNTS
Foreign

Credi-j;

Balances

Foreign Debit Balances

Due to Foreigners

X20

Due from Foreigners

121

(

(

.

IV

Treasury Bulletin

CONTENTS

FOREIGN CURRENCIES ACQUIRED BY THE U.S. GOVERNMENT
WITHOUT PAYMENT OF DOLLARS
FC-l.

- Summary of Foreign Ciorrency Transactions

FC-2

-

Foreign C\irrency Transactions, Country Uses

123

FC-3.

-

Foreign Currency Transactions, U.S. Uses

12^1

FC-4..

- Foreign Currency Transactions,

123

Trust Funds

FINANCIAL OPERATIONS OF

124

GOVERNMENT AGENCIES AND FUNDS

FEDEML CREDIT

PRCXiRAMS

GA-II-l.

- Direct Sales and Repiirchases of Loans

GA-III-1.

- Civil Service Retirement and Disability Fund

126

GA-III-2.

- Federal Old-Age and Sxirvivors Insurance Trust Fund

127

GA-III-3.

- Federal Disability Insurance Trust Fund

128

GA-III-4.

- Federal Hospital Insurance Trust Fund

130

GA-III-5.

- Federal Supplementary Medical Insurance Trust Fund

131

GA- III-6 ,

-

Railroad Retirement Accounts

132

GA-III-7.

-

Unemployment Trust Fund

133

GA-III-8,

-

National Service Life Insurance Fund

135

GA-III-9.

- Investments of Specified Trust Accounts in Public Debt Securities and Agency Securities

125

TRUST FUNDS

Cumulative Table of Contents

Note:

Details of figiores may not add to totals because of roimding.

136
137

November 1976

Treasury Financing Operations

Auction of 2-Year Notes
On October 15 the Treasury announced that it would auc-

tion $2,500 million of 2-year notes to refund $1,481 million

Tenders for

Series B-1983 were received

the notes of

until 1:30 p.m., EST, November 4, and totaled $6,519 million

of notes held by the public maturing October 31, 1976, and to

of which $2,015 million was accepted at yields ranging from

raise $1,019 million new cash.

7.00%, price 100.000, up to 7.02%, price 99.891.

The notes of fered were Treas-

Noncompeti-

ury Notes of Series S-1978,tobe dated November 1, 1976, due

tive tenders for$l million or less were accepted in full at

October 31, 1978, with interest payable semiannually on April

the average yield of accepted tenders, 7.02%, price 99.891.

30 and October 31 in

each year until maturity.

A coupon rate

These totaled $891 million.

of 5-7/8^ was set after the determination as to which tenders

were accepted on a yield basis, the average of which translated

Tenders for the bonds were received until

1: 30 p.m.

,

EST,

November 5, and totaled $1,544 million of which $1,030 mil-

into an average accepted price close to 100.000.

lion was accepted at prices ranging from 101.05, yield 7.77%
Tenders

for the notes

were received until 1:30 p.m.,

down to 100.58, yield 7.82%.

Noncompetitive tenders for $1

EDST, October 21, and totaled $4,352 million, of which $2,513

million or less were

million

of accepted tenders, 100.79, yield 7.80%.

was accepted

99.991 up

to

5.9956,

at yields ranging

price 99.787.

from 5.88^, price

Noncompetitive tenders

accepted in full at the average price
These totaled $150

million.

for $500,000 or less from the public were accepted in full at
In addition to the amounts allotted to the public, $451

the average yield of accepted tenders, 5.96%, price 99.842.
In addition, $407 million of

million of the notes of Series K-1979 and $270 million of the

at the average-yield price from for-

notes of Series B-1983 were allotted to Federal Reserve banks

These totaled $239 million.

tenders were accepted

and Government accounts for their own account in exchange for

eign and international monetary authorities.
Tenders were

received

at Federal

Reserve

branches and at the Bureau of the Public Debt,
D.

C.

Bearer notes,

banks and

securities maturing November 15, 1976, and as agents for for-

eign and international monetary authorities for new cash.
Washington,

with interest coupons attached,

Payment for

and

notes registered as to principal and interest were authorized

accepted tenders

in all auctions was re-

quired to be made or completed on or before November 15, 1976,

to be issued in denominations of $5,000, $10,000, $100,000,

in cash, securities maturing on or before November 15, 1976,

and $1,000,000.

which were to be accepted at par, or other funds immediately
available to the Treasury by that date.

November Refunding

Tenders were received in all three auctions at Federal

On October 27 the Treasury announced that it would sell

at the Bureau of the Public

to the public at auction, under competitive and noncompetitive

Reserve banks and branches and

bidding, up to $3,000 million of Treasury Notes of Series K-

Debt, Washington, D. C.

1979, $2,000 million of Treasury Notes of Series B-1983, and

bonds, with interest coupons attached,

$1,000 million of 7-7/8% Treasury Bonds of 1995-2000.

B-1983 and bonds registered as to principal and interest were

These

Bearer notes of Series B-1983 and
and notes of Series

issues were to refund $3,994 million of publicly held Treas-

authorized to be issued in denominations of $1,000, $5,000,

ury securities maturing November 15 and to raise new cash.

$10,000, $100,000 and $1,000,000.

A coupon rate of 6-1/4% was set on the notes of Series
K-1979 after the determination as to which tenders were accepted on a yield basis, the average of which translated into
an average accepted price close to 100.000.

The notes of

were

to be

The notes of Series K-1979

in denominations

issued

of $5,000,

$10,000,

$100,000 and $1,000,000.
52-Week Bills
On October 7

tenders were invited for $3,062 million,

Series K-1979 will be dated November 15, 1976, due November

or thereabouts, of 364-day Treasury bills to be dated Octo-

15, 1979, with interest payable

ber 19, 1976, and to mature October 18, 1977.

semiannually on May 15 and

November 15 until maturity.
Tenders for

opened on October 13.

the notes of

Series K-1979 were received

Tenders were

They totaled $5,219 million, of which

$3,095 million was accepted,

including $55 million of non-

and totaled $5,739 million

competitive tenders from the public and $1,065 million of the

of which $3,201 million was accepted at yields ranging from

bills issued at the average price to Ckjvemment accounts and

6.32%, price 99.811, up to 6.37%, price 99.677.

Federal Reserve banks for themselves and as agents of foreign

until 1:30 p.m., EST, November

^

,

Noncompeti-

The average bank

tive tenders for $1 million or less were accepted in full at

and international monetary authorities.

the average yield of accepted tenders, 6.36%, price 99.704.

discount rate was 5.126 percent.

These totaled $563 million.

$3,062 million of bills maturing October 19.

The issue was to refund

VI

Treasury Bulletin

Treasury Financing Operations— Continued

On November 2 tenders were invited for $3,245 million,
or thereabouts, of 365-day Treasviry bills to be dated Novem-

ber 15, 1976, and to mature November 15, 1977.
opened on November 9.

Tenders were

They totaled $5,220 million, of which

$3,246 million was accepted,

including $56 million of non-

competitive tenders from the public and $994 million of the
bills issued at the average price to Government accounts and
Federal Reserve banks for

themselves and as agents of for-

eign and international monetary authorities.

An additional

$150 million of the bills were issued to Federal Reserve Banks
as agents of foreign and international monetary authorities

for new cash.
cent.

The average bank discount rate was 5.201 per-

The issue was to refund $3,245 million of bills ma-

turing November 15.

13-Week and 26-Week Bills
Issues of regular weekly Treasury bills in October to-

taled $23,700 million.

These issues were offered for cash

and in exchange for bills maturing in the same amount.

There

were two 13-week issues in the amount of $2,500 million and
two 13-week issues of $2,400 million.

There were three 26-

week issues in the amount of $3,500 million and one 26-week
is.sue of

$3,400 million.

Average rates for the new issues

are shown in the following table.

Date of issue

November 1976
.FEDERAL FISCAL OPERATIONS.
Table FFO-1.

-

Summary

of Fiscal Operations

(In millions of dollars)

.

Treasury Bulletin
.FEDERAL FISCAL OPERATIONS^

Footnotes to Table FFO-1.

Source:
^fonthly Treasury Statement of Receipts and Outlays of the United
States Government.
Revised Budget estimates based on the 1977 Budget update, released
Note:
July 16, 1976, are not available in the necessary detail, except for
total net Budget receipts, outlays, and deficit. Other estimates are
based on the 1977 Budget of the U.S. Government, released January
21, 1976.
1/ For detail see Table FFO-2.
2/ For detail see Table FPO-3.
2/ As of July 31, 1974, public debt outstanding has been adjusted to
exclude the notes of the International Monetary Fund to conform with
the budget presentation.
For detail see Table FPO-6.
Current fiscal year to date transactions through June 30, 197i;, are
on the Daily Statement of the U.S. Treasury clearance date basis
and are converted to accounting date basis at June 30 (final) only.
Prior fiscal year amounts include transactions in transit as of June
For anounts in transit see Table FTO-IO in the October 197<i
30.
Bulletin.
6/ As of July 1974, balances shown under "Within general account of the

U.S. Treasury" are now presented in colujnns 9, 11, and 13.
Represents holdings of special drawing rights, less certifi cates

^
^

11/

issued to Federal Reserve banks.
Represents activity of the International Monetary Fund.
Includes: public debt accrued interest payable to the public, deposit funds, miscellaneous asset and liability accounts, and as of
July 197A, the gold balance.
Includes: Seigniorage; Increment of gold; fiscal 1969 conversions of
certain corporations to private ownership; fiscal 1970 reclassification of Commodity Credit Corporation certificates of interest;
fiscal 197A conversion of interest receipts of Oovemment accounts
to an accrual basis; and net outlays of off-budget Federal agencies
(Export- Import Bank since August 17, 1971, rural electrification and
telephone revolving fund since May 12, 1973, Postal Service fund
since July 1973, Federal Financing Bank since July 1974, housing
for the elderly or handicapped fund since August 22, 1974, and Pension Benefit Guaranty Corporation since September 17, 1974)
For detail, see Table FD-6.
Not available.
*
Less than $500,000.
j.
Revised.

Title V of the Congressional Budget Act of 1974 (Public Law 93-344)

changed the fiscal year from July 1 through June 30 to Oct. 1 through
Sept. 30, commencing with the fiscal year 1977 (Oct.
Sept. 30, 1977).

1,

1976,

through

The act also established a 3-nionth transitional

period from July 1 through Sept. 30, 1976, between fiscal years \3^b
and 1977. Cumulative figures for the transition quarter are included
in tables FFQ-1 through FFO-4, FFO-6; UST-1, UST-2; VB-l; FD-1 through

FD-8, FD-IO; SB-2 through SB-5; SN-1; OFS-1; GA-II-1, and GA-III-1

through GA-III-8.

.)
.

November 1976
.FEDERAL FISCAL OPERATIONS,
Table FFO-2.
(In

-

Budget Receipts by Source

mUlions of dollars)
Income taxes

Net

Fiscal year
or month

budget
receipts

Individual

Withheld 1/

Other

Net
income
taxes

Refunds

28,665
36,678
32,829
26,785
32,166
36,153
38,620
40,621
41,409
8,460

97,390
123,927
123,241
113,015
126,903
139,398
157,571
163,007
173,011
47,261

49,4bl

203,102

399
354

6,013
873
673
6,530

19,623
11,526
11,027
17,730

218
422
621
607
380
391

1,553
781
5,863
6,119
1,016
10,000

16,829
8,560
11,135
21,367
7,172
26,036

1,513
689
6,259

12,714
12,776
21,771

1,232
1,660
2,208

153,671
187,784
193,743
188,392
208,649
232,225
264,932
280,997
300,005
81,773

57,301
70,182
77,416
76,490
83,200
98,093
112,092
122,071
123,441
32,950

20,951
27,258
26,236
24,262
25,679
27,019
30,812
34,328
35,528
6,809

9,527
10,191
13,240
14,522
14,143
21,866
23,952
34,013
27,367
958

68,726
87,249
90,412
86,230
94,737
103,246
118,952
122,386
131,603
38,801

29,89?
38,338
35,037
30,320
34,926
39,045

352,466

168,4b.::

19,887

34,728

153,641

55,270

28,615
19,316
21,745
25,995

9,182
9,983
10,195
10,738

13,609
10,653
10,354
11,200

6,277
1,694
1,072
6,884

264

589
283
571

9,519
10,946
11,385
10,037
10,755
11,251

12,723
573
5,275

86
4,100
8,646
7,512
5,171
490

15,276
7,778
5,272

Apr...
May...
June,.

25,634
20,845
20,431
33,348
22,679
37,615

1,771
1,203
6,485
6,727

July..
Aug...
Sept..

22,660
27,360
31,753

10,731
11,813
10,406

1,018
542
5,249

549
267
142

1968
1969
1970
1971
1972
1973
1974
1975
1976
T.ft

1977 (Est.
1975 -Sept.
Oct...
Nov.

.

Dec

.

.

1976- Jan.
Feb.

.
.

!fer...

5,843
933
2,532

-811/
124
109

15,248
6,157
16,037
11, 201

12,088
15,513

a,744
45,747
46,783
9,809

1,396
10,391

3,535
2,760
2,893
3,125
5,125
5,374
1,348

821^

..

Treasury Bulletin
.FEDERAL FISCAL OPERATIONS.
Table FFO-2.

-

Budget Receipts by Source— Continued

(In millions of dollars)

Social insurance taxes and contributi

Miscellaneous

Federal
Federal
suppleemployees
mentary
medical
retirement
insurance

1968
1969
1970
1971
1972
1973
1974
1975
1975
T.Q

539

1,334
1,426
1,735
1,916
2,058
2,146
2,302
2,513
2,760
706

(Est.).

2,162

2,756

1975- Sept...
Oct
Nov, .
Deo

174
160
164
158

223
227
211
230

167
163
170
160
159
167

270
203
259
220
216
254

1977

903
936
1,253
1,340
1,427
1,704
1,901
1,937

.

1976- Jan.

. .

Feb
Mar.
Apr,.

.

.

June.

.

.

May
July,..
Aug
Sept. .

taxes and
contributions

2,052

Airport and airway trust fund

November 7976
.FEDERAL FISCAL OPERATIONS.

.

,

.
.

Treasury Bulletin
.FEDERAL FISCAL OPERATIONS,
Table FFO-3.

Fiscal yea
or month

1968.
1969.
1970.
1971.
1972.
1973.,

197i.
1975.,
1976.,
T.Q...

The
judiciary

Execut
Office
of the
President

Funds appropriated
to the
President
1/

255
277
3<iO
38.;

487
540
625
726
779
225

7,307
8,330
8,307
8,560
10,943
10,028
9,767
9,725
12,796
3,850

4,51?

11,135

-24r

L'?76-Jan.

1968
1969
1970
1971
1972
1973
1974
1975

1976
T.Q
1977 (Est.).

1975- Sept.
Oct..
Nov..

Dec.
1976-Jan..
Feb..
Mar,
Apr..
May...
June.

July.
Aug..
Sept.

Source:

lx6r
219
63

117
105

5,732
5,970
6,417
7,247
7,531
8,183
8,112
9,247
11,936
3,003

12,841

948
1,275
1,059
1,059
993
749
895
1,056
718
1,234

945
935
1,072

Interest
on the
public
debt i/

Environmental
Protection
Agency

2,714

212
201
192
213

10,414
10,574
10,502
10,890

991
790
727
1,044

10,781
10,759
11,628
11,131
10,485
li;319

1,255
591
-901
443
209
136

2,367
2,172
2,498
2,107
i;883
2,035

11, 234

1,125
-134
406

1,909
2,215
1,782

82

11,318
11,788

Veterans
Administration

Other
independ-

6,979

5,346

3,046
3,130
3,193
3,093
3,207
3,209
3,223
3,143

413
425
446
501
589
468
-276

4,721
4,247
3,749
3,381
3,422
3,311
3,252
3,267
3,670
953

13,337
16,575
18,415
3,957

4,613

3,675

17,754

1,713
154
297

255
333
329
288

256
251
278

313
312
325
326

1,333
1,515
1,623
1,699

l,388r
1,630
1,277
1,345

1,056
217
411
1,960
310
-194

280
361
331
322
339
457

261
274
315
268
219

260
291
307
293
279

233

286

1,627
1,689
1,674
1,618
1,569
1,254

1,031
1,071
1,310
1,748
1,578
1,437

1,351
1,385
1,222

2,101

336
206
31
275
6,792
6,674
8,512
7,272
1,598

3,754
2,862

1,342
203

1,436

52

233
336
482

701
763

302

439
338
331

Monthly Treasury Statement of Receipts and Outlays of the
United States Government. Budget estimates are based on the
1977 Budget update of the U.S. Government, released
July 16, 1976.
Note;
Outlays consist of disbursements less proprietary receipts from
the public and certain intrabudgetary transactions.
Agency shifts are
shown in this table beginning with the period of such shifts; figures
prior to the shifts have been adjusted.
1/ Cumulative year to date figures may not add due to budget realignments.
2/ Prior to January 1975, Rents and Royalties on the Outer Continental
Shelf lands were shown as proprietary receipts from the public for

-624
-92

276
185
216
135

8,%6
17,649
25,742

2,119
1,914
1,883
2,285

Undistributed Offsetting
Receipts 2/ 6/

-2,428
-2,662
-1,311

-4,499
-5,117
-6,380
-7,376
-7,358
-8,379
-9,893
-11,670
-12,042
-1,255

211,425
231,875
246,526
268,392
324,601
365,610
94,473

-4,000

-12,029

,399,973

7,669
8,653
9,756
10,710

U,968

3,272
3,475
4,356
7,923
10,033
8,639

Rents and
Royalties
on the Outer
Continental
Shelf lanrtg

Admin.

Adm

1,114
2,032
2,530
3,118
1,108

3; 043

National
AeroGeneral
nautics
Services
and
AdminisSpace
tration

V

2,466
2,450
2,453
2,275
2,392
2,393
2,307
3,198
3,759
1,051

43,900

7,524

7,246
6,326
7,855

Energy

5,905

21,068

1,397

178

Research
and
Devlp.

551

2,261

34,341

1%
6,951
7,622

430
515
640
916
1,180
1,531
1,797
2,067
2,242

Labor
Department

143,542

128
142

159
197

4,140
1,529
2,603
2,890
3,642
3,592
4,786
7,488
7,079

Justice
Department

583

160
153
164
204

1,109
1,266
1,475

40,576
46,594
52,338
61,866
71,779
82,042
93,735
112,411
128,785

Interior
Department 2/

2,211

7,272
6,792

Treasury
Department

14,573
16,588
19,304
20,959
21,849
24,167
29,319
32,665
37,063
8,102

6,867r
7,911
7,019
7,458

Housing &
Urban Development
Department

235
837
1,136
225
1,256
-2,236
-4,881
2,162
2,293
788

166
162
151
239

l,200l

Health,
Education
& Welfare
Department

1,300
1,268
1,211
1,376
1,530
1,703
1,682
2,051
2,124

1,373
1,309
535
999
980
1,248

-176

424
437
448
468
568
591
730
844
1,061
316
1,078

77,373
77,870
77,150
74,546
75,150
73,297
77,625
85,420
88,036
21,926

-354

511

tation
Department

807
854
1,028
1,188
1,250
1,368
1,455
1,583
2,020
534

139
148
166
161

413
407

Transpor-

Military
1/

1,119
637
1,404

Feb..
Mar.
Apr..
May..
June,

July..
Aug...
Sept..

Connnerce

Depart-

156
487
436

Dec.

State
Department
1/

Defense Department
Agriculture Department

4,913
4,967
4,774
4,540
4,269
3,733
4,015
3,572
3,525
1,221

L975-Sept.
Oct..
Nov.

Fiscal year
or month

Budget Outlays by Agency

-

11,449
12,945
17,255
18,286
5,527
21,880

-33
-43
-50

178,833
134,548

1%,588

-147

677r
-991
-837
-1,074

-578
-50

-1,063
-791

30,725
29,833

-736
-414
-495
-45

-1,078
-1,033

29,054
32,476
28,410
30,567

-64
-239

-953
-1,323

-1,072
-924
741

29,044
32,425
29,401
31,792

33,906
29,571
30,996

the Interior Department. To conform with the FY 1976 Budget Document'
presentation, these amounts were reclassified and are now being shown
as undistributed offsetting receipts.
.1/ Reported on an accrual basis.
ij Pursuant to Public Law 93-438, the activity for the Atomic Energy
Commission other than nuclear regulatory and reactor safety research
was transferred to the Energy Research and Development Administration.
Includes the U.S. Postal Service.
5/
6/ For content see Table FFO-4.
Revised.
r

November 1976
.FEDERAL FISCAL OPERATIONS.

Table FFO^.

-

Undistributed Offsetting Receipts

(In raillions of dollars)

8

November' 1976
.FEDERAL FISCAL OPERATIONS.

I?

s;

3*8

Treasury Bulletin

10
.FEDERAL FISCAL OPERATIONS.

Table FFO-6.

-

Investment Transactions of Government Accounts in Federal Securities (Net)

11

November 1976
.FEDERAL FISCAL OPERATIONS,

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Treasury Bulletin

12
.FEDERAL FISCAL OPERATIONS.

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B

November 1976
.FEDERAL FISCAL OPERATIONS.
Table FFO-9.

-

Detail of Excise

Tax Receipts

(In thousands of dollars)

Fiscal Year

1975
April -June

Alcohol taxes 1/
Distilled spirits
Wines
Beer
:

3,918,971
173,515
1,265,990

Total alcohol taxes

Tobacco taxes
C igars
Cigarettes
Other 2/

:

,

1/
51,581
2,383,038
2,387

Total tobacco taxes
Manufacturers' excise taxes
Gasoline
Lubricating oil , etc
Tires, tubes, and tread rubber
Passenger automobile chassis, bodies, etc. 1/
Trucks and buses, chassis, bodies, etc. 2/
Parts and accessories for automobiles, trucks, etc
Pistol s and revolvers
Fishing rods, creels, etc
Firearms (other than pistols and revolvers)
Shells and cartridges
Bows and Arrows
Other /J
:

Total manufacturers' excise taxes

Retailers 'excise taxes
Noncoinmercial aviation gasoline 5/
Noncommerical aviation fuel other than gasoline b/
Diesel and special motor fuels
Other

,

,

,

,

,

,

^,087,669
105,723
827,256
6,0A9
519,699
120,60^
9,100
18,259
26,891
20,863
40

,

:

,

,

^

Total retailers' excise taxes

10,877
31,955
373,414

,

Miscellaneous excise taxes
Telephone and teletypewriter exchange service 2/
Transportation of:
Persons by air 8/
Property by air 2/
Use of international air travel facilities 10/
Sugar
Narcotics and marihuana, incl-uding occupational taxes 11/
Coin-operated gaming devices
Wagering occupational tax 12/
Wagers IJ/
Use tax on civil aircraft lU
Use tax on highway motor vehicles having a "taxable gross
weight" exceeding 26,000 pounds
Adulterated butter and filled cheese ( imported and
domestic), process or renovated butter and imported oleomargeirine 15/
Firearms transfer and occupational taxes
Interest equalization 16/
Foreign insurance
Exempt organizations, total
Net investment income 17/
Self dealing 18/
Excess business holding 19/
Taxable expenditures 20/
Failure to timely file certain information returns 21/.,
:

,

,

,

,

,

,

,

,

,

,

,

,

,

,

,

,

Failure to distribute income ^2/
Investments which jeopardize charitable purposes 22/...

Employees pension plains, totil
Prohibited transactions
Excess contributions to an IRA
Other
Total miscellaneous excise taxes

Total received with returns and from sales of stamps

Unclassified excise taxes
Total excise taxes

,

,

,

,

,

659,177
41,931
56,908
120,006
lee
6,571
107
6,451
20,786
198,462

3

232
63,328
16,914
70,256
69,802
229
3

8

46

197b
April -June

..

.

Treasury Bulletin

14

.FEDERAL FISCAL OPERATIONS.

Footnotes to Table FFO-9.

Internal Revenue Service reports. The figures shown include
Source:
collections for credit to special accounts for certain island
possessions. Floor stock taxes are included with the related
classes of tax.
Note:
Detail may not add to totals because of rounding.
1/ Releases showing details are published quarterly.
2/ Includes taxes on cigarette papers and tubes and miscellaneous tobacco
collections.
2/ Taxes on passenger automobiles and light trucks repealed December 11,
1971 under the Revenue Act of 1971, These data reflect refunds.
Includes taxes on items which were repealed by Public Laws 87-456,
li/
SS-36, and 89-UU.
5/ Under the Airport and Airway Revenue Act of 1970, effective July 1,
1970 rate 3 cents per gallon.
6/ Under the Airport and Airway Revenue Act of 1970, effective July 1,
1970 rate 7 cents per gallon.
2/ Rate of 7 percent effective January 1, 1975 (Public Law 91 -614).
8/ Under the Airport and Airway Revenue Act of 1970, effective July 1,
1970, rate increased from 5 to 8 percent on domestic airline passenger
fares.
2/ Under the Airport and Airway Revenue Act of 1970, effective July 1,
1970, rate 5 percent,
10/ Under the Airport and Airway Revenue Act of 1970, effective July 1,
1970, tax of $3,00 per person.
Repealed
effective May 1, 1971 (Public Law 91-513).
11/
12/ Tax increase from $50 to $500, effective December 1, 1974 (Public Law
93-499)
1 3/ Rate reduced from 10 percent to 2 percent effective December 1, 1974
,

14/

15/
16/
17/
18/

19/

20/

21/
2g/

23/

24/
*
r

(Public Law 93-499).
$25 per year with an additional 2 cents per pound on nonturbine engine
powered over 2,500 pounds, or 3-1/2 cents per povmd on turbine engine
powered,
Filled cheese taxes. repealed effective October 26, 1974 (Public Law
93-490)
Legislative authority expired June 30, 1974.
4 percent of net investment income.
Disqualified persons, 5 percent of amount involved; foundation managers,
lesser of $10,000 or 2-1/2 percent. If not corrected within 90 days,
200 percent on disqualified person and lesser of $10,000 or 50 percent
on foundation manager.
Foundation, 5 percent of excess holdings.
If not corrected within 90
days, 200 percent,
Foundation, 10 percent of improper expenditure foundation manager,
lesser of $5,000 or 2-1/2 percent. If not corrected within 90 days,
foundation , 100 percent; foundation manager, lesser of $10,000 or
50 percent.
Penalty of $10 per day, not to exceed $5,000.
Foundation, 15 percent of amount which shoxild have been paid out.
If
not corrected within 90 days, 100 percent.
Foundation, 5 percent of investment which jeopardizes exempt purpose:
foundation manager, 5 percent not to exceed $5,000.
If not corrected
within 90 days, 25 percent on foundation and another 5 percent (up to
$10,000) on the manager.
Included in total. Separate detail not available.
Less than $500Revised

.

November 1976

15

.FEDERAL OBLIGATIONS.

"Obligations"

are

the basis on which the use of funds

is controlled in the Federal Government.

They are recorded

at the point at which the Government makes a firm commitment
to

acquire

key events

goods or services and are the first of the four

— order,

delivery,

payment,

consumption

characterize the acquisition and use of resources.

— which

of categories which are based upon the nature of the transaction without regard to its ultimate purpose.
and wages, for example,

for salaries

are

All payments

reported as per-

sonnel compensation, whether the personal services are used
in current operations or in the construction of capital items.

In gen-

eral, they consist of orders placed, contracts awarded, ser-

vices received, and similar transactions requiring the dis-

bursement of money.

agencies and firms often do business with one

Federal

another; in doing so, the "buying" agency records obligations,

and the "performing" agency records reimbursements

.

In Table

FO-1, obligations that are inciirred within the Government are

The obligational stage of Government transactions is a

strategic point

in

gauging the

impact of the Government's

distinguished

those incurred outside

from

the

Government.

Tables FO-2, 3, and h show only those incurred outside.

operations on the national economy, since it frequently represents

for

business firms the Government commitment which

stimulates business investment, including inventory purchases

and employment
months

after

of labor.

Disbursements

may not occur for

the Government places its order but the order

itself usually causes

inmediate

pressure on the

private

Obligation data for the administrative budget fund accounts were

first

Bulletin and the trust fund accounts were first published in
the October

1967

Obligations

are

classified according to a uniform set

The

Jtine

Bulletin.

Bulletin, the data are

adopted pursuant
economy

published in the September I967 Treasury

to

on

Beginning with

the April I968

the basis of the budget concepts

the recommendations of the President's

Commission on Budget Concepts.

through September 1976 Obligations data are not included

in this issue due to certain unavoidable delay" in processing.
This data will be published in subsequent Bulletins.

:

Treasury Bulletin

16
.FEDERAL OBUGATIONS.
Table FO-1.

-

Gross Obligations Incurred Within and Outside the Federal Government by
Object Class,

May

31, 1976

(In millions of dollars)

Gross obligations incxirred

Personal services and benefits
Personnel compensation
Personnel benefits
Benefits for former personnel

42,757
2,971
9,025

Contractual services and supplies
Travel and transportation of persons
Transportation of things
Rent, communications, and utilities
Printing and reproduction
Other services
Supplies and materials

1,612
1,823
2,307
407
29,846
21,798

1,496
2,345
378
12,251
10,721

2,177
3,320
5,152
784
42,097
32,518

Acquisition of capital assets
Equipment
Lands and structures
Investments and loans

14,671
4,146
12,741

5,617
499
513

20,288
4,645
13,254

Grants and fixed charges
Grants, subsidies, and contributions
Insurance claims and indemnities
Interest and dividends
Refunds

42,757
6,891
9,025

565

84,970
125,477
27,470
1,302

Other
Undistributed U.S. obligations
Obligations incurred abroad
Unvouchered

85,024
125,504
36,881
1,302

-3,115
6,621
181

Gross obligations incurred 1/

-

-1,934
8,042
183

50,399

437,911

and therefore may differ somewhat from the Budget

Source: Reports on Obligations, Standard Form 225, from agencies.
1/ For Federal Budget presentation a concept of "net obligations
incurred" is generally used. This concept eliminates transactions
within the Government and revenue and reimbursements from the publ
which by statute may be used by Government agencies without appropriation action by the Congress. Summary figures on this basis
follow.
(This data is on the basis of Reports on Obligations
received from the agencies prior to reports submitted for Budget

Table FO-2.

1,181
1,419

Gross obligations incurred (as above)
Deduct
Advances , reijnbxirsements , other income , etc
Offsetting receipts

437,911
-7a, 764
-43,084

Net obligations incurred

320,063

Gross Obligations Incurred Outside the Federal Government by Major Function

and Major Object Class,

May

31,

1976

(In millions of dollars)

Major object class
Personal
services
and
benefits

Contractual
services and
supplies

36,516

40,234

International affairs

450

808

441

General science, space, and technology.

711

2,892

409

4,133

2,479

2,580

3,851

11,342

601

1,257

1,555

7,355

2,662

1,614

4,017

7,801

13,886

Community and regional development

451

280

3,096

15,155

19,000

Education, manpower, and social service

681

962

322

14,643

16,636

Health

1,199

2,342

71

27,997

31,650

Income security

1,495

1,292

367

114,047

117,213

Veterans benefits and services

2,787

958

18,369

22,617

Law enforcement and justice

1,022

344

718

2,135

General government

3,695

2,700

430

National defense

Natural resources, environment, and
energy

Agriculture
Commerce and transportation

General revenue sharing
Interest

Total
«

Less than $500,000.

Grants
and

Acquisition of capital .assets

fijced

charges
5,917
590

97,602
2,721

6,866

7,317

7,359

26,206

26,997

239,219

387,512

,

November 1976

17

.FEDERAL OBUGATIONS.

I

I

I

t:

£ r s

a

Si
I

.

e^

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a
hi

3<
o S
B

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:i:

;

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s

2

ii:
s

1
s -

2.

=

; a a

I S ? S * I I E

« & t 2 r

t^idi
\t

s

3 s £ &::
i:: & s a &
.

.

o

a>cIl€3£^^o
fi

5 5 5

'J

S

cfii

Treasury Bulletin

18
.FEDERAL OBUGATIONS.

;^S

•a

0)

«

tn

43

«

S

B

Sa?

Si

w

g a

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5
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•"

1

.

)

:

November 1976

19
.ACCOUNT OF THE

U.S.

TREASURY.

Source and Availability of the Balance in the Account of the U.S. Treasury

The working cash of the Treasury is held mainly in

Treasury, banks are permitted to deposit in these accounts

'Treasury's accounts with Federal Reserve banks and branches.

proceeds from subscriptions to public debt securities entered

As the balances in these accounts become depleted, they are

for their own account as well as for the account of their

restored by calling in (transferring) funds from the tax and

customers.

loan accounts with thousands of commercial banks throughout

The tax and loan account system permits the Treasury to

leave funds in banks and in the communities in which they arise

the country.

Deposits to tax and loan accounts occur in the normal

until such time as the Treasury needs the funds for its operaIn this way the Treasury is able to neutralize the

course of business under a uniform procedure applicable to all

tions.

banks whereby customers of banks deposit with them tax pay-

effect of its fluctuating operations on bank reserves and the

ments and funds for the purchase of Government, securities.

economy.
A detailed

In most cases the transaction involves merely the transfer of

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

the same bank.

On occasions, to the extent authorized by the

Table UST-1.

-

(

Federal
Reserve
banl(s

1968.
1969.
1970.
1971.
1972.
1973.
197-i.

1975.
1976.
T.Q..

1,074
1,258
1,005
1,274
2,344
4,038
2,919
5,773
11,975

ls299

3,U3

Spec ial

depositaries
Treasury tax
and loan
accounts
4,113
4,525
6,929
7,372
7,634
8,433
6,152
1,475
2,854
4,11°

Other
depositaries 2/

Treasury for 1973, pages 282-285.

Status of the Account of the U.S. Treasury
In millions of dollars

Treasury operating bala
End of
fiscal year
or month

description of the Treasury's depositary system

may be found in the Annual Report of the Secretary of the

Funds in proce
of collection
through

Total

Time deposi
and other
depositary
accounts

currency
and coinage
metal

5,298
5,894
8,045
8,755
10,117
12,576
9,159
7,591
L;,836
17,418

355
419
252
243
276
369
235
184

190
158
218
187

768
553

277
441
471
586
602
752
819
818

2,745
2,142

5,928
6,633

149
161

599
717

8,517
4,919
7,286

1,251
1,558
1,159

10,327
6,485
8,452

135
109
162

818

10,077
10,350
7,145
9,308
6,746
11,975

1,899
1,682
864
1,723
1,407
2,854

11,982
12,039
8,016
11,537
8,159
14,836

183

907

Feb..
Mar..
Apr.
May..
June.

168
147
450

July.
Aug..
Sept.
Oct..

8,741
10,794
13,299
10,239

1,3U

10,054
11,702
17,418
12,038

907
4,119
1,799

items

taries 2/

4,271

1975 -Got.
Nov.

Misceli
laneous

Source:
Bureau of Government Financial Operations.
1/ Effective Januaiy 1972, the Treasury operating balance excludes the
gold balance in Treasury.
2/ Represents deposits in certain commercial depositaries that havB
been converted from a time deposit to a demand deposit basis to
permit greater flexibility in Treasuiy cash management.

163
235

70

878
878
879
852
819

201
206

787
741

195

818
767

1,281

86

Treasury Bulletin

20
.ACCOUNT OF THE
Table UST-2.

-

U.S.

TREASURY

Analysis of Changes in Tax and Loan Account Balances
(In millions of dollars}

y

6

.

,

21

November 1976
.

^

ACCOUNT OF THE US. TREASURY

Table UST-3.

-

(

Gold Assets and Liabilities of the Treasury
In millions of dollars except

Gold assets
End of calendar year

Oold liabilities!/

Balance of gold in
U.S. Treasury account 2/

Ounces
1967
1968
1969
1970
1971
1972
1073
1974
1975

296,199,012.3
296, 202, ,494.

306,630,399.9
239,490,759.6
273,950,419.3
273,954,660.5
275,968,413.1
274,705,260.3

1975-Oct.
Nov.
Dec.
1176- Jan.
Feb.
Mar.,
Apr.,

May.,
Jxjne

July
Aug.,

Sept,
Oct.

274,706,454.0
274,705,260.3
274,705,260.3

274,704,195.4
274,703,190.0
274,703,190.0
274,699,560.6
274,697,206.6
274,695,995.8
274,695,995.7
274,696,062.3
274,685,167.8
274,685,167.8

Circulation Statement of United States Money through 1965;
Source:
Dally Treasury Statement thereafter.
Gold certificates (Series 1934) issued only to Feder1/ Consists of;
al Reserve banks; gold certificates fund- Federal Reserve System;
gold deposited by and held for the International Monetary Fund from
September 19, 1965 through February 15, 1972; redemption fund for
Federal Reserve notes until March 18, 1968 when it was combined with
the gold certificate fund pursuant to P.L. 90-269, approved March
18, 1968, and gold reserve against U.S. notes until March 18, 1968
when it was transferred to the public debt also pursuant to P.L.

2/

2/

90-269.
As of December 9, 1974, gold certificates have been issued to the
Federal Reserve against all of the gold cwned by the United States
Government.
Gold assets were valued at $35 per fine trqy ounce until May 8, 1972,
when they were revalued at $38 pursu3nt to the Par Value Modification
Act, P.L. 92-268, approved March 31, 1972.
The increment amounted to
$822 milHon. Gold assets were valued at $38 per fine trqy ounce xin-

11,982
10,367
10, 367
10,732
10.132
10,410 2/
11,567 2/
11,652 i/

11,870
10,256
10,256
10,623
10,019
10,303
11,460
11,652

11, 599

11,599

11,599
11,599

U,599

11,599
11,599
11,599

11,599
11,599
11,599

11,599
11,599
11,599

U,598

11,598
11,598
11,598

11,598

11,598
11,598
11,598
11,598

11,598
11, sag
11,598

i/

^

113
107
107

til October 18, 1973, when they were revalued at $42.22 pursuant to
the amending of Section 2 of the Par Value Modification Act, P.L.
93-110, approved September 21, 1973. The increment amounted to
$1,157 million.
Figures prior to Decamber 1974 exclude gold held by the Exchange
Stabilization Fund. On December 9, 1974, Treasury acquired all gold
held by the Exchange Stabilization Fund In the amount of 2,019,751
fine troy ounces. See "International Financial Statistics," Table
IFS-1.
At the auction of January 6, 1975, bide ranging from $153 to $181
were accepted for delivery of 754,000 ounces. At the auction of
June 30, 1975 bids were accepted for delivery of 499,500 ounces at
the single price of $165.05 per ounce. Redemptions of Gold Certificates have been made to the same extent as deliveries computed at
the official price.

..

)

.

22

Treasury Bulletin

.MONETARY STATISTICS.
Table MS-1.

-

Currency and Coin in Circulation
ept per capita figures
Currencies presently
being issued 1/

End of
fiscal year
or month

National
bank
notes

Federal
Reserve
notes

Gold

certificates 2/

1968
1969
1970
1971
1972
1973
197A
1975
1976

^

Treasury
notes of
1890

United
States
notes

225
223
220
218
215
213
212
211
210
209

T.Q
1974-Dec
L975-Mar..
.

notes

y

299
294
297
321
320
320
321
322

Al,722

47,626
51,304
54,572
59,664
65,185
72,093
79,028
79,597

42,331
45,146
48,223
51,922
55,184
60,273
65,793
72,700
79,634
80,201

322
322

70,804
69,115

71,411
69,722

W,547

1975 -Sept.
Oct..
Nov..
Dec..

210
210
210
210

322
322
322
322

72,410
72,896
75,074
76,981

73,016
73,503
75,680
77,588

1976-Jan..
Feb..
Mar..
Apr.
May..
June.

210
210
210
210
210
210

322
322
322
322

73,691
74,265
75,854
76,758
77,882
79,028

74,297
74,871
76,459
77,364
78,487
79,634

July.
Aug..
Sept.

209
209
209

323
322
322

79,069
79,571
79,597

79,673
80,175
80,201

Total Ciirrency
and Coin in
circulation 5/

End of
fiscal year
or month

1968
1969
1970
1971
1972
1973
1974
1975
1976

482
432
482
482
633
705
765
816

T.Q

951

9a

1974-Dec...
1975^«ar...

1975 -Sept.
Oct..
Nov.

5,309
5,790
6,128
6,472
7,016
7,498
8,040
8,496
9,244
9,348

7,539
7,535

8,331
8,339

47,640
50,936
54,351
58,393
62,201
67,771
73,833
81,196
88,877
89,548 7/
79,743
78,061

!

224.55
250.65
265.39
232 .03
297.34
322.11
343.44
380.06
413.17
415.37

^74.74
366:26

885
904

7,863
7,906
7,980
8,056

8,690
8,774
8,865
8,960

81,706
82,277
34,545
86,547

382. 69r
383.95
394.34
403.42

Apr..
May..
June.

911
918
923
930
935
941

8,023
8,041
8,114
8,187
8,235
8,303

8,934
8,960
9,038
9,118
9,170
9,244

83,231
83,831
35,498
86,481
87,657
88,877

387.77
390.37
397.94
402.30
404.72

July.
Aug..
Sept.

944
948
951

8,331
8,372

9,275
9,320
9,348

,948

413.19
415.40
415.37

Dec.
1976-Jan..
Feb..
Mar..

Source;
Statement of United States Currency and Coin.
1/ Excludes gold certificates. Series of 1934, which are i
Federal Reserve banks and do not appear in circulation.
2/ Issued prior to January 30, 1934.
Issued prior to July 1, 1929.
Issued on and after July 1, 1929.

y
y

4,827
5,308
5,646
5,990
6,383
6,793
7,275
7,681
8,303
8,397

Currency and Coin
circulation
per capita
in dollars ) 6/

5/

6/
7/
•

1,494
1,548 7/

413. 17r

Excludes Currency and Coin held by the Treasury and Currency and Coin
held by or for the account of the Federal Reserve banks and agents.
Based on the Bureau of the Census estimated population.
Highest amount to date
Revised.
r
Less than $500,000.

November 1976

25
.FEDERAL DEBT.

Table FD-1.

-

Summary

of Federal Debt

(In millions of dollars)

Amount outstanding

End of
fiscal year
or month

Total 1/

Securities held by;

Publi
debt
Public
debt
ties

Treasury Bulletin

2^
.FEDERAL DEBT.
Table FD-3.

-

Interest-Bearing Public Debt

Nonmarketable
Total
End of
fiscal year
or month

interest'

bearing

Bills
1/

public
debt

JU,4

^ u

59,526

282
564

76,323
82,784
89,598
101,738
115,442
124,173
130,557

1,656
3,389
1,322
1,407
2,P02
1,361
2,611

128,640

3,419

39,839

19,215

129,762
141,915

33,382
34,103

208,670
208,592

63,349
64,371

2,269
2,268

21,214
22,370

1,599
1,599

119,073
116,812

147,053
151,139
157,483

166,255
166,051
167,077

37,598
38,689
38,631

210,157
209,911
212,466

66,812
67,177
67,464

2,265
2,265
2,265

19,621
19,684
19,966

1,599
1,599
1,599

118,220
117,486
119,385

1,638
1,699
1,787

369,316
378,773
385,296
386,444
388,021
392,581

159,645
162,088
163,140
161,764
161,840
161,198

171,110
177,576
183,143
185,757
186,473
191,758

38,562
39,110
39,014
38,922
39,708
39,626

212,544
214,100
213,928
214,484
220,056
226,673

2,265
2,264
2,264
2,263
2,263
2,263

20,002
20,090
20,070
20,013
19,916
19,901

1,599
1,599
1,599
1,599
1,599
1,599

119,041
120,105
119,438
119,453
124,570
130,557

1,801
1,864
1,980
2,177
2,305
2,611

397,719
404,314
407,663
408,590

161,399
161,433
161,505
161,545

197,204
202,979
206,319
207,275

39,115
39,902
39,839
39,769

225,861
227,977
225,897
226,472

67,826
68,170
68,567
68,968
69,394
69,733
70,428

2,262
2,262
2,262
2,262

19,215
20,691

1,599
1,599
1,599
1,599

128,912
130,591
128,640
127, 162

2,893
3,069
3,419
3,635

491,561
508,581

282,891
299,989

119,746
123,972

1975- Oct.
Nov.
Dec.

561,063
565,791
575,657

350,906
355,879
363,191

Mar.
Apr.
June.

581,861
592,874
599,224
600,927
608,077
619,254

July.
Aug..
Sept.
Oct..

623,580
632,291
633,560
635,062

Source:
Ifonthly Statement of the Public Debt of the United States.
1/ As of July 1974, includes Federal Financing Bank.
2/ Consists of certificates of indebtedness, Treasriry 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 of
indebtedness; Treasury bonds from October 1962- April 1967; and

ij

^

Table FD-4.

Government
account
series

Foreign
currency
denominated

206,319

1974 -Dec.
1975 -Mar.

91,0'?9

-

»

2,516
2,459
2,387
2,347
2,310
2,275
2,271
2,267
2,263
2,262

Dollar
denominated ZJ
2,001
1,703
3,389
7,606
16,913
26,781
23,412
21,617
19,901

191,758

71,073
78,946
93,489
104,807
113,419
117,840
128,419
150,257

51,712
51,711
51,281
53,003
55,921
59,418
61,921
65,482
69,733
70,752

Depositary
series

1,740
2,367
1,366
1,664
2,072
1,743
1,599
1,599
1,599
1,599

64,440
68,356
76,154
86,677
94,648
100,061
105,019
128,569
161,198
161,505

1

Investment
series

117,«0g
125,623
136,426
150,816
168,158
193,382
206,663
216,516
226,673
225,897

226,592
226,107
232,599
245,473
257,202
262,971
266,575
315,606
392,581
407,663

1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
T.Q...

savings
bonds

78,805
62,956
53,989
49,135
45,071
33,137
36,779
39,626

351,729
369,026
396,289
425,360
456,353
473,238
532,122
619,254
633,560

1 968.

U.S.

Certifi
cates

71,079
70,752
71,113

Treasury notes beginning November 1966 issued and payable in designated
foreign currencies.
As of the July 31, 1974, l*inthly Statement of the Public Debt of the
U.S. the column heading was changed to "Government account series"
which includes Treasinry deposit funds in addition to these accounts
previously shown as special issues, formerly included in "Other" column.
Less than $500,000.

Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt

Held by Private Investors

End of
fiscal year
or month

Amount
outstanding
privately
held

Maturity classes
Average length 1/

Within
1 year
12,670
12,337
8,272
7,645
6,922
4,564
3,481
4,611
6,652
7,262

4 yrs.
4 yrs.
3 yrs.
3 yrs.
3 yrs.
3 yrs.
2 yrs.
2 yrs.
2 yrs.
2yrs.

4,274
4,079

2 yrs.
2 yrs.

8,647
8,637
8,589
8,524

5,222
5,196
5,946
5,876

2
2
2
2

yrs.
yrs.
yrs.
yrs.

90, 573

18,310
21,707
21,538
21,597
24,336
24,169

8,466
8,417
8,350
8,242
8,172
8,087

6,142
6,074
6,042
6,716
6,654

2
2
2
2
2
2

yrs.
yrs.
yrs.
yrs.
yrs.
yrs.

91,042
93,396
94,845

26,694
31,523
31,247

8,059
7,936
7,939

5,654
7,418
7,262

2 yrs.

294, 595

87,150
115,677
150,296
153,302

52,295
50,182
57,035
58,557
57,157
54,139
50,103
65,852
90,578
94,845

21,850
18,078
8,286
14,503
16,033
16,385
14,197
15,385
24,169
31,247

,000
,731

100,298
108,508

54,206
61,203

13,512
14,772

232,246
243,786
251,159
255,860

130,641
136,249
145,336
150, 116

72,223
78,164
74, 517
74,657

15, 514

15,541
16,771
16,689

1976-Jan.
Feb.
Mar.
Apr.
May.
June

259,831
270,625
276,434
275,520
278,929

152.077
151,375
154,258
153,441
153,464
150,294

75,179
82,434
86,214
36,198
86,242

July
Aug.

289,044
293,627

Sept

294, 595

156,595
153,304
153,302

1968
1969
1970
1971
1972
1973
1974
1975
1976

159, 671
156, 008
157, 910
161, 863
165, 978
167, 869
164, 862
210, 382

T.Q

279 ,782

1974-Dec.
1975-Mar.

1975-Sept
Oct.
Nov.
Dec.

27«3,782

66,746
69,311
76,443
74,803
79,509
34 ,041

Source: Office of Government Financing in the Office of the Secretary,
1/ Beginning with the September 1976 Treasury Bulletin the average length

6,110
6,097
7,876
6,357
6,358
3,741
9,930
8,857
8,087
7,939

2 yrs.
2

yrs.

of the interest bearing marketable public debt is computed
part of the outstanding public debt privately held.

6 mos
3

mos

6 mos
6 moe

5

mos

25

November 1976
FEDERAL DEBT.
Table FD-5.

End of
flscsil

year

or month

gw

1

-

Government Account Series

...

26

Treasury Bulletin
.FEDERAL DEBT.
Table FD-6.

-

Interest-Bearing Securities Issued by

Government Agencies

(In millions of dollars)

Defense
Department

End of
fiscal year
or month

Total
amount
outstanding
1/

Family housing
and homeowners
assistance

1,951

Housing and Urban Development Department

Federal
Housing
Administration

Government
National
Mortgage
Association

Federal
National
Mortgage
Assoc. 2/

Secondary
market
operations

Other independent agencies

Farm Credit Administration

Export-Import
Bank of the
United States

1,382
1,276
1,171
1,136

548
577
517
487
454
412
408
487
581
578

7,900
8,600
7,320
6,005
4,920
4,480
4,370
4,260
4,180
4,145

11,323
11,028

1,312
1,302

440
475

4,280

2,893
2,593

1975-Bept.
Oct..
Nov..
Dec..

10,935
10,931
10,928
10,904

1,256
1,233
1,220

534
544
549
564

4,225
4,225
4,225
4,200

2,593
2,593
2,593
2,593

1976-Jan.
Feb..
Mar..
Apr.
May..
June.

10,902
10,907
10,901
10,870
10,861
10,853

1,211
1,203
1,194
1,184
1,176
1,171

4,200
4,200
4,200
4,180
4,180
4,180

2,593
2,593
2,593
2,593
2,593
2,593

July.,
Aug..

10,714
11,066
11,047

isteii

24,:!'59

1969
1970
1971
1972
1973
1975
1976
T.u

14,249
12,510
12,163
10,894
11,109
12,012
10,943
10,853
11,047

197A-Dec..
1975 JJar..

197-i

Sept.

1,2<12

1,164
1,152
1,136

Tennessee
Valley
Authority

Federal
intermediate credit
banks i/

2/

4,U5
4,U5
4,U5

2,593
2,960

MemorandujD - Interest-bearing
securities of non -Government agencies ij

)anks for

i^ederal home

looperativ

Loan banks

i/

2/

Federal
intermediate
credit banks

Federal
land
banks

Federal
National
Mortgage
Association

2/6/
1968
1969
1970
1971
1972
1973
1974
1975
1976

-

T.Q
1974-Dec

.

19754,(ar..

1975-Sept.
Oct..
Nov..
Dec..

1976^an..
Feb..
Mar.
Apr,.
May..
June.
July.
Aug..

Sept

Federal
Home Loan
Bank Board

2,625
1,819
2,221
2,894
2,593
2,593
2,960

Other independent
agencies - Continued
End of
fiscal year
or month

Bank for
cooperatives

District of
Columbia
Stadium
Fund

November 1976

27
.FEDERAL DEBT.
Table FD-7.

-

Participation Certificates

28

Treasury Bulletin
.FEDERAL DEBT.
Table FD-8.

-

Debt Subject

to Statutory Limitation

(In millions of dollars)

Interest-bearing debt
subject to limitation

rebt outstanding "su
ject to limitation
End of
fiscal yea
or month

1973

1974
1975
1976
T.Q
1974-Dec
1975-Mar
1975-Oct
Nov
Dec
1976-Jaii

Feb

Mar
Apr

May
June

July
Aug
Sept
Oct

Other debt

1/2/

Publi

Public debt

6,028
4,672
3,962
2,797
2,764
2,392
2,388
1,642
1,736
1,733
2,420
1,623

344,401
351,729
369,025
396,289
425,360
455,353
473,238
532,122
619,254
633,560
490,060
508,581

3,818
3,847
3,137
1,972
1,939
1,557
1,553
1,642
1,735
1,733
1,595
1,623

315
530
437
389
453
343
380
443
565
529

495 ,000
531,000

344,716
352,259
359,463
396,678
425,813
456,697
473,618
532,565
619,820
634,089
490,547
508,979

577,000
595,000
595,000

563,084
567,889
577,754

561,385
566,185
576,035

1,699
1,704
1,719

551,063
565,791
575,657

1,599
1,703
1,713

322
395
379

595,000
595,000
627,000
627,000
627,000
636,000

585,515
594,996
601,619
603,100

583,792
593,257
599,877
501,360
610,059
619,820

1,723
1,739
1,742
1,740
1,739
1,736

581,851
592,874
599,224
500,927
508,077

519,254

1,723
1,739
1,742
1,740
1,739
1,735

1,931
384
653
433
1,982
556

636,000
636,000
636,000
682,000

625,673

623,934
532,716
634,089
636,991

1,739
1,737
1,733
1,744

623,580
532,291
633,560
535,062

1,736
1,737
1,733
1,744

354
424
529
1,929

377,000
377,000
430,000
450,000
465,000
495,000
577,000
636,000
636,000

6U,798
621,556

634,453
635,822
638,735

Source:
Monthly Statement of the Public Debt of the United States.
Note:
For debt subject to limitation since 1940, see Table 21 of the
Statistical Appendix to the Annual Report of the Secretary of the
Treasury on the State of the Finances for fiscal 1975. For a summary
of legislation on debt limitation under the Second Liberty Bond Act
and the amounts of limitation, see Table 32 of the Statistical Append!

Other debt

1/

350,743
356,932
373,425
399,475.
428,576
459,089
476,006
534,207
621,556
635,822
492,967
510,602

^•'S.OOO

1963
1969
1970
1971
1972

Public debt

1/

Non-interest-bearing debt
subject to limitation

2,209
825
825
825
825
825
825

488
398

Adjusted to exclude notes to IMF and other international lending or
ganizations from public debt and include them in "Other debt" to
conform with the budget presentation and the source for this table.
Consists of guaranteed debt of Government agencies, specified parti
ipation certificates. District of Columbia Stadium Bonds and notes
of international lending organizations.

:

29

November 1976
FEDERAL DEBT.

v

Table FD-9.

Status and Application of Statutory Limitation

-

The Second Liberty BondAct{31 U.S.C. 757b)

'

provides that

the face amount

authority of that Act,

,

as amended.

of obligations issued under

and the face amount

of obligations

The Act of June 30, 1967

(Public Law 90-39)

provides

that the face amount of beneficial interests and participa-

tlons issued under

section 302 (c) of the Federal National

guaranteed as to principal and interest by the United States,

Mortgage Association Charter Act (12 U.S.C. 1717 (c)) during

shall not exceed

in the aggregate $400 billion outstanding

the fiscal

at any one time.

Public Law 9iC-334 provides that beginning

added to the amount

on October 1, 1976, and ending on March 31, 1977, the public
debt limit shall be temporarily

increased by $282 billion.

Part A.

-

year 1968 and outstanding

at any time shall be

otherwise taken into account in deter-

mining whether the requirements of the above provisions are
met.

Status Under Limitation October

31, 1976

(In millions of dollars)
Publi: debt subject to limit:
Public debt outstanding
Less amounts not subject to limit:

$637,604

Treasury
Federal Financing Bank

613
(*)

j

Total public debt subject to limit

636,991

Other debt subject to limt:
Guaranteed dsbt of Oovernuent rngencies
Specified participation certificates

609
1,135

Total other debt subject to limit

1,74A

Total debt subject to limit

638,735

Statutory debt limit

682,000

Balance of statutory debt limit

43,265

Part B.

-

Application of Statutory Limitation October 31, 1976
(In millions of dollars)

Classifications

Amount outstandiig

Interest- bearing debt:
Marlcetabl;:
Bills:

Treasury

$161,545

Notes:

'

Treasury

207,275

Bonds
Trees jry

,

39,769

408,590

Total marketable
Nonmarketable:

Depositary series
Foreign gavernuient series:
Dollar denominated
Foreign currency dencolnated
Government account series
Investment series
R.E.A, series
State and local government series
United States individual retirement bondn
United States retirement plan boads
United States savings bonds
United States savings notes

,

20,691
1,599
127,162
2,262
,

Total nonmarketable

226.472

Total interest- bearing debt

,

Total public debt outstanding

Monthly Statement of the Public Debt of
$500 thousand or less.

*

635 ,062

,

Non-interes1>-bearing debt:
Matured debt
Other
Total non-interest- bearing debt

So-JT-ie:

(«)

3,090
14
122
71,113
409

,

trie

United Stat

.

30

Treasury Bulletin
.FEDERAL DEBT.
Table FD-10.

-

Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies

Agriculture Department
for
International
Developlaent

1968.
1969.
1970.
1971.
1972.
1973.
197A.
1975.
1976.
T.a.

Federal
Home Loan
Bank Board

1/

27,0/iO

1975-Oct.
Nov.
Dec.

1976-Jan.
Feb.

Mar,
Apr.
May,
July.
Aug..
Sept.
Oct..

Commodity
Credit
Corporation

Rural
Electrification
Administration

ExportImport
Banlc of
the
t rat ion

Programs
2/

United
States

Housing and Urban
Development Cepartment
Office of the Secretary
College
housing

Urban
renewal

Other

fund

y

602
13,466
22,413
25,884

1,247
1,534
1,491

11,989
12,115
12,262
11,977
11,501
10,864
8,608
5,046
2,840
3,556

3,050
6,737

695
1,039

5,481
4,620

7,207
7,207

2,570
2,570

3,213
3,979

46,734
48,089
48,577

15,949
16,686
17,274

1,5'"3

1,558
1,559

2,445
?,627
2,314

7,412
7,438
7,502

1,482
1,482
1,482

226
224
183

2,811
2,811
2,811

462
462
101

51,485
52,876
53,600
53,282
54,086
53,091

19,346
20,197
21,706
22,036
22,736
22,413

1,534
1,534
1,534
1,534
1,534
1,534

2,310
2,393
2,497
2,573
2,676
2,840

7,519
7,548
7,409
7,447
7,471
7,512

1,482
1,682
1,682
1,682
1,682
1,717

213
192

2,811
2,811
2,811
2,811
2,811
2,811

118
118
120
120
122
124

55,680
56,366
57,374
56,074

24,149
25,052
25,884
26,136

1,491
1,491
1,491
1,372

3,002
3,315
3,556
2,393

7,536
7,569
7,409
7,453

1,717
1,792
1,867
1,892

2,811
2,811
2,811
2,811

149
158

28,164
30,651
31,9-W
33,939
34,237
35,434
44,674
53,091
57,374

416
374
327

38,553
41,426

327
327

233

4,770
5,045
5,328
5,746
6,051
6,563
6,963
7,409
7,512
7,409

1,454
1,583
1,416
1,391
1,606
1,610
2,545
1,482
1,717
1,867

1,743

362
720
1,586
783

1,366
950
1,400
2,450
2,781
2,811
2,811
2,811
2,811
2,811

400
400
600

800
800
800
SOO

170
220
260
352
333
351
414
455
124
149

November 1976

31
.FEDERAL DEBT.

Footnotes to Table FD-10.

Source:
Bureau of Government Financial Operations.
Note;
These securities were issued to the Treasury in exchange for advances ty the Treasury from public debt receipts under congressional
authorizations for specified Government corporations and other agencies to borrow from the Treasury. Further detail may be found in
the 1975 Statistical Appendix to Annual Report of the Secretaiy of
the Treasury, pages 354-357, and the 1975 Combined Statement of Receipts
Expenditures and Balances of the United States Government, pages 564565.
1/ And predecessor agencies. Beginning fiscal 1957 figures exclude notes
previously issued by the Administrator in connection with informational
media guaranties. The obligation for these notes was assumed by the
Director of the United States Information Agency, pursuant to the act
approved July 18, 1956 (22 U.S.O. 1442), and the notes together with
others issued for the same purpose are included in "Other."
2/ Farm housing and other loan programs. Agricultural Credit Insurance
Fund (formerly Farm Tenant Mortgage Insurance Fund), Rural Housing
Insurance Fund, and Rural Development Insurance Fund.
2/ Includes securities transferred from the Reconstruction Finance
Corporation,
^/ Consists of notes issued to borrow for: public facility loans; Lour
Rent Public Housing Fund; and advances for National Flood Insurance
Fund.
2/ Consists of liabilities taken over by the Association from the
Secretary in accordance with the act approved August 2, 1954, and
notes Issued by the Association under authority of that act (12 U.S.
C. 1719 (c), 1720 (d), and 1721(d)) and also securities transferred
from the Reconstruction Finance Corporation.

Public Housing Administration 1960-1963; Federal Housing Administration beginning January 1966; Housing Assistance Administration from
September 1968- December 1969.
Consists of notes of:
The Administrator, General Services Administration, for defense materials procurement; the Secretary of Agriculture; the Secretary of the Interior (Defense Minerals Exploration Administration); and the Secretary of the Treasury throueh
May 1964.
8/ Consists of notes issued by the: United States Information Agency
for informational media guaranties (see footnote 1); Secretary of
Commerce (Maritime Administration) for the Federal Ship Mortgage
Insurance Fund, fiscal years 1963-67 and Federal Ship Financing Fund
(NOAA), beginning December 1972; Virgin Islands Corporation from
September 1959-September 1968; District of Columbia Commissioners
for the Stadium Sinking Fund beginning December 1971; Secretary of
the Interior (Bureau of Mines) for development and operation of helium properties beginning May 1964; Bureau of Commercial Fisheries
for Federal Ship Mortgage Insurance Fund, Fishing Vessels from January 1966 - May 1967; and revenue bonds for Smithsonian Institution
(John F. Kennedy Center Parking Facilities) beginning July 1968;
Secretary of Transportation (Washington Metropolitan Area Transit
Authorl-ty) beginning December 1972; Health, Education, and Welfare,
Office of Education (Student Loan Insurance Fund) from May 1973 August 1973; Pension Benefit Guaranty Corporation from September 19
74; Federal Railroad Administration, rail service assistance, begiivning January 1976, and regional rail reorganization, April, 1976.
2/ Outstanding loans cancelled pursuant to Public Law 93-426, dated
September 30, 1974.

6/

7/

32

,

J

..

1

November 1976

33
PUBLIC DEBT OPERATIONS,
Table PDO-2.

-

Offerings of Bills

illions of dollare)

Amount of bids
Number of
days to
maturity 1/

Amount of
bids
tendered

petitive
basis 2/

ccepted

AjDount

Total

maturing on
issue date

unmatured
issues outstanding after

petitive
basis 2/

Regular weekly:
fl3-ireek: and 26-^eek)

/i976-Sept. 30

1976- July

1

8
15

22

29
Aug

5

\

Dec

/

Oct.

30

26
Sept.

2

16
23

30
Oct.

52-week

3,402.0

1,92Q.5
3,234.9

372.5
167.1

2,60?.
3,301.2

32,043.8
90,169.1

4,251.
7,809.6r

2,505.0
j,506.5r

2,153.9
3,302.2

351.2
204. 3r

2,698.0
3,500.9

31,855.9
90,174.7r

2,513.8
3,503.?

2,107.8
3,273.8

406.0
229.5

2,705.5
3,403.5

31,664.3
90,274. 5r

7
6

''1976-Oct.

li,

1977^an.

13

7,133.8
6,198.1

''1976-Oct.

21
20

4,855.4
5,330.0

2,401.0
3,501.5

2,065.6
3,337.8

335.4

163.7

2,505.8
3,392.8

31,559.5
90,383.2r

28
27

4,745.3
6,397.8

2,502.2
3,606.3

2,180.7
3,447.2

321.5
159.1

2,608.6
3,501.9

31,453.0
90,487.7r

A

4,423.5
7,011.1

2,701.2
3,698.6

2,376.6
3,542.3

324.5
156.3

2,603.1
3,803.7

90,3e2.6r

5,209.9
6,100.9

2,701.9
3,802.7

2,392.3
3,656.1

309.6
146.5

2,602.9
3,901.6

31.650.2
90,283.2r

2,502.0
3,604.0

31,651.5
90,283.2r

2,499.8
3,730.7

31,754.9
90,154.5r

1977-Jan.
1976-Oct.
1977.Jaii.

1976-Nov.
1977-Feb

3

U,551.1r

1976-Nov.
1977-Feb.

18
17

4,752.0
7,241.8

2,503.4
3,603.5^

2,131.4
3,430.6

''1976-Nov.

26
2A

5,380.1
6,685.4

2,603.2
3,602.1

2,239.7
3,424.7

2

4,149.2
5,516.0

2,501.7
3,601.9

2,129.9
3,441.4

2,504.1
3,587.8

31,752.5
90,168.6r

2,308.6
3,408.8

90, 164. It

2,103.0
3,102.9

31,751.2
90,163.7r

2,105.5
3,102.6

31,749.8
90,164.8r

2,302.0
3,400.6

31,751.6
90,168.1r

1977-Feb
1976-Dec.
1977-Mar.

3

1977-Mar.

9
10

4,183.8
8,712.6

2,306.3
3,404.3

1,957.9
3,238.2

*1976-Dec.
1977-Mar.

16
17

4,817.8
6,289.1

2,104.0
3,102.4

1,702.3
2,930.5

''1976- Deo.

23

1977-Mar.

2/,

4,405.9
5,231.4

2,104.1
3,103.8

1,775.9
2,939.5

>-Dec
'-Mar.

30
31

4,278.4
6,563.3

2,303.8
3,403.8

1,963.5
3,238.4

''1976-Dec

9

2, 302. Or

Vl977^an.

12

19

4,163.1
5,221.6

363.5
177.3

328.2
164.3

31,750.2

7

Jan.
Apr.

6
7

91
182

3,922.0
8,139.2

2,506.2
3,505.5

2,222.5
3,350.0

283.7
155.5

2,505.0
3,501.7

31,752.8
90,171.9

li

Jan.
Apr.

13

91
182

5,422.9
5,727.8

2,405.8
3,507.0

2,021.0
3,332.3

384.8
174.7

2,513.8
3,402.6

31,644.8
90,276.3

21

Jan.
Apr.

20

4,580.8
6,688.1

2,403.0
3,401.5

2,057.5
3,264.2

345.6
155.3

2,401.0
3,404.1

31,646.8
90,273.8

28

Jan.
Apr.

27
28

91
182

4,242.2
5,540.7

2,503.8
3,500.9

2,234.3
3,397.7

269.5
103.2

2,502.2
3,501.6

31,648.5
90,273.1

14
21

:

1975-Oct.

21

1976-Oct.

364

3,857.7

3,061.9

2,951.0

110.8

2,003.1

33,953.7

Nov.

IS

Nov.

363

5,482.6

3,244.6

3,169.3

75.2

2,001.8

32,196.4

Dec.

16

Dec.

364

6,012.5

3,253.1

3,166.1

87.0

2,001.5

33,448.1

1976-Jaii.

13

1977-Jan.

364

4,899.9

3,068.7

2,993.2

75.6

2,001.4

34,515.4

2,880.4

50.0

2,102.7

35,343.1

2,102.4

36,345.6
37,343.0

Feb.

10

364

Feb.

4,913.6

2,930.4

Mar.

9

Mar.

364

5,666.1

3,104.9

3,027.0

77.9

Apr.

6

Apr.

364

6,045.5

3,202.7

3,086.9

115.9

2,205.4

May

4

364

5,669.8

3,335.5

3,240.0

95.4

2,435.3

38,243.1

June

1

364

4,380.9

2,921.4

2,845.4

75.9

2,404.4

38,760.2

364

4,855.5

2,611.6

2,518.6

93.0

2,591.4

38,780.4

5,504.0

2,901.6

2,898.9

72.6

2,2Q2.6

39,389.4

29

June

28

July

27

July

26

24

Aug.

23

364

4,934.2

2,952.6

2,866.9

85.7

2,893.3

39,448.6

Aug.
Sept.
Oct.

21

Sept. 20
Oct.
18

364
364

6,i54.0
5,247.7

2,917.0
3,094.4

2,835.1
3,036.7

31.9
57.7

2,359.7
?,061.Q

39,505.<»

19

Footnotes at end of table

39,538.4

Treasury Bulletin

34
PUBLIC DEBT OPERATIONS,
Table PDO-2.

-

Offerings of Bills-Continued

On competitive bids

On total bids

Average pric
per hundred

High

Equivalent average
rate l^
=^ice per hundred

Equivalent rate

^

Price per hundred

Regular weekly:
13-week and 26-ffeek)
f

98.h=3
97.112

1976- July

98.637
97.078

98.648
97.097

5.349
5.742

98.626

98.675
97.188

97.(181

5.190
5.430

98.6^4
97.265

^

98.679
97.201

5.226
5.536

98.685

6/

97.21fa

5.202
5.507

98.687
97.221

5.194
5.497

98.697
97.234

5.155
5.471

5.150
5.473

98.705
97.244

5.123
5.451

98.694
97.228

5.180
5.422

97.272

5.130
5.396

98.675
97.250

5.143
5.390

98.706
97.290

98.676
97.259

5.092
5.351
98.714
97. 30A

2/

8/

2/

5.119
5.360

98.692 10/
97.288

5.118
5.364

98.721
97.305

5.060
5.331

98.719
97.310

5.068
5.321

98.711
97.299
98.709
97.311

5.100
5.309

98.714
97.328

98.729
97.353

5.028
5.236

98.736
97.364 ii/

98.718
97.308

5.072
5.325

98.724
97.322

98.716
97.305

93.719
97.342

98.711
97.337

98.714
97.338

98.760
97.460

4.905
5.025

98.765
97.474

4.799
4.911

98.795
97.524

5.000
5.214

12/
4.996

12/

4.767

U/

98.761
97.436

97;42B
3 2-week :

1975- Oct.

93.326

6.600

93.387 15/

Nov.

93.940

6.010

93.980

Dec.

93.489

6.440

93.510 16/

1976-Jan.

94.360

5.578

94.419

Feb.

94.366

5.572

94.439

17/

Mar.

93.923

6.010

93.952

18/

94.155

5.781

94.196

May.

94.292

5.645

94.338

June

93.621

6.309

93.652

12/

93.851

6.082

93.867

July

94.048

5.887

94.067

Aug.
Sept.

°4.304

5.634

04.337

21/

94.377

5.561

94.339

22/

Oct.

94.817

5.126

94.840

20/

6.540

98.728
97.348

98.757
97.450
98.784
97.513

^^

November 1976
PUBLIC DEBT OPERATIONS

Footnotes to Table PDO-2.

Source:
Monthly Statement of the PubUc Debt of the United States and
Allotments.
The 13-weel! bills represent additional issues of bills with an
1/
original maturity of 26 weeks.
For bills issued on or after May 2, 1974, includes amounts exchanged
2/
on a noncompetitive basis by Government accounts and Federal Reserve
banks.
For 13-week bills, 26-week tenders for $500,000 or less from any one
1/
bidder are accepted In full at average prices of accepted competitive
bids; for other issues, the corresponding amount is etipxLLated in
each offering announcement.
Bank discount basis.
i/
Except $890,000 at 97.270.
2/
Excetjt $500,000 at 98.686.
6/
Except $3,000,000 at 97.240.
7/
Except $1,500,000 at 97.278.
8/

2/
10/
11/
12/
12/

M/
1^/
16/
17/
18/

22/
20/
21/
22/
r

Except $2,000,000 at 98.713 and $2,000,000 at 98.710.
Except $200,000 at 98.710 and $510,000 at 98.693.
Except $3,500,000 at 97.370.
Except $500,000 at 97.280, $1,000,000 at 97.375, $1,000,000 at
97.371, and $1,000,000 at 97.364.
Except $510,000 at 98.800.
Except $600,000 at 97.528.
Except $100,000 at 93.394.
Except $510,000 at 93.519.
Except $655,000 at 95.379.
Except $1,000,000 at 93.992.
Except $10,000 at 94.366 and $715,000 at 94.348.
Except $1,3000,000 at 93.873.
Exoe^Jt $1,950,000 at 94.347.
Except $5,420,000 at 94.397.
Revised.

Treasury Bulletin

36
PUBLIC DEBT OPERATIONS.
Table PDO-3.

-

New Money Financing through Regular Weekly Treasury

Billsi/

37

November 1976
PUBLIC DEBT OPERATIONS.
Table PDO-3.

-

New Money

Financing through Regular Weekly Treasury Bills i/-Continued
(Dollt

Description of
Number of
days to
maturity

'1975^an.
Apr.
Jan.
Apr.

Feb.

May

AiDOunt

Aniount

of bids
tendered

of bids
accepted

Average rate
of bids
accepted 2/
(Percent)

New money
increase, or
decrease (-)

.

Treasury Bulletin

38
PUBLIC DEBT OPERATIONS.
Table PDO-3.

-

New Money

Financing through Regular Weekly Treasury Bills i/— Continued
(Dollar amounts in mlllionE)

Amount
of bids
tendered

Amount
of bids
ar -epted

Average rate
of bids
accepted 2/
(Percent)

$5,616
3,898

2,701

5.258
5.505

2,606
2,591
2,701
2,701

6.008
6.262

5.079
5.284

U976^an.

3,811
3,608

/i975-Oct.
(l976-Jan.

4,465
4,505

l975-0ct.
1976-Jan.

5,453
6,560

2,805
2,905

6.044
6.343

ri975-0ct.

4,505
5,550

2,802
2,901

6.246
6.627

2,904
2,902

6.318
5.719

Oct.

1

Il976^an.
ri975-Clct.
|l976-Jaii.
'

493

498

697
802

3,002
3,002

6.455
6.864

3,001
3,101

6.349
6.809

4,735
5,918

3,103
3,202

6.453
7.000

4,448
6,246

3,103
3,202

1975 -Dec.
1976 -Mar.

5,368
6,375

3,105
3,203

6.382
6.866

1,005

1975 -Dec.
1976-Mar.

4,748
6,245

2,903
3,202

6.389
6.889

998

1975-Dec.
1976-Mar.

5,068
4,469

2,735
2,920

6.445
6.901

954r

1975-Deo.
1976-Mar.

4,608
5,613

2,702

6.n5

1975 -Nov.
1976 -Feb.

5,306
5,671

11975 -Nov.
lg76-Feb.
[

Jan.
Apr.

Jan,

91

Apr.

182

Jan.

Apr.

Feb.

May
Feb.

May
Feb.

May

1,000

704

3,103

5.547
6.981

702

3,104
3,190

6.238
6.571

690r

4.125
4,609

3,000
3,103

6.045
6.243

4,860
5,072

3,005
3,102

4,635
4,853

2,999
3,204

595

505

5.685
5.974

598

5.602
5.792

704
702

5,322
5,270

3,202
3,302

5.279
5.483

5,669
5,492

3,203
3,401

5.472
5.795

700

6,400
6,155

3,231
3,412

5.521
5.933

738

3,203
3,401

798

4,351
6,152

2,907
3,302

715

4,451
4,767

2,702
3,099

5.491
5.914

2,709
3,107
Apr.
July

4,957
5,942

2,901
3,301

Apr.
July

5,084
6,539

3,004
3,501

Apr.
July

5,783
5,457

Apr,
July

799

3,684
5,341

Mar.
June

Mar.
June

801

952

5.824

3,001

Jan.
Apr.

764

813

5.207
5.508

500
501

2,992
3,403

3,001
3,393
3,102
3,502

Footnotes at end of table

New money
increase, or
decrease (-)

490

4.782
5.046

487
702

I
39

November 1976
PUBLIC DEBT OPERATIONS.
Table PDO-3.

-

New Money

Financing through Regular Weekly Treasury BillslZ-Continued

Number of
dajc£

to

maturity

lo76_May
Aug.

May
Aug.

May
Aug.

July
Oct.

Sept.
Dec.

Sept.
Dec.

Amount
of bids
tendered

Amount
of bids
accepted

Average rate
of bids
accepted 2/

Treasury Bulletin

40
PUBLIC DEBT OPERATIONS.
Table PDO-4.

-

Offerings of Public Marketable Securities Other than

Regular Weekly Treasury Bills

Date subscrip-

41

November 1976
.PUBLIC DEBT OPERATIONS.
Table PDO-4.

-

Offerings of Public Marketable Securities Other than

Regular Weekly Treasury Bills— Continued

..

:

. .

.

.
.

Treasury Bulletin

A2
.PUBLIC

DEBT OPERATIONS,

Footnotes to Table PDO-4.

Bureau of the Public Debt,
Source
Note: All securities (except EA 4 EO notes), except those bearing footnote
sold at auction through competitive and noncompetitive bidding.
1/ For bill issues, always sold at auction, the rate shown is the equivalent average rate (bank discount basis) on accepted bids. Other
securities issued at par except those bearing footnote 6 and those
For details of bill offerings see Table PD&-2.
sold at auction.
2/ From date of additional issue in ca
In reopenings the amount issued is
original offerings.
ij For securities exchanged for the new Issues see Table PDO-7.
5/ Tax anticipation bill, accepted at face value in payment of income
taxes due on the 15th of the month in which the bills mature.
6/ Sold at fixed price by subscription.
7/ Exchange offering available to owners of nonmarketable 2-3A% Treasury
For further
bonds. Investment Series B-1975-80, dated April 1, 1951.
information on the original offering see Treasury Bulletin for" April
1951, page A-1.
8/ Issued to Federal Reserve banKs and Government accounts in exchange
for notes maturing August 15, 1974.
2/ Prices accepted ranged from 101.28 (yield 3.48© down to KM. 86
(yield 8.65® with the average at 101.00 (yield 8.59®.
10/ Prices accepted ranged from 101.50 (yield 8.67fl down to 101.01
(yield 8.78® with the average at 101.15 (yield 8.75®.
11/ Prices accepted ranged from 99.76 (yield 8.52® down to 98.00 (yield
8.70® with the average at 98.70 (yield 8.63®.
12/ Issued to Federal Reserve banlcs and Government accounts in exchange
for notes maturing September 30, 1974.
13/ Yields accepted ranged from 8.39% (price 99.75) down to 8.20% (price
100.09) with the average at 8.34^ (price 99.84).
yj Yields accepted ranged from 7.93% (price 99.787) down to 7.78%
(price 100.349) with the average at 7.89% (price 99.937).
15/ Issued to Federal Reserve ban]cs and Government accounts in exchange
for securities maturing November 15, 1974.
1^ Yields accepted ranged from 7.37% (price 99.685) down to 7.78%
(price 99.921) with the average at 7.85% (price 99.737)
17/ Yields accepted ranged from 7.86% (price 99.416) down to 7.75%
(price 100.000) with the average at 7.32% (price 99.628).
18/ Prices accepted ranged from 103.50 (yield 8.17® down to 102.79
(yield 8.23® with the average at 103.04 (yield 8.21%)
19/ Sale of a "strip" of Treasury bills consisting of an additional $200
million of each weekly series maturing from December 12, 1974,
through Januaiy 9, 1975.
20/ Issued to Federal Reserve banks and Government accounts in exchange
for notes maturing December 31, 1974.
21/ Yields accepted ranged from 7.37% (price 99.781) down to 7.15%
(price 100.183) with the average at 7.32% (price 99.872).
22/ Prices accepted ranged from 102.20 (yield 7.27® down to 101.80
(yield 7.37® with the average at 101.95 (yield 7.33®.
22/ Prices accepted ranged from 100.91 (yield 7.18® down to 1(X).80
(yield 7.27%) with the average at 100.84 (yield 7.24®.
24/ Issued to Federal Reserve banks and Government accounts in exchange
for notes maturing February 15, 1975.
25/ Yields accepted ranged from 7.17% (price 99.814) up to 7.23% (price
99.643) with the average at 7.21% (price 99.700).
26/ Yields accepted ranged from 7.40% (price 99.881) up to 7,52% (price
99.311) with the average at 7.49% (price 99.453).
22/ Yields accepted ranged from 7.89% (price 99.837) up to 7.96% (price
99.084) with the average at 7.95!6 (price 99.191).
22/ Yields accepted ranged from 5.88^ (price 99.993) up to 5.98% (price
99.852) with the average at 5.94% (price 99.908).
22/ Yields accepted ranged from 5.97% (price 100.056) up to 6.12% (price
99.773) with the average at 6.09% (price 99.834)
Prices accepted ranged from 101.51 (yield 7.45® down to 101.07
.20/
(yield 7.54® with the average at 101.21 (yield 7.51%).
31/ Yields accepted ranged from 5.90% (price 100.082) up to 6.01% (price
99.757) with the average at 5.
(price 99.991)
22/ Yields accepted ranged from 6.
6.40% (price 100.185) up to 6.60% (price
99.815) with the average at 6.
(price 99.982)
33/ Yields accepted ranged from 8..15% (price 100.826) up to 3.37% (price
98.947) with the average at 8..31% (price 99.455).
34/ Yields accepted ranged from .95^ (price 100.23^) up to 7.19% (price
99.865) with the average at 7..15% (price 99.926)
35/ Yields accepted ranged from 7..37% (price 100.009) up to 7.45% (price
99.863) with the average at 7..43% (price 99.900).
36/ Issued to Federal Reserve banks and Government
counts in exchange
for notes maturing May 15, 1975.
22/ Yields accepted ranged from 7.60% (price 100.001) up to 7.74% (price
99.604) with the average at 7.70% (price 99.717).
38/ Yields accepted ranged from 7.96% (price 100.212) up to 8.02% (price
99.894) with the average at 8.00% (price 100.000).
J2/ Yields accepted ranged from 3.25% (price 100.000) up to 3.3,2% (price
99.232) with the average at 3.30% (price 99.450).
1^ Yields accepted ranged from 6.79% (price 99.924) up to 6.92% (price
99.633) with the average at 6.86% (price 99.794).
il/ Yields accepted ranged from 6.33% (price 100.158) up to 6.58% (price
99.895) with the average at 6.54% (price 99.947).
ii/ Yields accepted ranged from 6.50% (price 100.000) up to 6.69% (price
99.650) with the average at 6.61% (price 99.797).
42/ Yields accepted ranged from 7.74% (price 100.034) up to 7.85% (price
99.664) with the average at 7.33% (price 99.731)

^

i

4i/

4^
46/

47/
48/

42/

^
SI/
52/

S3/

^
15/
56/
52/
58/
59/

60/
61/
62/

6y
64/
65/

66/
62/
68/

62/
70/

23/
22/

22/
24/

Yields accepted ranged from 7.49% (price 100.018) up to 7.53% (price
99.945) with the average at 7.52% (price 99.963).
Issued to Federal Reserve banks and Government accounts in exchange
for notes maturing August 15, 1975.
Yields accepted ranged from 7 ,75% (price 100.233) up to 7.97% (price
99.695) with the average at 7 .94% (price 99.768)
Yields accepted ranged from 8 06% (price 100.343) up to 8.18% (price
99.711) with the average at 8 14% (price 99.921).
Yields accepted ranged from 8 38% (price 99.948) up to 8.48% (price
98.917) with the average at 3 ,44% (price 99.327).
Yields accepted ranged from 8 15% (price 100.180) up to 3.29% (price
99.926) with the average at 8 ,25% (price 99.993).
Yields accepted ranged from 3 ,45% (price 100.145) up to 8.56% (price
99.773) with the average at 8 54% (price 99.840).
Issued to Federal Reserve banks and Government accounts in exchange
for notes maturing September 30, 1975.
Yields accepted ranged from 8.40% (price 99.955) up to 3.46% (price
99.847) with the average at 8.,44% (price 99.383).
Yields accepted ranged from 8.,05% (price 99.393) up to 8.13% (price
99.722) with the average at 8. 10% (price 99.786)
Yields accepted ranged from 8.
(price 101.121) up to 8.19% (price
99.761) with the average at 3. 14% (price 99.899).
Yields accepted ranged from 7.,47% (price 100.055) up to 7.59% (price
99.836) with the average at 7. 55% (price 99.909)
Issued to Federal Reserve banks and Government accounts in exchange
for notes maturing 11/15/75.
Yields accepted ranged from 7.87% (price 100.027) up to 7.95% (price
99.603) with the average at 7.92% (price 99.762).
Prices accepted ranged from 101.73 (yield 8.21® down to 101.34
(yield 8.24%) with the average at 101.50 (yield 3.23®.
Yields accepted ranged from 7.24% (price 100.018) up to 7.31% (price
99.890) with the average at 7.28% (price 99.945).
Yields accepted ranged from 7.43% (price 100.238) up to 7.53% (price
99.898) with the average at 7.50% (price 100.000).
Yields accepted ranged from 7.35% (price 100.108) up to 7.42% (price
99.806) with the average at 7.40% (pri
99.892)
Yields accepted ranged from 6.41% (price
.935) up to 6.51% (pri
99.751) with the average at 6.49% (pri
99.788)
All accepted subs iptions were awarded at the price of 100.00
(yield 8.00® .
Yields accepted ranged from 7.00% (price 100.000) up to 7.09% (price
99.761) with the average at 7.05% (price 99.867).
Prices accepted ranged from 102.14 (yield 8.05%) down to 101.42
(yield 8.12%) with the average at 101.75 (yield 8.09®.
Yields accepted ranged from 6.57% (price 100.039) up to 6.64% (price
99.925) with the average at 6 62% (price 99.957)
Yields accepted ranged from 7 50% (price 99.990) up to 7.55% (price
99.818) with the average at 7 54% (price 99.353).
Yields accepted ranged from 6 71% (price 100.074) up to 6.80% (price
99.903) with the average at 6 76% (price 99.982)
Yields accepted ranged from 7 35% (price 100.101) up to 7.39% (price
99.940) with the average at 7 33% (price 99.980)
Yields accepted ranged from 6 59% (price 99.837) up to 6.63% (price
99.765) with the average at 6 61% (price 99.801)
All accepted subscriptions were awarded at the price of 100.00
(yield 7.875%).
Prices accepted ranged from 97.50 (yield 8.11® to 96.36 (yield
3.22® with the average at 96.73 (yield 3.19®.
Yields accepted ranged from 7.08% (price 100.082) up to 7.19%
(price 99.881) with the average at 7.16% (price 99.936).
Yields accepted ranged from 7.68% (price 99.796) up to 7.73%
(price 99.625) with the average at 7.71% (price 99.693).

Yields accepted ranged from 6.96% (price 99.844) up to 7.01%
(price 99.752) with the average at 6.99% (price 99.789).
Yields accepted ranged from 7.60% (price 100.076) up to 7.64%
(price 99.909) with the average at 7.63% (price 99.951).
22/ Yields accepted ranged from 6.90% (price 99.953) up to 6.96% (price
99.343) with the average at 6.95% (price 99.861).
28/ Yields accepted ranged from 6.83% (price 99.987) up to 6.92% (price
99.880) with the average at 6.91% (price 99.907).
22/' All accepted subscriptions were awarded at the price of 100.00 (yield
8.00%).
80/ Yields accepted ranged from 7.98% (price 100.215) up to 8.03% (price
99.679) with the average at 8.01% (price 99.393).
21/ Yields accepted ranged from 6.59% (price 100.065) up to 6.69% (price
99.880) with the average at 6.67% (price 99.917).
82/ Yields accepted ranged from 6.27% (price 99.963) up to 6.32% (price
99.870) with the average at 6.30^ (99.907).
32/ Yields accepted ranged from 7.02^ (price 99.894) up to 7.10% (price
99.557) with the average at 7.08% (price 99.641)
84/ Yields accepted ranged from 5.88% (price 99.991) up to 5.99% (price
99.787) with the average at 5.96% (price 99.842).
85/ Yields accepted ranged from 6.32% (price 99.811) up to 6.37% (price
99.677) with the average at 6.36% (price 99.704).
Yields accepted ranged from 7.00% (price 100.000) up to 7.02% (price
99.891) with the average also at 7.02%.
Prices accepted ranged from 101.05 (yield 7.77?) down to 100.58
(yield 7.82%) with the average at 100.79 (yield 7.80%).
Less than $500,000.
Preliminary.

25/

26/

November 1976

43
.PUBLIC

Table PDO-5.

-

DEBT OPERATIONS

Unmatured Marketable Securities Issued at a Premium
Other than Advance Refunding Operations

or Discount

Treasury Bulletin

44
,

Table PDO-5.

-

PUBLIC DEBT OPERATIONS.

Unmatured Marketable

Securities Issued at a

Premium

Other than Advance Retunding Operations — Continued

Description

or Discount

45

November 1976
.PUBLIC
Table

PDO-5.

DEBT OPERATIONS,

Unmatured Marketable Securities Issued at a Premium or Discount
Other than Advance Refunding Operations-Continued

Treasury Bulletin

46
.PUBLIC
Table PDO-6.

-

DEBT OPERATIONS.

Unmatured Marketable

Securities Issued at a

Premium

Other than Advance Refunding Operations— Continued

Descrlptlo

or Discount

November 1976

41
.PUBLIC DEBT OPERATIONS

Table PDO-6.

-

Allotments by Investor Classes on Subscriptions
Part A.

-

Other than Bills

for Public

Marketable Securities

1/

(In millions of dollars)

Allotments by investor cla
Amount issued

exchange
for
other

Description of securities

!

'

7-3A« Note

2/1 5/74 -C

T-J/iS Note

8/15/77-B

7-1/255 Note
7-1/4SJ Note
7-l/2!e Note

2/1 5/72 -C

3,139
2,264
190
4,505
2,511

5A5/74-D
8A5/76-C 8/

b-'i/lS Note

5/15/72-D

5-7/8)S Note
b-l/lS Note

8A5/75-C
2A5/78-A

7,679
8,389

8A5/72-E

3,452
3,231

'5*

5-3A*

Note
Note

11/15/74-A 8/

6)6

Note

11A5/72-F

'7%

Note
Bond

11/15/75-D
8/15/81

195

A 5/73 -C

2,514

6-1/4)6 Note

11/15/76-D

1,283

5-7/8)6 Note

2/1 5/75 -E

2,045

-4-7/8)6 Note

11A5/73-D

2,768

Note
,6-1/8)6 Bond

11/15/78-B
11/15/86

24

5-3/4)6 Note
6-3/8)6 Bond

5A5/76-E

5-7/8)6 Note

5/1 5/75 -F

1,776

5/1 5/73 -E

1,270

1%

6-1/2)6 Note

656

4-3/4)6 Note

6-3/8* Bond
'5-7/8* Note
6-1/4* Note
.6-3/8)6 Bond
6*

Note

2

1,500
8,207
1,192
2,802
2,131

2/15/82

2/15/82 8/

2/15/76-F

8A5/79-A
8/15/84

41

9/30/74-E

2,060

6-1/4* Note

11A5/76-D 8/

3,041

5-7/8* Note

1 2/31/74 -F

2,102

6-3/4* Bond

3,115
613

2/15/93

4,945
4,559
2,312

627

6-1/2* Note

8A5/76-C

6-5/^ Note

11/15/79-B

1,009

595

6-7/8* Note
Bond

5A5/80-A

2,043
652

5,221

5/15/93-98

'7-3/4* Note
7-1/2)6 Bond

8/15/77-B 8/
8/15/88-93

628
425

9/30/75-C
'7*
7*

Note
Note

12/31/75-H
11/15/79 -C

.7-1/2)6 Bond

8A5/88-93 2/

'6-7/8* Note
Note
7*
.7-1/2* Bond

8/15/88-93 8/

5A5/77-C
2/1 5/81 -A

1,511
2,021
302

2,258
1,515
301

Note

3/31/76-H

1,532

8-3/4* Note

6/30/76-1
8/15/78-C
5/15/94-99

2,048
1,879
309

8/15/80 -B
5/15/77 -D

1,835
2,393
400

8*

8-3/4* Note
8-1/2* Bond
o*

Note
Note
8-1/2* Bond

8-1/4* Note
7-7/8* Note

5A5/94-99 £/

9/30/76^
5/15/79-0

7-3/4* Note
7-3/4* Note
8-1/2* Bond

11/15/77-E
11/15/81-B
5/15/94-99 2/

2,571
1,766
603

7-1/4* Note

12/31/76-K

2,205

7-7/8* Note

5/15/79-D §/
3/gl/76-H 2/

7-1/8* Note
7-3/8* Note
7-7/8* Bond

5A5/78-D
2/15/81-C
2/15/95-00

220
220
136

1,253

756
3,263
1,768
752

656

state and local
governnients 6/

U.S. Gov-

ernment
accounts
and
Federal
Reserve
banks 2/

banks

2/

Corporations
5/

rensi
and r
tirement
funds

Dealers
and
brokers

Treasury Bulletin

48
PUBLIC DEBT OPERATIONS.
Table PDO-6

-

Allotments by

Investor Classes on Subscriptions for Public Marketable Securities

Part A.

-

Other than Bills i/— Continued
(In millions of dollars)

Issues

49

November 1976
PUBLIC DEBT OPERATIONS,
Table PDO-6.

-

Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Part B.

-

Bills Other than Regular

Weekly Series

F
AB

Treasury Bulletin

50
.PUBLIC DEBT OPERATIONS.
Table PDO-7. - Disposition of Public Marketable Securities
Other than Regular Weekly Treasury Bills
(Dollar aiDoimts

Disposition offers
by Treasury

Date of
refunding

Amount
outstanding

7/31/73

4.918^ Bill
5.223^ Bill

7/31/73
7/31/73

7/31/72
7/31/72

3-5/8% Note
4% Bond

3/15/733/15/73

2/15/70
9/15/63

8/28/73

5.178^ Bill

8/23/73

8/31/72

1,803

9/19/73

9.303* Bill

8/15/73

2,017

I

i

8/15/73

[

I.

1,839
3,894

9/25/73

5.529^ Bill

9/25/73

9/30/72

1,801

10/1/73
10/23/73
11/15/71

1-1/2^ Note
4-1/8* Bond
5.225* Bill
5.337* Bill

10/1/73-EO
10/2 3/7
11/15/73
11/20/73
12/18/73

10/1/68
10/31/72
7/22/54
11/30/72
12/31/72

1,802
4,336
1,802

1A5A4

5.986* Bill

1/15/74

2A2/74

6.050* Bill

2/15/74

r 7-3/4*
3/4* Note

5.318!C Bill

'i

6.616* Bill
1-1/2* Note
6.598* Bill

4/3/74

-

-

'6.765* Bill
7.830* Bill
^7.452* Bill

4A9A4

17-1/4* Note
4-1/4* Bond

2/15/74-C

2A5/74

8/15/70
1/15/65

2,960
2,466

3/12/74
4/1/74- EA
4/9/74

3/31/73

1,790

4/1/69
4/30/73

34
1,802

llA/73
llA/73

2,007
1,002
1,516

4A9/74
4A9/74
4A9/74

5/7A4
5/15/74

1/31/73
2/28/73

1/8* Bond

3A2/74
4A/74

-

11/1/73

5/7/74

5/31/73

5/15/74-D
5/15/74

11/15/70
5/15/64

4,334
2,847

11/30/73
11/30/73

2,000
2,523
1,802

6/4/74

6/4A4
r

6/21/74

i

7.790* Bill
8.306* Bill

30

6/21/74
6/21/74

1,801

7/2/74

8.392* Bill

7/2/74

7/31/73

7/30/74

7.702* Bill

7/30/74

10/9/73

8/15/74

5-5/8* Note

8/15/74-B

8/15/68

10 ,'284

8/27/74

8.387* Bill

8/27A4

8/28/73

1,804

9/20/74

9.652* Bill

9/20/74

8/7/74

1,526

9/24/74

8.057* Bill

9/24/74

9/25/73

1,802

9/30/74

6*

Note

9/30/74-E

10/19/72

2,060

10/23/73

1,302

11/1 5/7411/15/74

11/15/67
12/2/57

5,442
1,213

11/19/74

11/20/73

1,801

10/22/74
11/15/74

7.132* Bill
l'5-3/4* Note
3-7/8* Bond

i

11/19/74

7.708* Bill

10/22/74

12A7/74

6.830* Bill

12/17/74

12/13/73

12/31/74

5-7/8* Note

1 2/31/74-

12/28/72

1A4/75

6.943* Bill

IA4/75

2/15/75

Note
5-7/8* Note

2A5/75-A
2/15/7 5-E

2
5/63
10/22/71

2A1/75

6.342* Bill

2A1/75

2/12/74

3/11/75

6.897* Bill

3/11/75

3/12/74

3/31/75

8.049* Bill
1-1/2* Note

3/31/75- FFB

4A/75

4A/75-EA

^{^°;^%

4/8/75
4/16/75
5/6/75

7.887* Bill
7.426* Bill
8.442* Bill

4/8/75
4/16/75
5/6/75

4/9/74
12/3/74
5/7/74

f5-3/4*

Footnotes at end of table.

1A5/74

A

s

Cash
retiri

ment

Exchange
security
offered

Turned
in for
cash 2/

offered
Table PDO-i)

November 1976

31
.PUBLIC
Table PDO-7.

-

DEBT OPERATIONS.

Disposition of Public

Mar ketable

Securities

Other than Regular Weekly Treasury B ills— Continued
(Dollar amounts in millions)

Treasury Bulletin

52
.PUBLIC

DEBT OPERATIONS.

Footnotes to Table PDO-7

Bureau of the Public Debt.
Source:
1/ Original call and maturity dates are used,
2/ All bv investors other than Federal Reserve banks.
Tax anticipation issue: for detail of offerings beginning August 1974,
_2/
see Table PDO-4; for amounts redeemed for taxes and for cash see
"Note" belcw.
ij Exchanged by Federal Reserve banks and Government accounts for $233
million of 7-3/4^ notes of Series B-1977 and 192 million of 7-1/2^
bonds of 1988-93 issued August 15, 1973.
i/ Exchanged by Federal Reserve banks and Government accounts for $495
million of 7-3/4^ notes of Series B-1977 and $233 million of 1-1/2%
bonds of 1988-93 issued August 15, 1973.
6/ Exchanged by Federal Reserve banks and Government accounts for $220
million of 7% notes of Series C-1979, $220 million of 1% notes of
Series H-1975 and $136 million of 7-1/2% bonds of 1988-93 issued

November 15, 1973.
Exchanged by Federal Reserve banks and Government accounts for $307
million of 6-7/8? notes of Series C-1977, $25 million of 7% notes of
Series A-1981 issued February 15, 1974, and $10 million of 7-1/2%
bonds of 1988-93 issued February 28, 1974.
Exchanged by Federal Reserve banks and Government accounts for $302
million of 1% notes of Series A-1981 issued February 15, 1974, and
$240 million of 7-1/2% bonds of 1988-93 issued February 23, 1974.
Exchanged by Federal Reserve banks and Government accounts for $656
million of 8-3/4% notes of Series 1-1976 and $343 million of 8-3/4?
notes of Series C-1978 issued May 15, 1974.
Exchanged by Federal Reserve banks and Government accounts for $240
million of 8-3/4% notes of Series C-1978 and $279 million of 8-1/2%
bonds of 1994-99 issued May 15, 1974.
Exchanged by Federal Reserve banks and Government accounts for $2,936
million of 9% notes of Series &-1977, $2,461 million of 9% notes of
Series B-1980 and $486 million of 8-1/2% bonds of 1994-99 issued
August 15, 1974.
12/ Exchanged by Federal Reserve banks and Government accounts for 8-1/4%
notes of Series J-1976 issued September 30, 1974.
accounts for $1,059
12/ Exchanged by Federal Reserve banks and Government
million of 7-3/4% notes of Series E-1977, $949 million of 7-3/4% notes
of Series B-1981 and $196 million of 8-1/2% bonds of 1994-99 issued
November 15, 1974.
14/ Exchanged by Federal Reserve banks and Government accounts for 8-1/2^'
bonds of 1994-99 issued November 15, 1974.
15/ Exchanged by Federal Reserve banks and Government accounts for 7-1/^v^
notes of Series K-1976 issued recember 31, 1974.
16/ Exchanged by Federal Reserve banks and Government accounts for $692
million of 7-1/8% notes of Series D-1978, $400 million of 7-3/8%
note? of Series C-1981 and $36 million cf 7-7/8% bonds of 1995-2000
issued February 18, 1975.
22/ Exchanged by Federal Reserve banks and Government accounts for $4
million of 7-1/8% notes of Series D-1978 and $114 million of 7-7/8%
bonds of 1995-2000 issued February 18, 1975.
and Government accounts for $2,300
112/ Exchanged by Federal Reserve banks

1/

^
y

w
u/

Note:

Information

in footnote 3,

1

million of 7-5/8% notes of Series E-1978, $1,233 million of 8% notes
of Series A-1982 and $630 million of 8-1/4? honds of 2000-05 issued
May 15, 1975.
Exchanged by Federal Reserve banks and Government accounts for 8-1/4%
bonds of 2000-05 issued May 15, 1975.
20/ Exchanged by Federal Reserve banks and Government accounts for $1,372
million of 7-7/8% notes of Series F-1978, S902 million of 8-1/8% notes
of Series B-1982 and $313 million of 8-3/8% bonds of 1995-2000 Issued
August 15, 1975.
21/ Exchanged by Federal Reserve banks and Government accounts for
8-3/8% notes of Series M-1977 issued September 30, 1975.
22/ Exchanged by Federal Reserve banks and Government accounts for $384
million of 7-7/8% notes of Series C-1982 and $150 million of 8-3/8%
bonds of 1995-2000 issued November 17, 1975.
23/ Exchanged by Federal Reserve banks and Government accounts for 7-1/4%
notes of Series P-1977 issued December 31, 1975.
24/ Exchanged by Federal Reserve banks and Government accoxints for
t368 million 7% notes of Series H-1979, $1,939 million 8% notes
of Series A-1983 and $215 million of 8-1/4? bonds of 2000-05
issued February 17, 1976.
25/ Exchanged by Federal Reserve banks and GovemnKnt accounts for
$1,232 million of 7% notes of Series H-1979 issued February 17, 1976.
26/ Exchanged by Federal Reserve banks and Government
accounts for 6-3/4% notes of Series K-1978 issued
March 31, 1976.
27/ Exchanged by Federal Reserve banks and Government accounts for $276
million of 7-7/8% notes of Series A-1986 issued 5/17/76 and $85 million of 7-7/8% bonds of 1995-2000 issued May 17, 1976.
28/ Exchanged by Federal Reserve banks and Government accounts for $300
million of 6-1/2% notes of Series L-1978 and $196 million of 7-7/8%
notes of Series A-1986, and }32 million of 7-7/8% bonds of
1995-2000 issued May 17, 1976.
29/ Exchanged by Federal Reserve banks and Governnent accounts for 7-1/8%
notes of Series M-1978 issued June 1, 1976.
30/ Exchanged by Federal Reserve banks and Government accounts for 6-7/8%
notes of Series N-1978 issued June 30, 1976.
Jl/ Exchanged by Federal Reserve banks and Government accounts for $700
million of 6-7/8% notes of Series J-1979 and $60 million of 8% notes
of Series B-1986.
32/ Exchanged by Federal Reserve banks and Government accounts for $1,417
million of 8% notes of Series B-1986 and $250 million of 8% bonds of
1996-2001 issued August 16, 1976.
33/ Exchanged by Federal Reserve banks and Government accounts for $204
million of 6-5/8% notes of Series Q-1978 issued August 31, 1976,
34/ Exchanged by Federal Reserve banks and Government accounts for $326
million of 6- 1/4% notes of Series R-1'378 issued September 30, 1976.
35/ Exchanged by Federal Reserve banks and Government accounts for 5-7/8%
notes of Series S-1978 issued November 1, 1976,
36/ Exchanged by Federal Reserve banks and Government account for $70
million of ^l/4% notes of Series K-1979 and $50 million of 7%
notes of Series B-1983 Issued November 15, 1976,

j^

)

November 1976
.PUBLIC

DEBT OPERATIONS

Table PDO-8.

- Foreign Series Securities
(Nonmarketable)
Issued to Official Institutions of Foreign Countries

(Payable In U.S. dollars; dollar amounts In mill ions

Month of
activity

3/05/75
3/17/75
6/05/75

12/02/74

Certificates of indebtednes

6/05/75
6/19/75
12/04/75

33

Treasury Bulletin

54
.PUBLIC

DEBT OPERATIONS.

Table PDO-8. - Foreign Series Securities (Nonmarketable)
Issued to Official Institutions of Foreign Countries— Continued
(Payable in U.S. dollars; dollar amounts in millions)

55

November 1976
.PUBLIC
Table PDO-8.

-

DEBT OPERATIONS.

Foreign Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries— Continued
(payable in U.3. dollars; dollar amounts

56

Treasury Bulletin
PUBLIC DEBT OPERATIONS.
Table PDO-8.

-

Foreign Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries— Continued

57

November 1976
PUBLIC DEBT OPERATIONS
Table PDO-8.

-

Foreign Series Securities (Nonmarketable)

Issued to Official Institutions of Foreig n Countries— Continued

Treasury Bulletin

58
PUBLIC DEBT OPERATIONS.
Table PDO-9.

-

Foreign Currency Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries
(Dollar amounts in millions)

November 1976

39
PUBLIC DEBT OPERATIONS.
Table PDO-9.

-

Foreign Currency Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries

11/06/72
11/20/72
2/06/74
2/20/74
'

,

Swiss
Swiss
Swiss
Swiss

francs
francs
francs
francs

12-11-72
12-13-72
3-11-74
3-13-74
1-08-73
1-08-73
1-29-73
4-08-74
4-08-74
4-29-74

Notes

3-09-73
6-07-74

Certificates of indebtedness

1-18-74
7-18-74
4-05-73
4-17-73
7-05-74
7-17-74

8-02-73
8-20-73
3-27-73
8-30-73
11-01-74
11-20-74
11-27-74
11-29-74
J
1

Certificates of indebtedness

Swiss francs

Notes

Swiss francs

7/18/74

1/20/75

11/30/73
2/28/75
Swiss francs
Swiss ft-anos

1/7, 74

francs
francs
francs
francs

2/06/74
2/20/74
5/06/75
8/20/75

Swiss
Swiss
Swiss
Swiss
Swiss

4. '7, '75

-Continued

}

Treasury Bulletin

60
PUBLIC DEBT OPERATIONS.
Table PDO-9.

-

Foreign Currency Series Securities (Nonmarketable)

Issued to Official Institutions of Foreign Countries— Continued
(

Dollar amounts
Interest
rate
(percent

Month of
activity

Amount
(Dollar equivalent)

1,599

1/20/75

V20/76

V20/76

10/20/77

May..

2/28/75
5/28/76

5/28/76
11/28/77

June.

Notes

6/13/75
6/14/76

6/1A/76
12/14/77

1,599

July.

Notes

V07/75

1,599

7/07/76

7/07/76
1/06/78

5/6/75
5/20/75
8/6/76
8/20/76

8/6/76
8/20/76
2/6/78
2/20/78

6A1/75

9/10/76

1976-Apr..

Swiss
Swiss
Swiss
Swiss

Aug..

Sept.

Notes

Oct...

Notes

Source:
Bureau of the Public Debt.
1/ The principal amount of this note
sate for a lower interest cost tha

francs
francs
francs
francs

9/10/76

3/IOA8

7/08Aa

10/8/76
4/07/78

10/8/7O

increased $1 million to compenas anticipated when the' note was

1,599

6.80
6.40
6.50

1,599

7.15
5.95

revalued in 1970.
Dollar value of securitie
as of February 12, 1973.

1,599

creased to reflect market

61

November 1976
.UNITED STATES SAVINGS BONDS.

Series E and Series H
rently sold.

Series E has

and Series H has been on

are the only savings bonds cmt-

April 30, 1957.

been on sale since May

interest yields,

sale since J.une

A - D were sold fromMarchl, 1935

Series
30,

F and G were sold

1952.

Series

J

1,

1,

1952.

through April 30,

from May

1,

Table SB-1.

-

Series
19<;l.

through April

19<41

and K were sold from May

19^1,

1,

1952

through

Details of the principal changes in issues,.
maturities, and other terras appear in the

Treasury Bulletins of April 1951, May 1952, May 1957, October
and December 1959,

September

May and

October 1961,

1970; and the Annual

June 1968,

the Treasury for fiscal years 1966 through 1974^

Sales and Redemptions by Series, Cumulative through October
(In millions of dollars)

and

Report of the Secretary of

31, 1976

Treasury Bulletin

62
.UNITED STATES SAVINGS BONDS.
Table SB-3.

-

Sales

and Redemptions by Periods, Series E through

K

(In millions of dollars)

Sales 1/

Sales plu
accrued
discount

Amount outstanding
Sales
price 2J

Series E and H Conblned
Fiscal years;

Accrued
discount j/

63

November 1976
.UNITED STATES SAVINGS BONDS.
Table SB-3.

Sales and Redemptions by Periods, Series

E

through

K— Continued

milllonE of dollars)

(111

Redemptions 1/

Sales plus
accrued
discoxmt

Sales 1/

Accrued
discount J/

Exchange of
E bonds for
H bonds

AiQount

outstanding
( interestbearing debt)

riscal years :

105,177
5,154
5,548
5,959
4,959
4,972
5,209
6,156
6,053
6,114

96,622
4,178
4,462
4,722
3,877

97,685
4,913
4,941
5,300
5,835
5,626
4,871
5,007
5,740
6,318
5,886

124j707
4,466
4,343
4,289
4,870
5,650
5,190
6,145
6,503
6,975
1,761

25,051

149_,758

1,731
1,788

2,056
2,310
2,554
2,749
3,252
3,496
902

6,196
6,131
6,130
6,925
8,755
8,894
9,755
10,471
2,563

117,826
4,450
4,574
4,452
4,221
4,503
5,218
5,922
5,988
6,524
6,729

22,650
1,580
1,680
1,757
1,832
1,909
2,192
2,426
2,673
2,994
3,368

140,476
6,031
5,255
5,209
6,052
6,412
7,411
8,348
8,551
9,518
10,097

542
514
537

296
272
298

786
835

1976-Jan
Feb
Mar
Apr
May
June

659
577
549
543
620
584

320
279
290
306
281
301

979
856
939
949
901
884

July
Aug
Sept
Oct

608
615
537
566

326r
284r
292r
306

95 9r

413

926r
850r
872

428
400
387

19a-67
1968
1969
1970
1971
1972
1973
1974
1975
1976

T.Q
Calendar years
1941-65
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975

1,8a

7,%0

12,555

42,959

3,932
4,118
4,842
4,717
4,705
1,241

1,086
1,237
1,082
1,037
1,091
1,314
1,346
1,409
371

184
210
231
292
338
310
310
326
80

86,543
3,997
4,022
4,283
4,661
4,405
3,851
3,958
4,507
4,955
4,555

11,143
916
919
1,017
1,173
1,221
1,020
1,049
1,234
1,353
1,331

1,286
224
207
191
180
228
249
329
319
310
326

43,805
44,205
44; 167

45,902
48,598
51,806
54,234
57,617
61,648
62,621

a, 504
42,398
43,504
44,222
44,259
44,818
47,108
50,120
52,723
55,613
59,498

Itonths:

1975-Oct
Nov
Dec

Fiscal vears:
1952-67

„

58,872
59,226
59,498

420
479
383
403
411
356
399

134
128
131
130
112
124

59,835
60,154
60,528
60,909
61,316
61,648

62,325
62,964
62,621
62,968

:

Treasury Bulletin

64
.UNITED STATES SAVINGS BONOS.
Table SB-4.

-

Redemptions of Matured and Unmatured Savings Bonds
(In millions of dollars)

Unclassified
10/

Fiscal years

:

1951-a

113,654
5,716
5,273
5,164
5,346
5,724
5,922
5,982
6,339
6,748
5,425
5,338
5,586
6,681
6,517
6,543

32,587
2,593
2,250
2,057
2,184
2,253
2,471
2,548
2,560
2,792
2,490
2,043
2,126
2,729
2,544
2,820
797

1,593
1,754
1,938
1,973
2,059
2,289
2,417
2,762
2,481
2,036
2,121
2,724
2,545
2,816
794

65,072
6,732
5,595
5,602
5,021
5,252
5,441
6,000
5,793
6,133
6,639
5,295
5,244
5,365
6,210
6,833
6,291

28,002
3,003
2,555
2,387
2,043
2,171
2,148
2,472
2,386
2,652
2,686
2,841
2,022
2,053
2,508
2,627
2,481

14,195
1,944
1,633
1,656
1,617
1,889
1,932
2,080
2,041
2,443
2,601
2,827
2,014
2,047
2,505
2,622
2,481

1975-Oct
Nov
Dec

520
443
569

307
161
177

307
160
177

1976-Jan
Feb
Mar
Apr
May
June,,

651
542
572
578

173
273
333
196
278
242

1962
1963
196/1

1965
1966
1967
1968
1969
1970
1971
1972
1973.

1974
1975
1976

T.U
Calendar years
1951-59
1960
1961
1962
1963
1964
1965
1966

15,57''

925 8/

657 2/
304
246
280
412
260
143

75,145
3,070
2,951
3,088
3,284
3,300
3,351
3,401
3,556
3,842
3,660
3,317
3,393
3,847
3,775

44,815
2,875
2,812
2,948
3,165
3,196
3,273
3,376
3,560
3,842
3,560
3,317
3,393
3,847
3,776
3,722
891

31,922
196
139
140
118
104
79

35,928
3,938
3,100
3,002
3,031
3,157
3,287
3,384
3,413
3,455
3,726
3,885
3,305
3,337
3,578
3,789
3,955

28,103

8,915
825
201

213
283
392

213
283
392

3,722
891

9,890
53

-121
172

25

213
115
-725

:

19V
1968
1969
1970
1971
1972
1973
1974
1975

13,807
1,089
922
730
426
282
216
391
345
209

6/ 2/
2/ 8/
8/ 2/
2/

3,1U
2,899
2,827
2,905
3,026
3,176
3,277
3,370
3,441
3,724
3,885
3,305
3,337
3,578
3,789
3,955

141
-239
-60
213

228
-431
-83
-24
123

417

-U5

Jfcnths

..

July
Aug
Sept,,..
Oct

568
594
554
532

301
207
255
242p

239
196
277
241

382
226
324

299
208
253
241p

268
386
299
289p

Source: Monthly Statement of the Public Debt of the U.S.; Office of Market Analysis, United States Savings Bonds Division.
Note:
In these tables sales of Series A-F and J bonds are included at issue price, and redemptions and amounts outstanding at current redemption value. Series 0,H, and K are included at face value throughout.
Matured bonds which have been redeemed are included in redemptions.
Matured J and K bonds outstanding are included in the interest-bearing
debt until all bonds" of the annual series have matured, and are tnen
transferred to matured debt on which interest has ceased,
1/ Sales and redemption figures include exchanges of minor amounts of (1)
matured Series E bonds for Series
and K bonds from May 1951 through
April 1957; (2) Series F and J bonds for Series H bonds beginning
January I960; and (3) U.S. savings notes for Series H bonds beginning
January 1972; however, they exclude exchanges of Series E bonds for
Series H bonds, which are reported in Table SB-3.
2/ Details by series on a cumulative basis and by periods of Series A-D
combined will be foirnd in the February 1952 and previous issues of the
Treasury Bulletin.
Because there is a normal lag in classifying redemptions, the distriJ2/
bution of redemption between sales price and accrued discoxint has been
estimated. Beginning with the Treasury Bulletin of March 1961 the

^
^
6/

2/
8/

2/
10/
•

478
268
239
382
225
324

method of distributing redemptions between sales price and accrued
discount has been changed to reflect the distribution shown in final
reports of classified redemption. All periods shown have been revised
on this basis,
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 G savings bonds for 3-1/4%
marketable bonds of 1978-83.
Includes exchanges of Series 1948 F and G bonds for 4-3/4% marketable
notes of 1964,
Includes exchanges of Series 1949 F and G bonds for 4% marketable bonds
of 1969,
Includes exchanges of Series 1960 F and G bonds for 3-7/8% marketable
bonds for 1968.
Includes exchanges of Series 1951 and 1952 F and G bonds for 3-7/8%
marketable bonds of 1971 and iS marketable bonds of 1980,
Represents changes in the amounts of redemptions not yet classified
between matured and unmatured issues,
Less than $500,000,
Preliminary,
p

65

November 1976
.UNITED STATES SAVINGS BONDS
Table SB-5.

-

Sales and Redemptions by Denominations, Series
(In thousands

ol'

7/
continued after March 31, 1950.
Sales began on May 1, 196A.

^

E and

H^

Combined

pieces;

^
6/
^

3/

,

»

TATs Tc'llo'Tc^T^^n.uTs.r.es

on
E bonds were authorized

denomination Series Ebonds
and redemptions of $1C«,000
of
iS^c^^e pu^hasable o3y by trustees
accounts beginning
trust
personal
also
beginning April 195A, and
January 1955.
See Table SB-4, footnote 1.
Prelimlnaiy.
p
Less than 500 pleeee.

^lidef sales

-f^^^^^'^'-^XI^'

..
.

. . .
.

66

Treasury Bulletin
.UNITED STATES SAVINGS BONDS_
Table SB-6.

-

Sales by State*, Series

E and H ^Combined

(In thousands of dollars at

Inception
through
June 1976
2/

6,217
738
3,593

5,223
708
3,006

4,396

6,910
737
3,492

6,591
812
4,133

6,062
640
5,460

6,593
832
4,563

2 539
34,942
4,469

2,898
36,544
4,742

2,459
32,009
4,656

2,959
43,632
5,026

3,823
47,414
6,027

3,243
39,189
5,629

2,798
42,788
5,307

3,345
45,708
5,347

8,873
2,101
8,127

11,241
2,952
7,461

8,743
2,401
9,591

10,613
2,374
10,263

11,708
2,717
6,480

10,232
2,995
7,473

14,404
3,053
6,128

12,049
3,378
6,290

12,504
2,390
6,241

16,240
8,995
2,422

7,668
7,433
2,089

12,301
7,785
1,970

14,077
8,777
2,059

14,532
7,101
2,235

13,686
7,994
2,218

17,508
9,225
2,204

17,392
8,596
2,417

14,246
8,714
2,736

17,987
8,495
3,381

757
39,676
16,577

954
41,299
18,080

874
32,552
14,727

806
34,804
16,33^

953
36,387
16,417

740
37,120
15,281

962
42,343
19,023

787
43,235
18,967

1,376
39,801
18,931

874
44,851
18,081

1,014
42,381
19,299

4,470,700
2,713,516
2,137,193

7,968
6,398
6,659

8,721
6,659
7,331

7,278
5,882
6,507

7,946
5,536
6,350

7,681
5,385
6,685

7,805
5,943
6,724

9,755
7,381
7,434

9,977
7,414
8,245

9,536
7,630
8,171

9,717
6,739
7,079

9,295
6,280
7,734

1,802,550
690,460
2,Q91,773

5,081
2,288
11,749

5,930
1,214
17,784

4,696
1,702
13,005

4,467
2,082
12,225

5,755
1,292
15,457

4,938
1,658
14,138

6,169
2,197
14,304

6,646
1,816
14,849

6,082
2,522
15,360

5,875
2,184
14,129

6,226
1,740
16,791

5,358,172
11,017,026
3,249,342

20,006
41,379
9,326

17,221
29,559
10,527

17,162
33,456
8,819

18,474
33,215
8,910

14,565
29,662
9,240

17,653
36,665
8,954

19,220
39,016
9,255

16,562
31,046
10,923

25,047
42,187
11,228

21,021
40,062
12,053

20,417
36,445
10,790

972,988
5,349,187
788,987

2,249
15,753
1,472

2,695
17,079
1,717

2,106
13,441
1,291

2,335
17,343
1,361

2,572
18,066
1,327

2,335
14,088
1,393

2,699
19,021
1,425

3,036
17,654
1,883

2,541
18,729
1,753

2,447
16,295
1,687

3,074
17,905
1,776

2,635,654
263,633
444,575

4,766
866
1,716

4,798
1,158
1,490

4,101
909
1,194

4,425
794
1,422

4,000
1,073
1,260

4,007
987
1,239

5,511
725
1,456

5,870
909
1,362

5,319
1,191
1,867

5,545
984
1,750

New Jersey
New Mexico
New York

7,559,546
546,094
21,104,296

28,289
2,035
64,081

31,884
2,251
64,762

26,877
1,824
56,006

26,129
1,950
53,148

26,408
1,939
55,613

28,614
1,971
62,342

30,804
2,264
59,729

31,274
2,315
68,941

37,554
2,607
87,773

36,076
2,311
83,034

32,672
2,229
83,871

North Carolina.
North Dakota..
Ohio

2,276,851
784,575
11,810,229

6,257
1,377
40,843

9,187
1,535
34,378

8,088
1,245
32,483

8,092
1,284
34,007

10,355
1,415
31,613

6,586
1,409
33,991

8,293
1,311
35,827

9,234
2,042
37,762

8,700
1,934
40,450

8,526
1,513
38,244

9,031
1,654
35,071

Oklahoma
Oregon
Pennsylvania.

2,242,216
1,646,274
16,532,676

5,625
4,306
52,805

6,368
4,967
62,092

5,476
3,953
52,540

5,554
4,300
51,725

5,340
4,569
49,923

5,305
3,588
59,534

5,920
4,72b
56,380

5,945
5,674
60,263

6,700
5,036
6B,443

6,197
5,130
66,909

6,218
5,235
59,207

Rhode Island.
South Carol in
South Dakota,

827,215
1,122,000
972,752

2,973
3,111
1,907

1,937
3,656
2,234

2,687
3,516
1,777

2,444
3,367
1,718

1,844
3,722
1,991

2,808
3,197
1,789

2,472
3,477
2,171

2,854
4,280
2,846

3,013
3,564
2,378

3,103
3,930
2,203

Tennessee.
Texas
Utah

2,052,136
6,659,593
811,678

6,656
20,019
2,203

7,121
21,076
2,862

6,568
19,480
2,072

6,293
20,267
1,728

6,852
18,748
3,143

6,108
20,060
2,209

7,668
24,119
2,374

8,589
22,615
1,791

8,120
26,519
4,560

6,969
21,913
2,165

7,802
23,324
3,028

236,626
3,470,363
2,836,841

715

742
14,197
9,098

602
12,558
6,946

612

10,824
8,532

10,837
7,762

661
12,742
7,381

614
12,465
7,255

779
12,739
8,419

704
13,849
9,383

888
13,125
8,785

871
13,766
8,659

780
13,371
8,516

4,923
11,613

6,644
11,586

5,377
10,115
565

5,084
11,050
637

5,508
10,256
649

5,383

5,779
12,490
682

6,519
11,641

6,307
13,358
769

6,093
13,548

6,057
11,606
740

240
574

425
659
116

693,289

606,733

5,482
607
3,228

6,045
930
3,908

5,703
617
3,516

1,030,965
13,095,600
1,472,516

2,533
36,422
5,171

3,468
40,692
5,214

2,414
35,107
4,325

Connecticut
Delaware
District of Columtii

3,034,350
624,047
2,286,078

12,001
2,564
9,058

8,797
3,359
12,848

Florida
Georgia
Hawaii

2,069,018
2,267,392
689,274

13,399
7,571
2,299

407,114
14,320,560
5,331,895

Kansas
Kentucky
Louisiana
Maine
Maryland

Alabama. .
Alaska
Arizona. .

1,910,851
127,832 i/
871,312

.

.

Arkansas. .
California.
Colorado. .

Idaho
Illinois
Indiana
Iowa

Massachusetts
Michigan
Minnesota

Nebraska
Nevada
New Hampshire.

. ,

Vermont
Virginia
Washington.

. ,

West Virginia.
Wisconsin
Wyoming

1,888,526
3,987,254
318,208

Canal Zone
Puerto Rico
Virgin Islands

113,163
119,936
9,528

267
523

314
445
84

186, 599,124

592,420

538,843

782

,

247
332

6,194
700

753

381

5,106
1,097
1,

266
634

Undistributed and adjustment
to Monthly Statement of the
Public Debt of the United
States

Total

1/
2/

Monthly Statement of the Public Debt of the U.S. and geographic
reports from Federal Reserve banks,
Sales of Series H began June 1, 1952.
Figures include exchanges of minor amounts of Series F and J Bonds and
Savings Notes exchanged into Series H Bonds from January 1960 through
October 1964. Series J for H through October 1969 and U.S, Savings
Notes from February 1972 to date; however, they exclude Series E Bonds

563,446

2/

^

536,923

557,384

678,837 673,257

647,586 603,072

exchanged for Series H,
Excludes data for period April 1947 through December 1956, when reports
were not available.
In previous issues of the Treasury Bulletin, data
for May 1941 through March 1947 were included in "Other Possessions",
and data for calendar years 1957 and 1958 were included in "Adjustment
to Monthly Statement of the Public Debt of the U.S.",
Includes a small amount for other possessions.

61

November 1976
.UNITED STATES SAVINGS NOTES.

United States savings notes were on sale May

through June 30, 1970.

1,

1967

The notes were eligible for purchase

demption

and information on investment yields of savings

notes appear in

the Treasury Bulletins of Marcn 1967 and

by individuals with the simultaneous purchase of Series E

June 1968; and in the Annual Report of the Secretary of the

savings bonds.

Treasury for fiscal year 1974.

The principal terms and conditions for purchase and re-

Table SN-1.

-

Sales and Redemptions by Periods
(In millions of dollars)

...

Treasury Bulletin

68
.OWNERSHIP OF FEDERAL SECURITIES.
Table OFS-1.

-

Distribution of Federal Securities by Classes of Investors and Types of Issues

Interest-bearing jjublic debt
Total
Federal
securities
outstanding

Held by U.S. Government accounts

Nonmarketable

Total
outstanding

Government
account ser

1/
1968
1969
1970

371,978
367,969
383,428
410,292
438,154
469.251
487,081

1971
1972
1973
1974
1975

V4,131

1976
T.Q

631,285
045,748

344,401
351,729
369,026
396,289
425,360
456,353
473,238
532,122
619,254
633,560

76,138
84,815
95,170
102,888
111,460
123,385
138,206
145,283
149,611
146, 105

1974-Dec
1975-Mar..
.

1975-Sept.
Oct..
Nov..

14,694
16,007
16,974
18,092
19,868
20,080
21,229
20,471
18, 347
16,633

59,374
66,738
76,124
82,740
89,536
101,248
114,921
122,756
129,209
127,417

2,071
2,071
2,071
2,056
2,056
2,056
2,056
2,056
2,055
2,055

21,390
20,806

117,761
115,596

2,056
2,056

Dec

564,582
572,929
577,726
587,553

552,604
561,063
565,791
575,657

142,266
138,868
137,731
139,343

19,697
19,976
19,593
19,392

120,514
116,837
116,083
117,896

2,055
2,055
2,055
2,055

1976 Jan.
Feb..
Mar..
Apr,
May..
June.

595,308
604,777
611,391
612,843
621,531
631,285

581,861
592,874
599,224
600,927
608,077
619,254

139,279
139,776
139,067
139,122
143,704
149,611

19,691
19,151
19,104
19,104
18,563
18,347

117,533
118,570
117,908
117,963
123,086
129,209

2,055
2,055
2,055
2,055
2,055
2,055

July.
Aug..
Sept.

635,260
644,394
645,743

623,580
632,291
633,560

147,626
148,028
146,105

15,323
14,117
16,633

130,247
131,856
127,417

2,056
2,055
2,055

Total
outstanding

Held by
U.S. Government
accounts and
Federal Reserve
banks

Interest- bearing public debt securiti
Held by private

End of
fiscal year

or month
Nonmarketable

1968
1969
1970
1971
1972
1973
1974
1975
1976
T.Q

Agency

Matured
public
debt
and debt
bearing
no intere

2/

56,363
56,814
58,231
66,020
76,566
90,078

197

159,668
156,006
157,911
161,863
165,978
167,869
164,862
210,386
279,788

3,178
1,991
1,893
1,841
1,901
1,788
1,822
1,067
1,179

24,399
14,249
12,510
12,163
10,894
11,109
12,021
10,943
10,853

028

294,603

96,425

1,U2

11,047

3,001
2,846
2,553
2,251
2,170
2,156
2,152
2,186
2,223
2,222

181,000
197,765

88,853

1,104
1,078

11,367
11,042

2,193
2,099

Dec

323,340
335,011
342,923
348,380

232,251
243,746
251,149
255,865

91,089
91,265
91,774
92,515

1,043
936
1,009
993

10,935
10,931
10,928
10,904

2,132
2,220
2,130
2,128

1976-Jan..
Feb..
Mar.
Apr,.
May..
June.

352,800
364,108
370,404
369,991
373,843
375,197

259,843
270,632
276,439
275,526
278,928
279,788

92,957
93,476
93,965
94,465
94,915
95,409

2,545
998
1,267
1,046
2,595
1,179

10,902
10,907
10,901
10,870
10,861
10,853

2,216
2,222
2,224
2,233
2,224
2,223

July.
Aug..
Sept.

385,281
390,233
391,028

291,723
296,167
294,603

93,558
94,066
96,425

967
1,037
1,142

10,714
11,066
11,047

2,218
2,222
2,222

,032
,819

545
,947
,548
,090

1974-Dec..
1975-Mar..

1975-Sept.
Oct..
Nov..

1/ Change In heading reflects publication of the Monthly Statement of the
Public Debt of the U.S. on July 31, 1974.
2/ For detail, see Table FD-6.

November 1976

69
.OWNERSHIP OF FEDERAL SECURITIES.

Table OFS-2.

-

Estimated Ownership of Public Debt Securities by Private Inveators

Nonbank investors

State
banks

Other
securities

2/

3'i.4

231.6
208.3
20^.6
199.9
19A.3
196.3
194.8
199.8
196.7
203.8
199.9
207.1
203.0
207.
198.5
200.5

12.7
93.8
74.5
65.6
61.8
58.4
61.5
61.1
63.4
58.8
63.7

63.6
69.1
63.5
62.0
57.3
59.5
56.2

20.7
137.9
133.8
139.0
138.0
136.0
134.8
133.7
136.4
137.9
140.2

9.4
63.9
64.1
67.4
66.3
65.4
64.6
64.8
65.2
66.1
64.8

136.3
138.0
139.5
145.0

64.8
63.5
65.2
65.0
66.6
65.9
66.3
64.9
64.4
63.7
66.3
69.4

37.5
38.2
39.3
40.1
40.9
41.4
41.5
41.6
42.1
42.5

42.5
42.9
43.6
44.2
44.6
45.1
46.0
46.7
47.3
47.9
48.3
48.8

U1.2

30.8
30.3
34.5
34.5
34.5
34.7
34.9
35.3
36.0
36.7

1.9
12.5
13.9
15.4
15.1
14.6
14.4

U.l
13.8
13.2
12.7
12.1
11.7
10.9
10.2
9.4
8.7
7.6
6.6
5.9
5.2
4.5

Corporations ij

Insurance
companies

7.5
20.6
20.0
17.6
16.7
16.3
15.5
15.7
16.0
16.8
15.4

5.7
24.4
24.9
19.8
18.7
17.1
16.4
15.7
16.0
16.0
15.9

2.7
11.1
11.8
11.6
10.9
10.2
9.8
9.6
9.5
9.5

15.2
13.6
15.0
14.8
16.3
15.8
17.2
16.7
16.4
16.0
19.3
23.5

15.4
15.3
15.0
14.6
13.6
13.2

9.1

and
local
governments

Foreign
and international

5/

.4

Other
investors
6/

.3

15.3
18.4
19.7
20.1
20.7
18.8
19.9
18.6
21.5

6.7
6.3
8.7
8.8
9.4
9.6
10.4
11.1
12.0
12.7

2.4
2.1
3.5
4.3
4.2

9.5
9.3
9.6
9.3
9.6
9.4
9.7
9.4
10.0
10.2

16.5
19.1
18.6
23.2
17.3
18.7
16.1
17.7
14.1
18.1
19.8
21.4

13.9
14.4
14.7
15.4
16.1
16.3
16.8
16.6
16.3
16.5
16.9
18.0

6.0
6.3
6.8
7.5
7.9
7.8
7.6
7.6
6.5
". 7.7
10.1
12.0

10.6
10.6
10.5
10.8
11.4

6.6
6.2
6.3
6.1
6.2
6.0
6.0
5.6
5.8

19.5
18.7
18.5
18.5
18.2
18.6
18.7
18.7
18.9
18.2
15.3
15.8

18.8
18.7
19.3
19.0
20.1
20.1
21.4
21.1
22.5
21.1
24.1
22.9

12.3
13.0
12.7
13.4

10.0
9.9
9.0
9.0
8.5

5.0
4.6
4.2
4.2
4.0

14.2
14.9
11.0
12.2
12.0

15.4
14.5
14.7
15.8
12.9

3.8
3.5
3.1
3.2
3.1

11.1
10.4
8.5
7.3

24.5
24.3
23.6
24.1
25.1
24.9
26.4
27.2
29.0
27.8

20.6

16.9
19.4
19.3
19.9
22.7
21.9
22.0
25.0
21.0
19.9

7.4
11.4
9.3
9.8
9.8
10.9
10.8
11.0

25.9
25.4
26.9
28.9
28.8
29.2
28.3
29.2

32.7
46.9
50.0
55.3
60.2
55.5
57.7
58.8

17.2
15.6
14.0
17.0
16.6
19.3
17.3
22.8

30.0
30.5

29.7
29.8
29.8
29.6

61.5
64.6
65.0
64.9
66.8
66.0

22.3
21.6
26.1
23.6
26.6
27.6

9^

194.6
197.9
197.8
204.5
206.4
212.7

59.5
65.2
67.5
61.5

60.3

141.0
138.5
138.4
132.5
137.0
l^i.8
152.5

206.7
210.0
208.0
214.8
214.3
219.5
218.2
220.5
.218.3
222.5
217.1
220.5

55.3
62.1
62.5
67.2
65.1
67.1
64.3
64.2
60.2
63.9
58.2
60.7

151.4
148.0
145.5
147.7
149.2
152.3
153.9
156.3
158.2
158.6
158.9
159.8

69.7
66.1
64.6
65.8
65.5
65.9
65.9
68.0
68.5

213.4
219.2
207.7
222.4
219.2
228.5
214.8
222.0
218.0
229.9

54.8
57.4
55.5
63.8
59.7
66.0
55.3
56.8
52.6
62.7

158.7
161.8
152.2
158.7
159.5
162.5
159.5
165.3
165.5
167.2

72.8
74.2
70.4
73.5
74.2
75.1
77.3

49.2
49.8
50.4
50.9
51.1
51.4
51.2
51.1
50.8
51.4

22.8
23.9
19.7
22.3
22.7
23.3
25.5
29.0
29.1

8.4
8.1
7.6
7.2
7.4

229.7
247.9
244.4
262.5
259.7
261.7
256.4
271.0

61.0
65.3
60.9
67.7
58.8
60.3
53.2
55.6

168.7
182.6
183.6
194.8
200.9
201.4
203.2
215.4

75.4
73.2
73.2

52.5
53.8
55.4
57.1
58.9
59.8
61.4
62.9

22.2
18.8
17.2
16.2
16.4
16.9
18.8
21.5

7.0
7.0
6.7
6.6
6.3
6.4
5.9
6.2

273.8
278.9
289.8
290.9
301.7
303.2

54.6
56.5
61.8
64.1
67.7
69.0

219.2
222.4
228.0
226.8
234.0
234.1

85.3
85.3
85.7

63.2
63.5
63.9
64.2
64.6
65.0

21.6
21.3
21.4
21.4
21.5
21.6

6.3
6.3
6.6
6.8
7.1
7.1

2.6
2.7
2.9
3.2
3.4
3.5

11.3
11.4
12.0
12.5
13.7
13.2

313.8
320.4
324.4
336.0
343.9
349.4

71.8
74.8
78.3
79.3
82.2
85.1

242.0
245.6
246.1
256.7

21.8

7.4

22.6

7.5

261.7
264.2

3.7
3.9
4.0
4.2
4.4
4.5

16.2
16.0
15.0
17.5
20.0
20.2

31.3
31.2
32.2
33.8
33.9
33.8

66.7
67.3
65.5
66.9
66.1
66.5

29.1
31.1
32.2
35.8
37.5
38.6

355.3
365.0
371.7
371.0
376.4
376.4

86.0
87.2
91.9
91.7
91.6
91.8

4.7
4.9

21.2
23.2
23.0
23.8
26.0
25.0

34.6
36.4
37.8
37.7
37.6
39.5

68.3
69.6
68.1
70.2
71.0
69.8

38.9
39.9
40.8
37.4
38.7
38.2

386.2
391.3
302.2

94.0
92.5
93.3

27.0
27.8
25.7

37.2
38.7
39.1

72.8
74.6
74.6

41.9
40.9
42.9

69.5

70.7
71.9

73.9
75.9
77.3
80.7
84.8

42.6
42.4

24.1
20.5
18.5
19.4
18.8
19.0

2.5
2.2
2.1
1.9
1.6

18.3
19.8
19.9
20.4
21.3
22.2

30.2

12.7
12.5
12.2
12.6
12.6
12.5
12.0
11.8
11.5
11.5
11.4
11.6
11.1
11.4
11.1
11.3
10.7
10.5

90.6
91.0
91.4

65.4
65.7
66.0
66.3
66.6
66.9

23.2
23.8
23.9
24.0

269.3
277.9
279.7
279.3
284.9
284.5

91.7
93.9
94.5
94.7
95.9
96.4

67.3
67.6
68.0
68.4
68.8
69.2

24.0
25.8
26.0
25.8
26.6
26.8

10.0
10,1
10.4
10.3

292.2
298.8
298.9

97.1
99.7
99.7

69.9
70.5
70.5

26.8
28.8
28.8

11.1
11.6
11.6

Office of Government financing in the Office of the Secretary.
Source:
1/ United States savings bonds. Series A-F and J, are included at current
redemption value.
2/ Consists of commercial banks, trust companies, and stock savings
banks in the United States and In Territories and island possessions.
Figures exclude securities held in trust departments.
Includes partnerships and personal trust accounts.
Exclusive of banks and insurance companies.
Consists of the investments of foreign balances and international

^

9.3

8.0
7.9
7.6
7.4
7.2
7.3
6.9

3.4
3.3

2.9
2.6
2.5

5.1

10.4
10.5

5.4
5.3

U.2

U.l
15.3
15.8
15.9
15.6
16.7
15.7
16.7

U.3
11.1
11.2

U.S

p

11.1
11.5
11.6
11.2
11.8
12.3
12.5

13.5
12.7
13.5
13.6
14.8
15.1
15.6
15.8
16.3
16.8
16.7

accounts in the United States. Beginning with July 1974 the figures
exclude noninterest-bearing notes issued to the International Monetary Fund.
Consists of savings and loan associations, nonprofit institutions,
corporate pension trust funds, and dealers and brokers
Also included are certain government deposit accounts and govemment -sponsored
agencies.
Includes U.S. savings notes. Sales began May 1, 1967 and were discontinued after June 30, 1970.
Preliminary,
.

2/

U.l

Treasury Bulletin

10

TREASURY SURVEY OF OWNERSHIP, SEPTEMBER

The monthly Treasury Survey of Ownership covers securities
issued by the United States Government, Federal agencies, Fed-

erally-sponsored agencies, and the District of Colvimbia.

30, 1976.

tions in the September I960 Bulletin, and for State and local

governments in the February 1962 Bulletin.

The

banks and insurance companies Included in the Survey currently

account for about 80 percent of all such securities held by
these institutions.

The similar proportion for corporations

and for savings and loan associations is 50 percent, and for

State and local governments, 40 percent.

Data were first pub-

Holdings by commercial banks distributed according

t.i

Federal Reserve member bank classes and nonmember banks arn
published for June 30 and December 31.

Holdings by corporate

lished for banks and insurance companies in the May 19^1 Treas-

pension tnist funds are published quarterly, first appearing in

ury Bulletin, for corporations and savings and loan associa-

the March 1954 Bulletin.

Table TSO-1. -Summary of Federal Securities

November 1976

71

.TREASURY SURVEY OF OWNERSHIP, SEPTEMBER
Table TSO-2.

-

Interest-Bearing Marketable Public Debt Securities
by Type and Maturity Distribution

30, 1976.

....
.... .
,

,

Treasury Bulletin

12
,

TREASURY SURVEY OF OWNERSHIP, SEPTEMBER

Table TSO-3.

30, 1976

,

Interest-Bearing Marketable Public Debt Securities by Issue— Continued
(Par values - in millions of dollars)

store covered in Treasury Survey

Total
amount
outstanding 1/

U.S. Govern
ment accounts and
Federal
Reserve
banks

471
mutual
savings
banks
2/

banks
2/

State and local
governments

Insxirance corapani

238
life

451
orporations

439 fire,
casualty,
and

Treasury Notes fCnntlnued)
6-1/2
7-3/8
6-3/A
6-7/8
6-1/2
7-1/2
7-3/4
8-1/4
8-3/8
7-1/2
6-5/8
7-3/4
7-1/4
6-3/8
6-1/4
8

6-3/4
6-1/2
7-1/8
7-1/8
7-7/8
6-7/8
6-7/8
7-5/8
8-3/4
6-5/8
6-1/4
6
8-1/8

Feb.
Mar.
Apr.
hfay

May
June
July
Aug.
Aug.
Sept.
Oct.
Nov.
Nov.
Dec.
Jan.
Feb.
Feb.
Mar.
Apr.

7

7-7/8
7-3/4
6-1/4
6-7/8
8-1/2
6-5/8
7

7-1/2
7-1/2
6-7/8
7-5/8
9

6-7/8
7

7-3/8
7-3/8
7-5/8
7-3/4

May

M^
May-

June
July
Aug.
Aug.
Aug.
Sept.
Nov.
Dec.
Feb.

May
June
Aug.
Aug.
Sept.
Nov.
Nov,
Deo.
Mar.

May
June
Aug.
Sept.
Feb.
Feb.

May
Aug.
Nov.

8

May

8-1/8
7-7/8
3

Aug.
Nov.
Feb.

7-7/8

May

Aug.
Exchange Series

8

1977-A.
1977-G.
1977 -H.
1977-1..
1977-0..
1977-D.
1977- J..
1977 -K.
1977 -B.
1977 -L.
1977-M.
1977 -N..
1977-Q.
1977-E.
1977-P.
1978- J.
1978-A.
1978-G.
1978-K.
1978-L..
1978-D.
1978-M.
1978-F.
1978-N.
1978-P.
1978-E.
1978-C.
1978-Q.
1978-R.
1978-B.
1978-H.
1979-H.
1979-D.
1979-E.
1979-A.
1979- J.
1979-F.
1979-B.
1979-C.
1979-G.
1980-0.
1980-A.
1980-D.
1980-B.
0-E.
1981-A.
1981-C.,
1981-D.
1931-F.
1981-B.
1982-A.
19S2-B.
1982-C.
1983-A.
1986-A.
1986-B.

97
112
1,820
1,420
1,064
631
2,099
696
1,821

611
784
697
794
833
658
671
648
1,119
376
1,134
1,257
1,153
1,122
1,171
939
1,704
633
1,379
932
1,561
984
1,245
1,095
1,208
1,173
691
327
1,069
1,676
1,174
1,221
944
742
741
784
569
153
636
775
837
548
737
405
773
492
1,341
575
1,169
914
306
335
662
325
711
1,540

206,319

54,679

53,910

1,071
1,344
2,509
1,760
807
2,702
2,353
824
1,216
3,069
193
1,914
1,165
3,151
1,247
627
692
2,414
639

395
230
953
619
408
1,050
1,378
179
884
1,128
53
1,238
456
893
290
212
321
1,543
128

1,770
2,265
1,575
2,311
2,221

463
897
324
733
1,207

39,839

16,481

5,163
2,576
1,579
2,137
2,565
5,329
2,170
1,516
4,918
2,021
3,226
3,156
2,628
3,630
2,765
2,511
8,389
2,115
3,162
2,574
3,960
2,567
4,423
3,331
2,855
5,155
2,462
2,949
3,192
8,207
2,517
4,692
2,269
1,782
4,559
2,989
2,081
1,604
2,241
2,006
2,069
7,265
2,185
4,296
2,141
1,842
4,796
2,020
2,586
4,477
2,747
2,918
2,902
7,958
5,219
9,515

242
595
3,046

1,675
125
232
87
1,237
275
263
3,353
42
281
405
919
173
1,519
762

2U
2,610
629
153
346
3,597
144
1,759

1,758
822
183
1,125
437
89
101
5,554
244
2,678
21

59

Total Treasury Note

13

117
120
46
50

120
228
153
118
187
99

U5
229
210
315
181

U

4,128

Treasiirv Bonds

4-1/4%
3-1/4

3-1/2
7
6-3/8
6-3/8
3-1/4
6-1/8
4-1/4
4

7-1/2
4-1/8
3-1/2
8-1/4
6-3/4

^

June
Feb.
Nov.
Aug.
Feb.
Aug.

May
Nov.
Aug.
Feb.
Aug.

May
Feb.

May
Feb.

May
8-1/2
3_
7-7/8!8

8-3/8
8
3-1/2
8-1/4

Feb.
Feb.
Aug.
Aug.
Nov.

May

1975-85
1978-83
1980
1980
1981
1982
1984
1985
1986
1987-92
1988-93
1988-93
1989-94
1990
1990
1993
1993-98
1994-99
1995
1995-2000.
1995-2000.
1996-2001.
1998
2000-05...

Total Treasury Bonds.

277
145
352
36
509
201

1,878
5,740

November 1976

73

TREASURY SURVEY OF OWNERSHIP, SEPTEMBER
Table

TSO^.

-

Securities Issued by

Government Agencies

(Par value - in milllonB of dollars)

30, 1976.

Treasury Bulletin

74
.MARKET QUOTATIONS ON TREASURY SECURITIES.OCTOBER

29, 1976.

listed include all regularly quoted public marketable secu-

Current market quotations shown here are over-the-

Securities

counter closing bid quotations in the New York market for

rities issued by the United States Treasury.

the last trading day of the month, as reported to the Treasury

issued by Federal agencies and guaranteed by the United

by the Federal Reserve Bank of New York.

Table MQ-1.
Amount outstanding
(millions)

States Government are excluded.

The securities

-

Treasury

Bills

.

A
E
F
B

November 1976

75

.MARKET QUOTATIONS ON TREASURY SECURITIES, OCTOBER
Table MQ-2.

-

29, 1976

Treasury Notes-Continued

Price range since first trade 1/

Amount
outstanding
(millions)

Change
from last
month

11A5/78-B

$8, 207

12/31/78-H
2/15/79-H

2,517
4,692
2,269
1,782

7-7/8
7-3/4

6/30/79-

4,559
2,989
2,081
1,604
2,241

e^i/4
6-7/8
8-1/2
6-5/8
7

9/30/7911/15/79ll/15/79-C

2,006
7,265
4,296
2,069
2,135

7-1/2
6-7/8
9
7-1/2
7-5/8

12/31/79-G

2,141
1,842
4,796
2,020
2,586

6-7/8
7
7-3/8
7-3/8
7-5/8

9/30/802/15/81-A

4,477
2,543
2,747
2,918
2,902

7-3/4

8-1/8
7-7/8

7,958
5,219
9,515
1-1/2
1-1/2

5A5/7^D
8/1 5/79-

3A5/79-J

Change
from last
month

99.28
103.31
101.26
103.19
103.15

11/15/71
10/22/75
2/17/76
11/6/74
7/9/75

6.07J
6.14
6.14
6.32
6.32
6.30
6.28
6.39
6.33
6.31

+ .18

99.28
101.16
105.17
100.26
101.28

+ .23

103 .02
101 .04

8/15/72
8/16/76
9/4/75

2A5/73
11A5/73

2/17/76
5/17/76
3/16/76
4/1/72
10/1/72

105.18
104.00
104.30
97.30
95.08

7.46
7.45
7.39
7.33
7.25

4/1/73
10/1/73
4/1/74

7.23
7.28
7.2i

10/1/75

103.28

6.83
6.73
6.97
7.05
7.06

11A5/74

101 .04
104.21
105 .02
103.30

104.14
103.06
104.04
97.16
95.08

7.11
7.40
7.40
7.71
5.94

lOA/77-EO

1-1/2
1-1/2
1-1/2
1-1/2
1-1/2

4/1/78- EA
10/1/78- EO
4/1/79- EA

lOA/79-EO
4A/80-EA

92.04
89.18
87.06
34.30
82.28

1-1/2
1-1/2
1-1/2

lO/l/80-EO
4/1/81-EA
10/1/81-EO

80.24
78.16
76.20

Table MQ-3.

Footnotes at end of Table M5-3.

(

10A8/76
10A5/76

5/4/76
10/18/76

11A5/81-B

HA5/81-0

2/15/83-A
5/l5/8«^A
8/15/86^8
4/1/77-EA

10/18/76
10/18/76
10/15/76

A 5/76

106,16
102.00
105.20
106.01
104.30

2A5/81-C
5A5/81-D
8A5/81-F

11A5/82-C

100.20
102.12
106.10
101.16
102.13

10

10/12/76
5/15/75
8/15/75
11/17/75

9A4/76

+1.04
+1.13
+1.00

10A2/76
10A5/76
10A8/76

10/18/76
10/13/76
10/18/76
10/18/76

6.51
6.69
6.71
6.76
6.76

5/15/82-A
8/15/82-

104.16
102.11
104.10
104.05

90.10
100.07
98.23
98.04
97.16

102.08
102.02
103.15
103.14
104.13

101 .08
101 .04
102.14
102.12
103.12

3/31/8CV-C

Prlc

1/14/72

10/15/76
10/15/76

6.42
6.51
6.63
6.52
6.55

6/30/80-D

Date

101 .08

103.30
102 .05
108.24
103.31
104.14

1/6/76

107.26
102.31
103.14

5A5/80-A
8A5/80-B

Price

-

5A5/73
8A5/74
3/17/76
6/10/76
2/15/74

2A8/75
1/26/76
7/9/76

+1.90
-.34

lOA/74
4/1/75

4A/76
10/1/76

10A5/76
10/18/76
10/13/76

90.04
99.27
90.23
91.02
92.16
99.14
91.16
100.21
99.11
100.05

Date

8/23/74

10A5/75

3/4A6
9/15/75

9A5/75
8/23A4
8/5/76

9A6/75
8/23/74
8/23/74

5/27A6
8/23/74

8/23A4
5/27/76
6/4/76

99.24
91.14
95.06
93.11
100.00

9/9/76
8/23/74

9/16/75
9/30/76
9/16/75
9/15/75

IOA8/76

96.12
99.23
97.01
97.20
98.12

12AO/75

10/18/76
10/15/76
10/15/76
9/30/76
10/29/76

100.15
99.06
101.01
80.02
80.16

5/27/76
5/21/76
8/5/76
4/28/72
10/31/72

92.04
89.18
87.06
87.16
82.28

10/29/76
10/29/76
10/29/76
6/30/75
10/29/76

79.16
77.20
75.12
73.04
74.10

9/30/74
9/30/74
9/30/74
10/31/74
4/30/75

880.24
78.16
76.20

10/29/76
10/29/76
10/1/76

72.00
74.16
76.20

10AA5

10A8/76

IOA8/76
10/18/76

9A/75
5/27/76
7/1/76

5/28A6
10/1/76

Treasury Bonds

Price decimals
first traded 1/

Amount
out-

Change
from
last
month

standing
(millions)

$1,069
1,339
2,509
1,759
807
2,702
2,353
821
1,216
3,128

4-1/4*
3-1/4
4
3-1/2

6A5/78-83
2/15/80
11/15/80

7

8A5/81

e^3/8
6-3/8
3-1/4
6-1/8

2A5/82

>l/2

85.12
84.12
93.10
90.00
101.26

5/15/75-85

8/15/84

5A5/35
11A5/36 2/
2A5/90 2/

5A5/90 2/

1,247
3,056
192
627
1,914

8-1/4
4-1/4

8/15/87-92 2/

4

2A5/88-93 J/

6-3/4
7-1/2

8A5/88-93 J/

1,160
634
692
2,296
2,414

4-1/8

5A5/89-94 i/

3
7

2A5/95
5A5/93-98 i/

3-1/2
8-1/2

11/15/98 2/
5/15/94-99 ^/

1,770
2,265
1,575
2,221

7-7/8
8-3/8

2A5/95-00 J/
8A5/95-00 2/

3

8/15/96^01 J/
5/15/00-05 2/

1/

8-1/4

2/15/93

2/

^

To first
call or
matxirity

2/

Change
from
last
month

-.20*

6.5W

+1.10

98.20
96.12
84.14
93.16
84.10

+1.20
+1.08
-1.00
+1.08

105.18
85.08
85.02
92.00
98.24

+ .12

-.30
-1.00
-.28
-.06
+ .06

84.20
84.06
93.22
84.12
106.18

-1.06
-1.02

101.06
105.20
102.19
104.22

+ .14

+ .24

-1.00
+ .10

.10

Beginning April 1953, prices are closing bid quotati ns in the overPrices for prior dates are the lean of closing
the-counter market.
"When issued" prices are in luded in the
bid and ask quotations.
Dates of highs and lows in case of
history beginning October 1941.
recurrences are the latest dates

6.16
6.28
6.35
6.55

+ .24

-.24

Date

4/5/60
5/1/53
1/23/59
10/3/60

8A5/71
2/15/72
8/15/72
6/3/58

6.69
6.99
5.56
7.04
5.14

11A5/71
2/U/58
4/7/75

7.59
5.68
5.39
7.62
7.63

8A5/62
1A7/63
lAO/73
8A5/73

105.28
111.28
103.13
97.24
110.02

5/5/61
8/4/54
5/21/61
5/21/61

11A5/71

11/5/71
4/21/58

10/8/76
12/26/62
1/16/63
1/4/73
9/28/73

97.00
63.00
62.13
82.18
39.16

9A2A5

8/28/63
6/18/55
9/28/73
5/12/61

10A5/76

61.26
59.20
84.04
59.20
97.02

8/26/74
5/26/70
8/26/74
5/26/70
8/26/74

91.22
96.04
99.30
95.00

9A6A5

10/3/60
5/15/74

100.26
101.12
99.22
95.14
107.14

7.75
7.80
7.74
7.81

2A8/75

102 .06

10/12/76

8

106.13
103.17
105.22

IOA2/76
10A5/76

2/

2/

A 5/75

5/15/75

8/28/74
8/27/74
5/26/70
9/29/74
5/26/70

5/24/*
9AS/74

106.08
104.10
100.11
99.22
104.14

3/9/72

IIA5/72
6A1/58

4A8/63
2A5/55
5A5/73

8A6/76

5/26/70
5/26/70
12/29/69

86.16
87.12
61.08
85.04
59.20

101.14
99.24
101.04
100.20
106.26

5.50
4.25
7.60
4.64
7.81

-.03
-.05
-.03

66.30
62.02
71.04
66.24
93.16

10/12/76

5/26/?0
5/26/70

8/26A4
8/26/74

9A6/75
8/10/76

9A5/75

On callable issues market convention treats the yields to earliest
call date as more significant when an issue is selling above par,
and to maturity when it is selling at par or belcw.
Included in the average yield of long-term taxable Treasury bonds
as shown under "Average yields of Long-Term Bonds."

Treasury Bulletin

16

MARKET QUOTATIONS ON TREASURY SECURITIES, OCTOBER

29, 1976

..
.
.

November 1976

77
AVERAGE YIELDS OF LONG -TERM BONDS.

Table AY-1.

Treasury
bonds 1/

-

Average Yields of Long-Term Treasury, Corporate and Municipal Bonds by Periods

corporate
bonds 2/

namicipal
bonds X^

Treasury
bonds 1/

corporate
bonds 2/

municipal
bonds

^

Treasury
bonds 1/

corporate
bonds 2/

minicipal
bonds

y

Treasury
bonds 1/

corporate
bonds 2/

municipal
bonds 1/

averages of daily or weekly
1974

4.4°
4.48
*-52
4.57

3.00
3.08
3.10
3.05
3.10
3.20

4.57
4.66
4.71
4.70
4.75
4.92

3.20
3.15
3.30
3.30
3.35
3.45

4.45
Feb.
Mar.,
Apr.
May..
June.
July.
Aug..
Sept.
Oct..
Nov..

/t.45

i.l5

i.l4V
4.15
*.19
4.25

Dec.

4.10
4.25
4.35
4.23
4.37
4.47

5.92
5.84
5.71
5.75
5.95
5.94

5.40
5.10
5.00
5.11
5.30
5.89

6.55
6.54
6.81
7.04
7.09
7.02

4.45
4.20
4.30
4.30
4.50
4.53

5.91
5.78
5.56
5.46 A/
5.48
5.52

5.96
5.62
5.20
4.87
4.92
5.02

7.13
7.33 5/
7.30
7.22
5.93
5.77

5.84
5.85
6.05

5.13
5.20
5.50

5.62
5.67
5.66
5.74
5.64
5.59

4.99
5.06
5.29
5.30
5.22
5.26

6.63
6.65
5.77 i/
7.05
7.01
5.85

9.17
8.84
9.48

9.76
9.27

6.50
6.30
6.69
6.85
6.96
6.59

6.07
6.02
6.32
6.27
6.52
5.81

5.60
5.90
6.05
5.90
6.05
6.65

6.89

9.56
9.71
9.39
9.54
9.48
9.59

6.70
6.38
6.91
6.79
6.67
6.62

5.09
5.04
5.09
5.24
5.35
?.55

V

3.32
8.21
8.60
9.04
9.39
9.59

5.19
5.25
5.42
5.61
5.89
5.92

9.47

6.75
6.55
6.64
6.33
6.33
6.86

1966
1975
Jan.
Feb..
Mar..
Apr.
May..
Jime.

4.43
4.61
4.63

July.
Aug..
Sept.

4.93
5.09
5.33
5.38
5.55
5.67

3.65
3.63
3.65
3.45
3.60
3.70

5.81

3.80

6.04

Oct.
Nov..
Dec..
.

5.98

3.^0
3.30

1Q67
Jan.
Feb..
Mar..
Apr.
May..
June.

July.
Aug..
Sept.
Oct..
Nov..
Dec.

4.40
4.47
*.45
4.51
4.76
4.36

Treasury
bonds 1/

3.40
3.50
3.50
3.55
3.83
3.90

6.86
6.44 i/
6.39
6.53
6.94
5.99

9.00
8.84
9.00
9.09
9.53
9.70

6.05
5.30

3.90
3.85

9.09

.33

4.00
4.10
4.30
4.35

6.5^
5.75
6.63

corporate
bonds 2/

A/

5.59
5.70
5.59
5.51
5.63

5.28
5.19
5.25
5.09
4.94

4.97

A^

7.11V
7.23
7.29
7.21
7.17

1970

5.53
5.35
5.55
5.59
5.90
6.06

5.19
5.44
5.36

5. 59

V

S. I. A.
new Aa

municipal
bonds 2/

5.5^">

6.24i/
5.9'

Treasujy
bonds 1/

9.31

1976

5.96V
6.60
7.00
7.10
6.22
6.00
6.15
6.25
.6.05
5.20

corporate
bond 2/

6.14
5.20
5.11
6.25
6.32

6.53

6.S5V
6.41
6.25
6.30
6.35

munic ipal
bonds 3/

4.99
5.11
5.22
5.02
5.04
5.13
5.22
5.40

4.98
4.98

6.73

7.01
6.92
6.35
6.82
6.70
6.65

V

8.97
3.71
8.73
8.68
9.00
8.90
8.76
8.59
8.37
8.14

5.14

4.97

Treasury
bonds 1/

Aa new

6.32
6.17
6.34
5.97
6.38
6.39
6.36
6.01
5.37
5.91

Treasury Bulletin

78
.AVERAGE YIELDS OF LONG-TKRM BONDS.

79

November 1976
.INTERNATIONAL FINANCIAL STATISTICS.

all other foreigners, which are used in the United States
balance-of-payinents statistics.
Table IFS-3 presents an area breakdown of United States
liabilities to official Institutions of foreign countries.

The tables In this section are designed to provide data
on United States reserve assets and liabilities and other
statistics related to the United States balance of payments
and international financial position.
A number of changes
were introduced in the May 1967 and July 197^ issues of the
Bulletin to increase the usefulness of this section.

Table IFS-A shows United States Treasury nonmarketable
bonds and notes Issued to official institutions of foreign
countries.
Table IFS-5 sets forth the factors which affect the
United States position in the International Jtonetary Fund.

Table IFS-1 shows the reserve assets of the United States,
including its gold stocK, special drawing rights held in ths
Special Drawing Account in the International Monetary Fund,
holdings of convertible foreign currencies, and reserve position in the International Monetary Fund.

Table IFS-6 presents a measure of weighted-average
changes in exchange rates between the United States dollar
and the currencies of certain other countries.

Table IFS-2 brings together statistics on liabilities
to foreign official institutions, and liquid liabilities to

Table IFS-1.

-

U.S. Reserve Assets

(In millions of dollars)

End of
calendar year
or month

1957
1958
1959
1960
1961
1962
1963

Gold stock 1/

Total
reserve
assets

22,857
20,582

Special
drawing
rights 2/

Convertible

forei^
cies

V

Reserve
position in
International
Monetary Fund

12,167 8/
13,151 3/
14,378 IQ/
15,883 11/
16,226 11/

17,804
16,947
16,057
15,596
15,471
13,806 6/
13,235
12,065
10,892
11,859
11,072
10,206
10,487 2/
11,652 10/
11,652
11,599

22,781
20,534
19,456
17,767
16,889
15,978
15,513
15,388
13,733 6/
13,159
11,982
10,367
10,367
10,732
10,132
10,410 2/
11,567 10/
11,652
11,599

851
1,100
1,958 2/
2,166 IQ/
2,374 11/
2.335 11/

1975 -Oct.
Nov.
Dec.

16,568 11/
16,592 11/
16,226 11/

11,599
11,599
11,599

11,599
11,599
11,599

2,365 11/
2.336 n/
2,335 11/

413
423
80

2,191 ii/
2,234 11/
2,212 U/

1976- Jan.
Feb.
Mar.

16,622
16,661
16,941
17,438
17,958
18,477

11,599
11,599
11,599

11,599
11,599
11,599
11,599
11,598
11,598

2,376 11/
2,376 U/
2.351 n/
2,325 U/
2,309 11/
2,316 U/

333

11/
11/
11/
11/

2,314 U/
2,390 U/
2,420 U/
2,578 11/
3,113 11/

18,246
18,586
18,945
19,013

11/
11/
11/
11/

11,598
11,598
11,598
11,598

2,318 11/
2,325 n/
2,357 11/
2.352 11/

,

196.i

1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975

,

July,
Aug.

Sept
Oct.,

Z/

2/

^
^
6/

2/

S/

19, SOT

2/

U,487
,

Apr.
Msy.
June

1/

24,832
22,540
21,504
19,359
18,753
17,220
16,843
16,672
15,450
14,882
14,830
15,710
16,964

Treasiiry 2/

11/

S/

11,598

11,598

U,598
11,598
11,598

Includes gold sold to the United States by the International Monetary
Fund with the right of repurchase, and gold deposited by the International Monetary Fund to mitigate the ijnpact on the U.S. gold stock of
foreign jjurchases for the purpose of making gold subscriptions to the
Fund under quota increases. For corresponding liabilities see Table
IFS-2.
Prior to December 1974, excludes gold held by the "Exchange Stabilization Fund. On December 9, 1974, the Treasury acquired all gold
held by the Exchange Stabilization Fund.
See" Account of the U.S.
treasury," Table UST-3.
Includes initial allocation on January 1, 1970 of $867 million, second
allocation on January 1, 1971 of $717 million and third allocation
on January 1, 1972 of $710 million of special drawing rights (SDR)
in the Special Drawing Account in the International Monetary Fund,
plus or minus transactions in SDR.
Includes holdings of Treasury and Federal Reserve System.
The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund automatically if needed.
Under appropriate conditions the United States coxild purchase additional amounts equal to the United States quota.
See Table IFS-5.
Reserve position includes, and gold stock excludes, $259 million gold
subscription to the Fund in June 1965 for a U.S. quota increase which
became effective on Febmary 23, 1966.
In flgxires published by the
Fund from June 1965 throxigh January 1966, this gold subscription was
Included in the U.S. gold stock and excluded from the reserve position.
^
Includes gain of $67 million resulting from revaluation of the German mark in October 1969, of which $13 million represents gain on
German mark holdings at the time of revaluation. See also footnotes
3 a»i 4, Table IFS-4.
Includes $28 million increase in dollar value of foreign currencies
revalued to reflect market exchange rates as of December 31, 1971.
See also footnotas-J and 5, Table IFS-4.

2/

10/

11/

116
99
212
432
781
1,321
2,345
3,528
2,781 7/
629
276 8/
241

2%
571
936
938
1,365

864
845
1,038
1,066

^

1,975
1,958
1,997
1,555
1,690
1,064
1,035

769
863
326
420
1,290
2,324
1,935

6/

585
465 2/
552 10/
1,852 11/
2,212 11/

3,198 Xk/
3,466
3,818

n/
U/

3,952 11/
3,997 11/

Total reserve assets include increase of $1,016 million resulting from
change in par value of the U.S. dollar in May 1972, consisting of
$828 million total gold stock, $822 million Treasury gold stock, $155
million special drawing rights and $33 million reserve position in
the International Monetary Fund.
Total reserve assets include increase of $1,436 million resulting from
change in par value of the dollar on October 18, 1973, consisting of
$1,165 million total gold stock, $1,J57 million Treasury gold stock,
$217 million special drawing rights, and $54 million reserve position
in the International Monetary Fund.
Beginning July 1974, the IMF adopted a technique for valuing the SIR
based on a weighted-average of exchange rates for the cxirrencies of
16 member countries.
The United States SDR holdings and reserve
position in the IMF are also valued on this basis beginning July
At valuation used prior to July 1974 (SDR 1=$1. 20635), the
1974.
following end-of-month values amounted to (in millions of dollars):
SDR holdings
U.S. reserve position
U.S. total
(net)
in the IMF
reserves

1974- Dec.

.
.

Treasury Bulletin

80
.INTERNATIONAL FINANCIAL STATISTICS,
Table IFS-2.

-

U.S. Liabilities to Foreign Official Institutions
Liabilities to All Other Foreigners

and Liquid

(In millionB of dollars)

Liabilities to foreign coiintr
Official institutions 2/

Liquid
liabilities
to IMF
arising from
gold transactions 1/

Marketable U.S.
iEury

and
notes 2/

15,825
16,845
19,428

1960 10/

21,027

11,078
11,088

1961 10/

22,853
22,936

11,830
11,830

1962 10/

24,268
24,2d8

800
800

12,948
12,914

26,43;-:

800

14,459
14,425

,'394

26,394

890

1,217
1,183
1,283
1,283

1964 10/

800

13,224
13,220

1965

29,568

834

13,066

1,105

31,144
31,019

12,484
12,539

860

1966 10/

14,840
14,895

35,819
35,667

1968 10/

1,033
1,033

18,201
18,194

1,030
1,030

17,407
17,340

15,97511/ 11,054

1969 JO/

45,9M

15,998

11,077

346
346

1970 10/

"47,009
46,960

566
566

23,786
23,775

19,333
19,333

306
295

544
544

51,209
50,u51

39,679
39,018

1971 10/ 12/

5,236

82,861

92,490

1973

^"119,240

1974 10/

I

119,203

126,593

1975

12

80,650

85,866
86,679
86,016

50,474
5J,242
49,651

9,461
9,781
10,746

81,198

139,163
138,754
141,095

Jizne

, .

July. .
Aug. p.

Sept .p.

5,059
5,059

6,640

85,1-30

128, 1Q6
131,841
129,724
136,714
139,126
135,237

May

1

6,851-

l<nb-}m

Apr...

49,513

49,487
50,429
49,634
50,538
51,606
50,023

78,762
80,676

Mar ....

53,079:

6,472
6,644
6,485
6,640

123,94°
124,101
127,208
126,593

Feb

53,057

48,594
50,111
49,634
49,513

1975- Sept...
Oct
Nov. .
Dee
.

5,701

66,86112/ 43,923
76,801
76,823

80,198.

80,650
82,326.
82,561
84,205.

85,630

913
913

3,219
3,219

11,318
11,318

7,027
7,757
8,187
8,450
9,167

158
158

1,534

1,452
1,452

1,019
1,019

45,755

1972

^

Other
readily
marketable
liabilities
5/

876

10,940
10,940

29,313
29,364

1967 10/

Nonmarketable U.S.
Treasury
bonds and
notes

7,917
8,665
9,154

1957
1958
1959

1963 10/

bonds

reported
by banks
in U.S.

Liquid liabilities
to other foreigners

Marke table U.S
Ctov't.

reported
by banks
in U.S.

bonds
and note!

2/7/

Liquid
liabilities
to nonmonetary on-

'temational and regional organizations

p
.
.

,

November 1976

81
.INTERNATIONAL FINANCIAL STATISTICS.

Table IFS-3.

-

U.S. Liabilities to Official

Institutions of Foreign Countries, by Area

(In millions of dollars)
End of

calendar

Latin

Western
Europe
1/

;

Other
countrie
2/

Ajnerican

Republics

1963

U,<125

8,508

1,789

1,058

2,740

154

176

1964

15,786

9,325

1,812

1,283

3,028

160

178

1965

15,825

8,826

1,702

1,550

3,309

194

245

7,771
7,771

1,333
1,333

1,310
1,310

3,900
3,955

1966 2/ ....

248
248

1967

13,194

10,321

1,310

1,582

4,428

1968 i/

17,407
17,340

8,070
8,062

1,867
1,866

1,865
1,865

4,997

1969 2/

15,975
15,993 ^/

1,624
1,624
2,951
2,951
3,980
3,980

1,888
1,911
1,681
1,681

4,552
4,552

1,414
1,429

14,519
13,823

4,279

1,733

17,577

777

2,963

3,853

2,544

10,387

788

3,025

4,419

4,a9

18,604
18,626

3,161
3,161

4,448

22,514

V

1970 2/
1971

J/

7,074 4/
7,074 1/
13,620
13,615
30,010
30,134

5/.

1972

61,526

1973

66,861

34,197

y

45,764

b,

44,328
44,328

1974 J/

80,650

1975

5,043

259
248

303
302

4,713
4,708

x.efn

1975-Sept..
Oct
Nov , ,
Dec ...

78,762
30,676
80,198
30,650

43,858
45,354
45,095
45,676

3,003
3,044
3,218
3,132

4,840
4,254
4,056
4,448

a, 153

3,U5

22,406
22,263
22,514

3,018
2,Q51
2,983

1,897

1976-Jaii

31.193
32,326
82,561
34.205
85,630
85,130

45,741

43,583
43,581
43,247
42,425

3,416
3,645
3,663
3,600
3,590
3,578

3,552
3,377
3,779
3,85C
3,827
4,104

23,780
25,462
26,911
23,596
30,047
29,879

2,724
2,731
2,718
2,805
3,141
3,245

1,985
2,020
1,907
1,773
1,778
1,899

.

35, 86c

p.

86,679

42,308
41,494
41,545

3,410
3,230
3,417

4,000
4,378
4,269

30,949
32,582
32,382

3,134
3,098
2,759

2,065
1,897
1,624

Feb
Mar
Apr

.

. .

May...,
June .
July.
Aug.

Sept

.

45,091,

Note;
Data represent short-term and long-term liabilities to the official institutions of foreign countries, as reported by banks in the
United States; foreign official holdings of marketable and noninarketable U.S. Government securities with an original maturity of more
than one year except for nonmarketable notes issued to foreign official nonreserve agencies; and investments by foreign official reserve
agencies in debt securities of U.S. Federally-sponsored agencies and
U.S. corporations.

1/
2/

y

Includes Bank for International Settlements and European Fund.
Includes countries in Oceania and Eastern Europe, and Western European
dependencies in Latin America.
Data on the two lines shovn for this date differ because of changes in
reporting coverage. Figures on the first line are comparable in

^
5/

^
P

coverage to those shoim for the preceding date; figures pn the secc<nr
line are comparable to those shown for the following date.
Includes $101 million increase in dollar value of foreign currency
liabilities due to revaluation of the German mark in October 1969.
Data on the second line differ from those on the first line beaause
certain accounts previously classified as "official institutions" are
included with "banks"; a number of reporting banks are included in the
series for the first time; and U.S. Treasury liabilities payable in
foreign currencies to official institutions of foreign countries are
increased in value by $110 million to inflect market exchange rates
as of December 31, 1971.
Includes $162 million increase in dollar value of foreign currency
liabilities revalued to reflect market exchange rates,
Preliminary.

82

..

.

November 1976

83

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-5.

-

U.S. Position in the International Monetary

Fund

millions of dollars)

Transactions affecting IMF holdings of dollars
during period

subscription in
dollars

19^6-58...
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975

Net
gold
sales
by IMF
1/

Total
change

V
-2,922
-139

-H9
-822
-110
-194
-282
-282
-159
-114
-806
-1,343
-854
-24

712 6/

1,362
200

792

442
580
521
719
207

268
741
40

1,336
442
-135
626
29
266
165
1,313
-94
-870
-1,034
1,929
1,350
694
721
-1,265
-466
-7
-72

Feb..
Mar..

-87

The initial U.S. quota in the International htonetary Fund was
$2,750 million. The U.S. quota was increased to $4,125 million in
1959, $5,160 million in February 1966, and $6,700 million in December
1970, and revalued to $7,274 million in May 1972 and $8,083 million
• ia
October 1973 as a result of changes in the par value of the dollar
Under the Articles of Agreement, subscription payments equal to the
quota have been made 25 percent in gold and 75 percent in dollars,
Represents net Fund sales of gold to acquire U.S. dollars for use in
Fund operations. Does not include transactions "in gold relating to
gold deposits or gold investment (see Table IFS-2).
Positive fig\:res represent purchases from the Fund of currencies of
other members for equivalent amotints of dollars; negative figxjres
represent repurchases of dollars, including dollars derived from
charges on purchases and from other net dollar income of the Fund.
The United States has a commitment to repurchase within 3-5 years,
but only to the extent that the Fund's holdings of dollars exceed
Purchases of dollars by other
75 percent of the U.S. quota.
countries reduce the U.S. commitment to repurchase by an equivalent
amount
Beginning January 1970, includes dollars obtained by countries other
than the United States from sales of gold to the Fund.
Represents the United States gold tranche position In the Fund (the
United States quota minus Fund's holdings of dollars), which is
the amount that the United States could purchase In foreign
currencies automatically if needed. Under appropriate conditions,
the United States could purchase additional amounts equal to the
United States quota.

2/

i/

I

I

-169

-232
-429

-127
-15

-556

-140
-280
-233
-111
-56

July.
Aug..
Sept.
Oct..

2/

1,958
1,997
1,555
1,690
1,064
1,035
769
863 5/
326
420
1,290
2,324
1,935
585
465
552
1,85?
2,212

5,850 8,
5,778 2/

2.191
2,234
2,212

-116

1976-Jan.

1/

792
2,128
2,570
2,435
3,061
3,090
3,356
3,521
4,834
4,740
3,870
2,836
4,765
6,115
6,810
7,531
6,265
5,800

5,80C

Dec.,

Note;

In IMF

at end of
period

cies 2/

1975- Oct.,
Nov.

Apr.
May..
June.

U.S.

reserve
position

foreign

2,063
1,031

541 2/
754 2/

IMF holdings
of dollars at
end of period

Transactions by
other coxontries
with IMF

U.S. transactions with IMF

^
6/

2/
8/

-265
-339
-112
10

2,390
2,420
2,578
3,113

lt,76U 8/

3,198

4,500
4,161
4,049
3,996

8/
e/
8/
8/

3,466
3,818
3,952
3 QQ7
.

Includes $259 million gold subscription to the Fund in June l'j65 for
a U.S. quota increase which became effective on February 23, 1966.
In figxires pabliehed by the Fund from June 1965 through January 1966,
this gold subscription was included in the U.S. gold stock and
excluded from the reserve position.
Includes $30 million of special drawing rights,
Represents amount payable in dollarg to the Fund to maintain the
value of Fund holdings of U.S. dollars.
Excludes currency valuation adjustments for each month as follows
(In millions of dollars):
Payable to
Payable to
-ne IMF
the U.S.

1975-Oct
Nov
Dec

1976-Jan
Feb
Mar
Apr
Ifey

June

July
Aug
Sept
Oct
•

-54

2,3U

5,617 £/
5,562 8/
5,393 8/
4,836 8/

Less than $500,000.

Treasury Bulletin

84
.INTERNATIONAL FINANCIAL STATISTICS.
Table IFS-6.

-

Weighted-Average of Exchange Rate Changes for the Dollar

(Percent change relati

End of calendar
year or month

xchange rates as of end-May 1970)

.

November 1976

85
.CAPITAL MOVEMENTS.

Bael[ground

Data relating to capital movements between the United
States and foreign countries have been collected since 1935,
pursuant to Executive Order 656O of January 15, 1931*, Executive Order 10033 of February 8, 19'*9, stnd Treasury regulations
promulgated thereunder. Statistics on the principal types
of data and the principal countries are published monthly
in the "Treasury Bulletin." Reports are filed with the Federal Reserve Banks by banks, securities brokers and dealers,
and nonbanking concerns in the United States. These statistics are then consolidated, and are published by the Treasury
as promptly as possible.
The report forms and instructions used in the collection
of the statistics have been revised a number of times. The
most recent general revision of the report forms became effective with reports as of May 31, 1963.
1/
The present form of the published presentation of the
"Capital Movements" statistics was introduced in the May
1969 issue of the "Bulletin." The principal changes were
the rearrangement of the tables to bring together in separate
sections all the data relevant to the same statistical series;
the expansion of the time series on aggregate liabilities
and claims reported by banks to show more detailed breakdowns
by type of holder and type of liability' and claim; and the
presentation of statistics not previously published on the
short-term liquid claims of large nonbanking concerns.

Basic definitions
The term "foreigner" as used in the Treasury reports
covers all institutions and individuals domiciled outside
the United States, including United States citizens domiciled abroad, and the foreign branches, subsidieu-ies and
offices of United States banks and business concerns; the
central governments, central banks and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The
term "foreigner" also includes persons in the United States
to the extent that they are known by reporting institutions
to be acting on behalf of foreigners.
In general, data are reported opposite the foreign country or geographical area in which the foreigner is domiciled,
For a
as shown on the records of reporting institutions.
number of reasons, the geographical breakdown of the reported
data Biay not in all cases reflect the ultimate ownership of
Reporting institutions are not expected to go
the assets.
beyond the addresses shown on their records, and so may not
be aware of the country of domicile of the iiltimate beneficitOTr.
Furthermore, U.S. liabilities arising from deposits of dollars
with foreign banks are reported generally in the Treasury
statistics as liabilities to foreign banks, whereas the liability of the foreign bank receiving the deposit may be to
foreign official institutions or residents of another coiintry

Data pertaining to branches or agencies of foreign official institutions are reported opposite the country to which
Data pertaining to interthe official institution belongs.
national and regional organizations are reported opposite
the appropriate international or regional classification
except for the Bank for International Settlements and the
E>iropean P\md, which are included in the classification "Other
Western Europe."

"Short-term" refers to obligations payable on demeuid
or having an original maturity of one year or less.
"Longterm" refers to obligations having an original maturity of
more than one year, and includes securities having no contractual maturity.

Reporting coverage
Reports are required from banks , securities brokers and
dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other afInstitutions
filiates in the United States of foreign firms.
which have total reportable liabilities, claim.'! or securities
transactions below a specified exemption level, based on the
average for the report dates during a six-month period, including the current report date, are exempt from reporting.
Banks file reports monthly covering their short-term
and long-term liabilities to emd claims on foreigners; an
exemption of $500,000 is applicable to reports in each of
these categories. Twice a year they also report their shortterm dollar liabilities to foreigners in countries not shown
separately on the monthly report of liabilities. Banks,
securities brokers and dealers, and in some instances, nonbanking concerns report monthly their transactions in securities with foreigners; the applicable exemption level is
$100,000.
,

Quarterly reports are filed by exporters, importers, industrial and comnercial concerns, financial institutions
other than banks and brokers, and other nonbanking firms if
their liabilities or claims are $500,000 or more. Such firms
also report the liquid portion of their claims for each monthend when they have reportable claims of $1 million or more.
The foreign credit and debit balances of securities brokers
and dealers are reported quarterly; the exemption level applicable to these reports is $100,000.

Description of statistics
Data collected on the Treasury Foreign Exchange Forms
are published in the "Treasury Bulletin" in six sections.
Each section contains all the data relevant to the same statistical series, with tables showing time series by type and
country, and the detailed breakdowns of the latest available
data.

Section I covers the short-term and long-term liabilities
to foreigners reported by banks in the United States.
The
data exclude the holdings of dollars of the International
Monetary Fund derived from ijayments of the United States
subscription and from the exchange transactions and other
(Liabilities representing the "gold
operations of the Fund.
investment" of the Fund, however, are included.) The data
also exclude U.S. Treasury letters of credit, and nonnegotiable, noninterest-beeuring special notes of the United States
held by international and regional organizations.
Section II presents the short-term and long-term claims
on foreigners reported by banks in the United States , including
claims held for their own account and for the account of
their domestic customers
The data exclude convertible foreign currencies held by U.S. monetary authorities.
.

Sections III and IV show respectively the liabilities

Treasury Bulletin

86
.CAPITAL MOVEMENTS,

to, and claims on, foreigners reported by exporters, importers, industrial and commercial firms, financial institutions
other than banks and brokers, and other nonbanking concerns
The data exclude the intercompany acin the United States
counts of business enterprises in the United States with
their own branches and subsidiaries abroad or with their for(Such transactions are reported by
eign parent companies.
business firms to the Department of Commerce on its direct
investment forms ) The data also exclude claims held through
United States banks. Separate figures are shown in Section
IV for the short-term liquid claims of large nonbanking concerns in the United States.
.

.

Section V contains data on transactions in all types
of long-term domestic and foreign securities by foreigners
reported by banks and brokers in the United States (except
nonmarketable U.S. Treasury notes, foreign series, and nonmarketable U.S. Treasury bonds and notes, foreign currency
series, which are shown in "International Financial Statistics" section. Table IFS-U).
The data cover new issues of
securities, transactions in outstanding issues, and redemptions of securities. They include transactions executed in
the United States for the account of foreigners, and transactions executed abroad for the account of reporting institutions and their domestic customers
The data include some
transactions which are classified as direct investments in
the balance of payments accounts.
The data exclude securities issued abroad by foreign subsidiaries of U.S. corporations, some of which -are treated -in the balance of payments
as issues of U.S. corporations.
.

1/

The geographical breakdown of the data on securities
transactions shows the country of domicile of the foreign
buyers artd- sellers of the ^"securities in the case of outstanding issues, this may differ from the country of the
original issuer. The gross figures contain some offsetting
transactions between foreigners. The net figures for total
transactions represent transactions by foreigners with United
States residents; but the net figures for transactions of
individual countries and areas may include some transactions
between foreigners of different countries. Beginning with
data for 1969j tifansactions between foreigners in new issues
not offered for sale to United States residents but managed
by underwriters in the United States are excluded from the
gross figures.
;

Section VI comprises two tables on the money credit
and debit balances, as appearing on the books of reporting
brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners.
The data published in these sections do not cover all
types of reported capital movements between the United States
and foreign countries. The principal exclusions are
the
intercompany capital transactions of business enterprises
in the United States with their own branches and subsidiaries abroad or with their foreign parent companies, and capital
transactions of the United States Government. Consolidated
data on all types of capital transactions are published by
the Department of Conmerce in its regular reports on the
ISiited States balance of payments.

Copies of the reporting forms and instructions may be obtained from the Office of Statistical Reports
Affairs, Department of the Treasury, Washington, D. C. 20220 or from Federal Reserve Banks.

Office of the Assistant Secretary for International

..

November 1976

87
.CAPITAL MOVEMENTS.

Section

I

-

Liabilities to Foreigners

Table CM-I-1.'

-

Short-Term

Reported by Banks

Liabilities

in the

United States

by Type of Foreign Holder
international and regional

Foreign countri.ps
End of
calendar
or month

Official institutions 1/

Total
short-

Payable

liabilities

iqy;

14,3H3

1958

15,367

dollars

U,615

Banks and other foreigners

Payable
in
foreign

Payable

Other
foreigners

gold
investment 2/

foreign

"77517-

"77517-

75-i

3,413

2,252

742

200

3,665

8,665

5,950

3,460

2,430

752

200

;,

1959

17,261

16,231

9,154

9,154

7,076

4,601

2,398

1,031

500

1960

18,701

17,260

10,212

10,212

7,047

4,705

2,230

1,442

691 i/

1961 i/...

20,015
20,098

18,699
18,781

10,940
10,940

10,893
10,893

7,759
7,841

5,299
5,380

2,356
2,357

1,317
1,317

613 i/
613 A/

1962 i/...,

21,958
21,958

19,908
19,874

11,997
11,963

11,949
11,915

7,911
7,911

5,251
5,251

2,564
2,564

10,625
10,680

7,153
7,213

3,354
3,376

7,360

3,587

10,023
9,864

3,743
3,743

21,330

12,467

25,467
25,518

23,849
23,900

13,224
13,220

13,224
13,220

1966 5/...,

27,724
27,599

26,743
26,219

12,484
12,539

11,968
12,022

517
517

13,859
13,680

1967 i/....

30,657
30,505

29,370
29,232

14,034
14,027

13,882
13,876

152
152

15,337
15,205

11,132
11,008

1968

31,717

30,234

11,318

10,855

463

18,916

14,298

1969 1/....

40,040
40,199

38,631
33,786

27,577
27,709

23,412
23,419

1970 5/....

41,719
41,761

40,499
40,541

19,333
19,333

55,404
_55,428

53,632
53,661

39,679
39,018

13,954
14,643

10,034
10,721 6/

1972

60,697

59,284

40,000

39,829

19,284

1973

69,074

67,119

43,923

43,796

r94,847
V94,811

91,676
91,640

53,057
53,079

52,930
52,952

94,390

89,097

49,513

49,513

93,008
92,453
95,861
94,390

88,107
87,870
39,097

48,594
50,111
49,634
49,513

95,151
98,159
95,033
102,070
104,151

90,217
93,638
90,264
96,551
98,638
93,323

1963

1964 1/....

542

704
704

1,250
1,284
104

1965

,

104
104

Nonmonetary
international and
regional
2/

1,547

118

739 i/

800
800
800
1,381
1,381

581
581

4,128
4,120

1,237
1,273

487
473

4,444

1,483

683

3,939
4,064

1,409
1,413

609
613

4,029
4,033

1,221
1,221

400
400

3,692
3,694

1,772
1,767

400
400

14,340

4,618

1,413

1,413

23,196

17,224

5,503

1,955

1,955

619

8,304

,560

29,676
29,507

8,4H

639
639

3,171
3,171

3,171
3,171

584.

29,006

10,029

549

5,293

48,594
50,111

,513
,759

49,634.

,756

49,513

,584

29,806
27,891
31,630
29,006

9,153
9,232
9,490
10,029

554
635
637
549

49,487
50,429
49,634
50,538
51,606
50,023

49,487
50,429
49,634
50,538
51,606
50,023

1,730
i,209

30,364
32,507
29,947
34,493
35,749
31,967

9,766
10,118
10,757
10,557
10,647

600
642
565
763
727
687

50,474
51,242
49,651

50,474
51,242
49,651

,675
,066

,

1971 5/ ..,

1974 5/....

1975

1975-Sept..
Oct...
Nov...

Dec.
1976^an...
Feb...
Mar...
Apr..
May...
June..

July

.

Aug. p

Sept.p

101,820
100,957
102,031

91,390.

96,

U9

95,308
96,065

10,851
10,874
148
148

V

39,521
38,854 6/

158
165 2/

127 S/
127 8/

b/

1,630

1,014
,033

,300

34,076
32,167
34,244

,'113

10,060.

10,932
11,238
11,472

1,372
1,367

5,293

14,901
lt,583

It.

U,U7X
5,293

5,293

4,933
li,520

U,769
5,519
5,512

'•,901

583

U.ltTl

4,933
U,520
'',769

5,365

5,519
5,512
5,365

5,671

5,671

5,649
5,966

5,o4"'

X
i/
2/

2/

^

^

Includes Bank for International Settlements and European Fund.
Short-term U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning
assets. Upon termination of investment, the same quantity of gold
was reacquired by the International Monetary Fund.
Principally the International Bank for Reconstruction and Development
Includes difference between
and the Inter-American Development Bank.
cost value and face value of securities in IMF gold investment account
($14 million at end 1971).
In addition, IMF gold investment Included investments in U.S. Government bonds and notes which amounted to $109 million at end I960, $187
million at end 1961, and $61 million at end 1963.
Data on the two lines shown for this date differ because of changes

Figures on the first line are comparable in
in reporting coverage.
coverage to those shown for the preceding date; figures on the second
line are comparable to those shown fo( the following date.
Data on the second line differ from those on the first line because
certain accounts previously classified as "official institutions" are
included with "banks" and a number of reporting banks are included in
the series for the first time.
Second line includes $7 million Increase In dollar value of foreign
currency obligations revalued to reflect market exchange rates as of
Dec. 31, 1971.

Includes $15 million increase In dollar value of foreign currency
liabilities revalued to reflect market exchange rates.
Preliminary.

88

..

.

November 1976

89
.CAPITAL MOVEMENTS.
Section

I

-

by Banks in thfe United States
Short-Term Liabilities by Type of Liability-Continued
Part B - International and Regional Organizations

Liabilities to Foreigners Reported

Table CM-I-2.

-

f:n millions of dollars)

Nonmonetary international and regional organizati

End of

calendar year
or month

Total
international
and regional

IMF gold
investment:

U.S. Treasury
bills and
certificates 1/
.

1/

U.S. Treasury
bills and
certificates

Other
short-term
liabilities 6/

1957

1958
1959

,031

1960

,4.i2

691

V

219

1961

,317

613 i/

354
138
145

,050

1962 5/

,08-;

384

215

138

,618

207

231

314

,471

200

170

266

139

212

173

1963

,547

196A
1965

739 i/

1966
1967 5/....
1,4S3

394

108

1,413

244

224

1970

1,221

211

381

1971 5/....

1,772
1,767

211
211

895
892

1968
1969

i/

...

1972

1,413

1973

1,355

202

326

800

83

296

1,474

101

3,171

139

111

497

2,424

3,171

139

111

497

5,293
4,901r
4,583r
4,471r
5,293

139

lUa

2,424
2,451 6/

107
132

127
150
156
148

3,008
2,397
1,605
2,554

l,659r
l,903r
2,565r 6/
2,451 b/

1976 Jan...
Feb...
Mar...
Apr
May. .
June..

4,933

114
118
130
140

217
162
192
193
185
160

2,498
2,435
2,495
2,739
2,876
2,236

2,104
1,805
1,952
2,447
2,361

July..
Aug. p

5,671
5,649
5,966

192
148

3,129

1,868

3,475
4,031

1,647' 6/
1,453 6/

197'»_5/....

1975
1975-Sept..
Oct...
Nov .
Dec...
.

Sept.p

4,520
4,769
5,519
5,512
5,365

Short-term U.S. Government obligations at cost value, and deposits
awaiting Investment (less than $500,000 on all dates shown), obtained
from proceeds of sales of gold by the International Monetaiy Fund
to the United States to acquire income-earning assets. Upon termination of Investment, the same ^lantity of gold was reacquired by the
International Monetary Fund
Principally the International Bank for Reconstruction and Development
and the Inter-American Development Bank; excludes Bank for InternaIncludes difference between
tional Settlements and European Fund.
cost value and face value of securities in mF gold investment
account ($U million at end 1971).
Time deposits exclude negotiable time certificates of deposit, which
are included in "Other short-term liabilities."

91
258

483
379
331

6/
6/
6/
6/

^

2,7U 6/
6/

In addition, IMF gold investment included investments in U.S. Government bonds and notes which amounted to $109 million at end 1960,
$187 million at end 1961, and $61 million at end 1963.
Data on the two lines shown for this date differ because of changes
Figures on the first line are comparable in
in reporting coverage.
coverage to those Bhown for the preceding date; figures on the second
line are comparable to those shown for the following date.

Includes liabilities payable in foreign currencies as follows
(

in millions of dollars):

1975-Nov
Dec

3
8

1976-Jan
Feb
Mar
Apr
May
Juhe

8
12

July
Aug

6
8
4

Seprt

Revised.

5
5
5

5

,.

Treasury Bulletin

90
.CAPITAL
Section

I

-

Liabilities to Foreigners

Table CM-I-3.

-

MOVEMENTS.
Reported by Banks

in the

United States

Short-Term Liabilities by Country

(Position at end of period in millions of dollars)

1974 1/

Exirope

:

Austria
Belgium-Luxembourg.
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal

Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Exirope.
U.S.S.R
Other Eastern Europe.
Total Europe

161
,483
659
165
,483
,227

,377
93
,148

110

607
2,506
369
266
4,287
9,420
248
2,617
3,234
1,040
310
382
1,138
9,986
152
7,559
183
4,073
82
206

,742

Argentina
Bahamas
Brazil.
Chile
Colombia.
Cuba
Mexico.
.

.

Peru
Uruguay
Venezuela
Other Latin American Republi
Netherlands Antilles 2/
Other Latin America

369
266
4,287
9,429
248
2,617
3,234
1,040
310
382
1,138
10,139
152
7,584
183
4,073
82
206

48,853

161
41,692

577
2,213
649
403
4,529
5,206
299
1,418
3,111
797
189
392
2,437
9,129
101
7,096
174
2,250
45
153
41,168

3,076

4,173

4,997

1,238
4,600
1,475

1,368
5,162
1,176
367
629

585
2,332
681
350
4,856
5,830
289
1,504
3,281
915
213
462
2,352
8,965
113
6,589
179
2,002
34

549
2,336
452
405
4,776
4,932
346
1,520
2,248
798
196
447
2,435
10, 130
95
6,433
182
2,079

412

1,977
322
446
4,408

4,961
361
2,263
2,182
900
250
416
2,384
9,551
80
6,289
128
2,150

1,976
440
435
4,214
4,738
350

2,641
2,189
634
257
419
2,227
9,250
100
6,139

U2
2,130
34
215

38,990

924
852
860
158
247

1,448
1,034
276
305

1,054
1,034
276
305

1,147
1,827
1,227
317
417

7

7

7

6

1,296
232
135
120
1,468
834
71
359

1,770
488
272
147
3,413
1,316
153

1,770
510
272
165
3,413
1,316
158

519

589

2,078
1,099
244
172
3,289
1,494
129
1,507

310
582
7
2,133
961
219
216
2,742
1,707
121
2,530

14,954

18,839

120
1,134
709
423
920
323
12, 739
360

13,246
327

525
244

593
213

343
742
261

8,008
1,017
9,025

8,543
984
9,527

7,290
1,250
8,540

Total Latin America
Asia
China, People's Republic of
(China Mainland)
China, Republic of (Taiwan).
Hong Kong
India
Indonesia

754
2,898
332
391
7,733
4,357
284
1,112
3,411
996
195
426
2,286
8,514
118
6,886
126
2,970
40
200
44,028

1,407
4,838

1,510
3,006
1,200

2,110
1,050
235
219
2,747
1,790
135
2,057

2,301
1,337
239
226
3,092
1,703

686

6

7

2,213
1,098
230
215
2,757
1,665
125

2,158
1,207
221
229
2,643
1,336
129
1.533

13,397

16, 593

632
1,121
324

747
845
706
316

U9
1,723

18,964

"17,619

1,070
788
938
1,122
298
13,631
346
636
244

45
1,131
842
1,047
1,002
324
14,194
369
653
249

:

Israel

50

372
133
327

6,967
195

Korea
Philippines
Thailand...

515
247

Other Asia:
Middle East oil-exporting
countries 2/
Other countries
Total other Asia

818
530
261
1,221
386
10,897
384
747
333

50
818
530
261
1,221
389
10,931
384
747
333

123
1,025
623
126
369
386
10,218
390

4,633
313
5,446

4,623
845
5,468

6,461
867
7,328

130
34

130
84

169
63

2,814
383
3,197

2,814
383
3,197

2,239
492
2,731

12,847

7,236
1,122

1,376
9,478

Total Asia.

Africa
Egypt
Morocco
South Africa
Zaire
Other Africa;
Oil -exporting countrie
Other countries
Total other Africa
:

Total Afri
Other countries
Australia
All other

2,256

202
64

123
45

200
107
164
36

2,423

2,443
567
3,010

2,368
593
2,961

532

543

2,783

2,966

3,262

3,472

3,469

:

,014
114

Total other countries

2,831

2,043

Total foreign countries

2,296

98,638

International and regional

International
European regional
Latin American regional
Asian regional
African regional

1,627
202
43

Total international and regional
Grand total
1/

2/

5,365

69,074

94,847

94,811

Data in the two columns for this date differ because of cjsanges
in reporting coverage.
Figures in the first column are comparable
In coverage to those shown for the preceding date; figures in the
second column are comparable to those shown for the following date.
Through December 31, 1975, Surinam Included with Netherlands Antilles.

102,070

i/
Ij
p
»

104,151

98,688

5,649
101,

Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qata
the United Arab Emirates (Truclal States).
Includes Algeria, Gabon, Libya, and Nigeria,
Preliminary,
Less than $500,000.

Saudi Arabia, and

.

,

91

November 1976
.CAPITAL MOVEMENTS.
Section

I

-

Table CM-I-4.

Reported by Banks in the United States
by Type and Country, as of September
Preliminary

Liabilities to Foreigners
-

Short-Term

Liabilities,

(Position in millions of dollars)

Short-term liabilities payable in dollars
To foreign banks and official instituti

Total
shortterm
liabilities

Europe
Austria
Belgium- Luxembourg.
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
:

319

1,751
297

.

382

4,207
5,775

5,aeO
•:.-:g

1,577
2,567
789
193
538
1,07°
Q.O^l

Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe.
U.S.S.R
Other Eastern Europe.

65

7,28F

285
1,391
2,484
717
129
379
1,951
8,109
59
6,443
123
2,038

Total Europe.
4,084

Latin America:
Argentina..
Bahamas
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American Republics
Netherlands Antilles
Other Latin America

l,'i2A

2,Q68
1,138

586
2,833
917
151
501
1

2,

564

--iS

QQO
248
244
3,208
1,750
147
2,347

17,825

Total latin America
Asia:
China, People's Republic of
(China Mainland)
China, Republic of (Taiwan).

936
471
951
906
266
14,231

Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Other Asia

332
511
182

8,042

28,402

Total Asi

180
59
141

Egypt

Morocco
South Africa.
Zaire
Other Africa.

2

Total Africa.
1,711

Total other countries
Total foreign countries
International and reFJonal
Intemat ional
European regional
Latin American regional
Asian regional
African regional

:

Total international and regional.
Grand total

5,613
12

154

30, 1976

92

Treasury Bulletin
.CAPITAL
Section

Table CM-I-5.

-

I

-

Liabilities to Foreigners

MOVEMENTS.
Reported by Banks in the United States

Short-Term Liabilities, Countries and Areas Not Regularly Reported Separately

.

..

93

November 1976
.CAPITAL MOVEMENTS.
Section

-

I

Liabilities to Foreigners

Table

End of

calendar year
or month

CM -1-6.

-

Reported by Banks in the United States
Liabilities by Type

Long-Term

Total

'Foreign countries

long-terra

liabilities
Other
foreigners

Total 1/
1957.
1958.
1959.
1960.
1961.
1962.
1963.
1964.
1965.
1966.

1,494

204
203
988

913

1967 2/.

2,546
2,560

1,858
1,863

1,807
1,807

1968.
1969.
1970.
1971.

3,166
2,490
1,703
902

2,389
1,600
913
437

2,341
1,505
695
144

165
237

1972 2/.

1,000
1,018

417
417

69
310
513

1,462
1,285

1973
1974
1975
1975 -Sept.
Oct..
Nov.

93
93

238
238

562
580

291
261

761
822
415

1,395

931

364

873

261
261

Dec.

1,812

1,213
1,212
1,263
1,395

931

364

1976-Jan..
Feb..
Mar..
Apr.
May..
June,

1,935
1,919
2,132
2,137
2,134
2,255

1,627
1,631
1,949
1,938
1,997
2,065

1,027
1,050
1,342
1,372
1,429
1,490

477

2,308
2,277
2.218

2,072
2,026
1,9Q8

1,479
1,425

July.
Aug..]

Sept

1/
2/

789
446

310
124

1,608,

1,561.

395
311
297
415

286i

Collar-foreign currency brealtdown not available prior to 1966; amounts
reported for earlier dates assumed to have been payable in dollars.
Data on the two lines shown for this date differ because of changes
Figures on the first line are comparable in
in reporting coverage.

Payable in
foreign
currencieB

106
311
506

1,812
1,525

International
and regional

473
492
435
431

434

123
107
115
131
137

141

306
286
182
197
135
189

143

235

246

coverage to those shown for the preceding date; figures on the
line are comparable to those shown for the following date
n.a. Not available.
p Preliminary.

94

p.
..

November 1976

93
.CAPITAL MOVEMENTS.
Section

II

-

Claims on Foreigners Reported by Banks in the United States
Table CM-II-1.

-

Short-Term Claims by Type

(In millions of dollars)
Payable in foreign

End of
calendar
year
or month

Total

shorV
term
claims

Other
for-

eigners

Collections
outstanding
for
account of
reporting
banks and
domestic
customers

Deposits
of
reporting
banks and
domes ti
customers
with foreigners

Accept-

made for
account
of foreigners

Other
shortterm
claims

Foreign
government
obligations
and
commercial
and
finance
paper

Other
shortterm
claims

1^57

2,199

2,052

930

242

386

303

423

6^9

132

1958

2,542

2,344

1,268

401

439

428

421

656

181

1959

2,599

2,407

1,309

351

498

460

516

582

178

1960

3,594

3,135

1,297

290

482

605

1,233

222

238

4,719
4,777

4,177
4,234

1,646
1,660

329
329

618
622

1,837
1,874

342

200

1962

5,101

4,606

1,953

359

1963

5,887

5,344

1,915

186

1961 1/.

. .

1964 1/
1965 1/

7,632
7,735

1966 1/.

7,819
7,853

.

.
,

1967 1/
1968
'

1969 1/.

.

.

7,158
7,243

1971 1/ 2/.

8,583
8,606

8,158
8,182

8,711

8,261

Nov. ..
Dec...

1976^an...
Feb.

.

Mar...
Apr..
May...
June..
July..
Aug. p

Sept .

1/

2/

774

1,055
1,150

2,968
2,970

1,566
1,567

1,130
1,132

247

1,697.

262
262

1,946
1,943
1,720

13,170
13,272

2,214

384

157

2,600

552
803

182
187

2,501
2,508

336
352
74

3,985

166

2,613
2,080 2/

1,667
1,658

2,475
2,475

4,243
4,254

1,107
1,679 2/

14,830

5,674
5,671

163
163

2,975
2,970

2,535
2,538

3,269
3,276

3,204
3,226

2,478
2,657

50,248

20,061
37,859
48,938

7,660
11,296
13,287

284
381
614

7,733

3,579
4,939

4,307
5,637
5,467

4,160
11, 237
11,135

19,049

1,309

45,843
48,169
48,752
50,248

44,706
46,848
47,432
48,938

12,822'

574
649
697
614

7,638
7,642
8,392
7,733

4,610
4,519
4,472
4,939

5,314
5,465
5,363
5,467

10,071
10,134
10,610
11,135

16,499
18,438
17,898
19,049

1,138
1,321
1,319
1,309

581
749
652
633

^36
231
340
301

320
341
327
376

51,583
54,173
53,580
55,668
57,658
57,924

50,338
52,773
52,259
54,219
56,240
56,363

13,495
14,303
13,640
14,549
15,819
15,182

697
754
765
769
1,014
815

8,147
8,762
8,059
8,824
9,532
9,124

4,652
4,788
4,817
4,956
5,272
5,243

5,311
5,191
5,367
5,325

11,047
10,994
11,148
11,297
11,310
11,541

20,485
22,285
22,105
23,048
23,733
24,124

1,246
1,401
1,321
1,449
1,419
1,560

696
728
794
920
878
916

263
241
145
156
141
158

286
431
382
373
399
487

59,332
57,998
59,522

57,875
56,455

15,597
15,248
15,013

737
1,017
778

9,670
9,041
9,141

5,189
5,191
5,094

5,542
5,495
5,608

25,285
24,568
25,899

1,457
1,542
1,654

850
903
1,027

132
143
120

475
496
5(V

20,723
39,056

'3ct...

832

955
1,374
1,403

3,051

U,625

a975-Sept..

636

2,652
2; 773

9,578
9,680

1972 1/
1973
1974
1975

642

1,367
1,288

10,802

1970

953

343

12,811
13,562
13,287

4,538
7,337

Data on the two lines shown for this date differ because of changes
in reporting coverage.
Figures on the first line are comparable in
coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date.
Data on the second line differ from those on the first line because
those claims of U.S. banks on their foreign branches and those claim

441
441

223
223

428

3,935
9,689
•

115
238
376

633

of U.S. agencies and branches of foreign banks on their head of fie
and foreign branches which were previously reported as loans are
included in "other short-term claims"; and a number of reporting
banks are included in the series for the first time.
Preliminary.

Treasury Bulletin

96
.CAPITAL MOVEMENTS.
Section

II

-

Claims on Foreigners Reported by Banks
Table CM-II-2.

-

in the

Short-Term Claims by Country

1Q72 1/

Europe
Austria
Belgium-Luxembourg
Denmark
Flnl and
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
:

249
167
237

398
59
105
1,233
452
63
406
290
71
18
241
105
400

46
131

103
114

63
107

379
519
649

l.ltlS

1,203
7,577
2,225

1,202
244
145

290
713
14
1,972
505
518

118
330
321

108
621
311
35

316
133
72
23
222
153
176

207
156

Sweden
Switxerland
TurKey
United Kingdom
Yugoslavia
Other Western Europe
U.S.S.R
Other Eastern Europe

125

122
673
589
64
345
348
119
20
196
180
335

128

1,471
441
49
370
300

Total Europe

Canada
Latin America
Argentina
Bailamas 2/
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American Republic
Netherlands Antilles j/
Other Latin America
:

.

360
692
13
2,813

1,052

63

518
493
13
154

704
852
62
1,142

140
147

500
223
14
157
255
12,518
955
372
458

Total Latin America

Asia

:

China, People's Republic of
(China Mainland)
China, Republic of (Taiwan)..
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand

296
149
191

87
105
4,152
296
149
191

155
6,398
403

Other Asia:
Middle East oil -exporting
countries ij
Other countries
Total other Asia

21
105
491
10,753

1,556
384
495

524

684
1,208

Total Asia

Africa
Egypt
Morocco
South Africa
2aire
Other Africa:
Oil-exporting countries
Other countries
Total other Africa
:

545
34

^.

231
308

Total Africa
Other countries
Australia
All other

:

243
43

Total other countries
Total foreign countries

20,723

15,-;6e

International and regional

Grand total
1/

2/

i/

15,471

15,676

20,723

Data in the two columns shown for this date differ because of changes
in reporting coverage.
Figures in the first column are comparable in
coverage to those shown for the preceding date; figures in the second
column are comparable to those shown for the following date.
Through December 31, 1972, Bermuda included with Bahamas.
Through December 31, 1975, Surinam included with Netherlands Antilles.

50,248

United States

November 1976

97
.CAPITAL MOVEMENTS,

Section II - Claims on Foreigners Reported by Banks in the United States
Table CM-II-3. - Short-Term Claims, by Type and Country, as of September
Preliminary
(Position in millions of dollars)

30, 1976

Treasury Bulletin

98
.CAPITAL
Section

II

-

MOVEMENTS.

Claims on Foreigners Reported by Banks

Table CM-IW.

-

(In millions of dollars)

End of
calendar year
or month

in the

Long-Term Claims by Type

United States

99

November 1976
.CAPITAL MOVEMENTS.
Section

II

-

Claims on Foreigners Reported by Banks
Table CM-Il-5.

-

in the

United States

Long-Terin Claims by Country

Treasury Bulletin

100
.CAPITAL

MOVEMENTS.

Section II - Claims on Foreigners Reported by Banks in the United States
Table CM-II-6. - Long-Term Claims, by Type and Country, as of September 30, 1976
Preliminary

November 1976

101

.CAPITAL
Section

III

-

MOVEMENTS.

Liabilities to Foreigners Reported by

Table CM-III-1.

-

Nonbanking Concerns

Liabilities by

United States

in the

Type

Short-term li
End or

calendar year
or quarter -end
month 1/

Payable In
foreign

1957.

566

491

428

1958.

499

440

363

1959.

664

512

424
437

1960 2/

'0

1961 -Mar. _2/.
673
684

June 2/.

Dec

563
572

111

569

109

113
155

527
1962-Juiie 2/.

114

151

J

637
644

Dec. 2/.

1963

626

1964 -June 3/.

622
585

471
441

}

700
136
147

810

414
428

1,027
1,039

1,371
1,386

1,129

1,608
387
471

1,786
2,124

1,725

2,304
3,102

2,229
2,301

2,704
2,763

3,159
3,138
3.540

;,6S9

3,119

2,635

,019

3,417

2,948

484
469

,892

3,290

716

,822r

5,017r

916r

3,880r

3,603

3,886

,234r

5,961r

5,116r

845r

4,273r

,265r

6,040r

5,178r

862r

4,225r

,284r

6,006r

5,388r

618

4,277r

,420

6,330

5,655

675

4,091
:!,9'o

,226

Brealcs in series arising from changes in reporting coverage which
amount to $5 million or less for any year are not shewn; in such
cases, only the figure comparable to that for the follcwing date is

Note:

1/

475
463

Data are shewn for calendar year ends and for most recent five
quarter ends for which figxrres are available. Data are also shewn

2/

for earlier quarter ends when the reporting coverage changed.
Data on the Uro lines shewn for this date differ because of
changes in reporting coverage. Figures on the first line are
comparable In coverage to those shewn for the preceding date:
figures on the second line are comparable to those shown for
the follcwing date, p Preliminary.
r
Revised.

102

Treasury Bulletin
.CAPITAL MOVEMENTS.
Section

III

-

Liabilities to Foreigners

Table CM-III-2.

Reported by Nonbanking Concerns in the United States
-

Short-Term

Liabilities

by Country

.

105

November 1976
.CAPITAL MOVEMENTS.
Section

III

-

Reported by Nonbanking Concerns in the United States
Short-Term Liabilities, by Type and Country, as of June 30, 1976
Preliminary

Liabilities to Foreigners

Table CM-III-3.

-

illions of dollars)

Payable in
foreign
currencies

Total
short -term
liabilities

gurope
Austria
Belgium-Luxembourg.
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe.
U.S.S.R
Other Eastern Europe.
:

.

Total Europe

157
229
29

117
171

2-4

213

836
115

2,236

Canada
Latin America:
Argentina
BGUiamas

330

Brazil
Ghil°
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American Republics
Netherlands Antilles
Other Latin America

90

3

183
93

Total Latin America
China, People's Republic of
( China Mainland )
China, Republic of (Taiwan).
Hong Kong
India
Indonesia
Israel

Japan
Korea
Philippines
Thailand
Other Asia

l.OU

Total Asia

Africa

:

Jfeypt

Morocco
South Africa
Zaire
Other Africa
Total Africa
Ol^her countries

:

Australia
All other
Total other countries

Total foreign countries
I^^temational and regional

Grand total

Less than J500,uOO.

104

Treasury Bulletin
.CAPITAL
Section III

MOVEMENTS.

Liabilities to Foreigners Reported by

Table CM-III-4.

-

Long-Term

Nonbanking Concerns
Liabilities

by Country

in

the United States

103

November 1976
.CAPITAL MOVEMENTS.
Section IV

-

Claims on Foreigners Reported by Nonbanking Concerns

Table CM-IV-1.

-

in the United States

Claims by Type

'In millions of dollars;

Short-term cla
End of
calendar year or
juarter-end month

Payable in foreign currenci

Other short-term
claims payable in
foreign

720

,138

,678

y

3,164J

,738
,93A

3,

15,g40r

15,353r
16,320r

17,252r

18,024
18,988

Treasury Bulletin

106
.CAPITAL MOVEMENTS.
Section IV

-

Claims on Foreigners Reported by Nonbanking Concerns in the United States
Table CM-IV-2.

-

Short-Term Claims by Country

.,

November 1976

107
-CAPITAL MOVEMENTS.

Section IV

- Claims on
Foreigners Reported by Nonbanking Concerns in the United States
Table CM-IV-3. - Short-Term Claims, by Type and Country, as of June 30, 1976
Preliminary

foreign currencies
Deposits with
banks abroad
in reporter's own name
Europe

:

Austria
Belgium- Luxembourg.
Denmark
Finland
France
Germany
Greece

138
378
361

137
359
327
45

314
138

Italy

Netherlands
Norway
PortuKal

51

Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe.
U.S.S.R
Other Eastern Europe.

270
31
2,603

211
30
2,516

Total Europe
Canada
Latin America:
Argentina.
Bahamas
Brazil.
Chi:»
Colombia.
Cuba
Mexico.
.

.

.

.

.

.

1,150

.

Peru
Uniguay
Venezuela
Other Latin American Republi
Netherlands Antilles
Other Latin America

,i62

440
46

334
103
39

328
95
36

1,175
129
117

125
114

Total Latin America
China, People's Republic of
(China Mainland)
China, Republic of (Taiwan).
Hong Kong
India
Indonesia.

2,766

Other Afr
Total Afri

Other coxmtri

Total other countries....

Total foreign countries....
International and regional
Grand total

Less than $500,000.

.

Other fihort-term
claims payable in
foreign currencies

.

Treasury Bulletin

108
CAPITAL MOVEMENTS.
Section IV

-

Claims on Foreigners Reported by Nonbanking Concerns in the United States

Table CM-IV-4.

-

Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Type
(Tn

minions of

fln11nrfl>

Payable

End of
calendar year
or month

1965 2/.

Total
short-term
liquid
claims
917

8W

691
625

1967 2/.
1968

1,318
1,^91
1,141

1970
1971 2/.

1,648

1,507

1972 2/.

1,965
2,373

1,615
1,966

1973.

3,164

2,625

197A.

3,357

2,660

1975.

3,791r

3,035r

1975-Aug..
Sept.
Oct..
Nov..
Dec..

1976^an.
Feb..
Mar..
Apr..
May..
June.
J\il7.

Aug.

3,563r

foreign
Deposits

Short-term
investments 1/

1966

1969 2/.

Payable

Depos

Short-term
investments 1/

Hovemher 1976

109
CAPITAL MOVEMENTS.

Section IV

-

Claims on Foreigners Reported by Nonbanking Concerns in the United States
Short-Term Liquid Claims Reported by Large Nonbanking Concerns,
by Type and Country, as of August 31, 1976

Table CM-IV-G.

-

Treasury Bulletin

no
.CAPITAL
Section IV

-

MOVEMENTS,

Claims on Foreigners Reported by Nonbanking Concerns in the United States
Table CM-IV-T.

-

Long-Term Claims by Country

(Position at end of period in millions of dollars)

November 1976

111

.CAPITAL MOVEMENTS.
Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Foreign Purchases and Sales of Long-Term Domestic Securities by Type

Section

Table CM-V-1.

-

V

-

(In millions of dollars; negative figures indicate net sales by foreigners or a net outflcw of capital from the United States)

Marketable Treasury bonds and notes

Corporate and other securitie

Net foreign purchase

Other
foreigners

Official
institutions

WW

-237
6S9
127
512
-723
671

1959
1960
1961
1962
1963
1964
1955
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975

-616
-43
-489
-45
56

1976-Jen -Seprt
.

.

p.

1975-Sept
Oct
Nov
Dec

Julj.
Aug.
Sept.

47£

IT

-358

238
1,205
810
729
1,305

:

123
-119

,661
,281
465

11
-25
130
57

5,7U

-459
439

Apr..
May..
June.

-380
-115
-41

,561

192
482

i;7&-Jan.
Feb.

48

1,994

regional

-315
-151
-427
-121
-161

-2^5

-642

and

273
165
224
532
-521
302

524

-98
-20
-207
369

1,672
3,316
305
-470

Bonds 1/

Gross
foreign

175
173
-160
156
210
176
731
430
263

253

-165
101
180

194

1,445

31

-14
272
-270
262
261
441

294
320
964

Gross
foreign

purchase;

1,224
1,217
1,730
1,744
1,780
1,367
1,149
1,077
680
585
443
528
691
2,414
4,358
2,738
3,384
8,898

523
1,603
1,231
2,508
1,196
1,487
1,153
1,296
629
932
574
634
742
1,043
2,433
3,854

-39
435
252
223
60
207
-173
-375
678
1,070
4,234
2,688
1,532
1,435
4,063
4.751

361
369

-51
9
176

442
317
308
256
461
675
1,553
2,243
4,446
3,054
2,499
2,967
4,723
5,823

Gross
foreign
purchase

1,397
2,224
1,977
3,067
2,260
2,724
3,076
3,720
4,740
8,033
13,118
12,429
8,927
11,626

Gross
foreign
sales

344
296
392
416
359
246
234

323
111
198
-349

-413
-333
757
2,270
1,487
626
731
2,183
2,790
540
4,669

15,347

9,978
7,096
10,OT8

1,454
1,362
1,775
2,745
2,149
2,527
3,425
4,133
5,074
7,276
10,848
10,942
8,301
10,894
12,173

752

5,395:

3,592

994

4,009

3,015

2,598

14, a6

11,813

157
751
426
930

-94
323

390
658
520
514

484
334
432
273

252
428
338
689

398
1,475
1,155
1,38C

646
1,047
817
691

747
409
387
570
427

532
362
417

5a

2,087
2,095

1,546
1,724
1,555
1,279
1,096
1,176

U4

9,370

956
931
416
70S

7o5
448
874
269

1,056
1,211
1,439
1,037
892
1,704

578
584
73C
1,995
t54
499

756
418
552

1,757
2,776

947
2,047
1,336

385
267

15,

Gross
Net
foreign foreign
sales
purchase;

637
542
1,929
2,431
1,853
1,543
2,263
2,342
3,367
7,532
4,643

6,904

2,6a

-

of
Net
Gross
corporate foreign
foreign
and other purchases purchase.
securities

1,529
5,421

Data include transactions in issues of states and municipalitie
and of corporations and other agencies of the U.S. Government.

Table CM-V-2.

foreign
purchases

38

1,011
313

1,964
1,202

956
703
1,331
1,961
988

571
135
489

p

3,571

U,361
12,767
7,636

371

532

ao

ai

391

404
155

113
252

307
411
361

154
232
350

1,690

1,595
1,050
1,124

1,363
962
1,116

Preliminary.

Foreign Purchases and Sales of Long-Term Foreign Securities by Type

(In millions of dollars; negative figures indicate net sales by foreigners or a net outflor of capital from the United States)

Foreign bonds
Net foreign
purchases
of foreign
securities

1958
1959
1960
1961
1962

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976- Jan.- Sept.

1975-Sept
Oct
Nov
ne-

1976-Jan
Feb
Mar
Apr
May
June
July
Aug. p
Sept. p,
p

Preliminary.

-1,363
-750
-645
-330
-1,048
-1,044
-728
-953
-685
-1,320
-1,695
-1,547
-915
-984
-622
-318
-2,034
-6,490
p,

Net foreign
purchases

Gross foreign
purchases

-460
-944
-1,095
-928
-1,242
-914
-1,163
-1,330
-1,029
-951
-935
-1,031
-993
-2,218

880
946
833
802
1,093
991
915
1,193
1,778
2,024
2,306
1,552
1,490
1,637
1,901
1,474
1,036

-1,026
-512
-562

Foreign stocks

Gross foreign

1,915
1,458
1,445
1,262
2,037
2,086
1,843
2,440
2,692
3,187
3,636
2,531

-370
-104

Gross foreign
purchases

2,4a

35

-49
409
176
184
-189

596
702
696
748
906
960
380
1,252
1,519
1,033
1,335
2,532
1,729
1,907
1,541

-323

1,421

-6,30J

2,38?

2,621
2,932
2,467
3,254
8,683

-6,736

-6,463

3,351

9,814

-31

-91
-484
-743
-1,190

194
195
248
282

285
678
991
1,471

-382
-491
-576

-339
-1,145
-933
-422
-449
-532

462
402
360
342
373
281

800
1,547
1,293
763
822

-1,862
-489
-459

-1,734
-478
-432

440

2,173
811
790

333
359

Net foreign
purchases

8W

51

200
290
229

-157
-314
-517

966
806
644
548

617
731
1,037
1,566
2,037
998
1,434
2,123
1,554
1,723
1,730
1,744

81
138
108
148

-42
-44

U5

W2

162
193
182
193
162

222
246

128
123
126

U3
240
206

257
134
153

112

Treasury Bulletin
CAPITAL MOVEMENTS.

V - Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Net Foreign Transactions in Marketable Treasury Bonds and Notes by Country

Section

Table CM-V-3.

-

of dollars; negative figures indicate net sales by foreigners

1/
2/

2/
p
«

Through December 31, 1975, Surinam included with Netherlands Antilles.
Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and the United Arab Emirates (Trucial States).
Includes Algeria, Gabon, Libya, and Nigeria.
Preliminary.
Less than $500,000.

apltal frcm the United States)

November 1976

113

CAPITAL MOVEMENTS.
V - Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Estimated Foreign Holdings of Marketable Treasury Bonds and Notes by Country
Section

Table CM-V-4.

Treasury Bulletin

114

CAPITAL MOVEMENTS.
V Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Table CM-V-5. - Net Foreign Transactions in Long-Term Domestic Bonds,
Other than Treasury Bonds and Notes, by Country
Section

-

fin millions of dolla.

1/
2/

Through December 31, 1975, Surinani included with Netherlands Antilles.
Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the

2/
p

United Arab Emirates (Truclal States).
Includes Algeria, Gabon, Libya, and Nigeri
Preliminary.
« Less than $500,000.

November 1976

115

.CAPITAL
Section

V

-

MOVEMENTS.

Transactions in Long-Term Securities by Foreigners

Reported by Banks and Brokers
Table CM-V-6. - Net Foreign Transactions
(In millions of doll

in

in

the United States
Domestic Stocks by Country

...

Treasury Bulletin

116
.CAPITAL MOVEMENTS,
V

Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Table CM-V-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country
Section

-

(In millions of dollars; negative figures indicate net sales by foreigners or a net outflcw of capital from the United States)

Calendar year
1976
through
Sept. p
Europe
Austria
Belgium-Luxembourg.
Denmark
Finland
France
:

Germany
Greece
Italy

Netherlands
Norway
Portugal. ,
Svfeden

Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe.
U.S.S.R
Other Eastern Europe.

34

-13

Total Europe.
Canada
Ameri
Argent ina
Baiiamas

Brazil
Chil"
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American Republi
Netherlands Antilles^/,
Other Latin America

-15

Total Latin America

-151

China, People's Republic of
( China Mainland )
China, Republic of (Taiwan).
Hong Kong
Lndia
Indonesia.
Israel
Japan

-375
-283

.

.

-118
-273

Korea
Philippines.
Thailand
Other Asia,
.

46

Total Asia..

-670

Africa

:

Egypt

Morocco
South Africa.
Zaire
Other Africa.
Total Africa.

Other countri es:
Australia
All other
Total other countries

-155

Total foreign countries

-4,108

International and regional:
International
European regional
Latin American regional
Asian regional

,

,

-1,577
-345
-201

,

Total international and regional
Grand total

l/
p
»

Through December 31, 1975, Surinam included with Netherlands Antilles.
Preliminary.
Less than $500,000,

-481
-271
-232
-175

-1,159

November 1976

117
.CAPITAL MOVEMENTS.
Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Table CM-V-8. Net Foreign Transactions in Foreign Stocks by Country
Section

V

-

(In millions of dollars; negative figures indicate net sales by

forei^ers or

a

net

Treasury Bulletin

118
.CAPITAL MOVEMENTS.

V - Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Table CM-V-9. - Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During September 1976 Preliminary
Section

(In millions of dollarc)

November 1976

119
CAPITAL MOVEMENTS.
V Transactions in Long-Term Securities by Foreigners
Reported by Banks and Brokers in the United States
Table CM-V-10. - Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During Calendar Year 1975
Section

-

(In Tjillions of dollars)

Treasury Bulletin

120
.CAPITAL
Section VI

-

Table CM-VI-1.

MOVEMENTS.

Foreign Credit and Debit Balances in Brokerage Accounts
-

Foreign Credit Balances (Due to Foreigners) by Country

.

November 1976

121

.CAPITAL
Section VI

-

Table CM-VI-2.

MOVEMENTS.

Foreign Credit and Debit Balances in Brokerage Accounts
-

Foreign Debit Balances (Due from Foreigners) by Country

at end of period in millions of dollars')

Calendar year

Europe
Austria
Belgium-Luxembourg
Denmark
Finland
^.
France
Germany
Greece
Italy
Netherlands
:

Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe.
U.S.S.R
Other Eastern Europe.
Total Europe
Canada
Latin America:
Argentina
Bahamas 1/
Brazil
Chil«
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American Republi
Netherlands Antilles 2/
Other Latin America
Total Latin America
China, People's Republic of
(China Mainland)
China, Republic of (Taiwan).
Hong Kong
India
Indonesia
Israel

Japan
Korea
Philippines
Thailand
Other Asia
Total Asia

Africa
Egypt
Morocco
South Africa.
Zaire
Other Africa.
:

Total Africa.

Total other coxintries.

. .

Total foreign countries
International and regional

Grand total

?14

A05

231

The reporting form covering this data series was discontinued with
the March 1976 report. Dat^ represent the money debit balances (due
from foreigners), that appeared on the books of reporting brokers and
dealers in the United States, in accounts of foreigners with them, and
in their accounts carried by foreigners.

Note:

1/

2/
p
*

Through December }1, 1972, Bermuda included with Bahamas.
Through December 31, 1975, Surinam included with Netherlands Antilles.
Preliminary,
Less than $500,000.

122

Treasury Bulletin

FOREIGN CURRENCIES ACQUIRED BY THE

U.

S.

Foreign currenci es reported herein in U.G. dollar equivalents were acquired without direct payment of dollars for
the most part in connection with foreign assistance and agri-

cultural

trade development programs authorized

provisions of law.

by various

These currencies are generally referred

to as "nonpur chased" foreign currencies to distinguish them

from currencies purchased
commercial sources.

with dollars from banks or other

The currencies are held in the custody

of The Department of the Treasury until such time as they
are either sold for dollars to Government agencies or transferred to Government agencies for expenditure without charge
to appropriations, as specifically authorized by law.

Prior to

July

1,

1953, foreign currencies acquired by

Government agencies without direct payment of dollars generally were available to the collecting agencies to defray
operating expenses and were not subject to the regular appro-

priation processes.

GOVERNMENT WITHOUT PAYMENT OF DOLLARS
lations provided for the transfer of department and agency
foreign currency balances as of November 30, 1953, into Treas-

ury custody, and the flow of future collections through.Treasu.ry accounts;
and established requirements with respect to

withdrawals from Treasury accotmts; limitations on purchases
and amounts of holdings; the use of foreign depositaries; and

accounting

for the currencies.

.

legislation required executive departments and agencies, with
certain exceptions, to reimburse the Treasury in dollars
for
the foreign currencies used. Executive Orders No.
10483 dated
September 23, 1953, and No. 10900 dated January

5, 1961, as
amended, provided for the issuance of regulations by the Sec-

retary of the Treasury governing the purchase, custody,

de--

posit, transfer, and sale of foreign exchange by all
Executive Departments and agencies of the U.S. Government.

Accordingly, Treasury

October 19, 1953, effective

Circular No. 930 was
December

1,

1953.

issued on

These regu-

Circular No. 930

erning foreign currency reporting and accounting.
Figures are stated in dollar equivalents, computed for
reporting purposes, to provide a common denominator for
the
currencies of the many foreign countries involved. It
should
not be assumed that dollars, in amoxmts equal to the
balances
are actually available for the general use of the U.r. ilovernment, since most of the currencies are inconvertible
and
restricted as to uses by the terms of agreements between
the
United States and the foreign governments.

The tables
The actofJuly 15, 1952, Sec. U15 (66 Stat. 662),
provided that after June 30, 1953, U.S. agencies could no longer
expend foreign currencies belonging to the U.S. Government
except as provided annually in appropriation acts Subsequent

Treasury

as revised October 20, 1961, added certain requirements
gov-

exclude the counterpart funds owned by and

held in accounts of the foreign governments.

The use of such

funds is subject to approval of the United States, and trans-

actions

therein are included in

International Development.
purchases of

reports of the Agency for

The tables also exclude the

r.,3.

foreign currencies which are under dollar ac-

countability and reported as dollar transactions.
Detailed data,
by account,
agency,
program, foreign
country, units of currency, and related dollar equivalents,

were published annually in the Combined Statement of Receipts,
Expenditures and Balances,
from fiscal 1958 through 1969.
Beginning with fiscal 1970, only summary data by country and
are shown in the Combined Statement; however, de-

account

tailed data is published semiannually in the report, Foreign

Currencies Held by the U.S. Government.

123

l^ovember 1976
FOREIGN CURRENCIES ACQUIRED BY THE
Table FC-1.

-

U. S.

Summary

(Fiscal years;

GOVERNMENT WITHOUT PAYMENT OF DOLLARS

of Foreign

Currency Transactions

in millions of dollar

equivalents

Treasury Bulletin

124
.FOREIGN CURRENCIES ACQUIRED BY THE
Table FC-3.

-

U.S.

GOVERNMENT WITHOUT PAYMENT OF DOLLARS

Foreign Currency Transactions, U.S. Uses

(Fiscal years; In millions of dollar equivalents)

.

November 1976

125
FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
Section

Table GA-II-1.

-

II

-

Federal Credit Programs

Direct Sales and Repurchases of Loans
(In millions of dollars)

Housing and Urban Development Department
Export- Import
Bank of the
United States

Government
National Mortgage
Association

Office of Secretary

1/

Sales
2/
1968
1969
1970
1971
1972
1973
1974
1975
1976

,

2,759

T.Q
1975- Sept.
Oct.,
Nov.,

Dec.
1976-Jan.
Feb..
Mar.,
Apr..
May..
June.

July
Aug.,
Sept.

1/
2/

1,070
1,337
2,115
2,548
3,045
6,257
3,903
7,829
11,666

347
724
947
263

213
428
842
305
781
330
1,141
1,559
1,281
422
61

974
959
1,668
2,005
2,430
3,324
2,172
6,415
4,247
1,070

174
405
569
287
574
284
1,105
1,524
1,148
414

2,300
1,501
1,232
6,963
1,592

57

346

1,240
431
1,845
1,397
1,919
1,031
433
1,716

Includes college housing, elderly housing, and public facility loans.
Sales for the fiscal year 1966 is on the basis of actual figures shonn
in the Budget document and include initial sales of loans from credit

244
368
488
209
163
294

263
332

261
1,339
879
1,493
910
33

inmirance fund. The monthly figures are on bas
Less than $500,000.

of agency report.

Treasury Bulletin

126
FINANCIAL OPERATIONS OF
Section
Table GA-III-1.

-

GOVERNMENT AGENCIES AND FUNDS
III

-

Trust Funds

Civil Service Retirement
(In millions of dollars)

and Disability Fund

,

.

.

127

November 1976

I

GOVERNMENT AGENCIES AND FUNDS

FINANCIAL OPERATIONS OF

Section III

Table GA-III-2.

-

Trust Funds

Federal Old-Age and Survivors Insurance Trust Fundi/

-

(In millions of dollars)

Expenditures other than

Receipts

Appropriations
J/

Deposits by
States

170,818
20,627
23,693
27,196
28,849
32,114
37,187
43,465
50,119
52,900
14,259

10,600
2,036
2,260
2,758
3,066
3,596
4,131
4,989
5,898
6,654
1,847

73,849
3,494
5,471
4,836

63,204
3,422
3,591
3,711

7,655
35
1,796
-305

Feb
Mar....
Apr ....
May
June..

4,356
6,773
4,159
6,087
7,525
5,301

4,376
4,871
4,487
6,071
5,199
4,681

-26
1,846
-346

July.
Aug..
SeDt

4,419
7,365
4,402

4,494
4,920
4,845

1937-67.
1968...,
1969. . .

1970
1971....
1972
1973....
197-1....

1975....
1976.

..

T.Q
1977 (Est.).
1975,-Oct

Nov
Dec
1976- Jan

191,373
23,6-11

27,348
31,746
33,982
37,916
43,639
50,935
58,763
62,327
16,186

"

Total 5/

V

-41

2,301
-367
-82

10,076
900
1,013
1,349
1,618
1,718
1,848
2,040
2,296
2,349

2,370
37

443
449
488
473
441
450
423

167,841 2/
21,624 2/
24,690
27,320
32,268
35,848
43,623
49,483
56,676
64,296

1

Benefit
payments

160,594
20,737
23,732
26,266
31,101
34,540
42,170
47,847
54,839
62,164

17.110

16,874

72,805

70,572

5,200
5,254
5,205

5,157
5,152

5.330
5,315
5,352
5,337
5,288
6,585

5,261
5,242
5,272
5,265
5,217
5,274

5,676
5,702
5,732

5,599
5,628
5,648

5,133

Payments to Railroad Retiretoent
Accounts 6/

3,631

438
491
579
613
724
783
909
982
1,212

Treasury Bulletin

128
FINANCIAL OPERATIONS OF

GOVERNMENT AGENCIES AND FUNDS

Section III

Table GA-III-3.

-

-

Trust Funds

Federal Disability Insurance Trust Fund
(In millions of dollars)

November 1976

129
FINANCIAL OPERATIONS OF

GOVERNMENT AGENCIES AND FUNDS

Section

III

-

Trust Funds

Footnotes

Table GA-III-3.
Monthly Treasury Statement of Receipts and Outlays of the United
Source:
States Government. Budget estimates are based on the 1977 Budget of
the U.S. Government, released January 21, 1976.
Revised Budget estimates based on the 1977 Budget update, released
Note:
July 16, 1976, are not available in the necessary detail.
Includes payments for military service credits as follows:
$16 mil1/
lion for each FY 1967, FY 1968, $32 million FY 1969, $16 million for
each FY 1970, 1971, $50 million FY 1972, $51 million FY 1973, $52 millic
and $3 million for interest on reimbursement of administrative and
vocal rehabilitation expenses FY 1974, $52 million military service
credits for FY 1975. Fiscal Year 1976 includes $90 million for
military service creon,i=.
2/ Includes unappropriated receipts from January 1962 to June 1965.
To cover employees of States and their political subdivisions under
tlie Social Security Act (42 U.S.C. 418),
Includes payment for Vocational Rehabilitation Service beginning
FY 1966 and construction and equipment of buildings beginning FY 1967,

Transition Quarter includes $27 million for vocational rehabilitation
services and $2 million for construction of buildings.
Payments are made between the Railroad Retirement Account and
Federal Old-Age and survivors and Federal disability so as to place
those funds in the position in which they would have been if railroad
emplcyraent after 1936 had been included in social security coverage
(45 U.S.C. 228 e (k)).
For appropriate share of administrative expenses, including interest,
paid from the trust fund during the preceding fiscal year as determined by the Secretary of Health, Education, and Welfare (42 U.S.C.
401 (g) (1)), Beginning July 1966 monthly reimbursements are paid to
the Social Security Administration to cover salaries and expenses
instead of the semi-annual reimbursement to FOASI.
Includes $27 million paid from Railroad Retirement Accounts in FY 1960.
Excludes transactions for investments in non-Federal securities.
Less than $500,000.

^
^

Table GA-lII-2.

Source:
Monthly Treasxiry Statement of Receipts and Outlays of the United
States Government. Budget estimates are based on the 1977 Budget of
the U.S. Government, released January 21, 1976,
Note:
Revised Budget estimates based on the 1977 Budget update, released
July 16, 1976, are not available in the necessary detail.
includes transactions under the predecessor Old-Age Reserve Account.
1/
$15 million transferred from general fund for ad2/ Total includes:
ministrative and other costs of benefits payable to survivors of
certain World War II veterans (60 Stat. 979 and 64 Stat. 512); $35
million (1937-59), paid from the Railroad Retirement Accounts; beginning November 1951, small amounts in the nature of recoveries from
expenditures incidental to the operations; beginning 1958, interest
payments from Federal Disability Insurance Trust Fund and sale of
waste paper; $78 million for each FY 1967 and 1968, $156 million FY
1969, $78 million for each FY 1970 and FY 1971, $137 million FY 1972,
$138 million FY 1973 and $139 million FY 1974 for military service
credits; and $226 million for FY 1969, $364 million for FY 1970, $371
million FY 1971, $351 million for FY 1972, $337 million FY 1973 and
Fiscal year 1975
$303 million FY 1974 for benefits for the aged.
includes $140 million for military service credits and $307 million
for special benefits for the aged. Fiscal Year 1976 includes $157 million
for military service credits and $268 million for special benefits
for the aged •
Includes unappropriated receipts from January 1962 to June 1965.
To cover employees of States and their political subdivisions, under

^
^

1/

^

the Social Security Act Amendments of 1950 (42 U.S.C. 418).
Includes payments for vocational rehabilitation services to Federal
Disability Insurance Trust Fund and Social and Rehabilitation Service.
Paytnents are made between the Railroad Retirement Account and Federal
Old-Age and Survivors and Federal disability so as to place those funds
in the position in which they would have been if railroad employment
after 1936 had been included in social security coverage (45 U.S.C. 228c
(k)).

2/
2/
2/

10/

*

Excludes transactions for investments in non-Federal securities.
Construction and equipment of office buildings for the Bureau (Public
Law 170, approved July 31, 1953 (67 Stat. 254)).
Under the Social Security Act, as amended (42 U.S.C. 401 (g) (1)),
for administration of Titles II and VII of that act and related
parts of the Internal Revenue Code (26 U.S.C, 480-482, LiOO-L;32).
See also footnote 10.
Salaries and expenses of the Bureau of Old-Age and Survivors Insurance are paid directly from the trust fund beginning 1947, under
provisions of annual appropriations acts until passage of the Social
Security Act Amendments of 1956 (42 U.S.C. 401 (g) (1)); previously
these expenses were included in reimbursements to the general fund.
Beginning July 1966 payments of salaries and expenses for the Social
Security Administration are charged directly to each trust fund,
Less than $500,000.

..

.

Treasury Bulletin

130
FINANCIAL OPERATIONS OF

GOVERNMENT AGENCIES AND FUNDS

Section III

Table GA-III-4.

-

-

Trust Funds

Federal Hospital Insurance Trust Fund
(In

mini

Net
Appropriations

Federal
payment
2/

Deposits
by
States

338
284
771
628
874
551
429
499
529
658

279
426
445
486
534
725
1,099
1.214

813
1,959

3,345
3,235
3,997
4,340
4,412
4,692
6,938
9,503
10.077
10,780
2,887
12,458
704
739
764

915
1,035
1,151

891
992
911

Apr.
May...
June.

1,192
1,152
1,599

1,161
1,052
1,010

Ju3y..
Aug...
Sept..

980

925

1,123
1,375

Total

1/

1966-67
1968
1969
1970
1971
1972
1973
1974
1975
1976.......
T.Q
1977 (Est.)
1975- Oct...
Nov
Dec...
.

.

1976-Jan...
Feb...,

Mar
.

.

A, 005

3,902

5,3W
5,61<i

6,018
6,031
8,352
11,610
12.562
13.600
3,473
15,716
710

^

Interest
and profits on
Investments

137
180
188
196
406-

,314

448
1,540
3
68
214

902
3

64
103
134
140
138

November 1976

131
FINANCIAL OPERATIONS OF
Section

Table GA-III-5.

-

GOVERNMENT AGENCIES AND FUNDS
III

-

Trust Funds

Federal Supplementary Medical Insurance Trust Fund

Treasury Bulletin
132
FINANCIAL OPERATIONS OF

GOVERNMENT AGENCIES AND FUNDS

Section III

Table GA-III-6.

-

-

Trust Funds

Railroad Retirement Accounts

November 1976

133
FINANCIAL OPERATIONS OF
Section

Table GA-III-7.

-

GOVERNMENT AGENCIES AND FUNDS

III

-

Trust Funds

Unemployment Trust Fund

Treasury Bulletin
134
FINANCIAL OPERATIONS OF
Section

Table GA-III-7.

-

GOVERNMENT AGENCIES AND FUNDS
III

-

Trust Funds

Unemployment Trust Fund — Continued

)

November 1976

155
FINANCIAL OPERATIONS OF
Section

Table GA-III-8.

-

GOVERNMENT AGENCIES AND FUNDS
III

-

Trust Funds

National Service Life Insurance Fund
(

In millions of dollars

136

Treasury Bulletin
FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS ^^___^^_
Section

Table GA-III-9.

-

III

-

Trust Funds

Investments of Specified Trust Accounts in Public Debt Securities

and Agency Securities by Issues, as of September
{In millions of dollars)

Investment se

30, 1976

November 1976

137
.CUMULATIVE TABLE OF CONTENTS
December 1975 through November

1976

and page numbers

AJti'-'le:

Tre^-m-y financing operations
fiscal operations
of fiscal operations
Budget receipts by source
Chart - Budget receipts by source
Budget outlays by agency
Undistributed offsetting receipts
Budget outlays by function
Investment transactions of Government accounts in
Federal securities (net)
Trust fund transactions
Selected accrual data reported by Federal agencies
Detail of excise tax receipts
Summary of internal revenue collections by States
and other areas

F'ederal

:

SumiTiary

Federal obligations

Account of the U.S. Treasury:
Status of the Account of the U.S. Treasury
Analysis of changes in tax and loan account balances...
Gold assets and liabilities of the Treasury
Mon^t^J'V statistics

:

Currency and Coin in Circulation
Federal debt:
Suminary of Federal debt
Computed interest charge and computed interest rate
on interest-bearing public debt
Interest-bearing public debt
Maturity distribution and average length of marketable interest-bearing public debt
Government account series
Interest-bearing securities issued by Government
agenc ie s
Participation certificates
Debt subject to statutory limitation
Status and application of statutory limitation
Treasury holdings of securities issued by Government
corporation and other agencies
Description of securities of Government corporations
and other business-type activities held by the
Treasury
Public debt operatiops
Maturity schedule of interest-bearing public marketable
securities other than regular weekly and 52-week
:

Treasury bills outstanding
Offering of bills
New money financing through regular weekly Treasury
bills
Offerings of public marketable securities other than
regular weekly Treasury bills
Unmatured marketable securities issued at a premium
or discount other than advance refunding operations,.
Allotments by investor classes on subscription for
public marketable securities
Disposition of public marketable secxjrities other
than regular weekly Treasxiry bills
Foreign series securities (nonmarketable) issued to
official institutions of foreign countries
Foreign currency series seciirities (nonmarketable)
issued to official institutions of foreign
countries
United States savings bonds:
Sales and redemptions by series, cumulative
Sales and redemptions by periods, all series
combined
Sales and redemptions by periods. Series E through K...
Redemptions of matured and unmatured saving bonds
Sales and redemptions by denominations. Series E and
H combined
Sales by States, Series E and H combined

Treasury Bulletin

138
.CUMULATIVE TABLE OF CONTENTS

,

December 1975 through November 1976— Continued

and page number

United State
Sales and redemptions by periods

Ownership of Fede ral securities:
Distribution by classes of Investors and types of
issues
Estimated ownership by private investors
T'

rg^syfy Slavey of ownership

treasury survey

-

commercial bank ownership

Market quotations on Treasury securiti
End-of -month closing quotations
Chart - Yields of Treasury securitie
Average yields of long-term bonds
Average yields of long-term Treasury, corporate, and
municipal bonds
Chart - Average yields of long-term Treasury,
corporate, and municipal bonds
:

Exchange Stabilization Fund:
Balance sheet
Income and expense
National bank reports:
Operating Income and Expense, and dividends of National
Banks Calendar Year 1975
International financial statistics
U.S. reserve assets
U.S. liquid and other liabilities to foreign
official institutions, and liquid liabilities to all
other foreigners
U.S. liquid and other liabilities to official
institutions of foreign countries by area
Nonmarketable U.S. Treasury bonds and notes issued
to official institutions of foreign countries
U.S. position in the International Monetary Fund
U.S. net mOiieTary gold transactions with foreign
countries and international and regional organizations
Weighted average of exchange rate changes for the
dollar
Capitalmovements
Liabilities to foreigners reported by banks in the
United States
Claims on foreigners reported by banks in the United
States
Liabilities to foreigners by nonbanking
concerns in the United States
Claims on foreigners reported by nonbanking concerns
in the United States
Transactions in long-term securities by foreigners
reported by banks and brokers in the United States
Foreign credit and debit balances in brokerage accounts
:

:

100

102

108

110

lU

116

106

102

118

120

103

103

110

106

126

109

109

116

124
133

121
130

100

Foreign currencies acQuired bv the U.S. Government
without payment of dollars
Foreign currency transactions, summary and country uses
Foreign currency transactions, U.S. uses and trust funds
:

Financial operations of Government agencies and funds:
Government corporations and other business-type
activities:
Statements of financial condition
Statements of income and retained earnings
Federal credit programs:
Direct sales and repurchases of loans
Direct and guaranteed loans outstanding
Trust funds;
Civil Service Retirement and Disability Fund
Federal Old-age and Survivors Insurance Trust Fund.
Federal Disability Insurance Trust Fund
Federal Hospital Insurance Trust Fund
Federal Supplementary Medical Insurance Trust Fund.
Railroad Retirement Accounts
Unemployment Trust Fund
National Service Life Insurance Fund
Investments of specified trust accounts

168
IbQ
171

17-4

152
15?
154
155

17o
177

U.S.

Government Printing

Office:

1976—241-278/2

DEPARTMENT OF THE TREASURY
FISCAL SERVICE, BUREAU OF
GOVERNMENT FINANCIAL OPERATIONS

POSTAGE AND FEES PAID
DEPARTMENT OF THE TREASURY
TREAS

OFFICE OF THE COMMISSIONER

WASHINGTON,

-

553

D.C. 20226

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, S300

FIRST CLASS

^\

^
stock

Take
.

^

.

in^^enca.
Buy U. S. Savings Bonds

Treas.
HJ

U.S. Treasury Dept,

10

Treasury bulletin,
July-Dec. 1976.

.A2

c.l

Treas.

HJ
10

U.S. Treasury Dept.

*u?3S2

c.l

Treasury bull etin,
July-Dec. 1976.