III

TABLE F-49.—Estimated ownership of Federal obligations, 1939-57[Par values», billions of dollars]Gross public debt and guaranteed issues 2End of periodTotalHeldby U.S.GovernmentinvestmentaccountsTotalFederal ComReservee mercialBanks banks 3Held by othersMutualsavingsbanksand insurancecompaniesOtherStateandlocalcorporations* governments5MiscellaneousIndividinvestors?1939-1940.1941-1942-1943-1944-1945-1946-1947-1948-1949.1950-1951_1952-1953-1954-1955-1956-1957 s1956: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember47.650.964.3112.5170.1232.1278.7259.5257.0252.9257.2256.7259.5267.4275.2278.8280.8276.7275.0280.1280.2276.4275.8276.8272.8272.7275.6274.3275.4277.1276.71957: January 276.3February 276.4March 275.1April 274.1May 275.3June 270.6JulyAugustSeptemberOctoberNovember 8 __December s --_272.6274.0274.5274.2274.9275.06.57.69.512.216.921.727.030.934.437.339.439.242.345.948.349.651.754.055.251.751.851.951.652.553.553.854.454.253.954.254.053.954.154.253.754.955.655.255.855.455.455.355.241.143.354.7100.2153.2210.5251.6228.6222.6215.5217.8217.5217.2221.6226.9229.2229.1222.7219.8228.4228.4224.5224.3224.3219.3218.9221.2220.2221.5222.9222.7222.4222.3221.0220.4220.5215.1217.4218.2219.1218.7219.6219.82.52.22.36.211.518.824.323.322.623.318.920.823.824.725.924.924.824.924.223.523.523.623.323.523.823.423.923.723.824.424.923.422.923.123.223.123.023.423.523.323.323.724.215.917.321.441.159.977.790.874.568.762.566.861.861.663.463.769.262.059.358.760.559.558.358.557.857.156.557.657.658.058.659.358.357.758.158.057.755.856.856.658.358.158.258.79.410.111.915.821.228.034.736.735.932.731.529.626.325.525.023.822.820.919.522.722.422.222.121.921.621.621.421.421.321.120.920.920.820.620.520.420.220.220.120.120.019.719.52.22.04.010.116.421.422.215.314.114.816.819.720.719.921.619.223.318.616.523.623.720.820.520.917.417.718.617.518.519.218.620.220.918.017.918.515.716.316.816.116.116.616.50.4.5.71.02.14.36.56.37.37.98.19.611.112.714.415.116.117.315.415.615.715.715.815.715.815.916.016.016.116.116.216.316.616.816.816.916.917.117.217.217.317.310.110.613.623.737.653.364.164.265.765.566.366.364.665.164.863.665.567.167.666.767.267.467.767.767.567.667.567.767.567.567.167.167.568.268.067.667.467.568.068.267.967.967.61 United States savings bonds, series A-F and J, are included at current redemption value.2 Excludes guaranteed securities held by the Treasury. Not all of total shown is subject to statutorydebt limitation.3 Includes commercial banks, trust companies, and stock savings banks in the United States and inTerritories and possessions; figures exclude securities held in trust departments. Since the estimates in thistable are on the basis of par values and include holdings of banks in United States Territories and possessions,they do not agree with the estimates in Table F-41, which are based on book values and relate only to bankswithin the continental United States.4 Exclusive of banks and insurance companies.5 Includes trust, sinking, and investment funds of State and local governments and their agencies, andof Territories and possessions.6 Includes partnerships and personal trust accounts.7 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealersand brokers, and investments of foreign balances and international accounts in this country. Beginningwith December 1946, the foreign accounts include investments by the International Bank for Reconstructionand Development and the International Monetary Fund in special non-interest-bearing notes issuedby the U. S. Government. Beginning with June 30, 1947, includes holdings of Federal land banks.8 Preliminary estimates by Council of Economic Advisers.NOTE.—Detail will not necessarily add to totals because of rounding.Source: Treasury Department (except as noted).172.7.92.34.47.09.18.18.48.99.410.510.611.713.213.915.615.916.016.016.416.516.516.616.216.216.316.316.316.015.916.216.216.316.016.416.116.316.016.016.116.216.0