George Hanc

English

Research Papers in Economics

This PDF is a selection from an out-of-print volume from the National
Bureau of Economic Research
Volume Title: The United States Savings Bond Program in the Postwar
Period
Volume Author/Editor: George Hanc
Volume Publisher: UMI
Volume ISBN: 0-87014-395-6
Volume URL: http://www.nber.org/books/hanc62-1
Publication Date: 1962
Chapter Title: Appendix Tables
Chapter Author: George Hanc
Chapter URL: http://www.nber.org/chapters/c2181
Chapter pages in book: (p. 101 - 108)Appendix Tables
101TABLE A-i
MAIN OF SERIES E, H, F, G, J, AND K SAVINGS BONDS
Series E Series H
Period of sale
Type
Yield at maturityb
Bonds sold May1941-
April 1952
Bonds sold May 1952-
January 1957
Bonds sold February
1957-May 1959
Bonds sold June 1959-
present
Term to maturity'
Bonds sold May 1941-
April 1952
Bonds sold May 1952-
January 1957
Bonds sold February
1957-May 1959
Bonds sold June 1959-
present
Minimum denomination
(maturity value)
Limitations on annual
purchases (issue
price) by single
investor
May 1941-present
Discount-appreciation
2.90% comp'd. semiann.
3.00% comp'd. semiann.
3.25% comp'd. semiann.
.3.75% comp'd. semiann.
10 years (20 years at
option of investor)•
9 years, 8 months (19 years,
8 months at option of
investor)
8 years; 11 months
7 years, 9 months
$25 ($10 to Armed Forces
personnel, June 1941-
March 1950)
$3,750, 1941-47
$7,500, 1948-51
$15,000,
$7,500,
June 1952-present
3.00% payable semiann.
3.25% payable semiann.
3.75% payable semiann.
9 years, S months
10 years
10 years
$500
$20,000, 1952-58
$10,000, 1957-presentf
Eligible subscribers
Redeemable prior
to maturity
Natural persons
(1941-present),
employee savings plans
(1954-present), personal
trust estates (1955-present),
other investors except
commercial banks
(1958-present)
At any time after 2
months from date of
issue, at specified
redemption values
Natural persons
(1952-present), personal
trust estates (1955-present),
other investors except
commercial banks
(1958-present)
On the first day of any
month after 6 months
from date of issue, on
one month's notice, at
par value
(continued)
102TABLE A-i(continued)
• -SeriesF ' ' Series G
Period of sale
Type
Yield at maturityb
Bonds sold May 1941-
April 1952
Bonds sold May 1952-
January 1957
Bonds sold February
1957-May 1959
Bonds sold June 1959-
present
Term to maturityc
Bonds sold May
April 1952
Bonds sold May 1952-
January 1957
•May 1941-April 1952
Discount-appreciation
2.53% comp'd. semiann.
12 years
'May 1941-April 1952
2.50% payable semiann.
12 years
Bonds sold February
1957-May 1959
Bonds sold June 1959-
present
Minimum denomination
(maturity value)
Limitations on annual
purchases (issue
price) by single
investor
Eligible subscribers
$50,000of F and C
bonds combined, 1941
$100,000 of F and.G
bonds combined,
1942-52g
Investors other than
commercial banksi
Same as Series
Same as Series
Redeeniable prior
to maturity
On the first day of any
month after 6 months
from date of issue, on
one month's notice, at
specified redemption
values
On the first day of any
nionth after 6 months
from date of issue, on
one month's notice, at
discounts from par value,
except at par in event
of death of owner or, if
held by trustee, in event
of death of any person
causing termination of
the trusti
(continued)
103
$25d $100TABLE A-i(concluded)
Series J Series K
Period of sale. May 1952-April 1957
Type Discount-appreciation
Yield at maturityb
Bonds sold May 1941-
April 1952
Bonds sold May 1952-
January 1957
Bonds sold February
1957-May 1959
Bonds sold June 1959-
present
Term to maturityc
Bonds sold May 1941-
April1952
Bonds sold May 1952-
January 1957
Bonds sold February
1957-May 1959
Bonds sold June 1959-
present
M inimurn denomination
(maturity value)
Limitations on annual $200,000 of J and' K Same as Series Jh
purchases(issue bonds combined
price) by single -• -
investor
Eligible subscribers Same as Series F Same as Series F
Redeemable prior
to maturity
May 1952-April 1957
Current.incomea
2.76% payable 'semiann.
12 years
$500
2.78% comp'd. semiann.
12 years
$25
Same as Series F
_1
——I
Same as Series Ci
104NOTES TO TABLE A-i
SouacE;Based on information from the Annual Report, Treasury, Treasury Bulletin, and
Treasury Department circulars.
aInterestpayments on Series H bonds are graduated upward according to the time the bonds
are held. Interest payments on Series G arid K :bonds are constant throughout the term to
maturity.
bDataare yields. prescribed at time of sale and do not .reflect increases in• yields on. outstanding
E and H bonds authorized in 1959. Yields and other revised features of new E and H bonds
were announced in April 1957 and September 1959, but affected bonds sold in February-March
1957 and June-August 1959, respectively.
Optional extension privileges have also been granted to holders of E bonds issued prior to
June 1949 (in addition to the ten-year extension already permitted) and E bonds issued in
May 1957 and .thereafter at rates of interest to be determined prior to the extended or original
maturity of such bonds.
dOriginally,Series F bonds were offered in denominations of $100 and higher. The $25 F bonds
were first offeredJanuary 1942.
The ceiling on annual purchases of Series E bonds by employee savings plans, which were
authorized for the first time in January 1954, is $1,500 (issue price) mullipled by the highest
number of participants in the plan during the year in which the bonds are issued.
fThereduction in the annual limit on new purchases was effective May 1, 1957.: Purchases after
April 30, 1957, were limited to $7,500 of E bonds and $10,000 of H bonds (issue prices) less
purchases during the first four months of the year. Ceilings do not apply to Series E and
bonds issued in exchange for maturing F and C bonds on or after September 1, 1958, and under
certain other circumstances (see Annual Report, Treasury, 1958, p. 219, and 1960, pp. 207-208)
or H bonds issued in exchange for E, F, and J bonds (with the privilege of further deferring
the payment of income tax on the accrued interest on the discount bonds until redemption or
maturity of the H bonds) since January 1960.
gCeilingswere raised to $1 million above the normal ceiling for certain types of institutional
investors for short periods of time during special offerings in July 1948 and in the last quarter
of 1950. =
h Ceilingsdo not apply to Series G and K bonds issued in exchange for maturing E bonds.
i Limited amounts of F and G bonds were offered to commercial banks with savings deposits
during 1944 and for short periods of time in 1945, 1948, and 1950.
i Series G and K bonds issued for maturing Series E bonds are redeemable at par prior to
maturity.
105• TABLE A-2
SALES,IEDEMPTIONS, ANDAMOUNTSOUTSTANDING OF SAVINGS' BONDS,
ALL SERIES COMBINED, 1945-60
(billions of dollars) ' .
, '..':. •.
Net
Salesa RedemptionsaSalesa .
. •, . .'..['
'
•
Net
Accrued
Interestb
.. .
Net Change
.
inAmount
.,. . .. ..
Amount
.•
Outstanding
' .
1945.. .12.9 . 5.5.. 7.5
6.2 1.2 •.
.4 ..,,,...7.9, 48.2
1:946.... '' .5' , 1.6 49,9.'
1947
..
'6.7 4.9 1.8 5" 52.2
1948 '7.3 •. . '•.2.5:.:. •.6 3.0 ..55.2
1949 5.8
1950 '
4.7' 'l.I '
"5.3 0.7''.
.6 .
'.8"
1.7
1.3 '
56.9
''58.2
1951 40 52 —12 7 —05 577
4'.2 .,—0.4H 7 '03 ., .
1953'..." " '5.5... —0.7 ;6 . 57.9
1954 6.2 6.3 —0.1 .5 '
. '0.4' ' 58.3.
1.955 . .'.6.3 . •..0.2 58.5.
1956 's" 5•5"."7.4 —1.9 " —1.5 .''57.0'
1957 4.8 8.7 —4.1 .3 —3.8 53.2
1958 4.7 ' '—1.8 ' .' - —1.3 51.9'
1959 . 4.3 7.8 . . .—3.4.. : —3.2 . , .48.6
1960 4.4 5.9 ". ...'—1.1 ... 475.
SotmcE: Based on data in Treasury Bulletin and unpublished Treasury Department data.
aInterms of issue prices. Redemptions include both matured and unmatured bonds and reflect
exchanges.
bInterestaccrued on outstanding bonds during the year less accrued interest paid on redeemed
bonds.
cIncludesboth interest-bearing bonds and matured bonds which bear no interest. Discount
bonds (Series A-F and J) are included at current redemption values. Current-income bonds
(Series C, H, and K) are included at par values.
106T
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.TABLE A-4
REDEMPTIONSOF MATURED AND !JNMATURED SAVINGS BONDS, 1951-60
(millions of dollars)
• Matured Unmatured
Series E
YearTotal TotalSeries EOther Total and HOtherUnclassified
1951 5,651 722 254 518 4,914 3,817 1,097 —35
1952 5,074 1,015 968 47 4,025 3,096 929 34
1953 6,149 2,318 1,328 •• 3,799 2,882 917 31
1954 6,985 3,171 1,500 1,672 3,057 2,464 593 757
1955 7,301 4,230 2,047 2,183 3,666 2,978 689 —595
1956 8,264 4,246 1,891 2,355 3,899 2,920 979 120
1957 9,630 4,156 2,084 2,072 5,207 3,322 1,866 268
1958 7,255 3,393 1,691 1,702 3,841 3,091 750 22
1959 8,772 4,701 2,433 2,268b 4,520 3,445 1,075 —449
1960 6,732 3,033 1,944 1,08gb c 3,938 3,114 825 —239
SouRcE:Treasury Bulletin. Redemptions include sales price and accrued interest. Data include
exchanges of minor amounts of (1) matured E bonds for G and K bonds from
May 1951 through April 1957 and (2) F and J bonds for H bonds in 1960. Unclassified
redemptions represent changes in the amounts of redemptions not yet classified
between matured and unmatured issues.
a Includes exchanges of F and C bonds issued in 1941 for marketable 3¼ per cent bonds of
1978-83, amounting to $418 million:
bIncludesDecember 1959 exchanges of F and G bonds issued in 1948 for 434 per cent market-
able notes of 1964, amounting to $746 million.
Includes December 1960 exchanges of Series 1949 F and C bonds for 4 per cent marketable
bonds of 1969, amounting to $148 million.
108

The United States Savings Bond Program in the Postwar Period

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