. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . entrating too large a portion ofthe public debt in the area of short maturities. In recent years, due to market conditions or the restrictions of the debt limit,opportunities to accomplish this objective have not been very frequent. Weshould be able to take advantage of opportunities in the period ahead of the present debt limit, we would not be able to take full advantage of such 248 195 8 REPORT OF THE SECRETARY OF THE TREASURY Chart C MARKETABLE MATURITIES IN 1958 Excluding Regular and T
. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . entrating too large a portion ofthe public debt in the area of short maturities. In recent years, due to market conditions or the restrictions of the debt limit,opportunities to accomplish this objective have not been very frequent. Weshould be able to take advantage of opportunities in the period ahead of the present debt limit, we would not be able to take full advantage of such 248 195 8 REPORT OF THE SECRETARY OF THE TREASURY Chart C MARKETABLE MATURITIES IN 1958 Excluding Regular and Tax Anticipation Bills $Bil. 51 ^^^ FederalReserve Bonks / All OtherInvestors 4 2 24 14^4i .4 18 17 22 39 42 Colloble 46 19 24124 1%X 2/2% l^% Sp. 3/2% 2%% 2%% Z\% 47. iV/. l\% 1%% Bd. Bill Nt. Bd. Bd. E Nt. Bd. Feb. 14 Mar. 15 Apr I ^ Apr. IS- June 15 Aug. I Oct. I Dec! Dec. 15 > Including Qovermnent investment accountst Chart D VOLUME OF TREASURY MARKET FINANCING(Excluding Weekly Roll-Over of Bills) $ 40 20 5-IOYeorBonds^Long-Term Bonds^. ^OfherNotes *• Certsand ShortNotes ^, ^Seasonal 1947 •51 53 - Colendar Yeors — < Notes originally 20 months or less to maturity! EXHIBITS 249 opportunities. During the past several months, we have been able to issue onlyrelatively small amounts of longer maturities on two occasions. Those are the 12- and 17-year bonds referred to. The practice of the Government going frequently to the market disturbs notonly the market for Government securities but also the market for corporate,State, and municipal securities, and for businesses of all kinds. We should be able to conduct our operations on a scale commensurate withour needs and in accordance with the conditions which prevail. We should asfar as possible leave the markets freer to absorb new financing by State and localgovernments and private businesses. The circumstances which I have outlined, in our judgment, require a promp
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