"The totals of each of the above loans have changed substantially since allotment, through conversions with a correspondingly increasing charge on the service. However, the gross amount is substantially unchanged. Of the old loans the Treasury statement of March 31 showed the following totals: Consol. 2's of 1930 $599,724,050 4's of 1925 118,489,900 Panama Canal 2's, 1906 48,954,180 Panama Canal 2's, 1908 5,947,400 Panama Canal 3's, 1911 50,000,000 Conversion 3's, 1946--7 28,894,500 Postal Savings 2½'s, 1931--7 10,758,560 Postal Savings 2½'s, 1938 302,140,000 -------------- $1,184,908,590 "The short-term loans in the shape of certificates of indebtedness and War Savings Stamps at the present writing are as follows: 4½% certificates, Series E $639,493,000 4½% certificates, Series 4F 625,216,500 4½% certificates, Series 4G 614,069,000 ------------- $1,878,778,500 "In addition to the above a series of certificates of indebtedness, designated as TA, bearing interest at four per cent. and maturing July 15, 1919, was issued to a small amount in anticipation of next year's income taxes. The sale proved to be slow, and further issuance was discontinued and a new issue for the same purpose and of a similar maturity bearing interest at 4½% per cent. was substituted. The sale of these securities through the agency of the Federal Reserve Banks is in the nature of a continuous operation, and no totals so far have been announced. [Illustration: Detroit--City of Automobiles Many thousands of standardized trucks were made in Detroit during the war rush, the automobile having proved to be indispensable to the fighting forces overseas.] "The sale of War Savings Stamps and certificates has increased the national debt by $1,257,000,000, or within 400 million of the maximum under the first authorization. A second series, however, amounting to two billion dollars, has been authorized, so that the operation will probably continue into the coming year. The Treasury for the fiscal year 1917--18 estimated receipts of $663,200,000 from this source and about a billion for 1918--19. The first estimate was out of line, owing to the difficulty in getting the plan into smooth operation. Subsequent results have, however, justified the average of expectations.