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Show Utah Bond Sales Si crease for Year Utahns invested more savings in United States Savings Bonds during 1963 than in any year since 1946, following the close of World War II. So said Clem S. Schramm, State Director of the Treasury's Savings Bonds Division in a year end report to State Chairman Fredrick Champ and other bond volunteers. "Purchases of Series E and H bonds reached the 17 year mark of $21,579,179, besting 1962 by $2.2 million and representing 107 percent of our state's quota," the director said. Nationally, sales of E' and H bonds for the year were $4.76 billion, up $482 million over '62, and the highest since 1956. Redemptions Re-demptions were two per cent '")! than last year, and with the ception of 1961, the lowest since 1954. The cash value of outstanding bonds of both series reached a new record level of $47,106 billion. Reasons for Utah's sales increase in-crease are varied, according to State Director Schramm. "For instance, 9,252 new participants in the Payroll Savings Plan are recorded during 1963, or 243 per cent of our assigned goal, and the automatic, continuing purchases pur-chases by payroll savers mainly in the $25, $50 and $100 denominations, denom-inations, helped account for the 13 per cent increase in the E-bond E-bond sales total. This achievement achieve-ment was made possible by the outstanding cooperation of management man-agement and employees in business busi-ness and industry, defense and federal agencies, public employe groups. "Sales of larger denomination bonds also showed an increase, indicating that many investors took advantage of the deferral of federal tax and freedom from state income tax which are the features of the E bond. "In addition to outright purchases pur-chases of over $1 million in the current income Series H bonds, Utahns acquired $664,500 more by taking advantage of the E bond exchange privilege. (The amount so exchanged is not included in-cluded in the annual sales total. "The School Savings Stamps program, which teaches children Americanism as well as thrift, is being conducted in 112 schools an increase of six per cent over a year ago." |