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ANNUAL REPORT OF THE
SECRETARY OF THE TREASURY
ON
THE STATE OF THE
FINANCES
FOR THE FISCAL YEAR
ENDED JUNE 30
1925
IVith Appendices
WASHINGTON
GOVERNMENT PRINTING OFFICE
1926
pppviwp
CoJ^
TREASURY DEPARTMENT
Document No. 2955
Secretary
21
45^0
CONTENTS
Page
^
^
y,
Introduction
Taxation
_->
_
Receipts and expenditures
Trend of tax receipts
_
Trend of expenditures
The public debt
Debt retirements
Debt retirement and taxes
Composition of the pubhc debt
Managing the public debt
Treasury bonds of 1944-1954
.
Certificates of indebtedness and Treasury notes
Redemption of the 4's of 1925
.__
Termination of conversion privilege, 4 per cent Liberty bonds
Treasury financing and the credit situation
*
The relation of Treasury rates to the market
Influence of debt payments on the money market
Obligations of foreign governments
!World War Foreign Debt Commission
Armenia
___;
Austria
.;
Belgium
-_
Czechoslovakia
Esthonia
:
-Prance
Greece.
Italy
.
Latvia
Liberia
Lithuania.
.......
.
Nicaragua
>
Poland
.
Rumania
Russia
:
_.._^
_-_
Yugoslavia.
;
-__
Gold
.
t
The gold standard and international trade
Gold movements.
j
Gold production
Stock of monetary gold in the United States
United States paper currency
^
Bureau of Engraving and Printing
Controlling accounts over transactions in security paper
Insular possessions...^
Bureau of Internal Revenue
Prohibition and narcotic enforcement
Customs
The Coast Guard
Federal Farm. Loan System
1
Federal land banks
Joint-stock land banks.
Federal intermediate credit banks
War Finance Corporation
^
_
Farmers' seed-grain loans
Alleged duplications of the public debt^
;
Deposits of Government funds..1
Securities owned by the United States Government
.— ^
Railroads . . .
Section 204
Section 209
.
...^.Section 210
III
itp^S
1
4
6
8
12
21
21
24
27
29
31
32
35
35
36
40
44
48
51
55
55
55
58
59
59
63
63
65
66
66
66
66
67
67
67
68
68
69
73
73
75
77
79
79
80
84
86
87
91
91
91
92
93
95
96
96
99
100
103
103
104
IV
CONGCENTS
Checking accounts of Government corporations and agencies
The mints
Silver
.
Public Health Service
.
...
Public buildings
Hospitals
:
Adjusted service certificate fund
.
District of Columbia teachers' retirement fund..
.
United States Government life insurance fund
.^.
Civil service retirement and disability fund
Foreign service retirement and disability fund-._
Library of Congress Trust Fund Board
—
Surety bonds
^
.
Treasury organization
:
.
Budget and improvement committee
Bureau of Supply
Purchases and issues of stationery
.
General Supply Committee
.
Personnel
Personnel classification
^
i^
._
Retirement of civil service employees
Practice before the Treasury Department
^.
Panama Canal
_._.
Finances
:
Condition of the Treasury June 30, 1925
Receipts and expenditures on cash basis.
Receipts and expenditures on warrant basis
Estimates for 1926 and 1927 compared with actual receipts
Estimates for 1927 and appropriations for 1926
.
,
^
...
^.
...
,
...
._.
.
for 1925.
Page
105
106
107
107
114
117
118
121
121
122
123
124
125
126
128
129
130
131
132
133
134
136
136
137
137
140
150
164
167
Exhibits accompanying the report on the finances
Exhibit 1. Statement of the public debt of the United States, June 30,1925.
Exhibit 2. Preliminary statement of the public debt, October, 31, 1925
Exhibit 3. Summary statement of transactions in interest-bearing and
noninterest-bearing United States securities for the fiscal year ended
June 30, 1925
.
Exhibit 4. Interest-bearing United States bonds, notes, and certificates of
indebtedness issued during the fiscal year ended June 30, 1925, classified
by issues and accounts
_''
Exhibit 5. Interest-bearing United States bonds, notes, and certificates of
indebtedness retired during the fiscal year ended June 30, 1925, classified by issues and accounts
:
Exhibit 6. United States bonds, notes, and certificates of indebtedness
outstanding June 30, 1925, which matured during the fiscal year 1925,
classified by issues and denominations
_.'
Exhibit 7. Interest-bearing United States bonds, notes, and certificates of
indebtedness outstanding June 30, 1925, classified by issues and denominations
Exhibit 8. Stock accountability of the Division of Loans and Currency
for United States and other securities for the fiscal year 1925
Exhibit 9. Stock accountability of Federal reserve banks and other Treasury agencies for United States securities for the fiscal year 1925
Exhibit 10. Retired and unissued United States pre-war securities on hand
June 30, 1924, not previously reported (belonging to previous fiscal
years and dehvered to the Register of the Treasury during the fiscal
year 1925)
Exhibit 11. Summary of transactions in interest-bearing United States
securities for the fiscal year 1925
^
Exhibit 12. Transactions in interest-bearing pre-war bonds during the
fiscal year 1925
Exhibit 13. Transactions in interest-bearing Liberty bonds and Treasury
bonds during the fiscal year 1925
.
Exhibit 14. Transactions in interest-bearing Treasury notes during the
fiscal year 1 9 2 5 . . - 1 . .
170
175
176
179
181
185
186
189
194
198
199
201
202
204
CONTENTS
V
Page
Exhibit 15. Transactions in interest-bearing certificates of indebtedness
during the fiscal year 1925
.
Exhibit 16. Transactions in Treasury (war) savings securities during the
fiscal year 1925
Exhibit 17. Liberty bond and Victory note conversions from November 15,
1917, to June 30, 1925
.
Exhibit 18. Certificates; of indebtedness issued through each Federal
reserve bank and Treasury Department during the fiscal year 1925
Exhibit 19. Registered interest-bearing bonds outstanding and number of
registered accounts June 30, 1925, classified by issues, amount of interest payable, and number of checks drawn during the fiscal year 1925. _
Exhibit 20. Insular and District of Columbia loans—changes during the
fiscal year ended June 30, 1925
Exhibit 21. Retired and unissued securities, not affecting the public debt
of the United States, delivered to the Register of the Treasury during
the fiscal year ended June 30, 1925
:.____
Exhibit 22. Pubhc debt transactions from July 1, 1924, to June 30, 1925,
inclusive
.
.
Exhibit 23. Public debt retirements chargeable against ordinary receipts. _
Exhibit 24. United States bonds, notes, and certificates of indebtedness
bearing maturity dates subsequent to April 1, 1917, outstanding and on
hand June 30, 1925, showing an accounting for securities delivered by
the Bureau of Engraving and Printing and securities issued and retired
from date of inception
Exhibit 25. Interest-bearing United States securities outstanding June
30, 1925, and transactions in such securities from date of inception,
showing reconciliation of account of the Treasurer of the United States
with security account
.
._
Exhibit 26. Interest-bearing United States pre-war bonds outstanding,
and transactions in such securities from date of inception to June 30,
1925
.
Exhibit 27. Interest-bearing United States Liberty bonds and Treasury
bonds outstanding, and transactions in such securities from date of
inception to June 30, 1925
.
Exhibit'28. Interest-bearing United States Treasury notes and certificates of indebtedness outstanding, and transactions in such securities
from date of inception to June 30, 1925
-.,
Exhibit 29. Interest-bearing United States Treasury (war) savings
securities outstanding, and transactions in such securities from date of
inception to June 30, 1925
..
Exhibit 30. Brief description of Liberty bonds and Treasury bonds.
Exhibit 31. Brief description of Treasury notes, certificates of indebtedness, and war-savings certificates
Exhibit 32. Third supplement to Department Circular No. 225. Receipt
of Liberty bonds, Treasury bonds, and Treasury notes for estate or
inheritance taxe s
Exhibit 33. Department Circular No. 349, offering for subscription 4 per
cent Treasury bonds of 1944-1954
Exhibit 34. Department Circular No. 354, offering for subscription an
additional issue of 4 per cent Treasury bonds of 1944-1954
Exhibit 35, Letter of Secretary of the Treasury, dated December 3, 1924,
to banking institutions, accompanying the offering of 4 per cent Treasury
bonds of 1944-1954, dated December 15, 1924
Exhibit 36. Letter of Secretary of the Treasury to holders of Third Liberty
loan bonds, accompjanying the offering of 4 per cent Treasury bonds of
1944r-1954, dated December 15, 1924.
Exhibit 37. Department Circular No. 352. Treasury bonds: Bearer bonds
in the denomination of $100,000
^_..
Exhibit 38. Department Circular No. 351. Termination of conversion
privilege—4 per cent Liberty bonds
Exhibit 39. Department Circular No. 353, offering for subscription
Treasury certificates of indebtedness, series TD-1925, dated and bearing
interest from March 16, 1925
.
.
Exhibit 40. Departnient Circular No. 359, offering for subscription Treasury certificates of indebtedness, series TJ-1926, dated and bearing
interest from June 15, 1925
.
.
...
206
207
209
210
212
213
214
216
221
224
227
231
232
235
237
238
240
242
243
245
247
248
249
250
251
252
VI
CONTENTS
rag©
Exhibit 41. Department Circular No. 360, offering for subscription
Treasury certificates of indebtedness, series TJ2-1926, dated and bearing
interest from September 15, 1925
Exhibit 42. Amendment to Department Circular No. 308. Redemption
of war-savings certificates, series of 1918
Exhibit 43. Amendment to Department Circular No. 330. Redemption
of war-savings certificates, series of 1919
.
Exhibit 44. Payments to carriers from November 1, 1924, to October 31,
1925, inclusive, provided for in section 204 of the transportation act
of 1920, as amended, for reimbursement of deficits on account of Federal
control
Exhibit 45. Payments to carriers from November 1, 1924, to October 31,
1925, inclusive, under the guaranty provided for in section 209 of the
transportation act of 1920, as amended, and payments by carriers to the
United States under the same section
^
_
Exhibit 46. Loans to carriers under section 210 of the transportation act
of 1920, as amended, and repayments on such loans from November 1,
1924, to October 31, 1925, inclusive, with loans outstanding October 31,
1924, and October 31, 1925
.....
Exhibit 47. Federal control of railroads—net cash expenditures on account of railroads and railroad obligations.as of June 3,0, 1925.
...
Exhibit 48. Securities owned bv the United States Government, June 30,
1925..
--.
----^
Exhibit 49. Obligations of foreign governments held by the United States
Treasury together with interest accrued and remaining unpaid thereon
as of the last interest period prior to or ending with November 15,1925. .
Exhibit 50. Payments made by foreign governments on account of
principal of obligations held by the Treasury
:
.
.
Exhibit 51. Payments made by foreign governments on account of interest on obligations held by the Treasury
.
',.
Exhibit 52. An act to amend the act entitled *'an act to create a commission authorized under certain conditions to refund or .convert obhgations of foreign governments held by the United States of America, and
for other purposes," approved February 9, 1922, as amended February
28, 1923...
....^
Exhibit 53. Agreement for the funding of the debt.of Lithuania to the
United States
...
_.
Exhibit 54. Letter from the Secretary of the Treasury, dated September
22, 1924, to the President of the United States, submitting the report
of the World War Foreign Debt Commission in connection with the
debt settlement with Lithuania
^^__-___.__^
^._
Exhibit 55. Message from the President.of the United States to the
Congress, dated December 4, 1924, submitting the report of the World
War Foreign Debt Commission, dated December 4, 1924
Exhibit 56. An act to authorize the settlement of the indebtedness of the
RepubHc of Lithuania to the United States of America
•.
Exhibit 57. Agreement for the funding of the debt of Poland to the United
States
.
Exhibit 58. Letter from the Secretary of the Treasury, dated November
14, 1924, to the President of the United States, submitting the report
of the World War Foreign Debt Commission in connection with the
debt settlement with Poland
^ ^
Exhibit 59. Message from the President of the United States to the Congress, dated December 4, 1924, submitting the report of the World War
Foreign Debt Commission, dated November 14, 1924
Exhibit 60. An act to authorize the settlement of the indebtedness of the
Republic of Poland to the United States of America.
^ :
Exhibit 61. Statement given to the press of the remarks of the Belgian
ambassador and Secretary Mellon at the opening of the negotiations
for the funding of the indebtedness of Belgium to the United States
Exhibit 62. Statement given to the press by the World War Foreign Debt
Commission at the conclusion of the negotiations for the funding of the
indebtedness of Belgium to the United States
Exhibit 63. Agreement for the funding of the debt of Belgium to the
United States...^
.
254
.
255
256
256
257
258
259
260
265
266
267
. 268
268
273
275
275
276
. 282
. 283
283
284
286
288
CONTENTS
VII
Page
Exhibit 64. Statement given to the press by the World War Foreign Debt
Commission in connection with the settlement of the indebtedness of
Latvia to the United States
...
Exhibit 65. Agreement for the funding of the debt of Latvia to the United
States
.
Exhibit 66. St^atement given to the press by the World War Foreign Debt
Commission in connection with the settlement of the indebtedness of
Czechoslovakia to the United States
Exhibit 67. Agreement for the funding of the debt of Czechoslovakia to
the United States
^
Exhibit 68. Statement given to the press by the World War Foreign Debt
Commission in connection with the settlement of the indebtedness of
Esthonia to the United States
.....^
.
Exhibit 69. Agreement for the funding of the debt of Esthonia to the
United States..
._.
...
Exhibit 70. Statement given to the press of the remarks of the French
Minister of Finance and Secretary Mellon at the opening of negotiations
for the settlement of the indebtedness of France to the United States. _
Exhibit 71. Statement given to the press of the remarks of Secretary
Mellon and the Italian Minister of Finance at the opening of negotiations for the settlement of the indebtedness of Italy to the United
States
_.!__.
Exhibit 72. Statement given to the press by the World War Foreign Debt
Commission in connection with the settlement of the indebtedness of
Italy to the United States
'..
.._
..
Exhibit 73. Statement given to the press of the remarks of Count Volpi..
and Secretary Mellon at the signing of the agreement for the settlement of the indiebtedness of Italy to the United States
.
Exhibit 74. Agreement for the funding of the debt of Italy to the United
States
1
._-.-...__.
Exhibit 75. Statement given to the press by the World War Foreign Debt
Commission at the opening of negotiations for the settlement of the indebtedness of Rumania to the United States
.
Exhibit 76. Interest collected by fiscal years, from June 1, 1913. to June
30, 1925, on deposits of Government funds with national-bank depositaries, insular depositaries, and foreign depositaries
,.:i
.
Exhibit 77. Interest collected to June 30,1925, by Federal reserve districts,
on deposits in special depositaries on account of sales of Liberty bonds,
Victory notes. Treasury notes, and certificates of indebtedness, and
income and profits tax payments, under acts of April 24, 1917, September 24, 1917, April 4, 1918, July 9, 1918, September 24, 1918, and
March 3, 1 9 1 9 - . .
._-._Exhibit 78. Department Circular No. 356. Chief clerk. Treasury Department, designated to handle classification and efficiency matters..
Exhibit 79. Department Circular No. 244. Supervision of bureaus and'
offices of the Trgsury Department and divisions of the office of the
Secretary of the Treasury by the Undersecretary of the Treasury and
the Assistant Secretaries of the Treasury
.._
Exhibit 80. Number of employees in the departmental service of the
Treasury in Washington, by months, from June 30, 1924, to September
30, 1925
._....
...
-..-.
Exhibit 81. Department Circular No. 154, revised. Acceptance-of United
States bonds and notes as security in lieu of surety or sureties on penal
bonds
Exhibit 82. Treasury Decision 3734. Enrollmentof attorneys and agents.
Exhibit 83. Circular letter No. 144. Printing and forms committee
appointed
1
—
Exhibit 84. Department Circular No. 358. Disposition of useless papers.
Exhibit 85. Letter from the Secretary of the Treasury, dated March 3,
1925, to the President of the United States, with reference to a report
submitted to Congress by the special committee of Congress appointed to investigate matters relating to Government bonds
Exhibit 86. Statement by the Secretary of the Treasury, supplementing his
letter to the President, dated March 3, 1925, in connection with the alleged duplicate bonds
295
296
302
302
308
309
314
315
317
318
319
323
323
324
324
325
327
328
339
339
340
342
345
VIH
CONTENTS
Page
Exhibit 87. Treasury statement before the Ways and Means Committee
of the House regarding the condition of the public finances and proposed
tax reform
Abstracts of reports of bureaus and divisions
Treasurer of the United States..
j
Comptroller of the Currency
National banks organized, consolidated, insolvent, in voluntary
liquidation, and in existence
.
Condition of national banks
.
, Banks other than national
^
All reporting banks
Director of the Mint
.
Institutions of the Mint Service...
.
..
Coinage
.
.
Gold operations
,
.
^
Silver operations
Refineries. ....
Commemorative coins and medals
Stock of coin and monetary bullion in the United States
.
Production of gold and silver
Industrial consumption of gold and silver._:.
^
...
Import and export of domestic gold coin
...
Appropriations, expenses, and income. . .
.
Deposits of gold and silver, income, expenses, and employees, by institutions, fiscal year 1925
^^.
Bureau of Internal Revenue
.
Receipts from internal-revenue taxes
Cost of administration._.
Income and profits taxes
.
Capital-stock tax
Estate tax
....
Sales tax
__..__..
Tobacco taxes
^
^
Miscellaneous stamp and special taxes
Accounts and Collections Unit
.
Solicitor's Office
'
Prohibition Unit
.
Bureau and field personnel
Division of Bookkeeping and Warrants
Summary of receipts and expenditures
C.
The general fund
^
.
Warrants issued during the fiscal year 1925, adjusted to basis of daily
Treasury statements, revised
_.
District of Columbia account of revenues and expenditures
Alien Property Custodian account
Purchase of farm loan bonds
.
Civil service retirement and disability fund
State bonds and stocks owned by the United States
Chinese indemnity
Adjusted service certificate fund
Bureau of Engraving and Printing
Customs Service
Use of forfeited vessels and vehicles
'.
Conferences . _ .
Drawback
Storage-manipulation warehouses
Registration of trade-marks
Currency conversions
.
,
Amendment of customs regulations
Awards of compensation to informers
.
.
Customs transactions
.
Customs division
Special Agency Service, Customs
.
346
359
362
362
365
367
368
370
370
371
371
371
372
372
373
373
374
374
374
375
375
375
376
377
378
378
379
379
379
380
381
382
384
385
385
386
387
388
388
388
389
389
390
390
390
393
393
394
394
394
395
395
395
396
396
397
397
CONTENTS
IX
Page
Office of the Supervising Architect
400
Building operations up to the close of the fiscal year
.
400
Projects completed- 400
Projects in course of construction
.
...
401
Expenditures, contract liabilities charged against appropriations, and
unencumbered balances
402
Public Health Service
.
.
......
.
403
Division of scientific research
..
403
Domestic quarantine division^
1
405
Division of foreign and insular quarantine and immigration
,406
Division of sanitary reports and statistics
.
407
,Division of marine hospitals and relief
__._
408
Division of venereal diseases.
_._
409
Division of personnel and accounts
.
_'
410
Financial statement
. _.
411
Coast Guard
..J...
._
412
Summary of principal operations..
412
Ice patrol to promote safety at sea
^413
Winter cruising
^^_._
'.
. 414
Cruises in northern waters
.^ 414
Anchorage and movements of vessels
415
Removal of derelicts...
.
_._^___
415
Regattas
.
.
.-415
Communications
'.
..._L
:
415
Ordnance
.^__
417
. Welfare
._-\
418
Recruiting
_._
419
Coast Guard Academy
.
1.
420
Coast Guard repair depot
-....,
421
Repairs and improvements to vessels and stations. -._._.__._
421
Enforcement of customs and other laws
a
..
422
Award of life-saving medals
^
:
423
Personnel
.
.
.._
.-423
Floating equipment
_.
424
Shore bases
:
'
•.425
Stations
----425
Remarks
425
Division of Loans and Currency.._-.
425
Summary of activities
^
...
425
Maintenance of loan accounts
,..
..
426
Interest payments.
...
: l
^__._..
426
Claims
..-_.
..
426
Redeemed currency and mutilated paper
^
426
Personnel
-_
427
Circulation
..
427
Division of Paper Custody
.:
429
Register of the Treasury
.
429
Division of Deposits
_--_
433
Number of depositaries and amount of deposits
433
General national-bank depositaries of public moneys._.
.
433
Limited national-bank depositaries of public moneys
— .
434
Insular depositaries of public moneys
434
Special depositaries of public moneys
434
Foreign depositaries of public moneys
..
434
Secret Service Division
435
Division of Printing
436
Printing and binding
436
Postage
.-437
Department advertising
• 437
Disbursing clerk
.
438
Bureau of Supply
438
Allotments to and expenditures by the bureau
.
439
Purchases and issues of stationery supplies
.
441
General Supply Committee
._^|^
X
CONTENTS
Tables accompanying the report on the
finances
Table A.—Pubhc debt of the United States outstanding June 30, 1925...
Table B.—Principal of the public debt at the end of each fiscal year from
1853 to 1925, exclusive of gold certificates, silver certificates, currency
certificates, and Treasury notes of 1890
Table C.—United States interest-bearing debt outstanding at the end of
each month from February 28, 1917, to August 31, 1925
Table D.—Unmatured Liberty bonds. Treasury bonds, and Victory notes
outstanding from June 30, 1919, to August 31, 1925, classified by denomination and form
Table E.—Public debt retirements for the fiscal years 1918 to 1925, on
basis of daily Treasury statements, revised
.
Table F.—Cash expenditures of the Government for the fiscal years 1917 to
1925, inclusive, as published in daily Treasury statements, classified
according to departments and establishments
Table G.—Ordinary receipts, and expenditures chargeable against ordinary
receipts, from April 6, 1917, to October, 31 1925, on the basis of daily
Treasury statements, unrevised
Table H.—Condition of the United States Treasury at the close of the
fiscal years 1923, 1924, and 1925
Table i.—Appropriations made by Congress for the fiscal years 1914 to
1926, including estimated permanent and indefinite appropriahions and
deficiencies for prior years.-!
.
Table J.—Appropriations, expenditures, amounts carried to surplus fund,
and unexpended balances for the fiscal years 1885 to 1925 ^
.Table K.—Receipts and expenditures of the United States Government
by fiscal years from 1791 to 1925
.
Table L.—Postal receipts and expenditures for the fiscal years 1791 to
1925
.
......
Table M.—Sources of internal revenue, 1863 to 1925
.
Table N.—Internal-revenue«receipts, by States and Territories, for the
fiscal years 1924 and 1925
-.._-.,
Table 0.—Merchandise imported and customs duties collected from 1890
to 1924, and recapitulation from 1867 to 1924
...
Table P.—Customs statistics, by districts, for the fiscal year 1925
Table Q.—Stock of money in the United States, classified by kind, at the
end of each fiscal year from 1860 to 1889
Table R.—Stock of money in the United States, classified by kind, at the
end of each fiscal year from 1890 to 1925
'.
.
-.
Table S.—Stock of money, money in circulation, and amount of circulation
per capita in the United States from 1860 to 1925.
•.-.
=•
448
456
458
461
463
468
472
476
478
480
482
494
496
502
504
510
512
513
514
APPENDIX TO REPORT ON THE FINANCES
REPORT OF THE TREASURER:
Receipts and expenditures for 1924 and 1925
^--.
..
Pay warrant transactions
'
;
Panama Canal
Receipts and expenditures on account of the Post Office Department-_
Transactions in the public debt
Public debt retirements from payments received from foreign governments on their obligations held by the United States
.
Cumulative sinking fund
.'
Interest-bearing bonds, etc., retired on miscellaneous accounts
.-_
Redemption of the 4 per cen. loan of 1925
.
^
Payment of interest on registered bonds and notes.
Payment of coupons from United. States bonds and interest notes
The reserve fund
:
Statement of the Treasury of the United States
General fund
Gold in the Treasury
.___.-.__
.
Securities held in trust
.
^
Special trust funds
Postal-savings bonds and investments therein
Withdrawal of bonds to secure circulation
.
Lawful money deposited in the Treasury during the fiscal year 1925
for the redemption of national bank notes
519
521
522
522
523
523
524
524.
524
524
525
525
525
526
527
527
529
532
532
532
CONTENTS
REPORT OF THE TREASURER—Continued.
XI
•
.
Depositaries of the United States
:.
Public moneys in depositary banks
L
United States paper currency issued and redeemed
Paper currency prepared for issue, and amount issued
.....
Redemptions of paper currency
'
Pieces of United States paper currency outstanding... .
Interest on public moneys held in depositary banks
Gold fund, Federal Reserve Board
Supply of United States paper currency held in reserve
. Ratio of small denominations to all paper currency outstanding
Metallic stock of money in the United States
'
' Issue, exchange, and redemption of money
Issue of United States paper currency
.
Issue of gold coin
'
Issue of standard silver dollars, siibsidiary silver coin, and minor
. coin
.
...
Redemption of paper currency
Redemption, exchange, and purchase of United States coin
General information
^^_.
Redemption of Federal reserve and nationaLcurrency
Shipments of currency from Washington, 1924 and 1925
Deposits of gold bullion at mints and assay offices, 1923-1925
•
District of Columbia sinking fund
Recoinage, 1924 and 1925
General account of the Treasurer of the United States
.
Page
532
533
533
534
535
536
538
538
539
539
639
540
540
540
541
541
541
543
544
545
546
546
546
547
Tables accompanying the report of the Treasurer
No. 1.—General distribution of the assets and liabilities of the Treasury,
June 30, 1925
No. 2.—Available assets and liabilities of the Treasury at the close of
June, 1924 and 1925
__-No., 3—Distribution of the General Treasury balance, June 30, 1925.-__
No. 4.—Assets of the Treasury other than gold, silver, notes, and certificates at the end of each month, from July, 1922
.
No. 5.—Assets of the Treasury at the end of each month, from July, 1922.
No. 6.—Liabilities of the Treasury at the end of each month, from July,
1922_.__No. 7.—United States notes of each denomination issued, redeemed, and
outstanding at the close of the fiscal years 1922, 1923, 1924,
and 1925
.
'
---._-_
No. 8.—Treasury notes of 1890 of each denomination redeemed and outstanding at the close of the fiscal years 1922, 1923, 1924, and
. 1925..__
--._-----.
No. 9.—Gold certificates of each denomination issued, redeemed, and
outstanding at the close of the fiscal years, 1922, 1923, 1924,
and 1925
.__----_.
No. 10.—Silver certificates of each denomination issued, redeemed, and
outstanding at the close of the fiscal years 1922, 1923, 1924,
and 1925
.
.
.
_-.
No. 11.—Amount of United States notes, Treasury notes, gold and silver
certificates of each denomination issued, redeemed, and outstanding at the close of each fiscal year, from 1922
No. 12.—Old demand notes of each denomination issued, redeemed, and
outstanding June 30, 1925
•-.
No. 13.—Fractional currency of each denomination issued, redeemed, and
outstanding June 30, 1925
No. 14.—Compound-interest notes of each denomination issued, redeemed,
and outstanding June 30, 1925
No. 15.—One and two year notes of each denomination issued, redeemed,
and outstanding June 30, 1925
:
No. 16.—Seven-thirty notes redeemed and outstanding June 30, 1925
No. 17.—Refunding certificates, act of February 26, 1879, redeemed and
outstanding June 30, 1925
No. 18.—Federal reserve and national banks designated depositaries of
public moneys, with the balance held June 30, 1925
549
550
551
551
552
552
553
554
555
55&
557
558
558
558
558
559
559
559
XII
CONTENTS
Fagt
No. 19.—Number of banks with semiannual duty levied, by fiscal years,
and number of depositaries with bonds as security at close of
each fiscal year frOm 1915
No. 20.—Checks issued by the Treasurer for interest on registered bonds
during the fiscal year 1925
No. 21.—Interest on 3.65 per cent bonds of the District of Columbia paid
during the fiscal year 1925
.
No. 22.—Coupons from United States bonds., certificates, and notes paid
during the fiscal year 1925, classified by loans
No. 23.—Checks drawn by the Secretary and paid by the Treasurer for
. interest on registered bonds and notes of the United States
during the fiscal year 1925
No. 24.—Coupon interest on United States bonds paid by check during
fiscal year 1925
.
No. 25.—Money deposited in the Treasury each month of the fiscal year
1925 for the redemption of national-bank notes and Federal
reserve bank notes
^
_.
No. 26.—Amount of currency counted into the cash of the National Bank
Redemption Agency and redeemed notes delivered by fiscal
years from 1916 to 1924, and by months during the fiscal year
1925
_.-1
No. 27.—Currency received for redemption by the National Bank Redemption Agency from the principal cities and other places,
by fiscal years from 1916, in thousands of dollars
No. 28.—Mode of payment for currency redeemed at the National Bank
Redemption Agency, by fiscal years, from 1916
No. 29.—Deposits, redemptions, assessments for expenses, and transfers
and repayments on account of the 5 per cent redemption fund
of national and Federal reserve banks, by fiscal years, from
1916.
No. 30.—Deposits and redemptions on account of the retirement of
circulation, by fiscal years, from 1916.
No. 31.—Expenses incurred in the redemption of national and Federal
reserve currency, by fiscal years, from 1916
No. 32.—General cash account of the National Bank Redemption Agency
for the fiscal year 1925, and from July 1, 1874
No. 33.—Average amount of national-bank notes outstanding and the
redemption, by fiscal years, from 1875 (the first year of the
agency)
No. 34.—Federal reserve notes, canceled and uncanceled, forwarded by
Federal reserve banks and branches, counted and delivered
to the Comptroller of the Currency for credit of Federal reserve
agents
^..
No. 35.—Number of notes of each kind of currency and denornination redeemed and delivered by the National Bank Redemption
Agency during the fiscal year 1925
No. 36.—Amount of money outside of the Treasury, the amount held by
Federal reserve banks and agents, and the amount in circulation, etc., on the first day of each month from July, 1923.
No. 37.—Total amount expended on account of the Panama Canal, the
receipts from tolls, etc., and the proceeds of sales of bonds to
the close of the fiscal year 1925
-.
561
562
562
563
564
564
564
565
566
566
566
567
567
568
569
569
570
572
572
REPORT, OF THE DIRECTOR OF THE M I N T :
Operations of the mints and assay offices
Institutions of the mint service
.
Coinage
Gold operations
,.^
Silver operations
Refineries. _.
Commemorative coins and medals
Stock of coin and monetary bullion in the United States
Production of gold and silver.i.
Industrial consumption of gold and silver
.^
Import and export of domestic gold coin
Appropriations, expenses, and income
.
...
...
573
573
573
574
574
574
574
575
576
576
576
, 576
CONTENTS
REPORT OF THE DIRECTOR OF THE MINT—Continued.
Deposits of gold and silver, income, expenses, and employees, by
. institutions, fiscal year 1925
_
.
s.
Coinage, details of
Issue of fine gold bars for gold coin and gold bullion
Receipts and disbursements of gold bullion and balances on hand
Purchase of minor coinage metal for use in domestic coinage
Minor coin distribution costs
^
Minor coins outstanding
Operations of the assay department.
• Operations-of the melting and refining and of the coining departments,
fiscal year 1925
Refining operations.-^
:
'.
Ingot melts
.
...
Fineness of melts for gold and silver ingots
.
Commercial and certificate bars manufactured
W'astage and loss on sale of sweeps
..
Engraving Department
Dies manufactured...
,
Medals sold
^.-..
.
Employees
Work of the minor assay offices
Laboratory, Bureau of the Mint
^
Assay Commission's annual test of coins
Tables, report of the Director of the Mint
.....
_.__.
XIII
!•»««
577
577
578
579
580
580
580
580
581
583
584
584
585
586
587
587
588
588
588
589
591
594
REPORT OF THE REGISTER:
Federal reserve banks as fiscal agents
Retired securities canceled on account of reduction of principal of
public debt
Canceled securities received for credit
Final audit
Records of issue
Numerical records
Functional apportionment
Industrial medical service
:
_
Medical relief-room service
>_
Library service
General condition
Summary of securities received, examined, and retired:
.
Statistical statements
.
639
639
640
640
641
641
641
642
643
643
643
643
645
REPORT OF THE COMPTROLLER OF THE CURRENCY:
General conditions
Legislation recommended
,
National bank failures
^.Bank failures other than national
^
...
Public debt. United States bonds, national bank, and other circulation.
United States circulation bond transactions
^
Redemption of national and Federal reserve bank circulation.
National bahks of i s s u e . . .
Profit on national bank circulation
Organization and liquidation of national banks
Domestic branches of national banks
Condition of national banks at date of each report called for during
year
Condition of national banks September 28, 1925
Resources
Liabilities
National bank liabilities on account of bills payable and rediscounts.
Loans and discounts of national banks June 30, 1925
Comparative statement of loans and discounts, including rediscounts
made by national banks during last three fiscal years
Comparative changes in demand and time deposits, loans and discounts. United States Government and other bonds and securities,
and the amount of lawful reserve of national banks since June 30,
1921
.....
.
United States Government securities held by national banks in
reserve cities and States
Investments of national banks
695
695
699
702
702
703
705
706
706
707
708
713
714
714
715
718
719
726
726
727
730
XIV
CONTENTS
R E P O R T OF THE COMPTROLLER OF T H E CURRENCY—Continued.
rage
Savings depositors a n d deposits in national b a n k s
736
Per capita individual a n d savings deposits in all reporting banks
738
Earnings, expenses, a n d dividends of national b a n k s
.
740
National b a n k s classified according t o capital stock
752
National b a n k examiners
.
753
Convictions of national b a n k officers a n d others for violations of t h e
national banking laws during t h e year ended October 31, 1925
759
Federal reserve system
.
763
Federal reserve b a n k discount r a t e s
766
Discount r a t e s prevailing in Federal reserve b a n k a n d branch cities _ . 767
R a t e s for money in New York
.
768
New York clearing house
.
771
Clearing-house associations in t h e 12 Federal reserve bank cities,
and elsewhere.
.
•
771
Banks other t h a n national
.
771
State (commercial) b a n k s
771
Loan a n d t r u s t companies
^
773
Principal items of resources a n d liabilities of loan and t r u s t
companies in J u n e of each year, 1914 t o 1925
775
Stock savings b a n k s
. . 775
M u t u a l savings b a n k s
777
Depositors a n d deposits in m u t u a l a n d stock savings banks
779
Private b a n k s
782
All reporting b a n k s other t h a n national
784
Principal items of resources a n d liabilities of, on or about June
30, 1920 t o 1925
.
786
Resources a n d liabilities of all reporting b a n k s in each State, Alaska,
and insular possessions
^
787
S u m m a r y of t h e combined r e t u r n s from all reporting banks in theUnited States, Alaska, a n d insular possessions J u n e 30, 1925.
798
Individual deposits in all reporting b a n k s . . _
799
Resources a n d liabilities of all reporting banks, 1920-1925
800
Assets a n d liabilities of all banks, including Federal reserve b a n k s . . _
800
Cash in all reporting b a n k s . - ^
_.
.
801
Money in t h e U n i t e d States
802
Circulation s t a t e m e n t , July 1, 1925
,
803
Banking power of t h e United States
'
804
Banks in t h e District of Columbia
805
Earnings, expenses, a n d dividends of b a n k s other t h a n national in t h e
District of Columbia
806
Building a n d loan associations in t h e District of Columbia
.
807
Building a n d loan associations in t h e United States
808
Monetary stocks in t h e principal countries of t h e w o r l d . 809
Federal land b a n k s
_-..
810
Joint-stock land b a n k s
.
811
Federal i n t e r m e d i a t e credit b a n k s
812
National agricultural credit corporations.
-_.
813
United States postal savings system
817
School savings b a n k s
822
Savings b a n k s in principal countries of t h e world
823
Resources of leading foreign b a n k s of issue
826
Expenses of t h e Currency Bureau
.
^
827
R E P O R T OF T H E C O M M I S S I O N E R OF I N T E R N A L R E V E N U E :
Collections
Cost of administration
I n a d e q u a t e housing of t h e bureau
Income T a x Unit
Work accomplished
Statistical division
Records division
:
Service division
.
Personnel
Decentralization
Changes in organization a n d procedure
^
,..
i.-.
829
830
831
832
832
833
833
834
834
834
835
CONTENTS
R E P O R T OF THE COMMISSIONER OF INTERNAL R E V E N U E — C o n t i n u e d .
Miscellaneous T a x Unit
Personnel a n d p a y roll
Taxes collected
.
.
Capital stock t a x division
E s t a t e t a x division
:
:
. Reviev/ section (estate tax)
Sales t a x division
.
...
Tobacco a n d miscellaneous division
.
Tobacco
.
Miscellaneous
•
•
Accounts and Collections U n i t
Division of office accounts a n d procedure
.
Division of field allowances
Disbursement division
.
Field procedure division
'^
Prohibition Unit
.
Collections
.
Office of chief counsel
Narcotic division
.
P e r m i t division
,
I n d u s t r i a l alcohol a n d chemical division
Audit division
.
^
.
Solicitor of I n t e r n a l Revenue
Appeals division
.,
I n t e r p r e t a t i v e Division I
^
I n t e r p r e t a t i v e Division I I
Penal division
Civil division
Review division
_-_
S u m m a r y of work
Suits a n d prosecutions
_^
Bureau a n d field personnel
.,
Statistical t a b l e s . . . ^
_.
^
I m p o r t a n t decisions of Federal courts in internal-revenue c a s e s .
XV
i*age
837
838
838
838
840
841
841
843
844
845
848
848
850
851
852
853
854
855
858
860
861
863
865
865
867
868
869
871
873
874
876
876
877
884
SECRETARIES OF THE TREASURY AND PRESIDENTS UNDER
WHOM THEY SERVED
NOTE.—Robert Morris, the first financial officer of the Government, was Superintendent of Finance from
1781 to 1784. Upon the resignation of Morris, the powers conferred upon him were transferred to the "Board
of the Treasury." Those who finally accepted positions on this board were John Lewis Gervais, Samuel
Osgood, and Walter Livingston. The board served until Hamilton assumed office in 1789,
Presidents
WashingtonAdams
Jeflersoh
Madison
Monroe
Adams, J. Q..
Jackson
Van Buren.
Harrison...
Tyler
Polk..
Taylor...
Fillmore..
Pierce
Buchanan.
Lincoln..
Secretaries of Treasury
Alexander Hamilton, New York
Oliver Wolcott, Connecticut
Oliver Wolcott, Connecticut
Samuel Dexter, Massachusetts
Samuel Dexter, Massachusetts......
Albert Gallatin, Pennsylvania
Albert Gallatin, Pennsylvania*
George W. Campbell, Tennessee
Alexander J. Dallas, Pennsylvania..
Wm. H. Crawford, Georgia
Wm. H. Crawford, Georgia
Richard Rush, Pennsylvania 2
Samuel D. Ingham, Pennsylvania ' .
Louis McLane, Delaware
Wm. J. Duane, Pennsylvania
Roger B. Taney, Maryland *
Levi Woodbury, New Hampshire...
Levi Woodbury, New Hampshire ».
Thomas Ewing, Ohio
Thomas Ewing, OhioS
Walter Forward, Pennsylvania'
John C. Spencer, New York 8
Geo. M . Bibb, Kentucky
Geo. M . Bibb, Kentucky
Robt. J. Walker, Mississippi •
Wm. M . Meredith, Pennsylvania...
Wm. M. Meredith, Pennsylvania...
Thos. Corwin, Ohio
James Guthrie, Kentucky
Howell Cobb, Georgia 1
0
Philip F . Thomas, Maryland
John A. Dix, New York
Salmon P . Chase, Ohio"
Wm. P . Fessenden, M a i n e "
Hugh McCulloch, Indiana
Term of service
From—
Sept. 11,1789
Feb. 3,1795
Mar. 4,1797
Jan. 1,1801
Mar. 4,1801
May 14,1801
Mar. 4,1809
Feb. 9,1814
Oct. 6,1814
Oct. 22,1816
Mar. 4,1817
Mar. 7,1825
Mar. 6,1829
Aug. 8,1831
May 29,1833
Sept. 23,1833
July 1-, 1834
Mar. 4,1837
Mar. 6,1841
Apr. 5,1841
Sept. 13,1841
Mar. 8,1843
July 4,1844
Mar. 5,1845
Mar. 8,1845
Mar. 8,1849
July 10,1850
July 23,1850
Mar. 7,1853
Mar. 7,1857
Dec. 12,1860
Jan. 15,1861
Mar. 7,1861
July 5,1864
Mar. 9,1865
ToJan. 31,1795
Mar. 3,1797
Dec. 31,1800
Mar. 3,1801
May 13,1801
Mar. 3,1809
Apr. 17,1813
Oct. 5,1814
Oct. 21,1816
Mar. 3,1817
Mar. 6,1825
Mar. 5,1829
June 20,1831
May 28,1833
Sept. 22,1833
June 25,1834
Mar. 3,1837
Mar. 3,1841
Apr. 4,1841
Sept. 11,1841
Mar. 1,1843
May 2,1844
Mar. 4,1845
Mar. 7,1845
Mar. 5,1849
July 9,1860
July 22,1860
Mar. 6,1863
Mar. 6,1857
Dec. 8,1860
Jan. 14,1861
Mar. 6,1861
June 30,1864
Mar. 3,1865
Apr. 16,1865
1 While holding the office of Secretary of the Treasury, Gallatin was commissioned envoy extraordinary
and minister plenipotentiary April 17,1813, with John Quincy Adams and James A. Bayard, to negotiate
peace with Great Britian. On February 9,1814, his seat as Secretary of the Treasury was declared vacant,
because of his absence in Europe. William Jones, of Pennsylvania (Secretary of the Navy), acted ad
interim Secretary of the Treasury from April 21, 1813, to February 9,1814.
2 Rush was nominated March 5,1825, confirmed and commissioned March 7,1825, but did not enter upon
the discharge of his duties until August 1, 1825. Samuel L. Southard, of New Jersey (Secretary of the
Navy), served as ad interim Secretary of the Treasury from March 7 to July 31, 1825.
' Asbury Dickens (Chief Clerk), ad interim Secretary of the Treasury June 21 to August 7, 1831.
• McClintock Young (Chief Clerk), ad interim Secretary of the Treasury from June 25 to 30,1834.
«McClintock Young (Chief Clerk), ad interim Secretary of the Treasury from March 4 to 5,1841.
fl McClintock Young (Chief Clerk), ad interim September 13, 1841.
7 McClintock Young (Chief Clerk), ad interim March 1 to 7, 1843.
8 Spencer resigned as Secretary of the Treasury May 2,1844; McClintock Young (Chief Clerk), ad interim
from May 2 to July 3,1844.
» McClintock Young (Chief Clerk), ad interim March 6 to 7, 1849.
w Isaac Toucey, of Connecticut (Secretary of the Nayy), acted as Secretary of the Treasury ad interim
December 10 to 12, 1860.
" George Harrington, District of Columbia (Assistant Secretary), ad interim July 1 to 4, 1864.
" George Harrington (Assistant Secretary), ad interim March 4 to 8,1865.
XVI
SECRETARIES OF T H E TREASURY
XVII
Secretaries of the Treasury and Presidents under whom they served—Continued.
Secretaries of Treasury
Presidents
Hugh McCulloch, Indiana'3
Geo. S.Boutwell, Massachusetts
Wm. A. Richardson, Massachusetts
Benj. H. Bristow, Kentucky"
..
Lot M. Morrill, Maine
Lot M. Morrill, Maine
John Sherman, Ohiois
Wm. Windom, Minnesota
Wm. Windom, Minnesota
Chas. J. Folger, New York le.
Walter Q. Gresham, Indiana
Hugh McCulloch, Indiana
Hugh McCulloch, Indiana..
Daniel Manning, New York
Chas. S. Fairchild, New York..,....^
Chas. S. Fairchild, New York..
Win. Windom, Minnesota ^
^
Chas. Foster, Ohio
Chas. Foster, Ohio
John G. Carlisle, Kentucky
John G. Carlisle, Kentucky
Lj'-man J. Gage, Illinois.
Lyman J. Gage, Illinois
L. M. Shaw, Iowa
George B. Cortelyou, New Y o r k . . . .
Franklin MacVeagh, Illinois
W. G. McAdoo, New York
Carter Glass, Virginia
David F. Houston, Missouri
Andrew W. Mellon, Pennsylvania..
Andrew W. Mellon, Pennsylvania..
Johnson
Grant-
Hayes
Garfield
Arthur
Cleveland.-.:.
Harrison, Benj
Cleveland.---McKinley
Roosevelt
Taft
Wilson
Harding.
Coolidge
i
'I'erm of service
From—
Apr. 16,1865
M a r . 12,1869
M a r . 17,1873
J u n e 4,1874
J u l y 7,1876
M a r . 4,1877
M a r . 10,1877
M a r . 8,1881
S e p t . 20,1881
N o v . 14,1881
S e p t . 25,1884
Oct. 31,1884
M a r . 4,1885
M a r . 8,1885
Apr. 1,1887
M a r . 4,1889
M a r . 7,1889
F e b . 25,1891
M a r . 4,1893
M a r . 7,1893
M a r . 4,1897
M a r . 6,1897
S e p t . 15,1901
F e b . 1,1902
M a r . 4,1907
M a r . 8,1909
M a r . 6,1913
D e c . 16,1918
F e b . 2,1920
M a r . 4,1921
Aug. 3,1923
ToM a r . 3,1869
M a r . 16,1873
J u n e 3,1874
J u n e 20,1876
M a r . 3,1877
M a r . 9,1877
M a r . 3,1881
Sept. 19,1881
N o v . 13,1881
S e p t . 4,1884
Oct. 30,1884
M a r . 3,1885
M a r . 7,1885
M a r . 31,1887
M a r . 3,1889
M a r . 6,1889
J a n . 29,1891
M a r . 3,1893
M a r . 6,1893
M a r . 3,1897
M a r . 5,1897
Sept. 14,1901
J a n . 31,1902
M a r . 3,1907
M a r . 7,1909
M a r . 5,1913
D e c . 15,1918
F e b . 1,1920
M a r . 3,1921
A u g . 2,1923
1 John F. Hartley, of Maine (Assistant Secretary), ad interim from March 5 to 11, 1869.
3
" Charles F. Conant, of New Hampshire (Assistant Secretary), ad interim June 21 to 30 [July 6], 1876.
15 Henry E. French, of Massachusetts (Assistant Secretary), ad interim-March 4 to 7, 1881.
1 Charles E. Coon, of New York (Assistant Secretary), ad interim September 4 to 7, 1884; Henry F."
6
French, of Massachusetts (Assistant Secretary), ad interim September 8 to 14, 1884; Charles E. Coon ad
interim September 15 to 24, 1884.
" A. B. Nettleton, of Minnesota (Assistant Secretary), ad interim January 30 to February 24, 1891.
UNDERSECRETARIES OF THE TREASURY AND PRESIDENTS
AND SECRETARIES UNDER WHOM THEY SERVED
Presidents
Harding.Coolidge
Secretaries
Mellon
Mellon
Mellon
Undersecretaries i
S. P a r k e r Gilbert, jr.. N e w Jersey
S. P a r k e r Gilbert, jr.. N e w J e r s e y
G a r r a r d B . W i n s t o n _ ._
1 Office established act June 16,1921.
60501—Fi 192 5 t
II
T e r m of service
From—
J u l y 1,1921
A u g . 3,1923
N o v . 20,1923
To—
A u g . 2,1923
N o v . 17,1923
XVIII
ASSISTANT SECRETARIES OF T H E
TREASURY
ASSISTANTS TO THE SECRETARY OF THE TREASURY ^ AND
PRESIDENTS AND SECRETARIES UNDER WHOM THEY SERVED
Presidents
Washington
Wilson. .
Secretaries
Hamilton
McAdoo.
Term of service
Assistants to the Secretaries
From—
._ Tench Coxe, Pennsylvania
._ Sept. 11,1789
George R. Cooksey, District of Colum- Mar. 6,1917
bia.
To—
May 8,1792
Mar. 4,1921
Glass.
Houston.
2 Office established Sept. 2, 1789; abolished act May 8,1792; reestablished act Mar. 3,1917. Appointed
by the Secretary.
ASSISTANT SECRETARIES OF THE TREASURY AND PRESIDENTS
AND SECRETARIES UNDER WHOM THEY SERVED
Presidents
Taylor
Filmore
Piercfe.
Buchanan
Lincoln
Johnson
Lincoln
Johnson
Lincoln..
Johnson
Grant
Johnson
Grant
Hayes
Grant
Hayes.
Garfield
Secretaries
Meredith-.
Meredith..
Corwin.
Corwin _
Guthrie. ,
Guthrie
Cobb.
Cobb-.
Thomas.
Dix.
Chase
Term of service
Assistant Secretaries 3
Charles B. Penrose, Pennsylvania
Allen A. Hall, Pennsylvania..
From—
Mar. 12,1849
Oct. 10,1849
ToOct. 9,1849
Nov. 15,1850
William L. Hodge, Tennessee
Nov. 16,1850
Mar. 13,1853
Peter G. Washington, District of Columbia.
Mar. 4,1853
Philip Clayton, Georgia
George Harrington, District of Columbia.<
Fessenden.
McCulloch.
McCulloch.
Chase
„ . . Maunsell B. Field, New York.
Fessenden;
McCulloch.
McCulloch.
Fessenden
William E. Chandler, New Hampshire.
McCulloch.
McCulloch.
McCulloch..:... John F . Hartley, Maine
Bout well.
Richardson.
Bristow.
McCulloch
Edmund Cooper, Tennessee
William A. Richardson, Massachusetts
Bout well
Richardson
Frederick A. Sawyer, South CarolinaBristow.
Bristow
Charles F. Conant, New Hampshire..
Morrill.
Sherman.
Curtis F. Burnam, Kentucky
_,..
Bristow
Henry F. French, Massachusetts
Morrill
Sherman.
Windom.
Mar. 13,1857
Mar. 13,1861"
Mar. 12,1857
Jan. 16,1861
July 11,1865
Mar. 18,1864 June 15,1865
Jan.
5,1865
Nov. 30,1867
July 11,1865
May
4,1875
Dec. 2,1867
Mar. 20,1869
Mar. 8,1873
May 31,1868
Mar. 17,1873
June 11,1874
July
1,1874
Apr. 3,1877
Mar. 4,1875
Aug. 12,1876
June 30,1876
Mar. 9,1885
3 Office established act Mar. 3,1849; appointed by the Secretary. Act Mar, 3,1857, made the office Presidential.
* Act Mar. 14,1864, provides one additional Assistant Secretary,
ASSISTANT SECRETARIES OF T H E
TREASURY
XIX
Assistant Secretaries of the Treasury and Presidents and Secretaries under whom
they served—Continued
Presidents
Secretaries
Assistant Secretaries
Windom.
Folger.
Gresham.
McCulloch.
Manning.
Cleveland
Richard C. McCormick, Arizona
Sherman
Hayes
Sherman
John B. Hawley, Illinois-- Sherman
J. Kendrick Upton, New Hampshire-Garfield
Windom.
Arthur
Windom.
Folger.
Folger
John C. New, Indiana
Folger
Charles E. Coon, New York
Gresham.
McCulloch.
Cleveland
Manning.
Manning
Charles S. Fairchild, New York
William E. Smith, New York
.-.
Manning
Hugh S. Thompson, South Carolina. _
Manning
Fairchild.
Harrison
Windom.
Cleveland...:... Fairchild...
Isaac N, Maynard, New York
Harrison
Windom.
George H. Tichner, Illinois _
Windom
George T. Batchelder, New York «
Windom
A. B. Nettleton, Minnesota
Windom
Foster.
Oliver L. Spaulding, Michigan
Windom
Foster.
Cleveland
Carlisle.
Harrison
Foster
. . . . Lorenzo Crounse, Nebraska
John H. Gear, Iowa.. . .
Foster
Foster.
Genio M. Lambertson, Nebraska
Cleveland
Carlisle.
Charles S. Hamlin, Massachusetts
Carlisle
McKinley
Gage.
Cleveland
William E. Curtis, New York
Carlisle
McKinley
Gage.
Cleveland
Scott Wike, Illinois .
Carlisle
Gage.
McKinleyWilliam B. Howell, New Jersey
Gage
Oliver L. Spaulding, Michigan
Gage.
Roosevelt
Gage.
Shaw.
Frank A. Vanderlip, Illinois
Gage
McKinley
Horace A. Taylor, Wisconsin. _
Gage
Gage.
Roosevelt
Shaw.
Milton E. Ailes, Ohio .
McKinley __
Gage
Gage.
Roosevelt
Shaw.
Robert B. Armstrong, Iowa
ShawShawCharles H. Keep, New York
Shaw-_ •
James B. Reynolds, Massachusetts
Cortelyou.
Taft_
MacVeagh.
Roosevelt
Shaw _
- John H. Edwards, Ohio...'...:
Cortelyou.
Shaw-Arthur F . Statter, Oregon
° Beekman Winthrop, New York
Cortelyou
Cortelyou
Louis A. Coolidge, Massachusetts
5 Act July 11, 1890, provides for an additional Assistant Secretary.
Term of service
Arthur
From—
Apr. 3,1877
Dec. 9,1877
Apr. 10,1880
To—
Dec. 8,1877
Mar. 31,1880
Dec. 31,1881
Feb. 28,1882
Apr. 17,1884
Apr. 16,1884
Nov. 10,1885
Mar. 14,1885 Apr. 1,1887
Nov. 10,1885 June 30,1886
July 12,1886 Mar. 12,1889
6,1887
Mar. 11,1889
Apr. 1,1889
Apr. 1,1889
July 22,1890
July 20,1890
Oct. 31,1890
Dec. 1,1892
July 23,1890
June 30,1893
Apr. 27,1891
Nov. 22,1892
Dec. 23,1892
Oct. 31,1892
Mar. 3,1893
Apr. 3,1893
Apr. 12,1893
Apr. 7,1897
Apr. 13,1893
Mar. 31,1897
July
1,1893
May 4,1897
Apr.
Apr.
7,1897
7,1897
Mar. 10,1899
Mar. 4,1903
June 1,1897
Mar. 13,1899
Mar. 5,1901
June 3,1906
Mar. 6,1901
Apr. 15,1903
Apr.
Mar. 5,1903 Mar. 5,1905
May 27,1903 Jan. 21,1907
Mar. 5,1905 Nov. 1,1909
1,1906
Mar. 15,1908
Jan. 22,1907
Apr. 23,1907
Mar. 17,1908
Feb. 28,1907
Mar. 6,1909
Apr. 10,1909
July
XX
ASSISTANT SECRETARIES OF T H E TREASURY
Assistant Secretaries of the Treasury and Presidents and Secretaries under whom
' served—Continued
Presidents
Secretaries
MacVeagh.
MacVeagh
MacVeagh.
MacVeagh
Wilson
_ . . . McAdoo.
MacVeagh
Taft
MacVeagh.:
McAdoo.
Wilson
MacVeagh
Taft.McAdoo.
Wilson
McAdoo
McAdoo
McAdoo
McAdoo
McAdoo
McAdoo
McAdoo
Glass.
McAdoo
Glass.
Houston.
Harding
Mellon.
McAdoo
Wilson
Glass.
Houston.
McAdoo
Glass.
McAdoo
Glass.
Houston.
Glass...
Houston.
Glass
Houston.
Houston.
Harding
Mellon.
Wilson
Houston-Harding.
Mellon.
Wilson
Houston
Harding.
Mellon.
Houston
Wilson
Harding _.
Mellon
Mellon
Coolidge.Harding
Mellon
Mellon
Mellon
Coolidce
Mellon
Harding
Mellon
Mellon
_Coolidge -
Assistant Secretaries
Term of service
Charles D. Norton, Illinois.Charles D. Hilles, New York__
James F . Curtis, Massachusetts
From—
Apr. 5,1909
Apr. 19,1909
Nov. 27,1909
A. Piatt Andrew, Massachusetts
Robert 0 . Bailey, Illinois
June 8,1910 July 3,1912
Apr. 4,1911 Mar. 3,1913
Sherman P . Allen, Vermont-
July 20,1912
Taft
John Skelton Williams, Virginia
Charles S. Hamlin, Massachusetts
Byron R. Newton, New Y o r k . .
William P. Malburn, Colorado
Andrew J. Peters, Massachusetts
Oscar T. Crosby, Virginia
Leo S. Rowe, Pennsylvania
Mar.
Aug.
Oct.
. Mar.
Aug.
Apr.
June
To—
June 8,1910
Apr. 3,1911
July 31,19ia
Sept. 30,1913
24,1913 Feb. 2,1914
1,1913 Aug. 9,1914
1,1913 Oct. 1,1917
24,1914 Jan. 26,1917
17,1914 Mar. 15,1917
17,1917 Aug. 28,1918
22,1917 Nov. 20,1919
James H. Moyle, Utah 6-_
Oct.
Russell C. Leffingwell, New York
Oct. 30,1917
July
Thomas B. Love, Texas
Dec. 15,1917
Jan. 31,1919
Albert Rathbone, New York
Sept. 4,1918
June 30,1920
Jouett Shouse, Kansas.
Mar. 5,1919
Nov. 15,1920
Norman H. Davis, Tennessee
Nov. 21,1919
June 14,1920
Nicholas Kelley, New York - _ .
June 15,1920
Apr. 14,1921
•.
5,1917
Aug. 26,1921
5,1920
S. Parker Gilbert, jr., New Jersey 7__. July
6,1920
June 30,1921
Ewing Laporte,''Missouri
Dec.
4,1920
May 31,1921
Angus W. McLean, North Carolina..
Eliot Wadsworth, Massachusetts
Eliot Wadsworth, Massachusetts
Edward CMord, Illinois
Elmer Dover, Washington
McKenzie Moss, Kentucky
McKenzie Moss, Kentucky
Garrard B. Winston, Illinois
_ _
Garrard B. Winston, Illinois 8
Charles S. Dewey, Illinois
Lincoln C. Andrews, New York
Dec.
Mar.
Aug.
May
Dec.
Mar.
Aug.
July
Aug.
July
Apr.
4,1920
16,1921
3,1923
4,1921
23,1921
3,1923
3,1923
9,1923
3,1923
1,1924
1,1925
Mar.
Aug.
Mar.
July
July
Aug.
4,1921
2,1923
31,1925
9,1923
25,1922
2,1923
Aiier-
2.192.^
1 Nov. 19.1923
8 Act Oct. 6,1917, provided for two additional AssistaAt Secretaries for duration of war and six months
after.
7 Became Undersecretary July 1,1921.
«Became Undersecretary November 20,1923.
ANNUAL REPORT ON THE FINANCES
TREASURY
DEPARTMENT,
Washington, November WJ 1925,
S I R : I have the honor to make the following report:
The past year has been a period of genuine prosperity for practically all classes. Corporate profits are running higher than for
any previous year since 1919. Employment has been good, prices
comparatively stable, and trade on a high level as reflected in record
car loadings and bank debits to individual account. While production has been high, it has been as a rule well adjusted to the rate of
consumption and has not resulted in a general accumulation of large
stocks. The automotive and building industries have continued to
operate at a high level, and foreign trade has been increasing in
volume. More complete adjustment between individual industries
and economic groups has been effected, and the purchasing power of
the farmer further enhanced. Livestock prices especially have shown
considerable improvement during the past year, but practically all
branches of agriculture have shown marked recovery from the depression of two or three years ago.
Although business activity has been accelerated the credit situation has remained in a healthy condition and unsound expansion has
been avoided. Due to the increase in business and the exports of
gold, money rates have advanced from the unusually low level of
1924, and the wide spread between long-time rates and short-time
rates has been reduced. Security prices have continued to advance,
reflecting in part the increased earnings of corporations and in part
the gradual return to a lower yield basis, which is a normal development following the high rates prevailing after the war and during
the period of business instability and uncertainty. This advance has
been aided by the prospect of tax reduction and reform. Most of the
factors underlying the present business situation are apparently
sound and warrant optimism for the future. The long period of
steady employment for industrial workers and the increase in farm
income have augmented the country's purchasing power. Although
60501—FI 1925t
1
1
2
BEPOKT ON THE FINANCES
there is some tendency for the consuming public to buy every conceivable commodity ^'on time'' and mortgage future earnings, still
business men are conducting their affairs with restraint and caution
in order that prosperity may not bring carelessness. I t is hoped,
furthermore, that the speculative tendency in real estate in some
communities may not proceed to the point of undermining the spirit
of caution in business.
The program of public economy and public debt payments which
has been rigidly adhered to during the past five years has been a
direct contributing factor to the improvement in the credit and
security markets. The return of over half a billion dollars annually
to investors and financial institutions has not only reduced the publicdebt burden and greatly improved the public credit, but it has
released funds for business and for investment in other securities.
Any interference with the present debt-paying program would tend
to offset the good effects which have been already accomplished and
would prove most unfortunate. The country is now prosperous and
well able to liquidate the debt at a reasonable rate, thereby gradually
reducing the tremendous interest charges. The perpetuation of a
large public debt has never proved to be a sound policy. On the
contrary it has often been a great handicap in emergencies. This
country can ill afford to maintain its finances in such shape as to
prove embarrassing to the public credit in times of need. Furthermore, no government t h a t is wisely administered will, arrange its
financial program on the assumption, tacit or expressed, that there
will be no further heed for debt expansion for generations to come.
I t is only elemental caution to remove the present burden with
reasonable rapidity.
Elsewhere in the report I am recommending tax reduction based
on the estimated surpluses for this fiscal year and the fiscal year 1927.
The reduction asked for, if applied with the purpose of making needed
tax reforms, will afford substantial relief to taxpayers and leave a
better balanced tax system. I can not refrain from pointing out, however, the danger of excessive reductions which may be advocated. A
reduction of taxes below the needs of the Government would result
in an annual deficit to be covered by borrowing. Such a condition of
affairs would be inexcusable and might even necessitate the raising of
tax rates later with all the bad effects which a constant juggling of
rates would entail. Taxable incomes do not maintain a constant
upward march year after year; they fluctuate from time to time and
consideration must be given to the lean years as well as to the
prosperous ones.
Gratifying progress has been made during the year in funding the
foreign obligations held by this Government; agreements have been
reached with Belgium, Czechoslovakia, Latvia, Esthonia, and Italy
SECEETARY OF THE TREASURY
3
since my previous report. The total amount which has been refunded
to date aggregates $7,389,914,000 and the amounts remaining
unfunded, principal and interest, aggregate $4,743,955,617, the
greater part of which are French obligations. I t is hoped that other
funding agreements can be arrived at during the coming year.
In all these settlements the debt commission, being mindful of the
havoc wrought in European countries by the war and the disorganization of their economic life, has accepted liberal terms of payment
particularly in the earlier years. While it is obvious that many of
the countries can not make, heavy payments in the immediate
future, at the same time their vast recuperative powers are recognized.
I n 20 or 30 years hence under modern industrial conditions there will
undoubtedly be great changes in their financial capacity, and the real
burden of the annual payments which are spread over a period of 62
years will dwindle in proportion to the increase in wealth and national
income. Dm-ing the century from 1815 to 1914, for example, the
national wealth of the United Kingdom increased approximately
50 per cent every 25 years, or doubled every 50 years, according to
available estimates of national wealth. Taking the period as a
whole, the wealth of France increased at about the same rate, but from
1870 to 1924 the rate of increase was lower, about 34 per cent every
25 years. While there are far too many uncertain factors to predict
similar rates of increase in the future it is obvious that the recuperative powers of-nations through normal growth is an important factor
to be considered in debt settlement agreements.
The return of England and many other countries to the gold
standard and the further progress made in the stabilization of
exchanges, during the year, reflect substantial improvement in the
world's affairs. The currency reforms effected are important steps
in the gradual readjustment of economic conditions which were
greatly dislocated during" and following the war. Purchasing power
and standards of living are still lower in most countries than prior
to the war and production and trade are still restricted. The return
to full economic activity is in some cases a slow process due to scarcity^
of capital and credit and the low purchasing power of the people.
With the working out of the Dawes plan, the settlement of inter- •
allied debts, the reorganization of currency systems, and the stabilization of exchanges, however, many uncertainties have been removed and the way is clear for more complete world recovery. •
Credit and capital are beginning to flow more freely to those countries
where i t is most needed and gradually the lines of international
trade are being reconstructed along lines dictated by the new conditions. A number of favorable events in recent months, including
the Locarno agreement, lend support to the optimistic view regarding
the economic rehabilitation of Europe.
REPORT ON T H E FINANCES
TAXATION
I t is customary for the Secretary of the Treasury in his annual
report submitted to Congress to embody his recommendations forchanges in the taxing system. In order to have a tax bill ready forsubmission to Congress when it meets in December, the Ways and
Means Committee of the House commenced hearings on a new
revenue act on October 19, 1925, and at the request of that committee the Secretary of the Treasury appeared before them and presented the views of the Treasury on taxation. I t is not necessary,
therefore, to restate in the body of this report these recommendations. A copy of my statement to the Ways and Means Committee
appears as Exhibit 87, page 346.
There is, however, one principle of taxation which requires further emphasis. If taxation is to be successful as a revenue producer
in times of business depression as well as in times of business prosperity, it must have a broad base as a foundation. This is particularly true with respect to income taxes. If exemptions are raised
too high, the number of taxpayers is so materially reduced that the
remaining taxpayers in times of national emergency can not furnish
the revenue required by the Government. This principle has been
recognized in all countries where taxation must be scientifically constructed in order that the government have the means to exist.
Comparison of the different rates of income tax in Italy, Belgium,
France, England, and the United States is illustrative of this point.
Taking as a typical instance a married taxpayer without dependents,
income taxation begins in Italy at $40, in Belgium at $225, in France
at $650, in England at $1,125, and in the United States at $2,500.
If we take particular incomes in these countries, the tax of a similar
taxpayer would be as follows:
I n c o m e taxes
Income
Italy
$1,000-.
•$2,000..
$3,000-.
$4,000..
$5,000..
$189. 21
392.18
599:30
812.18
1, 025. 06
Belgium
$29.15
107. 70
238. 45
413. 35
619. 90
France
$48. 99
174. 55
348. 00
569. 40
838. 75
England
0
$67.
202.
382.
787.
50
50
50
50
United
States
0
0
$7.50
22.50
37.50
I n the discussions leading to a settlement of the Italian-American
war debt it was stated that if Italy adopted the exemptions now in
effect in the United States it would lose over 99 per cent of its revenue
from this source of taxation. While possibly it is not necessary under
present conditions that the United States should have the incidence
of taxation as low as that of other countries where the average income
SECRETARY OF THE TREASURY
0
is much less, nevertheless from a revenue standpoint alone it is
exceedingly dangerous to take out the lower tiers of this pyramid of
taxation, since it is upon this broad base that a continuous source of
revenue must rest.
The suggestion has been made, without due consideration of the
facts, that an increase in the income tax exemption to $5,000 would
amount to no real loss of money td the Government, since it was
erroneously stated that the cost of collection to the Government
exceeded the revenue. The political argument was that such a raise
would relieve an enormous number of taxpayers from paying any tax
whatsoever. The views of the Treasury on this subject were presented in a letter by me to Senator Edge, from which I quote:
You suggest that it might be advisable in amending the income tax law to
exempt all net incomes of $5,000 or less. Your reason for this suggestion is your
information that it probably costs the Government more to collect the tax on
net incomes up to $5,000 than the Government receives from the tax, and therefore it would be in the interest of economy from the Government's standpoint to
exempt net incomes of $5,000 or less.
Your estimate of the loss of revenue of $83,000,000 by the adoption of such a
suggestion is apparently based on the elimination of the tax on net incoines of
$5,000 and under, without extending a like exemption to taxpayers with higher
incomes. It would hardly seem equitable to raise the exemption on taxpayers
having incomes of $5,000 and less and not permit similar exemption to taxpayers
having incomes in excess of $5,000. For example, it is not fair to levy no tax on
a man with a net income of $4,900 and to tax a man with an income of $5,100 on
.all income in excess of $1,000. If the principle of a straight $5,000 exemption
on all taxpayers were applied, it is estimated that the loss of revenue, based on
1923 returns, instead of $83,000,000 would be $167,000,000.
If now we compare this prospective loss of revenue with the expense of collection, it is obvious that the tax is very productive of net revenue to the Government. The total expenditures of the Internal Revenue Bureau for the year 1924
were some $42,000,000. From this $8,000,000 should be deducted for expenditures directly made for the enforcement of the prohibition and narcotic laws,
leaving some $34,000,000 to represent the expense of collecting the personal
income taxes, both large and small, the corporate income taxes and all the
miscellaneous taxes. As a matter of fact, the small returns are audited in the
field in the various collectors' offices and except in unusual cases do not come into
Washington at all. This audit is part of the regular work in the collectors' offices,
and the total expense of all collectors' offices is only about $14,000,000 a year.
In other words, at an expense of $14,000,000 a year these small returns are audited
and the collectors do all the other work required of them. It seems to me if
we had a complete cost system there would be allocated to the expense of collecting the tax on net incomes of $5,000 and less not more than $5,000,000. Compare
this expense with a revenue of $167,000,000.
There is another point to be considered. It would not be practicable, even if
the exemption were raised, to eliminate the making of returns by those having a
certain gross income though their net income is below the exemption. At present
all having a gross income of $2,000 a year must make returns. Were this not
required, many taxable incomes would evade payment of tax. So if the exemption were raised almost as many returns would have to be audited. You can-
6
REPORT ON THE FINANCES
readily understand this, since as the law now stands less than 50 per cent of those
who make returns and whose returns are audited pay any tax at all.
Coming now to the question of delay and congestion in the bureau, it has
been our experience that returns of small net incomes are very quickly audited,
and that the returns of large incomes are the principal cause of delay and require
the great number of employees. An experienced auditor can handle up to 300
small returns a day, whereas it may take him three or four months to handle one
large return. Add to this the fact that these returns are audited in the field, and '
you can easily see that their elimination would in no wise relieve the Bureau
of Internal Revenue from its present congested condition nor permit a lowering
of the period of the statute of limitations. If you will examine the forms used for
returns of less than $5,000 and for those in excess of $5,000, copies of which I
inclose, you will note the simplicity of the former and the complicated character
of the latter. These forms have been the result of practical experience and give
a clear indication of the difference in time required for audit.
It is true that under the present law a married man with an income of $3,000
pays but $7.50 tax, or one-quarter of 1 per cent of his income; one with $4,000
pays $22.50 tax, or one-half of 1 per cent; and one with $5,000 pays $37.50 tax, or
three-quarters of 1 per cent. These seem insignificant sums. They are to the
taxpayer, but not to the Government. It must be remembered that great businesses have been built up on small returns and large volume. The most conspicuous example which comes to my mind is the 5-and-lO-cent store. We ignore
experience if we say that these small taxes from net incomes of $5,000 or less are
not worth collecting.
Income tax first touches the citizen of this country at a much higher point of
income than in any other country with which I am familiar. In other countries
the tax is on a broad base. With us this base has already been very much
narrowed. To narrow it further would make the whole tax structure unstable
and its continued usefulness as a source of revenue uncertain. As a matter of
policy it is advisable to have every citizen with a stake in his country. Nothing
brings home to a man the feeling that he personally has an. interest -in seeing
that Government revenues are not squandered, but intelligently expended, as
the, fact that he contributes individually a direct tax, no matter how small, to
his Government. I feel, therefore, that the adoption of your suggestion would
be wrong in policy and ineffective in decreasing the cost of collection or in eliminating delay and congestion. The tax on'the incomes to be affected is already
so small as to be no burden to the taxpayer. The sole result of such a change
would be an enormous loss of revenue to the Government without a single compensating advantage.
RECEIPTS AND EXPENDITURES
The Treasury's accounts for the fiscal year ended June 30, 1925,
showed a surplus of $250,505,238. Total ordinary receipts aggregated $3,780,148,684, and expenditures chargeable against such
receipts were $3,529,643,446. This surplus is about one-half the
size of the 1924 surplus, but is considerably larger than had been
anticipated at the beginning of the year, in view of the substantial
tax reductions effected in the revenue act of 1924. The estimated
surplus for 1925 which appeared in my previous annual report was
about $68,000,000, and the'actual surplus as shown by the daily.
Treasury statement was approximately $182,000,00.0 in excess of this
SECRETARY OF THE TREASURY
7
estimate. The increased surplus is due largely to heavier receipts
than anticipated. Expenditures were $4,440,000 under estimates,
but receipts were $178,000,000 in excess of the estimate which was
made before the effects of the new revenue act on collections could be
observed.
Income taxes, which were $100,000,000 in excess of the estimate,
aggregated $1,760,000,000, although substantial reductions were made
in the rates. This compares with $1,842,000,000 collected during the
fiscal year 1924 and $1,678,000,000 during the fiscal year 1923 under
higher rates, and is a clear indication of the growing improvement in
the country's business structure and the advantages flowing from a
reduction in excessive rates of tax.
Customs receipts aggregating $547,561,226 and miscellaneous
internal revenue aggregating $828,638,068 were almost identical with
estimates, although numerous changes had been made in the internal
revenue rates, the influence of which had to be appraised in making the
estimates. In the miscellaneous receipts of $643,411,567 there were
also increases over estimates, the principal of which were $34,000,000
on account of the railroads, $2,500,000 from sale of other securities
owned by the Government, $15,000,000 from Army costs receipts,
$3,500,000 from river and harbor improvements, $6,400,000 from sale
of clothing and small stores account of the Navy Department, and
$11,500,000 on account of Indian moneys.
A detailed statement of receipts and expenditures during the fiscal
year 1925 as compared with 1924 appears on pages 150 to 164 of this
report.
For six successive yeai^s Government receipts have been substantially in excess of expenditures, as shown in the following table:
Fiscal year
•\
1920
1921-1922
1923-1924
1925
-
_
Total ordinary
receipts
Expenditures
chargeable
against ordinary receipts
Surplus
$6, 694, 565, 388 $6, 482, 090,191 $212,475,197
86,723,771
5, 624,932,960 5, 538, 209,189
3,795,302,499
4,109,104,150
313,801,651
4,007,135, 480 3, 697, 478,020 . 309,657,460
4, 012,044,701 3,506, 677,715
505, 366,986
250, 605, 238
3,780,148, 684 3,529, 643,446
The total surplus during those six years aggregated $1,678,000,000.
This total amount has already been used for retirement of the public
debt and is not available, therefore, for tax reduction or for other
purposes. In fact, the surplus for a given year does not represent
an accumulation of cash. It automatically works a reduction of the
debt during the year by permitting new financing in smaller amounts
than, the maturing obligations.
8
REPORT ON T H E FINANCES
On page 141 are shown the estimates of receipts and expenditures
for the fiscar years 1926 and 1927. The prosperity of the current
calendar year and the very substantial corporate and business
profits will undoubtedly be reflected in the tax receipts of both
fiscal years. The estimated surplus for 1926 is $262,041,756, and
for 1927 $330,307,895. It is on the basis of this expected surplus
during the current and future years that I have recommended
further tax revisions.
'(,000 T
5,000
4,000
Alili
^
3,000
, a.47/
^ zz\
OTHER
PROCEEDS P R O i l
JPORBION OBLIoAnOMS!
CUSTOMS
MISCELiIiAiaBOXJS-
2,000
4iT 7.1 INCOME AND
^'
PHOPITS T A X B S
1920
loai
1QZ&
isa3
ISa^j
192>5
DIAGRAM 1.—Ordinary receipts of the Government for the fiscal years 1920 to 1925
Trend of tax receipts
Total tax receipts from customs and internal revenue were $3,137,000,000 during the fiscal year 1925, compared with $5,728,000,000 in
the peak year 1920, a decline of over 45 per cent. Diagram 1, above,
and Diagram 2 on page 9 show the trend of these receipts during that
period. The two factors which have been primarily responsible for
changes in tax receipts are tax revisions and changes in business
activity. Two revenue laws, 1921 and 1924, made substantial reductions in income and other tax rates and eliminated certain miscellaneous war taxes. The price deflation and severe business depression
during 1920-21 were material factors in the decline in income taxes
during the fiscal years 1921 and 1922. Income tax receipts during
the current fiscal year will be higher, according to present estimates,
than for any previous year since 1922 in spite of the material reductions in the revenue act of 1924. The following compilation of cor
SECRETARY OE THE TREASURY
porate profits shows earnings for the first two quarters of this year
higher than for the corresponding period of any previous year since
the depression:
[Millions of dollars]
' 1923
Kind
Number
of companies
1924
3d
qtr.
130
185
36
170
262
35
126
277
80
360
Total
2d
qtr.
97
193
70
Manufacturing
Railroad
Telephone .
1st
qtr.
351
467
433
4th
qtr.
1925
1st
qtr.
2d
qtr.'
3d
qtr.
4th
qtr.
1st
qtr.
. 113
255
35
151
203
35
116
188
37
99
287
36
97
309
43
140
204
44
173
234
46
403
389
341
422
449
388
453
2d
qtr.
Diagram 2 also gives a comparison of current tax receipts with prewar receipts. The striking feature is the predominant part played
by the income tax at present. Nearly three-fifths of the Federal tax
receipts now come from the income tax, while in pre-war days practically the entire tax income came from customs and miscellaneous
internal revenue. At the same time receipts from both customs and
miscellaneous internal revenue are more than double the pre-war
figures.
BOLLAks
A
A
s.ooo
/V
4.00P
3,000
/ INCOME
/ PROFITS
AND
TAXES
21,000
/ .^S05r™J
J
l.OOO
/MlSCBl4liA:NEOUS
AJ
^^^(X()^l^^^^^^j^^^^m
^)()^()000W^^
^^^&^^^^^^^m
O
J.900
1Q05
5.910
1915
i.BaO
18 2 5
DIAGRAM 2.—Government receipts from customs, rniscellaneous internal revenue, and income and profits
taxes for the fiscal years 1900 to 1925
Diagram 3, page 10, illustrates the changes which have taken place
in miscellaneous internal revenue. Prior to the war about two-thirds
of the income from this source came from alcoholic beverages, but
this item is now negligible, and the predominant place has been taken
60501—FI 1925t
2
10
REPORT ON T H E
FINANCES
by tobacco. About two-fifths of miscellaneous internal revenue now
comes from the tobacco tax, which yielded $345,000,000 in 1925 compared with $88,000,000 in 1916. This increase is due in part to the
increase in the consxunption of cigarettes and in part to an advance
in the tax rate. Among the more substantial.sources of revenue
which were adopted as war measures and are still in force are the
1,500
1,250--
1.O0O
T50
5O0
2,50
1810
1915
192.0
192.5
DIAGRAM 3.—Government receipts from miscellaneous internal revenue for the fiscal years 1910 to 1926
taxes on automobiles, estates, admissions and dues, and corporation
capital stock. These items plus the tobacco, alcohol, and stamp
taxes produced 94 per cent of the total miscellaneous internal revenue in 1925. There are many other taxes such as the sales taxes on
cameras and lenses, photographic films, firearms, cigar and cigarette
holders, coin-operated machines, and mah jongg, and occupational
taxes on various types of brokers, proprietors of bowling alleys, billiard rooms, etc., which yield little revenue but add to the complexity
of the tax system.
The Federal tax system has changed radically since the early days
of the Government. It has changed radically even since the beginning of this century. In the early days Federal taxes were for the
most part customs duties. Later, internal taxes were developed
on a few articles of consumption widely used and, finally, after 1909,
when the income tax was added, internal taxes replaced customs as
the more important revenue producer.
11
SECRETARY OF T H E TREASURY
I t is difiicult for those who paid income and nuisance taxes during
the war to realize that during half the life of the Federal Government
there were practically no taxes of this kind. From 1791 to 1860,
$85 of every $100 of Federal receipts came from customs duties, so
that the individual citizen supported the Government indirectly.
He paid his taxes in the prices he paid for imported articles. Only
about $1.20 in every $100 came from internal taxes on goods and services, and these were levied for short periods only, as during the War of
1812. The rest of the receipts, of about $13.80 per $100, came from
sources other than taxation—mainly the sale of public lands.
During the Civil War an elaborate system of internal taxation was
developed. Taxes were levied on an extensive variety of goods—on
documents, on incomes, on inherited estates, and on business transactions, or, in the common parlance of the time, ''on everything from
the cradle to the grave.'' After the war most of the new taxes,
including the income tax and the inheritance tax, were removed.
They were retained on a few articles of wide consumption, principally
tobacco products and alcoholic beverages.
The value of these two taxes as revenue producers was soon demonstrated. The yield was large and the administration was easy and
successful, notwithstanding gross evasion at different times. Collections were made from the manufacturer when the article left his
hands. The base of the tax was wide—that is, people used tobacco
and alcohol products quite generally, so that there was a large volume
of commodities on which to make collections. Until 1910, when a
different type of internal tax was introduced, these taxes on articles
of consumption produced about $42 in every $100 of Federal receipts.
Receipts from customs did not decline—they increased. The total
receipts of the Government were increasing rapidly because of increasing population and the rapid economic development of the
country.
The following table shows the distribution of Government tax
receipts by periods from 1791 to 1925 (warrant basis):
Distribution of tax receipts
Average
annual tax
receipts
Period
1791-1860
1861-1909..
1910-1916 -.
1917-1921
1922-1925 --
-
-
-
Customs
$22, 254,979
354, 028, 988
654, 370,098
3,909, 695, 042
3, 307,987,745
Per cent
98.6
53.7
43.5
6.3
15.2
Income
and
profits
taxes
Miscellaneous
internal
revenue
Per cent
Per cent
1.4
44.1
47.9
27. 3j
29.0
2.2
8.6
66.4
55.8
12
REPORT ON T H E FINANCES
Trend of expenditures
Diagram 4, below, shows the trend and in a general way the
make-up of expenditures from 1920 to 1925. Table F on page 468
gives them in greater detail for the same period, and Table K, pages
482 to 493, gives a general classification of expenditures on the
warrant basis back to 1791.
I t will be observed that' there were heavy reductions in expenditures
daring 1921 and 1922, when the War and Navy Departments were
being readjusted from a war-time to a peace-time basis and the
operations of special war activities, such as the War Finance Corporation, Shipping Board, and Grain Corporation, were being curtailed.
Of
JDOXIXAAHS
t.ooo
6.000 -
s»ooq-
4?,0 0 0
•
ALIi OTHER
TAX xspmnDs A N D
tNYHSTMBNTB OS"
THUST X
"WAR AKD NAVY
i)jQi»AiirrM:BNTs
i,ooo-
Lie DEBT INTEREST
AND P K l N C l l W l j
192,0 ISai
1922
1323
192,4 1925
DIAGRAM 4.—Government expenditures chargeable against ordinary receipts for thefiscalyears 1920 to 1925
Since 1922 the trend has continued downward, but much more
gradual in degree. This trend reflects the results of the administration's economy program and the continued readjustment from war
activities. From 1922 to 1925 total expenditures, for example,
were reduced about $266,000,000. This figure, however, is not an
entirely accurate reflection of the trend in departmental expenditures
proper, because it is affected by such special expenditures as tax
refunds, operations in special accounts, debt retirements, etc. For
jthe sake of clarity Government expenditures may be classified under
three groups: (1) Public debt retirements chargeable against ordinary
receipts; (2) special expenditures, which include interest on the
public debt; tax refunds; postal deficiencies; Panama Canal; operations
13
SECEBTAEY OF THE TEEASUEY
MILLIONS"
OF DOLLARS
noo
1000
900
800
TOO
600
500
400
/
300
200
ioo
•••••BHiiBISBBnHHBBBHBHBBHBH
1890
1300
1910
1920
DIAGRAM 5.—Interest on the public debt for the fiscal years 1890 to 1925
of Shipping Board, War Finance Corporation, and other special accounts; purchase of obligations of foreign governments; investment
of trust funds; and other items of similar nature; and (3) general
expenditures, which include the legislative establishment, executive
proper, the 10 departments, the Veterans' Bureau, other independent
offices and commissions, and the District of Columbia. Expenditures
classified according to these three groups since 1920 are as follows
on the cash basis:
[In millions of dollars]
Total
Public debt
expendiretirements Special General
tures
chargeable expendi- expendi- chargeable
against
against
tures
tures
ordinary
ordinary
receipts
receipts
"
1920
1921
1922
1923-1924
1925
.
..
.
_
:
,.
.
79
422
423
403
458
466
»3,228
1 2,253
1,236
1,344
1, 215
1,226
1 3,175
1 2,863
2,136
1, 950
1,833 •
1,837
6,482
5,538
3,795
3,697
3,506
3, 530
1 In Table F and other Treasury records refunds and investments of trust funds are included under the
Treasury Department for years prior to 1922, and postal deficits under Post OflSice Department. In this
table and elsewhere in this discussion, however, these items have been included under special expenditures
in order to make the figures comparable with 1922 and'subsequent years. The figures representing these
items for the earlier years are on the warrant basis and may differ slightly from cash.figures, which are not
available. The totals shown for general and special expenditures are similarly slightly affected.
Public debt retirements chargeable against ordinary receipts are
treated in the article on the public debt, pages 21 to 24.
14
REPORT OK T H E FINANCES
Special expenditures.—The greater part of special expenditures at
t h e present time consists of interest on the public debt, refunds of
customs and internal revenue, and investments of trust funds, chieffy
the Government life insurance fund and civil service retirement fund.
Diagram 5, page 13, shows payments for interest on the public debt for
each year from 1890 to 1925. Such outlays as the refunds and trust
fund investments are, of course, not strictly expenditures of the
Government, but under the Treasury system of accounting following appropriation and authorizing acts they are included in the total
and for the greater part offset corresponding receipts. The* following table shows the principal items of the special expenditures on
the cash basis:
[In millions of dollars]
Interest
on the
public
. debt
1920
192-1_...
1922
1923__
1924.
1925
-.
.......1.
. . ...
.--.
1,020
999
' '991/
1,056
941
• 882
Refunds
of customs and
internal
revenue
.
47
58.
83
154
148
171
Postal
deficiency
0
130
64
32
, 13
23
Operations in
special
accounts
1,689
930
61
50
55
- 11
Trust
fund
investr
ments
10
. 29
34
34
43
43'
Purchase
of obligations of
foreign
governments
421
74
1'
All other
special
expenditures
41
33
3
18
15
U08
» Excess credits, deduct.
)
* Over $99,000,000 of this was for the adjusted service certificate fund, as provided for in the adjusted
compensation act of May 19,1924.
The operations in special accounts, as shown in column 4 of the
above table, include railroads, War Finance Corporation, Shipping
Board, variations in working cash balance of alien property funds.
Grain Corporation, and Sugar Equalization Board. In 1920 and
1921 there were still heavy disbursements on account of railroads.
Shipping Board, and Grain Corporation. They .declined rapidly
after that time, however, and have been in part offset by net credits
from other special accounts. Some of these expenditures, it will be
observed, were in the nature of capital outlays. The figures given
for these operations are net and make allowances for receipts and
deposits credited to the accounts concerned, except that beginning
with the fiscal year 1923 receipts from proceeds of railroad securities
(principal and interest) have been included in receipts. Prior to
1923, however, receipts from railroad securities were credited against
•expenditures.
General expenditures,—It is the general expenditures shown in the
third column of the table on page 13 which more nearly represent
'Government expenditures proper, and.a large proportion of these expenditures, b u t not all, is subject to executive control in the sense
t h a t they are not definitely fixed in amount and can be subjected
to administrative economies. General expenditures declined over
15
SECRETARY OF THE TREASURY
$1,300,000,000 between 1920 and 1925. The greater part of this
occurred during 1921 and 1922 and was largely due to reductions of
the War and Navy Departments. From 1922 to 1925, however,
the reductions aggregated about $300,000,000, or at the rate of
$100^000,000 per year. The relation of War and Navy expenditures
to other general expenditures is shown in the following table (cash
basis):
[In millions of dollarsl
All other
departWar and
Total
ments, in- general
Navy Veterans' Pensions dependent
Depart- Bureau
expendioflQces,
ments
tures
commissions, etc.
1920
1921
1922
1923
1924........
1925
. . .
^
2,347
1,752
932
726
681
708
197
1336
1409
462
409
385
213
261
253
264
228
218
1518
1514
1542
498
515
526
3,176
2,863
2,136
1,950
1,833
1,837
1 Payments on account of veterans' relief made prior to the organization of the Veterans' Bureau on
Aug. 11,1921, by the War Risk Insurance Bureau are usually included under the Treasury Department,
while similar payments made prior to that date by the Federal Board for Vocational Education are
included..under other independent olfices and commissions. In this table, however, and elsewhere in this
discussion those expenditures have been included under Veterans' Bureau for comparative purposes and
taken out of expenditures for the Treasury and other independent offices and commissions. The figures
shown for Veterans' Bureau and pensions are on the warrant basis, while the remainder of the table is
on the cash basis. The total shown for all other departments, etc., being a residual figure, is slightly
affected by this.
Diagram 6, page 16, shows the trend of War and Navy expenditures
from 1890 to 1925, and Diagram 7, page 17, shows payments for pensions from 1860 to 1925.
It will be noted that the greater part of the general expenditures
is for the War and Navy Departments, the Veterans' Bureau, and
pensions, and the minor part for all other departments, independent
offices, commissions, etc. In fact, the smallness of the latter figure
in comparison with total Government expenditures is rather striking.
It is slightly over one-seventh of the total and represents all governmental outlays after deducting public debt expenditures, special
expenditures (consisting very largely of interest on the debt, tax
refunds, and investments of trust funds), and expenditures for the
national defense and care of war veterans.
It may be of some interest to analyze further that residual figure.
A substantial part of it is spent for Indian affairs and good roads.
Nearly half of the expenditures of the Interior Department (exclusive
of pensions) is for Indian affairs, and over 60 per cent of the expenditures of the Department of Agriculture is for good roads. The total
for all other departments, etc., also includes expenditures for the District of Columbia, the greater part of which is paid from District
taxes.
16
REPORT ON T H E FINANCES
1
••
SPANISH
AMERICAN
WAR
WBBifgiHIiHBiiliiiill
1890
1300
±3±0
192.0
DuQEAM 6.—Expenditures for the War and Navy Departments for the fiscal years 1890 to 1925 (exclusive
of expenditures for the Panama Canal, but inclusive of expenditures for rivers and harbors)
The Treasury, which handles the Government's fiscal affairs and
carries on various other activities, accounts for another substantial
part of that residual figure. The principal expenditures by the Treasury during 1925 were as follows: Collecting customs, $16,302,498;
collecting internal revenue, $35,675,308; the public debt service,
$5,310,835; prohibition and narcotic enforcement, $10,388,360; the
Coast Guard, $26,814,083; the Public Health Service, $9,244,851; and
public buildings, $14,457,390. The following table shows for 1920
to 1925 the expenditures for Indian affairs, good roads, the District
of Columbia, and the Treasury:
[In millions of dollars]
Indian
affairs i
1920
1921
1922
1923.
1924
1925
-
40
41
• 38
45
47
39
Good
roads i
24
62
95
79
90
105
District
of Columbia
20
23
24
24
26
33
Treasury 3
.
201
175
191
8 145
8 138
128
All
other
233
213
195
205
216
221
.1 Warrant basis.
2 After deducting refunds of customs and internal revenue, trust-fund investments, and war-risk insurance on the warrant basis.
8 Includes $12,000,000 subscriptions to capital stock of the Federal intermediate credit banks.
That leaves a remainder of about $200,000,000, or slightly more,
as the annual expenditures for all other governmental activities.
SECEETARY OF THE TREASURY
17.
A complete list of those activities would be too long to name here, b u t
they include .the legislative establishment, the executive proper, the
Civil Service Commission, the Employees' Compensation Commission, .
the Federal Board for Vocational Education, the Federal Reserve
Board, the General Accounting Office, the Interstate Commerce
Commission, the Federal Trade Commission, the Tariff Commission,
and all activities of the Departments of Agriculture (exclusive of
good roads), Commerce, Interior (exclusive of pensions and Indian
affairs). Justice, Labor, and State.
MILLIONS
DOLLARB
260|
240
200
180
160
140
120
100
80|
6o|
40
sol
o
.lllllllllllll
1860
IBTd
1880
1890
1900
1910
1920
DiAQEAM 7.—Government expenditures for pensions for the fiscal years 1860 to 1925
Diagrams 8, 9, and 10, pages 18 and 19, show the trend of expenditures of the various departments. Details of expenditures of the
departments for the past fiscal year can be found on pages 156 to
164 of this report.
The above analysis will now permit a comparison of current expenditures with pre-war expenditures and throw some light on the
speculation as to the extent and nature of further possible reductions. As evidence that governmental activities are still inflated
and burdened with superfluous clerks it has been pointed out that
expenditures in the fiscal year 1925 were over $3,500,000,000 as
compared with about $742,000,000 in 1916, the last full pre-war
fiscal year, or nearly five times as great. We have found, however,
that over one-third of the 1925 expenditures were for debt retirements and interest on the public debt, which are direct legacies from
the war and from which there is no escape for many years to come.
If we subtract these and other special outlays, consisting largely of
18
REPORT ON THE FINANCES
MILLIONS
or
DOLLARS
•
• VV'
/
1
300
/
INTERIOR
^
^
^
^
^
\
/
/^A
/
#
±50
//
/
IOO
/
THeASURY
^^^
.
/
/
^
__ AO.RiCiJ L T i i . « J
1910
iei5
192.0
1.92i5
DIAGRAM 8.—Expenditures for tho Departments of the Interior (including pensions), Agriculture (including good roads), and Treasury for the fiscal years 1910 to 1925
MILLIONS OF
DOLLARS
1910
1915
19 2 O
192 5
D[A.QKAM 9.—Expenditures for the Departments of State, Justice, Commerce, and Labor for the fiscal
years 1910 to 1925
19
SECRETARY OF THE TREASURY
refunds, trust fund investments^ etc., from total expenditures, we
find that the general expenditures of the Government in 1925 were
$1,837,000,000, compared with a corresponding figure of about
$675,000,000 in 1916. These figures are still not strictly comparable, however. The 1925 general expenditures include $385,000,000
for veterans' relief, an item which was negligible in 1916. Furthermore, pensions were $218,000,000 in 1925, compared with $159,000,000
MILLIONS.
or
DOLLARS
4.00
1925
LABOR
STATE JUSTICE
COM- TREAS"
MERGE
URY
A G R I - INTERIOR
CULTURE
NAVY
WAR
DUGEAM 10.—Expenditures for the various Government departments for the fiscal year 1925 compared
with 1916.
in 1916. If allowance is made for these items, the 1925 expenditures
were slightly more than twice as large as in 1916.
These figures are, of course, expressed in terms of dollars, but the
dollar of to-day is not the same as the pre-war dollar. Prices in 1925
were approximately 40 per cent higher than in 1916. The same activities with the same number of employees then, if we assume that
salaries should keep pace with prices, would cost the Government
about 40 per cent more in 1925 than in 1916. There are still other
20
EEPORT ON T H E FINANCES
factors which would account for higher Government costs now thaa
in pre-war days. One is the greatly enlarged activities of the Treasury Department necessary to handle the Government's finances.
The public debt is now about 20 times as large as in pre-war daysy
and tax collections about 5 times as large, all of which entails a greatljF
increased personnel. Changing world conditions and the consequentv
economic readjustments have also made necessary the enlargement
and improvement of services and scientific aids to agriculture and •
commerce. Economically. and politically the United States is today much more closely bound to the rest of the world than ever before. These broader relationships and the increasing importance of
world markets enhance the value of certain types of collective or
governmental service.
In addition to the above factors, there is always to be considered
the normal growth of Government expenditures that comes with &
country's development and the increasing complexity of civilization.
Federal expenditures increased 30 per cent during the 10 years imme-^
diately preceding the war—that is, from 1906 to 1916. From 1896to 1906 the increase was over 60 per cent, and for the 10 years prior
to that 45 per cent. These increases were considerably in excess of
the growth of population during the same periods. The growth of
population. Federal expenditures, and national wealth from 1850 to^
1912 are shown in the following table:
Federal expendiNational wealth
tures
Population in
millions Amount in Per
Amount in Per
billions
millions
capita
capita
1850
1912....
_.
23.2
95.1
$39.5
689.9
$1.70
7.25
$7.1
186.3
$306
1,95&-
Thus between 1850 and 1912 Federal expenditures increased about
seventeenfold, while population multiplied about four times. During
the same period, however, the national wealth increased about twentyfivefold and the national income rose to about 16 times its earlier
size. This is apparently very similar to the history of other nations.
Collective action and public expenditures tend to increase with the:
gradual growth of population and wealth and the development of
more complex forms of industry and civilization.
From the above analysis of expenditures it is apparent that thereadjustment from war-time activities has been fairly well com-,
pleted and that there no longer remain any large unusual outlays^
that can be sloughed off. Taking the price level and other factors^
into consideration, the general expenditures of the Government are?,
SECRETARY OF THE TREASURY
21
•not put of line with pre-war expenditures. For five years the administration has exerted the utmost pressure to eliminate unnecessary
•outlays and reduce necessary expenditures to a minimum. These
-efforts have been attended with gratifying success, but there can be
no thought of a return to anything approaching a pre-war level of
expenditures. We still miake, as a result of the war, tremendous
expenditures for debt retirements, interest on the debt, care of dis:abled veterans, etc., but these are unavoidable and will be necessary
for many years to come. I t is the inevitable price which we continue to pay for the war.
In this connection it is of interest to point out the proportion of
'Government expenditures which are due to war. While it is not
possible to segregate entirely all expenditures which might fall in this
'Category, if we add to the disbursements for public debt retirements
interest on the debt. War, Navy, Veterans^ Bmreau, and pensions,
other extraordinary expenditures, such as adjusted compensation
land the increased outlays by the Treasury, the expenditures which
iare directly or indirectly attributable to war and the national defense
compose over 80 per cent of total Federal expenditures. The amounts
•spent by this Government in aid of agricultiu-e and business, for
science, education, better roads, and other constructive efforts are
insignificant when compared with outlays due to war and national
'defense. This will be the inevitable situation as long as .war is the
method of settling international disputes. These facts should be
faced squarely by those who clamor for reduced Government expenditures and at the same time oppose the world's efforts to devise
i^ational methods for dealing with international questions.
THE PUBLIC DEBT
Debt retirements
The total gross debt was reduced during the fiscal year by
:$734,619,101 and on June 30, 1925, stood at $20,516,193,888. This
reduction was effected by (1) $466,538,114 on account of the sinking
•fund and other debt retirements chargeable against ordinary receipts;
(2) by application of the entire surplus of $250,505,238; and (3) by
:$17,575,749 on account of reduction in the general-fund balance
below the balance on June 30, 1924. This reduction, in debt has
resulted in a saving of interest of about $30,000,000 annually.
22
REPORT ON T H E FINANCES
The following table shows the debt reduction and the means b y
which it was effected in the past fiscal year in comparison with pre-^
vious years:
Retirements
chargeable
against
ordinary
receipts
Fiscal year
1920....
1921
1922
1923
1924
1925
Retirements
through surplus
$79,000,000
422,000,000
423,000,000
403,000, 000
458,000,000
467,000, 000
$212,000,000
87,000,000
314,000,000
310,000,000
605,000,000
250,000,000
2, 252, 000, Opo
1,678,000,000
_
Total
Retirements
through reductions in the
net balance in
general fund
Total debt
reductions
$894, 000,000
1 187,000,000
277,000,000
1 99, 000,000
136,000, 000
18,000,000
$1,185,000,000
* 322,000,000
1,014,000,000
614,000,000
1,099,000,000
735,000,000
4,969,000,000
1,039,000,000
1 Debt issues resulting in increase in net balance in general fund.
2 Includes a reduction of $4,842,000 on account of a revised estimate of the amount of fractional currency
outstanding.
,
For the period from 1920 to 1925 as a whole it will be noted that
surplus and reduction in the balance, in the general fund together
accounted for about 55 per cent of the total debt reduction, whereas
in the past fiscal year these two items accounted for only about 35
per cent of the reduction taking place in that year. The balance in
the general fund was reduced only slightly in the past year in comparison with previous years. As pointed out in my last annual
report, there can be no further material reduction in this fund for a
number of years to^come for it is as low now as the Treasury's activities will permit. The fund may be expected to fluctuate around
$200,000,000—a very small figure in comparison with the magnitude
.of Treasury operations. Surplus was not as large an item in the last
fiscal year as in the two previous years. This was due in the main
to the reduction in taxes brought about in the revenue act of 1924.
Debt retirements chargeable against ordinary receip^ts constituted
65 per cent of the total debt reduction in 1925 as against 45 per cent
of the total reduction in debt for the six-year period, 1920 to 1925^
as a whole. The following table shows for each fiscal year from 1920
to 1925, inclusive, the debt retirements chargeable against ordinary
receipts classified by the source of the funds:
Debt retirements chargeable against ordinary receipts
[In thousands of dollars]
Fiscal year
Sinking
fund
Purchases
from
foreign
repayments
$261,100
276,046
284, 019
295,987
306, 308
1920
1921
1922
1923
1924
1925
Total
$72,670
73,939
64,838
32,140
38, 509
386
1,423,460
282,482
Received
from foreign governments
under
debt settlements
Received
for estate
taxes
Purchases'
from
franchise Forfeitures,
gifts, etc.
tax
receipts
Totali
$68,753
110,879
158, 794
$3,141
26,349
21,085
6,568
8,897
48
$2,922
60, 725
60, 333
10,815
3,635
794
$13
169
393
555
93
208
$78,746
422, 282
422, 695
402, 850
458, 000
466, 538
338, 426
66,088
139, 224
1,431
2, 251, 111
SECRETARY OE THE TREASURY
23
, The sinking fund was fixed originally at 2J^ per cent of the war
debt not represented by foreign loans, about $10,000,000,000, plus
a secondary credit of the annual interest which would have been paid
on bonds retired for the sinking fund if they had been left outstanding.
Retirements from the sinking fund were $261,000,000 in 1921, and
in the last fiscal year they were $306,000,000. The fund can be'used
either for the purchase of securities at an average cost of not over
parj or for the retirement of securities at maturity. The Treasury
is in the market for its securities when they are below par. When
they exceed par, purchases are not made in the market, but the fund
is applied to the retirement of maturing or called securities. Since
we have maturing or callable securities in an amount far in excess
of the sinking fund's capacity to absorb, the fund will always be
operative no matter how much over par Government bonds may be
quoted, and there will be no driving up of prices by forced purchases.
The second largest source of funds from ordinary receipts used in
debt retirements comes from foreign repayments. These repayments
have a double aspect. Under the funding agreement with Great
Britain, the scheme of which has been followed in the. other debtfunding agreements made to date, the debtor has the right to pay
principal and interest in United States securities issued since April
6, 1917, at par and accrued interest. This means that it is worth
while for the debtor to use our securities as counters if they can be
acquired below par. The British debt alone calls for the expenditure of $161,000,000 a year for 10 years and over $180,000,000
yearly thereafter, and there is always in the market this buying power
which will tend to prevent the price of our securities going below
par. The debt-funding agreements are, therefore, a market stabilizer, •
as well as a method of reducing the national debt.
The sinking fund and the provision of law that repayments of
principal of foreign loans shall be used to retire debt are a part of
the contract between the United States and the holders of its obligations. This combined buying power of 400 to 500 million a year
alone provides for the gradual and orderly retirement of the debt
and is pretty good assurance that Government bonds will not again
seriously depreciate.
While the soldiers' bonus does not reduce the debt, it has the
effect of postponing the date at which a portion of the Government's
obligations must be met. The bonus is 20-year endownaent insurance, and the amount paid into the bonus fund is the annual premium
which under actuarial tables is necessary to provide the probable
maturity values of the certificates upon the expiration of 20 years,
or upon earlier death of the veteran.
24
REPORT ON T H E FINANCES
, This premium is a part of governmental expenditures. I t is
required that the premium be invested in United States securities.
Instead of taking cash and going into the market and buying our
own securities, the Treasury adopted the policy of selling to the
fund Government obligations in a form to meet satisfactorily the
actuarial requirements of the fund. Upon the maturity of most of
the certificates, say, in 1944, there will be in the fund something
like two and one-haK or three billion dollars of Government securities, the sale of which to the fund during the 20-year period gives
the Treasury money to retire a like amount of securities in the hands
of the public. In 1944, then, it will be necessary for the Treasury
to refund the securities in the fund by the sale of new securities to
the public to provide the cash necessary to pay the maturity value
of the certificates. So, the bonus will in effect postpone during the
20-year period the necessity for meeting two and one-half or three
billion dollars of Government obligations until 1944.
Debt retirement and taxes
I t has been suggested that the amount available this year for tax
reduction can be increased by retiring our public debt more slowly
and thereby giving to the taxpayers, in decreased taxes, the benefits
of smaller annual repayments over a longer period of years. The
argument is made that as the foreign debtor nations are allowed
62 years in which to pay their debts to this country the same leniency
should be extended to the American taxpayer in paying off our domestic obhgations. An examination of the facts, however, wiU show
that no real benefit will accrue to the Nation as a whole or to the taxpayers individually by adopting such a course.
The pubhc debt to-day is about $20,000,000,000. Interest and sinking fund payments during the fiscal year ended June 30, 1925, for
which provision was made in the Budget, amounted to $1,188,000,000,
of which $882,000,000 went for interest and $306,000,000 for the sinkmg
fund. At the present rate of payment, as provided by the sinking
fund, the so-called domestic debt, representing money speht by America
in the war and amounting at the present time to $8,712,700,000, will
have been discharged by 1944. The interest to be paid during the
intervening period will be $4,042,000,000, which with the principal
of $8,712,700,000 will make a total payment of $12,754,700,000 to be
made in the next 18J^ years.
.
Suppose, however, that the period of repayment of the domestic
debt is extended from 18 J^ to 62 years from date, as has been pro-
SECRETARY OF THE TREASURY
25
posed. The total interest charges during the longer period at the
same rate of interest would amount to $16,126,500,000 as compared
with $4,042,000,000 under the present arrangement, and the total
amount of principal and interest to be paid over a period of 62 years
would be $24,839,200,000 instead of $12,754,700,000.
I t is clear, therefore, that no real saving would accrue to the American
people by extending unnecessarily the time of debt payment. On the
other hand, such a pohcy would, if adopted, prove both financially
inexpedient and economically unsound. Congress undoubtedly has
the legal authority to repudiate the contract for the sinking fund and
the arrangement for applying foreign repayments to the extinguishment of the debt. Under the circumstances, however, it would seem
that the moral authority to take such action is extremely questionable, and certainly to do so would be to reverse the historic policy of
this Government.
That pohcy, since the beginning of the Government, has consisted
in balancing the budget or keeping expenditures within receipts, and
prompt extinguishment of the public debt. I t has not always been
easy to discharge the debts which this Government has been obhged
to contract. But determined efforts have been made, even under
circumstances when debt payment was a far greater burden than at
present; and those eft'orts have been successful, as a short review of
former achievements will show.
In this connection it may be interesting to quote from the report
of the Secretary of the Treasury for 1844. In reviewing the history
of the public debt he said:
On the 1st of January, 1790, the foreign debt,- viz, to France, Spain, and to
foreign officers, including interest for the year 1790, amounted to the sum of
$12,556,871.28, and the domestic debt to $60,219,022.44, together amounting to
the sum of $72,775,893.72. The population of the United States then numbered
3,927,827 souls, according to the census of that year. * * *
On the 1st of January, 1816, the public debt had increased to the sum of
$127,334,933.74. This great increase was caused by the War of 1812, terminated
by the treaty of Ghent of 1815, for the expenditures of which the taxes had been
increased; the loans obtained amounted to the sum of $70,478,209.73, and
Treasury notes were issued to the sum of $36,680,794, together making
$107,159,003.73.
On the 1st of January, 1820, the public debt had been reduced to the sum of
$91,015,566.15. The population, as numbered by the census of that year,
consisted of 9,638,131 souls.
On the 1st of January, 1830, the public debt was reduced to the sum of $48,565,406.50. The population numbered 12,866,020 souls, according to the census of
that year.
On the 7th of December, 1835, the President's message announced that "All
the remains of the public debt have been redeemed, or money has been placed
in deposit for this purpose whenever the creditors choose to receive it. All the
other pecuniary engagements have been promptly and honorably fulfilled, and
26
REPORT ON THE FINANCES
there will be a balance in the Treasury at the close of the present year of about
$19,000,000." On the 6th February, 1836, the commissioners of the sinking
fund, and the report of the Secretary of the Treasury, stated that all the debt
had been paid, except the sum of $37,513.05—which consisted of claims for
services and supplies during the Revolutionary War, $27,437.96; Treasury notes
issued during the War of 1812, $5,755; Mississippi stock issued under the act of
3d.March, 1815, $4,320.09; and they renewed their, recommendation that the
sinking fund and the commissioners of the sinking fund be discontinued. It
may be presumed that those Treasury notes issued in the War of 1812, and not
presented for payment, have been destroyed, and that of the other sums so long
due and unclaimed only a small part (if any) will ever be presented for payment.
From the 31st December, 1789, to the 31st December, 1835, the United States
paid for interest on the public debt the sum of $157,629,950.69, and for the
principal the sum of $257,452,083.24, together making the sum of $415,082,033.93.
* * *
The moral power, courage, and capabilities by which a Nation in its infancy,
loaded with a debt of the Revolutionary War of such magnitude, harassed by
Indian wars, and encumbered by another debt of. the War of 1812, terminated in
1815, discharged those debts faithfully—exhibiting to a gazing and astonished
world the example of a Nation which had exerted such energies, of a Government without a national debt, with an overflowing Treasury, and without direct
taxes, internal duties, and excises—are to be looked for in the genius of the Government) the integrity of those who have been elected to administer it, the
good sense, honesty, and enterprise of the citizens, and, lastly, though not least,
in.the beneficent smiles of an all-wise and protecting Providence.
Again in 1884 the Secretary of the Treasury, after stating that the
public debt incurred for the Civil War had been reduced from its
peak of $2,756,431,571.43 in 1865 to $1,408,482,948.69 in 1884, or a
reduction of $1,347,948,622.74 in 19 years, said:
In the management of its debt the United States has been an example to the
world. Nothing has so much surprised European statesmen as the fact that
immediately after the termination of one of the most expensive, and in some
respects exhaustive, wars that have ever been carried on the United States
should have commenced the payment of its debt and continued its reduction
through all reverses until nearly one-half of it has been paid; that reduction in
the rate of interest has kept pace with the reduction of the principal; that
within a period of 19 years the debt, which it was feared would be a heavy and
never-ending burden upon the people, has been so managed as to be no longer
burdensome. It is true that all this has been effected by heavy taxes, but it
is]also true that these taxes have neither checked enterprise nor retarded growth.
SECRETARY OF THE TREASURY
27
Composition of the public debt
The distribution of public debt maturities is shown in the following table for the present year in comparison with previous years:
Interest-bearing debt, distributed by maturities, and total gross debt August 31, 1919,
to October 31, 1925 i
[Millions of dollars]
M a t u r i n g w i t h i n five years
Within
o n e year
Aug. 31,1919.
Apr. 30, 1921.
J u n e 30, 1921.
June 30, 1922.
June 30,1923.
June 30, 1924.
June 30, 1925.
Oct. 31, 1925 2
One
year t o
two
years
Two
years t o
•five
years
4,201
2,820
2,699
4,336
1,393
2,328
- 1 , 505
1,938
Date
572
4,494
366
1,432
927
1,182
766
5,045
4,209
425
2,044
2,647
4,817
3, 567
3,480
.
Maturing after
five
years
Total
interestbearing
debt
9,246
17,103
7,602
16,158
7,618 . 16,119
6,746
15,965
5,473 : 16,535
8,072
12,9] 0
6,254
13,957
6,184
13. 957
26,349
23,760
23,737
22,711
22,008
20,982
20,211
20,141
Total
within
five
years
Total
gross
debt
26, 594
23,994
23, 976
22,964
22, 350
21, 251
20, 516
20,406
1 Exclusive of interest-bearing obligations redeemable at the pleasure of the Government but not maturing within the period covered.
•3 From Preliminary Statement of the Public Debt, Oct. 31,1925.
The debt maturing in five years declined about $1,800,000,000
from June 30, 1924, to June 30, 1925, while the long-dated debt
increased over $1,000,000,000. This reduction in the short-dated
debt was greater than for any previous fiscal year, and the hig:h
level of 1924 was reduced in 1925 to a figure lower than for any previous postwar year except 1923. The composition of the short-dated
debt and source of changes in it are brought out in more detail in
the following table:
Short-dated debt, August 31, 1919, to October 31, 1925^
[Millions of dollars]
Date
A u g . 31, 1919
A p r . 30, 1921
J u n e 30, 1921
J u n e 30, 1922
J u n e 30,1923
J u n e 30, 1924
J u n e 30, 1925
•Oct 31 1925 2
Total
shortThird
d a t e d d e b t L i b e r t y Victory T r e a s u r y
(maturing
loan
notes
notes
bonds
within
five years)
9,246
7,602
7,618
6,746
5,473
8,072
6,254
6^184
4,113
4,069
3,914
1,991
2,997
2,885
2,803
311
2,247
4,104
3,736
2,404
2,404
Pittman
Loan and
Act and
T r e a s u r y 4 per
tax certifispecial cer(war)
cent
cates of
tificates ot savings loan of
indebtedi n d e b t e d - securities
1925
ness
ness
3,938
2,548
2,451
1,755
1,031
808
579
596
263
272
249
74
931
713
694
679
337
413
386
381
118
» Exclusive of debt on which interest has ceased and interest-bearing obligations redeemable at the
pleasure of the Government but not maturing within the period covered.
ti, 2 From Preliminary Statement of the Public Debt, Oct. 31, 1925,
It will be noted that the big increase in the short-dated debt from
1923 to 1924 was due to the fact that the maturity of the third
Liberty loan came within the five-year period. If we should exclude
28
REPORT ON T H E FINANCES
the third Liberty loan bonds the short-dated debt would now aggregate about $3,400,000,000. A significant factor regarding the change
in the structure of the debt is the gradual reduction of certificates of
indebtedness since 1919, and also the reduction of Treasury notes
since 1923. The greatest decline in the notes took place in the last
fiscal year. The significance of the reduction in these items of debt
is discussed more fully on pages 44 to 48.
The reduction in the short-dated debt during the past fiscal year
from about $8,000,000,000 to $6,200,000,000 was brought about
through debt retirements and through the refunding operations for
the past year. The type and. amounts of securities issued by the
Treasury during the fiscal year 1925 are shown in the following table:
Securities issued during the fiscal year 1925
Interest
rate
Series
Date of
issue
Term
Certificates of indebtedness:
Per cent
TS-1925
1 year
Adjusted service series
4 —do
TD-1925.
3 9 months.,
TJ-1926-..
3 1 year
Treasury notes: Adjusted
4 6 years
service series.
Treasury bonds: 1944-1954.
4
Due
Amount
allotted
Sept. 15, 1925.
$391,369, 500
50,0.00, Q O
p
Jan. 1,1926
_.
219, 46^; 000
Dec. 15, 1925
. .
124, 247, 000
June 15, 1926
50, 000, 000
Redeemable after Jan. 1,
1926; payable Jan. 1,
1930.
/Dec. 15; 1924. [Redeemable on and after 1,047,088,500
20-30 years •\Mar. 16,19251 1. Dec. 15, 1944; payable
Dec 15,1954.
Sept.
Jan.
Mar.
June
Jan.
15,1924
1,1925
16,1925
15,1925
1,1925
1 Additional issue.
The long-term bonds issued on December 15, 1924, were the first
offering of this character since the issue of the Treasury 434 P^r cent
bonds of 1947-1952 in October, 1922. The offering made in March,
1925, was identical in every way with that of December, 1924. Eor
further details regarding these issues as well as the offering of certificates and notes see pages 31 to 34.
The aggregate par amount of securities floated during the year was$1,882,167,000, at an average annual interest rate of 3.557 per cent..
The reduction in annual interest charges on the new issues as compared with the annual interest charges on the same amount at the
average rate of the issues matured during the year was $16,730,000..
The average interest rate paid on the entire debt declined from 4.21.
per cent to 4.14 per cent.
The average interest rate on the entire debt reached its highest
point in 1921 and 1922. The following table shows the average ratepaid on the entire debt during each fiscal year from 1919 to 1925:
Fiscal year
1919
1920
1921..-.
1922
-
4.10
4.19
4.29
4.29
Per cent .
Fiscal year
Per cent
1923
1924
1925
-
:
....
4.22
4.21
4.14
29
SECRETARY OF THE TREASURY
The relatively low average rate in 1919 was due to the fact that
patriotism played a large part in the flotation of Government securities during the war, but since 1919 the Treasury has had to float its
rsecurities on a competitive basis and at the prevailing market rate.
This led to an increase in the average rate in 1920 and 1921, years of
relatively high rates, and to a decline since 1922. The causes back
of these changes in the average rate are more fully discussed on pages
40 to 44.
Managing the public debt
The management of the public debt is a much bigger job than the
mere utiUzing of funds for debt retirement as they become available
for that purpose. In each year since the war the volume of maturities has been considerably larger than the arnount that could be
retired, so that refunding operations have been and will continue
t o be necessary in the future. The extent of the Treasury financing
t h a t will be necessary for the next five or six years is indicated by
t h e table below, showing the public debt maturities to ]S[ovember 1,
1930:
Public debt maturities to November 1, 1930 ^
[Amounts as of Oct. 31, 1925]
D a t e of m a t u r i t y
Certificates
of i n d e b t e d ness 2
D e c . 15,'l925_..
$179,462,000
J a n . 1, 1926.
. . 3 40,400,000
M a r . 15, 1926
J u n e 15, 1926
376,183, 000
Sept. 15, 1926
D e c . 15-31, 1926
J a n u a r y - S e p t e m b e r , 1927 _ _
M a r . 15, 1927..
October-December, 1927...
D e c . 15, 1927...
J a n u a r y - N o v e m b e r , 1928 _
S e p t . 15, 1928..
D u r i n g D e c e m b e r , 1928
J a n . 1-July 15, 1929
J a n . 1, 1 9 3 0 . . .
Total...
596, 045, 000
Notes and
bonds 2
Treasury
(war) savings
certificates
(including
interest)
$299, 659, 900
4 $13, 564, 596
615, 677, 900
• 414,922,300
2 1, 800, 655
2 96, 304, 037
668, 201, 400
2 14,867, 577
335, 779, 900
2 132, 369, 073
5 2, 802, 473,150
2 24, 029,195
2 96, 774, 603
3 50, 000, 000
5, 206, 714, 550
379, 709, 736
•
Total
$479,121,900
53, 964, 596
615, 677, 900
376,183, 000
414, 922, 300
1, 800, 655
96, 304, 037
668, 201,400
14,867, 577
355, 779, 900
132, 369, 073
2, 802, 473,150
24,029,195
96, 774, 603
50, 000, 000
Cumulative
total
$479,121, 900
533, 086,496
1,148, 764, 396
1, 524,947, 396
1, 939, 869, 696
1, 941, 670, 351
2, 037, 974, 388
2, 706,175, 788
2, 721, 043, 365
3,076, 823, 265
3, 209,192, 338
6, Oil, 665, 488
6, 035, 694, 683
6,132,469, 2S6
6,182, 469, 286
6,182, 469, 286
1 Exclusive of debt on which interest has ceased amounting to $13,735,430; second Liberty loan bonds,
amounting to $3,104,548,450, which are redeemable but do not mature within the period; other interestbearing obligations redeemable at the pleasure of the Government, but not maturing within the period
•covered and not called for redemption, amounting to $686,859,850; and thrift and Treasury savings stamps,
unclassified sales, etc., amounting to $3,820,265.
2 From Prehminary Statement of the Pubhc Debt, Oct. 31, 1925.
3 Adjusted service series.
* From Preliminary Statement of the Public Debt, Oct. 31, 1925, plus accrued interest as shown on the
Statement of the Public Debt, Aug. 31, 1925.
6 Third Liberty loan.
Provision for the orderly retirement of the debt has been provided for and, as has been explained in previous annual reports, the
maturities have been so arranged as to fall conveniently on tax-payment dates, so the principal problems now confronting the Treasury
80
REPORT ON T H E FINANCES
in handling the debt are those relating to the type of securities t h a t
will be issued to meet maturing obligations which can not be retired.
The Treasury knows with substantial accuracy how much of the d e b t
should be retired each year and how much must be refunded, with a
varying margin of possible retirement or refunding. I t also knows
how much of the debt ultimately should go into long-term bonds,
and how much should be turned over in short-term obligations. T h e
determination of the character of the securities to be issued depends,
then, on the maturities which are desirable from the standpoint of
the Treasury, and upon the cost of the different types of financing.
This fixes the character of the issue, whether certificates of one year
or less, notes up to five years, or bonds up to any maturity, or a combination of any of these issues. The situation back of the issue of
long-term bonds on December 15, 1924, furnishes a good concrete
illustration of the factors that determine the type of financing t h a t
the Treasury will undertake. Both the money market and the debt
structure were important considerations at this time.
On December 15, 1924, the Treasury had maturing something over
$400,000,000 of securities. With the funds on hand it would need
about $200,000,000 of cash to meet December maturities and to
carry the Government through until the March financing. On February 2, $118,000,000 of circulation 4^s were called for payment,
and in March maturities were substantially $1,000,000,000. Thislatter amount was so large that it might have proved embarrassing.
The financial condition of the country can not be foreseen with certainty three months ahead. The Treasury wanted to reduce thisamount to the point where it,could easily be handled, even, if conditions were unsatisfactory. I t could have borrowed $500,000,000'
extra in December and had it in bank to meet the March maturities
when they came in. But since they were quoted above par and
coidd not be redeemed at the market, it would have been necessary
to wait for their maturity on March 15 and in the meantime t h e
Treasury would have had to carry the money with loss of interest.
I t was obviously desirable to obtain exchanges of a large block of
March maturities in December, three months before they were due.
The time appeared appropriate for the sale of a long-term Government bond, and the issue of a reasonable amount of them was proper
from the general standpoint of our debt structure. The amount of
the issue for cash was fix:ed at $200,000,000, or thereabouts, all we
needed until March, and the privilege was given to all holders of
March maturities to exchange their securities, then quoted at about
100 J^, for the new bonds, par for par. At the samis time a similar
privilege was extended to holders of the third Liberty's, which
mature in 1928, since it was the belief of the Treasury that future
financing would be simplified according to the extent to which this
SECRETARY OF T H E TRJEASURY
31
maturity could be whittled down. The price of the bond was par
and the rate was slightly above the market, so that it was felt that
the bond should sell at about 1003^ after it was issued. This concession in price was necessary in order to attract exchanges. The
cash subscriptions were large, but allotments were limited to $225,000,000, and over $500,000,000 of exchanges were received. As a
result of this issue of 4 per cent for 434 V^^ ^^^^ securities, there
was an actual saving in interest to the Government of $1,389,231
during the remaining life of the securities exchanged, the March
maturities were cut to a reasonable figure, and debt maturities were
placed in better shape.
Treasury bonds of 1944-^ 954
The Treasury announced this offering on December 3, 1924, under
authority of the act of Congress approved September 24, 1917, as
amended. Four per cent 20-30 year bonds were offered at par and
accrued interest, dated December 15, 1924, maturihg December 15,
1954, and redeemable in whole or in part, at par, and accrued interest, at the option of the United States, on and after December 15,
1944. The bonds were issued in both coupon and registered form
in denominations of $100 and upward. The offering was for $200,000,000, or thereabouts, with the right reserved to the Secretary of
the Treasury to allot additional bonds to the extent that third Liberty loan 434 per cent bonds. Treasury notes, or Treasury certificates
of indebtedness which matured March 15, 1925, were tendered in
payment.
The offering met with a quick response, and inasmuch as the Treasury wished to confine allotments on cash subscriptions to $200,000,000,
or thereabouts, the subscription books on the primary offering were
closed at the close of business on December 4, 1924. Cash subscriptions amounted to $1,460,530,550, of which $224,513,500 was allotted on the following basis: On subscriptions of $1,000 and under,
allotments were made in full; on subscriptions in excess of $1,000
but not exceeding $10,000, 65 per cent was allotted, with a minimum
of $1,000. Subscriptions in excess of $10,000 were declined.
I n addition to the cash subscriptions, the exchange subscriptions
which closed on December 20, 1924, amounted to $532,420,300, making total subscriptions for this offering of Treasury bonds amount to
$1,992,950,950. All exchange subscriptions were allotted in full, so
t h a t the total allotments on the offering aggregated $756,933,800.
This was the first offering of long-term Government bonds since
the issue of the Treasury 4Ji per cent bonds of 1947-1952 in October,
1922; and it afforded a particularly favorable opportunity to holders
of third Liberty loan bonds to acquire a long-term Government bond
32
REPORT O S THE FINANCES
Or
on attractive terms in place of their third Liberty loan bonds, which
mature in September, 1928, and which are now a short-term secm*ity.
I t also reduced to more manageable proportions the somewhat heavy
financing otherwise necessary in March, 1925, and in September,
192^8.
An additional issue of 4 per cent Treasury bonds of 1944-1954 was
announced on March 5, 1925. These bonds were issued at 1003^
and accrued interest from December 15, 1924, and are identical in all
respects and freely interchangeable with the bonds of the original
issue. Treasury notes and Treasury certificates of indebtedness
which matured March 15, 1925, were accepted at par in part payment for the Treasury bonds. Subscriptions, which closed at the
close of business on March 10, 1925, aggregated $382,326,400, and
allotments were made to the amount of $290,154,700. Cash and
exchange subscriptions were allotted on the same basis. Subscriptions not exceeding $10,000 for any one subscriber were allotted in
full; subscriptions over $10,000 but not exceeding $50,000 were allotted 80 per cent, but not less than $10,000 on any one Subscription;
subscriptions over $50,000 but not exceeding $100,000, 70 per cent,
but not less than $40,000 on any one subscription; subscriptions over
$100,000 but not exceeding $500,000, 60 per cent, but not less than
$70,000 on any one subscription; subscriptions over $500,000 but not
exceeding $1,000,000, 50 per cent, but not less than $300,000 on any
one subscription; and subscriptions over $1,000,000, 40 per cent, but
not less than $500,000 on any one subscription.
This additional issue of Treasury bonds of 1944-1954 and an
offering of nine-months' Treasury certificates of indebtedness on the
same day, the combined offering of which was for $450,000,000, or
thereabouts, were intended, with the balances already on hand and
the March tax receipts, to pay about $560,000,000 of Treasury certificates of indebtedness and Treasury notes which matured March 16,
1925, to meet over $300,000,000 of interest payments on the public
debt in March, April, and May, and to provide for all other cash requirements of the Treasury until June.
Further details concerning the Treasury bonds of 1944-1954 will
be found in the official texts of the offerings. Department Circulars
No. 349 and 354, attached as Exhibits 33 and 34, pages 243 and
245, and in the letter of the Secretary of the Treasury, dated December 3, 1924, to the banking institutions of the country, attached as
Exhibit 35, page 247.
Certificates of indebtedness and Treasury notes
The first offering of certificates of indebtedness since my last annual report was on March 16, 1925. On that date about $560,000,000
of Treasury certificates of indebtedness and Treasury notes became
SECRETARY OF THE TREASURY
33
payable, and there were also public debt interest payments due in
March, April, and May. In order to meet these obligations and all
other cash requirements of the Treasury until June, in so far as they
might be in excess of the balances already on hand and the-March
tax receipts, the Treasury announced a combined offering of $450,000,000 of nine-months' Treasury certificates and 4 per cent Treasury
bonds of 1944-1954. Details of the additional issue of Treasury
bonds will be found on page 32.
The certificates of indebtedness, maturing December 15, 1925,
bore 3 per cent interest, and Treasmry notes and certificates of indebt-r
ness maturing March 15, 1925, were received in exchange for the.new
certificates. All subscriptions closed at the Vclose of business: on
March 10, 1925, with a total of $365,230,000. The allotments
amounted to $219,462,000. Exchange subscriptions were allotted in
full, as were also the cash subscriptions in amounts not .exceedirig
$1,000 for any one subscriber; subscriptions in amounts over $1,000
were allotted on a graduated scale.
The next issue of certificates of indebtedness, bearing 3 per cent
interest, was dated June 15, 1925, and matures June 15, 1926. The
offering was for $125,000^000, or thereabouts, and the Treasury
accepted in payment for the new certificates Treasury notes which
matured June 15, 1925. Subscriptions closed at the close of business
on June 10, 1925, and aggregated $470,254,000, of which $124,247,000
was allotted. Cash and exchange subscriptions in amounts not
exceeding $1,000 were allotted in full and allotments on subscriptions
in amounts over $1,000 were made on a graduated scale. The proceeds of this offering of certificates, together with the June tax
receipts and the cash on hand, were intended to pay about $4£)0>^
000,000 of Treasury notes which fell due on June 15,1925, and to meet
all further cash requirements of the Treasury up to September.
^ On September 8, 1925, the Treasury announced an offering of ninerhonths' 334 per cent Treasury certificates dated September 15,1925,
and maturmg June 15,1926. The offering which was for $250,000,000,
or thereabouts, was intended, with the balances already on hand and
the September tax receipts, to cover all cash requirements of the
Treasury until December. Certificates which matured September
15 were accepted in exchange for the new certificates. The subscription books closed at the close of business on September 10, 1925,
with subscriptions aggregating $568,155,500, ojF which $251,936,000
was allotted. All subscriptions in amounts not exceeding $1,000 were
allotted in fuU, while allotments on subscriptions in amounts over
$1,000 were made on a graduated scale.
In addition to the foregoing offerings of certificates of indebtedness
to the public, the Treasury issued on January 1,1925, $100,000,000 of
special certificates and Treasury notes to the adjusted service certifi60501—FI 1925t
3
34
REPORT ON THE FINANCES
cate fund. This operation was in accordance with the adjusted
compensation act which provides for an appropriation on the 1st of
January of each year to the adjusted service certificate fund of an
amount based upon the American Experience Table of Mortality
which, if k(Bpt invested at 4 per cent compoimded annually, would be
suflBLcient to pay the face value of the adjusted service certificates
upon their maturity in 20 years or upon prior death of the veteran;
the Secretary of the Treasury is authorized to invest and reinvest
the moneys in the fund, in interest-bearing obligations of the United
States and to sell'those obligations for the purposes of the fund.
Inasmuch as the Government securities outstanding on January 1,
1925, did* not meet the exact requirements of the fund and would
probably be unsatisfactory for sale when the adjusted service certificates mature some 20 years later, the only feasible way of handling
the investment was to sell securities direct to the fund. The Secretary
of the Treasury, therefore^ invested $50,000,00(1^ in five-year special
Treasury notes dated January 1, 1925, and payable January 1, 1930,
and $50,000,000 in special Treasury certificates of• indebtedness
payable one year from date. Both securities bear interest at 4 per
cent per annum payable annually or on the prior redemption of the
security.
.
Further details concerning. Treasury certificates of indebtedness
will be found.in Exhibits 1 to 29, pages 170 to 237; and in Tables
A, C, and E, pages 448, 458, and 463.
The official circulars announcing the offerings are printed as
Exhibits 39 to 41, pages 251 to 255,
The aggregate amount of certificates of indebtedness issued from
the beginning of the war to October 31, 1925, was $62,980,128,809,
of which $21,422,925,500 were loan certificates, $15,568,291,500 were
sold in anticipation of income and profits taxes, $25,938,911,809
were special issues, and $50,000,000 were certificates issued to the
adjusted service certificate fund. The following table gives the details regarding the unmatured certificates of indebtedness and Treasury notes outstanding on October 31, 1925:
Unmatured certificates of indebtedness and Treasury notes outstanding October 31,
1925
Detail
, Certificates of indebtedness
i
Series TD-1925
Series TJ-1926
Series TJ2-1926
Adjusted service series.
Treasury notes:
Series B-1925
Series A-1926
Series B-1926
Series A-1927
Series B-1927..Adjusted service series.
Interest
Per cent
3
3
4
4^
m
4
Date of issue
Due
Mar.
June
Sept.
Jan.
16,1925 Dec. 15, 1925
15,1925 June 1.5, 1926
15,1925
do
1,1925 Jan. 1, 1926
June
Mar.
Aug.
Jan.
May
Jan.
15,1922
15,1922
1,1922
15,1923
15,1923
1,1925
Dec. 15,1925
|
Mar. 15, 1926
Sept. 15, 1926
Dec. 15,1927...
Mar. 15, 1927
After Jan. 1,1926; on Jan. 1,1930.
Amount
outstanding
$179,462,000
124,247,000
251.936,000
40,400,000
299,659,900
615. 677,900
414,922,300
355, 779,900
668,201, 400
50, 000, 000
SECRETARY OF THE TREASURY
35
Redemption of the 4^s of 1 9 2 5 \
In the report for 1924 reference was made to thQ,call, on October 15,.
1924, of the 4 per cent loan of 1925 for redemption and.payment on
February 2, 1925..
This loan was originally issued under authority of the act of Congress approved July 14, 1870, as amended by the act approved January 20, 1871, and by the act of Congress approved January 14,
1875, for the purpose of acquiring gold to replenish the gold reserve
held for the redemption of United Statesnotes. , The loan was issued
in two parts, $62,315,400 in February, 1895, as payment for 3,500,000
ounces of gold, and $100,000,000 in January,. 189.6, as a popular loan,
subscriptions being payable in gold. The total amount issued ac*
cordingly was $162,315,400.
•
.., ,
During the fiscal years 1902 and 1903, $43,825,500 par amount of
the bonds of this loan were purchased for the sinking fund from accumulation of public funds in the Treasury. The bonds so purchased
were retired. No further reductions in the amount thereafter outstanding, $118, 489, 900, were made prior to the time they were called
for redemption and payment. Of the bonds still outstanding on the
date of the call, $77,537,050 were lodged with the Treasurer of the
United States as security for the circulating notes of national banks.
Of this amount $61,471,450 were redeemed and the proceeds deposited
for the retirement of an equal amount of national-bank notes outstanding. For the remainder ($16,065,600) 2 per cent bonds were
substituted and the circulation continued. There reriiained outstanding on September 30, 1925, $1,173,150 of these bonds, the
holders of which had not yet presented them for payment, notwithstanding interest on such bonds ceased on February 2, 1925.
With the retirement of this loan the only United States bonds remaining outstanding bearing the circulation privilege are the 2 per
cent bonds, as follows:
Consols of 1930
_ Panamas of 1916-1936__.
/ ^^
^as of 1918-1938
- " .
Total United States 2 per cent bonds
.
$599, 724, 050
48, 954, 180
25,947,400
674, 625, 630
Termination of conversion privilege—Four per cent Liberty bonds
The first Liberty loan, issued on June 15, 1917, bore interest at
33^^ per cent. The second Liberty loan, issued on November 15,
1917, bore interest at 4 per cent, and thereupon the privilege of converting outstanding first 33^^s into 4 per cent bonds arose. A total of
$568,318,450 first 33^^s were thereafter converted into first 4's.
The third Liberty loan, issued on May 9, 1918, bore interest at
434 per cent, and with its issuance there arose the privilege of con-
36
REPORT ON T H E FINANCES
verting into 434 per cent bonds any outstanding 4 per cent bonds of the
first or second Liberty loans. The right to convert such 4 per cent
bonds into 434 P^r cent bonds terminated on November 9, 1918.
The Congress, however, by section 5 of the Victory Liberty loan act,
approved March 3,1919, conferred upon the Secretary of the Treasury
authority to extend the privilege of converting 4 per cent bonds into
434 per cent bonds, with further authority to terminate such privilege
at any time on six months^ public notice. In accordance with such
authority, the Secretary, on March 7, 1919, extended the conversion
privilege, and this privilege continued in effect until finally withdrawn
on June 30, 1925, pursuant to the provisions of Department Circular
No. 351, dated December 29, 1924 (see Exhibit 38, page 250).
The following statement shows the issues and conversions of first
4's and second 4's and the amounts outstanding on June 30, 1925:
First 4's
Original issue upon conversion of first BJ^'s, Nov. 15, 1917, to
May 15, 1918
_
Converted into first 434's to June 30, 1925
Redeemed to June 30, 1 9 2 5 - . .
._._
Outstanding June 30, 1925
$568, 318, 450
547, 555, 050
15, 520, 050
.
5, 243, 350
Second 4's
Original issue against full paid subscriptions Nov. 15, 1917
Converted into second 4M's to June 30, 1925.
Redeemed to June 30, 1925
$3, 807, 865, 000
3, 707, 691, 950
79, 081, 450
.-.
Outstanding June 30, 1925.
.
21, 091, 600
Under existing law no further rights of converting Liberty bonds
can arise.
TREASURY FINANCING AND THE CREDIT SITUATION
During the last fiscal year the Treasury carried out its financing
operations at materially lower interest rates than for any previous
year since the war. The average rate of interest borne by certificates
of indebtedness offered in the fiscal year 1925 was only 2.9 per cent.
This was 1 per cent less than the average rate on new issues during
the fiscal year 1924 and about 2% per cent less than the average for
the fiscal year 1921. The following table shows the average rate of
interest paid on certificates of indebtedness each fiscal year from
1921 to 1925:
Year
1921
1922
1923
Average
rate
Percent
5.7
4.5
4.1
Year
1924
1925....
Average
rate
Per cent
39
2.9
37
SECRETARY OF THE TREASURY
This decline in the average rates paid on its new issues of securities did not come about through any arbitrary decisions on the p a r t
of the Treasury to pay lower interest rates, but as a result of a
general decline in market rates due to money and credit conditions.
The decline in the rates paid by the Treasury in the fiscal year 1925
compared with 1924 and its relation to the decrease in general money
rates is brought out in the following table:
Rate on
4 to 6
months*
paper
(prime)
Date
Yields on New issues of certificates of inRate on
certificates
debtedness
bankers' Rate on of indebtaccept- call loans edness—
ances
4 to 6
Rate Maturity
months
1924
January
February.- .'.
March
April
May
June -July
August
September
October
November
December
--...
4.88
4.78
4.62
4.62
4.19
3.97
3.52
3.25
3.12
3.12
3.22
3.55
4.12
4.06
3.94
3.98
3.41
2.44
2.06
2.10
2.22
2.18
2.34
2.92
4.55
4.31
4.00
4.25
3.25
2.25
2.05
2.00
2.06
2.40
2.38
3.70
3.75.
3.52
3.70
3.48
2.95
3.62 .
3.62
3.91
3.95
3.88
3.88
3.90
3.97
4.28
4.38
3.00
3.12
3.25
3.17
3.18
3.19
3.19
3.19
3.38
3.44
3.12
3.56
3.81
4.00
3.81
3.94
4.15
4.19
4.50
4.81
2.83
2.81
2.95
2.88
2.93
3.02
3.21
3.33
3.29
3,66
......
Mar. 15,1925
" " 2 H Dec. 15,1924
2! 13
2.26
2.35 " " 2 % Sept. 15vl926
2.62
2.87
2.30
1925
January
February.March
April
May.
June
July
August
September
October
-
-..^
-•
-
......
......
Dec. 15,1925June. 15,1926
Do.
I t will be noted that the rates paid on new issues of certificates of
indebtedness fell sharply from 4 per cent on the offering of March,
1924, to 2 ^ per cent on the issue of June, 1924, corresponding to the
rapid decline in general money rates that occurred through these
three months. The September issue was also at 2 ^ per cent, b u t
the remaining issues have been at 3 .per cent or slightly above, and
this, the table also indicates, was due to the tightening of general
money rates since the middle of 1924.
The low point to which interest rates dropped in 1924 was the
lowest since before the war. The average rate on prime four to six
months' commercial paper was 3.12 per cent in, September and
October, 1924, compared with 3.88 per cent in August, 1922, the
lowest average rate for any month in that year; the average rate on
call loans was 2 per cent in August, 1924, and 3.62 per cent in June,
1922. These were the quoted rates, but in 1924 loans were made
at call below the quoted rate. The average yield on certificates
of indebtedness reached the low point of 2.13 per cent in July,
1924, compared with 3.08 per cent in August, 1922. Since the
38
REPORT ON T H E FINANCES
middle of 1924 money rates have increased rather sharply all along
the line, but they are still only slightly above the low "point
of 1922. Since 1922 was a year of abundant credit and easy money
rates as a result of .the heavy credit liquidation following the severe
business recession of 1920 and 1921, the unusually easy money and
credit conditions which have prevailed since the middle of 1924 are
all the more remarkable.
A comparison of short-time money rates with long-time interest
rates in August, 1922, 1924, and 1925, reveals the same situation
of unusual ease in the money market of the past year. • This comparison is given in the following table:
1922
1924
1925
(August) (August) (August)
Yield on 60 high-grade bonds . .
Four to six months' commercial paper (prime)
Call loan rate
_
_
_
Yield on four to six months* certificates of indebtedness
4.81
3.88
3.74
3.08
4.80
• 3.25
2.00
2.26
4.74
3.97
4.19
3.33
The decline in short-time interest rates to the low point reached
in July, 1924, was due largely to continued heavy gold imports and
the decline in business activity which began in May, 1923, and
lasted with only slight interruptions until July, 1924. Since the
indebtedness of the member banks to the Federal reserve banks
was very low, practically all of this gold received from abroad was
available to meet increased currency demands or for credit expansion. As business activity was declining, there was no demand
for increased currency, so that practically all of the imported gold
was used in the further extension of credit. From June, 1923, to
July, 1924, the volume of credit of reporting member banks increased
from $16,500,000,000 to $17,000,000,000., Most of this increase
was in collateral loans an4 investments. Commercial loans increased slightly, but this increase did not represent an increased
demand for accommodation on the part of business, because business activity was declining at this time; rather, it meant that, business was able to utilize a larger volume of loans at the greatly reduced rates at which the}^ were offered by the banks as a result of
the inpouring gold. While member bank credit was thus increasing, reserve bank creciit declined from $1,114,000,000 in June, 1923,
to $859,000,000 in June, 1924, so that the expansion of member
bank credit came about entirely as a result of the gold imports.
The large decline in the volume of gold imports in the latter half
of 1924, which changed into net exports in December, together with
the revival in business activity which began in July, 1924, brought
about the upward movement in interest rates which took place in
the latter half of 1924 and which has continued with some irregularity
until the present time..
39
SECRETARY OF THE TREASURY
From July, 1924, to January, 1925, the physical volume of production in basic industries increased' 34 per cent and in the latter
month was as high as it was at the peak of 1923, when the output
of goods measured in physical units had attained a higher level
than had ever been reached before. The physical volume of output
declined from January to June, 1925, but the decline was not nearly
so great as in 1924, and at the present time industrial output is on a
high level and business in an unusually prosperous condition.
Although the volume of gold imports fell off considerably in the
latter half of 1924 and.the import balance was turned into an export
balance in December which continued until July, 1925, total loans
and investments of member banks continued to increase. From
July, 1924, to July, 1925, loans and investments of reporting member
banks increased from $17,200,000,000 to $18,700,000,000. .All but
$200,000,000 of this increase took, place, however, fi-om July to
December, 1924, before the gold exports set in. Most of the-increase
was in collateral loans and investments. Commercial loans of
reporting member banks increased only about $100,000,000 from
July, 1924, to July, 1925, while totalloans and investments increased
$1,500,000,000 during the same period. However, commercial loans
were about $200,000,000 higher in March, 1925, than in July, 1925,
and in recent months they have again increased over the July figure.
The expansion in member bank credit from July, 1924, to Jnly,
1925, was accompanied by an increase in Federal reserve bank
credit in contrast to the preceding year, when .reserve, bank credit
declined. The increaise, in reserve bank credit for the period was
about $200,00.0,000.: These changes in reserve bank ^and member
bank credit are shown in the following table:
......
Reporting member bank credit
. (millions of dollars) ,
Date (end of month)
June........
July...
August.:...
September..
October.-..
November..
December..
1924
Total .
loans and Invest,; investments
ments
Collateral
loans
Reserve bank credit
(millions of dollars)
Government
Commer- Total curitiesse- I Redisand
cial
earning fbankers:
counts
loans
assets
accept' ahces
17,056
.17,252
' 17,67r
18,194
18,315
18, 527
• 18,599
4,906
4,880
5,133
5,411
5,551.
,5, 612
5,531
4,329
4,431
4, 570
4, 663
4,547
4,721
4,863
7,821
7,941
7,868
8,120
8,217
8,194
8,205
859
825
915
983
1,024
1,187
1,249
490
531
613
"716
802
, 938
935
294
302
267
'222
249
314
.18, 54.0
18,538
18,704
18, 716
18, 683
18,892
18, 723
•18,'918
19,272
19,345
5,489
5,396
5,498
5,484'
5, 503
5,516
5,506
5,443
,5,440
•5; 443
4,888
4,949
4,978
5, 079
5,141
5,347
5, 204
5; 302
.5,471
5,472
8,163
8,193'
8,228
8,163
8,039
8,029
8,013
8,173
8,361
8,430
1,130
1,087
•1,028^
1.064
1,127
1,021
1,126
1,257
• 1,250
715
•696
687
628
652
615'
553
549
624
660
274
434
400
400
412
512
468
577
633
590
1925
January
February
-.
March.
AprilMay...
June.'
:
July
August-'......
September.
October. _ . . . .
40
REPORT GIST T H E FINANCES
This increased use of reserve bank credit was due in part to the
decline in the volume of gold imports in the latter part of .1924 and
to the increase in the volume of gold exports in December, 1924, and
the first half of 1925. Member banks borrowed from the Federal
reserve banks to increase their reserve balances to support their growing volume of deposits, to provide for increased currency demands,
and to meet the demand for gold for foreign shipments.
Although member banks have continued to increase the total
amount of credit extended during the past year, and even though
this has led to some increase in reserve bank credit, there are no
reasons to believe that any demands for accommodation on, the part
of business or industry that are likely to arise in the near future can
not be met by the banking system without credit strain. Due to
their pohcy of allowing no idle funds to accumulate, the member
banks have little or no surplus reserves to use as a basis for further
credit extension. But a large part of their funds is invested in
collateral loans and securities which can be° liquidated or sold in
case of an increased demand for credit on the part of business, so
that a considerable increase in business activity can be financed
without drawing heavily on reserve bank credit.
The relation of Treasury rates to the marlcet
The yields on outstanding Government securities move in harmony
with prevailing interest rates and are controlled by the same general
forces. This is illustrated in diagram 11,, page 41, which compares
the yield on four to six months^ certificates of indebtedness with the
rate on four to six months' prime commercial paper and the rate on
bankers' acceptances.
Due to their high degree of security and wide market, certificates of' indebtedness yield a lower rate than commercial paper
of the same maturity, and even a slightly lower rate in general
than bankers' acceptances which have shorter maturities. It will
be noted from the diagram that at the beginning of 1921 the spread
between the commercial paper rate and the yield on certificates of
indebtedness was much greater than it has been since that time.
This was doubtless due to the frozen condition of commercial credits
and the uncertainties of business at that time. Since about the
beginning of 1922 the commercial paper rate and the yield on certificates of indebtedness have not only fiuctuated sympathetically
but have maintained a fairly definite relationship to one another.
On the other hand, there has been an increasing spread between the
yield on Government bonds and the yield on other bonds as represented by an index of the yield of 60 high-grade bonds with long
maturities^ This is shown in diagram 12, page 41. At present the
yield on the Government bonds is more than one-half of 1 per
41
SECRETARY OF THE TREASURY
cent below the yield on the 60 high-grade bonds. This is, of course,
the more normal situation, because Government bonds are usually
considered the highest grade of investment and yield a shade less
than any other type of bond. In 1921 the tremendous volume of
1
r
1/
r
:
—
V \
A
COMME ^CIAL PAPER - . PRIME
V
JKERS ACCEPTAN
\
>
•
• ^ ^
/
/
C.orl'.
"'•VKJ
\j}
I
-
1
'
^
\
•
"
i
•
r
•"•:f^
1
•
DIAGRAM 11.—Rates on bankers' acceptances and 4-6 months* prime commercial paper, and yield on
4-6 months' certificates of indebtedness, from 1920 to 1925
iS2
0
1921
4922
1923
19.2
4
iQ'2.^.
DIAGRAM 12.—Yield on 60 high-grade bonds (index by Standard Statistics Corporation) and on United
states Government 4K per cent bonds, from 1920 to 1925
60501—FI 1925t
4
42
REPORT ON THE FINANCES
Government bonds outstanding had served to depress the price.
The Treasury's financial policy and the gradual reduction of the
debt have helped to remedy that condition.
The increased investments of banks during this period of easy
money and their preference for Government securities have also been
important factors in accounting for the spread between the yields of
Government bonds and other high-grade bonds.
I t is evident that the yield on outstanding Treasury obligations is
controlled by general market forces and that their relationship to
the rate structure is likewise fixed by their relative security and the
general credit situation. I t should also be evident that the Treasury
must fix its rates on new issues of securities in harmony with market
rates, and, since new issues of securities are more like outstanding
Government obligations than any other type of securities on the
market, the yields on these outstanding securities are the best indicators as to the rate which should be attached to new issues.
* The factors which the Treasury must take into consideration in
floating a new issue of securities are practically the same as those
which must be considered by an investment banker in floating new
issues for his clients. All Government offerings are made on a strict
investment basis. The Treasury always aims to sell its securities
at the lowest possible interest rate consistent with their successful
distribution among investors, and, with this in view, it always gives
close attention and consideration to the market quotations on outstanding securities and to prevailing money-market conditions in connection with the determining of the amount and terms of these issues.
The Treasury wishes to secure the lowest rate that the market will
offer, but if Treasury certificates and notes should be offered at
rates of interest lower than market conditions warrant they would
not prove sufficiently attractive to investors, and the funds necessary
to carry on the Government's activities would not be available.
The Government can no longer appeal to the public to purchase
its securities at lower-than-market rates on the ground of patriotism;
its securities must be placed on the market on a purely competitive
basis*
The closeness with which the Treasury has adjusted the rates on
its new issues to conditions prevailing in the money market is indicated in the table on page 37. This table shows that the Treasury
took full advantage in 1924 and 1925 of the easy money conditions
prevailing during this time. The rates on the new issues, however,
are not strictly comparable to the yield on the outstanding four to
six months' certificates of indebtedness which are shown in this table,
due to the fact that the new issues during this period all had longer
maturities than the outstanding certificates. | | Diagram 13 on page 43
43
SECRETARY OF THE TREASURY
compares the rates on new issues of six months' certificates of
indebtedness with the yield on outstanding four to six months' certificates from 1921 to the present time. I t is seen that the rates on
the issues correspond very closely to the yield on the outstanding
certificates throughout this period. They do not correspond exactly,
however, due partly to the fact that the yield on the outstanding
certificates is an average yield for the month, whereas the rate on the
new issue is adjusted to the market situation on a given day within
the month and because the average maturity of the outstanding four
to^six months' certificates is not six months, as is the case with the
new issues shown in the diagram. Market rates, furthermore, are
frequently influenced by reason of a relatively small floating supply
of the securities and by a special demand for a limited amount of the
particular issue.
0
X
5
^ X
\. ^
V\
-.
V,
V
4?
•
5^
_X\ 4
/^
/ x^y ~ \ i V
^
^ T T
>»" X
3
.TIBIiiB OH C . J p i.'^
1
BAf^ B S 0]SrK53"W SB? JUHS OF C " ! 'fi\
\.'A r
^-V
vv\
• V jA
\ r
2.
/S>ea
r1
/ ^
±
en
i9ai
loaa
492.3,
.. AS.a^ii
i.9 2.5
DIAGRAM 13.—Yield on 4-6 months' certificates of indebtedness and rates of interest on new issues, from
1921 to 1925
In actually fixing the rate on the new issue, in other words, the
Treasury does not adjust it to the average yield of its outstanding
certificates, but it selects a security having the same maturity that
the new issue is expected to have and adjusts the rate of the new
issue to the yield rate of that security, taking account at the same
time of other factors in the market. There is a large free market in
New York of some $20,000,000,000 of Government securities maturing anywhere from 1 month to 30 years. I t is hardly possible to pick
a maturity for a security in that period at which its probable price is
not already indicated by the yield on an outstanding issue. The
following table shows for several different dates on which certificates
44
REPORT ON T H E FINANCES
of indebtedness were issued, the yield on outstanding securities having
a similar maturity to the new issue, and the rate attached to the
new issue:
Maturity
Date issued
Sept. 16,1923
Dec. 15, 1923
Mar. 15, 1924
Mar. 16, 1925
Sept. 15, 1925
Mar. 15, 1924
June 16, 1924
Mar. 16, 1925
Dec. 16, 1925
June 15, 1926
Rate
Per cent
4.25
4.00
4.00
3.00
3.25
Yield on
outstanding issues
of same
maturity
Per cent
4.13
3.90
3.96
3.07
3.21
On Septeniber 15, 1925, it will be noted from the table that nine
months' certificates were issued. The yield on that date on outstanding certificates with a nine months' maturity was 3.21 per cent
and the rate attached to the new issue was 3.25 per cent. This is
very shghtly above the market rate on the outstanding certificates.
I n the case of the issue on March 16, 1925, however, the rate fixed
for the new issue was slightly below that of the outstanding
securities of the same maturity. In practically all of these cases the,
yield on the outstanding securities of the same maturities as the
new issues were inconvenient rates to adopt, and it was necessary
to select in each case the nearest convenient fractional rate.
Influence of debt payments on the money marlcet
Although the Treasury must adjust the rate on its new issues of
securities to market rates, the financial operations of the Treasury
are large enough in volume to be an important influence in the market.
One influence noted is purely temporary and occurs on quarterly tax
payment dates when the Treasury makes interest payments, redeems
matm-ing obligations, and often issues new securities. Frequently
payments exceed receipts on the tax day, making it necessary to
borrow temporarily from the Federal reserve bank on a special
securities of indebtedness in anticipation of the tax receipts which it
takes several days to collect. This places reserve bank funds temporarily on the market and results in easier money rates. Rates
tighten up again, however, when the loan is repaid, upon the collection of the tax checks.
There is a more permanent influence, however. Since collections
do not come in evenly throughout the year, and because the Treasury
has heavy interest payments to make during the intervals between
certain tax-payment dates and also has maturing obligations and
other disbursements in excess of collections on certain tax dates, it
issues at such times new securities, usually short-term securities, in
anticipation of tax collections and to meet maturing obligations.
45
SECRETARY OF T H E TREASURY
These certificates and notes are sold to investors, consisting largely
of banks and other financial institutions, so that they absorb funds
and tend to tighten money rates. Since 1919, however, the Treasury
has been paying its debts and the retirement of outstanding obligations has been greatly in excess of new issues, so that the net effect
of the Treasury's operations during this period has been a tendency
to bring about lower rather than higher money rates, Standing^at
•MrLI^lONS OP
• I>OL.I^A.RS
,
25,000
24, OOP
\
Vr-v
^v^
2.3,000
22,,G00
1
T O T A I i B T E U B S T - B l lAiUNG DBB P
•v^^
1
^
N
2.1,000-
K
^ ^
2.0,000
rOKY AND' •: ?HEAS=URX ^ O T E S
•• ••<! •••0 •
•4*, 0 0 0
J
,'•* • •*
9
3,000
\
0
V-
^o^^\
.^"
«•
•••
•
2,000
l40A>
1,000
O E R T I P I C A P E S OFINBI BTBBNBSS- ;
J
"'"•^„„*-'
]
--.«-«-
i9a3
±32.5
DIAGRAM 14.—Victory and Treasury notes, loan and tax certificates of indebtedness, and total interestbearing debt, from 1920 to 1925
$25,234,000,000 on June 30, 1919, the interest-bearing debt had been,
reduced to $20,211,000,000 on June 30, 1925. This represents an.
average annual payment of over $837,000,000, which has been collected from taxpayers all over the country and turned over to the^
holders of Government securities. The effect of this policy of debt
repayment on money rates is more apparent when it is considered
that the princij)al reduction in the debt has taken place through the^
46
/REPORT OlSr THE FUSTANCES
retirement of certificates of indebtedness and other short-term
securities which are largely held by banks and financial institutions.
Diagram 14 on page 45 shows the outstanding notes, certificates of
indebtedness, and total interest-bearing debt, by months, from
January, 1920, to the present time.
,
For the period as a whole certificates of indebtedness were reduced
by about $2,500,000,000 and notes by about $2,000,000,000. When
this is compared to other factoids in the credit situation during this
period, it will be seen that it was large enough in magnitude to be a
very important factor in bringing about the general decline in shorttime money rates which took place during these years.
The repayment of om* public debt involves the collection of taxes
from all taxpayers and turning over the proceeds to the holders of
Government securities. Whether or not this process has any effect
upon savings and the short and long time interest rate depends in
some measure upon how the taxes are collected and upon the type of
securities retired.
If a large proportion of the taxes with which debt retirements are
met is collected from persons who would normally save the amounts
paid in taxes, the volume of investment funds will not be materially
affected. For, in this case, funds intended for investment by such
taxpayers will simply be transferred from them to the holders of
Government securities to be reinvested by the latter instead of the
former. On the other hand, whenever tax collections result in a
reduction of personal expenditures the result is a net increase in the
supply of capital with a consequent reduction in general interest
rates. In either case, however, there may be some influence upon the
rate structure—that is, the relation between short-time and long-time
rates.
When, for example, the Government pays off the short-term debt,
such as certificates of indebtedness and Treasury notes, a large proportion of which is held by financial institutions, it releases bank
credit for other uses, and money rates tend to decline. As the process goes on the surplus funds may gradually be employed in the longterm investment market, but the first effect of such payments is on
short-time rates. Diagram 15 on page 47 shows the movement in
money rates compared with long-time interest rates as reflected by an
index of bond yields from 1920 to the present time. There has been
not only a general downward trend of all interest rates as shown in
this diagram but short-time rates have declined much more than
long-time interest rates and the spread between the two types of
rates has been unusually wide during the past year or more.
Debt liquidation, of course, has been only one influence responsible
for the changes in money rates. The other principal factors are
gold imports, changes in the credit requirements of business, and the
growing volume of savings. Taking the period as «a whole, gold
47
SECEETAEY OF THE TEEASUBY
imports have perhaps been the most important factor in the situation.
From 1921 to the end of 1924 this country received $1,500,000,000 of
gold from abroad. This was the basis of k substantial expansion in
member bank credit, and together with the decreased demand for
currency is the chief cause of the decline in reserve bank credit,
which amounted to about $2,000,000,000. Thus the member banks
increased their total loans and investments by about $3,000,000,000
at the same time they were paying their debts to the Federal reserve
banks, which had assxuned such large proportions during 1919 and
1920.
1920
192.1
1922
1923
19 2 4
±923
DIAGRAM 16.—Rates on bankers' acceptances and 4-6. months' prime commercial paper, and yield on
60 high-grade bonds (index by Standard Statistics Corporation), from 1920 to 1925
Since the total loans of member banks were only slightly higher at
the end of 1924 than at the beginning of 1921, the $3,000,000,000
increase in member bank credit represented in the main an increase
in their investments. The accompanying table shows the credit
situation at the beginning of 1921 and at the close of 1924:
[In millions of dollars]
Dec. 29,
1920
Total loans of member banks..
Total investments of member b a n k s . . .
...
Total loans and investments of member banks
Earning assets of reserve banks
..
1 AaoIDeo.30.
19,745
6,143
26,888
» 3,263
Dec.Sfi,
1924
20,166
8,861
29,027
1,249
48
REPORT GIST T H E FI^STANCES
Although the volume of loans at the end of 1924 was only slightly
higher than at the beginning of 1921, as is shown in this table, the
proportion of commercial loans to the total was considerably less at
the latter date than at the former, as is indicated by the reports of
member banks in large cities. The volume of commercial loans of
these reporting member banks was about a billion dollars less at the
end of 1924 than at the beginning of 1921. This represents a decreased demand for accommodation on the part of business and means
that funds which were tied up in commercial and industrial operations,
at the beginning of 1921 were at the end of 1924 available for other
uses.
The heavy volume of savings during recent years, both corporate
and individual, has also been a material factor in the decline in general
interest rates. Large savings are reflected in the growing volume of
savings deposits, the growth of life insurance, increasing corporate
surpluses, and the demand for investment securities.
I t is clearly demonstrable, however, that the Government's program of debt retirement has been a material factor in bringing about
the improved credit conditions which now prevail, and the improvement in credit conditions in turn is a prime factor in the present
prosperous condition of industry.
OBLIGATIONS OF FOREIGN GOVERNMENTS.
The total principal amount of obhgations of foreign governments
originally held by the Treasury was $10,338,058,352.20. Such obligations were acquired by the United States (1) under the authority
of the Liberty bond acts which authorized the Secretary of the
Treasury, with the approval of the President, to estabhsh credits
in favor of foreign governments engaged in war with enemies of the
United States against which cash advances were made for the purpose
in general of enabling those governments to meet commitments
made in the United States in connection with the prosecution of the
war; (2) under the authority of the act of July 9, 1918, which authorized the President, through the head of any executive department, to
sell any surplus war supplies on such terms as the head of such department deemed expedient; (3) under the authority of the act of February
25, 1919, appropriating $100,000,000 as a revolving fund for the participation by the United States, in the discretion of the President,
in the furnishing of foodstuffs and other urgent supphes to certain
populations in Europe and countries contiguous thereto; and (4)
under the authority of the act of March 30, 1920-, which authorized
the United States Grain Corporation, with the approval of the
Secretary of the Treasury, to sell or dispose of the flour in its possession, not to exceed 5,000,000 barrels, at such prices and on such terms
or conditions as might be necessary to relieve populations in the
countries of Europe or countries contiguous thereto, suffering for
SECRETARY OF T H E TREASURY
49
the want of food. There is set out below a statement showing by
countries the total principal amount of such obhgations received by
the United States and payments on account of principal thereof:
Total principal
Total principal
a m o u n t of
a m o u n t of
obligations
T o t a l principal
obligations
received for
a m o u n t of oblireceived for
gations received surplus supplies relief supplies
furnished o n
under Liberty
sold o n credit
credit u n d e r
b o n d acts
u n d e r a c t of acts of F e b . 25,
J u l y 9, 1918 1919, a n d M a r .
30,-1920
Country
Payments on
account of
principal of
obligations so
received
.
Armenia
$11,959,917.49
Austrial
24,055,708.92
Belgium
^ 1 . . . . . $349,214,467.89 $29,872,732.54
$2,057, 630. 37
Cuba
10,000, 000. 00
10,000,000.00
61,974, 041.10
20, 604; 302. 49
C z e c h o s l o v a k i a . . .".
9,301,327.44
Esthonia . .
» 12, 213, 377.88
1,785,767. 72
Fihla]ld....-...v.—
8,281,926.17
France
2, 997,477,800. 00 407,341,145. 01
64,302,901. 29
G r e a t B r i t a i n . . ^ 4,277,000,000. 00
202,181,641. 66
Greece..
, 15,000,000.00
Hungary - J J
1,685,835.61
164,852.94
Italy
_
1,648,034,050.90
L a t v i a ••
2, 521,869. 32
2,'610,417. 82
Liberia
26,000. 00
Lithuania ^ . .
•.
822,136. 07
4,159,491.96
82,513.86
Nicaragua .
166, 604.14
75,984, 263. 73
Poland
83,682,708. 66
Rumania
25,000,000.00
12,922, 675. 42
1,794,180.48
Russia
. . ."
187,729, 750. 00
406,082.30
• 4,465,465.07
26, 780,465. 56
24,978, 020. 99
720, 600.16
Yugoslavia
Total
9,598, 236, 575. 45 598,869,010. 71
140,952, 766. 04 281,304,320.66
T o t a l n e t principal a m o u n t of
obligations received b y Treas*
ury pursuant to
acts m e n t i o n e d
$11,959,917. 49
24,055,708.92
377,029,670.06
91,879,671.03
13,999,145. 60
' 8, 281,926.17
3,340,516,043. 72
4,074, 81,8,358.44
15,000,000.00
1,685,835. 61
1,647,869,197.96
5,132, 287.14
26,000. 00
4,981,628.03
84,090. 28
159,666,972.39
36,128,494.94
192,601,297.37
51,037,886. 39
10,056, 754, 031. 54
Funding agreement allows credit of $1,932,923.45 on account of loss of cargo on ship sunk by mine.
Debt-funding agreements executed pursuant to.the authority of
the act of February 9, 1922, as amended by the act of February 28,
1923, and as further amended by the act of January 21, 1925, providing for the funding of $6,383,411,668.98, principal amount of obligations of foreign governments held by the Treasury, have been concluded with the Governments of Belgium, Czechoslovakia, Esthonia,
Finland, Great Britain, Hungary, Italy, Latvia, Lithuania, and Poland.
There is set out below a statement showing by countries the principal amount of obligations funded and the amount of accrued interest
thereon included in the principal of the debt as funded:
Country
Belgium
...
Czechoslovakia..
Esthonia
Finland..
Great B r i t a i n . . .
Hungary
Italy.....
Latvia
Lithuania
Poland
...:.
Total-
Date of
agreement
Aug.
Oct.
Oct.
May
June
Apr.
Nov.
Sept.
Sept.
Nov.
18,1925
13,1925
28,1925
h 1923
19.1923
25.1924
14.1925
24,1925
22,1924
14,1924
Principal of
obligations
funded
$377, 029,
570. 06
91,879,671. 03
2 12,066,
222.15
926.17
8, 281,
4,074,818, 358. 44
1,685,835. 61
1,647,869.197.96
5,132,287.14
4,981,628. 03
159,666,972. 39
6,383,411,668.98
Accrued interest
funded
$40, 750,429.
$417,780. 000.00
1 23,120,328.
115,000, 000. 00
1, 763, 777.
13,830,000.00
718, 073.
9,000,000.00
525,181,641.
000,000.00
4, 600,
253,164.
1,939,000.00
394,130,802.
000,000.00
|2,042,
642, 712.
5,775,000.00
1,048,371.
6,030,000.00
18,893, 027.
178,560,000.00
1,006,502,331.02 7,389,914,000. 00
»Includes certain open account claims.
2 Credit of $1,932,923.45 allowed for loss of cargo on ship sunk by mine deducted.
Funded bonds
received or to
be receiv^ed
50
REPORT ON T H E FINANCES
As the funding agreements with Belgium, Czechoslovakia, Esthonia,
Latvia, and Italy have not yet been ratified by Congress or by the
respective Governments, the delivery of the new bonds provided for in""x
the funding agreements has not yet been effected. For brief reports
regarding the negotiations and execution of the funding agreements,
see the Annual Reports of the World War Foreign Debt Commission
contained in the Annual Eeports of the Secretary of the Treasury for
the fiscal years ended June 30, 1922, 1923, and 1924, and pages 51
to 67 of this report.
According to the terms of the debt-funding agreements the debtor
government, at its option and upon not less than 30 days^ advance
notice to the United States, may make any payment of principal or
interest due in respect to its funded bonds in any obligations of the
United States issued after April 6, 1917, such obligations to be taken
at par and accrued interest to the date of payment. Of the $47,005,511.80 principal payments received under the debt-funding agreements up to November 15, 1925, only $996,235.42 was paid in cash.
There is; set out below a statement of the principal payments arranged by countries:
Country
In United States
obligations
Cash
Principal
Belgium
Finland
Hungary
Great Britain. _.
Lithuania..—.^
_
.
Total...
$875,839.30
45,000.00
9,672.50
35,723. 62
30,000.00
996,236.42
Total
Interest
$44,860
$160.00
45,742,700
221,676. 38
46,787,550
221,726.38
$876,839.30
90,000.00
9,672.60
46,000,000.00
30,000.00
47,005,611.80
Of the $345,253,532.11 interest payments received under the debtfunding agreements up to November 15, 1925, $51,150,790.32 was
paid in cash. The Governments of Hungary and Lithuania have
taken advantage of their option to fund in bonds one-half of the interest falling due during the first five years of the debt-funding period.
The interest payments funded by these two Governments aggregate
$88,780.50. There is set out below a statement of the interest payments arranged by countries:
In United States obligations
Country
Funded
Cash
Total
Principal
Belgium
Finland
Hungary
Great Britain
Lithuania
Poland
Total -
$43,655. 50
45,225.00
88,780.60
Interest
$192,667. 78
516, 999. 28
44, 208. 83
49, 761,339. 43
135, 675. 00
600,000.00
$154,750
$560.72
292,482, 600
1,376,060. 67
$192,667.78
672, 300.00
87, 764:33
343,620,000.00
180, 900.00
500, 000.00
61,150,790.32
292,637,350
1,376,611.29.
346,263,632.11
SECRETARY OF THE TREASURY
51
For a detailed statement of the principal amount of the obligations
of foreign governments held on November 15, 1925, and the interest
accrued and unpaid thereon up to the last interest payment date
on or prior to November 15, 1925, see Exhibit 49, page 265 of this
report.
Statements of the payments made by foreign governinents on account of principal and interest appear as Exhibits 50 and 51, pages
266 and 267 of this report.
WORLD WAR FOREIGN DEBT COMMISSION
The present members of the World War Foreign Debt Commission are:
Andrew W. Mellon, Secretary of the Treasury) chairman.
Frank B. Kellogg, Secretary of State.
Herbert Hoover, Secretary of Commerce.
Reed Smoot, United States Senator.
Theodore E. Burton, Member of the House of Representatives.
Charles R.. Crisp, Member of the House of Representatives.
Richard Olney, formerly Member of the House of Representatives.
Edward N. Hurley, formerly chairman of the United States
Shipping Board.
Garrard B. Winston, Undersecretary of the Treasury, is secretary
of the commission.
The following changes have taken place in the membership of the
commission since the. publication of the last annual report:
Hon. Charles E. Hughes, formerly Secretary of State, resigned
on March 7, 1925. Hon. Frank B. Kellogg, who succeeded Mr.
Hughes as Secretary or State, was appointed by the President a
member of the commission on March 9, 1925, to fill the vacancy
caused by the resignation of Mr. Hughes. Hon. Eliot Wadsworth
resigned as Assistant Secretary of the Treasury April 1, 1925. His
resignation as secretary of the commission was accepted on August 6,
1925. Hon. Garrard B. Winston, Undersecretary of the Treasury,
was immediately appointed secretary to succeed Mr. Wadsworth.
The World War Foreign Debt Commission was created by the act
of Congress approved February 9, 1922. The original act is set out
in the Annual Report of the Secretary of the Treasury for the fiscal
year ended June 30, 1923, Exhibit 42, page 256. The commission
first consisted of five members, including the wSecretary of the Treasury,
who acted as chairman. Under the provisions of the original act the
commission was authorized to refund or convert into bonds and to
extend the time of payment of the principal or interest of obligations
of foreign governments held by the United States under such terms
as the commission deemed for the best interests of the United States.
TEe act provided, however, that no obligations should be extended
52
REPORT ON THE FINANCES
beyond June 15, 1947, that the rate of interest fixed in the funded
obhgations should not be less than 43^ per cent a year, and prohibited the exchange of obligations of one foreign government for
the obligations of another government and the cancellation of any
part of the indebtedness except through payment thereof.
The act of February 9, 1922, was amended by the act approved
February 28, 1923. This act approved the British settlement and
authorized the commission to make settlements with other governments upon such terms as the commission believed to be just, subject to the approval of Congress. The membership of the commission was increased from five to eight. A copy of the act of amendment
appears as Exhibit 44, page 261, of the Annual Report of the Secrer
tary of the Treasury for the fiscal year ended June 30, 1923.
In the original act the commission was created for three years.
By the act of Congress approved January 21, 1925, the commission was extended for a further period of two years from February 9,
1925. A copy of this act appears as Exhibit 52, page 268 of this
report.
There is set forth in the annual reports of the Secretary of the
Treaisury for the fiscal years ended June 30, 1922, 1923, and 1924, a
complete report of the activities of the commission up to November
1, 1924. The present report covers the period from November 1,
1924, up to November 15, 1925.
As stated in the last annual report, at the time of the creation
of the cornmission the United States held obligations of foreign
governments representing indebtedness incurred in connection with
the World War or arising out of conditions resulting therefrom
aggregating in principal amount approximately $10,102,000,000.
Debt-funding agreements have already been executed witli Belgium, Czechoslovakia, Esthonia, Finland, Great Britain, Hungary,
Italy, Latvia, Lithuania, and Poland. These settlements represent
$6,383,411,669, principal amount of the obhgations held by the
United States, or more than 63 per cent bf the total principal
amount of obligations held when the commission first took up its
work.
For a discussion of the total amount of advances made to foreign
governments by the United States, the obligations originally held,
the obligations extended or funded, and the payments on account of
principal and interest, see pages 48 to 51 of this report; also Exhibits
49, 50, 51, pages 265 to 267.
The commission convinced that there can be no permanent recovery
in Europe until the interallied, debts have been fairly adjusted has
been actively cooperating with the State Department during the
past year in its efforts to bring about negotiations and settlements of
the imfunded debts of foreign governments to the United States.
SECRETARY OF THE TREASURY
53
Not only is it essential to remove the debt question as a source of
international friction between governments, but it is perhaps more
important that the several debtor nations preserve the sanctity of their
respective obligations.
While the integrity of international obligations must be maintained it is axiomatic that no nation can be required to pay to another
government sums in excess of its capacity to pay. The commission
in its settlement with Great Britain, made on Jime 19, 1923, and in
subsequent negotiations or settlements has adhered to the principle
that the adjustments made with each government must be measured
by the ability of the particular government to put aside and transfer
to the United States the payments called for under the funding
agreement. Nor does the principle of capacity to pay require the
foreign debtor to pay to the full limit of its present or future capacity.
It must be permitted to preserve and improve its economic position,
to bring its budget into balance, and to place its finances and currency on a sound basis, and to maintain and, if possible, to improve
the standard of living of its citizens. No settlement which is
oppressive and retards the recovery and development of the foreign
debtor is to the best interests of the United States or of Europe.
The commission has accordingly permitted the foreign debtor to
repay the principal amount of its debt, irrespective of the maturity
or the character of the indebtedness, over a period of 62 years, or
nearly two generations. There is no government unable to make
the principal payments required on such a basis. It is felt that the
lack of capacity of a government to fund its debt on the same terms
as Great Britain can be readily met by appropriate adjustment or
modification of the rates of interest to be paid during the period of
repayment of principal. And in examining the capacity of payment, the commission looks not only at the immediate capacity,
but estimates, so far as it is able to do so, the future development
of the nation concerned. In applying these principles the commission, through its experts, through the foreign representatives of
the State and Commerce Departments, has assembled and studied
the economic and financial data available regarding each of the
foreign debtors. With this information before it, the commission
has been able to examine critically similar data presented by the
representatives of the several governments in their debt-settlement
negotiations and to estimate, with as reasonable accuracy as conditions permit, the capacity of payment of the particular government.
There has been considerable comment recently in the press regarding the attitude of the Government toward financing in this
country by foreign governments indebted to the United States
which have failed to fund or seriously to enter into negotiations for
the funding of their debt. It may be helpful briefly to review the
54
REPORT ON T H E FINANCES
situation. Early in the administration of President Harding it
became apparent that one of the first problems to be dealt with was
that of protecting the billions of dollars of loans made by the United
States to foreign governments during the war. The cash advanced
and credits granted represented money borrowed by the United
States from its citizens. These sums must be repaid them, with
interest. I t was accordingly incumbent upon the Government fully
to inform itself regarding the finances of its foreign debtors and
particularly to be advised regarding their further borrowings from
the people of the United States. On May 25, 1921, President
Harding brought the situation to the attention of the leading bankers
of the country at a conference at the White House. As a result of
the conference the bankers agreed to inform the State Department
in advance regarding any undertaking involving loans to foreign
governments so that the State Department might have an opportunity to notify the bankers in case the interests of the Government'
demanded that it raise an objection to such financing in the American
market. In order to make the position of the administration more
fully understood, on March 3,1922, a statement was made to the press
by the State Department referring to the conference with President
Harding and again directing the attention of the bankers to the
desirability of cooperating with the Government in this regard.
I t is now customary for American bankers intending to float foreign
issues or to grant credits to foreign governments to consult the State
Department before final action is taken by them. Upon receipt of
advice from the bankers the State Department confers with the
Commerce and Treasury Departments and then notifies the bankers
of the attitude of the Government, whether or not objection to the
financing is interposed. In failing to raise any objection, however,
the Government does not pass upon the merits of the financing in
any way or assume respo'nsibilit}^^ of any sort in connection therewith. Failure to object indicates only that there is no national
interest involved in the transaction which makes the financing
fc>
objectionable from the. point of view of the United States.
Early in 1925, after much consideration, it was decided that it
was contrary to the best interests of the United States to permit
foreign governments which refused to adjust or make a reasonable
effort to adjust their debts to the United States to finance any portion
of their requirements in this country. States, municipalities, and
private enterprises within the country concerned were included in the
prohibition. Bankers consulting the State Department were notified
t h a t the Government objected to such financing. While the United
States was loath to exert pressure by this means on any foreign
government to settle its indebtedness, and while this country has
SECEETAEY OP THE TREASURY
55
every desire to see its surplus resources at work in the economic
reconstruction and development of countries abroad, national interest demands that our resources be not permitted to flow into countries which do not honor their obligations to the United States and
through the United States to its citizens.
There is set out below a detailed report by countries of the activities of the commission during the past year.
Armenia
There is no Armenian government in existence.
Austria
The time of payment of principal and interest of the Austrian
obligation held by this Government was extended until June 1, 1943,
and the lien of the obligation subordinated pursuant to special
authority conferred by joint resolution of Congress approved April 6,
1922. See Annual Report of the Secretary of the Treasury for,the
fiscal year ended June 30, 1923, page 33.
Belgium
The Belgian Government notified the American ambassador at
Brussels on June 7, 1925, that Belgium desired to open negotiations
in Washington for a settlement of its debt.
On August 10, 1925, a Belgian commission consisting of Baron de
Cartier de Marchienne, Belgian Ambassador to the United States;
Mr. Georges Theunis, formerly Prime Minister of Belgium; Monsieur
fimile Francqui, vice governor of the SociSte Gen^rale de Belgique;
and Monsieur Felicien Cattier, head of the Banque d^Outremer, appeared before the commission. The Belgian commission was accompanied by the following experts: Monsieur J. Boet, director of the
Ministry of Finance; Monsieur J. B. Vincent, administrator of the
Treasury; Monsieur J. Warland, director of the public debt; Monsieur
Andr^ Terlinden, director of the Societe Nationale de Credit h Tlndustrie. Monsieur Robert Silvercruys served as secretary general of
the commission.
Meetings of the commission with the Belgian commission were
held on August 10, 11, 12, 13, and 14, 1925. The meetings were then
adjourned to permit the chairman and Senator Smoot to submit the
terms of a tentative settlement to the President at Plymouth, Vt.
A final meeting was held on August 18, 1925, at which an agreement
was reached. The debt-funding agreement was signed on August
18, 1925, and was later approved by the President. I t will be submitted to Congress for its approval at its next session. A copy of
the agreement appears as Exhibit 63, page 288 of this report.
56
' REPORT ON T H E FINANCES
In the settlement arrived at the Belgian debt was divided into
two parts. It will be recalled that at the time of the Peace Conference
at Paris in 1919, Belgium advanced a claim for war damages as a prior
charge on reparations amounting to $1,000,000,000 in gold; that she
also claimed that Germany should be compelled to redeem in gold
6,200,000,000 paper marks forced into circulation in Belgium during
the period of German occupation, which marks had been redeemed
by the issuance.of Belgian francs by Belgium; and that she also
maintained that France, Great Britain, and the United States should
cancel her war debts, representing sums advanced prior to November
11, 1918. During a critical period of the Peace Conference, largely
at the instance of President Wilson, Belgium was induced to reduce
her claun for war damages from $1,000,000,000 to $500,000,000, and
to abandon her claim for 6,200,000,000 gold marks on the condition
that France, Great Britain, and the United States would forgive her
prearmistice debts and would look to Germany for repayment of the
sums due. On June 16, 1919, M. Clemenceau, President Wilson, and
Mr. Lloyd George signed a letter addressed to the Minister of Foreign
Affairs of Belgium stating that each would recommend to the appropriate governmental agency of his Government that upon delivery
to the reparation commission of bonds of Germany to be issued in
reimbursement of all sums which Belgium had borrowed from the
three Governments prior to the armistice, each Government would
accept a proportionate share of the bonds on account of Belgium's
obligation to repay the loans, which obligation was thereupon to be
canceled. This arrangement was incorporated in article 232 of the
treaty of Versailles. Although France and Great Britain ratified
the treaty, it was not ratified by the United States. The question
of the release of Belgium from her obligation to repay the prearmistice
advances was separately submitted to Congress by President Wilson
in a communication dated February 22, 1921, a few days before
the close of his administration, but never came up for consideration. Although the representatives of Belgium at the Peace
Conference understood that the action of President Wilson in negotiating the peace treaty and making the agreement was subject to
ratification, it was not anticipated that he would experience any
difl&culty in securing ratification in the United States. The man in
the street in Belgium always regarded the failure of the United States
to confirm the agreement of President Wilson as a breach of faith.
While'the commission was aware of the fact that no legal obligation rested upon the United States as a result of the assurances given
Belgium at the time of the Peace Conference, it nevertheless felt that
there continued a weighty moral obligation upon this Government,
since as a result of the action taken by President Wilson Belgium
had waived rights which otherwise it might have obtained. This
SECRETARY OF THE TREASURY
57
differentiated the prearmistice debt of Belgium from all other debts
due the United States from foreign countries.
The provisions of article 232 of the treaty of Versailles were not
carried out by Germany. The failure of Germany to fulfill its reparation obligations finally resulted in the adoption of the Dawes plan of
August, 1924. In an agreement of January 14, 1925, signed at Paris,
apportioning the Dawes plan receipts among the several countries
entitled to reparations it was provided that 5 per cent of the annual
payments by Germany available for reparations (first deducting
certain priorities, such as service of the German external loan of 1924,
army costs, and the like) was set apart to provide repayment of the
Belgian prearmistice debt. France and Great Britain agreed to
accept their proportion of the amounts to be received, and Belgium
has been relieved to this extent as a debtor of these two nations.
The portion of these receipts which would have been payable to the
United States if the treaty of Versailles had been ratified by this
Government is being paid to Belgium by reason of her prearmistice
debt to the UnitedStates and Belgium agreed to pay over such amounts
immediately to this country. The commission did not accept the
Belgian proposal that amounts to be received from Germany be substituted by Belgium for repayment of the prearmistice debt. The
commission, however, felt that under all the circumstances the United
States should not ask Belgium to repay more than the principal of
the prearmistice advances. A schedule of annual installment payments over a period of 62 years, without interest, the payments to be
a direct obligation of Belgium irrespective of receipt of payments
from Germany, was finally agreed upon by the two commissions. The
amount.of the annual installments increases until it reaches $2,900,000
in the sixth year. A schedule of the payments will be found in a
copy of the agreement. Exhibit 63, page 288 of this report. .
Repayment of the postarmistice debt, amounting as of June 15,
1925, including accrued interest, to $246,000,000, was arranged on
lines substantially similar to the settlements made with other
countries. A detailed statement of the calculation of this portion
of the debt is also set out in the agreement. Payments of principal
are spread;over a period of 62 years, with interest in arbitrarily fixed
amounts during the first 10 years, and interest at the rate of 3 ^ P^r
cent a year, thereafter.
After the preliminary periods the total payments to be made by
Belgium each year for the remaining 52 years of the debt funding
period will be approximately $12,700,000 a year. The adjustment
of the early payments on both the prearmistice and postarmistice
debts was made to bring the total annual payments within Belgium's
capacity and particularly to meet her present difficulties in obtaining
foreign exchange because of the unfavorable balance of her commodity
58
REPORT ON T H E FINANCES
trade, the shrinkage in her income from foreign investments, and the
lack of other invisible items in amounts sufficient to offset, her unfavorable commodity trade balance, and further to aid her in her
efforts to balance her budget and place her currency on a sound
basis.
;
The statements issued to the press at the beginning and end of the
negotiations appear as Exhibits 61 and 62, pages 284 and 286, respectively, of this report.
o
CzechoslovaTcia
On September 21, 1925, the President of the Czechoslovak Republic
appointed Dr. Vilem Pospisil, vicg president of the Banking Office
of the Ministry of Finances; Mr. Karel Kucera, assistant general
director of the Banking Office of the Ministry of Finances; and^Dr»
Karel Brabenec, ministerial counselor of the Ministry of Finances,
as a commission to negotiate and execute, subject to ratification, an
agreement for the settlement of the Czechoslovak debt. The Czechoslovak commission, accompanied by Hon. Zdenik Fierlinger, appointed envoy extraordinary and minister plenipotentiary of Czechoslovakia at Washington, Dr. Eugen Lippansky, financial expert of
the Ministry of Finances, and Dr. Zikmund Konecny, of the Ministry
of Foreign Affairs, appeared before the commission on October 6, 1925.
I t developed that there were still certain differences between the
Czechoslovak commission and the Treasury as to the exact amount
of the debt. Conferences were then suspended to allow the experts
to determine the amount owed.
I t appeared that the Treasury held obligations of Czechoslovakia
in the principal amount of $91,879,671.03; that there were in addition
outstanding against Czechoslovakia on the books of the United States
Shipping Board Emergency Fleet Corporation and the War Department ciertain open accounts aggregating $4,991,482.48; that this
latter amount represented charges in connection with the repatriation
of Czechoslovak troops from Siberia. The Czechoslovak commission
admitted that they owed the United States approximately $80,000,000
principal amount which had been verified by their Government, but
disputed all indebtedness in excess of that amount. They referred
to the. open accounts si^ating that Czechoslovakia had been able to
reduce similar charges of the Shipping Board by more than 40 per
cent and that they anticipated that a very substantial reduction
could be readily effected in the amount now stated to be due. They
suggested that an audit be made of all sums expended, but it was
explained that this would involve heavy expense and a very considerable delay due to the fact that many of the vouchers and records
were scattered in'various places in the United States, in the Far
East, and in Europe. I t was finally agreed to accept $115,000,000 as
SECRETARY OF THE TREASURY
59
the principal amount of the debt as of June 15, 1925, including
interest, this amount to be taken in settlement of alh outstanding
claims between the two Governments and/or their agencies. The
Czechoslovak commission then offered to fund the amount so determined on the British-American basis over a period of 62 years,
paying interest at the rate of 3 per cent a year for the first 10 years
and 33^ per cent a year thereafter; to pay during the first 18 years
of the funding period a.total sum of $3,000,000 annually, funding
the balance of each annuity at the rates of interest stated, compounded annually, and adding the amount funded to the principal
of the debt as at the end of the eighteenth year.
A settlement on this basis was agreed upon at a meeting of the two
commissions on October 9, 1925, subject, however, to ratification by
the constitutional authorities of Czechoslovakia, and to the approval
of the President and Congress. A debt funding agreement was executed on October 13, 1925, and approved by the President the same
day. A copy of the agreement appears as. Exhibit 67, page 302 of
this report. The statement issued to the press at the conclusion of
the negotiations appears as Exhibit 66, page 302 of this report.
Esthonia
Mr. Antonius Piip, minister of Esthonia at Washington, conferred
with representatives-of the commission from time to time during
the year regarding the settlement of the Esthonian debt.
At its meeting on October 9, 1925, the commission authorized the
chairman to conclude a settlement on the same basis as the settlement made with Poland. There was first deducted from the original
principal amount of the debt $1,932,923.45, on account of the loss
of a shipment of surplus war material in September, 1919, when the
steamship John Russ^ which was carrying the supj^lies from France,
struck a mine in the Baltic Sea and was totally destroyed. A debt
funding agreement on this basis was executed on October 28, 1925,
and approved by the President the same day. A copy of the agreement appears as Exhibit 69, page 309 of this report. The statement
issued to the press when the agreement was signed appears as Exhibit 68, page 308 of this report.
France
A French debt commission, headed by M. Joseph Caillaux, finance'
minister of France, appeared before the commission on September 24,
1925, to negotiate a settlement of the French debt to the United'
States. The following were the members of the French commission
which accompanied M. Caillaux: M. Emile Daeschner, French Ambassador at Washington; Senator Henry Berenger; Senator Louis
60
REPORT ON THE FINANCES
Dausset; Senator Fernand Chapsal; Senator Paul Dupuy; Deputy
Vincent Auriol; Deputy Lucien Lamoreux; Deputy Maurice Bokanowski; Deputy Pierre de Chambrun; M. Joseph Simon; M. MoreauNeret, Ministry of Finance; M. Haguenin, Inspector of Finances;
M. Lacour-Gayet, Financial Attach^ of the French Embassy at
Washington.
Joint meetings with the French representatives were held on
September 24, 25, 28, and October 1, 1925. The two commissions
were unable to reach an agreement before the departure of the
French commission from Washington on October 2, 1925. The
negotiations have not been suspended, however. I t is expected t h a t
they will be continued either through regular diplomatic channels or
through special representatives of the French Government coming to
this country to confer with the commission.
In order t h a t the public might be fully informed as to the attitude
of the commission in its discussions with M. Caillaux and his associates
it was decided at the conclusion of the negotiations to release to the
press the essential proposals made by the commission.
The following statement and proposal was handed M. Caillaux
onSeptember 28, 1925:.
We have had the privilege of considering your statement of this morning.
We understand this to be a reaflBirmation of your proposal to us of the 24th
instant, that is, that you should pay $25,000,000 annually for the first 5 years,
$30,000,000 annuaUy for the following 5 years, $60,000,000 annually for the
following 10 years, and $90,000,000 annually for the last 42 years, this sum
completely to extinguish the indebtedness. We have stated the reasons why
this sum in our opinion is inadequate.
It seems to us that you consider the above proposed annuities are an application
to your indebtedness to us of the principles discussed between France and England
as applicable to the war debt of France to England. But we wish to point out
that an examination of the existing settlements and tentative agreement between
France and EnglajicJ discloses an entire difference. We find that the principles
of these arrangements, if applied to the debt of the United States, would imply a
larger obligation upon the part of France to the United States ihitn that contained
in our proposal below. For instance, in its treatment with England, France
has considered its indebtedness for surplus war stocks and the indebtedness from
the Bank of France to the Bank of England for exchange purposes as ordinary
commercial debts repayable in full at full current rates of interest. Already
payment is being made of these two categories of obligations. On the BritishFrench war debt proper there appears to be contemplated a settlement by the
payment of an annuity of £12,500,000 for 62 years.
The $407,000,000 representing France's indebtedness to the United States for
surplus war stocks is, of course, of the same character as.the similar indebtedness
to England. While there has been no separation into categories in the general
debt of France to the United States, there are in the purposes to which the money
loaned by the United States was devoted many which are similar to those involved
in the creation of the Bank of France-Bank of England debt. Some $682,000,000 of the American advances represent exchange transactions, meeting of
maturing commercial debt obligations, and advances to the Bank of France.
SECRETARY OF THE TREASURY
61
In order that the two creditor nations be treated on a parity, this sum would
also have to be settled on the same basis as the Bank of France-Bank of England
debt, that is, as any commercial obligation.
These principles of settlement as applied to 'France's indebtedness to the
United States would necessitate:
(1) The $407,000,000 of indebtedness for surplus war supplies would in these
terms be treated as a commercial debt. It now bears 5 per cent interest and
matures in 1929. If from the 15th of June, 1925, the interest rate be reduced to
4J^ per cent, the rate which we now pay oh our Liberty bonds, and if the principal
be made payable over a period of 2P years, then the annuity payments required
would amount to over $30,000,000 per annum. This is parallel to the existing
French agreement for payment of British surplus war supplies except that it is
based on a lower rate of interest and upon a term of years more favorable to
France than accorded by England.
(2) Six hundred and eighty-two miUion dollars of the $2,933,000,000 of other
indebtedness represents advances to make payments on maturing commercial
obligations and in support of the franc in international exchange and is therefore
on parallel lines to the advances made by the Bank of England to the Bank of
France. If this sum were treated also upon a commercial basis and interest
were calculated to June 15, 1925, at the rates paid by France to the Bank of
England, the principal sum with accrued interest at that date would be
$927,000,000, and if in this case also future interest be reduced to 4M per cent
and the principal be repaid over a period of 20 years, the annual annuity required
would be nearly $70,000,000. This again compares with the existing EnglishFrench settlement, except that it is at a lower rate of future interest and the
principal is extended over a term of years more favorable to France.
(3) If an annuity over 62 years comparable to that mentioned in the BritishFrench negotiations were applied to the remainder of our debt, it would imply
an annuity payable to us of about $61,000,000 per annum, even without adjustment for the gold security involved in the British negotiations.
The net result of the application of the principles to the American debt would
bring about that France should pay to the United States an annual amount of
$161,000,000 for the first 20 years, and $61,000,000 thereafter for 42 years.
These payments would be altered if the annuity of $61,000,000 were deferred
for the first seven years and added to the subsequent period, as discussed in
London. It seems to us that those principles of repayment are infeasible to
France in the application of its indebtedness to us.
We had intended in our note of the 25th to indicate a basis which we believed
would be a foundation for negotiations. We recognize the great diflSculties under
which the French Government is struggling and it is our utmost desire.to meet
them. We feel that such difficulties will be overcome within a few years and that
our mutual problem is to take into account this expected improvement.
You have requested that we should be more specific and we have now the pleasure of laying before you a definite proposal:
(1) We propose to consolidate the entire indebtedness into one total sum.
The amount of this indebtedness as of June 15, 1925, with accrued interest at
the rate of the existing French obligations, is about $4,227,000,000. We propose,
however, that interest should be calculated upon the most favorable basis of
our previous settlements, under which the principal, with accrued interest,
would as of June 15, 1925, amoun.t to about $4,025,000,000, being a concession
of over $200,000,000 in accrued interest.
(2) We propose that the French Government should undertake to pay the
principal of the debt in annual installments graduated upward during the period
of 62 years, as is^the case of the other settlements made by the United States.
62
REPORT ON THE FINANCES
This would require at the first year the sum of $20,000,000 on account of the
principal, being approximately one-half of 1 per cpnt of the total principal, the
payments on principal increasing gradually over the entire period of 62 years.
You will recognize that in the arrangement of this schedule it has been the desire
of the American commission to so arrange the payments as to meet the economic
and fiscal necessities of France.
(3) There therefore remains the question of the rate of interest to be paid
upon the debt. In our desire to meet the difficulties of the French Government,
and at the same time to provide that the American people may secure some return
by participation in the increased strength and productivity to be expected in
France, we propose that interest the first year shall be at the rate of one-half of
1 per cent per annum, and that this rate shall increase each year by one-fourth of
1 per cent. This would bring an interest rate up to 3 J^ per cent at the thirteenth
year, and this to remain as the maximum for the balance of the priod.
On October 1, 1925, the following statement and offer were made
to.the French Commission:.
We wish to express our high appreciation of the frank and earnest effort of our
French colleagues to find a basis for settlement of this, the most difficult problem
which confronts our two peoples.
We have before us the revised offer of the French commission; that is, France
should pay $40,000,000 annuaUy for the fiVst 5 years; $60,000,000 annually for
the following 7 years, and $100,000,000 annually for the next 56 years, thus spreading payments over 68 years, there being important conditions attached to this
proposal which render these payments entirel}'^ uncertain.
The total payments offered imply a return of the principal of the debt and
somewhat less than 1 per cent per annum. In order to illustrate the sacrifice
which such a plan would impose upon our people we may point out that the
present value of the above payments, if made in full (upon the basis of interest
which we bear on Liberty bonds) is about $1,750,000,000. This amount compares
with over $4,100,000,000 which we have to meet in charges upon our taxpayers in
respect of the loans to France. In the plan which we laid before you the present
value of the payments which we proposed would be about $2,800,000,000 as
compared with the $4,100,000,000 as above, so that we have made most important concessions.
We beheve it is fully recognized by both commissions that the only basis of
negotiations fair to both peoples is the principle of the capacity of France to pay.
The nub of the difficulty of the two commissions arises from a difference in
judgment as to the future capacity of France to pay without, as we have stated,
undermining her economic and social fabric; and this difficulty narrows itself to
the future rather than to the present, for we are prepared to accept the views of the
French commission as to the immediate difficulties of France.
In order that we shall not be unmindful of every effort to meet the whole problem and at the same time to maintain the agreed principle of settlement, and that
there shall be no break in the effective continuity of our discussions, we wish to
lay before you the following suggestion, that is: While we can not accept the
proposal made we do propose that France shall undertake unconditionally to
pay the $40,000,000 per annum mentioned in your statement as your capacity
for the next five years; this is to be considered full current interest on the debt
during that period, and at the end of this five-year period the two Governments
shall again review the capacity of France to pay and determine at that time the
amounts which shall be paid over such further term as may be then agreed. The
above is, of course, subject to the approval of Congress.
SECRETARY OF THE TREASURY
63
It appears to us that within this period of five years the economic problem with
which we are mutually confronted will have been much clarified and we shall
both be in position to make better determination. We know that it is the earnest
desire of the American people not only to^be just but that they are willing to
make necessary sacrifices. We believe that with peace, the natural progress of
industry and' commerce, and the recovering strength of France a basis can be
found at such later date which will meet the views of our two countries.
M. Caillaux at the final joint meeting of the commissions in the
afternoon of October 1, 1925, made the following reply:
Before we answer the proposition handed to us, we desire to say to our colleagues of the wa>r debt commission how highly we appreciate the constant courtesy
shown to us and the efforts made to meet the difficulties which face our country.
We are also mindful of the principles laid down by your notes regarding the
unification of the debt and the reduction of the accrued interest. We furthermore note that you fully recognize the capacity of France to pay as the only
basis for any settlement of our debt toward the United States.
We would have been happy to reach a general and final agreement, which,
within the limit he has indicated, the French Minister of Finance has been intrusted to sign. The arrangement you now propose bears a provisional
character which has not been contemplated by the Government of the Republic.
Consequently, being as desirous as you are not to interrupt ihe negotiations,
which can not fail to reach an agreement, the Minister of Finance can do no more
than to submit to his colleagues of the French Cabinet in Paris, the propositions
which you have made to-day, and he will do his utmost to give you an answer
as soon as possible.
The statement issued to the press at the beginning of the negotiations appears as Exhibit 70, page 314 of this report.
The French commission sailed for France from New York on
October 3, 1925. The commission has not received from France an
answer to its proposal of October 1, 1925.
Greece
In a note dated August 30, 1925, the Greek Government notified
the American Charg6 d'Affaires at Athens that Mr. C. Simopoulos,
the Greek minister at Washington had been named as the representative of the Greek Government to negotiate a settlement of its
debt to the United States. The Greek minister has not yet opened
negotiations with the commission.
Italy
On June 25, 1925, the Italian ambassador at Washington, Nobile
Giacomo de Martino, acting under instructions from his Government, accompanied by Mr. Mario Alberti, general manager of the
Credito Italiano, honorary minister plenipotentiary of Italy, Mr. A.
Rosso, Counselor of the Italian Embassy at Washington, and Mr.
R. Angelone, commercial attach^ of the Italian Embassy at Washington, conferred informally with the chairman of the commission.
Secretary Kellogg, Senator Smoot, and Undersecretary Winston
64
REPORT CN THE FINANCES
regarding the settlement'of the Italian indebtedness to the United
States. A further conference was held on June 30, 1925. The
Italian representatives presented a brief summary of certain data regarding the economic and financial condition of Italy and discussed
informally various bases of settlement of the Italian debt to the
United States. The original understanding between the chairman
and the Italian ambassador before any discussion took place was
that as soon as the preliminary conferences were had Mr. Alberti
would return.to Italy to collect full information disclosing Italy's
capacity to pay. Mr. Alberti returned to Italy early in July. The
commission was notified on October 5, 1925, that an Italian commission, beaded by Finance Minister "Count Volpi, would arrive in
Washington about October 31, 1925, to negotiate and conclude a
settlement of the Italian debt.
On November 2, 1925, an Italian commission consisting of His
Excellency Count Giuseppe Volpi di Misurata,, Finance Minister
and chairman of the commission; His Excellency Dino Grandi,
Undersecretary of State; His Excellency Giacomo de Martino, His
Miajesty's ambassador to the United States; His Excellency Count
Leho Benin Longare, His Majesty's ambassador; the honorable
Alberto Prrelli, the honorable Mario Alberti, and Mr. Gino Buti,
secretary general of the commission, appeared before the commission.
The' following experts were attached to the Italian commission:
Mr. Corrado Gini, Mr. Francesco Paolo Cantelli, Mr. Gino Ravenna,
Mr. R. Armanni, and Mr. Romolo Angelone.
Meetings of the commission with the Italian commission were
held on November 2, 4, and 12, 1925. During the course of the
negotiations other meetings were held between representatives of
the two commissions and their experts.
An agreement was reached at the final meeting on November 12,
1925. A debt funding agreement was signed on November 14,
1925, and was approved by the President the same day. It will be
submitted to Congress for its approval at its next session. A copy
of the agreement appears as Exhibit 74, page 319 of this report.
At the opening of the negotiations the Italian commission presented
a series of 23 documents discussing economic and financial conditions
in Italy and particularly its capacity to pay and to transfer sums
abroad. These documents were carefully examined by the American
commission and its experts and checked against reports and studies
that had been prepared for the commission. It was found that the
two commissions did not differ substantially as to the essential facts.
It was apparent that Italy was a country poor in natural resources;
that she was required to import much of her raw material, such as
coal, oil, iron, and copper, as well as large quantities of food needed
SECRETARY OF THE TREASURY
65
to support a rapidly increasing population; that with a heavy adverse
visible balance of trade her ability to transfer large sums abroad was
limited. Applying the principle of capacity to pay, a settlement of
the debt was made upon the following liasis: The principal of the
debt' to be funded was fixed as of June 15, 1925; interest on the
$1,647,869,197.96 principal amount of obligations of Italy held by
the United States was calculated at the rate of 4Jx4^% per cent a year
to December 15, 1922, and from then until June 15, 1925, at the rate
of ,3 per cent a year, making the principal of the debt to be funded
$2,042,000,000; the principal of the debt so determined is to be repaid upon proportionately the same schedule of annual installments
over a period of 62 years, as provided in the debt funding agreement
with Great Britain, except that during the first five years the annual
payments are to be $5,000,000 each, the balance of these payments
to be spread over the remaining years; after the first five years interest is to be paid at the rate of one-eighth of 1 per cent a year for
10 years, increasing for each successive 10-year period to one-fourth
of 1 per cent, one-half of 1 per cent, three-fourths of 1 per cent, 1 per
cent, and to 2 per cent during the last 7 years. Over the entire 62year period the United States will receive a total of approximately
$2,407,000,000 on account of an original debt of approximately
$1,648,000,000.
I t was the feeling of the commission that the above settlement
placed as heavy a burden upon the Italian people as the United States
was justified in imposing and that the terms of the settlement represented Italy's capacity to pay.
The statements issued to the press at the beginning of the negotia-.
tions,^at|the conclusion of the settlement, and at the signing of the
agreement appear as Exhibits 71, 72, and 73, on pages 315 to 318 of
this report.
Latvia
On July 8, 1925, Dr. Charles Louis Seya, the Latvian Minister at
Washington, conferred with the secretary of the commission regarding
the settlement of the Latvian debt to the United States. Further
conferences were held on July 21, August 21, August 25, and September ^21, 1925. A settlement substantially on the terms of the settlement concluded with Poland on November 14, 1924, was authorized
by.^the commission on September 24, 1925, and was accepted by the
Latvian Minister. A debt-funding agreement was executed the same
day subject to the approval of the Saeima of Latvia and the approval
of^Congress. The agreement was approved by the President. I t
will be submitted to Congress at the next session. A copy of the
agreement appears as Exhibit 65, page 296 of this report. The statement issued to the press when the agreement was signed appears as
Exhibit 64, page 295 of this report.
60501—FI 1 9 2 5 t — 5
66
REPORT ON T H E FINANCES
Liberia
No proposals regarding the funding of the Liberian debt have been
made since the pubhcation* of the last annual report. The commission has received informal advices, however, to the effect that the
indebtedness will probably be paid in cash during the present fiscal
year.
Lithuania
The debt settlement with Lithuania referred to in the last annual
report was approved by the Seimas of Lithuania on December 18,
1924, and by Congress on December 22, 1924.
On September 26, 1925, the Cabinet of Ministers of Lithuania
formally advised the State Department that the Minister of Finance
was intrusted with the execution of all the conditions embodied in the
debt-funding agreement and that all steps taken or to be taken under
the terms of the agreement were authorized by the Government of
Lithuania.
On October 8, 1925, in accordance with the terms of the agreement,
the Treasury canceled and surrendered to Mr. Kazys Bizauskas, the
Lithuanian Minister at Washington, the original obhgations received
from his Government in exchange for new bonds of Lithuania issued
under the debt-funding agreement in the principal amount of
$6,030,000. As $30,000 of the above principal amount was paid on
-Tune 15, 1925, the bond for this amount was immediately canceled
and returned to the Minister.
A copy of the agreement as executed on September 22, 1924, containing the form of bond actually executed and delivered on October 8,
1925; of the report of the comihission to the President, dated September 22, 1924; of the letter of the"President to Congress, dated December 4, 1924; and of the act of Congress approving the settlement are
attached as, Exhibits 53, 54, 55, 56, pages 268 to 276 of this report.
Nicaragua
As stated in the last annual report the indebtedness of Nicaragua
has not been funded. Payments are being made from time to time on
account of the obligations held by the United States.
Poland
The debt settlement with Poland described in the last annual
report was approved by the Polish Diet on January 23, 1925. The
act passed by the Diet was signed by the President of Poland and
published in the Polish Law Journal on February 28, 1925, from
which date it became effective. The settleihent was approved by
Congress on December 22, 1924.
SECRETARY OF THE TREASURY
6T
On April 27, 1925, the Minister of Foreign Affairs and the Minister
of Finance of Poland authorized Dr. Wladyslaw Wroblewski, the
Polish Minister at Washington, to sign the bonds to be issued under
the fujiding agreement and to do all acts necessary or proper to
carry out the terms of the agreement. On May 21, 1925, the
Treasury canceled and surrendered the original obligations of Poland
in exchange for new bonds issued under the debt-funding agreement
in the principal amount of $178,560,000.
Copies of the debt-funding agreement of November 14, 1924, containing a form of bond actually executed and delivered on May 21,:
1925: of the report of the commission to the President, dated November 14, 1924; of the letter of the President to Congress, dated
December 4, 1924; and of the act of Congress approving the settlement are attached as Exhibits 57, 58, 59, and 60, pages 276 to 284
of this report.
Rumania
On November 9, 1925, a Rumanian commission consisting of Mr.
N. Titulesco, Rumanian minister at London, president of the commission; Mr. Eftimie Antonesco, counsellor of the High Court of
Cassation and Justice, vice president of the commission; Mr. Emil
Giuan, director general of public debt. Ministry of Finance; Mr. V.
Slavesco, director. Credit Industrial Co.; Mr. D. Ciotori; Mr. Victor
Badulesco, subdirector of Credit Bank; and Mr. Savel Radulesco,
appeared before the commission to enter into negotiations for the
settlement of the Rumanian debt to the United States. I t is expected that the negotiations will be concluded shortly.
, A copy of; the press statement issued after the first meeting appears
as Exhibit 75, page 323 of this report,
Russia
There is no government recognized by the United States.
Yugoslavia
I t is expected that Yugoslavia will send to the United States in
the course of the next few nionths a commission to negotiate a settlement of its indebtedness, although no formal advices to this effect
have as yet been received by the commission.
68
REPORT ON T H E FINANCES
GOLD
The gold standard and international trade
Among the most far-reaching events of the past year were the
steps taken by various countries toward the restoration of the gold
standard. At the present time most of the major trading area& of the
world are on an international gold basis, either through the removal of
the restrictions on gold exportation or through the maintenance of the
foreign values of their currencies at a fixed relationship to gold. The
return to the gold standard by Great Britain in April, 1925, was
accompanied by similar action on the part of Australia, New Zealand,
the Netherlands, and the Dutch East Indies. South Africa followed
shortly afterward. Sweden was already on a gold basis, having
resumed gold payments in April, 1924. A number of other countries,
including Germany, Switzerland, Austria, Hungary, Russia, Czechoslovakia, Finland, Yugoslavia, Lithuania, Latvia, Danzig, and
Esthonia have adopted a form of the gold standard or have stabilized
their currencies with reference to gold.
The extent and rapidity of the movement back to the gold basis is
an indication of the great improvement in economic conditions which
has taken place throughout the world within recent years. The
restoration of the gold standard means greater stability in world trade.
During the past 10 years the market machinery has been working
imperfectly; the various parts of the mechanism have had no common
stabilizing influence; fluctuating money and fluctuating exchange
rates have been disturbing influences, adding uncertainties and risks
to the world's business.
The return to a common international standard will tend to stabilize
industry in foreign countries and increase their purchasing power.
Enterprises can compute in advance the price which they must pay
for raw materials and figure much more closely on the price which
they can secure for their products. Thus they can operate on a
larger scale and increase their foreign purchases. This means a
greater demand for our surplus products. With the improvement
abroad we may, of course, expect increasing competition in certain
lines which may necessitate some gradual readjustment in this
country, but the net result will be the broadening of our markets and
opportunities and the quickening of our economic development.
Another benefit to this country and especially to the holders of
foreign securities is the improved credit situation in the gold standard
countries. There still exists a scarcity of capital in Europe, and in
order to make reasonably rapid progress in reconstructing their industries, and in maintaining or increasing their present scale of purchases
abroad, these countries must be able to borrow from this country
This can be done only if their credit is maintained on a sufficiently
69
SECRETARY OF THE TREASURY
strong basis to gain and hold the confidence of our investors. I n
fact, there have already been substantial foreign borrowings in this
country. The following shows the new capital invested in foreign
securities during 1922, 1923, 1924, and the first nine months of 1925:
Calendar year
1922
1923
New capital
invested m for,eigxi:Securities
$694,000,000
377.000,000
New capital
invested in foreign vsecurities
Calendar year
$877,000,000
655,000,000
1924
..
1925 (9 months)
In addition to stabilizing the exchanges, increasing foreign piirchasingpower, and improving the credit of foreign countries, the return
to the gold standard by the rest of the world will mean greater
stability of credit conditions within our own country and a lessening
of the danger of inflation through abnormal gold imports. With the
return of England and other major countries of the world to the gold
basis the international movements of gold will again be adjusted to
credit.and trade conditions, and the United States will no longer be
called upon to absorb such a large proportion of the new supply as
it has during the past few years.
Gold movements
Either directly or indirectly, the monetary and fiscal reforms
abroad in connection with the restoration of the gold standard are
largely responsible for the movement of gold from the United States
during the past year. For over four years this country had witnessed an unbroken flow of gold to its shores amounting to a net
importation of nearly $1,700,000,000 between April, 1920, and
November, 1924. In December, 1924, however, the direction of the
flow changed for the first time since 1920, and for seven months
exports exceeded imports. During the period from December, 1924,
through June, 1*925, net exports aggregated $180,000,000. January,
1925, marked the high point of net gold exports at $68,488,143 for
the month, and since that time a steady decline in exports has been
apparent. In July, August, and October imports again exceeded
exports, but September showed a small net export. Net figures for
each month since December, 1924, are given below:
Net exports
December, 1924..
January,. 1925
February, 1925...
March, 1925
April, 1925
May, 1925
June, 1925
July, 1925
August, 1925
September, 1925..
October, 1925
Net imports
$29, 400. 604
68, 488,143
46, 997,181
17. 707, 094
12, 734, 062
1,997,130
2, 286, 345
$5. 787, 660
2, 726, 046
2,656.149
22,7(:i,459
^0
KEPORT ON T H E FINANCES
Taking the fiscal year 1925 as a whole, net exports aggregated
$115,000,000. This compares with net exports of $316,000,000 during
the fiscal year 1920, which covered practically the entire period of
the previous export movement. The following table gives the imports
and exports of gold for the fiscal years 1920 to 1925:
.
Gold i m p o r t s Gold exports
Fiscal year
1920
.....'.
1921
1922
1923
1924..........
1925
1926 ( J u l y 1 to N o v . 1)
—
:..
Net imports
$150,540,200
638, 559, 805
468, 318, 273
284, 089. 550
417, 025,-638
134, 145, 136
69, 934. 549
$505,021,903
440,972, 991
235,067, 575
406,818, 697
$466,420,606
133, 537, 902
27.345, 282
49, 021.975
10,206,941
, 248, 729, 698
41,375,533
N e t exports
$315,880,406
114, 584, 562
28.559.016
Conditions leading to the withdrawal of gold during the last year
differ from those prevailing during 1920. The export of the earlier
period represented chiefly a withdrawal by oriental and South
American countries of balances accumulated in this country during
the period of gold embargo which ended June, 1919. With the
exception of exports to India and the Orient, the movement of gold
from the United States since December, 1924, however,, has been
related to monetary situations in foreign countries and reflects
further steps in monetary reorganization abroad.
The following table shows the principal destinations of gold exports
during the fiscal years 1920 and 1925:
;
Fiscal year
1920
Germany. _
British I n d i a
Australia
United Kingdom...
Hongkong
Mexico
1.
Netlierlands
Argentina
Canada
Venezuela
Uruguay
China
Japan
Spain..!......
Straits S e t t l e m e n t . .
Dutch East Indies.
All other
Total
,$10,
.38,888,
1,754,
59,901,
20. 875.
15,
116.095.
7,950,
5.271.
15,250.
54. 566,
85.851.
14, .'i03.
10,893,
17,263,
17,330,
.,
466,420,606
Fiscal year
1925 . •'
$86, 917.166
67, 327, 550
26, 925. 176
18, 423,626
1 0 918.155
,,
5. 761.731
5,642,466
5,631.200
4, 811,991
2, 060.010
932.290
617,431
812,898
500, 600
11 447.408
248, 729, 698
Germany has been the source of the largest demand for gold for
the purposes of monetary reconstruction. ^ When the Reichsbank
was organized in the summer of 1924, the gold reserve of the bank
held in Germany was at the low point of about $100,000,000. Since
t h a t time the gold reserves of the Eeichsbank have more than
doubled, being about $235,000,000 at the end of July, 1925, exclusive
of gold held abroad. A large part of the funds used by Germany
71
SECRETARY OF THE TREASURY
to obtain gold was derived from the proceeds of the 800,000,000•mark international loan floated a year ago. The return to the
United States and to other countries of foreign currencies in use in
Germany during the period of currency depreciation also served to
create gold credits abroad.
The other European countries which have either reorganized their
central banks or have established new banks of issue during recent
"years have also absorbed considerable gold.. The total gold reserves
Tof these banks, including the Reichsbank,'was $419,062,000 at the end
of June, 1925, .of which $203,388,000 was acquired in the last fiscal
,year. The following" table shows the dates on which these banks
were organized and their gold holdings at the end of June, 1924 and 1925:
[In thousands of dollars]
: .
.
•
•
. ,
•
••
•
.
.
"
.
•
.
Gold reserve
•
Date opened
Country .
Czechoslovakia.
Yugoslavia
Russia
Lithuania
Latvia
Austria
L. .
IDanzig
•.
Hungary..!.. _'
Poland
Germany.. •
(I)
1.......1
...'
..
_
;
•
..1..1...
>.
Total
•
Last
statement
of
June, 1924
Last .
statement
of
June, 1925
i
26,827
13,896
47,698
2,448
907
1,516
3
3,489
16.0 9
102,871
27,020
. 14,089
87,014
3, 335
1,004
1,597
1
8,941
23,160
252,901
215,674
:
February, 1920
October, 1921
. . . . . . 1 . . Septeniber, 1922
November, 1922
January, 1923..
.'
March, 1924...i
April, 1924 . :
do...
:
October, 1924
419, 062
' Central banii has just been organized after ah intermediate period of temporary organization in the
ministry of
finance.
'
^ The gold holdings of other European banks changed relatively
slightly in the past year with the exception of the Bank of the Netherlands, which exported gold to purchase foreign exchange interest-paying
items. A comparison of the pre-war gold holdings of these banks,
however, with their present gold reserves reveals the fact that the
reserves of the central banks of Eiirope a;s a whole and of most of the
banks individually are greater now than in 1913. During the war gold
.was withdrawn from circulation in both belligerent and neutral European countries and concentrated in central reserves and treasuries.
Much of the gold in belligerent countries was exported to neutral countries and has been retained by them, which accounts for the enormous
growth and.present size of the gold reserves of the latter countries'
'England's present gold reserves are about equal to her pre-war
reserves plus the amount of her domestic circulation. Russia and
Austria-Hungary lost practically their entire gold holdings during
the war, and Germany, after, concentrating her own gold and gold
received from her allies in the reserves of the Reichsbank, lost a
72
KEPORT ON T H E FINANCES
large part of it during the postwar period. Russia and the nations
now occupying the former territory of Austria-Hungary are the only
European countries whose present gold reserves are very greatly
below their pre-war holdings, although Germany, Italy, Bulgaria,
andj Rumania have not entirely regained their 1913 gold position.
The present gold reserves of the banks of neutral European countries
arCimore than sufficient tomaintain the same ratio to their circulation
as in pre-war days if the values of their notes are calculated at current
rates of exchange. And while this ratio at present in the chief
belligerent countries is less than the pre-war ratio, in only five—
Russia (24 per cent), Germany (24 per cent), Belgium (15 per cent),
Greece (10 percent), and the territory formerly Austria-Hungary (13
per cent)—is that ratio less than 25 per cent. The following table
shows the gold reserves and note liabilities of the principal European
central banks prior to the World War and at the close of the present
fiscal year. The 1925 gold reserves given below represent minimum
figures for the actual gold holdings of these banks. In many cases
their reports show additional reserves in the form of currencies of
gold-standard countries, and holdings of foreign balances which can
be used to secure gold.
[Amounts in thousands of dollars]
Gold ,
reserves,
end of
1913 1
Country
Austria-Hungary
Austria
Hungary
Poland
Czechoslovakia
605, 212
251,421
. .
.. ..
--..
.._
49.8
i, 597
8, 865
23. 193
30, 513
116,345
64, 398
96,513
205,820
251,421
48,062
10,615
19,666
6,948
678,856
278, 687
170, 245
5,211
288.103
60,898
12,846
8,760
29, 242
786,800
92. 490
27,372
32,801
64,168
62,551
7,853
56. 131
8,354
710,696
252.901
764, 935
8,688
218, 403
183,040
39,457
9,268
26,020
87,013
489, 565
62,915
96, 174
605,212
483,076
206,010
340, 533
36, 477
30, 391
40,616
94, 405
21.810
32. 431
1,102.715
1,999,506
8 684, 403 8*1,073,160
144,086
2,126,967
47,285
86,861
637,038
740, 287
125. 703
356,136
28,840
69, 227
93, 527
83,377
84, 341
89, 387
859, 293
316,450
371, 385
629, 279
62,838
140,128
161,972
60.568
2,809,023
3,138,132
_.
Total
Belgium
'. .
Bulgaria
Denmark.Finlana
France
Germany
Great B r i t a i n *
Greece
.
Italv«Netherlands _
Norway
Portugal
Rumania
Russia.- - -Spain.Sweden
Switzerland
G r a n d total
P e r cent
Gold
N o t e liaof gold
N o t e liareserves,
bilities,
reserves
bilities,
last stateto note
end of year mlastt , state- ,
ment, June
e n J u n e liabilities,
1913 1
1925 1
1925 2
end of
year 1913
5,012,147
8,853, 573
» Converted at par.
* Converted at current rates.
'Includes all paper currency issuas outstanding on the two dates.
•Reichsbank and Rentenbank notes and notes of 4 other banks of issue.
'1925 figures include gold in carrency note account and currency notes.
•Includes 3 banks ot issue and government.
Per c e n t
of gold
reserves
to note
liabilities,
last statement, June,
1925
1 4
13 8
24.0
14 8
13.3
15 4
25.8
59 6
25.8
35 5
23.6
36.0
49.8
23.3
29.1
48.4
31.9
61. 6
'40.7
118.2
11.0
53.6
48.5
44.5
9.4
34.7
91.6
.24.9
43.6
54.2
29.6
51 4
56.9
11.1
29.1
27.6
77.8
44.9
59.4
66.0
35.4
SECRETARY OF THE TREASURY
73
Of the $134,145,136 of gold imported during the fiscal year 1925,
$31,288,037 came from Canada, $26,550,946 from the Netherlands,
$25,234,803 from the United Kingdom, $15,270,693 from France,
and $13,841,538 from Argentina.
Gold production
The world's gold production continued to increase in 1924. The
total production for the calendar year stood a t $384,500,000 as compared with $367,000,000 for 1923. This is the largest production
in the last six years, but is below the peak of $470,000,000 in 1915.
The increase in 1924 is attributable in a slight degree to Canadian
production, but more especially to the output of the mines of South
Africa. Canada set a new high record at $31,500,000 in 1924 compared w i t h $25,000,000 in 1923. South Africa, however, with a
1924 production of about $210,000,000, or 55 per cent of the total
world production, almost reached its high record of the fiscal year
1916, and the Transvaal mines, which supply most of the South
African product, actually exceeded their 1916 record. The contribution of the United States was slightly larger in 1924:—$52,277,000—than in the previous year. Gold production in South Africa,
British India, and to some extent in Canada, has been immensely
aided by the postwar depreciation of the English pound, for mining
costs in these countries were paid in depreciated currency while the
product was marketed at its full value. With the pound now at par
this source of preferential profit to the miners of the British Empire
has disappeared.
Gold used in the arts in the United States in the calendar year
1924 was estimated at $65,887,851, of which $37,913,310 was new
metal. Gold reclaimed from the arts during the same period was
about $13,000,000.
Stoclc of monetary gold in the United States
The monetary stock of gold held by the United States reached its
highest point in the history of this country on December 1, 1924,
when the amount was $4,570,000,000. The heavy export of gold
beginning in that month, however, brought a decline in gold holdings, so that, the fiscal year showed a decrease of $101,000,000 in the
total monetary gold holdings in the United States. The gold stock
in this country, however, continues to equal almost one-half of t h e
visible stock of gold in the whole world, and is 2.35 times as great as
it was in 1913. The gold holdings of the Federal reserve banks
showed a large decrease during the fiscal year, and also their proportional holdings of the total gold stock. Gold exported from this
country during the year has come largely from the holdings of these
60501—FI 192ot
6
74
REPOET ON T H E FINANCES
banks, which were also reduced by further payments of gold into
circulation.
The following table shows the monetary stock of gold in the
United States on the 1st of July each year from 1913 to 1923, inclusive, and on the first of each month from July 1, 1924, to November
1, 1925, together with the gold holdings of the Federal reserve banks
on or about the.same dates:
Stock of
monetary
gold in
United
States (in
millions of
dollars)
Date
Per cent
of
amount
in 1913
T o t a l gold
holdings of
Federal
reserve
b a n k s (in
millions of
dollars)
R a t i o of
gold
held b y
Federal
reserve
banks to
total •
Per cent
J u l y , 1913
J u l y , 1914..
J u l y , 1915
J u l y , 1916
J u l y , "1917
July, 1918...
.
J u l y . 1919
J u l y , 1920
J u l y , 1921..
J u l y . 1922
J u l y , 1923..
J u l y , 1924
A u c u s t , 1924
S e p t e m b e r , 1924
October, 1024
N o v e m b e r , 1924
December, 1924
J a n u a r y . 1925
F e b r u a r y , 1925
M a r c h , 1925
April, 1925
M a v , 1925 .
J u n e , 1925
July, 1925.
r^ugust, 1925
ibjptember, 1925
victober, 1925
N o v e m b e r , 1925
_
_
.
_
1
:.
..
.
.
.
.
'•
:
. . .
..j
:
"...
-
1.871
1,8911.986
2,4,'=0
3,019
3, 076
3,113
2, 709
3, 298
3.785
4, 050
4,491
4,517
4,531
4,548
4,554
4, 570
4,547
4,482
4.424
4,405
4.394
4,396
4. 386
4,391
4,400
4, 399
4,442
100
101
106
131
161
164
166
145
176
202
• 216
240
241
242
243
243
244 '
243
240
236
235
235
235
231
235
235
235
. 237
329
543
» 1.237
» 1,928
2, 148
» 1, 854
2, 468
3,021
3,095
3.128
3,143
3,089
3,047
3.037
• . 3,025
2, 937
2,910
2,878
•2,848
2,848
2,817
2,790
2, 783
2. 767
2,760
2,763
16.57
22.16
40.97
62.68
69.00
68.44
74.83
79.82
. 76.42
69. 65
69.58
68.17
67. 00
. 66.69
• 66.19
64.59
64.93
65.05
64. 65
64. 82
64.08
63. 61
63.38
62. 89
62.74
62.20
> E.Kclufling gold held abroad, which is not included in the monetary stock in the United States. -
As a result of the polic}^ of the Treasury and the Federal reserve
banks inaugurated in March, 1922, of paying out gold certificates
with other forms of money in the ordinary course of business, gold
certificates in circulation increased about $894,620,423 from July,
1922, to November 1, 1925. With the enlarged circulation of gold
certificates it has been necessary to continue the coinage of gold in
order to be in a position to meet the legal requirement that at least
one-third of the gold held against certificates be in the form of gold
coin. From July, 1924, to November, 1925, the amount of gold
coin in the Treasury increased from $460,000,000 to $611,000,000.
Gold coin held in the Treasury above the legal requirement against
gold certificates in circulation on November 1, 1925, exceeded the
amount so held on July 1, 1924, by about $62,000,000. The proportion of gold coin and certificates to total money in circulation also
continued to increase during the last fiscal year. About 30 per cent
75
SECEETARY OF THE TEEASUEY
of the total money in circulation in the country at present consists
of gold coin' and gold certificates. The following table shows the
total money in circulation and the amount of gold coin and gold
certificates in circulation outside the Treasury and the Federal reserve banks on July 1, 1922, and subsequent dates:
Month
J u l y 1. 1922
Oct. 1, 1922
J a n . 1, 1923
A p r . 1, 1923
J u l y 1, 1923
Oct. 1, 1923
J a n . 1, 1921
A p r . 1, J924
J u l y 1, 1924
Oct. 1, 1924
J a n . 1, 1925
A p r . 1. 1925
J . u l y l , 1925.
Oct. 1, 1925
N o v . 1. 1925
Gold certifiGold coin
cates
in circulation in circulation
$415,937,553 $173, 342,199
412,894,448
214, 956, 729
429,192, 179
302, 743,899
410,102,015
319, 068, 349
404,181,003
386, 456,089
397.980, 664
4fi.'i,279,009
415,319,417
582, 029, 209
408,061,873
687, 252,519
395, 746, 934
801, 380,819
427,969, 721
898, 165,509
458, 206. 331 •970, 564, 239
469,447,591
914, 968,019
423,860,506 1.004, 823, 302
056, 659
41.3,973,095 1, 050,
429, 985, 296 1,067, 962,622
T o t a l gold
in circulation
Total money
in circulation
$589, 279, 752 $4, 374,015, 037
4, 520.895, 293
627, 851,177
4, 732,898. 991
731, 936, 078
4, 655,675, 790
729, 170, 364
790, 637, 092 4. 729,378,516
4, 849,921,139
863, 259, 673
4,951, 085, 383
997. 348, 626
4,812, 861,042
1,095, 314,392
4, 754,772, 754
1,197. 127, 753
4,806, 366, 540
1,326, 135,230
4, 992,930,842
1,428, 770, 570
4,776, 167,142
1,384, 415,610
4, 736,464,237
•1,428, 683,808
4,827, 005,324
1,464, 029,754
4, 900,838,845.
1,497, 947,918
R a t i o of
gold coin
a n d certificates to
total m o n e y
in circulatioa
13.5
13.0
15.5
15.7
16.7
17.8
20.1
22.8
25.2
27.6
28.6
29.0
30.2
30. 3
30.6
UNITED STATES PAPER CURRENCY
At the beginning of the fiscal year 1925 the department was confronted with a ,very serious situation regarding the supply of United
States paper currency. Demands for-additional amounts of $1
notes continued unabated. The circulation of gold certificates had
very largely been restored, requiring the printing of greatly increased
amounts of gold certificates. The condition of the paper currency
in circulation, generally' speaking, was far below an acceptable
standard. Reserve stocks in the bureau, in the office of the Treasurer
of the United States, and in the Federal reserve banks, were depleted
almost to the vanishing point. To add to the unfavorable situation
it was found that the quality of the notes produced had not improved.
In the face of all this the department was confronted with smaller
appropriations, in the aggregate, for the fiscal year 1925 than were
provided for 1924. The situation was so critical that an intensive
survey was undertaken, and on October 6, 1924, a printing program
was inaugurated, that, if continued through the year, would provide
for the delivery of 210,453,000 sheets of completed currency instead
of 150,000,000 sheets authorized by law, and for which appropriations had been granted, and further would provide for establishing
a working reserve of 30,000,000 partially completed sheets in the
Bureau of Engraving and Printing. Supplemental and deficiency
estimates necessary to carry out this program were submitted for the
consideration of the Bureau of the Budget.
'
76
o
EEPOET ON T H E FINANCES
This program, in short, provided (1) for additional printing of $1
bills and gold certificates required for payment purposes; (2) for
additional printing for improving the standard of fitness; (3) for
additional printing for establishing an adequate reserve stock of
completed notes with the Treasurer of the United States; and (4)
for establishing in the Bureau of Engraving and Printing a working
reserve of partially completed work.
The Bureau of the Budget subsequently passed only the estimates
necessary to provide additional printing required for maintaining
payments, and for establishing a working reserve in the .bureau, and
thereafter the Congress authorized the printing and delivery of
25,144,750 additional sheets during the fiscal year 1925, making the
total authorized deliveries for "the 3^ear 175,144,750 sheets. At the
same time favorable action was taken with respect to 30,000,000
sheets for establishing a working reserve in the Bureau of Engraving
and Printing, but the authority given in this respect was not made
available until the fiscal year 1926. The balance of the program
failed and printing schedules were reduced accordingly for the
balance of the year to June 30, 1925.
Meanwhile, consideration of currency matters indicated the
importance of a very much more effective control over the factors—
determinable requirements, supply, and distribution. A currency
board was established on January 8, 1925, comprised of the Assistant
Secretary of the Treasury in.charge of Fiscal Offices (chairman), the
Commissioner of the Public Debt, and the secretary of the Federal
Reserve Board. This board has authority in the matter of deter^
mining requirements, printing within the appropriation, and distribution of available currency, and it has demonstrated its efi'ectiveness.
The partial failure of the program last year was unfortunate in
t h a t no progress was possible in estabhshing very essential reserve
stocks of completed and partially completed currency. It was
further unfortunate in that it has not been possible, up to the present
time, materially to improve the standard of fitness of notes in circulation. However, for the present fiscal year the Bureau of the
Budget passed estimates and Congress granted the necessary appropriations for producing currency to the present capacity of the
Bureau of Engraving and Printing. Included in. this year's program
is provision for a working reserve in the bureau of 30,000,000 sheets
of partially completed currency. I t is hoped that in another year
the department will be given authority and funds to complete the
program adopted in the fall of 1924, and that the close of the fiscal
year 1927 will find the paper currency of the United States in a
satisfactory condition as regards supply, standard, and adequate
reserve stocks.
SECEETAEY OF T H E TEEASUEY
77
In reports for the fiscal years 1925 and 1924 reference was made
to the inauguration of new currency designs adopted in September,
1923. Such new designs were admittedly utilitarian ^ in character
and were adopted primarily to make the currency issues of t h e
United States more secure against counterfeiting and note raising.
The execution of these designs and particularly when applied t a
Federal reserve notes has presented unforeseen mechanical difficulties, and if carried out with respect to Federal reserve notes
would greatly add to their cost of production. In connection with
the consideration of ways and means to meet the $1 bill situation
the proposal to reduce the size of currency notes has again received
some consideration. I t is doubtless true that should a reduced size
be adopted, after inauguration, very important economies would
occur. A preliminary survey showed that the cost of reequipping
the bureau to produce a smaller size note would not be excessive,
and it has been suggested that without increased appropriations
greatly increased amounts of printing could be executed, and that
the currency situation would be improved. In these circumstances
it seemed wise to undertake a restudy of paper currency designs, and
this is now being done.
BUREAU OF ENGRAVING AND PRINTING
More sheets of perfect work were printed and delivered during
the fiscal year ended June 30, 1925, than during any other year in
the history of the bureau notwithstanding the fact that, because of
lack of funds necessary to keep the bureau operating at full capacity,
100 plate printers, and the number of operatives and other employees
required to handle their production, were furloughed. each day from
February 9 to June 30, 1925. Through the policy of a rotating furlough, trained employees were retained in the service in order to
handle the heavy program which faced the bureau on July 1, 1925.
The deliveries in 1925 reached a total of 464,000,000 sheets, as
compared with the deliveries in 1924 of 431,000,000, an increase
over 1924 of 33,000,000 sheets or 7.6 per cent. The increase of
33,000,000 sheets is made up of increases in the following classes of
work: 10,000,000 sheets of currency; 1,000,000 sheets of bonds,
notes, and certificates; 19,000,000 sheets of stamps; and 3,000,000
sheets of miscellaneous work. The highest number of sheets delivered
previous to the fiscal year 1925 was in 1919 when the World War
peak was reached, during which year the bureau printed and dehvered 447,000,000 sheets.
The average number of. employees in 1925 was 5,098, as compared
with 4,980 in 1924, an increase over 1924 of 118, or 2.4 per cent. In
1919 the average number of employees was 7,508.
78
EEPOET ON T H E FINANCES
The expenditures in 1925 were $10,041,457.46, as compared with
$9,401,925.68 in 1924, an increase over 1924 of $639,531.78, or 6.8
per cent. In 1919 the expenditures were $11,571,179.03.
I t will be noted that while the sheets printed and dehvered for
1925 represent an increase over 1924 of 7.6 per cent, expenditures
were increased 6.8 per cent and employees increased 2.4 per cent.
Two investigators from the Bureau of Efficiency have been detailed
to the bureau for the purpose of continuing the study of methods
and procedure undertaken by the special committee designated for
that purpose, but which was dissolved, owing to the assignment of
the members of the committee to other work. Many valuable
suggestions and recommendations have been submitted and adopted.
Plans for reconditioning a portion of the aid bureau building
(Auditors' Building) were drafted and approved. The work was
undertaken and excellent progress made. The plans contemplate
the transfer of the entire engraving division from the main building,
in which the floor space will be reallocated in order to eliminate the
present congested condition.
Two 400-subject rotary presses which were in storage have been
installed and a contract for the purchase of 12 more presses of this
type was let. This program contemplates the printing of all postage
stamps, except those of high denominations, on rotary presses.
When the installation of these presses shall have beeircompleted a
substantial reduction in the cost of the manufacture of stamps will
be realized.
Either extensive repairs to or entire replacement of three boilers in
the boiler plant, which have been in constant use for almost 25 years,
will be necessary within the next two years.
A thorough and exhaustive study of paper-making and sizing solutions has been undertaken at the Bureau of Standards with a view
to developing both a paper and a sizing solution which will produce
more durable wearing qualities in currency.
The department was'notified to vacate the premises occupied by a
warehouse in which the operating supplies of the bureau were maintained. I t will be necessary to lease other facilities and from all
indications the warehouse will be located a long distance from the
bureau. Warehouse facilities in close proximity to the bureau with
spur track service are urgently needed.
The scheme of organization put into effect on October 16, 1924,
after careful study, called for three assistant directors, but Congress
in the 1926 appropriation bill provided for only two. I t is hoped
t h a t provision will be made for the third assistant director in the next
appropriation bill for reasons outlined in the last annual report.
SECEETAEY OF THE TEEASUEY
79
CONTROLLING ACCOUNTS OVER TRANSACTIONS IN SECURITY PAPER
During the past year control over all transactions in security paper
was centralized in the division of public debt accounts and audit, the
controlling accounting and auditing office of the pubhc debt service,
which was also authorized to conduct a continuous audit of the accounts and records of the several offices handling security paper.
Formerly, the control was divided among the operating units of the
office of the commissioner of the public debt.
Under the present plan, a central control is maintained in the division of public debt accounts and audit over all transactions in security paper from the point of manufacture in the case of distinctive
paper, or notifica|.ipn of shipment by the contractor in the case of
hondistinctive paper, to the delivery of both as either imperfect
work or finished product. The plan provides for the f oh owing:
1. The maintenance of control accounts over transactions in distinctive security paper in the mills where it is manufactured.
2. The maintenance of control accounts over the stock of security
paper carried by the division of paper custody.
3. The maintenance of control accounts over security paper in
process of printing in the Bureau of Engraving and Printing.
4. The audit of the security paper accounts and records of the
distinctive paper mill unit, of the division of paper custody, and of
the Bureau of Engraving and Printing, including occasional physical
counts of paper held by those offices.
INSULAR POSSESSIONS
For some time past the unsatisfactory condition of paper currency
in the insular possessions of the United States has attracted the
attention of Treasury officials. In the Virgin Islands the situation
is perhaps worse than in the other possessions, not, however, because
the paper currency is unclean, as is the case in the other possessions,
b u t because both the paper currency and the metal coins are based
on the old Danish West Indian standards of value, and United States
dollars and cents are not legal tender. Moreover, the only commercial bank in the Virgin Islands is owned by Danish banks and is
under the control of Danish Government officials.
In view of the difficulties mentioned, a committee was appointed
early in 1925 by the Secretary of the Treasury to study conditions in
the Virgin Islands. This committee, after consultation with various
bankers and economists in the United States, decided that it would
be necessary, before recommending any changes in currency and
banking, to become better acquainted with the general economic
conditions of the islands than was possible on the basis of informa-
80
EEPOET ON T H E FINANCES
tion available in Washington. Since the Governor of the Virgin
Islands had previously requested that an expert be sent to the islands
for the purpose of investigating the existing system of taxation, a
representative of the Bureau of Internal Revenue was designated to
study the tax system, and a representative of the public debt service
was designated to investigate the financial and general economic
situation.
These gentlemen spent 12 days in the islands, and were able, with
the assistance of the governor and his staff, to collect considerable
information—laws, statistics, and opinions—which they have digested in the form of reports for submission to the various departments of the Government having jurisdiction.
This investigation emphasized the fact that there is no centralized
information in Washington relative to the affairs of all of our outlying insular or Territorial possessions, and that the bureau or department to which supervision of a particular possession has been assigned
has no convenient means of keeping in touch with what is going on
in the other possessions. This is all the more embarrassing since in
the case of some of these possessions the duties of supervision are
shared by two or more offices in Washington, rendering it more
difficult for Members of Congress or executiv.e officials, as well as
private individuals, promptly to obtain desired information.
I t is obvious that the government of the Territories and possessions could be conducted more efficiently and more economically if
each department concerned was promptly, made acquainted with the
experiences and achievements of the other departments. For this
reason an interdepartmental committee has been formed, comprised
of representatives of all departments having interests in the possessions, which committee will obtain and make available such information concerning the possessions as will aid each department in its
problems of administration. This committee, it is hoped, will also
gradually assemble laws, statistics, and other information relating
to the possessions, all of which will be helpful to any officials or
private individuals who may be interested in matters pertaining to
our Territorial possessions.
BUREAU OF INTERNAL REVENUE
Total collections of internal revenue from all sources for the fiscal
year 1925 were $2,584,140,268.24, compared with $2,796,179,257.06
for the fiscalyear 1924, a decrease of $212,038,988.82. Income-tax
collections amounted to $1,761,659,049.51 for 1925, compared with
$1,841,759,316.80 for 1924, a decrease of $80,100,267.29. Collections
of miscellaneous taxes amounted to $822,481,218.73, compared with
$954,419,940.26 for the fiscal year 1924, a decrease of $131,938,721.53.
SECEETAEY OF THE TEEASUEY
81
The repeal of some and a reduction in the rates of other miscellaneous taxes became effective on June 2 and July 3, 1924, under the
revenue act of 1924.
The collection of the tax on incomes during the first half of the
fiscal year 1925 was made at the higher rates provided for by the
revenue act of 1921, which was decreased by the 25 per cent credit in
the tax on individual incomes for the calendar year 1923, allowed in
sections 1200 and 1201 of the revenue act of 1924. During the last
half of the fiscal year 1925 the collection of the tax on incomes for the
calendar year 1924 was made at the reduced rates under the revenue
act of 1924.
During the fiscal year 1925 tax refunds were made from the foHowing
appropriations:
Refunding taxes illegally collected, claims accrued prior to
July 1, 1920
$452, 934. 42
Refunding taxes illegally collected 1924 and prior years
^ 49, 209, 535. 60
Refunding taxes illegally collected 1925 and prior years
11, 945, 475. 98
Refunding taxes illegally collected 1926 and prior years
90, 301, 337. 33
Total
--.-..
151, 909, 337. 33
Less amount by which repayments exceeded disbursements in
connection with the appropriation refunding taxes illegally
collected 1923
23, 921. 73
Net total
..._
^
.
151, 885, 415. 60
The interest allowed on claims for refunds under provisions of the
revenue acts of 1921 and 1924 amounted to $31,563,458.06, which is
included in the foregoing statement.
If the taxes refunded for erroneous and illegal collections for the
fiscal year 1925 and prior years, amounting to $151,885,415.60,
were deducted from the gross collections bf $2,584,140,268.24, the
net collections for the fiscal year would be $2,432,254,852.64. The
. gross collections, however, are used for comparative purposes in this
report.
Notwithstanding the unusual increase in the volume of work
thrust upon the Internal Revenue Bureau during the war, as well as
the postwar period, the bureau has now reached the point where a
normal condition of work can soon be looked forward to.
Since 1917 a total of 62,794,300 income-tax returns have been
filed with the Internal Revenue Bureau. The total number of
returns yet to be disposed of on June 30 was 2,011,084. As 975,298
of these returns are for the year 1924, and therefore only a part of
the current work which is just being received, it is evident that the
real accumulation of returns on hand yet to be disposed of is less
than a million.
»Includes $17,777,642.45 refunded as a 25 per cent tax reduction under provision of section 1200. revenue act of 1924.
82
EEPOET ON T H E FINANCES
The total number of cases by tax years, including those reopened
as a consequence of claims filed, pending before the Income Tax Unit
at the close of the fiscal year, compared with the number on hand
at the close of the two previous fiscal years, was as follows:
On h a n d
J u n e 30,
1923
1917
1918
1919
1920
1921
1922
1923 .
1924
Total
_
On h a n d
J u n e 30,
1924
28,916
84,323
103,198
458.205
1,190, 902
1,167,000
R e t u r n year
8,773
19, 364
61,327
166,484
353, 781
718,812
1,101, 614
3,417
6,002
12.155
90. 746
171,221
380, 045
372, 200
975, 298
3,032, 544
2,430,055
2,011,084
..
:
On h a n d
June. 30,
1925
I t can be seen from the above figures that the number of cases
pending before the Income Tax Unit was reduced in total more than
400,000 during the last fiscal year and by more than 1,000,000 during
the last two years. I t is no easy task to dispose entirely of the
balances pending for 1917, 1918, and 1919 cases because of the continued reopening of cases through the medium of claims. A recent
survey of returns for these years indicated that 89 per cent of those
pending had been previously closed and were reopened on claims.
The files audit procedure introduced during the preceding year is
complete on the 1922 and 1923 returns, and the 1924 returns are
being handled as they are received. As a result of this procedure a
large percentage of the cases for 1922 and 1923 are closed and the
remainder are ready for field and office audit.
During the year the field division effected a virtual clean-up of 1917,
1918, and 1919 cases, those remaining being accounted for by claims.
Under the new field procedure the divisions have undertaken the
completion of 1920 and 1921 returns by September 30, 1925.
Every effort has been made to place the work of the Internal Revenue Bureau on a higher degree of efficiency by the introduction of
certain economies and revision of methods of procedure.
Among the important steps taken toward the efficient and expeditious disposal of the work has been the adoption of a decentralization
program. This action is not only in the interest of efficient administration, but of vast assistance to the taxpaying public. In adopting
its program of decentralization, the Internal Revenue Bureau proceeded with caution, knowing that the immediate breaking up of
functions which have been performed in Washington for a long period
of time would bring about great confusion in the records, would result
in the reworking of cases already practically disposed of, and might
lead to other hindrances. On August 18, 1923, the first definite move
in the direction of decentralization was made by the bureau when
SECEETAEY OF THE TEEASGEY
83
revenue agents were directed to retain reports of investigations in their
offices for a period of 20 days and were authorized to consider protests
of taxpayers filed with them within that period. The decentralization procedure has been worked out gradually. At present practically all cases, new as well as old, where the tax liability appears
to be different from that reported by the taxpayer, if a satisfactory understanding can not be reached by correspondence, are
handled by field officers with the idea of giving the taxpayer the
rilght to discuss any proposed change with representatives of the
bureau located near his home. The advantages of such a plan, both
from the viewpoint of the taxpayer, as well as the Government, are
apparent.
All individual returns for 1924 reporting gross incomes of $25,000
or less are retained in collectors^ offices and audited by collectors'
forces in the field.
. T h e field divisions of the Income Tax Unit are allocated to eight
supervisory districts,,and a supervising agent looks after the work of
each of the districts. Frequent reports.are made to Washington covering the condition of the work> methods of technical and administrative procedure, as well as suggesting changes and improvements
in organization, procedure, or personnel, which tends to increase
efficiency and maintain uniformity of action.
At this time it can not be stated whether the decentralization plan
is operated at a lower cost of audit compared with the former procedure, but it is believed safe to say that a certain economy will be
effected in expediting the closing of cases and materially reducing, by
settlement in the field where facts are readily obtainable, the number
of cases reaching a controversial stage.
A serious handicap in connection with personnel is the inability to
retain trained and competent employees for the more responsible
positions.
The bureau is further handicapped by housing conditions in
Washington. Approximately 6,000 employees occupy 10 separate
buildings scattered over a wide area. Approximately two-thirds of
the space occupied by .the bureau is in Building ^' C,'' Annex No. 2,
the Pettus Building, and Building No. 5, all of which are temporary
buildings of fiimsy construction erected during the war for emergency
use, and which are rapidly deteriorating. Added to this is the fire
hazard. Housed in these buildings are important documents and
records, such as tax returns, assessment lists, and other valuable
papers used in the audit of returns. Many of these papers could not
be replaced, and their destruction would mean irreparable loss, not
only to the Government but td thousands of taxpayers as well.
In the miscellaneous tax unit the work is on a practically current
basis, with a materially reduced force compared with the previous
year.
84
"
EEPOET ON T H E FINANCES
The 1924 revenue act covering estate tax established certain
procedure whereby the taxpayer is accorded the privilege of an appeal
to the United States Board of Tax Appeals before assessment of a
deficiency tax may' be made. Also, for the first time, a gift tax was
imposed. The procedure formulated to meet such requirements has
tended greatly to increase the correspondence in that now, instead of
one letter, tentative and closing letters must be addressed to taxpayers.
Although the sales tax collected for the fiscal year was much less
than in prior years, the work of the division did not decrease in
relative proportion, as much work was necessitated in connection
with administration of the provisions of prior revenue acts.
Further progress was made in the specialized audit of capital stock
returns segregated according to industries, which now include public
utilities, railroads, banks and trust companies, hotels, apartment
houses, oflSice buildings, mining and holding companies, natural gas,
oil, and timber holding companies, and textile corporations. Such
segregation has resulted in a more intelligent and uniform audit.
Closer cooperative working arrangements were established between
the Income Tax Unit and the capital-stock-tax and estate-tax divisions
of the Miscellaneous Tax Unit as regards data furnished the respective
units, which facilitates the audit of returns for the three taxes.
Prohibition and narcotic enforcement
On April 1, 1925, by a reallocation of duties, there was placed under
one assistant secretary the supervision of the Coast Guard, the
Customs Service, and the Prohibition and Narcotic Unit, all of
which are more or less directly concerned with the enforcement of
the national prohibition laws, particularly as regards the smuggling
of liquor. This has enabled the department to inaugurate a degree of
cooperation between these three services which has materially increased their effectiveness. While there can be no accurate measure
of the results accomplished, it is evident t h a t a marked reduction
has been made in smuggling, particularly on the North Atlantic seaboard, where these violations were most flagrant.
The attention of the department has been concentrated upon a
reorganization of the Prohibition Unit, which is now just reaching
completion. The fundamental objects of this reorganization were,
by decentralization, to bring the administration of the law closer to
the people, to place squarely upon field officers in charge the full
responsibility for law enforcement in their districts, and to set up
a form of machiner}^ which would bring about closer and more effective cooperation with the Department of Justice.
^
To effect this the Federal judicial district was accepted as the
geographical unit of organization, and in each Federal judicial dis-
SECEETAEY OF T H E . TEEASUEY
85
trict a group chief was designated for the prohibition forces and
instructed to perform his work in the closest possible cooperation
with the Federal, district attorney. These Federal judicial districts
were then arranged into more or. less homogeneous groups, to be
designated as Federal enforcement districts, and placed under a
prohibition administrator. This administrator has been given full
authority to administer the laws and to select his own personnel
and is held responsible for results. Matters of policy, regulation,
and uniformity of requirements in the permissive field are regulated
from headquarters, which maintains a close supervision over the
work of the administrators.
. Through the successful efforts of the Department of State, we
have recently put into effect, along the northern border, regulations
bearing on smuggling, which have been agreed upon with Canada.
A similar treaty has been negotiated during the year with Mexico,
and another is in process of negotiation with Cuba. These will
render the efforts of the department to prevent smuggling mor
effective.
Amended regulations governing the control of industrial alcohol
have been promulgated, which place this control squarely in the
hands of the prohibition administrators. Additional anvendments,^
new regulations, and permit stipulations are in process of completion designed better to control the handling of sacramental wines,
medicinal whisky, industrial alcohol, and cereal beverage with a
view to encouraging legitimate industry and 3^et eliminating these
sources of supply for the illicit liquor traffic.
. I t is the policy of the department to concentrate its efforts against
the sources of supply of illegitimate aicohohc beverages and against
the organized traffic therein, and that this may be done effectively
to encourage in every possible way local law enforcement by States
and communities, thus releasing the Federal agencies from the
necessity-of doing local police work to the detriment of the main
objective.
I t is useless to attempt to prophesy what may be accomplished
under the new organization; it is impracticable to measure accurately
what has already been accomplished; it can only be stated that
vigorous action is being taken to make the law enforcement agencies
as effective as possible. I t is believed that considerable advance has
beeii made along these lines and that a marked advance will be made
when the new organization, policy, and regulations are in full
operation.
86
EEPOET ON T H E FINANCES Prohibition Unit statistics .
N u m b e r of arrests by Federal agents for violation of prohibition
acts
62,747
N u m b e r of arrests by State officers assisted by Federal a g e n t s .
12, 918
N u m b e r of arrests by State officers on information furnished
by Federal agents
1, 471
Amount resulting t h r o u g h fines a n d forfeitures from these
arrests
$5, 208, 2.03. 09
Offers in compromise, t a x on illicit manufacturing, etc
$560, 888. 07
Seized property used in violating t h e law, valued a t
$11, 199, 664. 46
N u m b e r of cases reported involving violations on p a r t of permittees
J
L
2, 283
Gallons of tax-paid whisky withdrawn under p e r m i t s :
1925-__-_
,
1, 923, 537. 1
1924
• 1, 813, 295. 9
1923
1, 754, 893. 0
1922
._!
2, 645, 5 0 6 . 0
1921.-_
.
8, 671, 860. 0
Progress in concentration:
1922—bonded warehouses (before application of concent r a t i o n act)
1
'297
1925—bonded warehouses (30 being concentration warehouses)
58
Approximate n u m b e r gallons of spirits in bond (21,500,000
gallons in concentration warehouses; 5,340,953.5 gallons not
concentrated)
26, 840, 953. 5
Narcotic statistics
N u m b e r persons reported for violations of t h e law
N u m b e r cases tried
N u m b e r of. convictions
Per cent of cases tried resulting in convictions
Cases reported involving minor technical violations or civil
liabilities
•
Special taxes, -fines, penalties, compromises, etc., in connection
with'enforcement of t h e act__
.__ $1,'090,
10, 297
5, 8045, 600
-96.5
27, 535
932. 73^
CUSTOMS
The customs receipts for the fiscal year 1925 exceeded those for
the previous fiscal year by $3,509,679, the total in 1925 amounting
to $548,521,794, and in 1924 to $545,012,115: The value of imports
increased from $3,554,138,268 in 1924 to $3,824,140,000 in 1925.
Drawback payments and refunds of excessive duties also exceeded
those of the preceding fiscal year by $1,229,126 and $282,630, respectively.
The use of forfeited vehicles, as authorized by the act of March
3, 1925, has resulted in the making of a number of seizures. Only 21
automobiles were placed into service during the period between the
passage of the act and the close of the fiscal year, and no forfeited
boats were used by the Customs Service during this j)eriod. Of the
SECEETAEY OF 'THE TEEASUE Y
87
21 automobiles a number were operated only during the last month
of the fiscal year. The total cost of acquiring these machines was
$555, and the expense of operation and maintenance during the
year $2,352, making a total cost to the Government of $2,907.
The appraised value of these automobiles is $8,995, and the appraised
value of the seizures made through their use during the period they
were operated is $37,137.
The public generally is beginning to take greater advantage of
some of the provisions of the tariff act of 1922 as these become
better known. During the year there was a considerable increase in
the number of claims for drawback on the processing of importerl
materials by dyeing, moth proofing, etc., when such materials were
exported. The manipulation, such as cleaning, storing, repacking, or
otherwise changing in condition of imported merchandise in bonded
warehouse for export, was much more extensive than in the past.
There has also been a decided increase in the registration of trademarks with the department for the purpose of preventing the importation, without the consent of the owner of the trade-mark, of merchandise bearing such trade-marks.
The increase in the maximum which may be allowed as compensation to informers in customs cases, provided by the tariff act of 1922,
has stimulated the activities of informers and resulted in the apprehension of many violators of the customs" laws. -Through this means
$707;168 has been recovered during the fiscal year 1925 in connection with which awards amounting to $176,792 were paid. :
This increase in the interest of importers and others in certain
provisions of the tariff act of 1922, the general increase in business,
and the many difficult and perplexing problems arising in connection with the enforcement of the customs laws severely tax the division of customs bep.ause of its hmited,number of eniployees. The
needs of the division of customs properly to care for this increase of
work have been the subject of a thorough investigation and report
by the committee on budget and improvement of the Treasury
Department.
THE COAST GUARD
The record of performances of the Coast Guard during the fiscal
year in its normally broad and lately enlarged field of action is one
of marked distinction, deserving particular notice and commendation.
Doubtless there never has been a time when all the agencies of the
service were so actively, so unceasingly, and so intensively engaged
as they were during the year. I t is a matter of the highest interest
to note that in the great multiplicity of duties now devolving upon
the Coast Guard in connection with the enforcement of the laws
against the smuggling of liquor into the United States along the
88
EEPOET ON T H E FIIS^ANCES
coasts, there has been no lessening of the usual humanitarian endeavor of the service. The most gratifying results have attended the
operations of the service in this direction. During the year the
number of persons saved or rescued from peril was 2,484, being 22
in excess of the preceding fiscal year. The fiscal year 1925 now
holds third place in this form of service since the creation of the
Coast Guard in 1915. This character of work is of first importance
in the Coast Guard, and it is always a source of extreme satisfaction
to the department to know that the various units of the service are
giving a good account of themselves in the saving of human life
from the perils of the sea. The value of vessels assisted, including
their cargoes, was $23,335,875. There were 15,565 persons on
board the vessels assisted. The instances of assistance rendered
during the year by the units of the service numbered 4,402 as against
4,226 in the preceding year. The number of vessels boarded and
examined in the interest of the enforcement of United States laws
was 37,594. The vessels seized or reported for violations of law
were 2,183.
The other duties with which the Coast Guard is charged, aside
from those pertaining immediately to the preservation of life and
property from shipwreck, and rendering assistance to vessels and
persons in distress, include: Special winter cruising on the coast
in the stormy season to afford aid to the distressed navigator; the
destruction or removal of wrecks, derelicts, and other floating dangers
to navigation; maintaining complete readiness for operating as a
part of the Navy in time of war or when the President shall so direct;
extending medical aid to American vessels engaged in deep-sea
fisheries; the protection of the customs revenue, and assistance in
the enforcement of the customs laws; enforcement of law and regulations governing the anchorage and movements of vessels at ports
and other places where Federal regulations concerning such matters
are in effect; enforcement of navigation and other laws governing
merchant vessels and motor boats; enforcement of law to provide for
safety of life on navigable waters during regattas and marine parades;
protection of game and the seal and other fisheries in Alaska; international service of ice patrol in the vicinity of the Grand Banks,
off Newfoundland, to promote safety at sea; examination of applicants
as to their qualifications for lifeboat men, under the seamen's act,
etc. These activities proceeded during the year in a most satisfactory manner, and were of great benefit to all interests concerned.
The Secretary of the Treasury awarded during the year 47 lifesaving medals of honor (12 gold and 35 silver), in recognition of
bravery exhibited in the rescue, or attempted rescue, of persons
from drowning in waters over which the United States has jurisdiction, or upon an American vessel.
SECEETAEY OF THE TEEASUEY
89
I t is very gratifying to the department that, pursuant to its recommendation, the Congress has made provision since my last annual
report for the construction and equipment of a Coast Guard cutter
for duty in Alaskan waters and in the Arctic Ocean to replace the
cutter Bear,
The work of repairing and reconditioning the Coast Guard cutter
Manning, which matter was also a subject of remark in last year's
report, is now well in hand, and it is expected that it will be completed in the early part of the fiscal year 1926.
I t is believed to be appropriate at this time to refer briefly to the
subject of the floating equipment of the Coast Guard. I t is obvious
that the Coast Guard fleet stands in need of enlargement both for
purposes of law enforcement and for the usual, normal operations of
the service, and that to bring it to a satisfactory state of efficiency
and usefulness there should be provided 10 first-class cruising cutters, 25 patrol boats for off-shore duty, 6 vessels of the mine-sweeper
class, and 5 more destroyers, the mine sweepers and destroyers to
be transferred to the Treasury Department by the Navy Department if they can be spared by the Navy.
The Secretary of the Treasury has pointed out in previous reports
the pressing need of additional vessels adapted to the important duty
of saving life and property at sea and along the coasts and in rendering
aid to marine commerce. Whatever need there may have been for
them in the past is certainly increased materially by present-day
circumstances and conditions. The constantly increasing demands
upon the Coast Guard growing out of its varied duties can not be
efficiently and satisfactorily m e t unless further provision is made in
this direction. I regard it as in the interest of economy to build
first-class cruising cutters adapted to the law-enforcement work as
well as to the wreck, rescue, and assistance work of the. Coast Guard.
The matter of service personnel, in part, is one also requiring
attention. While the temporary commissioned, officers as a whole
are giving good service at this time, in the present emergency, considerations of efficiency and a properly organized commissioned personnel require an increase in the regular commissioned officers furnished through the Coast Guard Academy. The present duties of
the service demand the highest grade of officer material and the
training, instruction, and discipline which the academy so fittingly
affords. An adequate force of regular commissioned officers is a
fundamental requisite for the Coast Guard in carrying out its
mission.
The results accomplished by the Coast Guard in the prevention
of the smuggling of liquor from the sea have fully justified the temporary enlargement of the service authorized by the Congress, but
I am of the opinion that to bring the situation under full control
90
.EEPOET ON" T H E FINANCES
throughout the entire coastal waters of the country further resources
of personnel will be required, and the enlargement of the service in
that direction should proceed on permanent lines.
The Congress has placed upon the Coast Guard the duty of preventing the smuggling of liquor into the country along the coasts.
As was anticipated, it has proved to be a work of great magnitude.
The agency of the Government having the work in hand and responsible for the enforcement of the law should not be hampered by the
lack of men or material or by impedimenta of any sort.
.The physical conditions existing at the Coast Guard Academy at
New London, Conn., are in need of improvement. The grounds are
occupied by a number of ill-adapted, ill-assorted, unsuitable buildings.
An institution of the kind maintained for the education and training
of cadets to become commissioned officers of the United States
should not be permitted to lapse into a state of disrepair, which can
but refiect seriously on the service and the Government, and harmfully affect the efficiency and morale of the young men entering the
academy as cadets. The physical conditions at the academy are
not worthy of a national school, nor of. the institution where are
trained all.the yoiing officers of this historic service.
The Coast Guard needs to effect certain improvements in the
coastal communication system and in the radio equipment of vessels.
The importance to the Coast Guard of the most efficient radio equipment is obvious from the very nature of the work of the service.
The Coast Guard representative on the Interdepartmental Radio
Advisory Committee, which; committee has to do with the coordination of the radio business of the Government, has been appointed to
represent the entire Treasury Department.
Generous provision for the recreation, comfort, and amusement of
the enlisted men of the service is very desirable. At a time like the
present no pains should be spared to promote the comfort, contentment, health, and morale of the men. The exacting, arduous, and
dangerous duties.they are called on to perform at this critical period
in the Coast Guard deserve this consideration.
In my last annual report I commented briefly on the provisions
which the Congress had made for the law enforcement work of the
Coast Guard in connection with the. prevention of the smuggling of
liquor into the country along the coasts, and took occasion to assert
that no time would be lost in preparing for the undertaking.. I am
pleased to makcTt of record in this report that no time has been lost
by the Coast Guard that it Was humanly possible to avoid. The
additional equipment authorized, by the Congress for this work is
.completed and now in service, the only exception being a few patrol
boats the delivery of which has been unavoidably delayed. The
whole task, involving as it has the preparation of all physical material,
the reconditioning of 20 old destroyers obtained from the Navy
SECEETAEY OF THE TEEASUEY
91
Department, the itremendous boat; construction work, an achievement by itself, the recruiting of the authorized additional enlisted
personnel and the accomplishment of numberless other important
essential details, has been one of stupendous proportions especially
for a service as small as the Coast Guard. I can not speak too highly
in; expressing my commendation of the Coast Guard for the work
thus done, for the expedition and smoothness with which it has gone
forward, and for the actual concrete results brought about in the
prevention of smuggling. There is a marked diminution in this
illicit enterprise. The Coast Guard is making steady and gratifying
progress in breaking up the smuggling of liquor into the United States
from the sea. I t is only the utmost vigilance on the part of Coast
Guard patrol and picketing vessels that will insure our coasts against
the operations of the rum-running craft, and there must therefore be
no slowing down of the Government's activities. On the contrary,
the Government should leave nothing undone tO: rid our coastal
waiters of this national naenace to the laws of the United States. I
am satisfied t h a t t h e Coast Guard will perform- the duty zealously
and efficiently.
<
,
FEDERAL FARM LOAN SYSTEM
Federal land banks
During the fiscal year ended June 30, 1925, the Federal
land banks closed 42,601 loans, amounting in the aggregate to $136,335,549. Net earnings for the same period amounted to $8^740,003.97,
a portion of which was used to increase reserve accounts from $5,706,900 to $7,544,700.
The Treasury originally subscribed practically all the capital
stock in the Federal land banks. The law provides that this capital
is to be retired out of the proceeds of stock subscriptions by national
farm loan associations. On June 30, 1925v Government capital had
been reduced to $1,513,045. All Government capital has been retired in seven banks.
The national farm loan associations, subsidiary organizations
through which Federal land bank loans are made, increased in number
during the fiscal year from 4,612. to 4,652. The comLbin^d capital
stock in all Federal land banks oh June 30, 1925, amounted to
$52,096,770, of which ^50,137,775 is owned by nationahfarm.loan
associations., and the remainder, with the exception of $445,950, is
owned by the Federal Government.
Joint-stock land banks
During the fiscal year no joint-stock land bank was chartered, and
7 banks were liquidated. At the end of the fiscal year there were 59
Joint-stock land banks in actual operation in all of the States of the
92
EEPOET ON THE FINANCES
Union, except the New England States, Delaware, Florida, New
Mexico, and Montana.
Loans were made by joint-stock land banks during the year to
16,166 borrowers, amounting to $109,305,172.
The combined capital stock of all joint-stock land banks on June 30,
1925, was $38,381,400; reserve, $3,769,792.96; surplus and undivided
profits, $4,619, 553.63.
Federal intermediate credit banks
The 12 Federal intermediate credit banks, authorized by the agricultural credits act of 1923, have been in actual operation practically
two years. Each bank has a paid-in capital of $2,000,000, with a call
upon the Treasury for an additional $3,000,000.
I t has been the policy of these institutions to keep their activities
within the clear intent of the act of Congress, so that direct
loans on commodities or rediscounts of farm paper have maturities of
six -months or more. The following statement indicates the
volume of their business and the extent of their service:
Direct original loans to cooperative marketing associations from
the beginning of operations to June 30, 1925, aggregated $91,181,717.35. This total includes no renewals. Of this sum $66,025,707.62
has been repaid, leaving outstanding at the close of the fiscal year,
$25,156,009.73. These advances were distributed by commodities,
as follows:
'
Tobacco
Cotton
.
Raisins___
Wheat___
Wool
_..^.
;
Prunes
Canned fruit and vegetables;....__.___._
Peanuts
Rice
Broom corn__
Red top seed
.
Olive oil
:.
$38, 662, 406. 09
27,456,006.06
___- 10, 000, 000. 00
6, 317, 120. 07
>. 1, 921, 384. 49
1, 900, 000. 00
3, 242, 062. 18
46B, 895. 00
734,595.86
335, 447. 60
95, 800. 00
50, 000. 00
91, 181, 717. 35
Rediscounts aggregated $72,031,204.49, of which $38,789,372.60
has been repaid, leaving outstanding at the close of the fiscal year,
$33,241,831.89. The agencies through which these rediscounts were
made are classified as follows:
Agricultural credit corporations
National banks
State banks
Livestock loan companies
Savings banks and trust companies
'.
>_
$43, 034, 253. 80
196, 797. 60
3, 128, 461. 53
24,887,909.71
783, 781. 85
72, 031, 204. 49
SECEETAEY OF THE TEEASUEY
93
The Federal intermediate credit banks paid into the United States
Treasury, as provided in section 206, paragraph (&), of the agricultural credits act of 1923, 50 per cent of the net earnings of said banks
for the calendar year ended December 31, 1924, or $528,313.30.
On June 30, 1925, the surplus and undivided profits accounts aggregated $1,336,183.39.
I t is estimated that approximately 46,413 farmers have been
directly served through the rediscount of their individual notes, and
697,614 indirectly served as members of cooperative marketing asso-.
ciations.
Throughout the year the rate of interest on direct loans to cooperative associations secured by staple agricultural commodities has been
43^ per cent, while the rate prevailing on rediscounts has been 5 per
cent.
WAE FINANCE COEPOEATION
. In view of the general improvement in the agricultural and banking situation, and the establishment of permanent agencies-—the
Federal intermediate credit banks—to assist in financing the agricultural and livestock industries, the War Finance Corporation, iji
accord-ance with the amendment of February 20, 1924, ceased to
receive applications on November 30,, 1924, and discontinued the
making of new loans on December 31, 1924.
The corporation, which rendered emergency financial aid to agriculture on a large scale for more than three years, therefore entered
upon the period of liquidation on January 1, 1925, and since that
date only expense advances incident to the liquidation of its assets
and the winding up of its affairs have been made. Under the law, ^
as amended, the time for the payment of any outstanding loan can not
be extended beyond January 1, 1926, if such loan was originally
made on or before January 1, 1923, or beyond three years from
the date upon which such loan was originally made, if such loan
was originally made after January 1, 1923.
On January 5, 1925, the corporation, with the approval of the
Secretary of the Treasury, canceled and retired $499,000,000 of its
capital stock, leaving $1,000,000 outstanding. This was accomplished by the execution and delivery of a check for $499,000,000
drawn by the War Finance Corporation on its account with the
Treasurer of the United States and payable to the Treasurer of the
United States. As the funds of the corporation are kept on deposit
with the Treasurer of the United States, the transaction involved a
book transfer of funds and did not, therefore, affect the cash position
of the Treasury.
, The last annual report indicated the status of the corporation's
operations on October 15, 1924. From that date to December 31,
94
EEPOET ON T H E FINANCES
1924, inclusive', the loans authorized for agricultural and livestock
purposes aggregated $1,940,000, including $47,000 to banking and
financing institutions and $1,893,000 to livestock loan companies.;
Under these and previous authorizations, $77,000 was actually
advanced during that period to banking and financing institutions
and $1,871,000 to livestock loan companies. During the same period,^
the expense advances made by the corporation aggregated $27,000,
while similar advances from January 1, 1925, to October 15, 1925!,)
inclusive, totaled $861,000. Altogether, therefore, the loans and;
expense advances of the corporation during the year ended October 15,)
1925, amounted to $2,836,000.
The repayments on account of the corporation's agricultural and
livestock loans from October 16, 1924, to October 15, 1925, totaled
$32,964,000, of which $19,821,000 was repaid by banking and financ-}
ing institutions, $12,642,000 by livestock loan companies, and
$501,000 by cooperative marketing associations. In addition, the
expense advances were reduced by $752,000, while $10,000 was
repaid on the corporation's war loans, bringing the total repayments'
for the year to $33,726,000.
y Since its creation in May, 1918, the corporation has made advanced
totaling $689,697,000—$306,771,000 under its war powers (including'
expense advances of.$15,000), $85,001,000 to assist in financing'
exports, and $297,925,000 for agricultural and livestock purposes^
under the agricultural credits act of August 24, 1921 (including
expense advances of $903,000). Of the total amount advanced,'
$649,122,000 has been repaid, leaving a balance outstanding oh'
October 15, 1925, of $40,575,000, of which $16,975,000 represents'
war loans (including expense advances of $5,000), and $23,600,000,'
agricultural and livestock loans (including expense advances of^
$151,000).. As stated in the last annual report, all the corporation's'
export loans have been liquidated.
/ '
In many instances, renewals of agricultural and livestock loans were'
included in new applications and t h e funds advanced under the latter
were used, in whole or in part, to retire the outstanding balances.
In such cases the amounts representing renewals have been eliminated,
and only the net additional funds advanced are included in the
figures given above.
/'
The accumulated earnings of the War Finance Corporation on'
September 30, 1925, amounted to $63,090,000.' The impression exists^
in some quarters that this sum represents a profit to the Government
in connection with the operations of the corporation. This, of course,,
is not the casie. The money used by the corporation has been fur-'
nished by the Treasury of the United States and the cost of this money
to the Governnient must be taken into account in determining the
result of the corporation's activities. The losses that may be sus-'
SECEETAEY OF THE TEEASUEY
95
tained by the corporation on the outstanding advances, and the cost
of administering and collecting these loans, also must be taken into
consideration. What the losses will be it is impossible to state until
the business of the corporation has been completely liquidated. It is
apparent, however, that they will not represent more than a small
percentage of the aggregate amount advanced, as only $40,575,000
-out of total advances of $689,697,000 was outstanding on October 15,
and much the greater part of this amount undoubtedly will be
collected.
Taken as a whole, it is estimated that, when the corporation's
affairs have been wound up, the interest received on all of its loans
and investments, including those made during and after the war, will,
after deducting operating expenses and losses sustained, approximately equal the cost of the money to the Government. While
there will be no profit to the. Government, the return of the entire
capital of the corporation to the Treasury, together with the cost of
the money to the Government, will be a very satisfactory result,
particularly in view of the character of the corporation's operations
and the difficult problems that confronted it in extending assistance
to the agricultural and livestock industries.
I t should be pointed out, in this connection, that the smaller part
of the corporation's earnings represents interest on its agriciiltural
and livestock loans, and the expense of making and administering
these loans necessarily has been considerably greater than that'
involved in handling the other business of the corporation. On the
other hand, the larger part of the corporation's income was.derived
from investments in Government bonds and war loans and export
advances made prior to the passage of the agricultural credits act of
August 24, 1921, the expense of administration of which was relatively small.
F A R M E R S ' SEED-GRAIN LOANS
Six applications were filed with the Treasury during the past year
for release from repayment of amounts borrowed from the Government for the purchase of seed wheat, rye, or oats where crops were,
failures, as defined in the act of February 26,.1923, and three applica-:
tions were filed for refunds in accordance with the provisions of the:
act of February 26, 1923. In view of> the small number of applications now being filed and in order to make final settlement of the seed- •
grain loan account, it is again suggested that an amendment to. the act
of February 26,1923, be enacted by Congress, providing that all claims;
for refund under the provisions of the act must be presented on or'
before July 1, 1926.
96
EEPOET
ON T H E
FINANCES
The following table shows the amount of loans, the amount released,
the amount of principal collected, the amount of interest collected,
contributions to the guaranty funds, balance of principal outstanding
uncollected, and the amount of refunds made as of October 31, 1925:
F e d e r a l land
bank
Wichita
St. Paul
Spokane
Principal
collected
Amount
loaned
Principal
released
B a l a n c e of
principal
uncollected
Interest
collected
Guaranty
funds
Amount
refunded
under act
of F e b . 26,
1923
$1, 891,132. 75 $1, 366, 250. 99 $309,986. 22 $214, 895. 54 $75, 378. 57 $246, 564. 45 1 $101,182.00
358, 370 45
67,418. 86 272, 005. 00
18, 946, 59
1, 877. 06
443. 20
39, 785.10
1, 951, 379. 50
10. 361. 03 1. 254. 693. 50 686, 324. 97
478. 30
24.15
4. 200,882 70
' '
1, 444, 030. 88 1, 836, 684. 72 920,167.10 j 77, 733 93
247, 031 80
140, 967.10
1 This amount includes $97 refunded to borrowers who contributed to the guaranty funds in excess of the
requirements of Joint Circular No. 1, dated Aug. 2,1918.
ALLEGED
DUPLICATIONS
OF THE
PUBLIC
DEBT
In report for the fiscal year 1924 some discussion was made of
certain charges alleging duplications of the public debt, which
charges had been investigated by the department and found to be
without any foundation whatever. The charges were investigated
also by a special committee of the House of Representatives. Just
prior to the adjournment of the last Congress three separate reports
were submitted by members of the special committee. Nothing was
disclosed that in any way affected the integrity of the public debt
issues of the United States.
Following the submission of the majority report of the special
committee, the Secretary, on March 3,1925, addressed a letter to the
President commenting on the report. A copy of the Secretary's
letter appears as Exhibit 85, page 342, of this report. A copy of press
release of March 3, 1925, supplementing theletter^to the President,
is attached as Exhibit 86, page, 345.
DEPOSITS
OF GOVERNMENT
FUNDS
While there were no new developments during the fiscal year
ended June 30, 1925, with respect to deposits of Government funds,
a review of the conditions which prevailed throughout the year in
all branches of the depositary system of the Treasury gives further
gratifying evidence of the soundness of the present policies of the
department as to such deposits. This depositary system, as heretofore, embraced, in addition to the Treasurer of the United States,
Federal reserve banks and branches, special depositaries, nationalbank depositaries—both general and limited, foreign depositaries,
and insular depositaries, including the treasurer of the Philippine
Islands. Statements indicating the number of depositaries by classes
and the Government deposits held b y them on the basis of daily
SECEETARY OF THE TREASURY
97
Treasury statements, revised, at the end of the fiscal year 1924 and
at the end of the fiscal year 1925 are <shown in the abstract of report
of the division of deposits on page 433 of this report.
By means of an effective controlling system and the businesslike
method adopted in regulating deposits of Government funds, the
Secretary of the Treasury has been able at the enfl of each fiscal year
for several years past to report .savings effected by reductions in one
or more classes of Government deposits. In this respect the fiscal
year 1925 proved no exception. Consequently, this important phase
of the activities of the Treasury has kept pace with other phases in
the Government's program of economy. This has been accomplished
without impairing in any way the efficiency and usefulness of the
depositary system. As could be expected, the reductions effected
during the past fiscal year are not so outstanding as in some recent
years. Nevertheless, in proportion to the total of deposits such
rednctions do not compare unfavorably; for example, the avera-ge
daily deposit throughout the year with specip-l deposittaries, was
approximately $193,000,000 as against an average of about
$J;98,O0O,OOO during the :fise;al year 1924. The av^^rage daily balance
carried with general national-bank depositaries to the credit of the
Treasurer of the United States was appro;xim:ately 17^000^000; while
during the preceding fiscal year it averaged $7,500,000. Deposits
with foreign and insular depositaries likewise show proportionate
decreases.
While the basic principle underlying all deposits of Gov-ernment
funds is to meet the Government's own necessities in the transaction
of its fiscal business, the conditions governing such deposits are quite
diYexigent. Through the Federal reserve banks and branches and
the general depositaries, including insular and foreign depositaries,
the Treasury transacts ;all of the routine fiscal busiiiess of the Government which is not handled directly by the Treasurer of the United
States. With such depositaries, therefore, are maintained the active
accounts to the credit of the Treasurer. The Federal reserve banks
and branches receive the greater part of the receipts of the Government, and through such banks the larger proportion of the disbursements is made. Because of the immense volume of the business
transacted by such banks°and the constant necessity for the shifting
of funds from one point to another, the balances therewith are not
subject to definite fixation at all times. It may be said, however,
that upo;n the basis of the business transacted these balances are not
excessiye. In the case of general national-bank depositaries, insular
depositaries, and foreign depositaries, which number somewhat over
300 in all, it is possible to measure the Government's requirements
with sufiSlcient accuracy to fix the Treasurer's balances in amounts
proportionate to the business transacted. The depositary accounts
60501--FI 1925t
7
98
REPORT ON T H E FINANCES
of these banks are accordingly analyzed semiannually and the balances
adjusted as the facts warrant, consideration being given to. the business transacted during the months just preceding the analysis, .the
known future requirements, and any special circumstances that may
apply to the individual case. Adjustments are made at other times
during the year as conditions warrant. During the past fiscal year
adjustments in the depositary accounts of general depositaries to the
number of 66 were made, involving a turnover of approximately
$1,800,000 and, as previously stated, a net reduction of about $500,000
in the average Treasurer's balance maintained with such depositaries
during the year.
Deposits of Government funds with special depositaries of public
moneys, under the act of Congress approved September 24, 1917, as
amended and supplemented, are made upon an entirely different
basis from the foregoing. These deposits are, in the first instance,
controlled primarily by two factors: First, the amount of Government securities offered for sale from time to time during the year
in connection with the refunding operations of the Treasury, or to
meet current expenditures in the interval between quarterly tax
payments, and, second, the amount of the depositary bank's subscription to such offerings for itself or its customers for which payment is made by credit. Since the establishment of the special
depositary system, a greater part of all Government deposits carried
with banks have been maintained with special depositaries, and the
balances therewith have fluctuated more broadly than in the case
of other classes of Government deposits. As previously indicated,
the average daily deposits carried with special depositaries during
the fiscal year 1925 were approximately $5,000,000 less than during
the fiscal year 1924.
Deposits carried with general and limited national-bank depositaries of public moneys to the credit of Government officers, other
than the Treasurer of the United States, are not, generally speaking,
subject to control by the Treasury. I n the United States proper,
with few exceptions, these deposits are confined to the official checking
accounts of United States courts and their officers and postmasters,
and the funds are subject to the control of the administrative officers.
The function of the Treasury with respect to this class of deposits is
to provide the required depositary facilities and to '^equire the depositary banks to carry with the Treasury adequate collateral security
for the deposits. During the fiscal year 1925 these deposits carried
with general and limited national-bank depositaries to the official
credit of Government officers, other than the Treasurer, averaged
approximately $21,500,000 as against $21,700,000 during the fiscal
year 1924. I n all there are approximately 1,200 depositaries carrying
deposits of tliis character. During: the past fiscal year changes in
99
SECRETARY OF THE TREASURY
this class of depositaries numbered 376, involving the deposit and
withdrawal of collateral security in the amount of approximately
$14,000,000.,
Since June 1, 1913, Government depositaries have been required
to pay interest at the rate of 2 per cent per annum on daily balances.
The interest received on Government deposits, exclusive of deposits
with special depositaries of public moneys, during the fiscal year
ended June 30, 1925, was $533,896.35. The total amount from this
source received from June 1, 1913, to June 30, 1925, was $17,893,102.88. The interest received on deposits with special depositaries'
during the fiscal year 1925 was $3,863,624.89, and the total amount
received from April 24, 1917, to June 30, 1925, was $65,511,668.86.
Statements showing the revenue derived from interest on Government deposits by fiscal years, and in the case of special deposits b y
Federal Reserve districts, are attached as Exhibits 76 and 77, pages.
323 and 324 of this report.
SECURITIES OWNED BY THE UNITED STATES GOVERNMENT
The statement of securities owned by the Government on June 30,
1925, compiled from latest returns received by the Treasury, shows
an aggregate of $11,106,469,990.90 as against $11,301,313,434.70 on
June 30, 1924, a net decrease of $194,843,443.80. A comparative
summary classification of the respective holdings is as follows:
J u n e 30,1925
Foreign obligations:
Funded under debt settlements
All other
._..
Capital stock of war-emergency corporations
_.,
Railroad o b l i g a t i o n s . . .
CapitaJ stock of P a n a m a Railroad
"..
C a p i t a l stock bf I n l a n d W a t e r w a y s C o r p o r a t i o n . . .
F e d e r a l l a n d b a n k securities:
C a p i t a l stock of Federal l a n d b a n k s .
... .
'. .
Federal f a r m l o a n b o n d s . .
_
C a p i t a l stock of Federal i n t e r m e d i a t e credit b a n k s
Miscellaneous securities received b y W a r a n d N a v y D e p a r t m e n t s a n d U n i t e d States S h i p p i n g B o a r d . . . .
....
J u n e 30,1924
$4, 743, 442, 883. 00
5, 812,317, 438. 93
$4, 587,894, 000. 0&
5, 968,436, 295. 61*
10, 555, 760, 321. 93
55,863,326. 35
316, 300, 324. 29
7, 000, 000. 00
1, 500, 000. 00
10,556,329,295.61?
102, 215,837. 80S
449, 377,995.16»
7,000,000. 00-
1, 513,045. 00
88,885, 000. 00
24, 000, 000. 00
1, 985, 500. 00^
101,885, 000. 00»
24, 000,.-GOO. 00-
55, 647,973. 33
58,519,806.13''
11,106, 469, 990. 90
11,301,313,434.70'
The largest net decrease appears in the holdings of railroad obligations,, and is largely due to sales of equipment trust notes, the obli^
gations acquired under section 207 of the transportation act by the
Director General of Railroads, and payments received on account of
loans made by the Government under section 210 of the transportartion act.
The change in foreign obligations is due to agreements with certaingovernments having been concluded, providing for the funding of
both principal and interest due and payments made on account of
principal during the fiscal year.
100
KEPORT ON T H E FINANCES
The net decrease of $46,352,511.45 in the value of the capital
stock of war emergency corporations was due to the increase in cash
deposits of such corporations with the Treasurer of the United States
treated as ofl^sets against their outstanding capital stock owned by
the Government. In the case of the War Finance Corporation the
amount was $29,502,192.25, for the Emergency Fleet Corporation
$11,398,864.50, and for the Housing Corporation $5,451,454.70.
On Janurary 5, 1925, the War Finance Corporation retired $499,000,000 of its capital stock from accumulated deposits to its credit
with the Treasurer of the United States, leaving $1,000,000 outstanding, against which the corporation had on deposit with the
Treasurer on June 30, 1925, a credit balance of $14,399,565.88.
Under the act of June 3, 1924, Congress created the Inland Waterways Corporation with a capital stock of $5,000,000, aU of which
was, by the provisions of the act, subscribed for by the United
States. Under date of February 14, 1925, a check for $1,500,000
drawn on the Treasurer of the United States was delivered to the
Secretary of War as the first payment on the subscription to the
capital stock of this corporation.
The Federal land banks repurchased during the year $13,000,000
face amount of their farm loan bonds owned by the Government.
No additional calls were made during the year by the Federal
intermediate credit banks for payments on subscriptions to their
capital'stock by the Government under the provisions of section 205
of the agricultural credits act of 1923. In this connection franchisetax payments under section 206 of the act above mentioned, aggregating $528,313.30, were received during the year from the Federal
intermediate credit banks.
The detailed items of the security holdings are shown in Exhibit
48, page 260 of this report.
RAILROADS
Federal control of railroads (for the purposes of accounting) began
at 12 o'clock midnight on December 31, 1917, and ended at 12.01
a. m. on March 1, 1920. As stated in President Wilson's proclamation of December 26, 1917, the roads were taken over by the Government as a war measure. The return of the railroads on March 1,
1920, to their owners was directed by President Wilson in his proclamation of December 24, 1919. I n the interval the railroad situation
was carefully considered by Congress and the transportation act,
1920, dealing with the various problems connected with the termination of Federal control, was finally passed just as Federal control
came to an end. The act was approved February 28, 1920. I t is the
transportation act, 1920, as amended, with which the operations of
the Treasury in connection with railroads are now chiefly concerned.
SECRETARY OF THE TREASURY
' 101
The Treasury in addition holds for account of the director general
a substantial amount of railroad securities acquired by him.
From the time of the Civil War the only financial aid that had been
granted b}'' the Federal Government to the railroads of this country
was in the form of bonds issued in the years following the close of
the war to help the transcontinental roads extend their lines to the
Pacific coast; $64,623,512 principal amqunt,-of, these bonds were
issued under the authority of the acts of July 1, 1862, and July 2,
1864. All of these bonds have since been paid, the Government
being reimbursed for its expenditures through transportation services
rendered by the railroads, through a share in the net earnings of t h e
raihoads, the operation of sinking funds established by the railroads,
the foreclosure and sale of the railroad properties and through cash
settlements. The entire indebtedness so incurred has been settled
except that due from the Central Branch, Union.Pacific Railroad
which on June 30, 1925, amounted to $3,482,833.23 of which $1,600,000 represented principal and $1,882,833.23 interest accrued and.
unpaid as of that date.
In his report to the President, dated January 19, 1925, the Hon..
James C. Davis, Director General of Railroads, estimated the total
cost to the Government on account of the 26 months of Federal
control and the 6 months guaranty perioci (sees. 204 and 209 of the
transportation act, 1920, referred to below) at $1,674,500,000.
I t appears that the estimate will prove to be substantially accurate.
According to the records of the Treasury the net cash outgo on
account of^ Federal control to June 30, 1925, amounted to $1,799,920,783;92. If the principal amount of obligations of carriers acquired by the director general and held by the Treasury on the above
date is deducted, the net cost will be $1,664,683,783.92. (See Exhibit
47, p. 259.) Approximately $9,000,000 must yet be paid under the
provisions of septions 204 and 209. The (estimate, however, does not.
take into consideration the difference between interest costs on funds
borrowed by the Government for railroad uses and the interest received on obligations acquired by the director general.
For a full report of the operation of the railroads during the period
of Federal control and of the adjustments of claims of carriers made
by the Director General of Railroads up to December 31, 1924, see
'^Report of the Director General of Railroads: 1924."
The total principal amount of railroad obligations owned by the
Government on June 30, 1925, which were acquired under the Federal control act and the transportation act, 1920, as amended, was
$316,300,324.29, as against $449,377,995.16 on June 30, 1924. During the fiscal year ended June 30, 1925, the Treasury received from
the Director General of Railroads additional obligations of ,carriers
aggregating $5,119,000 principal amount acquired under the provi^
siohs* of section 207 of the transportation act, 1920, as amended.
102
REPOET ON T H E FINANCES
During the same period the principal amount of obligations of carriers was reduced by $138,196,670.87, a net reduction of $133,077,670.87. The substantial reduction of obligations held was chiefly
due to sales made by the director general of equipment trust notes
acquired under the Federal control act and the act of November 19,1919,
and obligations acquired under the provisions of section 207 of the
transportation act, 1920, as amended. Due to the improved credit position of some carriers and also on account of easier money conditions,
bankers found it possible to purchase a substantial amount of these
obligations and resell them to the investing public. There were also
:a few carriers which were, able to refinance in the investment market
•at rates better than 6 per cent their outstanding loans under section
210 of the transportation act. This brought about a considerable
reduction in the principal amount of obligations of this class held by
the Government.
For a detailed statement of the holdings of railroad obhgations on
June 30, 1925, see Exhibit 48, page 260 of this report.
On the basis of the daily Treasury statements the net cash receipts
on account of railroad obligations during the fiscal year total receipts
less total expenditures amounted to $136,706,428.45, as against the
•estimated net receipts of $88,266,511 included in the Budget, an
increase over the estimate of $48,439,917.45. The total receipts from
railroad securities during the fiscal year were $143,91 l,420.98y -of
which $121,131,682.54 was bn account of principal and $22,779,738.44
on account of interest. The total net expenditures during the fiscal
year were $7,204,992.53.
^
'
Under the transportation act net payments made during the fiscal
year for reimbursements of deficits under section 204 were $720,967.66, net guaranty payments under section 209 were $22,925,984.01,
while no new loans were made under section 210. The total payments by the Railroad Administration during the fiscal year of
$5,479,372.25 were more than offset by receipts of $21,921,331.39,
leaving excess receipts, on account of Federal control of $16,441,959.14.
Some carriers, made cash payments to the director general on account
of final settlements with him instead of funding their indebtedness
through delivery of their obligations.
During the period from July 1 to October 31, 1925, the proceeds of
railroad securities received by the Government amounted to $11,738,822.21, while net expenditures were only $2,306,282.37, an excess of
receipts for the period amounting to $9,432,539.84. Of the $11,738,822.21 received, $5,331,038.70 was on account of principal and
$6,407,783.51 on account of interest.
The payments under sections 204, 209, and 210 of the transportation act, 1920, as amended, are made by the Treasury in accordance
with certificates issued by the Interstate Commerce Commission.
The payments are summarized below.
SECRETARY OF THE TREASURY
103
Section £04
This section provides for reimbursement of deficits of the so-called
^^ short-line " r a i l r o a d s during the period, of Federal control. In
making payments the Treasury is, required, upon request of the
President, to deduct from the amount certified to be due the carrier,
the amount certified to be due from the carrier to the President, as
operator of the transportation systems under Federal control, and
payable to his agent, the Director General of Railroads.
From November 1, 1924, to October 31, 1925, $725,384.02 was
paid, $681,352.48 to the carriers directly, and $44,031.54 to the
Director General. Total payments up to October 31, 1925, amounted
to $10,160,739.01, $8,260,968.88 of which was paid the carriers directly and $1,899,770.13, to the Director General. (See Exhibit 44,
p. 256.) The Interstate Commerce Commission has estimated
the total amount payable at approximately $15,000,000, leaving an
estimated balance yet to be paid of $4,839,260.99.
In the annual report for 1924 it was stated that the Midland Railway Co. was indebted to the United States in the amount of $33,861.93
and the Randolph & Cumberland Railway Co. in the amount of
$13,586.31, by re.ason of overpayments under this section. The assets
of these carriers have been sold by receivers appointed by the court
and the entire proceeds devoted to the payment of claims prior to
the indebtedness to. the (jrovernment. : The indebtedness of $5,361.54
of. the Tex;a,s State Railroad arising out of an overpayment under this
section, referred to in the last annual report, has not. been paid.
' "
"
'^
:'
^ •' Section 209
'
'^'
This section provides for the guaranty of net railway operating
income during the six months' period immediately following the termination of Federal control on March 1, 1920. .
From November 1, 1924, to October 31, 1925, there was paid to
carriers/under the provisions of this section $24,344,221.94, making
total payments up to October,31,1925,.of $531,861,907.52. Final payments have been made to 397 carriers out of 676 accepting the guaranty. According to. the estimate of the Interstate Commerce Commission the total: amount payable will be $536,000,000, leaving an
estimated balance to be paid of $4,138,092.48.
From November 1, 1924, to October 31, 1925, carriers have paid
into the Treasury on account of excess earnings during the guaranty
period, pursuant to the provisions of paragraph {d) of this section,
the sum of $189,944.79. Total receipts up to October 31, 1925,
aggregated $446,075.29 against the latest estimate of the Interstate Commerce Commission amounting to $2,000,000, leaving an
estimated balance stUl to be paid to the United States of $1,553,924.71.
104
REPORT ON THE FINANCES
The Interstate Railroad Co. is indebted to the United States as of
October 31„ 1925, in the amount of $194,882.31 on account of excess
earnings during the gtiaranty period, which has' not yet been paid
into the Treastlry as required by the statute. The indebtedness of
the Yreka Valley Railroad Co. of $562.52, listed in the last annual
report, has been paid by the carrier. The claim of $6,818.84 against
the Mammoth Cave Kailroad Co., also referred to in the annual
report foi* 1924, was disponed of by the Interstate Commerce Commission in its report of May 6, 1925. The anaended report of the
commission was to the effect that the road was not a carrier within
the scope of the provisions of paragraph (a) of section 209 of the act..
The following is a list of carriers indebted to the United States as
of October 31, 192'5, b y reason of overpayments under the provisions'
of paragraphs (gr) and (A) of this section:
Atlanta & St. Andrews Bay R. R. Oo
__..____:
$13,086.56'
CMcaigo, Indianapolis & Louisville Ry. Co
198, 4S4. 95
Fort Dodge, Des Moines & Southern R. R. Cb
...
69, 065i 55
Great Northern Ry.Co.^.__-.._—._.^._------_:.__--...__^--.- 1^321, 112.69
Minneapolis & St. Louis R. R.. Co., receiver.____.____.•_....,...._
292, 022;.23
Missouri & North Arkansas R. R. Co., receiver;
_ T. ^ _
41,_ 375. 46
Nevada Copper Bel£ R. R. Co., receiver
_._
.
3, 2525. 44'
Northerii Pacific? Ily. Co. sind sufesfdiafids._.___.
1, 269, 905. 20
Total...,....:_
.__,j__........_..._-....._...-___._
3j208v;278.08
The Chicago, Indianapolis & Louisvine R d l w a y Co.; Fort DodgCj
Des Moines & Southern Railroad Co.; Great Northern Railway Co.;
and the Northern Pacific Railway Ca. and its subsidiaries' h a r e not
agreed to accept the findings of the Interstate Commerce Commission and have requested rehearings on their claims which are now
pending before the commission.:
The claim reported in the annual report for 1924 against the Gulf,
Texas & Western Railway Co., which amounted t c $12,439.57, has
been paid by the carrier; The claim against the Peoria Railway Terminal Co. for $9,650.04, also reported, was disposed of by the Interstate Commerce Commission by canceling its certificates certifying
the amount due the United States.
A detailed statement showing partial and final payments to carriers and amounts received from carriers under this section from
November 1, 1924, to October 31, 1925,^ is attached as Exhibit 45>
page 257.
Section 210
This section established a revolving fund of $300,000,000 to be
used for loans to railroads authorized by the Interstate Commerce
Commission under the conditions set forth in the statute and also
for paying judgments, decrees, and awards rendered against the
Director General of Railroads.
105
SECRETARY OF TH]E TREASURY
No loans were made to railroads under this section of the act from
November 1, 1924, to October 31, 1925. The total loans made up
to October 31, 1925, aggregated $350,600,667 and were divided among
84 railroads. Repayments on account of the principal of these loans
from November 1,1924,to October 31,1925, aggregated $9,984,598.79,
of which $7,756,998.79 represented payments on account of principal in advance of maturity. Total repayments of principal up to
October 31, 1925, amounted to $171,907,572.71. Payments received
on account of interest on these loans from November 1, 1924, to
October 31, 1925, aggregated $10,432,045.41; total receipts on account of interest up to October 31, 1925, amounted to $55,472,364.32.
i^ detailed statement showing the total loans to October 31, 1925,
and repayments on account of principal and interest up to October
31, 1925, is attached as Exhibit 46, page 258 of this repprt.
Advances made by the Treasury to the Director General of Bailroads from November 1, 1924, to October 31, 1925, for the piirposes
authorized in the statute aggregated $2,000,000, making the net total
of such advances up to October 31, 1925, amount to .$30,924,539.88.
The balance to the credit of the revolving fund at the close of
business on October 31, 1925, was $145,854,750.15,
. From November!, 1924, to October 31, 1925, S railroads.paid their
loans in full and 18 reduced their loans. Nine have defaulted in
interest payments, and 3 have.defaulted in payments due on account
of principal. The foUowing is a list, as of October 31, 1925, of the
carriers in default in respect to loans made under this section;
Name of carrier
Principal
Atlanta, Birmingham.& Atlantic Railway C o . . . , , , , , — - . - . .
$80,000. .00,
Gainesville & Northwestern Railroad Co
.
.'
Kaiisas City, Mexico.& Orient Railroad Co. .(receiver)...,.I 2,500,0,00.00,
Minneapolis & St. Louis Railroad Co .
. ..
Missouri ,& North Arkansas Railway Co.,
"^^"ivmoo'
Salt Lake & Utah Railroad Co
Viriginia Southern Railroad Co
_...^..^..Waterloo, Cedar Falls & Northern Railway Co
Wichita Northwestem.RaUway Co
,--_
Total
.-.,_-.,-..
,-.,,—,-.
-—
2,595,700.00
Interest
Total
$42,243.7,2, $122,243.72
11,250.00
11,250.00
492,595.83 ,2,992,095.83
185,387.00
185,387.00
364,718.. 72
3.64,718.72
52, 422.55 '
68,122. 55
3,420.00..
.3,420.00
302,400.00
302,400.00
34„357.50.
34,357.50
1,483,295.32^
4,m3,995.32
CHECKING ACCOUNTS OF GOVERNMENT CORPORATIONS AND AGENCIES
The United States Shipping Board Emergency Fleet Corporation,
the United States Housing Corporation, the War Finance Corporation, the several Federal land banks, the Railroad Administration,
and the United States Sugar Equalization Board (Inc.), have maintained checking balances with the Treasurer of the United States
during the year, in the manner outlined in previous annual reports
of the Secretary of the Treasury.
The following table shows the amount of checks on these accounts,
including similar accounts formerly maintained by the United States
60501—FI 1925t
8
106
REPORT ON T H E EINANCES
Grain Corporation, the Russian Bureau of the War Trade Board,
and the United States Spruce Production Corporation, paid by the
Treasurer from the dates of the establishment of the account to
October 31, 1925, and the balances on deposit with the Treasurer
on the latter date:
Checks paid by the
Treasurer of the
, United States
Emergency Fleet Corporation
United States Housing Corporation..
War Finance Corporation
United States Grain Corporation.!...
Russian Bureau of the War Trade
Board...
Federal land banks •
Railroad Administration
United States Sugar Equalization
Board (Inc.)
United States Spruce Production
Corporation ._
Period
$7,477,732,382.79
165, 638, 721. 37
3,935, 653,686.80
933, 967, 229. 41
Feb. 28,1918-Oct. 31,1925-...
July 27,1918-Oct. 31,1925....
June 2,1918-Oct. 31,1925
Oct. 31,1918-Feb. 2,1922
$43,965,499. 76
728, 815. 26
22,171,060. 28
(»)
13,333,773.99 Nov. 30,1918-Sept.'28,1920__
36,192, 018. 36 June 2,192(>-Oct. 31,1925
1, 860,219, 600.00 Apr. 13,1918-Oct. 31,1925....
42, 603, 949.04
2, 482,476. 33 Apr. 7,1922-Oct. 31,1925
12, 954,780.46
(2)
6,035, 275! 15 Dec. 20,1921-Apr. 14; 1924-. 14,431, 255,064. 20
1 Closed Feb. 2,1922.
Balances with
the Treasurer of the
UnitedStates
Oct. 31,1925'
2 Closed Sept. 28,1920.
•
(3)
122,424,104.78
8 Closed Apr. 14,1924.
The plans worked out by the Treasury for handling these accounts
have operated to the entire satisfaction of all concerned. The
results have been to assure absolute security to the funds and to
save withdrawals of large amounts from the Treasury until actually
needed to pay obligations of the Government, thus reducing the
amount of Government borrowing^ with consequent savings in
interest charges.
THE MINTS
The three coinage mints and eight assay offices were in operation
throughout the year. The lessened demand for subsidiary and minor
coins released the facilities of the mints for a larger part of the year
to the coinage of gold and standard silver dollars. Gold coins
valued at $250,335,000 and standard silver dollars amounting to
$18,308,000 were manufactured. In addition, subsidiary silver coins
valued at $8,221,404 and minor coins amounting to $1,746,540
were made.
The value of domestic coinage executed exceeded that of the fiscal
year 1924 by $98,522,484. This was due largely to the unusual
volume of gold coinage.
Foreign coinages amounting, to 12,723,000 pieces were manufactured for Guatemala, Peru, Poland, Salvador, and Venezuela.
During the year,under review Congress authorized the issue of six
special coins and one medal to commemorate various historical
events. :• •,• '••• -.: r:, i , ^ . • . , . . . , : i . , ' . • •,!
, Gold amounting to $211,053,392 was received by the mint establishments during the fiscal year 1925.
SECRETARY OF THE TREASURY
107
The expenditures of the Mint Service during the .fiscal year 1925
amounted to $1,846,646.36, and the income which was derived from
charges on purchased bullion, recoveries in the various.operations on
the precious metals, and seigniorage amounted to $9,108,120.73.
SILVER
Purchases of silver were limited to the coraparatively small amounts
in gold deposits. Deliveries ofsilver purchased under the terms of
the act of April 23, 1918, were completed in October, 1924, and
17,908,000 dollars remain to be coined from the silver purchased
under the terms of the act cited.
,
'..
The price of silver ranged from $0.66125 on July 1,1924, to $0.72375.
per ounce on October 9,, 1924. The average price of silver for the
fiscal year was $0.68813 per ounce, against $0.64517 for the fiscal year
1924. ,
^ •
....The annual examination of the books of the coinage mints and assay
office at New York showed that the coin and buDion charged to the
respective officers were properly accoimted for.
The Assay Commission appointed by the President each year met
at the mint in Philadelphia in February, as required by law, and founds
upon actual test that the pyx coins from each of the mints were
within the legal requirements as to weight and fineness.
PUBLIC HEALTH SERVICE
The Public Health Service has continued to operate efficiently,
completing the one hundred and. twenty-seventh year of its existence.
Among its duties are the extension of relief, the, application of research
to problems involving the cause and prevention of, disease, the prevention of the introduction of quarantinable diseases, the prevention,
of the admission of diseased aliens from abroad, the control of commuhicable diseases within the.United States,, the prevention of the,
spread of these from one State to another and to foreign, countries,
the safeguarding of biologic products used in the prevention and
treatment of disease, and other miscellaneous duties.
The investigations of • diseases of man have been continued in
accordance with the program previously adopted. This included
studies of cancer, clonorchiasis, leprosy. Rocky Mountain spotted
fever, tularaemia, pellagra, epidemiological investigations of diphtheria, the effects of endemic goiter, the accumulation of data on the
prevalence and means of spread of influenza and minor respiratory
diseases, and further efforts to work out methods for reducing the
amount of malaria. The general topics of industrial hygiene and
sanitation, child hygiene, mental health, stream pollution, public health
. administration, and milk in its relation to health and disease have
been studied with good results. Reports of findings and recommendations have been published and furnished to interested persons.
108
REPORT ON THE FINANCES
The examination of biologic products and inspections of establishments desiring licenses have been made as in former years by the
Hygienic Laboratory.
The last annual report of the Surgeon General called attention to
the probability that bubonic plague would reappear in one or another
of our ports and emphasized the possibility that the reservoir of
plague existing in ground squirrels in certain parts of California
would lead to rat infection and thence to human infection in cities.
Rodent plague did reappear in New Orleans, La., and Oakland, Calif.,
and, upon the invitation of the State and loca,] authorities, cooperative
control measures were 'immediately inaugurated by the Surgeon
General, with the approval of the Secretary of the Treasury, and the
disease was promptly suppressed, no human cases having appeared
in these cities.
Unfortunately, there had occurred in Los Angeles a widespread
rodent infection and plague had claimed a number of human victims
in that city before it was known by the Surgeon General that
Los Angeles was infected, the first intimation that plague was present
in Los Angeles coming from private sources.
.Immediately upon the receipt of authoritative information of the
existence of plague in Los Angeles the Surgeon General tendered the
assistance and cooperation of the Federal Government in combating
t h e disease, notified foreign countries, and inaugurated measures to
prevent the spread of the disease to other States and to foreign countries. The city of Los Angeles generously provided funds for the suppression of the disease, but in the early part of the work the tender
of aid from the Federal Government was not accepted, the State
board of health preferring to attempt the eradication of the disease
with the means placed at its disposal by the city authorities without
other aid. Shortly before the close of the fiscal year the Surgeon
General was asked by the city authorities to assume control of all
plague-suppressive measures in Los Angeles with a view to facilitating
the work and thereby removing the necessity for quarantine measures directed against San Pedro, the port of Los Angeles. While
the request of the municipal authorities was not concurred in by the
State board of health, it was believed that participation by the United
States Public Plealth Service, was necessary in order to msiire t h e
prevention of the spread of the disease to other States and to safeguard other countries in accordance with the terms of our international agreements. Accordingly, Asst. Surg. Gen. Rupert Blue assumed charge on June 9, 1925, with sufficient service personnel to
enable him to conduct adequate supervision.
At the end of the fiscal year the work was progressing satisfactorily
and an early relief from quarantine measures is anticipated.
SECRETARY OF THE TREASURY
109
During the month of December an excessive prevalence of typhoid
fever was recognized in Chicago, New York, and a number of other
cities. An unusual feature of this incidence was the fact that an
undue proportion of those who were stricken were persons of wealth
or associated with wealth, and many we're persons of prominence.
An investigation rapidly conducted by the Public Health Service
sin a number of cities simultaneously led to the definite conclusion
that the increased prevalence of typhoid fever was due mainly to
infected shell oysters distributed by a producing company in the
vicinity of West Sayville, N. Y.
The popular apprehension about the safety of oysters as food
resulted in a marked reduction in the industry, ranging from 25 to
75 per cent for different producing areas. The consequent financial
loss was large and serious suffering resulted from the deprivation of
wages among the thousands of persons dependent upon the industry
for a livelihood.
On February 19, 1925, the Surgeon General called a conference of
State and municipal health officials, members of the shellfish industry,
and representatives of other governmental agencies concerned, to
consider measures for insuring the future safety of shellfish and the
rehabilitation of the industry. This conference, consisting of approximately 150 representatives, adopted resolutions to serve as a basis
for the permanent control of shellfish pollution and called on the
Public Health Service to assume an active part in the carrying out
of their provisions. An appropriation of $57,600 was later made by
Congress to enable the Public Health Service to do this work.
The Surgeon General as Director of the Pan American Sanitary
Bureau, and as a representative of the Government of the United
States, the Assistant Surgeon General in charge of the division of
foreign quarantine as Vice Director of the Pan American Sanitary
Bureau, and Surg. R. H. Creel, also representing the United States
Government, attended the Seventh Pan American Sanitary Conference, held at Habana, Cuba, November 5-15,1924. At this conference
. the Pan American sanitary code was adopted, subsequently ratified
by the United States Senate, and approved and promulgated by the
President of the United States. I t is believed that this treaty will,
have a profound bearing upon the. administration of quarantine in
the Western Hemisphere. By its terms, when ratified by the signatory powers, the Pan American Sanitary Bureau is made the central,
cooperating agency of the various member Republics. This convention is designed to establish minimum standards in the treatment of
vessels arriving at quarantine from a foreign port, tp promote thefree interchange of information, and to insure cooperation in these
and other measures for preventing the spread of communicable
diseases among the countries of the Western Hemisphere. This.
110
REPORT ON T H E FINANCES
treaty has attracted marked attention throughout the sanitary
world, and will doubtless be given due consideration by the International Sanitary Conference of Paris at its next meeting. The
carrying out of the terms of the Pan American sanitary code should
prove a measure of inestimable value in the promotion of the public
health and the facilitation of international cominerce.
Early in June of this year, with the concurrence of the Department
of State, an officer of the Public Health Service was detailed as
sanitary advisor to the Government of Chile, to assist in the reorganization of the health department of t h a t Republic.
Arrangements have been made with the health authorities of
Great Britain, certain ports in Ireland, Canada, and Australia, by
. which vessels are fumigated in accordance with the United States
quarantine regulations, thereby rendering it possible for the Public
Health Service to accept the certificates of those fumigations when
properly visaed by American consular officers
Upon the recommendation of the Secretary of the Treasury, Congress provided for the exemption from the operation of the quarantine
regulations of vessels plying between Canadian ports and ports of the
United States when conditions warrant such exemption. I t is gratifying to note the cordiality and cooperation between the health authorities of Canada and the United States.
Six persons suffering from smallpox, seven suffering from leprosy,
and one from bubonic plague arrived at quarantine during the year;
in addition, plague-infected rats were detected on two arriving vessels. An outbreak of smaUpox at Vancouver, British Columbia,
made it necessary to require the vaccination of all unprotected persons leaving that city for the United States.
At no time in the recorded history of yellow fever has the incidence
of this disease been so low and there has been no detention of passengers and crews on account of yellow fever during the fiscal year,
the first time in the history of our quarantine system.
Cholera was reported in many parts of Asia, but with the exception of European Russia, this disease was not reported from other
world divisions, although there has been a marked increase in the
number of cases of this disease in India over last year.
Plague continues to be widespread and reports of this disease were
received from 49 countries or dependencies, including cases at many
important ports and shipping points. Nine countries in the Western
Hemisphere, including the United States, reported plague. More than
400,000 deaths from this disease were reported in Asia, and there is
little doubt that many more occurred.
Following a memorandum prepared by the Surgeon General, representatives of the State, Treasury, and Labor Departments met in
conference and agreed upon a system of preliminary inspection at
SECRETARY OF THE TREASURY
111
ports of embarkation, of aliens destined for ports in the United States.
This plan has been concurred in by Great Britain and the Irish Free
State, and is in operation in ports of those countries. I t is known
to be favored by other nations of Europe. The advantages of this
arrangement are obvious, and if appropriations for additional personnel are made available, it is believed advisable to extend this
plan to other countries requesting it, at least to such ports as are
obviously adapted to its application.
The work of securing and publishing reports of the diseases of
man both in the United States and abroad has been successfully continued during the year, but with a clerical force in the bureau that is
inadequate for the proper utilization of these fundamental data. A
plan for making the collection of this important information more
effective received the unanimous approval of the State health officers
in their annual conference with the Surgeon General in June, 1925.
Preliminary reports of births and deaths in the United States
for the calendar year 1924 indicate a slightly higher birth rate and
a lower death rate than for the calendar year 1923. Reports so far
received indicate a death rate of 11.9 per 1,000 in 1924 as against
12.4 in 1923. An important item in the record of deaths for the
year 1924 is the reduction in the number of deaths of infants under 1
^year of age from 77.7 per 1,000 births in 1923 to 71.9 in 1924. But
little change is apparent in the number of deaths of mothers as a
result of causes incident to childbirth. The deaths from accidents
due to the operation of automobiles has risen from less than 1 per
100,00b in 1906 to nearly 15 per 100,000 in 1923, and incomplete
reports for 1924 indicate a still higher rate for that year. This
means that more than 16,000 people per annum are being killed
by automobiles at the present time.
The death rate for diphtheria in the registration area has dropped
from 43.3 per 100,000 in 1900 to 12.1 in 1923. Provisional reports
from 35 States indicate a still further reduction in 1924, and with
improved methods of treatment and demonstrated methods of
prevention the hope is expressed that this disease may be considered
to be one that can eventually be practically eliminated from our
population, provided parents can be induced to protect their children
by proven methods of immunization.
Studies of goiter made by the Public Health Service have so far
revealed no deleterious effects on the mentality of goitrous persons.
Effort is being made to evaluate the prophylactic measures which are
being used to combat this disease.
Although cases of malaria in the United States are t e r j inadequately reported, the death rate from this disease shows that in
certain parts of our country malaria is still quite prevalent and a very
112
REPORT OK THE FINANCES
deterrent factor in the economic development of the communities in
which it exists. The death rate from malaria fluctuates from as
low as 0.1 per 100,000 or less in certain States to as high as 38.2 per
100,000 in others.
Preliminary reports for the calendar year 1924 indicate a still
further reduction in tuberculosis, but reports for the first six months
of 1925 suggest a slight general increase in typhoid fever. No great
change is indicated in the trend of measles, scarlet fever, whooping
cough, and pneumonia.
For a number of years there has been a small but steady increase
in the number of deaths from heart disease, diabetes, and cancer, in
striking contrast to the general i'eduction seen in the rates of most
other diseases.
The United States Marine hospitals and other relief stations furnished t h e largest amount of hospital and medical treatment to
merchant seamen since the inception of this work, 127 years ago.
The increase over the previous year in total amount of relief furnished
was 8.9 per cent in hospital days and 22.3 per cent in out-patient
transactions. Not only are merchant seamen applying in greater
numbers, commensurate with the growth of merchant shipping, the
poits, and the Nation, but greater demands are being made for medical services by the Coast Guard, Employees' Compensation Com-,
mission. Bureau of Pensions, Civil Service Commission, Lighthouse
Service, Steamboat Inspection Service, and other designated governmental agencies, as well as for the lepers, who are being assembled
in steadily increasing numbers at the National Leper Home (Marine
Hospital No. 66), Carville, La. The hospital at Ellis Island was
operated as heretoforej for the Department of Labor, detained immigrants constituting the majority of patients.
A number of the most important marine hospitals are very old
structures in dilapidated condition, too small for the demands,
obsolete in type, and so inflammable as to present serious hazards
to the lives of helpless inmates. The hospitals at New Orleans and
San Francisco should be rebuilt. Fire-resisting wards of modern
character are needed at several other hospitals to replace frame buildings and increase capacity. Nurses' homes and other quarters are
required as a measure of economy to reduce rentals and to increase
efficiency.
Attention is invited to my letter dated February 20, 1923, with
which was transmitted to the Congress a list giving estimates of cost
of new construction, improvements, and repairs required to enable
the Public Health Service to function efficiently and economically.
The need for these improvements is cumulative.
The work of the division of venereal diseases during the past year
was carried on in compliance with specific provisions of law, which
SECRETARY OF THE TREASURY
113
impose the duties for the study, investigation, and prevention of
venereal diseases and for cooperating with the State boards of health
in their control. The activities of the preceding year have been
continued and a special effort has been made to stimulate a larger
body of physicians to fortify themselves for the detection of these
diseases and to cooperate actively with the health departments in
the problem of eradicating them.
Si^bscriptions to the publication ^ Venereal Disease Information,''
^
which is prepared by the division for use in its cooperative work with
the State departments of health, have materially increased. This
publication reaches all official and unofficial classes who are especially
interested in the venereal disease problem.
Likewise, the bulletin/'Social Pathology" conveys information on
the socio-economic aspects of the venereal diseases to official non^
medical groups as well as to interested unofficial groups who have
to do with the control of venereal diseases. The printing of this
bulletin by the Government Printing Office and opening it to sub*
scriptions would greatly increase its circulation and effect economy
in its preparation and distribution.
The unusual interest which is being displayed by colleges, high
schools, industries, life insurance companies, etc., bears evidence to
the continued and active public interest in the control of venereal
diseases.
In accordance with provisions in the act of July 1, 1902, the annual
conference of the Public Health Service with State and Territorial
health officers was held in Washington, D. C , on June 1 and 2, 1925,
and was attended by delegates from 30 States and 2 Territories. A
two-day program was carried out in which were discussed a plan for
the establishment of a morbidity area, a State-wide program of milk
control, the routine reporting of county health work, the occurrence of
plague in the United States since the last annual conference and control and measures taken, the practicability and desirabihty of utilizing
the services of advanced and selected medical students during the
summer months in the field of public health, stream pollution as a
public health matter, cooperative measures for the sanitation of
shellfish areas and shucking houses, and a progress report of studies
of administrative health practice. Demonstrations were given to the
officers assembled of the preparations used in the prevention and control of scarlet fever, on narcotic-drug addiction, on tularaemia, and on
methods for the control of smallpox.
Cordial relations and mutual cooperation have existed between the
Public Health Service and other agencies of the Federal, State, and
local governments, and with unofficial civic bodies, perhaps to a
greater degree than ever before. Similar cooperation has also existed
between the service and representatives of our great industries.
114
REPORT ON T H E FINANCES
An important research was begun late in the year to determine the
possible health hazards associated with tetraethyl lead gasoline. This
was undertaken after a conference at which interested Government
bureaus, the industry, and labor were represented.
The importance of milk as a food, and the danger that it may convey
disease can not be overestimated. The widest variance has existed in
the methods adopted by State and city authorities to secure a safe and
wholesome milk, hardly any two States or cities attacking the problem
in just the same way. One of the investigations which is being pursued by the Public Health Service is for the purpose of determining
whether it is possible to unify measures for the safeguarding of our
milk supplies. At the close of the fiscal year 1925, mainly through
the efforts of the Public Health Service through cooperation with
State and local authorities, 8 States and 53 cities had adopted
uniform measures for the sanitation of milk.
The total personnel of the service at the close of the fiscal year
was 8,976, which includes 4,285 persons designated as collaborating
epidemiologists and assistant collaborating epidemiologists. These
appointees are nearly all officers or employees of State and local
health organizations, who receive nominal compensation of $1 per
annum for services rendered in connection with the compilation of
morbidity statistics. The total personnel increased somewhat during
the year. The increase was due to a much greater volume of hospital
and relief work; to the reappearance of bubonic plague infection in
New Orleans and on the Pacific coast, for which Congress made a
deficiency appropriation of $165,994; and to cooperative work with
State and municipal health authorities in investigations of shellfish
sanitation, for which a special appropriation of $57,600 was made.
As pointed out in my last annual report, the efficiency of the personnel would be increased and economies effected by legislation
enlarging the permanent commissioned corps of the Public Health
Service, and I have again to invite attention to the recommendations of the Surgeon General with respect to new construction and
repairs of buildings at hospital and quarantine stations, in which
recommendations I concur.
PUBLIC BUILDINGS
There is a pressing need for the construction of Federal buildings
in many communities not already so provided, and for the extension
and enlargement of those Federal buildings in which congestion
exists, due to the growth and expansion of the public business.
There has been no effective legislation enacted to care for the
Government's public building needs since the act of March 4, 1913.
During the interim the normal growth alone of the public business
would have resulted in an overcrowded condition calling for relief
SECRETARY OF THE TREASURY
115
in the Federal buildings located in the larger communities throughout
the country, and the necessity for Federal buildings not already so
provided would have become evident. But the conditions have not
been normal meanwhile. Our entrance into the World War made
necessary the expansion of a number of branches of the public
service occupying space in Federal buildings, and the creation of
numerous other activities of a more or less permanent character.
So far as possible this increased force was given accommodations in
Federal buildings, but in numerous instances, in cities where there
were Federal buildings, the demand for space was in excess of the area
available. The resulting congestion in Federal buildings remains
as a perplexing problem, and the cost of rented quarters continues
;as an uneconomic method of meeting the situation because of the
waste involved of both money and time in the,transaction of business in inadequate and unsuitable quarters.
The extent of congestion in Federal buildings scattered throughout
t h e country became so great, and the need for the enlargement of
many of these buildings was so pressing, that the Postmaster General and the Secretary of the Treasury felt constrained in 1922 to
depart from the policy which had previously prevailed of leaving
the initiative in matters of this kind for the attention of Members
of Congress, and joined in calling to the attention of Congress
specifically some 160 buildings in which congested conditions not
only justified b u t demanded relief. The needed relief has not been
provided with respect to these buildings, and meanwhile the number
of buildings presenting similar conditions has increased. But this
condition is not confined to the Federal buildings scattered throughout the country. I t has its counterpart in the Federal buildings in
Washington, which are inadequate to house the various, branches of
the Government service.
Here at the seat of Government a few only of the executive departments occupy buildings constructed by the Government for their
purposes, and such as are so occupied provide inadequate accommodations. The remaining ones, as well as many of the independent
•establishments not under any executive department, are either housed
in unsuitable and insecure temporary buildings erected to meet emergent war conditions, or are dependent upon private enterprise for
the space they occupy.
In many instances related activities are scattered about the city
in various locations, entailing great loss, delay, and inconvenience
i n the transaction of the public business, and in numerous instances
the valuable records of the Government, the loss of which would be
irreparable, are stored in nonfireproof and insecure structures under
conditions which invite disaster.
116
REPORT ON THE FINANCES
Throughout the country there are communities in which Federal
buildings should be constructed, in the interest of economy and in order
that convenient and adequate accommodations not otherwise obtainable for the transaction of the public business may be provided. There
are a considerable number of cases in which the annual rentals paid for
space in which to transact the pubhc business would pay in a few yearsthe total cost of constructing adequate and suitable Federal buildings.
There are other cases in which Federal buildings which can no longer
house aU governmental activities in the respective communities in
which they are located occupy sites which have become so valuable
that they could be readily disposed of for amounts that would
purchase new sites and pay the construction costs of buildings of a
size adequate for those communities.
In view of all the conditions affecting the pubhc-building situation,,
it would be prudent, with a reasonable hmitation upon the amounts,
that might be expended annually, to resume the work of constructing
and enlarging Federal buildings.
At the last session of Congress the so-called EUiott bill was passed
by the House of Representatives, but failed of passage in the Senate.
The legislation then proposed was along lines intended to make
reasonable provision for the immediate public-building needs of the
Government, both in Washington and throughout the country, and
it is believed that, with some changes, to meet conditions w h i c h h a v e
since developed, legislation along similar lines would prove effective.
I t is hoped that provision will be made by Congress at the coming
session which will enable the department to resume construction
work under a reasonable public-building program.
The act of July 1, 1898 (30 Stat. 614), vested in the Secretary of
the Treasury the exclusive jurisdiction and control of all courthouses,
customhouses, post offices, appraisers' stores, barge offices, subtreasuries, and other pubhc buildings outside of the District of
Columbia and outside of military reservations which had been purchased or erected, or were in course of construction, or which might
thereafter be purchased or erected out of any appropriations under
the control of the Treasury Department, and expressly authorized,
the Secretary of the Treasury to take possession of and assign and
reassign rooms therein to such Federal officials, clerks, and employeeswho in his judgment and discretion should be furnished with offices,
and rooms in Federal buildings.
During the fiscal year ended June 30, 1925, 30 Federal buildings
of the foregoing character were completed and occupied, making the
total number 1,310. This figure does not include the 57 marine
hospitals and quarantine stations, each consisting of a number of
buildings, or the score or more of so-called Veterans' Bureau hospitals
constructed since the war and transferred, by authority of law, t a
the Veterans'Bureau.
SECRETARY OF THE TREASURY
_
117
Notwithstanding the continued high construction costs, the Office
of the Supervising Architect expects to be able to get under contract
during the current fiscal year approximately 30 Federal buildings,
the limits of cost for which were fixed by Congress when construction
costs were materially lower than at present. In addition to this
program, that office at the request of other branches of the Government is preparing plans for a large extension of the hospital connected
with the Pacific Branch of the National Home for Disabled Volunteer
Soldiers at Sawtelle (Santa Monica), Calif., and for the Federal
Industrial Institution for Women at Alderson, W. Va.
Under an appropriation of $400,000 provided by the act of April
4, 1924, it was found possible to relieve the congestion in 83 public
buildings at an average cost of $6.20 per square foot. Preparations
were made and plans commenced for relieving congestion in a large
number of buildings under an appropriation of $800,000 contained in
the act of January 22, 1925, and the relief to be effected and saving
of rent accomplished indicate the wisdom of providing this appropriation for this purpose.
For a number of years the demands for additional lock boxes in
post offices in Government-owned buildings have been much greater
than could be met with the limited appropriation provided. A special
appropriation of $100,000 for additional lock boxes was provided in
the act of January 22, 1925, and during the period covered by this
report considerable progress was made in the way of preparatory
work looking to the early installation of this needed equipment. I t
is estimated by the Post Office Department that the entire expenditure for lock boxes, including the cost of installation, will be repaid in
rentals during the first three years, and t h a t thereafter the cost of
the boxes will be repaid every two years. The appropriation provided
is not sufficient to meet all current demands and it is proposed to
submit further estimates for appropriations from time to time until
all reasonable demand for lock boxes is met.
Hospitals
The hospital program of the. Treasury Department under appropriations totaling $26,496,500 was practically completed in 1924,
when the hospital at Castle Point, N. Y., was transferred to the
Veterans' Bureau and placed in commission, although the construction of the recreation building, which was not included in the original
project, was not completed until early in 1925.
The number of hospitals provided under this program is 23, with
a total bed capacity of 8,188. Each of the hospitals comprises a considerable number of buildings, the larger ones providing accommodations for a population approximating 1,000, including personnel, and
involved supplying roads, sidewalks, independent sewage disposal
plants, power plants, lighting systems, fire alarms, telephones, etc.
118
REPORT ON T H E FINANCES
With the exception of three, these hospitals were designed and
constructed by the Office of the Supervising Architect. Most of
them were constructed within 16 months after the authorization
and many in less time. In no case was the allotment exceeded; in
fact, after settling all the accounts for construction, equipment,,
freight, etc., it was ascertained that there remained small balances
under most of the hospital allotments, aggregating .approximately
$80,000. Instead of depositing this amount in the Treasury Department as a saving, it was decided upon recommendation of the board
of consultants on hospitalization, with the approval of the President,,
to use this for the construction of a recreation building and assembly
hall at the hospital at Tuskegee, Ala. The contract for this additional building has not yet been awarded. •
An abstract of the report of the Supervising Architect's Office
accompanies this report on page 400 and shows in detail the work of
that office in connection with the construction of public buildingsproper, the provision of additional space in emergent cases, and construction work at Marine hospitals, quarantine stations, and Veterans^
Bureau hospitals.
ADJUSTED SERVICE CERTIFICATE FUND
On January 2, 1925, the Secretary of the Treasury made the
following statement regarding the adjusted service certificate fund
provided for in the adjusted compensation act:
The adjusted compensation act provides for an appropriation on the 1st of
January in each year to the adjusted service certificate fund of an amount^
based upon the American Experience Table of Mortality, which, if kept invested
at 4 per cent compounded annually, would be sufficient to pay the face value
of the adjusted service certificates upon their niaturity in 20 years or upon prior
death of the veteran. The Secretary of the Treasury is authorized to invest
and reinvest the moneys in the fund in interest-bearing obligations of the. United
States and to sell these obligations for the purposes of the fund.
In order that the fund shail be sufficient to meet the payments in accordance
with the plan outlined by the act, it is necessary that the moneys be invested
when received and kept invested until payments out of the fund are required.
No purpose is gained by the investment, of the fund in securities returning
more than 4 per cent compounded annually, since this would simply mean
an accumulation in the fund of more money than was necessary to meet payments.
On the other hand, if less than 4 per cent compounded annually is received, the
fund will be insufficient to meet all payments to become due. There are no
Government securities in the hands of the public bearing interest payable annually (as distinguished from semiannually) and none which give the exact
return of 4 per cent annually on their market price. During each year the
fund will be drawn upon to pay certificates matured on account of death, and
this continuous liability will require almost daily realization of cash, which can
only be obtained by the sale or redemption of securities in the fund. The
greater part of the fund will remain intact until the maturity of the certificates
• at the expiration of 20 years,-at which time cash will have to be realized. Since
the securities then in the fund will probably not be suited to existing market
SECRETARY OF THE TREASURY
119
conditions, the likely solution at that time will be for the Treasury to redeem
the securities in the fund with the proceeds of new securities which will meet
the market then existing. It is apparent, therefore, that the purchase for the
fund of any of the present outstanding Government securities will not meet
the exact requirements of the fund and will probably be unsatisfactory for
sale yi^hen, on maturity of the certificates, the major fiscal operation to provide
cash must be undertaken.
If the Treasury were in the Government bond market on the 1st of January in
each year to buy $100,000,000 of its securities, the purchases could not be made in
one day j nor could such a large order be filled without unduly increasing the market
price which the fund would have to pay. If, also, the Treasury in the course of the
year was required to sell securities to provide the fund with cash, the tendency
would then be to depress Government securities on the market. So if the practice
of buying and selling on the open naarket were used, the Treasury would be
continually purchasing on a high market and selling on a low market.
; The $100,000,000 called for by the adjusted compensation act for January 1,
1925, was authorized by the deficiency appropriation bill signed December 5,
1924. The Secretary of the Treasury has invested this sum in $50,000,000 par
amount five-year special Treasury notes, dated January 1, 1925, and payable
Jaiiiiary 1, 1930, and in $50,000,000 par amount special Treasury certificates of
indebtedness, payable one year from date, with right in each case of certain
prior redemptions. Both securities call for interest at 4 per cent per annum,
payable annually, or on the prior redemption of the security. It is expected thai
these special certificates of indebtedness will be redeemed from time to time
during the year to provide the fund with cash with which to meet current obligations; that any such certificates remaining unredeemed at the expiration of
the year will be refunded into other certificates or into notes; and that at the
maturity of the notes, they will be refunded into securities of similar tenor until
payments become due on the maturity of the adjusted service certificates some
20 years later.
This method of handling the adjusted service certificate fund has'the following
advantages:
, 1 . The securities exactly fit the actuarial requirements which are by law
made the basis for fixing the appropriations for the fund.
2. The bond market is not disturbed by a purchase of a very large block of
securities early in January and by a subsequent- continuous pressure for the sale
of securities to provide cash for the fund throughout the year, the effect of which
would be buying on a high market and seUing on a low market.
3. Commissions to brokers on the purchase and sale of Government securities
are saved.
4. It is not necessary to borrow on December 15 (the usual financing day
nearest January 1) additional cash and carry this cash, with a consequent loss of
interest, until it can be invested in Government securities on the market after
the first of the year when the appropriation becomes available.
5. Cash demands of the fund can be immediately satisfied by tHe redemption
by the Treasury of the special certificates of indebtedness and the whole plan has
great flexibility.
6. When the adjusted service certificates mature about 1.944^ the Treasury
will be in position to do the necessary financing to meet the conditions then existing, without being compelled to sell a.lot of miscellaneous Government securities perhaps unsuited to the market and to the Treasury's program.
The working of this plan can best be illustrated by its first operation. On
December 15j 1924,, the Treasury, in addition, to any money to purchase investments for the fiind, required $225,000,000 to carry'it through to the ndxt financing period in March, 1925, and sold for cash about $225,000,000 of its 4 per cent
120
REPORT ON THE FINANCES
bonds of 1944-1954. As of January 1, 1925, the Treasury sold to the fund
$100,000,000 of its special notes and special certificates of indebtedness, making
total sales in December and January of $325,000,000 of Government obhgations.
This was the plan actually used. Had the other method of applying the appropriation to the purchase of securities in the open market been adopted, the
Treasury would have had to sell for cash $325,000,000 of its bonds on December
15, 1924, and consequently would have lost the interest on $100,000,000 from December 15 until the securities for the fund could be bought on the market after
January 1, 1925. There is, as will be noted, no difference in the final amount of
pubhc debt incurred between the plan of selling special securities direct to the
fund and the plan of using the fund to buy securities in the market. In either
case the fund would hold $100,000,000 of Government obhgations and there
would be $100,000,000 loss of such obhgatioiis in the hands of the general public.
It seems quite^clear, therefore, that the sale of the special securities direct was
the only feasible way of handhng the investment required by the Congress.
Up to the close of business June 30, 1925, $4,600,000 face amount
of the Treasury certificates in the investment account had been redeemed and the principal amount plus accrued interest to respective
dates of redemption was placed to the credit of the disbursing
clerk of the Veterans' Bureau to provide funds to meet authorized
payments. The total redemptions of Treasury certificates for that
purpose to October 31, 1925, aggregated $9,600,000 face amount, as
indicated in the following statement of the condition of the fund on
October 31, 1925:
Adjusted service certificate fund as of October 31, 1925
FUND
ACCOUNT
Appropriatiofi, Jan. 1, 1925
,
Interest credits account of investment redemptions
$100, 000, 000. 00
192, 021. 91
TotaL
.____._..______..___.L_.
Checks issued by Veterans' Bureau against credits from the
I fund and paid by Treasurer, United States
Balance in fund__-_
1
VUND
100, 192, 021. 91
9, 157, 306. 00
91, 034, 715. 91
ASSETS
Investments:
Treasury notes maturing Jan. 1, 1930___ $50, 000, 000. 00
Treasury certificates maturing Jan. 1,
1926_-_
--50,000,000.00
Total investments made_ _ _ _ . - . . _ 100, 000, 000. 00
Treasury certificates redeemed to Oct.
31, 1925
9,600,000.00
Net investments in fund _ _ _
Balance to credit of disbursing officer of Veterans* Bureau
(includes outstanding
checks)
Total fund assets
_-.
90, 400, 000. 00
634,715.91
i
91,034,715. 91
121
SECRETARY OF THE TREASURY
DISTRICT OF COILUMBIA TEACHERS
RETIREMENT FUND
Investments for account of the fund are made upon advice received
from^ the Commissioners of the District of Columbia from time to
time, stating the amounts available for investment. During the year
purchases of bonds aggregating $250,79p, face amount, were made asfollows: First Liberty loan i ^ i per cent, $26,850; second Liberty loan
4M per cent, $153,400;, fourth. Liberty loan 43^ per cent, $22,800;;
and Federal farm loan 43^ per cent, $47,740; at a total principal cost
(exclusive of accrued Interest) of $254,796.42. The total amonnt of
securities held in the investment account of the fund,on June 30,"
1^25, was $1,139,190, the detail's with respect to which are as follows:'
Principal
cost ,
amount
First Liberty loan 43^ per cent bonds...^_.
=
Second Mberty^ loan 4J^ per dent boadsu J J ................: ^ .^ Third Liberty loan 4}4 per>cient bonds.
,.
Fduitit LibeEty loan. 4 ^ {)er cent, bonds'.... .-wJ—...... ^.;.,.,.-.
Treasury 4M per cent bonds, 1947-1952..^^
Federal farm.loan 4% per (Sent bonds..
.-.....,.......,..•.,...,.L
,
:
$27, 529. 64
154,;9B.l?
157,611.47
704, 3^1.. 27
10,000.00
49,052..^6
$26, 850
1.53,400
. 165,450
735,75010,000
. 47,740:
1,103,480; 40
ii; 139,, 190
The following statement shows the transactions under the combined
appropriated and trust fund accounts during the fiscal year 1925, and
includes cumulative figures from date of the approval of the act,
January 15, 1920, to June 30, 1925:
Fiscal year
1925
Unexpended balance, June 30,1924
Credits:
Deductions from salaries
Interest eacned on investments....
Ap,propriat'ionsftmaderbt'''^G6ngr6¥S'
$33,876. 64
• Total...^.......^........=.......
Jan. 15,1920,
to June 30,
1925
404,335.. 65
Charges:
Annuities, refunds, etc
Investme^Qts, prind^al cost...^...,...
Accrued interest oii investments *.
Unexpended balance, June 30,1925'*'..
Total...---..-^..^^-....-....-....-.
260,826.36 $1,146, 208.32
106,-428.12
40„877.47
68; 756.^18'
207y621t61
1,460,258.05
95,7'8U57
303; 023.99
2 254, 796.42^ 31,. 103,. 480.. 40
960. 77
960. 77
52,792.89
52,792.89
404,335.65
1,, 460,258, 05 •
1 Exclusive) of amouiits carfi'ed to" surplus fuhd. "
2 Face amount, $250,790.,
8 Face amount, $1,139,190'.
^ Repayable in 1926.
8 Exclusive of unexpended balances in hands of Di'sti'ict of Coluhibia di'sbutsing officer, but included
$28.99 unexpended balance' of funds advanced to Treasurer for investment
UlSflTED STATES GOVEEK^MENT LIFE rKStJRAi^CE T V ^ t )
The Secretary of the Treasury is required to invest in interest^
bearing obligations, of the United States or in bonds of the Federal
landbanfa all moneys received inpayment of premiums on, converted
insurance in excess of reserve requirements and authorized payments,
122
REPORT ON T H E FINANCES
pursuant to the provisions of section 18 of the act approved December 24, 1919, as amended March 4, 1923.<, Investments are made
as and when funds are available, upon advice received from the
Director of the United States Veterans' Bureau. During the fiscal
year 43^ per cent Federal farm loan bonds were purchased for the
fund aggregating $31,850,000 face amount, at a principal cost of
$31,895,875. These purchases were made pursuant to an arrangement between the fiscal agent of the Federal land banks, the director
of the bureau, and the Treasury. All securities purchased for this
account are registered in the name of the Secretary of the Treasury
for account of the United States Government life insurance fund. The
obligations of the United States in the fund are held in safekeeping
by the Division of Loans and Currency of the Treasury Department,
and the Federal farm loan bonds are held by the Treasurer of the
United States. Monthly reports are made by the Treasury to the
Veterans' Bureau of all securities in the fund and the principal cost
thereof, and periodic verifications of the security holdings are made
through reports rendered to the director by the safekeeping offices
above mentioned. The securities held in the fund on June 30, 1925,
were as follows:
Par
value
First Liberty loan converted 4K per cent bonds...
Second Liberty loan converted 4J^ per cent bonds.
Fourth liberty loan 4J4 per cent bonds
43^ per cent Treasury bonds.:.
..__
'..
-
$6,639,900
18,089,300
42,661, 550
49,173, 200
$6,316, 209. 21
16, 247,357. 00
39,495, 573. 60
49, 201, 905. 28
116,563,950
31,850, 000
4H per cent Federal farm loan bonds
Total
Principal
cost
111, 261, 045. 09
31,895, 875. 00
148,413, 950
143,156,920. 09
CIVIL SERVICE RETIREMENT AND DISABILITY FUND
During the fiscal year 1925 the total credits in the civil service
retirenient and disability fund aggregated $20,028,867.69, of which
$17,905,070.98 was on account of the 23^ per cent deductions from
appropriations for compensation, $1,860,548.01 on account of interest
oh investments, $169,453.12 for profits on investments, and $93,795.58
miscellaneous credits. The total charges against the fund aggregated
$20,035,042.68, of which $8,881,552.31 was on account of. payments
of annuities, refunds, etc., and $11,153,490.37 on account of investment purchases which includes $55,340.61 of unreimbursed accrued
interest paid on purchases. The balance to credit of the fund at the
beginning of the fiscal year was $85,423.55, as against $79,248.56 on
June 30, 1925. During the fiscal year $13,000,000 aggregate face
amount of Treasury notes held in the investment account was sold
at a profit of $169,453.12 over the purchase price and the proceeds
123
SECRETARY OF THE TREASURY
were reinvested in a like face amount of second Liberty loan converted
4 M P^r cent bonds. The net increase in the principal amount of the
securities at the close of the.fiscal year was $10,710,600 and the increase in the total principal cost of the investments was $11,098,149.76. So far as practicable, funds required for payments of annuities and refunds are invested in short-term securities, which are sold
or redeemed when necessary to meet requirements for payment purposes. Funds not required for payments during the fiscal year are
invested in long-term securities. With the exception of the Treasury
notes, which are issued only in coupon form, all securities in the
investment account on June 30, 1925, are registe^red in the name of
the Secretary of the Treasury in trust for account of the fund, and
are held in safekeeping by the Division of Loans and Currency of the
Treasury Department. The total interest and profits earned and
collected on investments made to June 30, 1925, is $'5,145,804.11.
The following statement shows the securities held in the fund as of
June 30, 1925:
Par value
Second Liberty loan 4J^ per cent b o n d s . . .
Fourth Liberty loan 4}4 per cent bonds...
Treasury notes, series A-1926, 4 ^ per cent
Total.......-..:..-..-.
.
$22,500,000
20,188,350
2, 050, 000
44, 738,350
Principal cost
$22, 536,870. 50
19, 800,436.47
2,065,065.11
44,402,372. 08
Further information in regard to the fund will be found on page 389
of this report.
'
FOREIGN SERVICE RETIREMENT AND DISABILITY F U N D .
The total credits entered into the foreign service retirement and
disability fund, established by section 18 of the act of M a y 24, 1924
(vol. 43, p. 144), during the fiscal year 1925 aggregated $146,110.12,
of which $2,107.83 represented earnings on investments. The net
charges against the fund on account of annuities, etc., were $60,000,
and on account of investments $82,568.91. The unexpended balance
on June 30, 1925, was $3,541.21. The administration of the fund is
vested in the Secretary of State, but the Secretary of the Treasury is
required to make investments from time to time of such portion of the
fund as may not be required for authorized payments and to credit
the fund with the income. Part of the investments for 1925 were
made in short-term obligations during a period when the funds were
not required for immediate disbursement. Such part of the fund
estimated not to be required for use during the fiscal year was invested in longer-term securities. The net investments during the
fiscal year 1925 aggregated $80,650, face amount, of which $79,150
was in fourth Liberty loan 434 per cent bonds, aod $1,500 in 2 ^ per
cent Treasury certificates of indebtedness, series TS~1925.
124
REPORT ON T H E
FINANCES
The following statement shows the securities held in the fund as of
June 30, 1925:
Face
, amount.
Fourth Liberty loan i}4. per cent bonds
Treasury certificates of indebtedness, 254 per cent, TS-1925..:...^
Total--
- .. - •
—-.....'_
.......
...
....-,
....
Principal
cost
$79,1501 00'
1,500.00
$81,069.85
1,499.06
80,650. 00
82, 568. 91
LIBRARY OF CONGRESS TRUST FUND BOARD
The Library of Congress Trust Fund Board, created and established
under authority of the act approved March 3, 1925, consists of t h e
Secretary of the Treasury, chairman of the joint committee on the
Library, the Librarian of Cpngress, and two persons appointed b y t h e
President for a term of five yeafs each, the first appointments being
for three and five yeats, respectively. The personnel of the board was
completed through appointment by the President of Mr. James B.
Wilbur, of Manchester, Vt., for a term of five years, and Hon. John
Barton Payne, of Washington, D. C , for a term of three years. A t
the organization meeting of the board on April 11, 1925, the Secretary
of the Treasury was elected chairman, and the Librarian of Congress^
secretary. A t that meeting the board also adopted a seal.
The act authorizes t h e board to accept, receive^, hold, and administer such gifts or bequests of personal property for the benefit of,
or in connection with, the.Library, its collections, or its service, as
may be approved by the board and by the joint committee on the
Library. The act further provides t h a t the moneys or securities
composing the trust funds given or bequeathed to the board shall be
receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain, investments as the board may from time to time determine. The income as and when collected shall be deposited with
the Treasurer of the United States, who shall enter it in a special
account to the credit of the Library of Congress, subject to disbursement by the librarian for the purposes in each case specified.
The only donation thus far received is from Mr. James B. Wilbur,
and consists of 1,000 shares 7 per cent preferred capital stock ($100
per share) of the Public Service Co. of Northern' Ilhnois, subject,
however, to certain conditions, the most important of which are
the reservation of certain conversion rights carried by the stock,
and the retention during the life of the donor of six-sevenths of the
income therefrom, the remaining one-seventh to be credited to the
fund, or until such time as the donor might forego a larger part, or all,
of the income for the benefit of the fund. At the only other meeting
of the board on June 8, 1925, for the purpose of considering and acting
upon the donation of Mr. Wilbur, the board accepted the donation
SECRETARY OF THE TREASURY
125
subject to the conditions attached. The chairman of the joint committee on the Library advised the board of the concurrence of the
joint committee in this respect.
The securities constituting the donation were received by the
Secretary of the Treasury and deposited with the Treasurer of the
United States for safe-keeping. Afterwards the securities were returned to the issuing company for cancellation and reissue in the
name of the ^'Secretary of the Treasury in trust for Library of Congress Trust Fund Board, act of March 3, 1925.^' The new certificates
so inscribed are now held by the Treasurer of the United States in
safe-keeping, subject to the order of the Secretary of the Treasury,
in trust for Library of Congress Trust Fund Board, act of March 3,
1925." The first dividends on the stock were received through check
for $1,750, dated November 2, 1925, the proceeds of which, in accorda,nce with arrangements previously made, were deposited with the
Treasurer of the United States in a special deposit account to the
-credit of the Librarian of Congress as secretary of the board. The
librarian was duly advised of such deposit and forwarded to Mr.
Wilbur his official check for six-sevenths of the amount in accordance with one of the conditions of the gift, and deposited with the
Treasurer of the United States his check for the remaining oneseventh to be covered into the Treasury to the credit of the Library
of Congress Trust Fund Board, special fund, where it will be available for disbursement upon requisitions of the secretary of the board
in accordance with the usual procedure governing the handling of
trust fund accounts of the character under consideration.
SURETY BONDS
By Department Circular No. 244 issued under date of April 1, 1925,
making a reassignment of bureaus and divisions of the Treasury,
some changes in procedure have been effected which are proving
helpful to the department in carrying out the responsibility devolving
upon the Treasury under existing law in its dealings with surety
companies writing bonds for the United States.
On June 30,1925, there were 44 surety companies writing or reinsuring bonds in favor of the United States, and as of that date the total
gross assets reported by aU companies amounted to $529,120,493.99;
the total paid up capital stock, $75,934,813.33; and total surplus over
All habilities, $80,651,307.89; with a surplus to pohcyholders of $156,586,121.22. The United States is obligee in many obligations assumed by each company. Therefore, if a proper distribution of bonds
taken by the Federal Government is made among aU companies, the
United States is apparently fuUy protected in this respect.
Under existing regulations a company is permitted to write any
one obligation up to 10 per cent of its combined capital and surplus
126
REPORT ON THE FINANCES
and may write single risks in excess of that amount, provided suitable
indemnity is taken as protection against loss on account of such,
excess. The combined qualification of all companies on one obligation as of June 30, 1925, was $15,658,612.12. During the past year
additional companies have been authorized, while others have retired,
and reinsured their unexpired business in other authorized companies.
There are also several applications pending before the department
from additional companies for certificates of authority.
Further study of the operations of surety companies writing bonds
for the Federal Government is being undertaken.
TREASURY ORGANIZATION
On April 1, 1925, a reassignment was made in the supervision of
bureaus and offices of the department by the Undersecretary and t h e
three Assistant Secretaries. In this reorganization the three Assistant
Secretaries operate under the generalsupervision of the Undersecretary^
who is authorized to act for and represent the Secretary in all branches
of the department. The Undersecretary also represents the Secretary
in dealings with the Federal Reserve Board, the War Finance Corpora-^
tion and the Federal Farm Loan Bureau, and supervises directly the
finances, foreign loans, advances and loans to railroads under the
Transportation Act, 1920, and the office of the Commissioner of
Accounts and Deposits, including the Division of Bookkeeping and
Warrants and the Division of Deposits. In the absence of the Secretary, the Undersecretary also acts as Secretary of the Treasury, the
Fiscal Assistant Secretary acting as Secretary in the absence of both
the Secretary and the Undersecretary, and the senior of the remaining two Assistant Secretaries present acting as such in the event of t h e
absence of these three officers.
The Fiscal Assistant Secretary exercises supervision over the Treas-^
urer of the United States, the Comptroller of the Currency, the Com-^
missioner of the Public Debt, which includes the Division of Loan&
and Currency, the Register of the Treasury, the Division of Public
Debt Accounts and Audit and the Division of Paper Custody, t h e
Bureau of Engraving and Printing, the Mint Bureau, the Secret
Service Division, the Disbursing Clerk and the Section of Surety
Bonds of the Division of Appointments.
The Assistant Secretary in charge of Internal Revenue and Miscellaneous exercises supervision over the office of the Chief Clerk,,
including the Division of Mail and Files, the Bureau of Supply, including the General Supply Committee, the Division of Appointments,,
the Division of Printing, the Bureau of Internal Revenue, the Bureaus
of the Public Health Service and the Supervising Architect's Office.
o
w
ASSISTANT SECRETARY
INCHARSE OF INTER}JAL
R£VENUL^MI6C£LLANE0U5
ASSISTANT SECRE-TARf
IN CHARG£ OF
CUSTOMS COASTGUARD
*"p PROHIBITION
CV5TOM3
SERYICE.
O
COAST
QVARi)
@
PROHIBITION
VNIT
d
w
ORGANIZATION
OF T H E T R E A S U R Y
DEPARTMENT
128
REPORT ON THE FINANCES
The Assistant Secretary in charge of Customs, Coast Guard and
Prohibition exercises supervision over the operations of those three
services.
Department Circular No. 244, revised as of April 1, 1925, in which
there is indicated in detail the assignment of biu'eaus and offices is
shown as Exhibit 79, page 325. The diagram on page 127 gives an
outline of the Treasury organization.
BUDGET AND IMPROVEMENT COMMITTEE
The budget and improvement committee examines all Treasury
estimates of appropriations, makes inquiry as to the reserves which
may be set up under the various appropriations, and considers the
necessity subsequently arising for releasing portions of such reserves
for expenditure, and makes investigations with the purpose of improving administrative methods and procedure. Its reports and recommendations thereon are submitted to the Secretary through the
budget officer of the department.
initial reserves amounting to $529,609 were set up from appropriations for the fiscal year 1925. Subsequently additional reserves
of $1,801,280 were added and $490,582.90 was released, leaving
$1,840,306.10 in reserve at the end of the year. For the^ fiscal year
1926 heads of bureaus and offices reported reserves of $666,250.
After investigation by the committee $490,000 was added, making a
total reserve for the year of $1,156,250.
Supplemental and deficiency estimates were submitted during the
year aggregating $173,428,844.67, of which $166,425,000 was for
refund of internal-revenue taxes. After examination by the committee these estimates were revised and reduced to $157,236,831.22.
Estimates submitted by the heads of bureaus and offices for the fiscal
year 1927 amounted to $164,252,943.37, exclusive of interest on and
retirement of the public debt and amount for the Bureau of the
Budget. The President allocated to the Treasury Department
$155,185,334, as a tentative maximum amount, including $27,234,100
for permanent and indefinite appropriations and special funds. In
case the amount allocated was not, in the opinion of the Secretary,
sufficient to meet the absolutely necessary requirements of the department, the estimates were to be accompanied by a supplemental statement showing the additional amount required, the necessity therefor,
and the consequences which would result from failure to secure the
same. The estimates submitted were carefully examined by the
committee to ascertain as to each item whether the expenditure was
absolutely necessary and if so whether the item should be included in
the regular estimates or in the supplemental statement. Items
SECRETARY OF THE TREASURY
129
aggregating $2,272,713.09 were deducted, items aggregating $154,729,749.28 were approved as the regular estimates, and items aggregating $7,250,481 were submitted as a supplemental statement of the
absolutely necessary requirements of Ijde department.
The committee has considered and reported on various matters
submitted to it, including a number of proposed requests for legislation which might affect expenditures of the department. Through
the medium of subcommittees detailed examinations were made of
two of the department's larger activities, and reports were submitted
thereon containing numerous recommendations for the betterment of
the service. These recommendations have been put into effect so
far as is possible without new legislation. As a result of an inquiry
by the committee as to the cost of printing, a printing and forms
committee has been appointed to pass upon the necessity foi printing
of all kinds, the matter contained therein, and the number of copies
to be printed. See circular letter No. 144, dated May 21, 1925,
attached as Exhibit 83, page 339.
BUREAU OF SUPPLY
The purchasing of supplies and equipment for the Treasury Department (except that for the Bureau of Engraving and Printing,
the Coast Guard, and the Mint) is now centralized in the Bureau of
Supply.
Due in part to exhaustion of surplus equipment remaining from
the war period, in part to replacement of material which had outlived
its usefulness, and in part to larger purchases for the Customs Service
(whose purchasing work was not assumed until April 1, 1924), this
bureau reports considerable increases in expenditures for supplies
and equipment during the fiscal year 1925. As a natural coroUary,
there were material increases also in proposals prepared and circulated, purchase orders issued, and vouchers examined and approved
for payment.
Expenditures by the bureau from allotments made to it for 1925
totaled $5,577,763.24, compared with $5,057,085.10 in 1924. These
expenditures in 1925 involved the preparation and circulation of
5,668 sets of specifications and proposals, the issuance of 38,818.
formal purchase orders, the auditing and approval for payment of
72,498 vouchers, and the examination and forwarding to the General
Accounting Office for direct settlement of 7,709 transportation
vouchers. Like'figures for 1924 were, respectively, 3,452, 32,966,
64,760, and 5,896. The increase in each case would have been sub-,
stantially greater but for adherence by the bureau to the policy of
consolidating and coordinating requirements wherever it was possible
to do so.
60501—FI 1925t
9
130
REPORT ON T H E FINANCES
The following table summarizes, for the fiscal years 1923, 1924,
and 1925, expenditures by the Bureau of Supply from allotments
made to it from appropriations to the several bureaus and offices
for the purchase of supplies and equipment.
1923
Chief clerk a n d s u p e r i n t e n d e n t
General S u p p l y C o m m i t t e e
Division of P r i n t i n g a n d S t a t i o n e r y
Supervising Architect i
B u r e a u of I n t e r n a l R e v e n u e
T r e a s u r e r of t h e U n i t e d S t a t e s .
Commissioner of t h e P u b l i c D e b t 2
Division of B o o k k e e p i n g a n d W a r r a n t s . .
B u r e a u of t h e P u b l i c H e a l t h Service
Division of C u s t o m s ^
TotaL.
1924'
1925
$170,938. 62
118, 506. 98
379,971. 90
768, 419. 45
528, 231. 80
3, 942. 44
63,124. 79
1,493. 50
2, 069,435. 02
$159, 562. 45
111,436.68
319, 293.10
1,925, 066. 63
436, 254.19
141. 77
72,902. 39
3,193. 67
1, 983,116. 44
46,117. 78
$133,812.92
105,606. 56
343,202.28
2, 031, 804. 68
543,413. 74
67.95
49, 640. 01
2,442. 41
2,188,128. 86
179, 643. 84
4,104,064.50 ,
5,057,085.10.
5, 577, 763. 24
1 P u r c h a s i n g for Supervising Architect transferred to B u r e a u of S u p p l y on Oct. 17, 1922.
2 P u r c h a s i n g for t h e Commissioner of t h e P u b l i c D e b t transferred to B u r e a u of S u p p l y on Sept. 15, 1922.
3'Purchasing for Division of C u s t o m s transferred to B u r e a u of S u p p l y on A p r , 1, 1924.
In addition to the foregoing, the bureau made purchases totaling
$68,980 in 1925 (compared with $88,953.96 in 1924) from 13 appropriations from which it received no allotments, the appropriation
accounting being done by the offices for which the purchases were
made.
In making purchases discounts, which are increasingly sought by
the bureau, were availed of to the extent of $11,407.11, which was an
increase of $6,574.50 over the total of $4,832.61 received during the
fiscal year 1924.
Since February, 1923, all shipments of commodities by the department have been routed by the traffic section of the Bureau of Supply.
During the fiscal year 1925 these shipments involved transportation
charges approximating $600,000, and careful attention to shortest
or most economical routings effected material savings in costs of
transportation service.
Purchases and issues of stationery
Expenditures during the fiscal year 1925 for items chargeable to
the departmental appropriation for stationery totaled $342,952.44,
compared with $319,045.61 during the previous year. In addition
$83,332.85 in 1925 and $122,719.08 in 1924 were expended and
reimbursed from appropriations to the bureaus and services of the
department, making the total expenditures for stationer}^ items
$426,285.29 in 1925 and $441,764.69 in 1924, or a decrease of
$15,479.40. Amounts available for these expenditures, including
reimbursements, were $433,332.85 in 1925 and $472,534.08 in 1924;
consequently, unused balances of $7,047.56 and $30,769.39 reverted
to the Treasury in 1925 and 1924, respectively.
SECRETARY OF THE TREASURY
131
The total issues of stationery items were valued at $437,256.01 in
1925 and $492,032.09 in 1924, or a decrease of $54,776.08. The
excess of issues over purchases ($10,970.72) was met from available
supplies carried in stock in warehouse.
The inventory value of the stock of stationery supplies on hand
July 1, 1925 (based on replacement costs), was $162,070.26, compared
with $155,290.37 on July 1, 1924, or an increase of $6,779.89. This
increase and the excess of issues over purchases were provided for
by the removal to warehouse of about $18,000 worth of stationery
supplies from the various units of the department.
Shipments of stationery and miscellaneous supplies by the Bureau
of Supply from Washington to field offices of the department totaled
14,119 packages, boxes, etc., weighing 765 tons in 1925, compared
with 7,989 packages, etc., weighing 610 tons in 1924. These figures
show an increase of 6,130 in the number of packages, etc., and 155
tons in weight. In detail, the shipments in 1925 were made up of
2,909 franked parcels, weighing 8,727 pounds; 2,139 parcel-post
packages, weighing 29,542 pounds and costing $1,548.98 in postage;
and 9,071 express and freight boxes, crates, etc., weighing 1,491,208
pounds. The shipments by freight and express involved the use of
3,859 Government bills of lading in 1925 against 3,817 in 1924.
General Supply Committee
Purchases reported by Government departinents and estabhshments under contracts negotiated through the General Supply Committee amounted to $6,645,195.64 during the fiscal year 1925, an
increase of $146,576.41 over the preceding year. Of the 20 classes
of items contracted for, purchases of 15 increased in varying amounts
and those of 5 decreased. There were increases totaling $495,817.21
in purchases of items included in classes 9 and 18 (furniture, filing
equipment, typewriting machines, adding machines, and other laborsaving devices, etc.), due to the fact that there is no longer available
any surplus equipment of this character, while there was a decrease
of over a half million dollars in purchases of stationery items (class 1).
The favorable prices obtained by coordinating purchases of automobile tires and tubes resulted in many field services filhng their
requirements during the past year from General Supply Committee
contractors, consequently i*eported purchases of these items show an
increase of $55,339.54—from $96,633.21 in 1924 to $151,972.75 in
1925.
Issues of surplus supplies and equipment to various Government
activities have decreased as available articles fit for further use have"
diminished, the value of equipment issued in 1925 being $78,028.61,
against $150,002.96 in 1924. Similarly, there was a suostantial decrease in the value of material no longer usable by tne Government
132
REPORT ON T H E FINANCES
which was disposed of to the pubhc at auction and contract sales, the
returns from which in 1925 amounted to $229,085.58 and in 1924
to $300,003.40. The aggregate return to the Government from the
disposition of surplus material, including both transfers to Government estabhshments and sales to the public, was $307,114.19 in 1925,
compared with $460,006.36 in 1924.
The number of supply contracts entered into was much greater
than dming the preceding year, there having been 1,128 in 1925
and 768 in 1924. This was due in large part to the effort of the
General Supply Committee to secure more favorable prices by substituting as far as possible short-term contracts for annual contracts
for such items as are subject to considerable fluctuation, thus reducing the hazard of loss from rising markets against which contractors are forced to protect themselves when bidding on longer
terms.
The continuation of the policy of consolidating requirements on a
nmnber of commonly used supply items and contracting for definite
quantities for immediate delivery in bulk shipments has lowered the
cost to the Government of many such items. That material economies
are possible through this plan of procuring commonly used supplies in
definite quantities has been demonstrated both by direct savings
resulting from lower prices and by indirect savings resulting from
single inspections and tests rigidly applied. I t is necessary, however,
again to call attention to the disadvantages imposed by existing
law, under which consolidated payments may not be made for
supplies so purchased. Better prices could be obtained and consequently greater savings could be accomplished were the present
cumbersome method of each department making an individual
payment for its particular share of a consolidated pmrchase supplanted by the more business-like procedure of settling an indebtedness by a single check, based on a single vDucher. The present
system complicates accounting, both for the contractor and the
Government; it causes delays in the payment of bills; and often it
makes it impossible to take advantage of discounts.
PERSONNEL
On June 30, 1924, there were on the rolls of the Treasury Department in Washington 17,119 employees, and on September 30, 1925,
there were 15,535 employees, a net decrease of 1,584.
Most of this decrease has occurred in the office of the Chief Clerk,
the Division of Loans and Currency, the Bureau of Internal Revenue,
and the office of the Register of the Treasury.
On June 30, 1924, there were 41,882 employees in the field service
while on June 30, 1925, the number was 46,770, a net increase of
4,888, made up chiefly of increases of 3,634 in the Coast Guard
133
SECRETARY OF THE TREASURY
Service and 597 in the Customs Service. These additions were due
to increased activities authorized by law.
A statement shomng by bureaus, divisions, and offices the number
of employees in the departmental service of the Treasury, at the
close of each month from June, 1924, to September, 1925, is included
in this report as Exhibit 80, page 327. A summary of the number
of employees in the offices having both departmental and field services is shown in the following table:
June 30, 1924
Increase (+) and
decrease (—)
June 30, 1925
Bureau or office
Depart- Field
mental
Division of Customs -.
Secret Service Division
United States Coast Guard..
Federal Farm Loan Bureau.
Mint Bureau
Internal Revenue Bureau
Public Health Bureau
Supervising Architect's Office
All other
Total . . - - . . . .
Total Depart- Field
mental
Total Depart- Field
mental
Total
55 7,800
7,855
13
123
136
107 5,764 5,871
92
92
14 """738"
752
6,469 13, 099 19, 568
261 8,639 8,900
54 • 8,397 8,451
+597
-1
+596
11
127
138
-2
+2
+4 +3, 650
123 9,398 9,521
+16
96
96
+4 +3, 634 •
+4
14 ""'~780"
"""+42"
794
+42
6,022 13, 312 19. 334 ""-447" +213
-234
-24
237 8,838 9, 075+199
+175
211
9,897
221
9,038
17,119
5, 719
5,930
9,897
5,918
6,139
9,038
+10
-859
+199
+209
—859
41, 882 59, 001 15, 816 46, 770 62, 586 -1,303 +4, 888 +3, 585
PERSONNEL CLASSIFICATION
At the beginning of the fiscal year 1925, the work incident to
the classification of employees was functioning on a sound basis
and practically all of the outstanding initial errors in job classification and inconsistencies in allocation—the natural sequence of such
a huge undertaking as classification—had been corrected to the
satisfaction of the department. The extent of the progress made
was due, chiefly, to the contact established by the Treasury Personnel Classification Board with the offices of the department and
the Personnel Classification Board.
On November 8, 1924, the Personnel Classification Board introduced the new system of efficiency rating of employees as required
under the classification act of 1923. The first rating of employees
by grades and offices was made effective as of November 15, 1924,
and was intended to show the relative efficiency of competitive
employees for the six months' period ended that date.
The new system was considerably more elaborate than the judgment rating system installed by the Bureau of Efficiency which was
in operation up to this time, and of necessity, required careful study
and discussion in order that a systematic and uniform procedure
might be established in each office. Notwithstanding the desire of
all offices fully to comply with the rules governing the operation
134
REPORT ON T H E FINANCES
of the system, the rating of November 15, 1924, was not entirely
satisfactory. The discrepancies reflected in the first rating were
almost wholly accountable to a misunderstanding of the fundamentals
of the new system.
Great improvement was shown in the rating for the following six
months' period ended May 15, 1925, which rating is now used as a
basis not only for purposes of promotion throughout the department
but as a guide in the preparation of separation and demotion lists
when a reduction in force becomes necessary.
By the 1st of May, the classification and efficiency rating work
had become so well established that it was deemed expedient permanently to centralize the subsequent handling of all these matters
with one official who would be in a position to make definite recommendation on the detail of the entire subject. Accordingly, the
responsibility for these functions was vested in one official by Secretary's order of May 9, 1925 (Exhibit 78, page 324), which order simultaneously discharged the Treasury Department Personnel Classification Board of five members. Under the new plan the chief clerk
of the department, under the supervision of the Secretary's office,
iS charged with the direction of all classification and efficiency rating
work and in each office a designated employee is required to specialize
on these subjects and serve as a member of the advisory committee
to the chief clerk. The centralization of tliis work with one official
has enabled the department to make intelligent and consistent
recommendations to the Personnel Classification Board and to secure
from one source pertinent information regarding the application
of the classification act.
During the year 922 protests were filed, of which number the
Treasury board and subsequently the chief clerk approved 682,
disapproving or submitting for special investigation 240 cases. Of
the 682 cases submitted the Personnel Classification Board approved
"235, disapproved 269, and at the end of the year had still under
consideration 178.
RETIREMENT OF CIVIL SERVICE EMPLOYEES
From October 1, 1924, to September 30, 1925, 101 persons were
retired on account of age and 73 were retired on account of-disability. Since the retirement law went into effect 1,943 employees
have been retired under the provisions of the law. At the present
time only 88 persons above the retirement age are retained in the
Treasury Department in Washington and 443 in its field service.
Of the total number retained in the field service 250 are in the Customs
Service, where on account of their long experience in the interpreta-
185
SECRETARY OF THE TREASURY
tion and administration of the customs laws many of these employees
are more valuable to the Government than new employees without
experience would be. I wish to repeat the expressions of opinion
made in my recent annual reports that it would be beneficial to the
ejnployees and in the interest of efficient administration to reduce
the age limits and to increase the annuities granted under the retirement law.
The following table shows the number of persons retired and the
number retained in the departmental and field services of the Treasury
under the provisions of the act of May 22, 1920, and the amendments
thereto:
Total number of persons now retained in the departmental and field services of
the Treasury Department under section 6 of the act approved May 22, 1920,
and the amendments thereto, and the number retired since the act went into effect
on August 20, 1920
DEPARTMENTAL
R e t i r e d on account
of age
Office
From
Oct. 1,
1924, t o
Sept. 30,
1925
From
Oct. 1,
1924, to
Sept. 30,
1925
Retained
To
Sept. 30,
1924
Secretary's
Appointment Division..
Mint Bureau
C u s t o m s Division
P r i n t i n g Division
T r e a s u r e r ' s office
Bookkeeping a n d W a r r a n t s
Public Health
Comptroller of C u r r e n c y
Loans a n d C u r r e n c y . .
.
Supervising A r c h i t e c t . . .
Public Debt .
Secret Service
M a i l a n d Files
Register's office
Engraving and Printing
....
Internal Revenue
Chief.Clerk
Coast G u a r d
A u d i t o r ' s offices
Public Moneys
War risk...
_
Total..
3
1
12
1
2
6
7
5
2
5
2
2
3
8
29
88
,
_
R e t i r e d on account
of disability
1
1
1
1
2
45
6
2
19
14
10
1
3
2
8
213
42
23
5
86
3
14
3
496
To
Sept. 30,
1924
Retired
under
act
Sept. 22,
1922
1
1
17
8
1
28.
3
4
4
3
2
3
75
15
6
1
2
9
1
1
2
1
i
9
4
1
9
5
3
1
11
1
1
33
160
32
58
20
20
4
3
6
30
3
1
16
120
41
18
Total
number
retired
1
2
1
3
2
84
7
4
26
18
17
3
3
2
13
323
74
34
5
98
4
15
739
FIELD SERVICE
Customs
Internal Revenue
Coast G u a r d
Public Health
M i n t a n d Assay
Custodian
Subtreasury
Total
250
29
1
14
41
108
443
361
219
7
7
124
154
24
28
13
1
5
6
15
896
68
13
,
467
321
8
15
138
215
40
79
1,204
65
1
136
REPORT ON T H E FINANCES
PRACTICE BEFORE THE TREASURY DEPARTMENT
During the year 2,686 applications for admission to practice before
the Treasury Department as attorney or agent were received, 2,715
were approved, and 32 were disapproved. Department Circular No.
230, as revised and reissued August 15, 1923, requires all attorneys Or
agents already enrolled and desiring to continue in practice to file an
affidavit relative to handling business before the department on a
contingent fee basis. A similar affidavit is required in the case of
each new applicant for enrollment. At the close of the year 12,378
persons had filed the required affidavit and were eligible to practice
before the department.
There.has been increased activity by the committee on enrollment and disbarment in investigating and reporting on complaints
charging enrolled attorneys or agents with violation of the laws and
regulations governing practice before the department. On June 30,
1924, there were 39 unsettled cases in which formal proceedings for
suspension or disbarment had been instituted and during the year proceedings were instituted in 95 new cases, a total of 134. In 11 cases
the complaint was dismissed on the respondent's answer without
formal hearing, and in 16 cases the complaint was dismissed after
answer and a formal hearing by the committee on enrollment and
disbarment. In 51 cases, after a finding and recommendation by the
committee, penalties were approved by the secretary as foUows: 9
individuals were disbarred from further practice before the department, 19 were suspended from practice for various periods from 10
days to 1 year and 23 were reprimanded. Fifty-six cases remained
unsettled on June 30, 1925. The large and increasing number of
complaints against enrolled attorneys or agents has necessitated the
designation of an additional attorney to assist in the preparation and
presentation of cases before the committee.
By an order effective September 1, 1925 (Exhibit 82, page 339), all
attorneys and agents appearing in behalf of any person in any matter
whatsoever pending before the prohibition unit or any branch office
thereof or before any agent or officer of the prohibition service are
required to be enrolled and admitted to practice in accordance with
the regulations.
PANAMA CANAL
The general fund of the Treasury was charged during the fiscal
year 1925 with $9,923,199.66 on accoimt of the Panama Canal,
including $9,050,509.73 for maintenance and operation and $872,689.93
for fortifications and miscellaneous expenditures. The general fund
was credited during the year with $22,553,732.44 on account of
receipts from tolls, etc., rnaking an excess of receipts for the year of
SECRETARY OF THE TREASURY
$12,630,532.78. The total amount expended for canal construction,
fortifications, maintenance, and operation, together with the amount
of interest paid on Panama Canal loans up to the close of the fiscal
year 1925, is shown in the following table:
Year
1903.
1904
1905
1906
1907.
1908 - .
1909.
1910
1911.
1912
1913._1914
1915
1916..
1917 . .
1918
1919.
1920
1921.
1922
1923.
1924
1925
.
Total..--.
Construction,
maintenance,
and operation
$9,985.00
50.164, 500. 00
3,918,819.83
19, 379,373. 71
27,198, 618. 71
38,093,929. 04
31,419,442. 41
33,911,673. 37
37,038,994. 71
34,285, 276. 50
39,917,866. 71
31, 452, 359. 61
24,427,107.29
14, 638,194. 78
15,949,262.47
13, 299, 762. 56
10, 704, 409. 74
6,031,463. 72
16, 230, 390. 79
2, 791, 035. 40
3, 620, 503. 37
7,141,711.97
9, 050, 509. 73
470, 675,191.42
Total
Fortifications'
Interest paid
on P a n a m a
C a n a l loans
Receipts
covered into
the Treasury
$30,608.75
1,036,091. 08
1,823,491. 32
3, 376, 900. 85
4, 767, 605. 38
2,868, 341.97
3,313, 532. 55
7,487,862. 36
1, 561,364. 74
3,433, 592.82
2, 088, 007. 66
896, 327. 45
950,189. 20
393,963. 37
872,689.93
$9,985.00
50,164, 500. 00
3,918,819. 83
19, 379, 373. 71
27,198, 618. 71
38, 093,929. 04
31,419,442. 41
33,911, 673. 37
37, 069, 603. 46
35, 321, 367. 58
41, 741,358. 03
34,829,260. 46
29,194, 712. 67
17, 506, 536. 75
19, 262, 795. 02
20, 787,624. 92
12, 265,774. 48
9,465,056. 54
18, 318, 398. 45
3, 687, 362. 85
4, 570,692. 57
7, 535, 675. 34
9,923,199. 66
$785,268.55
1,319,076. 58
1, 692,166. 40
1,691,107.20
3,000, 669. 60
3, 201,055. 81
3,194,105. 95
. 3,199, 385. 05
3,189, 024. 79
3,103,250. 67
2,976,476. 55
2,984,888. 33
3,040,872.89
2.994, 776. 66
2.995, 398.14
2,997,904.81
2,992,461.19
2,988,918.80
$371,253.06
380,680.10
1,178,949. 85
1,083,761.49
705,402.42
3,214,389. 48
1,757,284. 44
2,982,823. 92
4,070,231. 27
698,647.87
4,130,241. 27
2,869,995. 28
6,150,668, 59
6,414, 570. 25
6,777,046. 55
9,039, 670.95
11,914,361.32
12,049, 660. 65
17,869,985. 25
26,074, 513. 33
22, 553, 732.44
34,900,569.43
505, 575, 760.85
48,346,807'. 42
142, 287,869. 78
FINANCES
Condition of the Treasury, June 80, 1925
[Revised figures]
General fund:
In Treasury offices—
Gold
.....
. . $175, 147, 160. 94
Standard silver dollars
2, 399, 135. 00
United States notes
2, 193, 375. 00
Federal reserve notes
246, 920. 00
Federal reserve bank notes
87, 890. 00
National-bank notes
.44, 261. 00
Subsidiary silver coin
7, 537, 767. 75
Minor coin
1, 782, 509. 74
Silver bullion (at cost)
16, 387, 694. 52
Unclassified (unassorted currency,
etc.)
3,285,897.20
In Federal reserve banks—
To credit of Treasurer of the United States. __
In transit
$209, 112, 611. 15
25,434,368.53
20, 701, 960. 10
46, 136, 328. 63
In special depositariesAccount of sales of certificates of
indebtedness
60501—FI 1925t
10
150, 716, 572. 04
138
EJEPORT. ON THE FINANCES
General fund—Continued.
In national-bank depositaries—
To credit of Treasurer of the
UnitedStates
To credit of other Government
officers
....
In transit
'
$6,809,268.69
22, 002, 977. 91
2, 821, 710. 99
$31, 633, 957: 59
In treasury of Philippine Islands—
To credit of Treasurer of the IJnited
States
In transit
In foreign depositaries—
To credit of Treasurer of the United
States
To credit of other Government
officers
In transit
896, 150. 92
80.43
896,231.35
85,129.01
172, 842. 97
250.00
438, 753, 922. 74
Deduct current liabilities—
Federal reserve
note 5 per cent
fund(gold)__. $161,594,675.70
Less notes in
process of redemption
1, 227, 342. 50
National-bank
note 5 per
cent fund
Less notes in
process of redemption
160, 367, 333. 20
26, 993, 525. 27
19, 550, 970. 00
Treasurer's checks outstanding
Post Office Department balance. _ _
Board of trustees. Postal Savings
System balance
Balance to credit of postmasters,
clerks of courts, disbursing
officers, etc
_..__
Undistributed assets of insolvent
national banks
Retirement of additional circulating notes, act of May 30,1908_ _ _
Miscellaneous redemption accounts
7, 442, 555. 27
1, 277, 960. 18
8, 036, 827. 50
7,043,441.20
30, 687, 874. 74
2,574.41
4, 740. 00
3, 911, 175. 42
Balance in the Treasury June 30, 1925, according
to statement of the public debt of the United
States-
258, 221. 98
218, 774, 481. 92
219, 979, 440. 82
SECRETARY OF THE TREASURY
139
The following is a summary of the net change in the general
fund balances between June 30, 1924, and June 30, 1925: .
General fund balances:
Balance per daily Treasury statement, June 30, 1924
$235, 411, 481. 52
Add excess of receipts over expenditures in June,reports
subsequently received
2, 618, 033. 22
Net balance June 30, 1924, according to statement
of the public debt of the United States
238, 029, 514. 74
Excess of ordinary receipts over expenditures chargeable
against ordinary receipts in the fiscal year 1925
250, 260, 064. 35
Total to be accounted for
- 488, 289, 579. 09
Public debt retirements from surplus revenue
250, 260, 064. 35
(This is additional to $466,538,113.83 sinking fund
and other debt retirements chargeable against ordinary
receipts.)
Public debt retirements resulting in decrease in general
fund balance
18, 050, 073. 92
Balance in the Treasury June 30, 1925, according to
statement of the pubhc debt of the United States
219, 979, 440. 82
Total
488, 289, 579. 09
United States notes {greenbacks).—The redemptions of United
States notes unfit for circulation during the year amounted to
$285,560,000. An equal amount was issued in order to maintain
the outstanding aggregate of the notes as required by law.
Gold reserve fund,—The reserve fund was increased by $641,959.88
during the year, being the amount of franchise tax receipts paid
into the Treasury by the Federal reserve banks and Federal intermediate credit banks on account of earnings in the calendar year
1924. The reserve fund now amounts to $153,620,985.51. There
were no redemptions of United States notes for gold from the reserve
fund during the year.
Trust funds,—The following table shows the trust funds held for
the redemption of the notes and certificates for wliich they are
respectively pledged:
Gold coin and bullion. $1, 609, 687, 619
Silver dollars.
448, 724, 195
Silver dollars, 1 8 9 0 . 1, 386, 882
Total
,.-.
2, 059, 798, 696
Gold certificates outstanding
. . $2, 096, 695, 459
Less amount in the
Treasury
487, 007, 840
Net
1, 609, 687, 619
Silver certificates outstanding
453,236,773
Less amount in the
Treasury..
4, 512, 578
Net
448, 724, 195
Treasury notes (1890)
"
outstanding
1, 391, 882
Less amount in the
Treasury. .
5, 000
Net
1, 386, 882
Total
2, 059, 798, 696
140
REPORT ON T H E FINANCES
Gold fund, Federal Reserve Board,—The balance to the credit
of the gold fund of the Federal Keserve Board on June 30, 1925,
amounted to $1,752,744,435.12, a decrease of $508,146,600 from the
amount to the credit of this fund on June 30, 1924.
The public debt,—The gross public debt of the United States at
the close of the fiscal year 1925 amounted to $20,516,272,174.73.
This is shown in detail in Exhibit 1, page 170, and Table A, page 448.
Receipts and expenditures, on cash basis
The following statements summarize cash receipts and expenditures during the fiscal year 1925, and the estimated receipts and
expenditures for the fiscal years 1926 and 1927 on the basis of the
latest information received from the Bureau of the Budget:
Summary of receipts and expenditures on the basis of daily Treasury statementSy
unrevised
Actual, fiscal
year 1925
Net balance in the general fund at the beginning of fiscal
year
_
_
Receipts:
Ordinary
Public debt
Estimated,
Estimated,
fiscal year 1926 fiscal year 1927
$235,411,482
$217,835, 732
$217,835, 732
3, 780,148, 684
1 1,809,427,195
3,880, 716, 942
1,064, 903,449
3,824, 530,203
1,541,022,307
5,824,987, 361
5,163, 456,123
6, 583, 388, 242
Expenditures:
3, 063,105,332
Ordinary
_
466,538,114
Public debt chargeable against ordinary receipts...
1 2, 077, 508,183
Other public debt
217,835, 732
Net balance in the general fund at close of fiscal year
3,118, 246, 591
500,428, 595
1,326, 945,205
217,835, 732
2, 978, 638,910
515, 583,398
1,871,330,202 •
217,835, 732
5, 824,987, 361
5,163,456,123
5, 583, 388, 242
699, 591,478
622,808, 262
660,000,000
697,067,449
704,400,000
729,178,816
23, 216,784
37,067,449
24, 778,816
Total
-—
-
Total
POSTAL SERVICE
Postal receipts
Postal expenditures 2
Deficiency in postal receipts«
,
I Other public debt expenditures and public debt receipts, as shown in this statement, are exclusive
of $1,343,293,500 Treasury certificates issued and retired within the same fiscal year.
> The postal expenditures, and the deficiencies, as shown in this table are exclusive of amounts transferred,
or estimated to be transferred, to the Civil Service Retirement Fund under the act of May 22, 1920, as follows: 1925, $10,622,116.17; 1926, $10,308,157; and 1927, $11,098,747.
8 The postal deficiency for 1925 and the estimated postal deficiencies for 1926 and 1927 are included in the
ordinary expenditures shown above and in the general classification of ordinary expenditures and estimated ordinary expenditures on p. 142.
Receipts and expenditures for the fiscal years 1924 and 1926, and estimated receipts and expenditures for the fiscal years 1926 and 1927 {on the
basis of daily Treasury statements, unrevised)
Fiscal year 1924
Fiscal year 1925
Fiscal year 1926
Fiscal year 1927
RECEIPTS
Ordinary
Customs.
Internal revenue:
I n c o m e tax
._.,
Miscellaneous internal revenue.-.,.
Miscellaneous receipts:
Proceeds of
Governmentowned s e c u r i t i e s Foreign o b l i g a t i o n s Principal
Interest
R a i l r o a d securities
All o t h e r securities
T r u s t fund receipts (reapp r o p r i a t e d for i n v e s t m e n t ) .
Proceeds sale of s u r p l u s p r o p erty
P a n a m a C a n a l tolls, e t c
R e c e i p t s from miscellaneous
sources credited direct to
appropriations
_..
O t h e r miscellaneous
$1,880,000,000. 00
$1,880,000,000. 00
$1, 760, 537,823. 68
1 $551, 750,000. 00
» $556, 750,000. 00
$547, 561, 226.11
$545, 637, 503.99
$1,842.144,418. 46
953, 012,617. 62
• 2, 795,157, 036.08
828,638,067.90
• 2, 589,175.891. 58
864,000, 000. 00
•2,744,000,000.00
61, 089,867.14
160,684,807. 75
94, 373,535. 52
9, 602,404. 53
23, 247,699. 07
160, 389,977. 94
143,911, 420. 98
19, 843, 302. 01
31,257,243.00
163,377,046.00
56,976,923.00
66,992,939. 00
32, 226, 660. 00
163, 345,470. 00
17,801, 972. 00
37,478. 724. 00
30,643,799.16
33, 373, 481. 01
40,495,000.00
47,462,000.00
46, 774,600. 22
27, 063, 204. 24
23,768,975.02.
23, 089, 957.87
24, 799, 630.00
21, 000,000. 00
U2
874, 000,000. 00
20,338, 083. 00
21,000,000. 00
2,754,000, 000. 00
>
29,603, 432. 29
186,183, 320. 54
29,609,735.46
211,408, 207.56
O
;>
179,127,394. 00
175,068,161.00
671,250,161. 58
Total ordinary receipts......
643,411, 566. 73
579, 966, 942.00
518, 780, 203. 00
4,012, 044,701. 65
3,780,148,684.42
3,880, 716,942.00
3,824,530,203. 00
' I n c l u d e s $1,750,000 e s t i m a t e d b y D e p a r t m e n t of C o m m e r c e for t o n n a g e t a x , receipts on account of w h i c h are covered i n t o t h e T r e a s u r y as c u s t o m s r e v e n u e s .
o
w
pi
Receipts and expenditures for the fiscal years 1924 and 1925, and estimated receipts and expenditures for the fiscal years 1926 and 1927 {on the
basis of daily Treasury statements, unrevised)—Continued
Fiscal year 1924
Fiscal year 1925
Fiscal year 1926
to
Fiscal year 1927
EXPENDITURES
Ordinary {checks a n d w a r r a n t s
paid, etc.)
General e x p e n d i t u r e s :
Legislative e s t a b l i s h m e n t . . . .
Executive proper
State Department
Treasury Department
War Department
..
D e p a r t m e n t of J u s t i c e
P o s t Office D e p a r t m e n t
Navy Department
Interior D e p a r t m e n t
D e p a r t m e n t of A g r i c u l t u r e . . .
D e p a r t m e n t of C o m m e r c e —
D e p a r t m e n t of L a b o r
U . S. V e t e r a n s ' B u r e a u .
O t h e r i n d e p e n d e n t oflBces
a n d commissions
D i s t r i c t bf C o l u m b i a
$13,855,664. 29
411,898.27
15.054, 408.58
12», 232,421. 79
361,887,888.84
23,495, 738.96
3 79,826.85
346,142,001.44
302,440,633.08
164,644,283.54
25, 782, 961.39
9,677,841.30
384,715,796. 72
$16, Oil, 245.00
483,007.00
16,135, 032.00
132,237,928.00
347, 289, 031.00
25,053,160.00
$16,169.685.00
431,104.00
16,372,154.00
134,604, 988.00
338,249,520.00
24,340,750.00
342,305,000.00
293,86", 508.00
162,901,222.00
29,427,640.00
8,355,699. 00
388,515,000.00
333,691, 000.00
267,806,057.00
161,133,552.00
30,227,500.00
8, 583,4M. 00
367, 765,000.00
28,261,981. 47
25,873,115.19
. 27, 682,657.28
32, 713,000. 67
32,179,331.00
36,516,448.00
33,991,496.00
36,311,600 00
Total-. D e d u c t unclassified i t e m s
1,829,697,061.65
1,234,150.47
1,836, 657,369.20
* 347,106.72
1,831,277,161.00
1, 759,677,860 00
Total.
I n t e r e s t on p u b l i c d e b t
..
Refunds of receipts:
Customs
Internal revenue . . .
P o s t a l deficiency
P a n a m a Canal
.
O p e r a t i o n s i n special a c c o u n t s :
Railroads
W a r Finance Corporation
Shipping Board
.
Alien p r o p e r t y funds
A d j u s t e d service certificate
fund
L o a n s to railroads
1,828,462,911.18
» 940,602,912. 92
1,837,004,475.92
2 881,806,662.36
1,831,277,151.00
820, 000,000. 00
1, 759,677,860 00
795. 000.000 00
20, 566,638. 33
127, 220,151. 47
12,638,849. 75
8,387,099.90
22, 920,891. 05
147, 777,034. 05
23, 216,783. 58
9,092,818.69
28,622,500. 00
157,625,000.00
37,067,449.00
10,213,394.00
20, 010, 000.00
152,225, 000 00
24, 778,816.00
8,963, 534.00
22, 771,167. 74
» 52, 539,947. 20
85,491,358. 71
3 1,150, 576.16
7,204,992. 53
» 42, 901,758.13
30,304,859. 54
4,018,131.55
7,209,047. 00
» 20,000,000. 00
39,690, 000. 00
1,000,000. 00
4,525,000 00
»10, 000, 000.00
27, 710,000.00
•99,458,769.16-
156,000, 000.00
140 000.000 00
$14,315,684.73
450,952.65
14,669,456.89
» 137,411,205.17
348, 629,778.55
21,134,228.10
186,789. 29
332,249,136.67 .
328,227,697.11
141,116,440.69
21,429,678.93
6,620,052. 55
409,120,863.66
12.971.000.00
w
O
w
H
O
"^
H
5^
I n v e s t m e n t ot t r u s t funds:
G o v e r n m e n t life i n s u r a n c e
fund
;
i
Civil service r e t i r e m e n t f u n d .
D i s t r i c t of C o l u m b i a teachers* r e t i r e m e n t f u n d . . . .
Foreign service r e t i r e m e n t
fund
.
_ ._
General railroad c o n t i n g e n t
fund
-
250.000.00
258, OOC. 70
fi77
82,050. 00
75, 700.00
1,123,760. 49
4,584,262.92
• 245,000.00
82, 568.91
233,420.36
<t5t n 4 f t
P u b l i c d e b t r e t i r e m e n t s chargeable against o r d i n a r y receipts:
S i n k i n g fund
c..:..
P u r c h a s e s from foreign repayments
Received from foreign gove r n m e n t s u n d e r d e b t settlements...
i:
Received from estate taxes
P u r c h a s e s from franchise t a x
receipts ( F e d e r a l reserve
b a n k s a n d Federal interm e d i a t e credit b a n k s ) . . . . . .
Forfeitures, gifts, e t c . .
44, 212,000. 00
8, 211,000. 00
38,250,000.00
8,965,000.00
31,991,713.82
9,745,622.04
30,410,378.80
8,028,336.62
2,000,000. 00
3, 000,000. 00
OR*! l A
^L1 OfiT in"! ^ T ^ ofi
l i s O R f^oi nn
A
fv'^ 07S 63fi 910 00
339,423, 648. 00
325,304,445. 00
306,308,400.00
295,987,350.00
<6T
m
o
386,100.00
38,509,150.00 •
110,878,450.00
8,897,050.00
158,793,600.00
47,660. 00
3,634,550.00
93,200.00
794,169. 88
208,403. 95
1,000,000.00
175,159, 750. 00
174,124,150. 00
;>
1,000,000.00
.
'il') 583 39R 00
T o t a l e x p e n d i t u r e s chargeable against o r d i n a r y receipts
3,506,677,715.34
3, 529,643,446.09
3, 618, 675,186. 00
Excess of o r d i n a r y receipts over
t o t a l e x p e n d i t u r e s chargeable
against o r d i n a r y receipts
505,366,986.31
250,505,238.33
262,041,756.00
3,494,222,308.00
w
330, 307,895. 00
1 Includes $12,000,000 subscriptions to capital stock of Federal intermediate credit banks for the fiscal year 1924.
2 Includes $25,020,344.59 for 1924 and $10,374,897.87 for 1925, accrued discount on war savings certificates of the series of 1918, 1919, and 1920.
3 Excess of credits, deduct.
*Add.
.» The variation in above amount from amount appropriated is due to necessity for a small working balance in connection with certificate payments by Veterans' Bureau,
amount of fund invested see items of adjusted service series under public debt receipts and public debt expenditures on pages 154 and 163,
o
For
CO
Public debt expenditures and receipts for fiscal year 1925 and estimates for fiscal years 1926 and 1927^
[On basis of daily Treasury statements, imrevised]
Fiscal year 1925
Fiscal year 1927
Fiscal year 1926
EXPENDITURES
Certificates of indebtedness
Treasury notes and certificates of indebtedness (adjusted service series)
Victory notes
Treasury'notes and Liberty bonds
Treasury (war) savings securities
.
..
Loan of 1925
'
Retirements of Federal reserve bank notes and national-bank notes
Old debt items
:
$809,661,000
4,600,000
6, 972,5501, 485, 253,450
50,868,101
117,050,150
68, 974,392
666, 654
Total public debt expenditures
_.
. .
Deduct debt expenditures chargeable against ordinary receipts:
Sinking fund
.•
Purchase of Liberty bonds from foreign repayments..
Received from foreign governments under debt settlementsRedemption of bonds and notes from estate taxes..
Retirements from Federal reserve bank and Federal intermediate credit bank
franchise tax receipts..
.
Retirements from gifts, forfeitures, etc -
2, 544, 046.297
$800,000,000
15,000,000
1,000, 000
1,438,903, 600
97,000, 000
$830,621,000
15, 000, 000
3,000, 000
915, 337, 800
.. 12, 000, 000
1,400,000
50, 000,000
15, 000
35, 000, 000
10, 000
1,827, 373,800
2, 386,913, 600
$306,308,400
386,100
158,793, 500
47, 550
$325, 304, 445
$339, 423, 648
174,124,150
175,159, 750
794,160
208,404
1, 000, 000
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1, 000,000
500,428, 595
515,583, 398
2, 077, 508,183
1,326,945, 205
1,871,330, 202
105,352,372
23, 599,203
1, 680,475, 620
20,000,000
20,000, 000
1,044,903,449
1, 521,022, 307
1,809,427,195
1,064,903, 449
268, 080, 988
262, 041, 756
330,307,895
1, 326,945, 205
1,871,330, 202
RECEIPTS
Deposits to retire Federal reserve bank notes and national-bank notes .
Treasury savings securities.
Other new issues of securities, including Treasury notes and certificates
Total public debt receipts -
.
.
- . . .
--
.-.
Excess of public debt retirements over the retirements chargeable against ordinary
receipts due to indicated surplus and decrease in general fund balance
'
2, 077, 508,183
Ui
-
1, 541,022, 307
* Publio-debt expenditures and public debt receipts, as shown in this statement, are exclusive of Treasury certificates issued and retired within the same fiscal year.
O
Preliminary statement showing classified expenditures of the Government for the period from July 1, 1924, to June 30, 1925
[For c o m p a r a t i v e figures a n d t o t a l e x p e n d i t u r e s for t h e fiscal year 1924, see T a b l e F , p . 468]
[On t h e basis of daily T r e a s u r y s t a t e m e n t s , u n r e v i s e d ]
J u l y , 1924
A u g u s t , 1924
September,
1924
October, 1924
November,
1924
$1, 075,392.43
39, 662.85
995, 383.84
10, 320,164. 89
29, 582,373.06
1, 958,048.86
743. 31
^ 2,
28, 270,964. 51
24, 879,091.59
18, 746,178.31
334. 29
1, 828,
766, 307. 83
31, 554,197. 27
2,227, 091. 69
2,756, 154. 65
December, 1924
J a n u a r y , 1925
ORDINARY
General e x p e n d i t u r e s :
Legislative e s t a b l i s h m e n t
E x e c u t i v e proper
State D e p a r t m e n t - . - .
•
Treasury Department
--_
War Department
D e p a r t m e n t of Justice
P o s t Office D e p a r t m e n t - Navy Department
Interior D e p a r t m e n t
D e p a r t m e n t of Agriculture
D e p a r t m e n t of C o m m e r c e
D e p a r t m e n t of L a b o r
U . S. V e t e r a n s ' B u r e a u 2__
O t h e r i n d e p e n d e n t oflices a n d commissionsD i s t r i c t of C o l u m b i a
'.
--_
$1,412, 162. 39
36, 459.11
1,427, 481. 59
10, 670,741. 54
31; 039,204.93
2,022, 763.99
44, 479. 09
28, 761,625. 61
26, 573,350.04
17, 204,520.09
1, 987,841.33
930, 337. 57
32, 556,836. 26
907. 29
1, 361,
3, 233,257.18
$1,338, 611. 88
30, 748. 60
752, 780.41
10,333, 247.52
26, 556, 318. 67
2, 071, 621.43
1 30, 309. 91
30, 848, 195. 85
24,488, 236.98
15,320, 502.39
2,102, 811.18
1,145, 627.44
31,341, 439. 41
3,035, 976.44
2,445, 391.15
154, 996,602. 76
549,455.63
159, 262, 968. 01
3 1, 323, 987.27
151, 781,199. 44
488, 780.22
362, 468.
820, 807.
154,447,147.
73,833, 509.
160, 586,955.
84, 907,250.
151, 292, 419.22
19, 687, 517. 45
825,415.
680, 552.
2, 944,140.
4, 009, 528.
584,445. 63
1,153, 041.62
3, 417, 726.
5, 703,826.
23,982.
313,256.
1,327,364.33
14, 741, 747. 83
5,000, 000. 00
639, 034. 92
1 414, 755.
1 3, 971, 700.
2,153,170.
738, 049.
I 1, 025,432.94
» 3,192,351.61
1, 759, 289. 48
1 470, 559. 80
$1,431, 339. 09
56, 557. 54
691, 522. 70
9, 864, 135.18
34,037, 313. 78
1, 886, 117. 92
130, 543.90
33, 488, 291.10
28, 522, 411.92
12, 869, 382.43
1, 723, 042. 26
918, 536. 64
31,411, 190. 03
2,375, 149.12
2, 111, 898. 31
507. 52
32, 218. 68
• 702, 329. 08
11,231, 494.18
33,426, 294.18
1, 570, 438.48
56, 913.24
28, 524, 797. 99
26,348, 058. 54
17,391, 947.10
1, 706, 148. 08
432, 531. 04
31,469, 623. 95
1,088, 647.40
3, 507, 842.71
910.40
25, 274.11
6, 285, 085. 75
10, 589, 073.64
31, 295, 870.75
1,511, 724.46
30, 074. 79
26, 581, 140. 33
26,537, 931.84
17,145, 394. 50
1, 817, 907.46
750, 786.44
31, 957, 241.76
1,730, 274. 52
1, 976, 175. 58
$1,463, 164. 94
28, 904.37
900, 521.39
10, 463,363.53
30,887, 243. 95
1,884, 038.05
156, 479.30
30,028, 257. 78
26,918, 572. 68
19, 680,546. 99
1, 874,189. 45
591, 150.11
32, 070,325. 04
2,381, 896. 25
2,829, 371. 33
Total
..
D e d u c t unclassified i t e m s .
161, 356, 344.12
114, 416. 22
158,257, 792.17
3 286, 324.87
159,215,866. 33
378, 936.93
161,945,066. 56
3 417,401. 56
Total
I n t e r e s t on p u b l i c d e b t
R e f u n d s of receipts:
Customs
Internal revenue - _
P o s t a l deficiency
P a n a m a Canal__
O p e r a t i o n s in special accounts:
Railroads
War Finance CorporationShipping B o a r d - . . .
Alien p r o p e r t y funds
161,241,927.90
18,125, 252.19
;,-544,,117.
1,648,177.
158, 836, 929.40
118,396, 517. 67
1, 397, 057.98
15, 766, 351. 72
1, 741,868.62
12, 957, 039. 88
597, 234.79
3,219,428.63
1 8,028, 779. 79
2,189,992. 05
1, 341, 504.20
598, 065.!
574, 483.1
606,947. 05
6, 828.
688, 755.
677,189.
540, 544.
1, 739, 369.13
1475, 630.42
1 3, 452,694.80
2,973, 078. 64
1, 213, 986. 08
309,364.
915, 512.
998,121.
140,022.
1 294,665.
1 6, 516,189.
2, 045,156.
1 624, 214.
1 Excess of credits ( d e d u c t ) .
2 D u r i n g t h e fiscal year 1925 to d a t e a l l o t m e n t s for v e t e r a n s ' reUef h a v e been m a d e t o t h e T r e a s u r y D e p a r t m e n t i n t h e a m o u n t of $394,840, to t h e W a r D e p a r t m e n t in t h e a m o u n t
of $4,075,300.07, t o t h e N a v y D e p a r t m e n t in t h e a m o u n t of $1,536,800, a n d t o t h e Interior D e p a r t m e n t in t h e a m o u n t of $51,250. Similar a l l o t m e n t s in t h e fiscal year 1924 t o t h e
T r e a s u r y D e p a r t m e n o were $457,150, to t h e W a r D e p a r t m e n t $4,434,713.92, t o t h e N a v y D e p a r t m e n t $1,474,600, a n d t o t h e I n t e r i o r D e p a r t m e n t i n t h e a m o u n t of $44,791. E x p e n d i t u r e s u n d e r these a l l t t m e n t s , however, a p p e a r as e x p e n d i t u r e s of t h e respective d e p a r t m e n t s a n d n o t of t h e V e t e r a n s ' B u r e a u .
^Add.
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Preliminary statement showing classified expenditures of the Government for the period from July 1, 1924t to June 30, 1925—Continued
J u l y , 1924
A u g u s t , 1924
September,
1924
October, 1924
November,
1924
$2, 539,925. 00
37, 240. 64
27, 960. 73
1 728. 25
153,114. 08
D e c e m b e r , 1924
J a n u a r y , 1925
ORDINARY—continued
L o a n s t o railroads
Adjusted service certificate fund
I n v e s t m e n t of t r u s t funds:
G o v e r n m e n t life i n s u r a n c e _.
Civil service r e t i r e m e n t .
-D i s t r i c t of C o l u m b i a t e a c h e r s ' r e t i r e m e n t
Foreign service r e t i r e m e n t
General railroad contingent
_
$99.876, 249.15
$2,203, 845.07
12,305,433.94
23, 519.48
$1,816,412.50
1 21,524.17
$4,403,625. 00
1 112,129. 27
68,964.47
18,449. 27
60, 983.72
6, 977.98
206,324. 80
- . 207,987, 231.43
Total ordinary
$2,110, 075. 00
188,636,121. 67
298,256, 815.43
320, 303, 506.19
8,200,000. 00
110,174, 000. 00
208,600. 00
P u b l i c d e b t r e t i r e m e n t s chargeable against o r d i n a r y receipts:
Sinking fund
P u r c h a s e s from foreign r e p a y m e n t s
Received from foreign g o v e r n m e n t s u n d e r d e b t settlements
Received for estate taxes
P u r c h a s e s a n d r e t i r e m e n t s from franchise t a x receipts
(Federal reserve a n d F e d e r a l i n t e r m e d i a t e credit
banks)
.. .
.
Forfeitures, gifts, etc
Total..-
---
-
--
--
T o t a l e x p e n d i t u r e s chargeable against o r d i n a r y receipts
233, 754,966.33
$2,336,312. 50
1 987, 652. 88
22,015. 69
30,977. 39
64, 568.17
254,924, 026. 36
2, 570,893. 75
55,997. 68
43,870. 51
292,306,039.97
,
H
90,950,000.00
47,550. 00
H
7,585. 20
7,950.00
152, 200. 00
5,500. 00
3,618.75
3,450. 00
5,000. 00
150,800. 00
7,585. 20
8, 255,500. 00
110,540,300. 00
3,618. 75
3,460. 00
90,955,000. 00
150,800. 00
207,994, 816. 63
196,891,621. 67
408, 797,115. 43
320,307,124.94
233, 758,416. 33
345, 879,026. 36
292,456,839.97
7,585. 20
14,351, 844. 35
8, 255,500.00
-8,060,448.89
110,540,300. 00
494, 732,858.13
3, 618. 75
16,186, 707. 23
3,450. 00
33, 388,735. 86
90,955,000. 00
1,170,828,420.62
150, 800. 00
30, 296,903. 79
14,359,429. 55
16,315,948.89
605,273,158.13
16,189, 325.98
33, 392,185. 86
1, 261, 783,420. 62
30, 447, 703. 79
PUBLIC D E B T
P u b l i c d e b t r e t i r e m e n t s chargeable against o r d i n a r y receipts (see above)
Other p u b l i c d e b t e x p e n d i t u r e s
Total public debt
O
o
C/3
Recapitulation, public debt:
Certificates of i n d e b t e d n e s s - - . . .
T r e a s u r y notes a n d certificates of i n d e b t e d n e s s (adT r e a s u r y notes
.1.'
W a r savings s e c u r i t i e s . . . _ •.
T r e a s u r y savings s e c u r i t i e s .
_.
....
Second L i b e r t y b o n d s
Third Liberty bonds
Fourth Liberty bonds
Victory notes _ . - . - L o a n of 1925
Other d e b t i t e m s
N a t i o n a l - b a n k notes a n d Federal reserve b a n k n o t e s - Total public debt
2,040, 000. 00
1,354,500.00
367,600. 00
220,300, 500. 00
2,638,000. 00
26,018,000.00
886,928, 600. 00
6, 666,500. 00
192, 665. 45
2,704,844.10
1,000.00
500. 00
550.00
2, 650. 00
995, 250. 00
" " i , 505,300. 00
150, 373. 29
2,452,915. 60
100. 00
5,350. 00
8,246, 500. 00
3, 050. 00
798,000. 00
367,896, 000. 00
148, 265.43
2, 797,762. 70
6,815,400. 00
150,543. 23
2,743,607. 75
1,984,900.00
112, 668. 08
2, 039,800. 35
3, 850. 00
10,175, 650. 00
2,650. 00
950. 00
3, 400. 00
50.00
276,337, 200. 00
87,164. 72
1,963,735. 90
1, 000. 00
3,000. 00
92,393,900. 00
812,050. 00
e i s , 800. 00
528,700. 00
50. 00
2,440,920. 00
260. 00
2,786,600. 00
3,380.00
3,135, 700. 00
1, 390. 00
3, 218,085. 00
650. 43
2, 704, 017. 00
619,800. 00
251, 900. 00
6,320. 00
3,190,900. 00
634, 650. 00
503,300.00
1,843.55
4,144,820. 00
14,359,429. 65
16,315,948. 89
605, 273,158.13
16,189,325.98
33,392,185. 86
1, 261, 783,420. 62
30,447,703. 79
200,000. 00
1, 254, 700. 00
18, 204, 416. 59
2,469, 673. 65
800.00
993, 500. 00
a
1 Excess of credits (deduct).
o
>
d
Preliminary statement showing classified expenditures of the Government for the period from July 1, 1924, to June 30, 1925
GO
February, 1925
March, 1925
April, 1925
Total July 1,
1924, to June 30,
1925
May, 1925
Total July 1,
1923, to June 30,
1924
ORDINARY
General expenditures:
Legislative establishment
-..
:
Executive proper
State Department
Treasury Department
War Department
-..-.
Department of Justice
_
-.
Post Oflice Department
----..
Navy Department-_
Interior DepartmentDepartment of Agriculture
Department of Commerce
Department of Labor
U. S. Veterans' Bureau 3
. Other independent oflSces and commissions.
District of Columbia
Total
Deduct unclassified items_
Total
-.
Interest on public debt
-.
Refunds of receipts:
Customs. _
-.
Internal revenue.
Postal deficiency.
Panama Canal
Operations in special accounts:
Railroads..-War Finance Corporation..
Shipping Board-Alien property funds
Loans to railroads
.Adjusted service certificate fund
Investment of trust funds:
Government life insurance
Civil service retirement
:....
District of Columbia teacheirs' retirement..
.Foreign service retirement
-.
General railroad contingent
Total ordinary.
$1, 279, 564. 41
41, 627. 39
953, 788. 03
13, 268, 735. 51
29, 371, 880. 87
1,857, 074. 91
2 124,581. 51
28,894, 574. 48
22,183, 98L03
8,139, 041.94
2, 650, 477. 69
814, 740. 08
30, 522, 522. 66
2,099, 134. 25
3,384, 197. 77
$13,855, 664.29
411,
27
15, 054,408! 68
128, 232,421. 79
361,887, 888.84
23,495, 738. 96
2 79,826. 85
346,142, 001. 44
302, 440,633. 08
164, 644,283. 54
25, 782,961. 39
9, 677,841. 30
384, 715,796. 72
27, 682,657. 28
32, 713,000. 57
140,192,906.34
381,715.91
151, 626,399. 64 155,413,676. 71 137, 271, 787. 61 145, 336,759. 51
21, 035. 08
« 613,144. 08
309, 038. 34
50, 372. 73
1,836,657,369. 20
< 347,106. 72
1,829, 697, 061. 65
1, 234,150. 47
139,811, 190. 43
7,902, 205.13
151, 605, 364. 66 156, 026,820. 79 136,962, 749. 27 145, 286,386. 78
98,713,909.34 141, 740, 501. 49 74,887, 606.13
91,143, 409. 54
1,837, 004,475. 92
881,806i 662. 36
1,828,462,911.18
• 940,602,912.92
$1,169, 756. 36
35, 171. 48
565, 267.04
11,814, 397. 26
29, 733,566. 57
1,924, 854.98
28, 635. 32
25,504, 955. 77
21, 690,864.79
9,967, 737;65
2,396, 880. 76
825, 943. 32
30, 562,750. 07
1,827, 678.51
2,144, 546.47
1,277, 621.04
6,694, 205. 37
182, 067. 93
586, 503. 74
508, 609.29
704.65
2 1, 731,
2,817, 184.14
2 378,245. 85
$1,112,344. 63
29, 740. 57
473, 626. 06
11,343,157. 23
27,190,321. 36
2,148,358. 98
2 2,151. 21
26,614, 116.87
30,147, 166. 22
10,182, 111.37
2,572, 882. 90
894, 850. 58
34,953, 345. 60
1, 499,044.43
2, 467,484.05
1,559,764.34
17,202,968. 71
18,000, 000. 00
533,044. 02
$1,095, 328.17
19, 249. 68
411, 235. 28
9, 631,831. 69
29, 066,653. 35
2, 385,718. 81
35, 512. 81
33,868, 331.90
22, 200,496.28
10,437, 263. 30
2, 851,565.98
788, 904.25
34, 382,863. 05
5,193, 540. 36
3,045, 181. 80
1,389,870. 42
16, 540, 496. 07
10, 732. 93
675, 793. 57
2,830, 323.19
15,979, 161. 70
730,844. 04
933, 302. 95
20, 566, 638. 33
127, 220,161. 47
12, 638,849. 75
8, 387,099. 90
1,495,635. 78
2 469,408. 48 21, 221,680. 22
4, 566,699.17
2 2, 234, 477. 36 2 2,123,797.11 21,440,448. 50 2 1, 605,
346.15
1,869,362. 32
2,069, 205. 57
1, 053,799. 93
1,699, 310.11
2 4,115, 538. 19 3, 863,951. 45
1,009,227.15
2 240,640. 68
7, 204,992. 53
2 42,901, 758. 13
30, 304, 859. 54
4,018,131.55
22, 771,167. 74
2 52, 539,947. 20
85,491,358. 71
2 1,150,576.16
12,971,000. 00
2 34, 064. 70
2 183, 545. 30
2 55, 662. 06
2,130,162.50
21,660, 334. 66
35,025. 32
»58.4,9
2 7,526.85
4, 022,806. 25
910,594. 21
23,494. 24
2110. 77
43,207. 82
160,643,761.57 |
1, 611, 672. 86
17, 926, 672. 05
$14, 315,684.73
450, 952. 65
14, 669,456. 89
1 137,411,205. 17
348, 629,778. 55
21,134, 228.10
186, 789.29
332, 249,136. 67
328, 227,697. 11
141,116,440. 69
21,429,678. 93
6, 620,052. 65
409,120,863. 66
28,261,981. 47
25,873. 115.19
22,920,891.05
147,777,034. 05
23,216,783. 58
9,092, .818. 69
3, 333,568.75.
2 353,920. 03
19, 979.94
8,661.04
$727, 582. 07
36, 283. 89
895, 387. 41
8, 702,079. 62
29, 700,847. 37
2, 274,978. 09
532. 96
2 28,
24, 756,749. 25
21,950, 471. 17
7,559, 657. 47
2, 270,880.02
818, 126. 00
31,933, 461. 62
2,862, 317. 02
2,811, 499. 57
284,943,766.04
324,668,596.39
36, 225. 75
2,360,300.00
2 8,494.69
221, 093. 97
2 180, 633. 68
2,174, 787. 50
2 372,085. 74
50, 013. 62
296,155. 23
99, 458, 769.16
31, 991, 713. 82
9, 745, 622. 04
258, 006. 70
82,568.91
1,123,760.49
234,119, 567. 34 262,560,943. 54 3,063,105,332.26
30,410, 378. 80
8,028,336. 62
233,420. 36
4,584, 262. 92
3,048,677,965. 34
O
O
>
a
CO
Public debt retirements chargeable against ordinary receipts:
Sinking fund
Purchases from foreign repayments
Received from foreign governments under debt settlements
_
_
Received for estate taxes
Purchases and retirements from franchise tax receipts
(Federal reserve and Federal intermediate credit
banks)
Forfeitures, gifts, etc
Total
•.
Total expenditures chargeable against ordinary receipts
100,000, 000. 00
180,900. 00
306, 308, 400. 00
386,100. 00
295,987,350.00
38,609,150.00
67,843, 600. 00
641,959.88
87,934, 400. 00
158,793, 500. 00
47, 560. 00
110,878,450.00"
8,897,050.00
10,500.00
794,159. 88
208, 403. 95
3, 634,650.00
93, 200.00
466, 538,113.83
457,999, 750. 00
2 3,400. 00
4,000.00
10,000. 00
641,959.88
100,184,900.00
10,000. 00
2 3, 400. 00
155, 788,400. 00
161, 286,721.45
385,128, 656.04
324,678,696. 39
234,116,167. 34
418, 349, 343. 64
3,629, 643,446.0
3, 506, 677,715. 34
Public debt retirements chargeable against ordinary receipts (see above)
Other public debt expenditures
Total public debtRecapitulation, public debt:
Certificates of indebtedness
..Treasury notes and certificates of indebtedness (adjusted service series)
Treasury notes
---.
Treasury bonds
War savings securities
Treasury savings securities
First Liberty bonds
Second Liberty bonds
Third Liberty b o n d s - i . . .
-Fourth Liberty bonds
Victory notes...
Loan of 1925
Other debt items
National-bank notes and Federal reserve bank notes..
Total public debt..
m
Q
PUBLIC DEBT
641,959.88
137,626,227.58
100,184,900.00
962, 452, 068. 27
10,000. 00
22, 534,149. 68
2 3,400. 00
16,971, 502.15
155, 788, 400.00
513, 372,816.90
466,538,113.83
3,420,801, 683. 45
457,999,750. 00
2,848,350, 313.17
138, 268,187. 46 1,062, 636,968. 27
22, 644,149. 68
16,968,102.15
669,161, 216. 90
3,887, 339,797. 28
>
3, 306, 350,063.17
2, 238,577,000. 00
11, 363,000. 00
728,982, 500.00
5, 694, 000.00
676,500. 00
266,591, 500.00
2,152,964, 600. 00
300,000.00
802, 300. 00
800,000.00
316, 458,900. 00
1,100, 000.00
1, 653, 400. 00
900,000. 00
2,122, 300.00
1,300, 000. 00
389,886,100. 00
4, 600,000. 00
1, 373, 383,000. 00
2, 333,780. 83
2, 307,856. 75
83,996. 44
2, 582,631. 70
1,000. 00
2,000. 00
79, 258. 78
2, 607,140. 65
1, 500.00
4, 500. 00
3, 500.00
500. 00
351,800.00
1, 202,950. 00
4, 510. 25
9,841,090.00
59, 740. 50
2, 207,151. 60
61, 275. 46
2, 326,931. 45
500. 00
2, 350. 00
8,000.00
441,750. 00
111, 841,100.00
645,109.88
8, 225, 290.00
1,000. 00
511, 600. 00
2, 394,150. 00
340.13
10, 818,850. 00
138, 268,187. 46 1,062, 636,968. 27
22, 544,149. (
319,150. 00
•637,750.00
740. 05
10,044, 770. 00
7,150. 00
341,000.00
219, 000. 00
2, 060. 00
8, 423, 350. 00
21, 664,148. 79
29, 203,952. 20
5,100. 00
28,400.00
111,822,600.00
14, 350. 00
6,972,550. 00
117, 050,150. 00
666, 654. 29
68,974,392.00
16,968,102.15
669,161, 216.90
3, 887, 339,797. 28
pi
356,981, 600.00
6,000. 00
54,051,976.93
33, 405,822.10
240,450. 00
94, 469, 500. 00
410, 600, 450. 00
4,136, 500. 00
80, 751, 050.00
45, 336. 64
33, 084, 377. 60
3, 306, 350,063.17
1 Includes $12,000,000 subscription to capital'stock of Federal intermediate credit banks.
J Excess of credits, deduct.
3 Dm-ing the fiscal year 1925 to date allotments tor veterans' relief have been made to the Treasury Department in the amount of $394,840, to the War Department in the amount
of $4,075,300.07, to the Navy Department in the amount of $1,536,800, and to the Interior Department in the amount of $51,250.. Similar allotments in the fiscal year 1924 to the
Treasury Department were $457,150, to the War Department $4,434,713.92, to the Navy Department $1,474,600, and to the Interior Department in the amount of $44,791. Expenditures under these allotments, however, appear as expenditures of the respective departments and not of the Veterans' Bureau.
CO
150
REPORT ON T H E FINANCES
Receipts and expenditures on warrant basis
Thefollowing comparison of receipts and expenditures is on the basis
of warrants issued (net) and includes unexpended balances to the
credit of disbursing officers at the end of the year, but not expenditures under such unexpended balances at the beginning of the year:
Comparison of receipts, fiscal years 1925 and 1924, on the basis of warrants issued
{net)
1926
Ordinary receipts:
Customs
Internal revenue—
Income tax
Miscellaneous taxes ,
1924
$548, 521,794.63
$545,012,115.^13
1,761,659,049.61 1,841,769,316.80
1827,786,837.92
962,630,768.41
Increase, 1925
Decrease, 1925
$3,609,679. 50
$80,100, 267. 29
124,743,930. 49
Miscellaneous—
Interest, premium, and discountInterest on loans to foreign governments
2138,634, 238.48
19, 363. 69
138,653, 692.17
Interest on miscellaneous obligations of foreign governments
21, 755,739. 46
22,031,215. 58
275, 476.12
Interest on miscellaneous obligations
32,444. 53
1,190,410.16
1,157,965. 63
Interest on overpayments under section
209, transportation
act, 1920, as amended.
34, 726.77
30,968. 23
3,758. 54
Interest on farm loan
bonds
4,443,624. 56
4,584,825. 00
141,200.44
Interest on public de4,501,922. 54
posits
4,630,099. 08
128,176. 64
Interest on advance payments to contractors..
120, 582.29
43, 213. 39
77,368.90
Dividends on capital
stock of the Panama
Railroad owned by
' the United States
350, 000. 00
1,060,000.00
700, 000. 00
Discount on bonds,
notes, and certificates of indebtedness
purchased
1,631,456.83
1,631, 466.85
Gain by exchange
16,820.93
502,833.82
519,654.76
Sales of Government propertyProceeds of sale of Government
property
(unserviceable)
1,276,495. 66
4,098, 606.66
5, 375, 002.12
Sale of ofiice material,
etc., including auction sales (General
Supply Committee)..
366,614.29
326,421.85
41, 092.44
Disposal of properties,
UnitedStates Housing Corporation
2,612,949.40
1,272,307.17
1, 240,642. 23
16, 680,191.88
Sale of war supplies
44,267, 023. 74
27,686,831.86
Sale of b u i l d i n g s ,
plants, etc. (war supplies)
310,592. 05
310, 692. 05
Sale of seal and fox
skins
225,244. 39
110,958.09
336, 202.48
Sale of public documents and charts
60,197.19
225,696. 90
285,894. 09
Sale of card indexes,
Library of Congress. .
9,892.11
149,130.32
139,238. 21
Miscellaneous Government property
398,846.32
919,981.06
621,134. 74
Public-domain receipts—
522, 222.93
. Sale of public lands J...
. 623, 633. 84
101,310.91
Receipts under mineral
3,426,995. 52
12,619,155.66
leasing acts
9,192,160.14
6,369,707.36
268, 209.41
Forest reserve fund.....
5,101, 497.95
661,377.06
National park revenues
47,922.16
699, 299. 22
1,404, 241. 03
Other
454, 685.69
949,655. 34
1 Includes $414,728.29 collections under national prohibition act, this amount being additional to
$5,359,672.89 from this source, included under miscellaneous receipts on p. 151.
2 Includes $729,096.55 applied as advance payment by Belgium on $1,000,000 principal installment due
June 15, 1926, under refunding agreement of Aug. 18, 1925.
SECRETAEY OF THE TEEASUEY
151
Comparison of receipts, fiscal years 1925 and 1924, on the basis of warrants issued
(neO—Continued
1926
1924
Increase, 1925
Decrease, 1925
Ordinary receipts—Continued.
Miscellaneous—Continued.
Federal reserve bank franchise tax and net earnings.
derived by the United
States from Federal intermediate credit banks. .
$3,123,366.70
$3,765,326.68
$641,959.88
Profits on coinage, bullion
deposits^ etc.—
$581, 563. 59
8,133, 687.23
8,715,150.82
Revenue-producing enterprises—
Opieration of properties.
United States Hous*
ing Corporation
_.
888, 023. 09
348,908.92
Funds deposited for
construction
loans
under section 11,
merchant
marine
act, 1920
20,108, 729. 48
2,938,353. 88
17,170,375. 60
Balance of funds held
by United States
Shipping
Board
Emergency Fleet
Corporation deposited under act of
Feb. 13, 1923
.—
25, 761, 631. 04
25,751,531. 04
Center Market, Wash249, 858. 66
ington. D. C-259,589: 23
9, 730. 67
Earnings from radio
250, 029. 70
service
314, 074. 60
64, 044. 90
Tolls, profits, etc., Pan22,346,539.14
ama Canal
25, 709, 662.43
3,363,023. 29
United States tele229, 031. 28
209,154.13
19,877.15
graph lines
-.
Laundry and drycleaning operations
174,184.13
1,443,840. 61
1,269, 656. 38
(War)Profits from sale of
577,498. 09
577,498. 09
ships' stores. Navy ..
20,128. 09
Other
201,834. 51
221,962. 60
Rent of pubUc buildings
1,338,130. 44
160, 225. 91
and grounds
-.
1,187,904. 53
Fees, fines, penalties, for' feitures, etc.—
11, 740.12
196, 293. 36
184, 553. 24
Alaska fund
2,962, 653. 29
2,998, 683. 02
Fees on letters patent-.
36,029. 7a
166,354. 00
164, 682. 85
""i," 771.'is'
Copyright fees
Registers'
and
receivers' fees (Land
565,877.16
681,205. 92
115,328. 76
Office)
Consular and passport
8,114,688.73
666,433. 20
7,448, 255. 53
fees
-.
Tax on circulation of
4, 275. 61
4,061, 574. 78
14, 057, 299.17
national banks
328, 594. 73
1, 275,826. 61
947,231. 88
Customs Service
Collections under enforcement of national
prohibition
act
(Treasury and Judi2 6,359.672.89
6, 507, 062.12
1,147,389. 2a
cial)
Navy fines and forfei600, 672. 34
1,419, 046. 77
818,474. 43
tures--.
542, 588. 77
816,342. 57
273, 753. 80
Naval hospital fund---.
512, 750. 00
993, 783. 50
481,033. 50
Naturalization fees
2,342, 084.89
3,197, 265. 07
5, 539,349. 96
Immigration head tax_.
2, 837,135. 93
201, 627. 60
3,038, 763. 63
Judicial
Forfeitures by contrac1,653. 03
15, 557. 35
17,210.38
tors
—
.Licenses under Federal
129,448. 48
53, 713. 42
75, 735. 06
water power act
Taxes, licenses, fines,
159, 841. 24
42,697.65
202, 538. 89
etc.. Canal Zone
364,760.17
1,475, 763. 57
1, 111, 003. 40
Other--.
-.
1 Included in this amount is $2,890.88 tax on Federal reserve bank notes.
> Additional collections from this source amounting to $414,728.29 are included under miscellaneous
taxes, internal revenue, on p. 150.
152
REPORT ON T H E FINANCES
Comparison of receipts, fiscal years 1925 and 1924, on the basis of warrants issued
{net)—Continued
1925
Ordinary receipts—Continued.
Miscellaneous—Continued.
Gifts and contributionsLibrary of Congress
gift fund and chamber music auditorium
Return of increase in
salary by Members
of Sixty-ninth Congress
-For river and harbor
improvements
For Forest Service cooperative work
Contributions by New
York Liberty loan associations
For roads, bridges, and
related works, Alaska.
Money received from
persons unknown
D o n a t i o n s to t h e
United States
Pan American Union
quotas
Other...
R e p a y m e n t of investments—
Principal of loans made
to foreign governments
Principal of sale of surplus war supplies to
foreign governments..
Liquidation of capital
stock, Federal land
banks.Principal on account of
"Relief — American
Relief Administration"
Sale of farm loan bonds.
Return of advances
made to reclamation
fund
Principal of loans made
by United States
Housing Corporation.
Assessments and reimbursementsSalaries and expenses,
national-bank examiners.
Expenses of redeeming
national currency
Assessments on Federal
reserve banks for salaries and expenses.
Federal
Reserve
Board...
Assessments on Federal
intermediate credit
and Federal and jointstock land banks for
salaries and expenses,
Federal Farm Loan
Board
Payment by German
Government under
terms of the armistice.
Overhead charges on
sales of services or
supplies (War and
^
Navy)..
Settlement of claims
(War).....
Work done by individuals, corporations,
etal
1924
Increase, 1925
$88, 050. 00
$88,050.00
3,125. 00
3,126.00
3,828,736. 06
$2,814,422. 25
2,104, 219. 23
2,618, 441. 59
1,014,312.81.
$614,222. 36
150, 000. 00
150,000. 00
79, 078. 45
5, 696.11
3,911. 54
28, 286. 90
107,365. 35
988. 99
69,936. 62
1,062.50
1, 783. 57
6,914. 27
92, 651. 74
13,907. 50
23, 217,185. 21
30,613. 86
472,456.00
5,926.28
22, 616.12
12, 846. 00
37,807,609.92
61,024,695.13
20,172. 01
10,341. 85
628,115.00
1,100,570.00
45,000.00
46,000.00
13,000,000.00
13,000,000.00
1,000,000. 00
Decrease, 1926
1,000,000.00
1,614,391.10
713,628.37
900,762.73
2,436,83L34
2,333,836.31
102,995.03
721,797.62
769,933.16
38,136.64
1,869,374.71
168,679.11
2,038,053.82
390,669.16
24,726. 21
365,932.95
14,726,154.40
14,725,164.40
399,443.37
465,238.57
66,796.20
461,940.40
786,697.81
334,667.41
267,767.86
148,919.64
108,838.21
153
SECEETAEY OF T H E TE.EASUBY
Comparison of receipts, fiscal years 1925 and 1924, on the basis of warrants issued
(neO—Continued
1925
Ordinary receipts—Continued.
Miscellaneous—Continued.
Assessments a n d reimbursem e n t s — C on t i n n e d .
P a y m e n t for q u a r t e r s ,
subsistence, a n d l a u n d r y service. V e t e r a n s '
Bureau
$1,134,057.98
Collections u n d e r grain
a n d cotton s t a n d a r d s
122,086.60
acts
General railroad con' 1,137,872.64
t i n g e n t fund
1
R e i m b u r s e m e n t of a p propriations m a d e for
1,137.72
I n d i a n tribes
E x p e n s e of i n t e r n a tional service of ice
observation a n d pa111, 638.72
trol
.
R e i m b u r s e m e n t for
Government
prop• 66,636.39
e r t y lost
D a m a g e s to Govern246,800.79
ment property
Other
1,698,644.93
D i s t r i c t of C o l u m b i a R e v e n u e s of t h e District of C o l u m b i a D i s t r i c t of C o l u m \
bia share (exclud19,902,213.46
ing t r u s t f u n d s ) . .
767,107.82
U n i t e d States share.
Miscellaneous unclassified
receiptsClothing and
small
8,192,201.63
stores fund
201,813.20
Other
Trust f u n d s G o v e r n m e n t life insurance fund—
P r e n i i u m on con38,644,010.63
verted insurance6,425,905.37
Interest..:
C ivil service r e t i r e m e n t
a n d disability f u n d I n t e r e s t on invest2,030,001.13
ments
D e d u c t i o n s , from
I n d i a n tribal
13,140.99
funds
Deductions
from
I n d i a n reimbui-saable a p p r o p r i a 6, 514. 51
tions
_..
Deductioiis
from
salaries from revenues of Virgin
Islands
_
246.00
Deductions
from
salaries p a y a b l e
by P o r t o Ric a n treasury
3,132.00
Deductions
from
cooperative employees (Agricul2,309. 88
ture)
Deferred d e d u c tions d u e civil
service retirement
and d i s a b i l i t y
fund
_
8,320.11
Deductions
from
cooperative employees, B u r e a u
of M i n e s
126. 66
Deductions
from
salaries of employees. I n s o l vent Banks Division, Office
of
Comptroller
of
362. 06
the Currency
1924
Increase, 1925
Decrease, 19
$1,134,067.98
122,086.60
$4,662,470.79
$3,614,698.25
360,616.96
369,478.23
Q
134,083.22
22,644.50
32,477.88
23,057. 51
63,163. 68
1,619,069.33
183,647.21
179,475. 60
16,491,658.99
636,471.97
3,410,654.47
121,635. 85
4,055,648.06
164,512.19
4,136,653. 57
37,301.01
34,716,888.03
4,327,469.07
3,927,122. 60
1,098,436. 30
1,484,514. 97
545,486.16
10,979.86
2,161.14
4,640.61
1,873. 90
246.00
2,444.00
688. 00
884.35
1,425. 53
3,247. 60
5,072. 51
126. 66
362. 06
154
REPORT ON THE FINANCES
Comparison of. receipts, fiscal years 1925 and 1924, on the basis of warrants issued
{net)—Continued
1925
Ordinary receipts—Continued.
Miscellaneous—Continued.
Trust funds—Continued.
Civil service retirement
and disability fund—
Continued.
Deductions from
salaries of employees. Federal
Reserve Issue and
Redemption Division, Office of
Comptroller of
$40.87
the Currency
Deductions from
cooperative employees. Secret
82.80
Service Division.
Service credit pay59,619.70
ments
Soldiers' Home perma589,857.31
nent fund
Pay of the Army de678,968.14
posit fund
Navy and Marine
481,625.16
Corps deposit funds..
Indian m o n e y s 30,670,134. 64
Proceeds of labor...
Proceeds of sale of
Indian lands and
1,422, 547. 56
timber
63, 216. 50
Other
Miscellaneous t r u s t
482, 794.47
funds..
District of Columbia
1,877,174. 78
trust funds-^
Total miscellaneous receipts, including Panama Canal and sales
469,685, 407. 64
of public lands
3, 607,653,089. 70
Total
Deduct uncovered moneys, fiscal
years 1920 and prior, and items
counter-entered in fiscal year
17,562.91
subsequent to deposit thereof
3, 607, 635, 526. 79
Add uncovered moneys,fiscal years
1920, and prior, and items counter-entered in fiscal year subse8,637.17
quent to deposit thereofAdd receipts credited direct to appropriations: 1
Proceeds of railroad securities
owned by the Government--- 143,926, 630. 98
Receipts from miscellaneous
29, 765,158.08
sources
3, 781, 335, 953.02
Total ordinary receipts
Public debt receipts:
Treasury notes (various series)
Certificates of indebtedness
1,876,578,500.00
(various series)
Treasury notes and certificates
of indebtedness (adjusted
100,000,000.00
service series) . .
Treasury (war) savings securi23, 246,670. 38
ties
102,120.00
Postal savings bonds
105,447,372. 50
Bank-note fund.
1,047,088,500.00
Treasury bonds of 1944-1954
3,152,463,162. 88
Total pubhc debt receipts
Total receipts exclusive of
6,933,799,115.90
postal
599,691, 477. 59
Postal revenues
Total receipts, including
7,633, 390,593.49
postal
1924
Increase, 1925
Decrease, 1925
$40. 87
82.80
$25,862.11
33, 657. 69
• 709,959.35
$120,102.04
678,958.^4
. 376,147.06
105,478.10
26,120, 216.15
4, 549,918.49
1,465,329.11
109,472. 28
300,012. 71
42, 781.56
56, 255. 78
182,781. 76
2,003,642. 50
126,467. 72
544, 749,637. 83
3,884,051,838.17
58, 725,878. 78
62, 235, 558. 28
133, 790,108. 97
338,634, 306. 76
28, 259.13
3, 884,023, 579.04
62, 235, 558. 28
10,696. 22
338, 623,610. 53
17, 562. 91
94,340, 205. 52
29, 618, 645. 50
4,007,899, 992. 97
8,925. 74
49, 586,425.46
246, 612. 58
112,068,496. 32
338,632, 536. 27
209, 750.00
209, 750.00
2,014,892,600.00
138,314.000.00
100,000,000.00
163, 539,816. 71
33,560. 00
28,453, 657. 50
68, 560.00
76,993, 815. 00
1,047,088,500.00
2, 207,129,184. 21 1, 224,150, 875. 00
140,293,146. 33
278,816,896.33
6,215,029,177.18 1,336,219,371.32
26,642, 699.18
672, 948,778.41
617,449,432.60
6, 787,977,965. 59 1, 362,862,070. 50
617,449,432.60
»Items of this character represent cash receipts which are credited
the expenditures showri on a
warrant^basis. It is necessary, therefore, to add back the amounts to receipts by warrants in order to
adjust to an actual cash basis.
155
SECEETARY OF T H E TREASURY
Summary of receipts by organization units
1925
1924
O r d i n a r y receipts:
$491, 304. 92
$625,696. 64
Legislative
56.89
68.84
E x e c u t i v e Office
57,499,477.74
95,983,857.34
I n d e p e n d e n t offices-_
8,109, 750.09
8, 680,978.81
D e p a r t m e n t of Agriculture
1, 718,326. 06
612,943.34
D e p a r t m e n t of Commerce
1 50, 224, 465.95
2 50, 220,187.68
D e p a r t m e n t of t h e Interior
8,496,331.93
8,988,846.24
D e p a r t m e n t of J u s t i c e . .
5, 212,024. 76
6, 731, 718. 27
D e p a r t m e n t of Labor
16, 477, 324. 85
21,043,462. 78
Navy Department
31, 374.94
P o s t Office D e p a r t m e n t
7,874,188.28
8, 301,942.45
D e p a r t m e n t of S t a t e . Treasury Department
-. 3 3,365,433,468.47 4 3,596,377,631.05
41,382,207. 67
40,891,737.60
War Department
26,074,613.33
22,563, 732.44
P a n a m a Canal
D i s t r i c t of C o l u m b i a D i s t r i c t of C o l u m b i a reve21,779,388. 24
18,495,301.49
nues, taxes, etc
U n i t e d States revenues
from District of C o l u m 757,107.82
635, 510. 97
bia sources
3, 607, 653,089. 70
D e d u c t u n c o v e r e d m o n e y s , fiscal
years 1920, a n d prior, a n d i t e m s
counter-entered in fiscal year s u b s e q u e n t t o deposit thereof
i, 884,051,838.17
Increase, 1925
$134,391. 72
11.95
8,484,379. 60
571, 228. 72
1,105,382. 72
4, 278. 27
492, 514.31
1, 519, 693. 52
4, 566,137. 93
31, 374.94
427,754.17
230,944,162. 58
490, 470.07
3, 520, 780. 89
3,284, 0.86. 75
121, 596. 85
4,649, 748. 26
281, 048, 496. 73
4,649,748. 26
281, 037, 800. 51
T o t a l o r d i n a r y receipts-.
P u b h c d e b t receipts
17,562.91
28,259.13
3,607, 635,526. 79
A d d u n c o v e r e d m o n e y s , fiscal years
1920 a n d prior, a n d i t e m s counterentered in fiscal year s u b s e q u e n t
to deposit thereof
_
A d d receipts credited direct to a p propriations: *
Proceeds of railroad securities
o w n e d b y t h e (>overnment—Receipts from miscellaneous
sources
Decrease, 1925
, 884,023,679.04
8,637.17
17, 562.91
143,926,630.98
94,340, 205. 52
49,586,425.46
29, 765,158.08
29, 518,645. 50
246, 512. 58
3, 781, 335,953.02
3,152,463,162. 88
T o t a l receipts into t h e general
fund
|6,933, 799,115.90
Postal r e v e n u e s u n d e r control of
t h e P o s t m a s t e r General
699, 591,477.59
Total receipts, including
postal revenues
7, 633, 390, 593.49
10, 696. 22
8,925. 74
4, 007, 899,992. 97
54, 482,686. 30
2,207,129,184.21 1, 224,150,875. 00
281,046, 726.25
278,816,896.33
6,215,029,177.18 1,278,633,561.30
559, 863, 622. 68
572, 948,778. 41
26,642,699.18
6,787, 977,955. 59 1, 305, 276,260.48
559,863,622. 68
1 Includes $623,533.84 sales of p u b l i c l a n d s .
2 Includes $522,222.93 sales of p u b h c l a n d s .
3 I n c l u d e s $548,521,794.63 customs receipts, a n d $2,589,445,887.43 i n t e r n a l r e v e n u e receipts.
< I n c l u d e s $545,012,115.13 c u s t o m s receipts a n d $2,794,290,085.21 i n t e r n a l r e v e n u e receipts.
5 I t e m s of t h i s character represent cash receipts w h i c h are credited against t h e e x p e n d i t u r e s s h o w n on a
w a r r a n t basis. I t is necessary, therefore, to a d d b a c k t h e a m o u n t s t o r e c e i p t s ' b y w a r r a n t s in; order t o
a d j u s t to a n actual cash basis.
156
REPORT O S T H E FINANCES
OT
Comparlsoa of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net) •
1925
LEGISLATIVE
1924
Increase, 1925
Decrease, 1925
ESTABLISHMENT
United States Senate
House of Representatives
Legislative, miscellaneous
Architect of the Capitol
Botanic Garden
Library of Congress
Government Printing Oflice...
Total Legislative estabhshment
. .
.
$2, 742, 807. 23
6,815,913.63
84, 201.78
1, 304, 541. 27
102,104.61
1, 267, 285. 54
1,826,388.97
$2, 613, 511. 74
6,191,373.55
4,132. 67
945, 671. 70
115,908.51
1,048,966.60
3, 552, 710.81
14,143,243.03
14,472,175.48
$129, 295.49
624, 540. 0880, 069.11
358,969. 57
218,319.04
1,411,193. 29
$13,803.90
1, 726, 321. 84
1, 740,125 74
EXECUTIVE OFFICE
Salaries and expenses. Executive
Office
429, 852.97
448, 324. 60
18, 471.6a
I N D E P E N D E N T B U R E A U S AND
OFFICES
Alaska relief funds._
15,92,1,86
19,366. 26
Alien Property Custodian
200,66^66
285,688.54
American
Battle
Monuments
Commission
25,000.00
22,000.00
3,000.00
Arlington Memorial Amphitheater
Cornmission—:
1 3.15
216.06
1219:21
Arlington Memorial Bridge Commission
10,000.00
9,698.84
301.16
Board of Mediation and Conciliation
5.42
17,19
12.61
Bureau Of Efficiency
.
144,637. 00
143, 777.67
789.43
Civil Service Commission
^
981,238.86
973,608.79
7,630.07
Commission of Fine Arts..
5.091.49
6,107.45
Employees' Compensation Commission
2,601,628.47
2,449,903.78
161,724.69
Federal Board for Vocational Education
-.
6,724,912.16
1,061.729.22
6,663,182.94
Federal Power Commission
33,034.42
39,765.10
Federal Reserve Board
_. ,
1,676, 733:21
2,177,680.38
Federal Trade Commission
991,148.19
8, 762. 04
982,386.15
3,669,249. 09
General Accounting Office
22,826.46
3,646,422. 63
682,076.92
Housing Corporation
806,664. 97
Interdepartmental Social Hygiene
Board
1 696. 52
696.62
6,862,269.22
Interstate Commerce Commission.
9,666,072.71
Interstate Governmental Commission, Colorado River
.
8.37
18.37
178,164.81
Miscellaneous items
867.893.63
National Advisory Committee for.
Aeronautics
382,805.96
96,107. 69
286,698.27
Office of Public Buildings and
Public Parks of the National
2,415,433.00
Capital
2,415,433.00
(2)
Perry's Victory Memorial Commission
50,000.00
50,000.00
1 134,571, 732. 53 166,043,275.94
Railroads ..
312,647.68
Railroad Labor Board
4,149. 22
308,498.46
Smithsonian Institution and Na792,042.26
9,459.29
tional Museum
782,682.96
State, War, and Navy Department
Buildings
2,356,177.64
United States Coal Commission
' ' 6.V5
129,643.53
United States Food and Fuel Ad6,606. 74
6,592.61
ministrations
14.13
United States Shipping Board
. . 41,385,691.2.1
67,743,143.69
655,677.64
754,771.44
United States Tariff Commission...
U. S. Veterans' Bureau:
44,840, 722.12
1,601,031.76
43,339,690.36
Salaries and expenses
Administrative expenses,World
War adjusted compensation
913,418.22
913,418. 22
act
-Adjusted service certificate
100,000,000.00
100,000,000.00
fund
Adjusted service and depend3,100,000.00
3,100,000.00
ent pay
37,185, 797.05
40,108,669.22
Medical and hospital services-.
1 Excess of repayments, deduct.
' See State, War, and Navy Department Buildings below, and Office of Public Buildings
under War Department, p. 162.
»Now Office of Public Puildings and Public Parks of the National Capital; see above.
3,443.40
85,022.88
i, dis. 96
6, 730.68
500,947.17
124,689.06
3,812,803.49
679, 738.82
69, 528,456. 59
2,366,177.64
129,636.78
16,367,462.38
99.093.80
2.922,862.17
and Grounds
157
SECRETARY OF THE TREASURY
Comparison of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net)—Continued
1924
Increase, 1925
$112,362,336.76
$28,486,091.11
1925
INDEPENDENT BUREAUS AND
OFFICES—continued
U . S . Veterans' Bureau—Contd.
Military and naval compensation..
$140,848,427.86
Military and naval insurance
87,999,942; 50
(appropriated fund)
Mihtary and naval, family
1110.64
allowance.
119,707.62
Miscellaneous items,.
__
Special funds—
Military and naval insur3,742,848.02
ance.
672.25
Miscellaneous special funds.
Government life insurance fund
(trust fund)—
32,533,709.44
Investments
11,456,019.31
Expenses
68,405,109.72
Vocational rehabilitation, .
1 151,875. 22
Increase of compensation
War Finance Corporation..
. . < 499,000,000.00
Total independent bureaus
and offices , ,
Decrease, 1925
•
90,000,000.00
$2,000,057.60
29,149.81
250,000.00
29,260.45
130,292.38
1 3,194,776.94
23,288.65
6,937,624.96
30,253, 725. 51
9,029,961.17
109,058, 207.32
1, 786,375.62
2,279, 983.93
2,426, 058.14
"""
1
132,784,770.43
458,113,158.99
149,483,616. 56
29,935,861.11
23,036,206.39
943,896.87
193,955.67
10,602.83
1,084,080.43
348,981.27
905,875.05
316,915.49
40,653, 097.60
1,938,250.84
499,000,000.00
6,899,654. 72
761,263.03
1,078,976.93
198,501.61
60.56
22, eie. 40
640,381,645.98
DISTRICT OF COLUMBIA
Salaries and expensesSpecial funds:
Gasoline tax, road and street
improvements
Water department
Washington Aqueduct
Miscellaneous special funds
Trust funds:
Miscellaneous trust-fund deposits
_
Washington redemption fund
Policemen and firemen's relief
fund..
Teachers' retirement f u n d Investments. _
Current expenses
Other trust funds
Total District of Columbia. _
761, 253. 03
135,P0. 06
10,442. 27
178,205. 38
33,065.78
36,874.67
412,210.17
266,766.30
27,000.00
69,713. 22
213,404.50
27,472.68
32,336. 66
42,361.80
33,797,069.13
26,091,776.10
8,091,544. 38
375,335. 50
37,377. 67
472.58
386,250.36
DEPARTMENT OF AGRICULTURE «
8 6,562,508.89
6,486, 217.13
Salaries
«76,291.76
i, 602,394.48
1, 602,394.48
Office of the Secretary
(«)
Offices of Editorial and Distribu378, 597.18
tion Work
707,336.16
328,738.97
1,705,150.14
60,366.26
1,765,516.39
Office of Experiment Stations
221,244. 50
1,273,344.18
Extension Service
1,494,588.68
116,461. 88.
116,385.08
States Relations Service . .
1 76. 80
876,920.32
7,064, 608.16
Bureau of Animal Industry
7,941, 528.48
Meat Inspection, Bureau of AniP?'mal Industry
_..
3,777, 562. 75
663,053. 78
4,440,616. 63
2,936,766.45
539,676. 21
Bureau of Plant Industry
3,476,431.66
4,616,132.90
4,864,806. 32
9,480,938.22
Forest Service
977,418. 66
373,956.92
Bureau of Chemistry..
1,351,375. 58
72,478.05
278,623.39
Bureau of Soils
351,101.44
242, 203. 02
1, 702,392. 57
Bureau of Entomology
1,944, 695. 59
763, 364. 93
94,633. 69
Bureau of Biological Survey
857, 998. 62
355,367. 50
63,845. 27
409, 212. 77
Bureau of Public Roads
3,067, 697. 93
1,027,908.16
4,096,606. 09
Bureau of Agricultural Economics
41,639. 80
630,716. 85
Federal Horticultural Board
672,356. 65
551, 571. 59
1, 697,384. 73
Weather Bureau
.
2,148,956.32
Lands for protection of watersheds
359,052.37.
879,850.45
and streams
.
620, 798.08
89,770,320. 25
15,173, 684. 65
104, 944,004.90
Road construction
3,234,241.23
3,168,459. 57
Increase of compensation
75,781.66
1 Excess of repayments, deduct.
< Repayment on account of retirement of capital stock, carriedto surplus fund.
, 8 A large part of the increases and decreases between the expenditures of 1925 and 1924, as shown in this
statement, under the several bureaus of the Department of Agriculture is due to the fact that for 1924 there
was maintained on the books of the Treasury a general salary account, i. e., "Salaries, Department of
Agriculture,'' whereas for 1925 such salaries have been carried in separate accounts under the respective
bureaus and offices.
« Expenditures for 1924 included in salaries and miscellaneous.
158
REPORT ON T H E FINANCES
Comparison of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net)—Continued
1925
1924
Increase, 1925
Decrease, 1926
D E P A R T M E N T OF A G R I C U L T U R E —
continued
Enforcement of insecticide act, general expenses..
_
Cooperative agricultural extension
work
,.
Division of Accounts and Disbursements.
Library
Bureau of Home Economics
Bureau of Dairying
Miscellaneous
Special funds:
Cooperative work. Forest Service
Payments to States and Territories from national forest
funds
Other special funds
Total Department of Agricul. ture.. _ .
•
• $149,156.38
5,859,606.00
66,675.04
64,275. 57
101,284. 60
439,821. 61
849, 546.96
(0
$5,820,816.89
1,631,178.36
2,431,378. 22
2, 226, 675. 97
1, 301,848. 22
686,457. 73
143,653,183. 79
38,788.11
66,675.04
64, 275. 57
101, 284. 60
439,821. 61
$781,632.40
204,802. 25
1,321,422. 66
637,027. 72
159,727,804. 30
$149,156.38
19, 574.44
50, 569.99
27,425,185. 47
11,350, 564.96
DEPARTMENT OF COMMERCE
Office of the Secretary..
Bureau of Foreign and Domestic
Commerce
Bureau of the Census
Steamboat Inspection Service
Bureau of Navigation..!
Bureau of Standards
Bureau of Lighthouses
Coast and Geodetic Survey
Bureau of Fisheries
Patent Office...
Increase of compensation.
Miscellaneous.
Total Department of Commerce
1,010,000. 73
881,433.80
128, 566.93
2,677, 502. 60
.8 4,845,186.04
1,024,357. 73
483,448.41
1,906,713. 57
9,414, 292. 09
2, 262,905. 74
1, 365,076.17
0 940, 715. 78
949.97
. 12,779.43
2,393, 067. 01
1,771,811. 70
860,384.30
351,025. 22
1, 653,819. 56
8,639,874. 74
1,978, 951. 87
1,109, 273. 34
284,435. 59
3,073,374. 34
163,973. 43
132,423.19
252,894. 01
774,417. 35
283, 953.87
255, 802.83
940, 715. 78
1,871,510.28
801. 71
11,977. 72
25,943,928. 26
21,511; 953. 53
6,302, 535. 04
(10)
1,870, 500. 31
1,870,560.31
D E P A R T M E N T OF THE INTERIOR
Interior civil:
1,559,542,64
1,754,087.84
194,545. 20
Office of the Secretary
116,319. 80
General Land Office
789, 600. 42
673,280. 62
1,897,624.97
Public Land|Service
4,922,854.46
6,820,379.43
Bureau of Pensions212,651.86
Salaries and ekpenses
1,609,555. 52
1,397,003.66
Army pensions
209,833,459. 21
219,558,900.31
9,725,441.10
Navy pensions
7,943,335.00
8,157,811. 67
214,476. 67
Fees of examining surgeons
. 644,630.21
644,843.07
212.86
Civil service retirement
and disability f u n d Investments _
1,717,285. 42
9,745,622. 04
8,028,336.62
256,553. 27
Current expenses
8,881,552.31
8,624,999. 04
282,294.94
Patent Office '
112,025,822.56
2,308,117.50
Bureau of Education
193,677. 78
792,883.66
699, 205. 87
Colleges for agriculture and mechanic arts
2,650,000. 00
2,650,000. 00
Office of Architect, Capitol
11 8,003. 20
1 9,208. 71
3
1,205. 61
Reclamation Service100,207.09
General expenses
70,008.71
170,216. 80
Reclamation fund
3,829,284. 36
6,610,636.31
2,781,361.96
60,318.39
Geological Survey
1,665,270. 02
1,604,95L63
Bureau of M i n e s 232,902.55
General expenses
2,002,543.87
1,769,641.32
Adjustment and payment
of mineral claims, act of
570,485. 93
Mar. 2, 1919
761,422. 62
180,936.69
^ Included under Bureau of Agricultural Economics.
8 Includes $3,0*6,163.16 for census of agriculture.
• Expenditures of Patent Office prior to transfer to Department of Commerce under Executive order of
Metrch 17, 1925, amounting to $2,025,822.56, are included under Department of the Interior, as above.
1 Under Department of the Interior in 1924.
0
1 Patent Office was transferred to Department of Commerce by Executive order dated Mar. 17,1925.
1
Expenditures thereunder subsequent to Apr. 1,1925, amounting to $940^715.78, are shown under Department of Commerce, above.
1 Covers only expenditures under 1922 and prior accounts. For expenditures under later accounts
*
see legislative establishment, p. 156.
159
SECBETARY OF THE TEEASXJRY
Comparison of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net)—Continued
1925
1924
I n c r e a s e . 1925
Decrease, 1926
. D E P A R T M E N T OF T H E I N T E R I O R —
continued
Interior civil—Continued.
National parks
Beneficiaries
Territorial g o v e r n m e n t s
Alaska R a i l r o a d i^
Increase of compensation
Miscellaneous
Total Bureau
Affairs .
of
$1,694,729.23
1,895,784.83
32,800. 66
2,837,289. 59
1,580,619.09
716. 42
$885,091.07
268,130,820. 72
T o t a l Interior civil
B u r e a u of I n d i a n Affairs:
C u r r e n t a n d contingent expenses
Fulfilling t r e a t y stipulations
Miscellaneous s u p p o r t s
I n t e r e s t on I n d i a n t r u s t funds
S u p p o r t of I n d i a n schools
Miscellaneous expense
Trust f u n d s . . . .
$2,579,820.30
1, 660,409.90
276,244.16
2,100,697. 67
69,611.36
21,121. 56
277, 506,870.94
6,406,559. 68
1,687,164. 53
860,562. 02
759,762. 91
796,104. 04
5,557,445. 58
3,827,063.18
25,267,354. 56
2,274,765. 63
711,906.40
688,489. 70
755,466. 25
4,648,917. 33
3,937,519.65
33,736,960.96
148,655. 62
71,273. 21
40,637. 79
908, 528. 25
38,755,456.82
46,764,025. 92
1,169,094.87
9,167,663. 97
306,886,277. 54
324,260,896.86
7,575,654. 55
24,950, 273. 87
$235,374. 93
243,443. 50
736,691. 92
1,610,907. 73
20,405.14
15,782,609.90
587,601.10
110,456. 47
8,469,606. 40
Indian
T o t a l D e p a r t m e n t of t h e Interior
D E P A R T M E N T OF JUSTICE
D e p a r t m e n t of Justice proper:
Salaries a n d expenses
D e t e c t i o n a n d prosecution of
crimes
Increase of compensation
Judicial:
C o u r t s , salaries, a n d expenses
Fees of jurors a n d witnesses
Penal institutions
Miscellaneous
T o t a l D e p a r t m e n t of J u s t i c e . .
1,941,683.73
1,693,558. 92
248,124.81
2,329,139.08
119,048. 68
2,282,735. 49
846,607. 00
46,403. 59
11,841,487.35
3, 111, 136.36
4,190; 130.58
2,679.48
10,419,067.19
2,748,984. 70
3,000,910. 53
1,422,420.16
362,151. 66
1,189,220. 05
2,579. 48
23,397,107.90
20,991,863. 83
3,270,899. 75
667, 735. 58
271,422.15
5,468,095.90
' 760,167.94
1, 243,107. 81
108, 757. 62
221,922. 78
1 4,931.22
12,129. 63
573,835.78
234,810.10
3,492,719.57
738,427. 46
1,064,148; 84
102, 615. 32
206,928.12
653,031. 59
4, 357. 42
93, 899. 80
36, 612.05
1,975,376. 33
21, 740.48
178, 958.97
6,142. 20
14, 994. 66
8, 748,408.09
6,970,874. 20 |
2, 335, 496. 70
2, 414,161. 37
1,432, 528. 64
44, 373. 98
.96,287.94
252, 720. 72
2,825,128. 85
1,794,238.68
38,513.48
76,983. 40
204,187. 50
4,152,917. 43
3, 376, 894. 91
4,191, 564. 29
17, 737, 729. 46
15,989,078.06
10, 731, 728. 43
3,159, 423. 28
4, 470, 454. 68
3, 978, 370. 77
15,425, 696.97
15,893, 667.21
11,141,181. 55
865,655. 68
865, 656. 68
D E P A R T M E N T OF LABOR
Office of t h e Secretary '
B u r e a u of L a b o r Statistics
B u r e a u of I m m i g r a t i o n
B u r e a u of N a t u r a l i z a t i o n
Children's Bureau
Women's Bureau
.
E m p l o y m e n t service
Increase of compensation
Miscellaneous
T o t a l D e p a r t m e n t of L a b o r . .
657,962. 81
7, 772. 21
657,962.81
NAVY D E P A R T M E N T
Office'of t h e Secretary:
P a y , miscellaneous
Other items
...
. _
Office of N a v a l Records a n d L i b r a r y
Office of J u d g e A d v o c a t e G e n e r a l . .
Office of Chief of N a v a l O p e r a t i o n s .
B u r e a u of N a v i g a t i o n :
Organizing t h e N a v a l R e s e r v e
Force
..
Transportation
Other items v
B u r e a u of E n s i n e c r i n c
B u r e a u of C o n s t r u c t i o n a n d R e p a i r .
B u r e a u of O r d n a n c e
1 Excess of repayments, deduct.
1 Formerly Alaskan Engineering Commission.
8
410.967. 48
361, 710.04
5,860. 50
19,304. 54
48, 533.22
993,494.15
1,093, 559. 77
213,193. 52
2, 312,032.49
95,410.85
409,453.12
160
REPORT ON T H E FINANCES
Comparison of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net)—Continued
1926
1924
Increase, 1925
Decrease, 1926
NAVY DEPARTMENT—continued
B u r e a u of Supplies a n d A c c o u n t s :
$113, 780,001.61
P a y of t h e N a v y .
.
21,957, 670.18
Provisions
14,154,996.07
Fuel a n d t r a n s p o r t a t i o n
687,213.05
Freight
8,861,945. 69
Maintenance
1 5,240,446. 35
N a v a l s u p p l y a c c o u n t fund
Clothing a n d small stores spe8,225,472. 91
cial fund
1 3, 596,609.80
Other items
2,987, 624. 70
B u r e a u of M e d i c i n e a n d S u r g e r y . . .
10,092,103.21
B u r e a u of Y a r d s a n d D o c k s
13,178, 692.45
B u r e a u of A e r o n a u t i c s
Naval Academy
2, 024,160.76
Marine Corps:
16, 047, 968.86
Pay
6,371,617.86
General expenses
767,192. 68
Other items
38,181,361.93
Increase of t h e N a v y
. ..
16, 624,251.10
General a c c o u n t of a d v a n c e s
850,373. 63
Miscellaneous
$112,084, 626. 63
10, 712,054.20
13,431,463.14
2,487,026. 71
6, 784, 591.05
5,932,503.29
$1,695,374.98
11,245,615. 98
723, 632.93
6,744,539.04
1,019,267.09
3, 772, 622.21
11,779,131.13
16, 718,965. 68
2,367, 353. 52
1,480,933.87
15, 429,371. 04
9,182,468. 92
624,807.19
54, 650,913. 22
1 9, 644, 937. 67
1,046,404. 90
$1,799,813.66
2,067,354. 64
11,172,948.64
4,616,876.89
785,097.61
1, 687,027. 92
3,640,263.23
343,192.77
618,697.82
142,385.49
2,810,841.07
16,469,661.29
26,269,188. 67
195,031.27
326,366,466. 65
.324,129,997.66
47,930,813.65
23,216,783.68
96,941. 83
1 13.25
12,638,849.75
129,241. 61
13.25
10, 577,933.83
. . .
Total PostOfflceDepartment-
23, 313, 725.41
12, 768,078.11
10, 577, 947. 08
1, 460,376. 32
14, 425, 529.12
1,167, 212. 68
13,062,685. 69
303,163.64
1,372,943. 63
15,885,906.44
14,209,798.27
1, 676,107.17
Total N a v y Department
46, 696,344. 66
POST OFFICE D E P A R T M E N T
P o s t Office D e p a r t m e n t proper
Deficiency in postal r e v e n u e s
Miscellaneous expenses
32,299.78
32,299.78
D E P A R T M E N T OF STATE
D e p a r t m e n t of S t a t e p r o p e r
Foreign intercourse
T o t a l D e p a r t m e n t of State.—
TREASURY D E P A R T M E N T
Office of t h e Secretary
Office of t h e Chief Clerk a n d Superintendent
General S u p p l y C o m m i t t e e
Office of Commissioner of A c c o u n t s
and Deposits
Division of Bookkeeping a n d W a r rants
.. -.
Division of Deposits
P u b l i c D e b t Service
W o r l d W a r Foreign D e b t C o m m i s sion
..
Division of A p p o i n t m e n t s
Division of P r i n t i n g . . .
Division of M a i l a n d Files
Office of D i s b u r s i n g Clerk
C u s t o m s Service:
A d m i n i s t r a t i v e salaries
Collecting t h e r e v e n u e from
customs
Miscellaneous expenses
Refunds, debentures, drawb a c k s , etc
B u r e a u of t h e B u d g e t
Federal F a r m L o a n B u r e a u
Office of T r e a s u r e r of t h e U n i t e d
States
Office of C o m p t r o l l e r of t h e C u r rency
171,330. 78
59,990.27
111, 340. 51
905,169. 65
141,527.27
677,287.78
227,881.87
141, 527. 27
17, 726.00
(14)
16,681. 26
1,044. 74
18 718,263.93
17,006.48
6,310,834. 60
18 666, 539. 56
16,439.47
6,194,550.84
51, 724.37
667.01
1,911.64
62,393.97
914,886.58
19, 459. 30
61, 292. 63
361. 25
46,739. 64
1,084,256.33
15,93L50
30,034. 66
1, 550.39
15,654.33
883,716. 24
169,369. 75
3, 527. 80
21, 257.87
53, 766. 74
61,988. 95
16,302,497. 75
289, 966. 75
12, 253,444.85
172,967.81
4,049,052.90
116, 998.94
22, 429,264! 11
169,378. 40
383, 652. 76
20,467, 556. 25
136,217. 72
16 332, 669.06
1,961, 707.86
33,160. 68
50,983.70
1, 654, 984. 61
1, 345,839. 24
309,145.37
2,371, 514.17
2, 507, 543. 50
8, 222. 21
136, 029.33
1 Excess of repayments, deduct.
1 Included under office of chief clerk and superintendent in 1924.
*
1 Includes $65,000 for 1925 and $225,000 for 1924, charges on silver dollar bullion sold.
5
1 Exclusive of $12,000,000 for subscriptions to capital stock, Federal intermediate credit banks, agricul6
tural credits act of 1923; see special accounts, p. 163.
161
SECRETARY OP THE TREASURY
Comparison of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net)—Continued
1926
1924
Increase, 1925
Decrease, 1925
TREASURY D E P A R T M E N T — c o n t i n u e d
Internal Revenue Service:
Administrative salaries
Collecting the revenue...
Enforcement of narcotic and
prohibition acts
Miscellaneous expenses.....
Refunds, debentures, draw.backs, etc
Special funds
Coast Guard
Bureau of Engraving and Printing:
Administrative salaries
Compensation of employees
Materials and miscellaneous
expenses.
- Plate printing
Secret. Service
Public Health Service;
Administrative salaries and
•miscellaneous items
Hospital construction
Medical and hospital services..
Pay of commissioned officers,
pharmacists, acting assistant surgeons; and. other emPay of personnel and maintenance of hospitals
.
Mints and assay offices
Public buildings:
Office of Supervising Architect.
Public buildings, construction
and rent.'
Hospitals..
Quarantine stations....^
Repairs, equipment, and general expenses...
Operating expenses
American Printing House for the
Blind...
Increase of compensation
Miscellaneous
Total Treasury Department.
• $795,775.27
35,675,308.07
$684, 059. 01
33, 746, 634. 08
$111, 716. 26
1,928,673.99
10,388,360.20
4, 470. 22
8,372,380.29
2, 036.33
2, 015, 979. 91
2, 433. 89
160,174,542.09
138, 228. 72
26,814,083.21
138, 821, 789. 73
18, 358. 28
11,354,038.29
21, 352, 752. 36
119,870.44
15, 460,044. 92
407,100. 39
3, 246,966.94
213,487. 98
2, 567, 055. 59
193, 612.41
679, 911.35
1, 345, 488. 51
1, 562, 555. 60
461, 325. 04
1, 450, 829. 49
1, 338, 635. 75
414, 650. 03
223, 919. 85
46, 675. 01
1,695, 673.30
1 37,177. 21
716. 69
1, 641, 639. 34
1 2, 963. 38
1 42, 529.89
43, 246. 58
2,344,817.12
1,222,571.19
•122,245.93
5, 266,466. 77
1, 557,433.46
:, 402,125. 61
, 308,836. 24
864,341.16
248, 597. 22
203,106. 32
58, 630.14
2,489,145. 39
1 683, 941.41
7
97, 257. 51
1, 797, 102. 35
17 2, 628, 583. 49
19, 368. 07
692,043. 04
2, 054,496.49
8,970, 912. 26
5, 278,208. 96
', 203, 805. 60
"i,'767,'i66.'66'
50, 000.00
!, 967,047.83
718.85
842, 670.86
277,659,177.67
54,003,420.99
50, 000. 00
1 106,155. 59
1 146, 047. 99
317,984,148.35
$105,340.98
64,033. 96
77, 889. 44
34, 213.83
2, 044, 642. 08
223, 712. 47
10,073,203.42
13,678,450.31
WAR DEPARTMENT
Military activities:
742, 619. 99
2,992,230.42
3,734, 850.41
Office of the Secretary of War.
248, 359.15
20,117 63
268, 476. 78
General Staff Corps
,
178,887. 93
1,323, 948. 62
1, 502, 836. 66
Adjutant General's Department
6,461.46
24, 148. 46
17, 687.00
Office of Inspector General
Office of Judge Advocate Gen1,364.11
64, 243.22
6, 879.11
eral
393. 82
1,323. 05
1 6, 546,
Army account of advances
5,658,070.77
Finance Department121,160, 880. 50
123,390, 154. 22
2,229,273. 72
Pay of the Army.
891, 927. 33
844, 601. 92
47,325.41
Mileage of the Army
4, 622, 503.03
216, 657. 62
4,405,845.41
Increase of compensation i8.
1,367, 880. 39
118, 654. 99
- 1,486, 435. 38
Finance service
1,992, 507. 29
1,627, 052.47
365,454. 82
Miscellaneous iterhs
Quartermaster C o r p s 15,070,
14, 507, 192. 99
563, 776. 64
Army transportation
3,613, 852. 01
3, 781, 396. 74
167, 544. 73
Barracks and quarters
4, 229, 990. 66 . 4,567, 692. 48
'337,'60i."82
. Clothing and equipage
Construction and repair of
536. 53
563, 874. 69
22,661.84
hospitals
^81, 246. 91
1383, 996. 97
302, 750. 06
General appropriations.....
Incidental expenses of the
4,765, 259.10
4,156, 803. 72
608,455.38
Army
Inland and port storage
16, 822. 08
181, 294. 08
and shipping faciUties
164,472.00
Regular* supphes of the
12,292, 4U. 79
il, 241, 332. 82
1,051, 078. 97
Army
Roads, walks, wharves, and
693, 819.49
58, 385. 53
752, 205. 02
drainage
934, 780. 24
15,300, 383.12
16, 235, 163. 36
Subsistence of the A r m y . . .
" igExcess of repayments, deduct.
"Ilncludes $317,082.69 for 1925 and $1,890,088.57 for 1924 under hospital facilities, etc., for war patients.
i8|Exclusive of increase of compensation under Panama Canal and National Homes for Disabled VolunteerJSoldiers.
60501—FI 1925t
11
162
R.EPOR.T ON T H E FINANCES
Comparison of expenditures, fiscal years 1925 and 1924, on the basis-Kof -wajrants
issued {net)—Continued
1925
1924
WAR DEPARTMENT—continued
Military activities—Continued.
Quartermaster Corps—Contd.
Supphes, services, and
transportation
$66, 559. 25
$167,474. 96
Water and sewers at military posts
2, 111, 384. 04 a 2,086,526.11
Miscellaneous items
....
1,933,895.17
5, 292, 874. 66
Signal Corps
2,179,937. 47
2,307, 857. 90
11, 279,461. 97
Air Service
11,886,803.47
1,314, 317. 24
1, 273,171. 54
Medical Department
64, 764.10
74, 883. 86
Bureau of Insular Affairs...
1, 607, 294. 97
1,032,055. 59
Corps of Engineers
Fortifications, etc., Panama
Canal
1..
872, 689. 93
393, 963. 37
Ordnance Department1,120,600. 87
1,026, 753. 32
Ordnance service
Ordnance stores and sup92,492. 72
plies
188, 706. 74
892, 795. 68
841,191. 38
Ammunition.
Automatic rifles and manu848, 641. 59
546, 434.16
facture of arms
7, 350. 05
5, 288. 79
Nitrate plants
272,427. 85
Armament of fortifications.
1, 693,131. 09
600, 947. 97
736, 090.15
Arsenals
.*
20, 987. 91
61,475. 83
Ordnance storage facilities..
1, 558,394. 04
Miscellaneous items
1, 394, 721. 92
714, 558.49
697, 854. 77
Chemical Warfare Service..
National Board for Promotion
114,627. 43
79,055. 33
of Rifle Practice
65,494. 32
59, 719.03
Chief of Infantry...
17,414. 33
19,044. 02
Chief of Cavalry
27,156. 94
20,881. 30
Chief of Field Artillery...
249, 911. 38
235, 648. 02
Chief of Coast Artillery...
24,331, 283. 35
29,369, 725. 66
Mihtia Bureau..
Military Academy
2,280,046. 64
1, 810, 560. 85
5, 950,152. 70
8,661, 071. 60
Organized Reserves
250, 714, 592. 22
Total mihtary activities
252,.087,035.60
Nonmilitary activities:
National cemeteriesDisposition of remains of
oflicers, soldiers, and civil
325,014.01
522,135. 06
employees
'
Miscellaneous items
693,030.40
451, 801. 54
Medical DepartmentMedical and hospital serv1 12, 033. 21
ices
722, 961. 60
54,833.08
105, 080. 38
Miscellaneous items
(19)
Signal Corps
978,918. 20
Public buildings and grounds
32,441. 71
63,040. 32
under Chief of Engineers
Miscellaneous items under
1,037,420.78
1,178,310.15
Corps of Engineers
Rivers and harbors—
Improving rivers
75,294,140. 46
71,305,487. 65
Improving harbors
499^36.19
1,301,729.13
Special funds for rivers and
3,635,266. 28
3,085,281.17
harbors
Inland and coastwise water1,699,906. 69
197,274. 64
ways service
34,000.00
116,393.35
Monuments
216,621.62
143,154. 42
National military parks
National homes for disabled
volunteer soldiersMedical
and
hospital
services
7,839.86
424,839.16
8,494,176.70
6,433,091. 53
Care and maintenance
3,012,424.18
3,301,117.30
War claims and relief acts
Trust f u n d s Estates of deceased soldiers.
United States Army
46.30
Soldiers' Home permanent
789,268. 64
fund
738,584.13
Preservation of birthplace
of Abraham Lincoln
2,500. 00
3,000.00
Miscellaneous nonmilitary ac124,422. 97
tivities
656, 661. 21
Total nonmilitary activities
(exclusive of Panama Canal)
96,819,874.76
90,749,942. 74
» Excess of repayments, deduct.
Increase, 1925
Decrease, 1925
$100,915. 71
$24, 857. 93
607,341. 50
10,119. 76
3,358,979.49
127,920. 43
41,145. 70
575, 239. 38
478,726.56
93,847. 55
51,604. 30
2,061. 26
163, 672.12
16,703. 72
35, 572.10
5,775. 29
1, 629. 69
6, 275. 64
14, 263. 36
6,038,442. 31
469,485. 79
2, 710, 918. 90
18, 771,152. 77
96, 214. 0i2
302,207. 43
1,420^703. 24
135,142.18
40,487. 92
17, 398, 709. 39
197,121. 05
241, 228. 86
978, 918. 20
734, 994.81
50,247. 30
30,598. 61
140,889.37
3,988,652. 81
802,092. 94
549,985.11
1,402,631.95
73,467. 20
2,061,085.17
82,393.35
416,999.30
288,693.12
46.30
60,684. 51
500.00
632,238.24
9,346,700.11
3,276,768. 09
1 Under miscellaneous nonmiUtary activities in 1924.
9
163
SECEETAEY OP THE TEEASUEY
Comparison of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net)—Continued
WAR
Increase 1925
1924
1925
| Decrease, 1925
DEPARTMENT—continued
Panama Canal,
maintenance
operation
and
Total W a r Department
$9,050,509. 73
$7,141,711. 97
$1,908, 797. 76
357,957,420. 09
348, 606,246. 93
30,026,650. 64
882,014,950. 03
358,336.01
12,000,000. 00
938,740,771. 79
20 1,772,689.94
$20, 676,477.48
SPECIAL ACCOUNTS
Subscriptions t o capital stock of
Federal i n t e r m e d i a t e credit b a n k s
I n t e r e s t on t h e p u b l i c d e b t
P r e m i u m on t h e p u b l i c d e b t . .
882,373,286. 04
2,464,168,872. 77
D e d u c t r e p a y m e n t s counter-entered in fiscal year s u b s e q u e n t t o
t h e deposit-thereof.'..:.:.':•.•.....•..
952,513,461. 73
2,946,400,966.75
70,140,175. 69
350,111,065.27
832,343,159. 26
6.V35
T o t a l o r d i n a r y w a r r a n t s ex2,464,168,866. 42
penditures
A d j u s t m e n t s t o t h e general fund:
A d d credits against expendit u r e s 21—
Proceeds of railroad securities owned b y t h e Gov143,926,^630.98
ernment
Miscellaneous credits
29,765,158. 08
Relief of" J o h n B u r k e , former
T r e a s u r e r of t h e U n i t e d
States, act J u n e 3, 1922
196. 00
D i s b u r s i n g oflicers' credits,
etc., a t beginning of fiscal
year
771,932,016. 29
Unpaid warrants at beginning
1,396,323.35
of fiscal year
3,411,189,191.12
Deduct—
D i s b u r s i n g officers' credits,
etc., a t close of fiscal y e a r .
U n p a i d w a r r a n t s ; a t close'
of fiscal 3'^ear
12,000,000.00
56, 725,821. 76
1,414,353.93
344,085,919. 44
6.35
2,946,400,966.75
350, 111, 065. 27
94,340,205. 52
29,518,645. 50
49, 586, 425. 46
246,512. 58
60.00
136. 00
742,652,367.90
832,343,165.60
29,279,648.39
209, 733.87
1,606,057.22
3,814,618,302. 89
429,223, 787. 70
832,552,899. 47
427,846, 096.85
771,932,016. 29
2,565,496.84
1, 396,323. 35
1,169,173. 49
346,651,416.28
T o t a l o r d i n a r y cash expendit u r e s on basis of daily
T r e a s u r y s t a t e m e n t s , revised . 223,064,537,774.84
773, 328, 339. 64
1,169,173. 49
213.041,189,963.25
428,054, 614. 21
50.00
3,000. 00
427,846,096.85
404, 700,802. 62
PUBLIC DEBT
F i r s t L i b e r t y loan
'
..
3, 050.00
First L i b e r t y loan, converted a t 43^
per cent
2,050.00
Second L i b e r t y loan, converted a t
4J^ p e r cent
28, 400.00
T h i r d L i b e r t y loan
111, 822, 600.00
F o u r t h L i b e r t y loan
14, 350. 00
Victory L i b e r t y loan
6,941,850. 00
T r e a s u r y notes (various rates)
1,373,391,800.00
T r e a s u r y b o n d s 1947-1952-22, 240.00
Loan^of 1908-1918
L o a n of. 1925
.:
117,051,150.00
Certificates of i n d e b t e d n e s s , various issues .
T r e a s u r y notes a n d certificates of 2,152, 954, 500. 00
i n d e b t e d n e s s (adjusted service
series)
4. 600, 000, 00
50,860, 618. 69
T r e a s u r y (war) savings s e c u r i t i e s . . .
B a n k - n o t e fund
68,974, 392.00
237, 350. 00
239, 400. 00
94, 449, 650. 00
410, 587, 300. 00
4,070,100. 00
80, 639,850. 00
356,973,000. 00 1,016,418,800.00
6, 000. 00
29,260.00
117,051,150.00
94, 421 250 00
298,764, 700.00'
4,055,750.00
73, 698, 000.00^
6,000. Oa
7,020 00'
85,212,600.00'
2, 238,167,000. 00
4,600,000. 00
87, 434, 451.08
33,084,377. 50
36,673,832.3935,890,014. 50
«o Offset by $1,631,456.83 in 1924, discount on bonds, notes, and certificates purchased and covered into
the Treasury as misc^aneous receipts, p. 150.
'1 Items of this character represent cash receipts which are credited against the expenditures s hown on a
warrant basis. It is necessary, therefore, to add back the amounts to expenditures by warrants in order toadjust to an actual cash basis.
2 Exclusive of pubhc debt retirements chargeable against ordinary receipts during 1925 of $466,538,113.832
and during 1924 of $457,894,100, which amounts are included in this table under public debt expenditures.
The total expenditures chargeable against ordinary receipts during the fiscal years 1925 and 1924 were
therefore, $3,531,075,888.67 and $3,499,084,063.25. respectively.
164
REPORT ON T H E FINANCES
Comparison of expenditures, fiscal years 1925 and 1924, on the basis of warrants
issued {net)-—Continued
1925
1924
$1, 350.00
$13, 550. 00
Increase, 1925
Decrease, 1925
PUBLIC DEBT—continued
F u n d e d loan of 1907
Gold reserve increase
against
U n i t e d States notes
Miscellaneous r e d e m p t i o n s
641,959.88
1,104.41
$12, 200.00
$641,959.88
2, 526. 64
T o t a l p u b l i c d e b t expendi3,887, 311, 414.98
tures
1,422.23
3, 305, 696, 515. 22 1,174, 604,924. 38
T o t a l cash e x p e n d i t u r e s , exclusive of Postal Service,
p a y a b l e from postal reve6,951,849,189.82 '6,346,886,478.47 1,602, 659, 538. 59
nues -Postal Service, p a y a b l e from postal
599, 591,477. 59
revenues
672,948, 778.41
26, 642, 699.18
T o t a l e x p e n d i t u r e s , includ.ihg Postal Service p a y a b l e
from postal r e v e n u e s
7, 651,440, 667. 41
6,919,835, 256. 88 1, 628,302, 237. 77
592, 990,024. 62
997 696 827 24
997,696,827.24
Estimates for 1926 and 1927 compared with actual receipts for 1925
The following table shows estiinates of receipts for the fiscal years
1926 and 1927 compared with actual receipts for the fiscal 3^ear 1925:
Comparison of estimated receipts, fiscal years 1927 and 1926, with actual receipts
for the fiscal year 1925
E s t i m a t e d , 1927
Ordinary receipts:
Customs
Internal r e v e n u e I n c o m e tax
Miscellaneous taxes
Miscellaneous:
I n t e r e s t , p r e m i u m , a n d discount—
I n t e r e s t on l o a n s t o foreign g o v e r n m e n t s . .
I n t e r e s t on f u n d e d obligations of foreign
governments
I n t e r e s t on miscellaneous obligations of
foreign g o v e r n m e n t s
. .
I n t e r e s t o n miscellaneous obligations
I n t e r e s t o n farm l o a n b o n d s I n t e r e s t on p u b l i c deposits
P r e m i u m s on v e t e r a n s ' t e r m i n s u r a n c e
D i v i d e n d on capital stock
G a i n b y exchange
I n t e r e s t on railroad securities
.
Sales of G o v e r n m e n t p r o p e r t y Sale of w a r supplies .
Miscellaneous G o v e r n m e n t p r o p e r t y
Public-domain r e c e i p t s Sale of n u b l i c l a n d s
R e c e i p t s u n d e r m i n e r a l leasing acts
Forest-reserve fund
National park revenues
.
Other - •
F e d e r a l reserve a n d F e d e r a l i n t e r m e d i a t e
credit b a n k franchise t a x
;
Profits on coinage, bullion deposits, etc
Revenue-producing e n t e r p r i s e s E m e r g e n c y Fleet C o r p o r a t i o n , construct i o n loan funds
Other
P a n a m a C a n a l , tolls, profits, etc
.
R e n t of p u b h c buildings a n d g r o u n d s
E s t i m a t e d , 1926
1 $551, 750, 000. 00 1 $556, 760, 000. 00
1,880,000,000. 00
874,000, 000. 00
1,880, 000,000. 00
864,000,000,00
A c t u a l , 1925
$547, 561, 226.11
1, 760, 537,823. 68
828, 638,067. 90
275. 00
33, 500. 00
735,922.15
142,969, 338. 00
142, 936, 991. 00
137,898,316.33
20, 375,857. 00
2, 775, 743. 00
2, 317, 500. 00
4, 317, 500. 00
20,406, 555. 00
2, 718,495. 00
3,442, 500. 00
4, 514, 500. 00
10, 500, 000. 00
16, 000. 00
16, 568,372. 00
16, 000. 00
16, 674,425. 00
21, 755, 739. 46
1,345, 719. 22
4,443, 624. 56
4, 501, 922. 54
13, 475, 001. 02
350, 000. 00
519, 654. 75
22, 779, 738. 44
6, 600, 000. 00
13, 738, 083. 00
14,110,000.00
10,689, 630. 00
16, 580,191. 88
9, 610, 369.80
500,000. 00
10, 000, 000. 00
6, 882, 600. 00
974,000. 00
1,042,000.00
500, 000. 00
P 10,000,000.00
5,182, 565. 00
736,100. 00
1, 043, 000. 00
623, 533. 84
9,192,160.14
6 101 497 95
699,299.22
949, 655. 34
1,000, 000. 00
7,400, 000. 00
1, 000,000.' 00
8,450,000. 00
641, 959. 88
8, 715,150. 82
4,819, 036. 00
5,863, 320. 00
21,000,000. 00
1, 054,443. 00
4, 557, 444. 00
6, 246,820. 00
21,000,000. 00
1,079, 443. 00
2,938, 353.88
4 111 941 21
23, 089, 957. 87
1, 338,130. 44
i Includes $1,750,000 estimated by Department of Commerce for tonnage tax, receipts on account of
which are covered into the Treasury as customs revenue.
SECEETARY OF THE TEEASUEY
165
Comparison of estimated receipts, fiscal years 1927 and 1926, with actual receipts
for the fiscal year 1925—-Continued.
Estimated, 1927
Estimated, 1926
Miscellaneous—Continued.
Fees, fines, penalties, forfeitures, etc.—
Fees on letters patent
$3, 724, 270. 00
$3, 385, 700. 00
Consular and passport fees
7,913,000.00
7,920,000. 00
Tax on circulation of Federal reserve and
national banks
3,510,495.00
3, 357, 947. 00
Customs service
1,450,000. 00
1, 300,000. 00
Collections under enforcement of national
prohibition act (Treasury and Judicial).
5, 000, 000. 00
5, 000, 000. 00
Navy fines and forfeitures.__
850,000. 00
850, 000. 00
Naturalization fees..
650, 000. 00
.650,000.00
Immigration head tax.
3,150,000.00
3,155,000.00
Judicial...
3, 280,000. 00
3, 280, 000. 00
2,574,625.00
Other..
_
2, 466, 975. 00
Gifts and contributions—
For river and harbor improvements
3, 500, 000. 00
3, 500, 000. 00
For Forest Service cooperative work
1,800,000. 00
1,800, 000. 00
Other...
251, 439. 00
251,439.00
Repayments of investmentsPrincipal of loans made to foreign governments
Liquidation of.capital stock, Federal land
banks
250,000. 00
•300, 000. 00
Principal of bonds of foreign governments
under fundin g agreements
32,190,470. 00
31,187, 243. 00
Principal of sale of surplus war supplies
to foreign governments.
36,090. 00
70,000. 00
Sale of farm loan bonds
26,000,000.00
55, 000,000. 00.
Return of advances made to reclamation
fund..
1, 000, 000. 00
1, 000,000. 00
Principal of loans made by United States
524, 500. 00
Housing Corporation.
623, 000. 00
1, 233, 600. 00
40, 302,498. 00
Principal of railroad securities
351,500.00
1, 781,945.00
Shipping Board securities...
Assessments and reimbursementsSalaries and expenses, national-bank, ex2,300, 000. 00
2, 260, 000. 00
aminers
558,084. 00
606, 765. 00
Expenses of redeeming national currency..
8, 500, 000. 00
8, 000, 000. 00
.. Reclamation
Assessments on Federal reserve banks for
salaries and expenses. Federal Reserve
2, 500, 000. 00
Board
2, 500, 000. 00
3,000,000. 00
2, 000,000. 00
General railroad contingent fund Payment by German Government under
13,101,000.00
terms of the armistice
Work done by individuals, corporations,
1,015, 440. 00
1, 005, 680. 00
et al
1, 867, 982. 00
1,841,207.00
Other
District of ColumbiaRevenues of the District of Columbia—
.District of Columbia share (exclud'25,805,000.00
'••• ing'thist-funds)
_
25,104, 500. 00
United States share
5,418,826.00
7, 250, 596. 00
MisceUaneous unclassified receipts
2, 232,143. 00
1, 867,097. 00
Army and Navy miscellaneous collections
Trust f u n d s Government life insurance f u n d 45, 712,000. 00
40, 500, 000. 00
Premium on converted insurance
8, 500,000. 00
7, 250, 000. 00
Interest
Civil service retirement and disability
2, 479, 927. 00
2, 265, 427. 00
fund
690,000. 00
690, 000. 00
Soldiers' Home permanent fund
Army, Navy, and Marine Corps deposit
1,353, 200. 00
funds
1, 353, 200. 00
Indian moneys—
2, 000, 000. 00
2, 066, 000. 00
Proceeds of labor
Proceeds of sale of Indiaii lands and
19,160,000. 00
19, 400, 000. 00
timber
30, 000. 00
Other
.•_...
30,000. 00
353. 200. 00
Miscellaneous trust funds
356, 200. 00
2. 120, 000. 00
District of Columbia trust funds
2. 250, 000. 00
Total miscellaneous receipts, including
Panama. Canal and sales of public
lands.,>
579, 966. 942. 00
518, 780, 203. 00
Total ordinary receipts, exclusive of postal
revenues.
3,824, 530, 203. 00 3,880,716,942.00
Actual, 1925
$2,962, 653. 29
7, 448, 256. 53
4,061,574.78
1, 275,826. 61
5, 359, 672. 89
1,419.046.77
993, 783. 50
3,197, 265. 07
2,837,135.93
3, 431,977. 44
3,828, 735. 06
2,104, 219. 23
433,396. 79
132, 512. 71
472, 456. 00
23, 084, 672. 50
30, 513. 86
13, 000, 000. 00
1, 000, 000. 00
1,614,391.10
121,131, 682. 54
2, 436,831. 34
721,797.52
6, 359,899. 79
1,869, 374. 71
1,137, 872. 54
14, 725,154. 40
257, 767.86
4,611,744.08
19,902,228.39
757,107. 82
2 8,812, 638. 82
8,151, 536. 88
38, 644,010. 63
5, 425, 905. 37
2,123, 796. 71
589,857. 31
1,160, 583. 30
30, 670,134. 64 "
1, 422, 547. 66
53, 216. 50
482, 794. 47
• 1,877,174.78
643,411,666.73
3, 780,148, 684. 42
2 After deducting' $324;919.6r for warrant distribution in exceess of cash receipts on basis of daily
Treasury statements. •
166
REPORT ON T H E FINANCES
Estimated receipts for the fiscal years 1927 and 1926
Fiscal year
1927
Source of revenue
Fiscal year
1926
Customs
1 $551, 750, 000
'$556,750,000
Internal revenue (under revenue act approved June 2, 1924):
Income tax
Miscellaneous internal revenue (see details below)
1,880, 000, 000
874, 000, 000
1,880, 000, 000
864, 000, 000
2, 754, 000, 000
2, 744, 000, 000
110,000,000
2,000,000
25. 000, 000
380, 000, 000
-•33,000,000
160, 000, 000
700, 000
750, 000
3, 850, 000
50, 000
650, 000
1,000
350, 000
650, 000
8, 000, 000
94, 000, 000
2,100, 000
50, 000, 000
2, 000, 000
3, 000, 000
110, 000, 000
4,000,000
25, 000, 000
365, 000, 000
:33,000,000
150, 000, 000
700, 000
750, 000
3, 800, 000
40,000
600, 000
3,000
350, 000
600, 000
8, 000, 000
93, 000, 000
2, 200, 000
51, 000, 000
2, 000, 000
3, 200, 000
Total internal re v e n u e . . - .
Miscellaneous internal revenue—
Estate tax
Gift tax
,
Alcoholic spirits, etc
Tobacco and tobacco manufactures.....
Admissions and dueslli.
..^
Automobiles, trucks, parts, etc...
Cameras and lenses
Photographic films and plates
Firearms, shells, and cartridges
—
Smokers' articles
Coin-operated devices and machines
,Mah-jongg and similar tile sets
Yachts and motor boats
^
^
Art works
Jewelry, watches, clocks, etc
Corporation capital stock tax
Bowling alleys, pool and billiard tables
Stamp taxes, including playing cards...
Brokers
Oleomargarine, adulterated butter, etc
Miscellaneous taxes, including occupational taxes, receipts under
national prohibition and narcotic laws, and delinquent taxes
under repealed laws
Total
—-
-
Miscellaneous ordinary receipts by departments and Government
establishments:
Legislative.-•
Executive and independent offices
Department of Agriculture
Department of Commerce
Department of the Interior
Department of Justice
--Department of Labor
Navy Department
^
Department of State
Treasury Department..
War Department
Panama Canal
District of Columbia
—
Total miscellaneous ordinary receipts
Total estimated ordinary receipts
•9, 000
10, 757, 000
874, 000, 000
864, 000, 000
538,850
100,073, 360
9,493, 020
4,406, 270
47,158,879
8, 566,600
4,750,250
7,916, 200
8,108,733
245,474,241
33, 238,800
21,000,000
28,056, 000
527,140
137, 376, 008
7,874, 330
4,019, 700
46,387,831
8,536,600
4, 785, 250
9,871, 200
8,115, 733
276, 652,053
27, 595,997
21,000,000
27, 224, 500
618, 780, 203 !
579,966,942
3,824, 530, 203 i
', 716,942 .
»Includes $1,750,000 estimated by Department of Commerce for tonnage tax, receipts on account of
which are covered into the Treasury as customs revenue.
SECRETARY OF THE TREASURY
167
\
Estimates for 1927 and appropriations for 1926
APPROPRIATIONS FOR 1926
Appropriations made for the fiscal year 1926 and for prior
years.during the second session of the Sixty-eighth Congress, including estimated permanent and indefinite
appropriations and appropriations for the Postal Service
payable from postal revenues
$4, 157, 344, 514. 91
Deduct:
Postal Service for 1926 payable from
the postal revenues
$636,269,415.00
Postal deficiencies of prior years, payable from postal revenues
14, 987, 026. 6o
Deficiencies and supplements for prior
years
400, 570, 427. 95
1, 051, 826, 869. 60
Total appropriations for 1926, exclusive of deficiencies
and Postal Service payable from postal revenues,
and excluding also repayments under revolving
fund appropriations, repayments to appropriations, and appropriations of unexpended balances. ^ 3, 105, 517, 645. 31
Comparison of the estimates for 1927 with the appropriations for
1926 shows an increase in the 1927 estimates of $50,612,713.35, as
exhibited in the table following, without, however, including in the
figures repayments under revolving fund appropriations, repayments to appropriations, and appropriations of liu expended balances,
the effect of which on the appropriations is shown on pages 47 to
49 of the report for the fiscal year 1920.
Estimates of appropriations for 1927 compared with appropriations for 1926
[Excluding Postal Service payable from the postal revenues]
1927 estimates,
including permanent annual
1926 appropriations, including
revised permanent annual
Increase, 1927
estimates over
1926 appropriations (+),
decrease (—)
-f $1, 583, 379. 90
$14, 915, 001. 80
$16,498, 381. 70
Legislative-48, 000. 00
489, 960. 00
441,960. op
Executive Office
Independent offices:
-58, 570. 00
189, 220. 00
130, 650. 00
Alien Property Custodian
M-800, 000. 00
800, 000. 00
American Battle Monuments Commission...
Arlington Memorial Bridge Commission.i;..
+2, 500, 000. 00
2, 500,000. 00
354, 320. 00
-f 94, 290. 00
448, 616. 00
Board of Tax Appeals
.-..
150,350.00
150, 350. 00
Bureau of Efficiency
_
- 6 , 500. 00
1, 001, 692. 00
1, 008,092. 00
Civil Service Commission
-1,205.00
5, 295. 00
Commission of Fine Arts
6, 500. 00
+440, 540. 00
2, 742, 04.0. 00
Employees' Compensation Commission
2, 301,500. 00
-16,380.00
8,210,620.00
Federal Board for Vocational Education
8, 227,000. 00
+100. 00
31,400.00
Federal Power Commission
31, 300. 00
-11,000.00
997, 000. 00
Federal Trade Commission
1, 008,000. 00
+12,440.00
3, 701,
960. 00
3, 714, 400. 00
General Accounting Office
-69, 517. 00
674, 398. 00
743, 915. 00
H ousing Corporation
._
6,853, 962. 00
-820, 652. 75
Interstate Commerce Commission
_
6, 033, 309. 25
534, 000. 00
513,000. 00
-21,000.00
National A d visory Committee for Aeronautics.
Office of Public Buildings and Public Parks of
2 2, 282, 505. 00
+11,345.00
2, 293,850. 00
the National Capital
-11,585.00
296,805. 00
285, 220. 00
Railroad Labor Board
-15,780.00
874, 020. 00
858, 240. 00
Smithsonian Institution
-22, 500. 00
699,000. 00
721,500.00
Tariff Commission
-205.00
345. 00
550. 00
United States Geographic Board
I After adding $5,662,465 increase for revised estimates covering principal and interest on the public debt.
«Includes increase of $32,040 for transfer from War Department, and decrease of $92,415 for transfer to
Department of Commerce.
168
REPORT ON T H E EUsTANCES
Estimates of appropriations for 1927 compared with appropriations for 1926—
Continued
1927 estimates,
including permanent annual
Independent offices—Continued.
United States Shipping Board
U . S . Veterans' B u r e a u Salaries and miscellaneous
Military and naval compensation
,
Medical and hospital facilities and services.
•
^
Adjusted service and dependent pay
Adjusted service certificate fund
Vocational rehabilitation
Military and naval insurance
Indigent in Alaska, special fund
District of Columbia
Department of Agriculture.
_,
Department of Commerce
Department of the Interior:
Civil
Pensions and Pension Office
Indian Service
Department of Justice
Department of Labor
Navy Department:
Pay of the Navy
Provisions, maintenance, fuel, and transportation
"
_
._
Marine Corps
1..
Increase of the Navy
Other items under Navy Department
Post Office Department (exclusive of Postal
Service)
State Department
Treasury Department:
Collecting the revenue
Refunds, drawbacks, etc., of revenue
Public buildings, construction, operating expenses, repairs, equipment, etc
WarOther items under Treasury Department..
Department:
Military activitiesPay of the Army
,
Quartermaster Corps, subsistence, supphes, transportation, etc., of the Army..
Militia Bureau..
Other mihtary activities
Nonmilitary activitiesRivers and harbors
Soldiers' homes
Panama Canal, operation and maintenance
,
Other nonmilitary activities
,
Interest on pubhc debt
Sinking fund..
Other public debt retirements chargeable against
ordinary receipts
Total, excluding Postal Service payable
from the postal revenues.
1926 appropriations, including
revised permanent annual
Increase, 1927
estimates over
1926 appropriations (+),
decrease (—)
$14,198, 574. 00
$24, 330, 000. 00
-$10,131,426. 00
44,165,000. 00
140,800, 000. 00
39,000,000.00
95. 000, 000. 00
15, 000. 00
35, 626, 579. 00
140, 717, 753. 00
30, 402,847. 00
45, 700, 000. 00
127, 000, 000. 00
35, 000, 000. 00
12, 000, 000. 00
50, 000, 000. 00
38,000, 000.00
98, 000, 000. 00
15, 000. 00
36, 032, 853. 00
138, 075, 191. 00
2 28,542,129. 00
-1,535,000.00
+13,800,000.00
+4, 000,000. 00
-12,000,000.00
+90, 000, 000. 00
-38, Q O 000.00
O,
- 3 , 000,000. 00
25, 382,958. 00
193, 971, 000. 00
31, 613,644. 00
24, 367, 027. 00
8, 567, 305. 00
8 29,692, 333. 50
199,095,000. 00
33,468, 270. 00
24,205, 822. 00
8,627, 625, 00
- i , 309, 375. 50
-6,124,000. 00
-1,854,626.00
+161, 205.00
-60,320.00
120, 000, 000. 00
117,000,000. 00
+3,000,000. 00
43, 550,000. 00
23,672, 500. 00
• 35, 775, 000. 00
99,871,930. 00
45, 060,000. 00
24,349, 650. 00
20,444, 000. 00
96, 008, 728. 00
-1,510,000.00
-677,150. 00
+16,331, 000. 00
+3,863, 202. 00
140, 000, 000. 00
-406,274.00
+2, 642, 567. 00
+1,860, 718. 00
16, 614,932. 64
16, 277, 652. 51
+337, 280.13
53,419,860. 00
21,915, 000. 00
53, 678, 060. 00
21, 527, 500. 00
-258,200. 00
+387,600. 00
13, 586,390. 00
68, 643,463. 63
13, 238, 586. 00
65, 264, 258. 50
+346,804. 00
+3, 379, 206.13
120,816, 598. 00
121, 304, 067. 00
-487,469. 00
59, 340, 754. 00
30,827, 252. 00
50,132, 046. 00
61, 346,991. 00
29,863, 746. 00
48, 242,446. 00
-2,006,237.00
+963, 606. 00
+1,889, 600. 00
56, 037,600. 00
9, 018, 900. 00
59, 252,990. 00
9, 031, 200. 00
-3,216,390. 00
-12,300.00
7, 639, 094. 00
1, 829, 281. 00
795, 000, 000. 00
339,423, 648.44
8, 735, 366. 00
* 1, 989,126. 00
820,000,000.00
325,304,445. 00
-1,096,272.00
-159,844.00
-26,000,000.00
+14,119, 203.44
176,159, 750. 00
175,124,150. 00
+1,035,600.00
3,166,130,358.66 13,105,517,645.31
+50, 612, 713. 35
J After adding $5,662,465 increase for revised estimates covering principal and interest on the public debt.
' Includes increases of $5,629,380 and $92,415 for transfers from Department of Interior, and Office of
Public Buildings and Pubhc Parks of the National Capital, respectively.
8 Exclusive of $5,629,380 transfer to Department of*Commerce.
* Exclusive of $32,040 transfer to office of Public Buildings and Public Parks of National Capital.
Attention is respectfully invited to the attached abstracts of the
annual reports of the various bureaus and divisions of the Treasury
Department and to the tables and exhibits accompanying the report
on the finances.
A. W.
MELLON,
Secretary of the Treasury.
To the SPEAKER OF THE H O U S E OF REPRESENTATIVES.
EXHIBITS AGCOMPANYING THE REPORT ON THE FINANCES
60501—FI 1925t
12
169
•
EXHIBITS
EXHIBIT
1
STATEMENT OF THE PUBLIC DEBT OF THE UNITED STATES, JUNE 30, 1925
Detail
INTEREST-BEARING
A m o u n t issued
A m o u n t retired
Amount outstanding
DEBT
Bonds:
2 per cent consols of 1930
_
i._
2 per c e n t P a n a m a Canal loan of 1916-1936
2 per c e n t P a n a m a C a n a l loan of 1918-1938
3 per cent P a n a m a C a n a l loan of 1961
_
.'_-3 per cent conversion b o n d s of 1946-1947
J...
2 H per cent postal savings b o n d s (first to t w e n t y - e i g h t h s e r i e s ) .
$646, 250,150.00
54, 631,980.00
30,000,000.00
50,000,000.00
28, 894, 500.00
- 11,995,880.00
F i r s t L i b e r t y loan
3M per c e n t b o n d s of 1932-1947...
C o n v e r t e d 4 per cent b o n d s of 1932-1947
C o n v e r t e d 4M per cent b o n d s of 1932-1947
Second converted 43^ per cent b o n d s of 1932-1947
1,989,455,550.00
37,935,900. 00
Second L i b e r t y loan
4 per cent b o n d s of 1927-1942
C o n v e r t e d 4 ^ per cent b o n d s of 1927-1942..
3,807, 865,000.00
$599, 724, 050. 00
48, 954,180. 00
25,947,400.00
49, 800,000. 00
28, 894, 500. 00
11,995,880.00
$46, 526,100. 00
5, 677,800. 00
4,052, 600. 00
200,000.00
$765,316. OiO. 00
$1,409,995,950.00
5,243, 350. 00
532, 788,200. 00
3,492,150.00
O
O
1,951,519, 650. 00
703,306,250. 00
21,091.600.00
3, 083,467,150. 00
3,104, 558, 750.00
T h i r d L i b e r t y loan—
43^ per cent b o n d s of 1928
F o u r t h L i b e r t y loan—
4 ^ per cent b o n d s of 193^1938
4,175, 650,050.00
1, 290, 272, 700. 00
2,885,377, 350.00
6,964,581,100.00
640,099,900.00
6, 324,481, 200. 00
763, 962,300.00
1,047, 088, 500. 00
14,000.00
763,948, 300. 00
1,047,088, 500. 00
335, 141, 300.00
617, 769, 700.00
940,100. 00
366, 981, 500.00
668, 201,400. 00
50, 000,000.00
35,481,400.00
2,091,800.00
72,017,800.00
11,201,:600.00
299, 659, 900. 00
615,677,900.00
414, 922, 300. 00
355, 779, 900. 00
668, 201,400. 00
50,000, 000. 00
391,369, 500.00
219,462,000.00
124,247,000.00
60,000,000.00
161,793,500.00
40,000, (WG^ 00
229, 576, 000. 00
179,462, 000.00
124,247, 000.00
45,400,000.00
14,265, 936, 950.00
Treasury bonds—
4 K per cent b o n d s of 1947-1952..
4 per cent b o n d s of 1944-1954—
Note^:
T r e a s u r y notes—
Series B-1925
Series A-1926
Series B - 1 9 2 6 . .
Series A-1927
Series B-1927
Adjusted service series
1,811,036,800.00
2,404,241,400.0a
Certificates of i n d e b t e d n e s s :
Series TS-1925
Series TD-1925
Series T J - 1 9 2 6 . .
A d j u s t e d service series...
4,600,000.00
578,685,000.00
o
Treasury (war) savings securities:!
Treasury (war) savings certificates, series 1921.__
5...
Treasury savings certificates, series 1921, issue of Dec. 15; 1921..
Treasury savings certificates, series 1922, issue of Dec. 15; 1921..
Treasury savings certificates, series 1922, issue of Sept. 30,1922.
Treasury savings certificates, series 1923, issue of Sept. 30, 1922.
Treasury savings certificates, series 1923, issue of Dec. 1, 1923...
Treasury savings certificates, series 1924, issue of Dec. 1, 1923...
Tlirift and Treasury savings stamps, unclassified sales, etc
22, 691,715. 73
2, 378, 390. 35
123, 966, 576. 40
20, 265, 328. 55
165, 887,895. 25
28, 413,620. 85
109, 707,052.40
007,595. 28
11, 186, 529.32
1, 810, 424^ 85
96, 933, 452. 25
15, 053, 033.90
134, 172, 088: 25
24, 462, 754.15
203, 221. 35
3,868, 587. 28-
11, 505,186. 41
567, 965. 50
27, 033,124.15
5,212,294. 65
31,715, 807.00
3,950, 866. 70
11, 503,831. 05
4,139, 008.00
385,690, 091. 35
Total interest-bearing debt outstanding..
20,210,906,251.35
M A T U R E D D E B T ON WHICH I N T E R E S T HAS CEASED
(Payable on presentation)
Old debt matured at various dates prior to Apr. 1,1917...
CertiiQcates of indebtedness, at various interest rates, matured
.-..
Spanish War loan of 1908-1918.-.
•
'dH per cent Victory notes of 1922-1923
AH per,cent Victory notes of 1922-1923 (with serial letters " A " to " F " ) . .
4M per cent Victory notes of 1922-1923 (with serial letters " G " to " L - ' ) .
Treas.iiry notes, series A-1924
L
^
Treasury notes, series B-1924
Treasury notes, series A-1925
".
Treaiiiry notes, series C-1925
4 per cent loan of 1925
__
_
o
280,460. 26
711, 500. 00
244,820;00
40, 300.^00
217, 350; 00
511,050. 00
355,300. 00
432,000. 00
948,300. 00
063,100. .00
438,750. 00
Total outstanding matured debt on which interest iias ceased..
o
30,242,930.26
D E B T B E A R I N G NO I N T E R E S T
(Payable on presentation)
Obligations required to be reissued when redeemed:
United States notes
Less: Gold reserve
-.
Obligations that will be retired on presentation:
Old demand notes
National bank notes and Federal reserve bank notes assumed by the
United States on deposit of lawful money for their retirement
Fractional currency
.t".
Total outstanding debt bearing no interest.
346,681, 016.00
153,620,985. 51
193, 060, 030.. 49
K!
53,012. 50
80, 014, 519. 50
1,995,430.63
275,122,993.12
Total gross debt 2
20, 516, 272,174.73
' Amounts issued of Treasury (war) savings certificates of the series of 1921 are on basis of reports of sales taken at issue price; amounts retired are on basis of redemption value.
Amounts issued and amounts outstanding of Treasm-y savings certificates, issue of Dec. 15, 1921, series of 1921 and 1922, issue of Sept. 30, 1922, series of 1922 and 1923, and issue of
Dec. 1,1923, series 1923 and 1924, are on basis of net redemption value.
2 The total gross debt June 30, 1925, on the basis of daily Treasury statements was $20,516,193,887.90 and the net amount of public-debt redemptions and receipts in transit, etc.,
was $78,286.83.
!•
Statement of the public debt of the United States, June .30, 1925—Continued
Detail
.,
'
.
Matured interest obligations, etc:
Discount accrued (partly estimated) on
cates series 1918 ^
Discount accrued (partly estimated) on
cates, series 1919 ^
•
Discount accrued (partly estimated) on
cates series 1920 ^
Discount accrued (partly estimated) on
cates, series 1921 •
•
Treasury checks outstanding
_.
Disbursing officers'checks outstanding
Treasury (war) savings certifi. . .
Treasury (war) savings certifi.^
Treasury (war) savings certifi- - _.
Treasury (war) savings certifi'.
--
-
Balance held by the Treasurer of the United States as per daily Treasury
statement for June 30,1925
_ ..
Add: Net excess of receipts over disbursemnts in June'reports subsequently
received
.
..
.
_.._j_
Net debt including matured interest obligations, e t c '
.
Amount issued.
Amount retired
Amount outstanding
$53,115,692.18
8, 747,300. 00
2, 251, 010. 00
2, 353, 850. 00
2, 428,917.89
2, 565, 496. 84
71,479, 255. 37
$142,941, 522. 28
20,659, 213,697. 01
217,835,732. 09
2,143,708. 73
o
219, 979,440.82
20,439, 234, 256.19
3 Treasury (war) savings certificates, series of 1918, 1919, and 1920, matured Jan. 1, 1923,1924, and" 1925, respectively. The entire outstanding principal amount, taken at issue
price less amounts retired on basis of redemption value, has already been charged out, so that the balance still outstanding appears as discount accrued, partly estimated.
^ Accrued discount calculated on basis of exact accrual at rate of 4 per cent per annum compounded quarterly with due allowance for cash redemptions to date.
fi No deduction is made on account of obligations of foreign governments or other investments.
o
a
Detail of outstanding interest-oeanng issues as shown above, June 30, 1925
Authorizing act
Title
NTEREST-BEARING
When redeemable or payable
Date of issue
Interest payable
DEBT
Bonds:
Consols of 1930
,
Panama Canal loan of 1916-1936.
Panama Canal loan of 1918-1938Panarn Canal loan of 1961
Conversion bonds
Postal savings bonds (first to twenty-eighth
series)
First Liberty loan—
3K per cent bonds of 1932-1947
Converted 4 per cent bonds of 1932-1947..
Converted 4J^ per cent bonds of 1932-1947.
Mar. 14, 1900
I/June 28, 1902, and Dec. 21,
It 1905.
-do
Aug. 5, 1909, Feb. 4, 1910,
and Mar. 2, 1911.
Dec. 23, 1913..
Mune25, 1910.
Apr. 24, 1917
Apr. 24, 1917, Sept. 24, 1917..
Apr. 24, 1917, Sept. 24, 1917,
as amended.
do
Second converted 434 per cent bonds of
1932-1947.
Second Liberty loan—
4 per cent bonds of 1927-1942..
Sept. 24, 1917
.1
Converted i}4 per cent bonds of 1927-1942. Sept. 24, 1917, as amended.
Third Liberty loan—
434 per cent bonds of 1928
do
Fourth Liberty loan—
434 per cent bonds of 1933-1938
..do..
Treasury bonds—
434 per cent bonds of 1947-1952
..do.,
4 per cent bonds of 1944-1954..
Notes:
Treasury notes—
Series B-1925
Series A-1926
.
Series B-1926
Series A-1927
Series B-1927
._
Adjusted service s e r i e s ^ , . . , . . . . , . . ,
Rate of
interest
.do..
do .
do
do...
do
do
do,.
Per cent
2
2
2
Apr. 1, 1900
Aug. 1, 1906
Nov. 1, 1908
June 1, 1911
Redeemable after Apr. 1, 1930..
/Redeemable after Aug. 1, 1916..
IPayable Aug. 1, 1936...
I/Redeemable after Nov. 1, 1918.
IPayable Nov. 1, 1938...
Payable June 1, 1961..
Jan. 1, Apr. 1, July 1, Oct. 1.
>Feb. 1, May 1, Aug. 1, Nov. 1.
Do.
Mar. 1, June 1, Sept. 1. Dec. 1.
Jan. 1, 1916-1917.. I Payable 30 years from date of issue.. Jan. 1, Apr. 1, July 1, Oct. 1.
I/Jan. 1, July 1,1911- Redeemable on and after 1 year from
date of issue.
23^1 I 1925.
Jan. 1, July 1.
Payable 20 years from date of issue..
3
{
3K June 15, 1917
4 Nov. 15, 1917
4M May 9, 1918
4 ^ Oct. 24, 1918
4
Nov. 15, 1917..
4^1 May 9, 1918...
—.do
/Redeemable on or after June 15, 1932. •June 15, Dec. 15.
\Payable June 15, 1947.
Do.
-.do..
Do.
..do
Do.
.dor.
Payable Sept. 15, 1928
Mar. 15, Sept. 15.
/Redeemable on and after Oct. 15,1933;
jJApr. 15, Oct. 15.
IPayable Oct. 15, 1938..
4Jil Oct. 16, 1922..
/Redeemable on and after Oct. 15,1947|
Do.
IPayable Oct. 15, 1952
/Redeemable on and after Dec. 15,1944
June 15, Dec. 15.
\Payable Dec. 15, 1954
4
Dec. 15, 1924.
June 15, 1922
Mar. 15, 1922
434 Aug. 1, 1922
43^ Jan. 15, 1923..
m May 15, 1923.
Jan. 1, 1925...
o
/Redeemable on or after Nov. 15,1927. JMay 15, Nov. 15.
IPayable Nov. 15, 1942
—.
Do.
..do...
Oct. 24, 1918...
4^1
O
W
Payable Dec. 15, 1925..
Payable Mar. 15, 1926..
Payable Sept. 15, 1926..
Payable Dec. 15, 1927.
"
" ~
Payable Mar. 15, 1927
/Redeemable after Jan. 1, 1926..
\Payable Jan. 1, 1930,-.
June 15, Dec. 15.
Mar. 15. Sept. 15.
Do.
June 15, Dec. 15.
Mar. 15, Sept. 15.
Jan., L
zn
Detail of outstanding interest-bearing issues as shown above, June 30, 1925—Continued
>4^
Title
Authorizing act
Rate of
interest
Date of issue
Sept. 24, 1917, as amended..
do
. . do
do
. do
Per cent
2H
3
3
4
U
Sept. 15, 1924......
Mar. 16, 1925
June 15, 1925
Jan. 1, 1925
Jan. 3, 1921
When redeemable or payable
Interest payable
INTEREST-BEARING DEBT—Continued
Certificates of indebtedness:
Series TS-1925
Series TD-1925
. . . ---Series TJ-1926
Adiu'sfed service series
Treasury (war) savings certificates
Treasury savings certificates, issue of Dec. 15,1921.
do...
Treasury savings certificates, issue of Sept. 30,1922
do
Treasury savings certificates, issue of Dec. 1,1923.
do
Payable Sept. 15, 1925.....Mar. 15, Sept. 15.
Payable Dec. 15, 1925...
iJune 15, Dec. 15.
Payable June 15, 1926
Dec. 15, June 15.
Paj'-able Jan. 1, 1926.
.
At maturity.
Redeemable on demand; payable At maturitv or redemption.
Jan. 1, 1926.
Do.
M3^ Various dates from Redeemable on demand; payable
five years from date of issue.
Dec. 15, 1921.
24 Various dates from
do
Do.
Sept. 30, 1922.
241^ Various dates from
Do.
do..
Dec. 1, 1923.
O
o
1 If held to maturity, Treasury (war) savings certificates yield interest at rate of 4 per cent per annum compounded quarterly for the average period to maturity on the average
issue price. Thrift stamps and Treasury savings stamps do not bear interest.
2 Treasury savings certificates of the issues dated Dec. 15, 1921, and Dec. 1, 1923, yield interest at about 43^ per centper annum compounded semiannually if held to maturity
and about 33^ per cent per annum compounded semiannually if redeemed before maturity. Issue dated Sept. 30, 1922, yields interest at about 4 per cent per annum compounded
semiannually if held to maturity and about 3 per cent per annum if redeemed before maturity.
a
SPJCRETARY OF T H E TREASU.RY
175
EXHIBIT 2
PRELIMINARY STATEMENT OF THE PUBLIC DEBT, OCTOBER 31,
1925
[On basis of daily Treasiiry statements]
Bonds:
Consols of 1930.......:
. Panama's of 1916-1936
Panama's of 1918-1938
Panarda's.bf i96i:Jl
Conversion bonds
Postal savings bonds
$599,724,050.00
48,954,180.00
2.5,947,400.00
49,800,000.00
28,894,500.00
12,234,220.00
.:
'.
First Liberty loan of 1932-1947
Second Liberty loan of 1927-1942
Third Liberty loan of 1928
Fourth Liberty loan of 1933-1938
1,951,516,550.00
3,104,648,450.00
2,802,473,150.00
6,324,478,300.00
'....'
Treasury bonds of 1947-1952..i
Treasury bonds of 1944-1964
763,948,300.00
1,047,088,600.00
•
Total.bonds
r
Notes:
Treasury notes—
Series B-1925, maturing Dec. 15,1925
Series A-1926, maturing Mar. 15, 1926
Series B-1926, maturing Sept. 16, 1926
Series A-1927, maturing Dec. 15, 1927
Series B-1927, maturing Mar. 16, 1927..:
Adjusted service series, maturing Jan. 1, 1930
:.......
Total interest-bearing debt
Matured debt on which interest has ceased:
Old debt matured at various dates prior to Apr. 1,1917
Spanish War loan of 1908-1918
Loan of 1926
Certificates of indebtedness
Treasury notes
_.
:
3M per cent Victory notes of 1922-23
4 ^ per cent Victory notes of 1922-23—
Called for redemption Dec. 16, 1922
Matured May 20, 1923..
1
:....,.
1 Net cash receipts.
2 Net redemption value of certificates outstanding.
2,404,241,400.00 .
596,045,000.00
381,021,436.99
20,140,915,436.99
^
_•.
Deposits for retirement of national-bank and Federal reserve bank
notes
Old demand notes and fractional currency
Total gross debt
1,811,036,800.00
179,462,000.00
124,247,000.00
251,936,000.00
40,400,000.00
Treasury (war) savings securities:
Treasury (war) savings certificates, series 19211
11,056,032.28
' Treasury savings certificates, series 1921, issue of Dec. 15, 19212....
1,800,655.40
Treasury savings certificates, series 1922, issue of Dec. 15,1921 2....
95,304,037.10
Treasury savings certificates, series 1922, issue of Sept. 30,1922 2 . . .
14,867,577.10
Treasury savings certificates, series 1923, issue of Sept. 30,1922 2 . . . 132,369,072.70
Treasury savings certificates, series 1923, issue of Dec. 1,1923 2
• 24,029,195.05
Treasury savings certificates, series 1924, issue of Dec; 1,1923 2
' 96,774,602.40
Thrift and Treasury savings stamps, unclassified sales, etc
3,820,264.96
Debt bearing no interest:
United Statesnotes
Less gold reserve
14,183,016,450.00
16,759,607,600.00
299,669,900.00
615,677,900.00
414,922,300.00
355,779,900.00
668,201,400.00
60,000,000.00
Treasury certificates:
Series TD-1925, maturing Dec. 15,1925
Series TJ-1926, maturing June 15, 1928
•Series TJ-2-1926, maturing June 15,1926
Adjusted service series, maturing .Tan. 1,1926..
$765, 654,350.00
—
1,280,170.26
243,860.00
1,086,100.00
654,000.-00
4,669,800.00
38,100.00
1,851,000.00
4,012,400.00
13,735,430.26
346,681,016.00
153,620,985.51
193,060,030.49
56,330,954.50
2,048,442.98
251,439,427. 97
20,406,090,295.22
EXHIBIT 3
CD.
SUMMARY STATEMENT OF TRANSACTIONS IN INTEREST-BEARING AND NONINTEREST-BEARING
STATES SECURITIES FOR THE FISCAL YEAR ENDED JUNE 30, 1925
Bonds, notes, and certificates
of indebtedness
Transactions
Amount
I. Transactions in interest-bearing securities (as affecting the outstanding public
debt):
$20,568, 282,390.00
A. Interest-bearing securities outstanding June 30,1924
B. Interest-bearing securities issued during the fiscal year 1925 (see Exhibits 4 and 16)—
1. Upon original subscriptions against cash received . . _
..
2. Upon exchange, conversion, etc., for securities of equal par value
retired
. • . . __ .
3. Upon adjudicated claims for replacement
C. Total interest-bearing securities to account for (Items A and B-4)
D. Interest-bearing securities retired during the fiscal year 1925 (see Exhibits 5 and 16)—
1. Account of redemption
.
..
.
. . . .
2. Account of exchange, conversion, etc., for securities of equal par
value issued
3. Account of loss or destruction (covered by insurance or bonds of
indemnity)
.
. . __
E. Securities outstanding June 30, 1925, which matured during the fiscal
year (see Exhibit 6)
F. Total interest-bearing securities outstanding June 30,1925 (see Exhibits
7 and 16)
O. Total interest-bearing securities accounted for (Items D-4, E, and F ) . .
28,531, 993
Amount
$413,304,039. 66
Pieces i
Total
Amount
$20,981,586,429. 66
Pieces »
28, 531, 993
o
o
3,023, 769,120.00
80,725
2 23,247,204. 21
3,047,016,324. 21
80,725
3,177,468,820.00
1,131,370.00
1,242,810
2,789
1,415,465.00
154,710.00
3,178,884,285.00
1,286,080.00
1,242,810
2,789
H
6,202, 369,310.00
4. Total securities issued
4. Total securities retired
Pieces
Treasury (war) savings
securities
UNITED
1,326,324
24,817,379. 21
6,227,186, 689.21
1,326,324
H
438,121,418. 87
27, 208, 773,118.87
29,858,317
50,861,152. 52
3,796, 397, 852. 52
1,415,465.00
3,178,884,285.00
26, 770, 651, 700. 00 29, 858, 317
3,745,536, 700.00
430, 816
3,177,468,820.00
4, 204, 230
1,286,080.00
1,131,370.00
2,773
154, 710.00
6,924,136,890.00
4, 637, 819
52,431, 327. 52
6,976, 568, 217. 52
430,816
4, 204, 230
2,773
4, 637,819
21,298, 650.00
28,038
21,298, 650. 00
28,038
19, 825, 216,160.00
25,192,460
385, 690,091. 35
20,210,906,251. 35
25,192,460
26, 770, 651,700.00
29,858, 317
438,121, 418.87
27,208,773,118.87
29, 858, 317
M
a
U2.
I I . T r a n s a c t i o n s in interest-bearing securities a n d securities w h i c h m a t u r e d prior
t o J u l y 1,1924 (as affecting t h e a c c o u n t a b i h t y of t h e T r e a s u r y D e p a r t m e n t a n d
its a g e n t s ) :
A. Securities on h a n d J u n e 30,1924—
1. U n i s s u e d securities in D i v i s i o n of L o a n s a n d C u r r e n c y (see E x h i b i t 8)
2. U n i s s u e d securities in F e d e r a l reserve b a n k s a n d other T r e a s u r y
agencies (see ( E x h i b i t 9)
3. R e t i r e d pre-war securities n o t previously r e p o r t e d (see E x h i b i t 10).
4. T o t a l securities on h a n d J u n e 30,1924
B . Interest-bearing securities received from B u r e a u E n g r a v i n g a n d P r i n t ing d u r i n g t h e fiscal year 1925 (see E x h i b i t 8)
C . Securities received for r e t i r e m e n t d u r i n g t h e fiscal year 1925:
1. A c c o u n t r e d e m p t i o n —
(o) I n t e r e s t - b e a r i n g securities (see I t e m I, D - 1 a b o v e ) . :
(6) Securities m a t u r e d prior t o J u l y 1, 1924 (see E x h i b i t 2 2 ) . . .
2. A c c o u n t exchange, conversion, etc.,. for securities of e q u a l par
value—
(o) I n t e r e s t - b e a r i n g securities (see I t e m I, D - 2 above)
..
3. Account loss or d e s t r u c t i o n (covered b y i n s u r a n c e on b o n d s of
indemnity)—
(a) Interest-bearing securities (see I t e m I , D - 3 above)
4. T o t a l securities received for r e t i r e m e n t
D . T o t a l securities to a c c o u n t for ( I t e m s I I , A-4, B , a n d C-4)
E . Securities issued d u r i n g t h e fiscal year 1925—
1. U p o n original s u b s c r i p t i o n against cash received (see I t e m I, B - 1 ,
above)
2. U p o n exchange, conversion, etc., for securities of e q u a l p a r v a l u e
retired—
(a) I n t e r e s t - b e a r i n g securities (see I t e m I, B - 2 , a b o v e ) .
3. U p o n a d j u d i c a t e d claims for replacement—
(a) I n t e r e s t - b e a r i n g securities (see I t e m I, B - 3 , a b o v e ) . .
4. T o t a l securities i s s u e d .
10,180,987,330.00
12,833,225
232,110,175.00
3, 266,164
10,413,097, 505.00
16,089,389
1,260,983,450.00
451,404,757. 53
940,757
14,591
125, 628, Oil. 75
806,996
1,376, 611,461.75
461,404, 757. 53
1,747,753
14, 591
11,883,375,537.53 i 13,788,573
357,738,186.75
4,063,160
12,241,113, 724. 28
17,851, 733
6, 766,152, 600. 00
935,789
6, 756,162, 600.00
935, 789
3, 745,536,700.00
21,296,970.00
430, 816
78,978
3 66,486, 300. 26
5,874,670
3,812,022,000. 25
21, 296, 970. 00
6, 305,486
78,978
3,177,468,820. 00
4,204,230
1, 415,465. 00
6,218
3,178,884, 285. 00
4, 210, 448
1,131,370.00
o
H
2,773
164,710.00
1,247
6,945, 433,860. 00 i 4,716, 797
8,055,475. 25
5, 882,135
25, 684, 961, 997. 53 I 19,441,159
425, 793, 662. 00
9, 945,295
1, 286, 080: 00
7,013,489,335.25
4,020
o
10,698,932
26; 010,755, 659. 53 |, 29,386,454
te
H
3, 023,769,120.00
80, 725
I 12, 731, 974. 50
63,666
3,036,501,094. 50
144,391
3,177, 468,820. 00
1, 242, 810
1, 415, 465. 00
6,074
3,178,884, 285. 00
1, 248,884
1,131,370. 00
6,202,369, 310.00
2,789
1,326,324
154, 710.00
1,247
1,286,080. 00
4,036
14, 302,149. 50
70,987
6,216, 671, 459. 50
>
w
1, 397, 311
» I t e m I does n o t i n c l u d e pieces of T r e a s u r y (war) savings securities, s u c h information being u n a v a i l a b l e w i t h respect t o certain i t e m s .
2 I n c l u d e s accrued d i s c o u n t credited as p u b l i c - d e b t receipts in t h e a m o u n t of $11,957,049.90.
8 R e p r e s e n t s p a r v a l u e of securities r e d e e m e d a t r e d e m p t i o n v a l u e of $61,168,038.68, w h i c h i n c l u d e s r e d e m p t i o n s of series 1918, 1919, a n d 1920 securities in t h e a m o u n t of
$10,297,419.99 charged to " I n t e r e s t " a n d transfer of $533.83 from " P r i n c i p a l " t o " I n t e r e s t " a c c o u n t of sales corrections, series 1918 a n d 1919.
* R e p r e s e n t s p a r v ^ u e of securities issued a t sales prices a m o u n t i n g t o $11,290,154.31.
-3
Summary siatement of transactions in interest-bearing and noninterest-bearing United States securities for the fiscal year ended June 30,
1925—Continued
Bonds, notes, and certificates
of indebtedness
Treasury (war) savings
securities
oc
Total
Transactions
Pieces
IL TransactiODS in .interest-bearing securities and securities which matured
prior to July 1, 1924 (as alTecting the accountability of the Treasury Department and its agents)—Continued.
F. Securities delivered to the Register of the Treasury during the fiscal
year 1925— ..
1. Account redemption—
{aj Interest-bearing securities (see Item II, C-l-a, above)
$3, 745,536, 700.00
(&) Securities matured prior to July 1,1924 (see Item II, C-l-b,
above)
_
21, 296, 970.00
2. Account exchange, conversion, etc., for securities of equal par
value issued—
3,177,468,820.00
(a) Interest-bearing securities (see Item II, C-2-a, above)
3. Account loss or destruction (covered by insurance or bonds of
indemnity)—
1,131, 370.00
(a) Interest-bearing securities (see Item II, C-3-a, above)
4. Unissued securities (excess stock)—
735, 200, 290. 00
(a) By Division of Loans and Currency (see Exhibit 8)
(&) By Federal reserve banks and other Treasury agencies (see
351, 337,400. 00
Exhibit 9)
451, 404, 757. 53
6. Retired pre-war securities not previously reported (see Exl;ibit 10).
6. Total securities delivered to the Register of the Treasury
G. Securities on hand June 30, 1925—
1.- Unissued securities in Division of Loans and Currency (see Exhibit 8)
•
2. Unissued securities in Federal reserve banks and other Treasury
agencies (see Exhibit 9)
:
3. Total securities on hand June 30,1925..
H. Total securities accounted for (Items E-4, F-6, and G-3)
430, 816
Amount
6,485, 300. 25
Pieces
5, 874, 670
Amount
Pieces
$3, 812,022,000. 25
6, 305. 486
21, 296, 970. 00
78, 978
78, 978
3,178,884, 285. 00
o
w
4, 210, 448
o
4, 204, 230
1. 416, 465. 00
6,218
2,773
154, 710. 00
1,247
1,286,080. 00
4,020
519, 792
326, 942, 337. 00
3,911,556
1,062,142, 627. 00
195.182
14, 691
339, 400. 00
1,726
351, 676, 800. 00
451,404, 757. 53
196, 908
14, 591
8, 483, 376,307. 63 J 5, 446, 362
395, 337, 212. 25
9,795,417
8,878, 713, 519. 78
15, 241,779
9,895, 876,330.00. 12, 054, 069
16,116, 755.00
74,467
9,-911, 993,085. 00
12,128, 526
37, 545. 25
4,434
1,003, 377, 595. 25
618,838
10, 899, 216,380.00 i 12, 668, 473 \
16,154, 300. 25
78,891
10,915,370,680.25
12,747,364
25, 584, 961,997. 63 | 19, 441,169 j
425, 793, 662. 00
9, 945, 295
26,010, 755, 659. 53
29, 386,454
M
4, 431, 348
1,003, 340,050.00
614, 404
o
EXHIBIT
4.
(See Exhibit 3, Item I-B)
I N T E R E S T - B E A R I N G UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS ISSUED
T H E FISCAL YEAR E N D E D J U N E 30, 1926, CLASSIFED BY ISSUES AND ACCOUNTS
E x c h a n g e , conversion, etc., against securities of e q u a l par v a l u e retired
Issue
Original
subscription
Exchanges
Denominational
I. Bonds:
A, Pre-war bonds—
1. 2 per c e n t consols of 1930.
2. 4 per cent loan of 1925
3. 2 p e r c e n t P a n a m a C a n a l
loan of 1916-1936
4. 2 p e r c e n t P a n a m a C a n a l
loan of 1918-1938
5. 3 per c e n t P a n a m a C a n a l
loan of 1961
6. 3 per cent conversion
b o n d s of 1946-47
7. 2 H per cent postal savings b o n d s (first t o
twenty-eighth series)..
8. T o t a l pre-war b o n d s
issued
B . L i b e r t y bonds—
1. F i r s t L i b e r t y loan of
1932-1947—
(a) F i r s t 3>^'s
(6) F i r s t 4 ' s (c) F i r s t 4 M ' s _ .
(d) F i r s t 2d 41^'s
2. Second L i b e r t y loan of
1927-1942—
(a) Second 4's
(6) Second 4 K ' s
3. T h i r d L i b e r t y loan of
1928...
4. F o u r t h L i b e r t y loan of
1933-1938
5. T o t a l L i b e r t y b o n d s
issued
Coupon
Registered
Temporary
Interim
Conversion
Mutilations,
etc.i
Transfer
Total
.
Adjudicated
claims
-for
replacement
Total
Pieces
^,
$58,921,250
29,204,660
$88,000
40,200
$59,009,250
29,244,860
$1,000
$59,009,250
29,245,850
7,811
4,142
1,312
6,178,480
6,178,480
3,499,020
3,499,020
831
11,134,100
11,417,500
11,417,500
1,915
286,000
102,120
6,178,440
3,496,860
283,400
$102,120
40
2,160
2, 758,100
3,044,100
3,044,100
429
31,980
'
1 Includes coupon error transactions.
•
DURING
229,540
363, 640
920
364,560
L066
112,756,840
1,920
112,758,760
17.506
103,611,650
783,000
62, 572, 950
401,800
1,050
2, .500
30,250
103,612,700
785, 500
62,603,200
401,800
52,938
4,784
48,913
429
.20. 500
600,050
3,303,100
328,363, 600
17,720
181,515
731,780
111.922,940.....
.$16,600
$12,402,000 50,882,900 $30,875,000
512,000 $217,500
51,950
$1,928,700
39, 729,900 9,467,160 8,983,900
81,460
20,150
243,000
1,650
96, 650
9,418,200
1,550
2,377,500
40,350
S;i6.9.'^)0
2,187, 750
218,450
208,205,450 35,857,500 66,182,960
5,150
9, 768,350
1,000
47,200
3,282, 600
327, 763,550
248,183,900 26,974,650 78,608,300 2,220, 750
10,721, 500
54,600
366,663, 700
179,950
366,843, 660
202,277
380, 799,900 137,803,450 88,272, 550 3,809,650
30,449,350
54,550
641,189,450
266,150
641,455,600
342,383
1, 507,369,150
850,959
870,250
348,700
889,834,550 261,005,800 275, 619,100 7, 549,950
7,353,400
16,600 9,282,100 62,781,950
4,350
i
1
1
178 650 1, 606,268,700 1,100,450
O
Interest-bearing United States bonds, notes, and certificates of indebtedness issued during the fiscal year ended J u n e 30, 1925, classified by
issues and accounts—Continued
E x c h a n g e , conversion, etc., against securities of e q u a l p a r v a l u e retired
Issue
Original
subscription
Exchanges
Denominational
I. Bonds—Continued.
C. Treasury bonds—
1. 4M p e r c e n t T r e a s u r y
b o n d s of 1947-1952
2. 4 p e r cent T r e a s u r y
$1,047,088,500
b o n d s of 1944-1954
Coupon
Registered
Temporary
Interim
Conversion
Mutilations,
etc.i
Total
$2,122,900
2,611,100
$63,858,000
3,667,500
$31,152,800 $20,569,400 $10,012,900
149,378,000 68,758,800
Transfer
1,271, 503,900
Adjudicated
claims
for
replacement
$25, 600
Total
Pieces
$63,883, 500
13,970
1,271, 503, 900
293,673
3. T o t a l T r e a s u r y b o n d s
5,790,400
1, 335,361,900
1,047,088,500 180,530,800 89,328,200 12, 624,000
25, 600 1,335, 387,400 307,643
issued
:.
1,047,190,620 1,070, 365,350 351,065, 780 288,243,100 $7,549,950 $16,600 $9,282,100 180,495,290 $178,650 2,954,387,440 1,127,870 2, 965, 515, 310 1.176,108
D . T o t a l b o n d s issued
11. T r e a s u r y n o t e s :
15,341,100
1. Series B-1924
15,341,100
15,341,100
776
110,098,200
110,098,200
110,098, 200
2. Series A-1925_8,628
2,000
76,422,200
3. Series B-1925
76,422,200
76,420,200
4 020
1,000 124,931,800
6,432
4. Series C-1925__
124, 931,800
124, 930,800
136,104, 500
136,104, 500
5. Series A-1926
136,104,500
7 162
122, 700, 500
6. Series B-1926- _
122, 700,500
6,937
600 122, 701,000
7. Series A-1927
96,238,500
96,238,500
6 526
3,000
96,241,500
143,857,200
8. Series B-1927 _
143,857,200
8,448
143,857,200
50,000,000
50,000,000
9. Adjusted service series, 1930.
50,000,000
3,000 875,694,000
10. T o t a l T r e a s u r y notes i s s u e d .
50,000,000 825,691,000
47,934
3,500 875, 697, 500
I I I . Certificates of i n d e b t e d n e s s :
1. Series T D - 1 9 2 4 . .
20,824,000
20,824,000
1,285
20,824,000
2. Series T M - 1 9 2 5
69,217,500
69,217,500
69,217,500
4,530
3. Series TD2-1924
39,007,500
39,007,500
39,007,500
1,550
4. Series TS-1925
391,369,500 216, 792,500
41, 789
608,162,000
608,162,000
5. Series T D - 1 9 2 5
219,462,000
70,529,500
28,651
289, 991, 500
289,991, 500
6. Series TJ-1926 . . .
124,247,000
28, 207,000
23,944
152,454,000
152,454,000
7. Adjusted service series, 1926.
50,000,000
500
50,000,000
50,000,000
8. Special
1,141,500,000
33
1,141,500,000
1,141,500,000
9. T o t a l certificates of i n d e b t edness issued
1,926,578,500 444,578,000
2, 371,156,500
2,371,156, 500 102,282
I V . T o t a l securities issued d u r i n g
fiscal y e a r 1925
3,023,769,120 2.340, 634,360 351.065, 780 288 243,100 7, 649,950 16,600 9,282,100 180,495,290 181,650 6, 201,237,940 1,131, 370 6,202, 369,310 1,326,324
'
.
.
—
:
»Includes coupon error transactions.
00
O
(See Exhibit 3, Item I - D )
EXHIBITS.
I N T E R E S T - B E A R I N G U N I T E D STATES BONDS, NOTES, AND C E R T I F I C A T E S OF INDEBTEDNESS R E T I R E D D U R I N G
T H E F I S C A L Y E A R E N D E D J U N E 3 0 , 1 9 2 5 , C L A S S I F I E D B Y I S S U E S cAND A C C O U N T S
E x c h a n g e , conversion, etc., against securities of e q u a l p a r v a l u e issued
Redemption
T i t l e of issue
Exchanges
Denominational
Coupon
Registered
Temporary
Interim
w
t=i
o
r. B o n d s :
A . Pre-war bonds—
'
-
117,051,150
B . L i b e r t y bonds—
1. F i r s t L i b e r t y loan of 1932-1947—
(n) First 3V4'«?
(h) Pir«;t 4's
•
(c) F i r s t 4V^'s
(d) F i r s t second 4Vi<'<?
2. Second L i b e r t y loan of 1927-1942—
(a) Second 4's
(b) Second 4l^'s
3 T h i r d L i b e r t y loan of 1928
4 F o u r t h L i b e r t v loan of 1933-1938
5. T o t a l L i b e r t y b o n d s retired
.
"
...
$12,402,000
50,882,900
51,950
9, 467,150
39,729,900 *
243,000
20,150
2,050
_
D . Total bonds retired...
$30,875,000
512,000
8,983,900
96, 650
$217, 600
81, 450
1,660
2,187,750
66,182, 950
78,508,300
88,272,550
870,250
348,700
2,220,750
3,809,650
111, 870,450
889,834, 550
261,005,800
275,619,100
7,549,950
16,600
31,152, 800
149, 378,000
20,569,400
68, 758,800
10,012,900
2,611,100
7,549,950
16,600
180,530,800
^
$16,600
35,857,500
26, 974, 650
137,803,450
3. T o t a l T r e a s u r y b o n d s retired
'
,
218,450
208,205,450
248,183, 900
380, 799, 900
-
C. Treasury bonds—
1 4}/i ner opnt T r e a s u r v b o n d s of 1947-1952
2. 4 per cent T r e a s u r y b o n d s of 1944-1954
o
28,400
111, 822, 600
14, 350
:
. . . .
...
731, 780
3,050
8. T o t a l pre-war b o n d s r e t i r e d . _
I
$88,000
40,200
40
2,160
283,400
^286,000
31,980
$117,051,150
^ 2 DPr ppTit PflTiama C a n a l loan of 1916—19.36
4 2 ner cpnt P a n a m a C a n a l loan of 1918 1938
228,921, 600
89,328,200
12, 624,000
1,070,365,350
351,065, 780
288,243,100
00
Interest-bearing United States bonds, notes, and certificates of indebteaness retired during the fiscal year ended J u n e 30, 1925, classified by
issues and accounts—Continued
00
to
E x c h a n g e , conversion, etc., against securities of e q u a l p a r v a l u e issued
Exchanges
Redjemption
T i t l e of issue
Denominationa
II. Treasury
i- Scries
2' Sprips
3' Series
4' Spjips
5 Series
6- Spries
7- Series
8 Series
notes:
B-1924
\-lQ25
n-1925
0-1925
\-1926
B-1926
A-1927
B-1927
.
..
.
. . . . .
--
.
--
'-
-
Registered
Temporary
Interim
$15,341,100
110,0^8,200
76,420,200
124, OaO, 800
136, i m , 500
122,700, 500
96, 23i8, 500
143,857,200
1, 361, 624,600
O
O
825,691,000
214, 045, 500
399,990,000
193,061,500
161,793, 500
40,000,000
-
20,824, 000
69,217, 500
39, 007, 600
216,792-, 500
70, 529, 500
28,207, 000
W
. ...
...".
...
.
.
.
.
.
.
9. T o t a l certificates of i n d e b t e d n e s s retired-•.
r v . T o t a l securities retired d u r i n g fiscal year 1925
388,967, 900
30,000
..
9 T o t a l T r e a s u r y notes retired
I I I . Certificates of i n d e b t e d n e s s :
1. Series TD-1924 _
2'Series TM-1925
3- Series TD2-1924
4: Series TS-1925
.
5 Series TD-1925
6; Series TJ-1926
..
7' Adjusted'service series 1926
8. Special
... .
.$377, 249,100
595, 377, 600
-.
."
Coupon
-
•.
'
o
4,600, 000
1,141,500,000
2,154,990, 500
3,745. 536, 700
m
444, 578, 000
- 2, 340, 634, 350 $351,065,780
$288,243,100
$7, 549,950
$16,600
E x c h a n g e , conversion, etc., against securities of equal
p a r v a l u e issued
Loss or
destruction
T i t l e of issue
Conversion
I. . B o n d s :
A . Pre-war bonds—
1. 2 per cent consols of 1930
2. 4 per cent loan of 1925
3. 2 per cent P a n a m a C a n a l loan of 1916-1936
4. 2 per cent P a n a m a Canal loan of 1918-1938
5. 3 per cent P a n a m a C a n a l loan of 1961
6. 3 per cent conversion b o n d s of 1946-47...
7. 2]/^ per cent postal savings b o n d s (first t o t w e n t y - e i g h t h series) .
Mutilations,
etc.1'
920
8,022
31,369
1,294
769
7,006
854
1,786
1,920.
229,707,790
61,090
103, 614, 700
2, 711,700
60, 646,300
401,800,
1,050
2, 500
30, 250
103, 615, 760
2, 714, 200
60, 676, 550
401,800
174, 913
14,327
202, 743
1,094
5. T o t a l L i b e r t y b o n d s retired
229, 706,870
$16,960
7,353,400
^..i
5,150
9, 768, 350
10, 721, 500
30, 449, 350
1,.Q00
47,200
54,600
64,'550
10, 636,000
320,438, 550
478, 486,300
641, 203,800
20, 500
600, 050
179, 950
266,150.
10, 656, 500
321, 038, 600
478, 666, 250
641, 469, 950
...
9, 282,100
62, 781, 950
178,^0
1, 618,139,150
1,100, 450
1, 619, 239, 600
3,896,036
63,858, 000
224,415,400
25, 500
63, 883, 500
224, 415,400
40, 539
69,122
4,3.50
2,122,900
3, 667, 500
288, 273,400
5, 790,400
" 3. T o t a l TrcEisury b o n d s retired
.
o
63, 079
733, 656
1, 202,493
1, 513, 731
C. T r e a s u r y bonds—
1. 4K per cent T r e a s u r y b o n d s of 1947-1952
2. 4 per cent T r e a s u r y b o n d s of 1944-1954
.
$1,000
9, 418, 200
1,560
2,377, 600
40, 350
$1,928,700
.
Pieces
$59,009,250
146, 297, 000
6,178,480
3, 499,020
11,417, 500
3, 044,100
262,440
$59,009,250
146, 296, 000
6,178,480
3,499, 020
11, 417,500
3, 044,100
261, 620
111, 922, 940
B . L i b e r t y bonds—
1. F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 33^'s
(6) F i r s t 4's
(c) F i r s t 4 ^ ' s . .
(d) F i r s t second 434's
2. Second L i b e r t y loan of 1927-1942—
(a) Second 4's
(6) Second 4 K ' s
. '
.
3. T h i r d L i b e r t y loan of 1928
4. F o u r t h L i b e r t y loan of 1933-1938
Total
Total
$58,921, 250
29, 204, 660
6,178, 440
3,496,860
11,134,100
2, 758,100
229, 540
8. T o t a l pre-war b o n d s retired
D . T o t a l b o n d s retired - -
Transfer
9, 282,100
180,495, 290
178,650
2,136,118,420
25, 500
1,127, 870 -
288, 298,900
109, 661
2,137, 246, 290
4,066, 787
1 Includes coupon error transactions.
OO
CO
Interest-bearing United States bonds, notes, and certificates of indebtedness retired during the fiscal year ended June SO, 1925, classified by
issues and accounts—Continued
00
Exchange, conversion, etc., against securities of equal
par value issued
Loss or
destruction
Title of issue
Conversion
II. Treasury notes:
1. Series B-1924 . _ . . .
• 2. Series A-1925
.
3. Series B-1925-.
4. Series C-1925
6. Series A-1926
6. Series B-1926 . .
7. Series A-1927.
8. Series B-1927 . . .
$2,000
1,000
.'
.
9. Total Treasury notes retired.
'.
..
III. Certificates of indebtedness:
1. Series TD-1924'
2. Series TM-1925
3. Series TD2-1924
.
4. Series TS-1925
'.
5. Series TD-1925
6. Series TJ-1926
7. Adjusted service series 1926
8. Special .
.
..
'...
.
.
.
9. Total certificates of indebtedness retired
1 Includes coupon error transactions.
3,000
_.
IV. Total securities rp.tired during fiscal year 1925
Transfer
Mutilations,
etc. 1
_
^^.^
$392,590,200
705,475,800
76,422, 200
513,899, 700
136,134, 600
122,700,500
96,238, 500
143,857,200
2,187,318, 600
$500
3,000
181, 650
6, 923,005, 620
$392, 590, 200
705,475, 800
76,422, 200
613,899, 700
136,134, 500
122, 701, 000
96, 241, 500
143,857, 200
86,690
103,946
15,837
140, 610
28,993
18,807
18, 648
38, 068
2,187,322,100
451, 599
28,627
45, 962
15, 560
26, 593
9,372
3,240
46
33
2. 599, 568, 500
2, 599,568, 500
$9, 282,100 $180, 495, 290
Pieces
234,869, 500
469, 207, 500
232,069, 000
378, 586, 000
110, 529, 500
28, 207, 000
4, 600, 000
1,141,500, 000
3,500
234,869, 500
469,207, 500
232,069,000
378, 586, 000
110, 529, 500
28, 207, 000
4, 600,000
1,141,500, pop
.
.
Total
Total
1,131,370
129, 433
6, 924,136, 890
4, 637,819
O
Q
W
>
M
o
EXHIBIT
6.
(See Exhibit 3, Item I-E)
U N I T E D STATES BONDS, NOTES, AND C E R T I F I C A T E S OF INDEBTEDNESS O U T S T A N D I N G J U N E 30, 1925, W H I C H
M A T U R E D D U R I N G THE FISCAL YEAR 1925, CLASSIFIED B Y ISSUES AND DENOMINATIONS
Issue
$50
I. P r e - w a r b o n d s :
1 4 per c e n t loan of 1925—
(a) C o u p o n
(&) Registered
.
2. T o t a l pre-war b o n d s . . . .
II
•
_
$10,000
$100,000
Total
Pieces
$28, 000
36, 000
$433, 000
177, 000
. $165,000
$580.000
$472, 800
965,950
631
425
CO
. .
2,950
16, 800
64, 000
610, 000
165, 000
580, 000
1,438, 750
1,056
o
9,500
45, 300
1,139,100
44,500
192, 000
2, 299, 000
173, 000
721, 000
7, 765, 000
186, 000
530, 000
2,430, 000
20, 000
360, 000
3, 030, 000
$100, 000
400, 000
432, 000
1, 948, 300
17, 063,100
396
1,701
24, 547
1,193,900
...
2, 535, 500
8, 659, 000
3,145, 000
3, 410, 000
500, 000
19, 443, 400
26, 644
11, 500
42, 000
62, 000
4,000
142, 000
30,000
.
45, 000
80, 000
103, 600
4,000
309, 000
."".......
53, 500
208, 000
75, 000
. 80, 000
416, 500
338
2, 653, 000
9, 477, 000
3, 385, 000
4, 070, 000
21, 298, 650
o
91
4
243
28, 038
._
_
[V. T o t a l securities o u t s t a n d i n g J u n e 30, 1925, w h i c h m a t u r e d
d u r i n g t h e fiscal year 1925
$5,000
$9,400
7,400
4. T o t a l T r e a s u r y notes
4. T o t a l certificates of i n d e b t e d n e s s
$1,000
$2, 400
550
Treasury notes:
1. Series B-1924
2. Series A-1925
3. Series C-1925-
I I I . Certificates of i n d e b t e d n e s s :
1. Series TD-1924
2. Series TD2-1924
3. Series T M - 1 9 2 5
$500
.
.
. . .
$100
2.950
1, 210, 700
500, 000
oo
ExHiBit 7.
INTEREST-BEARING
I. Bonds:
A. P r e - w a r b o n d s —
1. 2 per cent consols of
1930—
(a) C o u p o n
(6) Registered
2. 2 per cent P a n a m a Canal loan, 1916-1936—
(.i) C o u p o n
$860
(b) Reeistered
4,220
3. 2 per cent P a n a m a Canal loan, 1918-1938—
(a) C o u p o n
80
(b) Registered
1,620
4. 3 per cent P a n a m a Canal loan, 1961—
(a) C o u p o n
(6) Registered
5. 3 per cent conversion
b o n d s of 1946-47—
(a) C o u n o n
(6) Registered
6. 23^ per cent postal savings b o n d s (first to
t w e n t y - e i g h t h series)—
(a) C o u p o n
18,080
101,180
(6) Registered
(c) I n t e r i m certificatas
7. T o t a l pre-war
outstanding
00
UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS
J U N E 30, 1925, CLASSIFIED B Y ISSUES AND D E N O M I N A T I O N S
$20
Issue
(See Exhibit 3, Item I-F)
$50
$100
$3, 500
104,060 >
$24, 500
674,000
$500.
$69,000
2, 612,000
$1,000
$467,000
24,630,000
100
158, 000
321*, 500
354, 500
$100,000
Various
Total
Pieces
$564,000
599,160, 050
920
93,826
960
48,953,220
44
12,035
23,030,000
1,180
25,946,220
6
5,943
32, 240,000
5,056,000
11, 720,000
17,332,000
296,000
25,100
6,400
$50,000
42,830,000
1,000
2, 843,000
47,000
61,000
$10,000
5, 424, 500
44, 375, 500
6,169
16, 263
17, 357,100
11, 537,400
17, 583
1, 509
$62, 670,000 $418,070,000 $90, 500,000
5,961,000
100
71, 600
$5,000
OUTSTANDING
255,000
10,980,000
.
268,180
3,879,180
2,245
23,851
7,858, 520
11,752
7,858,520
765, 316,010
192,146
132, 500
2,373, 600
bonds
126,040
107, 560
2, 479,900
5, 863, 000
68, 306, 000
62,925, 000
527,150, 000 90, 500, 000
n
o
H
w
o
$7, 858, 520
107, 600
1,404, 600
o
B . L i b e r t y bonds—
1. F i r s t L i b e r t y loan of
1932-1947—
(a) F i r s t 33/2's—
1. Coupon 1..
2. Registered.
(&) F i r s t 4's—
1. C o u p o n
2. Registered,
(c) F i r s t 4K's—
1. C o u p o n . . .
2. R e g i s t e r e d .
{d) F i r s t s e c o n d
4M's1. C o u p o n
2. R e g i s t e r e d .
2. Second L i b e r t v loan of
1927-1942—
(a) Second 4's—
1. C o u p o n
2. R e g i s t e r e d .
(6) Second 4K's—
1. C o u p o n . . . .
2. R e g i s t e r e d .
3. T h i r d L i b e r t y loan of
1928—
(a) C o u p o n
(b) Registered
4. F o u r t h L i b e r t y loan of
1933-1938—
(a) C o u p o n
(6) R e g i s t e r e d - 1 . . .
5. T o t a l L i b e r t y bonds
outstanding
T r e a s u r y bond.s—
1. 4J.i per cent b o n d s
of 1947-1952—
(a) C o u p o n
(6) Registered .
. 2. 4 per cent b o n d s of
1944-1954—
(a) C o u p o n
(b) Registered.
3. T o t a l
Treasury
bonds outstanding.:
16, 302,960 20, 848, 600
2, 003,400
33. 332, 000
2, 257, 000
923, 566, 000
13, 716, 000
15, 000
19,485, 000
422,900
1,180, 200
167, 600
881, 500
317, 000
1, 209, 000
10, 000
230, 000
10,000
150,000
50, 000
364,100 41, 348, 500
236, 700 8, 535, 400
44,938,000
14,916, 500
38, 600, 000
17,145,000
105, 090, 000
25, 430,000
9, 050, 000
28,900, 000
50, 000
200,000
608, 800
116, 450
136, 892,000
342, OOOj
95, 800
17, 750
154,300
74, 300
211, 000
98, 000
. 255,000
291, 000
140, 000
185,000
550,000
170,000
2, 247,100
1,102,900!
1, 793, 000
3,372,100
792,000
2, 723, 500
972,000
204,000
225,000
1.180,000
450.000
830,000
917, 550 137,381, 800
884, 500 25, 329, 300
159,450, 000
45, 415,000
724, 074, 000
135, 630,000
250,165, 000 1,127,420,000
64, 810,000 111.540,000 41,150,000
104, 700 203, 017. 500
620, 450 49.096, 700
188, 491, 500
69, 202, 500
647, 288,000
163, 846,000
182,180, 000
54, 630, 000
994,074, 550 1,524, 779
415,921, 400
65,955
1,426, 200
3,817, 150
15,040
17,165
388, 232, 600 1,085, 764
185, 705
144, 555, 600
2,406,100
1,086,050
5,219
1,642
7,479,100
13,612, 600
66, 518.
65, 753
CO
Q
.|141, 275. 300 278. 952,000
- 14, 753, 900 75, 005, 000
290, 619, 500 1, 282, 206, 000
106,211,500 313, 028, 000
200,000
941, 270,000
82, 230, 000 26, 600,000
482, 775, 000 2,222,030,000-.
135, 255, 000 253, 870, 000 101, 500,000
184,300,000
2,470,408,350 4,017,918
604, 225
613,058,800
142, 800,000
2, 286, 351, 700 5, 667,103
599,025, 650 1, 026, 736
627, 000,000
4, 697, 857,800 7, 797, 229
1, 626, 623, 400 1, 631, 317
410,548,950 848,515,000 951. 617 , 00 0 4, 388, 836, 000 1, 247, 030, 000 4,97.3, 660, 000 256, 050,000 1,181. 600, 000
O
W
14, 265, 936,950 23, 768, 068 •
d
343,020,000
31,700,000 16,200,000
700,000
134,200,000
546. 874, 300
217,074,000
238, 061
42,179
131,670,000
6, 600,000
668, 950,000
16,670,000
158,300,000
51,900,000
955,966, 500
91,122, 000
207,751
16,800
218,600,000
960,340,000 22,450,000
1,811,036, 800
504,791
4, 568, 800
987,000
12, 942, 500
3, 386,000
118, 813, 000
18, 001, 000
66, &30,000
13.600,000
1, 862, 500
347, 500
9,130, 000
1,239,500
86, 054, 000
7, 215. 000
26, 698,000
230,083,000
7, 765, 800
D . T o t a l b o n d s o u t s t a n d i n g 126,0^10|410, 656, 500 858, 760, 700
7, 260,000
345,100,000
992, 258, OOOU, 687, 225,000 1, 528, 555,000 6,461,160,000 369.000,000 1, 626, 700,000
1 I n c l u d e s full-paid i n t e r i m certificates n o t exchanged for 3 H per cent b o n d s .
10, 000
102, 610,000 77,450, 000 $198,100, 000
7, 868, 520 16,842, 289,760 24,465,005
00
Interest-bearing United States bonds, notes, and certificates of indebtedness outstanding June 30, 1925, classified by issues and denominationsContinued
$20
Issue
II. Treasury notes:
1. Coupon—
(a) Series B-1925
' (5) Series A-1926.
(c) Series B-1926
(d) Series A-1927__.
(e) Series B-1927
2. Registered—
. (a) Adjusted service,
series 1930
3. Total Treasury
outstanding
$60
$100
$1,920,900
2,689,400
1,131,800
2.638,400
11,204,400
$600
$1,000
$4, 557,000 $23,382,000
6,156, 500 52,082,000
4,917,500 29,933,000
9,062,500 3S, 179, O C
O
29,466,000 115,361,000
$5,000
$10,000
$14,130,000
36, 510,000
34,430,000
30,950,000
64, 550,000
$63,870,000
146,340,000
114, 510, 000
105, 750,000
171, 620, 000
$60,000
$100,000
Various
$191.800,000
371,900.000
230.000,000
169.200,000
276,000,000
Total
$299, 659, 900
616, 677, 900
414,922,300
355,779, 900
668,201,400
00
00
Pieces
62,836
116 944
71, 723
101 145
319,169
50,000, 000
5
1, 238,900,000 50, 000,000 2,404, 241,400
671,822
$50,000,000
" "
1
notes
. .
19. 584, 900
64,169, 500 258,937,000
180,670,000
602,090, 000
4,921,000
6,907,000
10.772,000
10,260,000
12,890,000
14,645, 000
60, 580,000
62,890,000
44,940,000
o
III. Certificates of indebtedness:
I. Coupon—
(a) Series TS-1925
(6) Series TD-1925...
(c) Series TJ-1926
2. Registered—
Ca) Adjusted service,
series 1926
315,000
. 1,275,000
990,000
153, 500,000
95, 500,000
62,900,000
2,580,000
,.,_
22, 600,000
37, 795,000
168,410,000
229, 576,000
179,462,000
124, 247,000
15,196
19, 279
20,704
45,400,000
3. Total certificates of indebtedness outstanding
45,400,000
454
301,900,000 45,400,000
578, 685,000
55,633
IV. Total interest-bearing securities outstanding June 30,1925 $126,040 $410,656,600 878, 346, 600 1,048,997, 500 4,968,762,000 1,746,920, 000 7,231, 650,000 $369,000,000 3,067,500,000 103,258, 520 19,825, 216,160 25,192,460
o
w
W
O
EXHIBIT 8
STOCK ACCOUNTABILITY
O F T H E DIVISION O F LOANS AND CURRENCY F O R UNITED STATES AND OTHER
SECURITIES F O R T H E FISCAL YEAR 1 9 2 5
O n h a n d J u n e 30, 1924
Interest
rate
Class of s e c u r i t y
Pieces '^
I . Pre-war b o n d s :
Consols of 1930
L o a n of 1925
._
P a n a m a C a n a l loan of 1916-1936
P a n a m a C a n a l loan of 1918-1938
P a n a m a C a n a l loan of 1961
Conversion b o n d s of 1946-47
Postal savings b o n d s . _
Total
.
P e r cent
2
4
2
2
3
3
2>^
Pieces
. . .
.
Pieces
Amount
T o t a l t o a c c o u n t for
Pieces
Amount
$113,490, 500
30, 601, 900
• 15, 603,120
' 27,502, 640
34, 849, 600
63, 073, 800
11, 454, 620
806
2 432, 600
10, 856
58, 932, 600
211, 811
500
50, 000, 000
936, 282, 300
465, 218, 900
1, 063, 715, 300
37, 492, 400
1, 469, 713. 650
1, 317, 099, 650
1, 632, 925, 850
1, 961,106, 200
k
Total
4M
4
Total
o
296, 676, 080
237, 643,480
1,166,133
671, 657
670, 962
49,270
1, 575, 627
892, 965
3, 230, 315
3,146, 256
886, 282, 300
466, 023, 900
1, 024, 223, 700
37, 486, 400
1, 459, 713, 660
1, 039, 282, 660
1, 230, 775, 850
1, 447,175, 200
2,000
10,050
$58,500, 000
•
20, 000, 000
660
10,001
6
$195, 000
9, 491, G O
O
6,000
38, 900
40, 000
84,133
276,140, 005
400, 000, 000
601, 830, 000
5, 954
4,110
4,200
1, 677, 000
2,160, 000
2,100, 000
1,156, 633
672, 207
682, 963
49, 276
1, 676, 627
937, 819
3, 274, 425
3, 234, 588
7, 689, 963, 550
165, 533
1, 247. 970, 000
24, 921
15, 619, 600
11, 583, 638
.220, 477
291, 665, 200
4,500
590, 000
180, 000, 000
1, 847, 600, 000
750
74, 000
5, 000, 000
46, 700, 000
225, 727
664, 000
594, 500
2, 027, 500, 000
74, 750
-: 51,700,000
889,727
W
476, 665, 200
1, 894, 200, 000
291, 566, 200
o
8, 853, 663,150
220, 477
3H
4
_
Amount
U n i s s u e d received for
restoration t o stock
16,308
14, 021
4,438
6,816
67,337
31, 067
71, 824
$54, 990, 600
30, 601,900
15, 603,120
27, 602, 640
34,849, 600
63, 073,800
11, 021,920
11, 393, 084
_
6,268
14, 021
4,438
6,816
67,337
31, 067
1 71, 018
200,956
_.
II. Liberty bonds:
F i r s t loan of 1932-1947
F i r s t loan of 1932-1947
F i r s t loan of 1932-1947
F i r s t second loan of 1932-1947
Second loan of 1927-1942
Second loan of 1927-1942
T h i r d loan of 1928
F o u r t h loan of 1933-1938
III. Treasury bonds:
T r e a s u r y b o n d s of 1947-1952
T r e a s u r y b o n d s of 1944-1964
Amount
Received from B u r e a u of
Engraving and Printing
2,370, 765, 200
—
1 Includes 1,874 blank interim certificates not previously reported.
2 Includes $248,160 representing issue valuation of 630 interim certificatesissued in this fiscal year which were originally received from the Bureau of Engraving and Printing in
blank form.
'
00
CO
Stock accountability of the Division of Loans and Currency for Uiiited States and other securities for the fiscal year 1925—Continued
O
On h a n d J u n e 30, 1924
Interest
rate
Class of security
Pieces
IV. T r e a s u r y notes:
Series A-1924
Series B-1924
Series A-1925
Series B-1925
Series C-1925
Series A-1926 Series B-1925
Series A-1927
Series B-1927
. . .
Adjusted service series 1930
...
:
. . .
Pieces
Pieces
Amount
.
..
Amount '
$222, 908,800
92, 973, 800
181, 617, 200
103, 765,100
174, 061, 200
381, 660, 300
102, 627, 000
342,190, 400
213, 051, 800
1,874,745,600
5,673
40, 506
7, 048
90,360, 000
76, 268, 000
20, 461, 600
5K
900
600
600
209, 469
78, 065
180, 219
93, 468
79, 013
86, 233
37, 321
141,183
67,372
500
3,500
125, 000, 000
2,000
500
200, 000,000
3 50, 000, 000
8,000
575, 000, opo
1,000
1,900
59, 000
43, 500
50, 000
1,500
100, 000, 000
50, 250,-000
760, 600, 000
415, 000, 000
329,500,000
4 50, 000, 000
61,141, 500,000
650
1,150
•
$222, 908, 800
92, 973. 800
271,617 200
213, 766,100
234,061 200
381, 660, 300
227, 627, 000
342,190, 400
413,051,800
50, 000, 000
972,833
$90, 000,000
60, 000, 000
60, 000, G O
O
2, 449, 745, 600
6,673
41, 506
8,948
59, 660
44, 650
60, 000
1,500
649
90,350, 000
176, 268, 000
70, 701, 500
761, 500, 000
422, 000, 000
329, 500, 000
60, 000, 000
1,141, 500, 000
212, 476
3,041,819,500
o
o
H
V. Certificates of i n d e b t e d n e s s :
Series TD-1924
.
Series T M - 1 9 2 5
Series TD2-1924
Series TS-1925
Series T D-1926
Series TJ-1926
_ .
Adjusted service series 1926..
Specials
. .
...
4M
4
23^
2M
...
3
3
4
5 649
$1, 000, 000
7, 000, 000
53, 876
. -
V I . T o t a l p u b l i c d e b t b o n d s , notes, a n d certificates of indebtedness
-
Amount
T o t a l to account for
•
209, 469
78, 065
4M • 179,319
92, 958
4H
4/2 - • 78,413
86, 233
33, 821
4K
141,183
4H
65,372
4^
4
964, 833
V I I . T r e a s u r y (war) savings securities:
Thrift s t a m p s
T r e a s u r y savings s t a m p s
W a r savings s t a m p s , 1918.
W a r savings s t a m p s , 1919.W a r savings s t a m p s , 1920
W a r savings s t a m p s , 1 9 2 1 . . .
T r e a s u r y savings certificates, 1918
T r e a s u r y savings certificates, 1919
T r e a s u r y savings certificates, 1920
T r e a s u r y savings certificates, 1921
Pieces
U n i s s u e d received for
restoration to stock
P e r cent
Total
Total
Amount
Received from B u r e a u of
Engraving and Printing
..
187, 069, 500
156, 900
2, 846,750, 000
1,700
8, 000, 000
12,833,225
10,180,987,330
935,789
6, 766,152, 600
101,371
75, 319, 600
106, 861
45, 990
48, 758
77,056
140,133
182,283
10, 563
159,169
534,305
229,950
243, 790
385,280
14,013,300
33,390, 600
2,648,400
26,900, 625
2
21
2
105
__
_\. .
_
._
2 i
in
13, 870,385 17,012,459,630
2
106,882
45,990
. 48, 768
77,068
140,133
182, 283
10, 563
169,159
2
534, 410
229, 950
243, 790
385, 290
14,013,300
33,390, 600
2,648,400
26,900,625
W
>
o
Treasury
Treasury
Treasury
Treasury
savings
savings
savings
savings
certificates,
certificates,
certificates,
certificates,
Total
.
1921,. D e c . 15, 1921
1922, D e c . 15,1921
1922, Oct. 30, 1922
1923, D e c . 1, 1923
I
/
/
1
19, 957
7,033, 750
19,957
7,033, 750
1,930,387
102,290, 500
1,930,387
102,290,500
535, 017
44,439,676
751,853
115,073,160
1, 286,870
159,512,825
3, 256,164
232,110,175
751,878
115,073,267
4, 008,042
347,183,442
16, 089, 389
10, 413,097,505
935, 789
6, 756,152, 600
863,249
190,392,867
40,123
27,160
119, 771,000
73,107,000
2,650
7,850
5, 350,000
14,850,000
67, 273
192,878,000
10,600
20,200,000
1,955
6, 047, 750
16,158, 617
j(.
_
10, 612, 023,255
.....
V I I I . T o t a l all p u b l i c d e b t securities
I X . I n s u l a r loan s e c u r i t i e s Philippine Islands.
P o r t o Rico
Total
..:
X . D i s t r i c t of C o l u m b i a funded loan of 1924
_.
_..'.
3. 66
X L G r a n d total—Ail securities
Issued t o p u b l i c
Class of s e c u r i t y
Interest
rate
Pieces
I . Pre-war b o n d s :
Per cent
2
Consols of 1930
L o a n of 1925
....
4
P a n a m a C a n a l loan of 1916-1936...
2
P a n a m a C a n a l loan of 1918-1938...
2
P a n a m a C a n a l loan of 1961
3
Conversion b o n d s of 1946-1947
3
Postal savings b o n d s
2K2
Total
•
Amount
Issued as stock t o Federal reserve b a n k s
a n d other T r e a s u r y
agencies
Pieces
Amount
42,773
36, 000
6, 776,352, 600
U n i s s u e d delivered t o
register for destruction
Pieces
A mount
3
8
2
7,811
4,142
- 1,312
831
1,916
429
1,066
$59, 009,250
29,245,860
.6,178,480
3, 499, 020
11,417, 500
3,044,100
364,560
4
17, 506
112, 758, 760
17
853, 249
On h a n d J u n e 30, 1926
Pieces
Amount
213, 078, 000
1,965
190,392, 867
125,121,000
87, 957,000
77, 773
•
946,289
17,878, 427 17,369, 642, 972
6,047, 750
Q
17,958,166 17, 678, 768, 722
i
T o t a l a c c o u n t e d for
O
Pieces
Amount
240
8,494
9,871
3,124
5,985
65,422
30, 638
70, 764
$64,478, 750
1,344, 550
9,424,440
24,003, 620
23, 432,100
60,029, 700
11, 089, 720
16,308
14,021
4,438
6,816
67, 337
31,067
71,824
$113, 490, 500
30, 601, 900
15, 603,120
27, 602, 640
34,849,600
63, 073,800
11, 454, 520
14,440'
194,288
• 183,802,880
211,.811
U2
W
296, 576,080
$2,500
11,500
200
w
3 Represents issue valuation of five notes issued in this fiscal year which were originally received from the Bureau of Engraving and Printing in blank form.
1 Represents issue valuation of 600 certificates issued in this fiscal year which were originally received from the Bureau of Engraving and Printing in blank form.
5 Represents blank certificates not previously reported.
6 Represents issue valuation of 33 certificates issued in this fiscal year which were originally received from the Bureau of Engraving and Printing in blank form.
CD
Stock accountability of the Division of Loans and Currency for United States and other securities for the fiscal year 1925—Continued
CO
to
Issued to p u b l i c
Interest
rate
Class of s e c u r i t y
Amount
Pieces
3H
Amount
Amount.
Pieces
T o t a l a c c o u n t e d for
. On h a n d J u n e 30, 1925
Amount
Pieces
Amount
Pieces
1,106,647
670,751
645,635
48, 771
1, 566, 602
790,994
3,112,181
2, 933,820
$833,193, 200
464, 982, 550
1,004,803, 700
36, 969, 950
1,457, 761, 600
1, 003, 384,400
1, 275, 384, 450
1, 317, 000, 900
1,166,633
672,207
682,963
49,276
1, 575, 627
937,819
3,274,425
3, 234, 588
$936,282,300
465,218,900
1,053,715, 300
37,492,400
1,459, 713, 550
1,317,099, 650
1 632,925,850
1,951,105, 200
4J€
7, 393, 480, 750 11, 583, 638
8,853, 663,150
III. Treasury bonds:
T r e a s u r y b o n d s of 1947-1952
T r e a s u r y b o n d s of 1944-1954
4K
_
IV. Treasury notes:
Series A-1924
Series B-1924.
Series A-1925
Series B-1925 .
Series C-1925
Series A-1926
Series B-1926
Series A-1927.
Series B-1927
A d j u s t e d service series 1930
...
4H
4M
4M
4M
4
Total
V . Certificates of i n d e b t e d n e s s :
Series TD-1924
Series T M - 1 9 2 5
Series TD2-1924
Series T S - 1 9 2 5 . . .
$38, 542,000
124,000
34, 670, 750
460,150
1,297,250
258,364, 360
310, 501, 000
452, 903,050
45
$627,050
94
1
1,001
704
239
487
194, 500
1,000
60,050
397, 350
245,900
1, 263,400
360,440, 600
462,887 1,096,852, 550
2,571
2, 779,250 10,874,401
4,335
17, 766
23,854, 500
98,481,400
5,771
41, 918, 300
386,499 1,329, 262,800
43
22
709, 700
297,600
215, 678
259, 714
410,082, 700
466,158,200
225,727
476, 566,200
664, OOP • 1,894,200,000
122,336, 900
392,270 1,371,181,100
65
1,007,300
475,292
876, 240,900
889,727
2,370, 765, 200
10
14
18
14
7
36
71
5
100, 000
5,000
12,100
16, 000
60,500
610, 000
57, 000
50,000, 000
209,469
77,605
177,066
222, 908,800
84, 773,800
188, 717, 200
209,469
78,065
180,219
93,458
79,013
86,233
37,321
141,183
67,372
500
222,908,800
92, 973, 800
271,517,200
213 755 100
234,061, 200
381, 660, 300
227, 627, 000
342,190, 400
413,051, 800
50, 000, 000
50,860, 600
972,833
2,449, 745, 600
5
6,000
5,673
41,606
8,948
59,660
90,360, 000
176, 268,000
70, 701, 500
761, 500,000
5M
5H
4^
_ ...
42,280
960
24,322
443
6,735
96,987
107,031
184,129
175
4
$63,920,050
112,360
14,046,360
61,300
604, 650
64,963,550
46,794, 500
179,937,850
22,100
4M
7,661
496
12,912
61
2,289
49,134
54,974
116,162
243, 679
4
Total.
Pieces
U n i s s u e d delivered t o
Register for destruction
Per cent
II. Liberty bonds:
F i r s t loan of 1932-1947
F i r s t loan of 1932-1947
F i r s t loan of 1932-1947
F i r s t second loan of 1932-1947
Second loan of 1927-1942
Second loan of 1927-1942
T h i r d loan of 1928
F o u r t h loan of 1933-1938
Total
Issued as stock t o Federal reserve b a n k s
a n d other T r e a s u r y
agencies
4M
4
2%
460
3,143
2,001
4,862
5,200
4,680
3,551
4,957
8, 200,000
82, 700, 000
72,840,000
121, 500,000
127, 975,000
121,000,000
91,530,400
125, 905,000
28,854
100
1,774
1,265
53,519
1
10, 000
751, 650,400
464,141
496, 409,800
10,000,000
56, 600,000
35,825,000 •
665,861,600
6,673
39, 727
7,683
1
91,443
74,133
81,018
32, 634
137, 596
62,344
495
140, 910,100
112, 549,100
253, 659, 300
106, 566, 500
250,050,000
287,089,800
479, 663
1,150,824,800
80, 360, 000
119, 663, 000
34, 876, 500
100, {K.<^
,
6,030
95, 538, 505
o
o
K
o
t=l
Ui
Series TD-1925
Series TJ-1926 . .
A d j u s t e d service series 1926
Specials
_
3
3
4
V I I . T r e a s u r y (war) savings securities:
Thrift stamps
• T r e a s u r y savings s t a m p s
W a r savings s t a m p s , 1918
W a r savings s t a m p s , 1919
W a r savings s t a m p s , 1920
W a r savings s t a m p s , 1921
Treasm-y savings certificates, 1918
T r e a s u r y savings certificates, 1919
T r e a s u r y savings certificates, 1920
T r e a s u r y savings certificates, 1921
T r e a s u r y savings certificates, 1921,
D e c . 15,1921
T r e a s u r y savings certificates, 1922,
D e c . 15, 1921
T r e a s u r y savings certificates, 1922,
Oct. 30, 1922
__T r e a s u r y savings certificates, 1923,
Oct. 30, 1922
T r e a s u r y savings certificates, 1923,
D e c . 1,1923
T r e a s u r y savings certificates, 1924,
D e c . 1,1923...
_
14
128,493 1,323, 598,000
52,998.
519,792
234, 989, 500
73,881,000 T f :44,650 1X422,000.000
* 50,000
122,107, 500
1329? 500,000
i . 1, 500
1 60,000,000
'
649 1,141, 500 000
30,425
291,527,000
735, 200,290 12,054, 069
212,476
3,041,819,500
^
9,895,876,330 13,870,385 17,012,469,530
2
534,410
229,950
241,400
350,000
14,013, 300
33, 390,600
2,400,000
26,412,500
6,941
34,706
922
8,563
244,300
1,466, 650
2
106,882
45,990
48,758
77,058
140,133
182,283
10,663
159,159
2,390
585
41
196
4,100
21,475
2
106,882
45,990
48,280
70,000
140,133
182,283
9,600
160,400
1,668
407,925
2
125
18,287
6, 625,700
19,957
2,645
469, 350
1,912,984
99,245,050
14,758
2,586,100
1,930,387
159, 512,825
347,183,442
2
534,410
229,950
243,790
385,290
14, 013,300
33, 390,600
2,648,400
• 26, 900,625
a
s
i
O
H
w
2,176
674,350
7, 321
1, 670,175
14, 708
2, 564,175
1, 246, 000
. 14,708
161,125,000
24,986
6,159,300
1,286,870
2,564,175 3, 911,556
326,942,337
74,457
16,116, 756
4,008, 042
291,341 1,839, 671, 036 1,027,212 4, 645, 836,225 4,431,348 1, 062,142,627 12,128, 526
V I I I . T o t a l aU p u b l i c d e b t securities
I X . I n s u l a r loan securities:
P h i l i p p i n e Islands
P o r t o Rico
6, 634,000
7,366,000
1,510
2, 394,000
38,120
27,390
118, 687, 000
78,198, 000
42, 773
35, 000
125,121,000
87,957,000
10,753
3.65
I
9,911, 993,085 17,878,427 17, 359, 642,972
4,653
6,100
Total
^ 5,138
17,655
1,000
602
347,919,000
207,392,500
478
117
Total
X I . G r a n d total—all securities
39,490
32,345
284,020. 1,838,100, 860 1,012,604 4,543,282,060
VI. Total public debt bonds, notes, and
certificates of i n d e b t e d n e s s
X . D i s t r i c t of C o l u m b i a f u n d e d loan of
1924
200,000
560 1,191,705,000
Total .
CD
22
60,000,000
600
33 1,141,500,000
13,899,000
1,510
2,394,000
65,510
196, 786,000
77,773
213, 078, 000
5
25, 000
1,950
6,022,750
1,956
6, 047, 750
302,099 1,863,695,036 1,027,212 4,545,836,225 4,434,808 1, 070,659,377 12,194,036 10,108,778, 086 17,958,155 17, 578,768,722
CO
CO
EXHIBIT 9
CO
STOCK ACCOUNTABILITY O F FEDERAL RESERVE BANKS AND OTHER TREASURY AGENCIES F O R UNITED
STATES SECURITIES FOR THE FISCAL YEAR 1925
O n h a n d J u n e 30,1924
Interest
rate
Class of s e c u r i t y
Pieces
I. Liberty bonds:
F i r s t loan, 1932-1947
F i r s t loan, 1932-1947
F i r s t loan, 1932-1947
.
F i r s t second loan, 1932-1947
Second loan, 1927-1942 . .
Second loan, 1927-1942
T h i r d loan, 1928
F o u r t h loan, 1933-1938
ti
II. Treasury bonds:
T r e a s u r y b o n d s , 1947-1952
T r e a s u r y b o n d s , 1944-1954
-
.
4M
4
TotaL...
TotaL
Pieces
Amount
T o t a l t o a c c o u n t for
Pieces
Amount
Issued to public
Pieces
Amount
$39,692,650. 00
673,150. 00
48,656,850. 00
340, 500. 00
2,698, 450. 00
273,400, 050. 00
320,049,150. 00
461,517,750. 00
... .
5H
4M
>
_
ti
•ti
4H
4M
23,196
44,319
121,636
2,733
40,811
133,379
168, 509
123,433
$10,341, 650. 00
14, 508,900.00
100, 253,900. 00
704,250.00
18,399, 650. 00
101, 502,900. 00
115, 341, 050. 00
108,913,050. 00
42, 280
960
24,322
443
6,735
96, 987
107, 031
184,129
$38,542,000. 00
124,000. 00
34,670, 750. 00
460,150. 00
1, 297, 250. 00
258,354, 350. 00
310,501,000. 00
452,903, 050. 00
66,476
45,279
145,958
3,176
47, 646
230, 366
275, 540
307, 562
$48,883, 650. 00
14, 632,900. 00
134,924,660. 00
1,164,400. 00
19,696,800. 00
359,857, 260. 00
425,842,050. 00
661,816,100. 00
658,016
469,965,150. 00
462, 887
1,096,852,550.00
1,120,903
1, 566,817,700. 00
607, 280 1,146,928, 560. 00
33, 386
69,939,400. 00
5,771
386, 499
41,918,300. 00
1,329, 262,800. 00
39,157
386, 499
111,857,700.00
1,329, 252,800. 00
9,635
40,029,000. 00
275, 908 1,173, 022, 500. 00
33, 386
4
4M
4M
4
4M
. . .
Total
I I I . T r e a s u r y notes:
Series B-1924
Series A - 1 9 2 5 . . .
Series B-1925
Series C-1925
Series A-1926
Series B-1926
Series A-1927
Series B-1927Various (specimens)
Amount
Stock received from L o a n s
and Currency
69,939,400.00
392, 270
1,371,181,100. 00
425, 656
1,441,120,500. 00
285, 643 1,213,051, 600. 00
45, 277
4,288
36, 001
368
15, 431
132, 381
147, 303
226, 231
21, 280
29, 980
31,159
24.170
21, 636
24,931
24,002
29, 919
9
54,895,100. 00
71, 656,400. 00
83,848, 200. 00
59, 795,600. 00
54, 531,400. 00
58,655,400. 00
64, 237,000. 00
78,141,300. 00
346,600.00
460
3,143
2,001
4,862
5,200
4,680
3,551
4, 957
8, 200,000. 00
82, 700,000. 00
72,840, 000. 00
121, 500,000. 00
127,975, 000. 00
121,000,000. 00
91,630, 400. 00
125,906,000. 00
21, 740
33,123
33,160
29, 032
26,836
29, 611
27, 553
34,876
9
63,095,100. 00
154, 256,400. 00
156, 688,200. 00
181, 296,600. 00
182, 506,400. 00
179,655,400. 00
155,767,400. 00
204, 046,300. 00
345,500. 00
776
8,618
4,006
6,414
7,148
6,930
6,490
8,377
15,341,100. 00
109,998, 200. 00
76,417,200. 00
124,919,700.00
136 088, 500. 00
122, 640, 500. 00
95,631, 500. 00
143 800, 200. 00
207, 086
526, 005,900. 00
28,854
751,650, 400. 00
235, 940
1, 277, 656,300. 00
47, 759
824,836,900. 00
o
o
>^
>
Q
Ul
I V . Certificates of i n d e b t e d n e s s :
Series TD-1924
Series T M - 1 9 2 5
Series T D 2 - 1 9 2 4 . . Series TS-1925
Series T D - 1 9 2 5 .
Series TJ-1926
V a r i o u s (specimens)
Total..
.
11,455
20, 290
10,430
•
3
3
100
1,774
1,266
53, 519
39,490
32,345
10,000,000.00
56,600,000. 00
36,825,000. 00
665,861,500.00
347,919,000.00
207,392,500. 00
11, 655
22,064
11, 695
53,519
39,490
32,346
94
74,231,000.00
125,378,500. 00
85,048,000. 00
665,861, 500. 00
347,919,000. 00
207,392, 500.00
2,840, 500.00
1,285
4,525
1,560
41,789
28,629
' 23,944
20,824,000.00
69, 212, 600.00
39,007, 600.00
608,162,000. 00
289,791, 500. 00
162,464,000.00
94
.
V I . T r e a s u r y (war) savings securities:
Thrift stamps
._
T r e a s u r y savings s t a m p s
W a r savings s t a m p s —
1918...
1919
1920
1921
T r e a s u r y savings certificates—
1918
1919
1920
1921
} ? ? i \ D e c 15.1921
128, 493
1,323, 598,000.00
170, 762
1, 508,671,000. 00
101,722 1,179,461,600.00
1, 260,983,450. 00
1,012, 504
4, 643,282,060.00
1, 953, 281
5, 794,265, 600. 00
1,042,304 4,364, 268, 450. 00
89.75
62.00
359
62
89.75
62.00
58
14.50
4,109
22
1
2
20,545.00
110.00
5.00
10.00
4,109'
22
1
2
20, 645.00
110.00
5. 00
10.00
6
36
115
30.00
180.00
1 75.00
2
11
4
6
200.00
5,600.00
2, 200. 00
2,250.00
2
11
4
6
200.00
5,600.00
2,200.00
2,250. 00
22
3,550. 00
22
3,550. 00
94
6,775.00
94
6,775. 00 I
802,312
125,586, 625. 00
359
62
,
^ ,Q2S
Total
185,073,000.00
940, 757
.»_
-?HH\Oct 30 1922
V n . T o t a l all p u b l i c d e b t s e c u r i t i e s . .
2,840,500. 00
42, 269
.
V . T o t a l p u b l i c - d e b t b o n d s , notes, a n d certificates of i n d e b t e d n e s s .
1923\-pj
64,231,000.00
68,778, 500.00
49,223,000.00
...
.
.
14,708
2, 554,175. 00
817,020
o
806,996
125,628, o n . 75
14,708
2, 554,175. 00
821,704
128,182,186. 75
1,747, 753
1,376,611,461.75
1,027,212
4, 546,836,225. 00
2, 774, 965
5,922,447,686. 75
td
%
o
w
r....
128,140,800.00
Ui
1
4
325.00
63,577
12, 731, 500. 00
63, 666
12, 731, 974. 60
1,105, 970 4,377,000, 424. 50
1 Counter entry, deduct.
CO
C7X
Stock accountability of Federal reserve banks and other Treasury agencies for United States securities for the fiscal year 1925—Continued
CO
05
U n i s s u e d stock r e t u r n e d
to Loans and Currency
U n i s s u e d stock r e t u r n e d
t o Register 2
O n h a n d J u n e 30,1925
T o t a l a c c o u n t e d for
Class of s e c u r i t y
Pieces
I. Liberty bonds:
F i r s t loan, 1932-1947
..
F i r s t loan, 1932-1947
F i r s t loan, 1932-1947
F i r s t second loan, 1932-1947
Second loan, 1927-1942
Second loan, 1927-1942
T h i r d loan, 1928
F o u r t h l o a n , 1933-1938
Pieces
304
7,800
22,617
$20,200.00
690,000.00
12,099,460. 00
$9,170,700.00
13,174, 750.00
64, 776, 750. 00
817,900. 00
16,098,250.00
83,297, 600.00
96,091,860.00
97,897, 650.00
Pieces
Amount
660
10,001
6
Total
I I I . Treasury notes:
Series B-1924
Series A-1926
Series B-1925
Series C-1925
Series A-1926
.
Series B-1926
Series A-1927
..
Series B-1927
V a r i o u s (specimens)
. . . .
3,602
4,576
22, 602
90
900,100.00
1, 482, 600.00
7,651,060.00
300,700.00
24,921
15, 619, 600.00
61, 691
22,944,100.00
427, 111
381, 325,450.00
1,120,903 1, 566,817, 700.00
5,000,000.00
46, 700,000.00
550
666,000.00
28,222
36,591
66,163,700.00
109, 540,300.00
39,157
111,857,700.00
386,499 1,329,262,800.00
51, 700,000.00
550
665,000. 00
64,813
175, 704,000.00
425, 666 1,441,120, 500.00
20,964
24, 506
8,418
22, 618
2,748
7,684
3,740
3,280
47, 754,000. 00
44,258,200.00
11,163, 700. 00
56, 375, 900. 00
1, 369.000. 00
6,137,000. 00
2,632,000. 00
1,560,000.00
20,736
69, i07,355.55
16,94014,997
18,323
23,219
9
45,548,955.55
93, 967
-. -
1, 677,000.00
2,150,000.00
2,100,000.00
19,896
32,641
77,339
2,802
28,613
87, 465
101, 626
77,041
74,760
.
$196,000.00
9,491, 600.00
6,000.00
750
74,000
_
II. Treasury bonds:
T r e a s u r y b o n d s , 1947-1952
T r e a s u r y b o n d s , 1944-1954
171,149,800. 00
10,270
17, 539
10,145
1,130
53,407,000.00
56,166,000. 00
46,040, 600. 00
965,000. 00
39,084
156, 578, 500. 00
. . .
:.
:
.
.*
..
-
I V . Certificates of i n d e b t e d n e s s Series T D - 1 9 2 4
Series T M - 1 9 2 5 . .
Series TD2-1924
Series TS-1925
Series T D - 1 9 2 5
Series TJ-1926
V a r i o u s (specimens)
. . •.
Total
Amount
Amount
Pieces
5,954
4,110
4,200
.. 1
Total
Total
Amount
.
*
...
550
1,150
i, m , 000.00
7,000,000.00
1,700
8,000,000. 00
94,224
50, 877,900.00
57, 603,900.00
68, 686,100.00
345, 500.00
281, 669, 600.00
10,050
9,711
8,401
94
55, 734,500.00
51,127,500.00
54, 938,500.00
2, 840,500.00
28,256
164,641,000.00
65,476
45, 279
145, 958
3,176
47, 546
230, 366
275, 640
307, 562
21, 740
33,123
33,160
29,032
26,836
29, 611
27, 563
34,876
9
$48,883, 550. 00
14, 632,900.00
134, 924, 650. 00
1,164,400. 00
19, 696,800.00
359,857, 250. 00
425,842,050. 00
561,816,100.00
63,096,100.00
164,256,400.00
156, 688,200. 00
181,296,600 00
182, 606,400.00
179,666,400.00
156, 767,400.00
204,046,300.00
345,500.00
235,940 1, 277, 656,300.00
11, 665
22,064
11, 695
53, 519
39,490
32,345
94
74, 231,000.00
125, 378,500.00
85,048,000.00
665, 861,600.00
347,919,000.00
207,392,500.00
2,840,500.00
170,762 1,508, 671,000.00
o
§
t2|
>
"A
o
Ui
V I . T r e a s u r y (war) savings securities—
Thrift stamps
. . . .
T r e a s u r y savings s t a m p s
^
W a r savings s t a m p s —
1918....
1919
1920
1921
T r e a s u r y savings certificates—
1918
1919
1920
1921.
J^21\j)g(. 15 1921
195,182
351, 337, 400.00
2.00
50
105.00
115
15
1 75. 00
75.00
2
_____
10
625. 00
82
I S o c t . 30,1922
359
52
89.75
52.00
4,082
1
1
20,410. 00
5.00
5.00
4,109
22
1
2
20, 545.00
110.00
5.00
10.00
200. 00
5, 600. 00
2, 200. 00
2,250. 00
2
11
4
6
12
2,926. 00
22
200.00
5, 600.00
2,200.00
2,260.00
3, 550.00
751,853
116,073,150. 00
4,825. 00
1,584
333, 900. 00
8
1, 626. 00
94
6, 775.00
6
2,250. 00
817,020
128,140,800.00
821, 704
128,182,186.76
751,878
Total
V I I . T o t a l all p u b l i c d e b t securities
75.26
10.00
.
Joo5lr>ec. 1,1923
1 Counter entry, deduct.
1, 963, 261 5, 794,265, 500.00
60.00
21
1,003,340,050. 00
2
11
4
6
_
75, 319, 600.00
614,404
301
.
101,371
2
V . T o t a l p u b l i c d e b t b o n d s , notes, a n d certificates of i n d e b t e d n e s s .
116,073,267. 00
1,726
339,400. 00
4,434
37,646. 25
853, 249
190,392,867. 00
196, 908
351, 676,800. 00
618,838
1,003,377, 595. 26
2, 774, 965 5, 922, 447, 686. 75
2 Includes credits allowed by Postmaster General for stock lost by postmasters.
Ui
O
i
O
w
zn
d
K!
CO
EXHIBIT
10.
(See Exhibit 3, Items I I - A 3 and F5)
CD
00
o
R E T I R E D AND U N I S S U E D U N I T E D S T A T E S P R E - W A R S E C U R I T I E S O N H A N D J U N E 3 0 , 1 9 2 4 — N O T P R E V I O U B X Y
R E P O R T E D (BELONGING TO PREVIOUS FISCAL YEARS AND DELIVERED TO T H E R E G I S T E R OF T H E T R E A S U R Y
DURING THE FISCAL YEAR 1925)
R e t i r e d securities
Interest
rate
T i t l e of issue
Redemption
L o a n of 1842 .
L o a n of 1843
L o a n of J u l y a n d A u g u s t , 1861
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d
L o a n of 1862
Ten-forties of 1864
F i v e - t w e n t i e s of 1865'
F u n d e d loan of 1881
F u n d e d loan of 1881, c o n t i n u e d
F u n d e d loan of 1891
F u n d e d loan of 1891, c o n t i n u e d
F u n d e d loan of 1907
L o a n of 1908-1918
Mexican indemnity
Spanish i n d e m n i t y
Consols of 1930
P a n a m a C a n a l loan of 1906-1936
P a n a m a C a n a l loan of 1908-1938
P o s t a l savings b o n d s
.
Per cent
6
5
6
_
Exchange,
Loss or deconversion, etc. s t r u c t i o n
.
_
.
5
6
5
.
3H
4K.
_
_.
.
.. .
.-
1 Deduct account adjustment in classification of securities previously reported.
4
3
5
6
2
2
2
2^
1 16, 000. 00
1 1,000. 00
» 26,300. 00
1 293,010,400. 00
Amount
$1,558,000.00
1,435,000. 00
1 $500. CO
600.00
30,000.00
.
:.•
Total
$1,773,000.00
1,404,000. 00
1 8, 500. 00
Total
Unissued
stock
$8,500.00
15,000.00
1,000.00
26,300.00
293,010,400.00
25,110,400. 00
1 26,110,400. 00
100.00
133,800.00
302,469. 01
596,922.64
46,526,100. 00
6,677,800. 00
4,052,600. 00
33,800. 00
665, 435.10
3,892,915. 78
383,457,100. 00
29,215.00
4,000.00
100.00
1 257,872,508.36
709,163,150.88
59,316. 00
54, 800. 00
Pieces
$3,331, 000. 00
2,839, 000. 00
1 500. 00
600.00
30, 000.00
2,315
2,179
1 1
1
30
293, 010, 400. 00
1 293,010,400. 00
25,110,400.00
I 25,110,400.00
100. 00
35, 740
1 35,740
4,627
1 4, 627
1
967,904.11
4, 523,053.42
429,983, 200. 00
6, 677, 800. 00
4,062,600.00
100.00
850
1,128
8,027
35
25
1
451,404, 757. 53
14 591
hj
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O
H
W
Q
m
EXHIBIT
11
SUMMARY OF TRANSACTIONS IN INTEREST-BEARING UNITED STATES SECURITIES FOR THE FISCAL YEAR 1925
y bo ds a
P r e - w a r b o n d s L i bre rats u r y nb o n d n d
T e
s
(see E x h i b i t 12) (see E x h i b i t 13)
I . O u t s t a n d i n g J u n e 30,1924
T r e a s u r y notes
(see E x h i b i t 14)
$15,141,755,700. 00
;, 735,309,400. 00
1, 047, 088, 500. 00
50, 000, 000. 00
$883, 703, 790. 00
I I . Issued d u r i n g t h e fiscal year 1925:
A . U p o n original s u b s c r i p t i o n against cash received
B . U p o n exchange, conversion, etc., for securities of e q u a l p a r
v a l u e retired—
1. Exchange—
(a) I n t e r i m certificates
(6) Registered for c o u p o n
(c) C o u p o n for registered
(d) Of d e n o m i n a t i o n s
(e) T e m p o r a r y for p e r m a n e n t
(/) M u t i l a t e d for perfect i
2. Conversion
_.
3. Transfer of o w n e r s h i p
_'
C . U p o n adjudicated claims for r e p l a c e m e n t
_
D . T o t a l issued d u r i n g t h e fiscal y e a r 1926..
T r e a s u r y (war)
savings
securities
(see E x h i b i t 16)
Total
$807, 613, 600. 00 $413,304, 039. 66 $20,981, 586,429.66
Ui
111, 922, 940. 00
1,920. 00
16,600.
243,100.
350, 334, 000.
1, 070, 365, 360.
7, 549,950.
178,650.
282,100.
572, 350.
1, 125,960.
112, 768,760. 00
2,842,756, 550. 00
731, 780. 00
I I I . R e t i r e d d u r i n g t h e fiscal year 1926:
A . A c c o u n t of r e d e m p t i o n —
1. P u r c h a s e s —
(a) Sinking fund
.
2. Securities received for r e d e m p t i o n —
(a) F e d e r a l e s t a t e taxes
(6) Gifts, forfeitures, a n d m i s c e l l a n e o u s .
(c) R e p a j o n e n t s of p r i n c i p a l b y foreign g o v e r m n e n t s .
(d) I n t e r e s t p a y m e n t s o n obligations of foreign governments
1
(e) A t m a t u r i t y or u p o n o p t i o n .
117, 051,150. 00
(/) Proceeds i n p a y m e n t for 4 per c e n t T r e a s u r y
bonds
(g) Sinking fund
.•
(li) N e t earnings F e d e r a l i n t e r m e d i a t e credit b a n k s .
Certificates of
indebtedness
(see E x h i b i t 15)
1 I n c l u d e s c o u p o n error t r a n s a c t i o n s .
1,926,578, 500. 00
23, 247, 204. 21
164,710. 00
24,817,379.21
6, 227,186, 689. 21
444,678, 000. 00
3, 000. 00
3, 500. 00
876,697, 600. 00^ 2, 371,156, 500. 00
18, 374, 000. 00
18,374,000. 00
47,560.00
174, 600. 00
103.95
22,823,000.00
798, 570, 500. 00
93, 274,400. 00
30,000.00
386,100.00
135,970, 600. 00
1,831,602,500. 00
274, 561, 400. 00
287,934,400. 00
152, 200. 00
164, 594, 500. 00
-^-
O
16,600. 00
288,243,100. 00
352,481, 245. 00
2, 340,634, 360. 00
7, 549,950. 00
181,650. 00
9, 282,100. 00
180,496, 290. 00
1, 286, 080. 00
21,416,465. 00
825, 691, 000. 00
3,047, 016, 324.21
60,861,048. 57
47, 560. 00
204,603.95
23, 209,100. 00
%
i
135,970, 500. 00
2,798, 086,198. 67
367,825,800. 00
452, 528,900. 00
162, 200. 00
» I n c l u d e s reissue t r a n s a c t i o n s .
CO
to
o
o
Summary of transactions in interest-bearing United States securities for the fiscal year 1925—Continued
Account
I I L .Retired d u r i n g t h e fiscal y e a r 1925—Continued.
B . A c c o u n t of exchange, conversion, etc., for securities of equal
p a r v a l u e issued—
1. E x c h a n g e —
(a) I n t e r i m certificates.
(6) Registered for c o u p o n
(c) C o u p o n for registered
(d) of d e n o m i n a t i o n s
(e) T e m p o r a r y for p e r m a n e n t
(/) M u t i l a t e d for perfect ^
2. Conversion
3. Transfer of o w n e r s h i p
C . A c c o u n t loss or d e s t r u c t i o n (covered b y i n s u r a n c e or b o n d s )
of i n d e m n i t y )
i
y bo ds
P r e - w a r b o n d s L Tbre rats u r y nb o n a n d
e
ds
(see E x h i b i t 12) (see E x h i b i t 13)
$731,780.00
111, 922, 940. 00
$16,600. 00
288,243,100. 00
350,334, 000. 00
1, 070,365, 360. 00
7, 549,960. 00
178, 650. 00
9,282,100. 00
68,672, 360. 00
T r e a s u r y notes
(see E x h i b i t 14)
^ Certificates of
indebtedness
(see E x h i b i t 15)
, 415,466. 00
$825,691, 000. 00
$444, 578, 000. 00
3,'000." 00 •
1, 920. 00
1,125,950. 00
3, 500. 00
229, 707, 790. 00
1, 907,538, 500. 00
2,187, 322,100. 00
IV. Outstanding June 30,1926..
D e d u c t interest-bearing d e b t w h i c h m a t u r e d d u r i n g year..
766,754, 760- 00
1,438, 750. 00
16, 076,973,750. 00
2,423,684,800. 00
19,443,400. 00
V . O u t s t a n d i n g J u n e 30,1925 (per p u b l i c d e b t s t a t e m e n t )
765,316, 010. 00
16, 076,973, 750. 00
2, 404, 241,400. 00
D . T o t a l retired d u r i n g t h e fiscal y e a r 1925.
1 I n c l u d e s c o u p o n error t r a n s a c t i o n s .
T r e a s u r y (war)
savings
securities
(see E x h i b i t 16)
Total
$16, 600. 00
288, 243,100. 00
352, 481, 245. 00
2,340,634,350.00
7,549,950.00
181, 660. 00
9,282,100.00
180,495, 290. 00
154, 710. 00
6, 976, 568, 217. 52
579,101, 600. 00
416, 500. 00
385, 690, 091. 35
20, 232, 204, 901. 35
21, 298, 660. 00
578,685, 000. 00
385,690, 091. 35
20, 210,906, 251. 35
n
o
1, 286, 080. 00
52, 431, 327. 52
O
2, 599, 568, 600. (
t2{
2 I n c l u d e s reissue t r a n s a c t i o n s .
02
E X H I B I T 12.
(See Exhibit 11)
TRANSACTIONS IN INTEREST-BEARING PRE-WAIl BONDS DURING THE FISCAL YEAR
o i
•
-
P a n a m a C a n a l loans
3
1925
•—••
Account
2 per cent
consols of
1930
4 per cent
l o a n of 1925
$599,724,050
$118,489,900
CD
2"per cent of
1916-1936
2 per cent of
1918-1938
3 p e r c e n t of
1961
$48,954,180
$26,947,400
$49,800,000
3.per c e n t
conversion
b o n d s of
1946-47
2 H per cent
postal s a v ings b o n d s ,
first t o
twentye i g h t h series
Total
—f
I . O u t s t a n d i n g J u n e 30, 1 9 2 4 . . .
M
•^
I I . Issued d u r i n g t h e fiscal year 1925:
A . U p o n original s u b s c r i p t i o n s against cash received
B . U p o n exchange, transfer, etc., for securities of e q u a l
par v a l u e retired—
' 1. E x c h a n g e la) C o u p o n for registered
._
2. Transfer of o w n e r s h i p
C . U p o n adjudicated claims for r e p l a c e m e n t
D . T o t a l issued d u r i n g t h e fiscal year 1925. _
I I I . R e t i r e d d u r i n g t h e fiscal year 1925:
A . A c c o u n t of r e d e m p t i o n
.
B . A c c o u n t of exchange, transfer, etc., for securities of
equal par v a l u e issued—
1. E x c h a n g e —
(a) C o u p o n for registered2. Transfer of o w n e r s h i p .. _
C . A c c o u n t of loss or d e s t r u c t i o n (covered b y i n s u r a n c e
or b o n d s of i n d e m n i t y ) . . .
D . T o t a l retired d u r i n g fiscal year 1925
I V . O u t s t a n d i n g J u n e 30, 1925--
$11,893,760
$883, 703,790
102,120
$28, 894, 500
Ui
102,120
o
88,000
58,921, 250
40,200
29,204,650
1,000
40
6,178,440
2,160
3,496, 860
283,400
11,134,100
286,000
2,758,100
31,980
229,540
920
731,780
111, 922,940
1,920
69,009, 250
29,245,850
6,178,480
3,499,020
11,417, 500
3,044,100
364, 560
112, 768, 760
o
117,051,160
117,051,150
w
88, 000
58,-921, 250 .
40,200
29,204, 650
2,160
3,496, 860
283,400
11,134,100
286,000
2,758,100
1,000
31,980
229, 540
731,780
111, 922,940
920
40
6,178,440
1,920
59,009, 250
146,297,000
6,178,480
3,499,020
11,417,500
3,044,100
262,440
229, 707, 790
699, 724,050
1,438,750
48,964,180
25, 947,400
49,800,000
28,894, 500
11, 995. 880
766, 754, 760
i
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EXHIBIT 13. (See Exhibit 11)
TRANSACTIONS IN INTEREST-BEARING LIBERTY BONDS AND TREASURY BONDS DURING THE FISCAL YEAR 1925
to
o
Second L i b e r t y loan of
1927-1942
F i r s t L i b e r t y loan of 1932-1947
Account
First 3H's
I . O u t s t a n d i n g J u n e 30, 1924
I I . Issued d u r i n g t h e fiscal y e a r 1925:
A . U p o n original s u b s c r i p t i o n s against cash received
B . U p o n exchange, conversion, etc., for securities of equal p a r v a l u e r e t i r e d 1. E x c h a n g e Co) I n t e r i m certificates
(6) Registered for c o u p o n
(c) C o u p o n for registered
(d) Of denominatioiLS
(e) T e m p o r a r y for p e r m a n e n t
(/) M u t i l a t e d for perfect i
.
_.
2. C o n v e r s i o n . . .
^
Transfer of o w n e r s h i p
C . U p o n a d j u d i c a t e d claims for r e p l a c e m e n t .
D . T o t a l issued d u r i n g t h e fiscal year 1 9 2 5 . . .
I I I . R e t i r e d d u r i n g t h e fiscal year 1925:
A . A c c o u n t of r e d e m p t i o n —
1 Purchases—
(a) S i n k i n g fund
2. Securities received for r e d e m p t i o n —
(a) F e d e r a l e s t a t e taxes
(b) Gifts, forfeitures, a n d miscellaneous
(c) Proceeds in p a y m e n t for 4 per cent T r e a s u r y b o n d s
B . A c c o u n t of exchange, conversion, etc., for securities of equal p a r v a l u e i s s u e d 1. E x c h a n g e —
(a) I n t e r i m certificates
(b) Registered for c o u p o n
(c) C o u p o n for registered
(d) Of d e n o m i n a t i o n s
(e) T e m p o r a r y for p e r m a n e n t
(/) M u t i l a t e d for perfect i
2. C o n v e r s i o n
3. T r a n r f e r of o w n e r s h i p - _.
C . A c c o u n t loss or d e s t r u c t i o n (covered b y i n s u r a n c e or b o n d s of i n d e m n i t y ) . . . . .
D . T o t a l retired d u r i n g fiscal year 1925I V . O u t s t a n d i n g J u n e 30, 1925
I I n c l u d e s c o u p o n
errorrtransactions.
F i r s t 4's
First 4 H ' s
F i r s t second i}4's
Second 4's
Second 4M's
$1,409,999,000
$7,172, 050
$630,861, 550
$3,492,150
$28,445,000
$3,076,142,150
16,600
30, 875,000
50, 882,900
.12,402,000
512,000
8, 983, 900
9,467,150
39,729, 900
81, 450
4,350
1,928, 700
2,377, 500
30, 250
96, 660
20,150
243,000
1,650
2,187, 750
5,150
20, 600
66,182,960
35, 857, 500
208, 205,450
348, 700
47,200
7, 363,400
9, 768, 350
600, 050
62,603, 200
401,800
3,303,100
328, 363, 600
61, 950
217, 600
16, 950
9,418, 200
1,060
1,550
2,600
103, 612,700
218, 450
870, 250
1,000
?,050
16, 600
30,875,000
50, 882,900
12,402,000
512,000 I
"5i,'950'l
217, 500 i
16, 950
28,400
8,983, 900
9,467,150
39, 729,900
81,450
4,360
96,660
20,150
243,000
1, 650
2,377, 500
30,260
40, 350
2,187, 760
218,450
870,260
1,000
7,353,400
5,150
20,500
66,182,960
35,857,600
208,205,450
348,700
47, 200
9,418, 200
1,050
1,928,709
1,560
2,500
103, 616, 760
2, 714,200
60, 676,560
401, 800
10,656, 500
321,038,600
1,409, 995, 960
5, 243,350
532,788,200
3,492,160
21,091,600
3,083,467,15C»
9,768,350
600,050
O
O
Third 4M's
Account
I. Outstanding June 30, 1924
.
II. Issued during the fiscal year 1925:
A. Upon original subscriptions against cash received
B. Upon exchange, conversion, etc., for securities of equal par value retired1 Exchange—
(a) Interim certificates
(b) Registered for coupon
..(c) Coupon for registered
.
-.
(d) Of denominations.
(e) Temporary for permanent---•
1.
(0 Mutilated for perfect i
—
.2. Conversion.
3. Transfer of ownership.
...C. Upon adjudicated claims for replacement..
D. Total retired during fiscal year 1926.
1 Includes coupon error transactions.
4H per cent
Treasury
bonds
$2,997,199,950
$6,324,495,650
4 per cent
Treasury
bonds
$763, 948,300
-
Total
$15,141,765,700
$1,047,088,500
78, 508, 300
26,974, 650
248,183, 900
2, 220,750
64,600
88, 272, 650
137,803,450
380,799,900
3,809, 650
54,550
10,012,900
20, 569,400
31,152,800
10,721,600
179, 950
30,449, 360
266,150
2,122,900
25, 500
3, 667, 600
366,843, G50
D. Total issued during the fiscal year 1925-.
IIL Retired during the fiscal year 1925:
A. Account of redemption—
1. Purchases—
(a) Sinking fund
2. Securities received for redemption—
(a) Federal estate taxes
(6) Gifts, forfeitures, and miscellaneous
(c) Proceeds in payment for 4 per cent Tieasury bonds
-B. Account of exchange, conversion, etc., for securities of equal par value issuedExchange—
(a) Interim certificates
(6) Registered for coupon
(c) Coupon for registered
(d) Of denominations
(e) Temporary for permanent.
(/•) Mutilated for perfect 1
Conversion
Transfer of ownership..
C. Account loss or destruction (covered by insurance or bonds of indemnity).
IV= Outstanding June 30, 1926
Fourth 4^'s
641,455, 600
63,883, 500
1, 271, 503, 900
2, 611,100
68, 758, 800
149,378, 000
1,047,088, 500
16,600
288, 243,100
350, 334,000
1,070, 365,350
7, 649,950
. 178,650
9, 282,100
68,572,360
1,125,950
Ui
Q
H
2, 842, 766, 550
o
18,374,000
18,374,000
47, 650
174, 500
93, 274,400
46,500
127, 700
93, 274,400
1,050
13, 300
78, 508, 300
26,974,650
248,183, 900
2,220,750
64,600
88, 272, 550
137, 803,460
380, 799, 900
3, 809,650
54, 550
10,012,900
20, 569,400
31,152,800
2,611,100
68, 758, 800
149,378,000
10, 721, 500
179, 950
30,449, 350
266,150
2,122,900
25,600
3,667, 600
478,666, 250
2,885,377, 350
641,469,950
63,883, 600
6, 324,481, 200
763,948, 300
224,415,400
1,047,088, 600
16,600
288,243,100
360, 334,000
1,070,365,350
7, 549,960
178,650
9, 282,100
68, 572,350
1,125,960
Ui
1,907,638, 500
' 16,076,973, 750
fcO
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CO
ExHEBiT 14.
(See Exhibit 11)
to
O
TRANSACTIONS IN INTEREST-BEARING TREASURY NOTES D U R I N G THE FISCAL YEAR
Account
I. Outstanding June 30,1924
II. Issued during'the fiscal year 1925:
A. Upon original subscription against
cash received..
B. Upon exchange, conversion, etc., for
securities of equal par value retired1. Exchange—
(fl) Of denominations ^
(6) Mutilated for perfect
C. Upon adjudicated claims for replacement
D . Total issued during the fiscal year
. 1925
Series
B-1924
Series
A-1925
Series
C-1926
Series
A-1926
Series
B-1926
Series
A-1927
Series
B-1927
Adjusted
service
series 1930
Total
$3,736,309,400
$377,681,100 $697,325,900 $299, 659,900 $406,031,000 il;61.5. 707.900 $414,922, 300 $355,779,900 $668,201,400
$50,000,000
60,000,000
o
16,341,100
110,098, 200
76,420, 200 124,930,800
1,000
2,000
136,104, 500 122,700, 500
96, 238, 500 143,857,200
500
16,341,100
110,098, 200
III. Retired during thefiiscalyear 1926:
A. Account of redemption—
1. Securities received for redemption—
(a) Gifts, forfeitures, and
miscellaneous
(&) Repayments of principal
by foreign governments
. .
177) 500
208, 600
(c) Sinking fund
. 100,000, 000 100,000, 000
id) Net earnings Federal int e r m e d i a t e credit
banks
152, 200
(e) Proceeds in payment
for 4 per cent Treas. ury bonds
274,651,400
(f) Maturity and upon option
276,888, 300 220,648,700
Series
B-1925
1925
76,422, 200 124,931,800
96,241, 600
3,500
3,000
136,104, 600 122, 701,000
826,691,000
3,000,
143,857, 200 50,000,000
875, 697, 500
30,000
30,000
n
o
o
Ui
386,100
287,934,400
87,934, 400
152,200
274, 551,400
301,033, 500
.
798, 670, 500
B . A c c o u n t of exchange, conversion, etc.,
for securities of e q u a l p a r v a l u e issued—
1. Exchange—
(a) Of d e n o m i n a t i o n s 2
(6) M u t i l a t e d for perfect
C . A c c o u n t loss or d e s t r u c t i o n (covered
b y i n s u r a n c e or b o n d s of i n d e m nity
. . .
143, 867, 200
825, 691, 000
3,000
96, 24i, 500
143, 857, 200
2,187, 322,100
356, 779,900
668,201,400
15,341,100
110,098,200
76,420, 200
2,000
124,930,800
1,000
136,104, 600
122,700, 600
500
3,000
D . T o t a l retired d u r i n g fiscal year 1926. _. 392, 590, 200
705,475,800
76,422, 200
513,899,700
136,134, 500
122, 701,000
432,000
1,948, 300
299, 659,900
17,063,100
615,677,900 i 414.922.300
I V . O u t s t a n d i n g J u n e 30,1925
1 Includes deliveries against receipts by other Federal ret^rve b^nks.
96, 238,500
3,600
50, 000,000
2,423, 684,800
2 Includes receipts against deliveries by other Federal reserve banks.
e
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EXHIBIT
15.
(See Exhibit 11)
o
TRANSACTIONS IN INTEREST-BEARING CERTIFICATES OF INDEBTEDNESS DURING THE FISCAL YEAR 1925
Series
TD-1924
Account
I
T o t a l issued d u r i n g t h e fiscal y e a r 1925
-
--
I I I . R e t i r e d d u r i n g t h e fiscal year 1925:
A . A c c o u n t of r e d e m p t i o n —
T. Securities received—
(a) I n t e r e s t p a y m e n t s o n obligations of
foreign g o v e r n m e n t s
(6) R e p a y m e n t s of principal b y foreign
governments
(c) Proceeds i n p a y m e n t for 4 per cent
Treasury bonds .
(d) M a t u r i t y a n d u p o n option
B . -Account of exchange—
1. Of d e n o m i n a t i o n s ^
C. T o t a l retired d u r i n g t h e fiscal year 1926
I V . O u t s t a n d i n g J u n e 30, 1925.
Series
TS-1925
Series
TD-1925.
Series
TJ-1926
Adjusted
service
series 1920
Special
Total
$807, 513, 500
$391, 369,500 $219,462,000 $124,247,000 $50,000,000 $1,141, 500,000 1, 926, 578, 500
20,824,000
69, 217, 500
39,007, 500
216.792.500
70, 529,600
28,207,000
20,824,000
69,217, 600
39,007,500
608,162,000
289,991,600
162,454,000
444, 578,000
50,000,000
o
1,141, 600,000 2, 371,156, 500
O
2,075,000
5,041,000
128,854,500
695,000
1,689,000
20,439,000
135, 970, 500
22, 823,000
211,275, 600
164, 594,500
235,395, 500
^^500,000
40,000,000
20, 824,000
69, 217, 600
39,007,500 j 216,792,500
70, 629,500
28,207,000
234,869, 500
469,207, 500
232,069,000 j 378,686,000
110,529,500
103, 500
309,000
4,000 ! 229. .576-000
179,462,000
1 Includes deliveries against receipts by other Federal reserve banks.
Series
TD2-1924
$214,149, 000 $400, 299,000 $193,065,500
O u t s t a n d i n g J u n e 30. 1924
I I . Issued d u r i n g t h e fiscal year 1925:
A . U p o n original s u b s c r i p t i o n against cash r e c e i v e d . .
B . U p o n exchange for securities of e q u a l p a r v a l u e
retired—
1 Of d e n o m i n a t i o n s ^
C
Series
TM-1925
j?\=
186,331,500
4, 600,000
164, 594, 500
1,141, 500, 000 1, 831, 602, 500
28,207,000
4, 600,000
1,141, 500,000 2, 699, 568, 500
124,247,000
46,400,000
679,101, 600
.<^
444, 578, 000
2 Includes receipts against deliveries by other Federal reserve banks.
a
Ui
EXHIBIT 16. (See Exhibit 11)
TRANSACTIONS IN TREASURY (WAR) SAVINGS SECURITIES DURING THE FISCAL YEAR 19J^5
Interest-bearing securities
Matured securities
Symbols!
Issue of Dec. 16,1921
Series 1918
Series 1919
Series 1920
Series 1921
Series 1921
I . Outstanding June 30, 1924 2
_
Plus accrued discount liabilities
_
_
Total value of outstanding securities June 30,1924
_
P
I
P
I
I
P
P
(c) Total retired during fiscal year 1926 .
IV. Outstanding June 30,1925 «
Plus accrued discount liabilities
Total value of outstanding securities June 30,1926
5, 917,775. 00
$20,584, 099. 95 $12,003,926. 87
4, 640, 039. 40
1,944,865. 86
$1, 825, 256. 60
$99,853, 660. 75
13, 948,792. 72
1,825, 256. 60
99,853, 660. 75
26,224,139. 35
8 6 20. 00
3,387,101. 70
3 25. 38
3132. 09
3 6 133.19
6 582. 34
6141. 68
448,103. 31
4,860. 00
1, 630. 00
484,062. 04
21,480. 00
580.00
6 566. 96
P
P
I
P
P
(/) Total issued during the fiscal year 1925
III. Retired during fiscal year 1925:
(a) Account of redemption—
1. Charged to "principal". .
2. Charged to " interest"
(6) Adjustment of excess war savings stamps surrendered account
of issues of Treasury savings certificates
(c) Account of exchange, etc., for securities of equal par value
(d) Account of loss or destruction
$5,917, 775. 00
12, 643,195. 00
..
II. Issued during fiscal year 1926:
(a) Upon original subscription against cash received
(&) Accrued discount credited as public debt receipts
(c) Accrued discount not credited as public debt receipts
(d) Upon exchange, etc., for securities of equal par value retired..
(e) Upon adjudicated claims for replacement
$12, 643,196. 00
Series 1922
6 9.59
454, 460.12
505,826.80
72,177.15
3, 788, 266. 70
fl 642. 60
3,895, 980. 64
108. 77
3, 667,146. 64
20, 583, 966. 76
2, 734, 292. 71
817,112. 31
80, 258. 90
6,307, 290. 20
4,860. 00
1, 630. 00
21,480. 00
580.00
6, 525. 00
225. 00
367,176. 00
34, 000. 00
23,324, 749. 47
839,172.31
87, 008. 90
6, 708, 465. 20
6 600. 00
3,895, 338. 04
P
I
3, 666,755. 41
3 6 285.24
65,427.15
6, 625. 00
225. 00
367,176. 00
34,000. 00
2,353,850. 00
11,186,529.32
2,428,917.89
1,810, 424. 86
2, 261,010. 00
8, 747,300. 00
2, 261,010. 00
2,363,850.00
13, 616,447. 21
1,810,424. 86
96, 933, 452. 25
1 Symbol " P " indicates items which reflect transactions affecting the principal of the public debt which are to be considered in reference to amounts shown in Exhibits 3 and 11.
Symbol " I " indicates items which affect and have reference to outstanding public debt liabilities reported as "Discount accrued" under the classification "Matured interest obligations."
* Series 1920 to 1923, issue of December 1, 1923, inclusive, were on basis of sales reports; series 1924 and thrift and Treasury savings stamps were on basis of Treasurer's net cash
receipts.
3 Adjustments in sales reports subsequent to June 30,1924.
« Series 1921 to 1924, inclusive, on basis of sales reports; thrift and Treasury savings stamps on basis of Treasurer's net cash receipts.
»Adjustment; deduct.
Ui
96, 933,452. 26
8, 747, 300. 00
o
to
o
to
Transactions in Treasury {war) savings securities during the fiscal year 1925—Continued
o
00
I n t e r e s t - b e a r i n g securities
Symbols
Issue of S e p t e m b e r 30,1922
Series 1922
I. O u t s t a n d i n g J u n e 30, 1924 '
P l u s accrued d i s c o u n t liabilities
_.
T o t a l v a l u e of o u t s t a n d i n g s e c u r i t i e s ' J u n e 3 0 , 1 9 2 4 . . .
I I . I s s u e d d u r i n g fiscal year 1925:
(a) U p o n original s u b s c r i p t i o n against cash r e c e i v e d . . .
(6) A c c r u e d d i s c o u n t credited as p u b l i c d e b t r e c e i p t s . .
(c) A c c r u e d d i s c o u n t n o t credited as p u b l i c d e b t receipts
(d) U p o n exchange, e t c . , for securities of e q u a l p a r
value retired
(c) U p o n a d j u d i c a t e d claims for r e p l a c e m e n t
(J) T o t a l issued d u r i n g t h e fiscal y e a r 1925
._.
I I I . R e t i r e d d u r i n g fiscal y e a r 1925:
(a) A c c o u n t of r e d e m p t i o n —
1. C h a r g e d t o " p r i n c i p a l "
2. C h a r g e d t o " i n t e r e s t "
(&) A d j u s t m e n t of excess w a r savings s t a m p s s u r , r e n d e r e d account of issues of T r e a s u r y savings
certificates.
(c) A c c o u n t of exchange, etc., for securities of e q u a l
""par v a l u e
...
id) A c c o u n t of loss or d e s t r u c t i o n
P
I
T o t a l v a l u e of o u t s t a n d i n g securities J u n e 30,1925
Series 1923
Series 1924
92,163, 690. 60 4,123, 542.09
141,064,348. 60
26, 778, 772. 40
426, 770. 40
31,845. 00
3,834, 613.96
846,114. 40
46, 275. 00
6, 650. 00
348, 700. 00
57,725. 00
67,360. 00
10, 226. 00
653,100. 00
43, 675. 00
479, 695. 40
P
P
Thrift a n d
T r e a s u r y savings s t a m p s ,
unclassified
sales, e t c .
4,242,883.96
923,689. 40
15, 276,104. 60
1, 280, 478. 40
10,728,719.20
2,162,132. 65
8, 639, 798:85
< 11, 282,307. 30
3, 397,022. 30
6, 440. 44
I
P
P
P
I
Total
$15,906, 741. 90 $141,064,348. 60 $25,778, 772. 40 $92,163, 690. 60 $4,123, 642. 09 $413,304,039. 66
6, 684, 905. 25
15,906, 741. 90
Total matured
a n d interestbearing
securities
$413,304,039. 66
25,145,875. 25
419,888,944. 91
438,449,914. 91
11, 290,154. 31
11,957,049. 90
11, 290, 311. 78
11,967,049. 90
932,166. 35
931,431. 33
1, 415, 466. 00
154, 710. 00
1,415,465.00
154,710 00
6,440. 44
25, 749,,534. 56
261, 395. 25
50, 861,152. 62
2, 734, 292. 71
50,860,618. 69
10, 297,419.99
o
t2j
>
6 500 00
o
1, 415,465. 00
154, 710. 00
Ui
P
P
46, 275. 00
6, 650. 00
1,333, 403. 40
11,135,144. 20
9, 236, 573. 86
261, 395. 26
55,166, 620. 23
62, 727, 713. 68
P
I
16,053,033. 90
134,172,088. 25
24,462,754.15
98, 203, 221. 35
3,868, 587. 2S
386, 690,091. 35
4, 782,767.89
385, 690,091.35
15, 781,077.89
15,053,033. 90
134,172, 088. 25 24, 462,754.15
98, 203, 221. 35
3,868, 587. 28 390, 472,859. 24
401, 471,169. 24
348, 700. 00
57, 725. 00
67,350. 00
10,225. 00
2, 239,707. 65
1, 415,465. 00
154, 710. 00
553,100. 00
43, 676. 00
2 Series 1920 to 1923, issue of December 1,1923, inclusive, were on basis of sales reports; series 1924 and thrift and Treasury savings stamps were on basis of Treasurer's net
cash receipts.
8 Adjustments in sales reports subsequent to June 30,1924.
< Adjustment of difference between Treasurer's net cash receipts to June 30,1924, and total sales^reported taken up as cash subscriptions during the fiscal year.
« Series 1921 to 1924, inclusive, on basis of sales reports; thrift and Treasury savings stamps on basis of Treasurer's net cash receipts.
8 Adjustment; deduct.
O
25, 748,968. 01
I
(e) T o t a l retired d u r i n g t h e fiscal year 1925
I V . O u t s t a n d i n g J u n e 30, 1926*
P l u s accrued d i s c o u n t liabilities
Series 1923
Issue of D e c . 1,1923
E X H I B I T 17
LIBERTY BOND AND VICTORY NOTE CONVERSIONS FROM NOVEMBER 15, 1917, TO JUNE 30, 1925
Converted into—
Issue
First SH's
First 4's
First 4 ^ ' s First secon^ 43^'s
Second 4's
Second 4M's
_
Third 4 K ' s . . Fourth ^M's
Victory SM's
Victory 4 ^ ' s
Total
Original issue
.1 $1,989,455,650
3,807,866,000
4,175,650,050
6,964, 581,100
672, 585,100
3,822,787,900
21,432,924,700
Issued on conversion
$568,318, 450
655,126. 600
3,492,160
First 4's
$568,318,450
First 4M's
First second
4M's
$7, 670,650
547, 555,050
$3,492,150
Second 4M's
424. 666, 750
605,068,900
5, 764,363,800
568,318,450
655,125, 600
3,492,150
' Includes full-paid interim certificates not exchanged for 3H per cent bonds.
Redeemed to
June 30, 1925
$78,450
16, 520, 060
22,337,400
$3,707,691,950
3, 707,691,960
Victory 3M's Victory 43^'s
3, 707,691,950
79,081,450
624,224, 800
1, 290, 272, 700
640,099,900
2 592,142, 650
$506,068,900
$424, 666, 750
2 3, 896,461, 660
424, 666, 750
505, 068,900
7,160,219,050
Outstanding
June 30, 1925
$1,409,995,960
5, 243,350
532, 788, 200
3, 492,160
21,091, 600
3,083,467,150
2, 886, 377, 350
6,324,481, 200
40,300
6, 728,400
Ui
o
w
H
o
14, 272, 705, 650
2 Now included in matured debt.
Ui
d
to
o
CD
EXHIBIT
18
o
CERTIFICATES OF INDEBTEDNESS ISSUED THROUGH EACH FEDERAL RESERVE BANK AND TREASURY DEPARTMENT DURING FISCAL YEAR 1925
F e d e r a l reserve d i s t r i c t
A u t h o r i z i n g a c t a n d series
Issued i n a n t i c i p a t i o n of income a n d profits
taxes, 1926:
S e p t . 24, 1917, as a m e n d e d —
Series TS-1925-_
Series TD-1925
D a t e of
issue
D a t e of
maturity
Rate
Total
amount
S e p t . 15,1925
D e c . 15,1926
3
$391, 369, 600 $36, 778, 500
219, 462, 000 10,724, 000
Cleveland
Richmond
$147, 736, 600 $41,306,000 $36,036, 000 $13, 678, 000
7,122, 600
98,871, 000 11,217,500 16,777, 000
Atlanta
J u n e 15,1926
3
.. - .
Jan.
1,1925
Jan.
1,1926
4
$9,131,000
5,843, 600
61,813,000
20, 700, 600
14,974, 500
16,100, 000
18,283, 000
4,820, 500
18, 283, 000
4,820, 500
70, 096, 000
25, 521, 000
H
8,376, 600
67,623, 500
o
8,375, 500
15,100, 000
23, 350, 000
47, 502, 500
246, 606, 600
52, 623, 500
124, 247, 000
10, 054, 000
18,437, 000
124,247, 000
J u n e 15,1926
Grand total._
Philadelphia
610,831, 500
Total
Adjusted service series, 1926:
S e p t . 24,1917, as a m e n d e d
Special sho*rt-term issues:
S e p t . 24,1917, as a m e n d e d —
A p r . 4, 1918, a n d M a r . 3, 1919.
New York
Per cent
S e p t . 15,1924
M a r . 16,1926
Total
Issued i n a n t i c i p a t i o n of i n c o m e a n d profits
taxes, 1926:
S e p t . 24,1917, as a m e n d e d —
Series T J - 1 9 2 6 . .
Boston
10, 064,000
18, 437, 000
735, 078, 500
57, 656, 600
265, 043, 600
o
O
60,000, 000
Ul
Various
Various
V a r i o u s . 1,141, 500, 000
19, 000, 000
995, 000, 000
65.000, 000
13, 000, 000
A u t h o r i z i n g a c t a n d series
D a t e Of issue
D a t e of
maturity
I s s u e d i n a n t i c i p a t i o n of i n c o m e a n d profits
taxes, 1925:
S e p t . 24,1917, as a m e n d e d —
Series TS-1925
Series TD-1925
S e p t . 15,1924
M a r . 16,1925
Sept. 15.1925
D e c . 16', 1925
Dallas
San
Francisco
St. L o u i s
Minneapolis
$5,117, 500
8, 322, 000
$8,056, 500
5, 511, 000
$7, 564.000
5, 816, 000
$7, 656, 000 $33,791, 600
8,454,000 14,941, 000
71, 481, 500
13,439, 600
13, 567, 500
13, 380, 000
16,110,000
Treasury
48, 732, 500
P e r cent
Total
Issued i n a n t i c i p a t i o n of income a n d profits
taxes, 1926:
S e p t . 24,1917, as a m e n d e d —
Series TJ-1926
Kansas
City
Chicago
$44,619,000
26, 862. 600
Rate
26, 675, 600
4, 305, 600
3, 702, 000
2,140, 500
4, 668, 000
25, 675, .500
4, 305, 600
3,702, 000
2,140,-500
4, 668, 000
8, 685, 500
G r a n d total . .
97,157, 000
17, 745, 000
17,269, 600
16, 520, 500
20, 778, 000
o
w
8, 685, 600
Total
57, 418, 000
Adjusted service series, 1926:
S e p t . 24,1917, as a m e n d e d
Special s h o r t - t e r m issues:
S e p t . 24,1917, as a m e n d e d —
A p r . 4,1918, a n d M a r . 3,1919__
J u n e 15,1925
Jan.
1,1925
Various
J u n e 16,1926
Jan.
1,1926
Various
3
$501000,000
4
Various.
O
49, 600, 000
'
hi
w
l>
Ui
to
EXHIBIT
19
to
R E G I S T E R E D I N T E R E S T - B E A R I N G BONDS OUTSTANDING AND N U M B E R O F R E G I S T E R E D ACCOUNTS J U N E 30,
1925, CLASSIFIED B Y ISSUES, A M O U N T O F I N T E R E S T PAYABLE, AND N U M B E R OF CHECKS D R A W N D U R I N G
T H E FISCAL YEAR 1925
Registration
Outstanding
June 30,1924
Issue
Outstanding
June 30,1925
Increase
I. Bonds:
A. Pre-war bonds—
1. 2 per cent consols of 1930
'.
2. 2 per cent Panama Canal loan of 1916-1936
3. 2 per cent Panama Canal loan of 1918-1938
4. 3 per cent Panama Canal loan of 1961
•.
5. 3 per cent conversion bonds of 1946-47
6. 2 ^ per cent postal-savings bonds (first to twentysixth series)
_
$48,000.00
40.00
160. 00
153,'500. 00
286,000. 00
$599,160,060. 00
48,953. 220. 00
25,946, 220. 00
44,376, 500. 00
11,637,400.00
Interest payable during
fiscal year
7,606 $11,982,219. 00
979,064. 00
939
545
518,923. 60
1,500
1,329,460. 00
104
340, 782. 00
Number of
checks
drawn
during
fiscal year
30,297
3,811
2,198
6,196
412
B. Liberty bonds—
1. First Liberty loan of 1932-1947—
(a) First 31^'s
(6) First 4's
(c) First 4K's
(d) First second i}4's
.
2. Second Liberty loan of 1927-1942(a) Second 4's
(6) Second 4K's.
3. Third Liberty loan of 1928
4. Fourth Liberty loan of 1933-1938.
O
11,620,680.00
117,020. 00
11,737,700.00
3,039
290,389. 75
6,266
604,720. 00
741,710,090.00
13,633
15,440,828.36
49,170
416,921,400. 00
3,817,150.00
144, 655,600. 00
1,086,050. 00
20,114
11,588
100,493
977
14, 232,366. 75
196, 567. 00
6,085,130.82
47,169.07
41,415
25, 867
203, 629
2,017
>
o
4,920,950.00
27,571,950.00
63, 500,160.00
13,612, 600.00
613,058,800.00
599,025,650. 00
1, 626, 623, 400. 00
47,258
301,218
567,065
816,785
696,677. 00
26, 501,369. 00
26,824,173. 64
68, 056, 760. 50
105,006
613, 052
1,191,946
1,681, 527
Ui
97,506,700.00
3,417,700,650. 00
1,865,498
142, 638,083. 68
3,864,468
91,122,000. 00
217,074,000. 00
6,602
14,864
1, 716, 236. 00
9, 043,468.86
6,209
29,491
395,913,500.00
6,254,300.00
143,141,660.00
1,162, 660. 00
20,007,900. 00
1,413,950. 00
18,533,450. 00
640,630,750.00
662,625,800. 00
1, 577,092,600. 00
C. Treasury bonds—
1. 4 per cent Treasury bonds of 1944-1964...
2. 4}i per cent Treasury bonds of 1947-1952.
70,952,750.00
$1,437,150. 00
76,500.00
49,530,900. 00
3,444, 254,500.00
6. Total Liberty bonds.
206,617,600.00
91,122,000. 00
10, 656,600. 00
..
206,617,500.00
101,678,500. 00
308,196,000. 00
20,366
10, 759, 704.86
II. Total registered Interest-bearing bonds outstanding, e t c .
4, 391,877,370.00
173,235,970. 00
97,606, 700. 00 4,467,606,640. 00
1,899,497
168,838,616.89
O
741,105,370.00
7. Total pre-war bonds.
3. Total Treasury bonds.,...
$599,112,050.00
48,963,180.00
25,946,060.00
44, 222,000. 00
11,251,400.00
Decrease
Number
of accounts
June 30,1925
3,948,328
H
213
SECRETARY OF T H E TREASURY
EXHIBIT
20
INSULAR AND DISTRICT OF COLUMBIA LOANS—CHANGES DURING
THE FISCAL YEAR ENDED JUNE 30, 1925
Loan
Issued
account
original
subscription
Retired
account
redemption
Issued and
" retired
^
Outstandaccount
exchanges, ing June
30, 1926
transfers,
etc.
Rate
Outstanding June
[ 30, 1924
Per cent
4
$7,000,000
$615,000
$7,000,000
2,600,000
1,000,000
1,500,000
4,000,000
200; 000
101,000
380,000
481,000
2,600,000
1,000,000
1,600,000
4,000,000
1,000,000
2,000,000
1, 000,000
125,000
86,000
291,000
28,000
12,000
1,000,000
2,000,000
1,000,000
125,000
6,000,000
1,086,000
6H 2, 760,000
6H 10,000,000
5
6,000,000
6,000
6,000,000
2,760,000
10,000,000
5,000,000
2, 760,000
PHILIPPINE ISLANDS
Land purchases, 1914-1934
Public improvement:
First series, 1915-1936
Second series, 1916-1936
Third series, 1919-1939
Loan of 1916-1946 .
'City of Manila, sewer and water:
First series, 1915-1936. .
Second series, 1917-1937
Third series, 1918-1938
•City of Cebu, 1921-1941
Manila, port works and improvements, 1920-1930-1960.-..
•City of Manila, 1920-1930-1950 „.
Public improvement, 1921-1941
Loan of 1922-1952
•Collateral loan, 1922-1950
Irrigation and permanent public works, 1922-1962 _
Loan of July 15, 1922-1952
Loan of 1925-1935-1956
5K2
2,750,000
4H 7,250,000
4>^ 23,000,000
5
$2,250,000
76,875,000
3,250,000
Total
9, 500,000
23,000,000
1,000,000
1,000,000
3,284,000
80,125,000
PORTO RICO
Road loan of 1910-1920-1927
San Juan Harbor:
Series 1 9 1 4 . . . .
Series 1915
Series 1917
._
ilrrigation loans:
Series 1913-1933-1943
Series 1913-1944-1960
Series 1914-1951-1954.
Series 1915-1955-1958
Series 1916-1959-1960. .
Series 1918-1958-1959
Series 1922-1961-1962
Series 1923-1929-1941
Series 1924-1942-1949.
JPubhc improvement:
Series 1914-1925-1939..
Series 1916-1927-1930.
Series 1918-1927-1930
Series 1919-1931-1934
Series 1920-1937-1940
Series 1922-1941-1944
Series 1923-1944-1948
Series 1923-1943-1955
jRefunding loans, series 19141923-1953...
-'Refunding municipal loans:
Series 1915-1919-1936
Series 1916-1918-1927
High-school building loan, 19251945..
House-construction loan. Series
A, 1920-1945
:._i.
'Workingmen's house construction: Series 1920-1941-1942
-Munoz Rivera Park loan, series
1924-1929-1938
4
320,000
$320,000
4
4
4
127,000
200,000
100,000
108,000
8,000
4
4
4
4
4
4
6
4H
4M
4
4
4
4M
4H
5
5
6
4
1,000,000
700,000
400,000
400,000
200,000
200,000
260,000
975, 000
\
1,000,000
500,000
600,000
1,000, 000
1,000,000
1,000,000
1,000,000
3,000,000
19,000
192,000
100,000
206,000
129,000
19,000
66,000
6,000
363. 000
804,000
600,000
22,000
35,000
145,000
1,000,000
700,000
400,000
400,000
200,000
200,000
260,000
976, 000
600,000
145,000
86,000
273,000
968,000
1,000
3,000,000
999,000
600,000
500,000
1,000,000
1,000, 000
1,000,000
1,000,000
6,000,000
555,000
40,000
9,000
515,000
4
4
194,000
120,000
21,000
30,000
48,000
173,000
90,000
300,000
1,000
300,000
4H
250,000
47,000
250,000
4M
500,000
25,000
500,000
200,000
200,000
528,000
3,565,000
19,063,000
3,503,750
25,000
105,800
200,000
15,791,000
Total
3,800,000
DISTRICT OF COLUMBIA
'60-year funded loan of 1924.._
3.66
3,609, 550
214
REPORT ON T H E FINANCES
EXHIBIT
21
R E T I R E D AND UNISSUED S E C U R I T I E S , N O T A F F E C T I N G T H K
r PUBLIC DEBT OF THE UNITED STATES, DELIVERED TO T H E
REGISTER OF THE TREASURY DURING THE FISCAL YEAR
ENDED JUNE 30, 1925
R e t i r e d account of—
T i t l e of security
Interest
rate
Redemption
Exchange,
transfer,
etc.
Total
Unissued
stock
Pieces
Amount
PHILIPPINE LOANS
L a n d purchases, 1904-1914-1934 .
Public improvement:
F i r s t series, 1906-1915-1935
Second series, 1906-1916-1936
T h i r d series, 1909-1919-1939
C i t y of Manila,, sewer a n d w a t e r :
F i r s t series, 1905-1915-1935
Second series, 1907-1917-1937
T h i r d series, 1908-1918-1938
C i t y of C e b u , 1911-1921-1941
L o a n of 1916-1926-1946
Manila port works and improvem e n t s , 1920-1930-1950
L o a n of 1922-1952
P e r cent
4
$615,000
318
$615,000-
200, 000
1.01,000
380,000
128
38
380
200,000
101,000'
380,000-
86,000
291,000
28, 000
12, 000
481, 000
41
93
28
12
112
80,000
291,000'
28,000
12,000481, 000
1,085,000
5,000
347
5
1,085,000^
5,000-
3,284, 000
1,502
4
4
4
4
4
4
4
4
.
53/2
5
T o t a l P h i l i p p i n e loans
3,284,000
PORTO RICO LOANS
R o a d loan, 1910-1920-1927
Irrigation loan, 1913-1933-1943...
Irrigation loans, 1913-1944-1950:
Series A
Series B
Series C
Series E
•
Series F .
Series G :
Irrigation loans, 1914-1951-1954:
Series A
Series B .
. ..
Series C
Irrigation loans, 1915-1955-1968:
Series E
Series G
.
.
Irrigation loans, 1918-1958-1959:
Series A
Series B
._ .
Irrigation loans, 1923-1929-1941:
Series A
.
. . . .
.
Series B
Series C
Series D
Series E .
_.
. ,.
.
Series F
Series G
Series H
Series I
.
.
Series J .
Series K
Series L
. . . . .
.
Series M
Irrigation loans, 1924r-l942-1949:
Series N
._
Series 0
. , . . _ .
Series P
Series Q
Series R
Series S
Irrigation loans, 1924-1942-1949:
Series T
Series U —
P u b l i c - i m p r o v e m e n t loan, 1914-19251939
P u b l i c - i m p r o v e m e n t loans, 1916-19271930:
Series B
Series C
Series D
..'.
205, 000
190
41
960,000205, 000
25, 000
29, 000
29,000
2, 000
38, 000
6,000
9
13
,13
2
10
6
25,000'
29, 0.00
29,000
2,000'
38,000 •
6,000'
1,000
10,000
8,000
1
2
4
1,00010,000
8,000'
20,000
36,000
20
36
20,000 •'
36, 000'
4,000
1,000
4
1
4,000
1,000
85
69
40
91
76
106
76
50
101
123
200
200
200
85,000
59,000
40,000
95,000
85, 000
110,000
75, 000
60, 000
101,000
123,000
200,000
200,000
200,000
150,000
115,000
100,000
100, 000
92, 000
75,000
150
115
100
100
92
76
150,000
116,000
100,000
100,000
92,000
75, 000
75,000
97,000
75
97
75, 000
97, 000
22,000
10
22,000
10, 000
5,000
20, 000
2
1
4
10,000
6,000
20,000
$950,000
1
\
45, 000
6,000
5,000
10, 000
5,000
20, 000
4>l
30, 000
7,000
76,000
76,000
75,000
43J
4H
4K2
4J^
4M
4H
43/2
4H
4M
.
40,000
63, 000
40, 000
90,000
75, 000
105, 000
55, 000
50,000
71,000
116, 000
125, 000
125, 000
125,000
215
SECKETABT OP THE TEEASUEY
Retired and unissued securities, not affecting the public debt of the United Statesf.
delivered to the Register of the Treasury during the fiscal year ended June 30,1925—
Continued
R e t i r e d account of—
T i t l e of security
Interest
rate
P u b l i c - i m p r o v e m e n t loans, 1918-1927- Percent
1930, series H
4
P u b l i c - i m p r o v e m e n t loans, 1920-19371940:
Series B
434
Series C
434
Series D
434
P u b l i c - i m p r o v e m e n t loans. 1922-19411944:
Series A
5
Series C
5
5
Series D
P u b l i c - i m p r o v e m e n t loans, 1923-19441948:^
Series A
_
5
Series B . . . .
Series C .
5
Series D .
5
P u b l i c - i m p r o v e m e n t loans, 1923-19431966:
Series A
_.
5
Series B . . .
5
Series C
5
Series D
5
Series E
5
Series F
5
Refunding loans, 1914-1923-1953:
4
Series J
4
Series L .
4
Series 0
_.
4
Series Q
4
Series S
4
Series V
Refunding m u n i c i p a l loans, 1915-19191936:
4
Series F
4
Series G
4
Series H
4
Series I
4
Series K
4
Series L . . .
4
Series M _
4
Series N
4
Series 0
4
Series P
4
Series Q
Refunding m u n i c i p a l loans, 1916^19184
1927, series G
High-school building loan, 1920^1930^
1946
43^
H o u s e construction of 1920-1930-1945,
series A
434
W o r k i n g m e n ' s house construction,
1920-1942, series A
434
M u n o z R i v e r a P a r k loans, 1924-19291938:
Series A
43^
Series B . . .
434
Series C
434
Series D
434
Series E . . .
43/2
Series F
Series G
Series H
434
Series I
43^
Series J
434
Redemption
T o t a l securities delivered
Amount
$146,000>
30, 000
70,000
46, 000
6
14
9
30,000'
70,00045,000'
6,000
55,000
25, 000
2
56
8
6,00055, 00025, 000
132, 000
20,000
61,000
60, 000
88
20
61
56
132,00020,000'
61,000'
60, 000
148, 000
49,000
316, 000
111, 000
133, 000
201,000
148
49
316
111
133
201
148, 000
49, OOO'
316, 000
111, O O
Oi
133, 000^
201, OOO'
$181,000
'^ 106
2
. 2
1
2
2
181,000'
2, 000
2,000
1, 000
2, 000
2,000
48,000
•
29
48
4
2
3
2
3
8
5
2,000
2,000
1,000
2,000
2,000
'•
4,000
2, 000
3,000
2,000
3,000
8,000
6,000
10,000
9,000
2,000
'V
145, 000
2
97
1,000
1
47, 000
47
25, 000
48,0004,000
2,000
3, 000'
2,000
3,000
8,000
5, OOO'
10, 000
9,000
2,000
145,000
1,000
47,000
25,000-
25
20
20
20
20
20
20
20
20
20
20
20,000
20,000
20,000
20,000
20,000
20, OOO
20,000'
20, 000
20,000
20,000
2,394, 000
4,465
6,959,000
20, 000
20, 000
20,000
20,000
20,000
20, 000
20, 000
20, 000
20, O O
C
20, 000
3, 565,000
3.66
Pieces
$146,000
T o t a l P o r t o Rico loans
District of C o l u m b i a funded loan of
1924.
Exchange,
transfer
. etc.
Total
Unissued
stock
$3, 503, 750
26, 000
6,022, 760
3,497
9, 661, 50O
3, 503, 760
6, 874, 000
8,416, 750
9,464
18,794,500
bO
EXHTBIT 22
05
PUBLIC DEBT TRANSACTIONS FROM JULY 1, 1924, TO JUNE 30, 1925, INCLUSIVE
T i t l e of issue
INTEREST-BEARING DEBT
I. Bonds:
A . P r e - w a r bonds—
2 per c e n t consols of 1 9 3 0 . .
4 p e r c e n t loan of 1925
2 p e r celit P a n a m a C a n a l loan of 1916-1936..2 p e r c e n t P a n a m a C a n a l loan of 191.8-1938.. _ .
3 p e r cent P a n a m a C a n a l loan of 1 9 6 1 . . 3 p e r c e n t conversion b o n d s of 1946-1947
234 per cent postal-savings b o n d s (hrst to t w e n t y - e i g h t h s e r i e s ) . .
R a t e of
interest
• cent
2
4
2
2
3
3
4
4M
4M
Total Treasury bonds..
P . Total bonds
724,050. 00
118, 489,900. 00
48, 954,180.00
25, 947,400. 00
49, 800,000. 00
28, 894,600. 00
11. 893,760.00
$102,120 00
102,120 00
Retired account
of r e d e m p t i o n
$117,061,150.00
117,051,150 00
3,05O 00
1,409, 999,000.00
7, 172,06O 00
530, 861,550 00
3, 492,150 00
2,050.00
Issued a n d
retired a c c o u n t
of conversion,
exchange, e t c .
Outstanding
J u n e 30, 1926
$59,009,250.00
29,245,850 00
6,178,480 00
3,499,020.00
11,41-7, 50O 00
3,044, IOO 00
262,440 00
$599, 724,050.00
1, 438,760 00
48,954,180 00
25,947,400. 00
49,800,000.00
28,894, 600.00
11,995,880 00
112,656,640 00
766, 754.760 00
28,400.00
111, 822,600.00
14,350. 00
2 10, 666, 50O 00
2 328,363, 600.00
366,843, 660.00
641,456, 600.00
21,091, 600 00
3,083,467,150 00
2,885,377, 350. 00
6, 324,481, 20O 00
14,377,807,400 00
111, 870,450.00
1, 516, 651,250 00
14,266,936,950 00
63,883, 50O 00
224,415,40O 00
763,948, 300. 00
1,047,088, 600. 00
4^
4
763,948,30000
1,047,088,500.00
763, 948,300.00
1,047,190,620 00
288, 298,900.00
1,047,088, 500.00
16,025,459,490 00
228,921, 600 00
to
o
o
103,612,700.00 1 1,409,995,950. 00
2 2,714,200.00
5, 243, 350 00
532,788, 20O 00
2 62,603, 200.00
3,492,150 00
401,80O 00
28, 446, OOO 00
.4
4M 3,076, 142,160 00
4M 2,997, 199,950 00
4M 6,324, 495,550.00
Total Liberty bonds..
C . T r e a s u r y bonds—
(a) 4 H per cent b o n d s of 1947-1952.
(6) 4 p e r ceiit b o n d s of 1944-1954
Issued account
of original
subscription
883,703,790.00
T o t a l pre-war b o n d s .
B. Liberty b o n d s F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 334's
(6) F i r s t 4's
(c) F i r s t 43^'s
id) F i r s t second i } i ' s . _
Second L i b e r t y loan of 1927-1942(a) Second 4's
ib) Second 4 3 4 ' s . . .
T h i r d L i b e r t y loan of 1928
F o u r t h L i b e r t y loan of 1933-1938..
Outstanding
J u l ^ 1,1924
1,811,036,800. 00
1,917, 606, 790.00
16,843,728,510 00
>
a
Ui
II. Treasury notes:
Series B-1924
Series A-1925
..'.
Series B-1926
Series C-1925
Series A-1926
.
Series B-1926Series A-1927
.
.
Series B-1927
Adjusted service series 1930.
T o t a l T r e a s u r y notes
\
I I I . Certificates of i n d e b t e d n e s s :
Series T D - 1 9 2 4
Series T M - 1 9 2 5
Series T 1)2-1924.
Series TS-1925
.
Series T D - 1 9 2 5
Series TJ-1926
A d j u s t e d service series 1926
Specials . .
...
63^
4H
4H
43^
.
-
-_.
..
.•
^..
.
.
.
.
.
.
_
. .
43^
4^
4
.
T o t a l certificates of i n d e b t e d n e s s . .
. . . . . . .
.
2,423,684,800. 00
20, 824,000.00
69, 217, 500. 00
39,007, 500.00
216,792,500 00
70, 529, 50O 00
28,207, 000 00
103, 500. 00
309,000. 00
4,000. 00
229, 576,000. 00
179,462,000. 00
124, 247,000. 00
45,400, 000. 00
""39C369,'500."00"
219,462,000.00
124,247,000.00
4,600, 000. 00
60,000,000.00
1,141, 500,000 00 1,141, 500,000 00
1,926,578,600 00
2,154,990, 500. 00
444, 578,000.00
2 0 668, 282,390. 00
3,023,769,120 00
3, 745, 636, 70O 00
3,187,882,290.00
3 133.19
3 285. 24
65,427.15
3, 387, 081. 70
426, 770 40
3, 836,458. 95
846,114. 40
14, 679, 329. 60
6, 440 44
20, 583,966. 76
817,112. 31
80, 258. 90
6, 307, 290 20
1, 280,478. 40
10, 728, 719. 20
. 2,162,132. 65
• 8,639,798.85
261,395. 25
.
o
3-4
3-4
33^3/2
33^-43^
3-4
3-4
33^-43^
3M-43^
None.
6,490 00
22, 060. 00
6, 750. 00
401,176. 00
52, 925. 00
406, 425. 00
77, 675. 00
596,775. 00
i i , i86, 529. 32
1,810, 424. 85
96,933,452.25
15, 063, 033. 90
134,172, 088. 25
24.462, 754.15
98, 203, 221. 35
3,868, 587. 28
23, 247,204. 21
50,861,152. 52
1, 570,175. 00
3,047, 016, 324. 21
3, 796. 397,852. 52
2, 285, 742,760 00
3,189,452, 465. 00
408, 665,960 00
3,047, 016, 324. 21
1, 610, 655,102. 52
2, 780, 786, 515. 00
;>
CO
cl
20,232,204,901.35
21, 298, 660 00
18,674, 546,029. 66
H
385, 690, 091. 35
20,981, 586,429. 66
2,307,041,40O 00
20,210,906, 261. 35
1 Includes interim certificates.
2 First loan conversion transactions in the amount of $1,928,700 and second loan conversion transactions in the amount of $7,353,400 are included as retirements in the respective
4 per cent loans and also as issues on the respective 434 per cent loans.
8 Counter entry; deduct.
o
19,846,514, 810. 00
20, 684, 099. 96
12,003, 926. 87
1,825, 266. 60
99,853,660 75
15,906, 741. 90
141, 064, 348. 50
25, 778, 772. 40
92,163,690. 60
4,123, 542. 09
Ui
579,101, 500.00
413,304,039. 66
C . T o t a l T r e a s u r y (war) savings secm'ities
V I I . T o t a l interest-bearing d e b t J u n e 30,1925
825, 697, 500. 00
807, 513, 60O 00
I V . T o t a l interest-bearing b o n d s , notes,- a n d certificates of i n d e b t e d n e s s
J u l y 1,1924- -
v i . T o t a l i n t e r e s t - b e a r i n g d e b t J u l y 1,1924
D e d u c t d e b t w h i c h m a t u r e d d u r i n g year
1,361, 624, 600. 00
214,045, 500. 00
399,990,000 00
193,061, 50O 00
161, 793, 50O 00
40,000, 000. 00
50,000,000.00
214,149, 000 00
400, 299,000. 00
193, 066, 50O 00
.
.
V . T r e a s u r y (war) savings securities:
A . T r e a s u r y savings . c e r t i f i c a t e s Series 1920
.
Series 1921
Series 1921, issue of D e c . 15, 1921
Series 1922, issue of D e c . 15, 1921.Series 1922, issue of S e p t . 30, 1922
Series 1923, issue of S e p t . 30, 1922.
.
Series 1923, issue of D e c . 1, 1923.
Series of 1924, issue of D e c . 1, 1923 . . . . .
B . T h r i f t and Trea^'^'nry s a v i n g s t a m p s (unelRSsified vSalps)
432,000 00
1,948,300.00
299, 669,900. 00
17,063,100. 00
615, 677,900. 00
414,922,300. 00
356, 779,900. 00
668, 201,40O 00
50,000,000. 00
50,000,000.00
3,735,309,400.00
4H
4
2H
2%
3
3
4
388,967, 90O 00
30,000. 00
15,341,100 00
110,098, 200 00
76,422, 200. 00
124,931,800. 00
136,104, 500; 00
122,701,000.00
96, 241, 600. 00
143,857, 200.00
377,249,100.00
595,377, 600.00
377,681,100 00
697,325,90O 00
299, 659,900. 00
406, 031,000.00
615, 707,90O 00
414,922,30O 00
365,779,900.00
668,201,400 00
r>o
Public debt transactions from July 1, 1924, to June SO, 1926, inclusive—Continued
R a t e of
interest
T i t l e of issue
Outstanding
J u l y 1,1924
Issued account
of original
subscription
Retired account
of r e d e m p t i o n
Issued a n d
retired account
of conversion,
exchange, etc.
00
Outstanding
J u n e 30, 1925
MATURED DEBT ON WHICH INTEREST HAS CEASED
[. P r e - w a r b o n d s , e t c . :
Old d e b t m a t u r e d a t v a r i o u s d a t e s prior t o J a n . 1,1861
T e x a n i n d e m n i t y stocli
^
L o a n of 1847.
.•
L o a n of 1858
L o a n of F e b r u a r y , 1861
T r e a s u r y notes of 1861
Oregon w a r d e b t
L o a n of J u l y a n d A u g u s t , 1861_Seven-thirties of 1861..
.
F i v e - t w e n t i e s of 1862
T e m p o r a r y loan (1862-1868)
Certificates of i n d e b t e d n e s s (1862-1866)
L o a n of 1 8 6 3 - - 1-year notes of 1863
2-year notes of 1863
C o m p o u n d - i n t e r e s t notes (1864-1866)
Ten-forties of 1864
.o.
F i v e - t w e n t i e s of 1864..
Seven-thirties of 1864-65
1
F i v e - t w e n t i e s of 1865
Consols of 1866
Consols of 1867
Consols of 1868
.
.
3 p e r cent certificates (1867-1872).F u n d e d loan of 1881
_
.
.
F u n d e d loan of 1881 (continued) F u n d e d loan of 1891 (refunding)
F u n d e d loan of 1891 ( c o n t i n u e d ) . F u n d e d loan of 1907 (refunding)
Refunding certificates (1879).
L o a n of J u l y 12, 1882
L o a n of 1904
.
L o a n of 1908-1918
T o t a l pre-war b o n d s
T o t a l V i c t o r y notes
4,6,6
6,3M
6
5
46
6
6
-
6
6
6
3
6
2
4
4
3
6
3
.
_
.
.
. ,
.
.
3M
4M
$151,610 26
19, OOO 00
950 00
2, OOO 00
6, OOO 00
2,300. 00
2, 250. 00
16, 650 00
9, 300. 00
105, 260 00
2,850. 00
3, OOO 00
3,20O 00
30, IOO 00
26, 70O 00
167,420 00
18,360 00
13,950 00
120, OOO 00
19,850 00
65,360 00
84,06O 00
3,80O 00
6, OOO 00
22,40O 00
60 00
18,80O 00
1, OOO 00
360,1.00. 00
9, 610 00
20O 00
13,06O 00
267,060. 00
22,240 00
$151 610 26
19, OOO 00
950 00
2,000. 00
5, OOO 00
2, 30O 00
2, 250.00
15 650 00
9,300. 00
106, 250. 00
2,850. 00
3, OOO 00
3 200 00
30,070.00
26,700 00
4 157, 20O 00
18, 350 00
13,960 00
120, OOO 00
19,860 00
55, 350 00
84,05O 00
3,80O 00
6, OOO 00
22,40O 00
50.00
18,800. 00
1, 000.00
358, 750 00
9, 530 00
20O 00
13, 05O 00
244,820 00
1, 649, 20O 26
___
1
I I . Victory notes:
Victory 3 ^ ' s
V i c t o r y 4M's
P e r cent
Various.
5
6
5
6
23,920 00
1, 625, 280 26
146,850 00
13,663,700.00
106, 550 00
6,836,30O 00
40,30O 00
6, 728,40O 00
13,710,650 00
6,941,850 00
6, 768, 70O 00
$30 00
220.00
]V350 00
8 0 00
w
o
O
"^
H
>
o
Ul
I I I . T r e a s u r y notes:
Series A-1924..t V . Certificates of indebtedness:
A. Tax issuesSeri es J a n . 2, 1 9 1 8 . . .
Seriies A u g . 20, 1918-.
Seri e s T - 8 Seri e s T - l O .
Seri es TJ-1920Seri es TD-1920
Seri e s T M - 1 9 2 1
Ser:i e s T M 2 - 1 9 2 1 . . . .
Ser iesTM4-1921
Ser: ies TJ-1921
Seri e s T S - 1 9 2 1
Seri esTS2-1921
Seri .esTD-1921
Seri e s T M - 1 9 2 2
Ser: e s T M 2 - 1 9 2 2
Seri es TJ-1922
Seri e s T S - 1 9 2 2
Seri esTS2-1922
Seri es TD-1922
Seri e s T M - 1 9 2 3
Ser e s T J - 1 9 2 3
Seri e s T S - 1 9 2 3
Seri esTS2-1923
Seri e s T D - 1 9 2 3
Ser: e s T M - 1 9 2 4
Seri es TD2-1923
Seri e s T M 2 - 1 9 2 4 . . . .
Ser: ies TJ-1924
, Loan
Ser; ies M a r . 20,1918.
SeriLes4-A
Ser i e s 4 - B
Seri e s 4 - C
Seri e s 4 - D
Seri es G-1920
Seri H-1920
Seri es D - 1 9 2 1 . .
Seri es E-1921_.
Seri es C-1921
Seri es F-1921
Seri es G-1921
Seri e s H - 1 9 2 1
Seri es A-1922
Seri es B-1922
C . T o t a l certificates of i n d e b t e d n e s s . .
• Interest compounded.
12,122, 50O 00
4
4
4H|
m
m
5M
5H\
6
6
53^!
6
5H\
5K
63^
5H\
m
m
M\
m
4M
4
m\
4
43^1
4
43^1
43^
43^
43^
43^
m
m
m
11, 767, 200. 00
355,30O 00
2,000. 00
21, 50O 00
2,000. 00
11, OOO 00
3, OOO 00
7,000. 00
1,000. 00
6, 500. 00
1, 600. 00
4, 500. 00
12, 600. 00
1, OOO 00
26, OOO 00
8,000. 00
8,000. 00
13, OOO 00
13, OOO 00
13, 500. 00
17, 50O 00
32,000 00
5, 60O 00
66,000. 00
82, 600. 00
26, 500. 00
921,000. 00
6,000. 00
505,000. 00
977, OOO 00
2,000. 00
1,000. 00
2,000 00
20,500. 00
4 , 5 0 0 00
600. 00
11, OOO 00
3, OOO 00
2,500. 00
500.00
6, 600. 00
1, 60O 00
2, 500. 00
18, 60O 00
1,50O 00
5, 50O 00
2,000. 00
4, 600. 00
5, 500.00
25, 500. 00
2, 500. 00
63, OOO 00
82, 500. 00
12, OOO 00
846,000. 00
4,000. 00
482, OOO 00
974, 500. 00
4, 500. 00
10,000. 00
1,000. 00
7, 500. 00
6,600. 00
8, 000 00
7,500. 00
11, OOO 00
9,000. 00
12,000 00
6, 500. 00
3,000. 00
2,000 00.
o
w
o
H
14, 500. 00
76, OOO 00
2,000. 00
23, OOO 00
^ 2,500.00
500. 00
500. 00
1,000. 00
6, 600.00
3, 500.00
1, OOO 00
500.00
1, OOO 00
1, 500. 00
13, OOO 00
6, 50O 00
3, OOO 00
1,600 00
15, OOO 00
12,000. 00
9, 600.00
2,000. 00
2,869,000 00
2, 664,000.00
P>
Ui
1, 50O 00
10, 500. 00
6, 500. 00
3, OOO 00
1, 500. 00
5, 500. 00
10, OOO 00
295, 000. 00
5, OOO 00
60O00
600. 00
1, OOO 00
500. 00
3, 500. 00
1,000 00
w
60O 00
1,000. 00
2, 500.00
1, COO 00
CO
Public debt transactions from July 1, 1924, to June 30, 1925, inclusive—Continued
fcO
to
o
R a t e of
interest
T i t l e of issue
Outstanding
J u l y 1,1924
Retired account
of r e d e m p t i o n
Issued a n d
retired a c c o u n t
of conversion,
exchange, e t c .
Outstanding
J u n e 30,1926
. P e r cent
V. T r e a s u r y (war) savings securities:
Series 1918
Series 1919
.
.
3 $642. 60
108. 77
.
3 $642.60
108. 77
3 533. 83
T o t a l T r e a s u r y (war) savings securities
$30,241, 260 26
2,307,041,400 00
V I . T o t a l m a t u r e d d e b t J u l y 1, 1924
A d d interest-bearing d e b t w h i c h m a t u r e d d u r i n g year
V I I . T o t a l m a t u r e d d e b t J u n e 30, 1926
Issued a c c o u n t
of original
subscription
2, 337,282,660. 26
. .
3 633.83
3 533. 83
21,296,436.17
2,285, 742, 760 00
$408,665,960. 00
$8,944, 280. 26
21,298,660. 00
2,307,039,186.17
408,665,950 00
30, 242,930. 26
"-^
3 633. 83
DEBT B E A R I N G N O I N T E R E S T
I.
II
III,
IV
w
..
V. T o t a l d e b t bearing n o interest
.
_ .
193, 701,990 37
53, 012. 50
43,641, 639. 00
1,996, 205. 04
6 105,447,372. 50
68,974,392. 00
774. 41
193,060,03O 49
63,012. 50
80,014,619. 50
1,995,430. 63
239,292, 746. 91
U n i t e d States notes (less gold reserve)
Old d e m a n d notes
N a t i o n a l a n d Federa,l reserve b a n k notes
Fractional c u r r e n c y
T o t a l gross d e b t
6 641,969. 88
105,447,372. 50
69,617,126. 29
275,122,993.12
21,251,120,426. 83
3,152,463,162. 88
3,887,311,414.98
3,189,452,465. 00
3 Counter entry; deduct.
« Represents amounts of franchise tax receipts and net earnings from Federal intermediate credit banks which were used to supplement the gold reserve
0 Represents deposits account of retirements.
s
20, 516, 272,174. 73
o
w
>^
>
o
Ui
EXHIBIT
23
PUBLIC DEBT RETIREMENTS CHARGEABLE AGAINST ORDINARY RECEIPTS
F a c e a m o u n t retired
Principal
amount paid
Coupon
P u r c h a s e s a n d r e d e m p t i o n s for account of c u m u l a t i v e sinking f u n d :
C u m u l a t i v e t o t a l t o J u n e 30, 1924..
$1,087,874,500 00
Accrued
interest paid
Total
$29,277,900.00 $1,117,152,400 00 $1,108,403,252. 39
$13,551,161. 57
Ui
Fiscal y e a r 1925—
PurchasesThird 4K's.
RedemptionsTreasury n o t e s Series B-1924
Series A-1925.
.Series C-1925
18,374, OOO 00
18,374,000 00
18,732,336.01
100,000,000 00
100,000,000.00
87,934,400 00
100,000,000.00
100,000,000 00
87,934,400.00
100,000,000. oa
100,000,000.00
87,934,400 00
306,308,400 00
T o t a l fiscalyear
306,308,400 00
306,666,736.01
272,431.73
272,431.73
T o t a l fiscal year
C u m u l a t i v e t o t a l t o J u n e 30,1925
29,277,900.00
1,423,460,800.00
1,415,069,988.40
13,823, 693. 30
241,403,950 00
..
. .
o
K!
1,394,182,900.00
C u m u l a t i v e t o t a l t o J u n e 30,1925 .
P u r c h a s e s a n d r e d e m p t i o n s from r e p a y m e n t s of principal b y foreign g o v e r n m e n t s :
Cumulative total to J u n e 30,1924...
Fiscal y e a r 1 9 2 5 ^
RedemptionsTreasury n o t e s Series B-1924
Series A-1925
Registered
48,614,000 00
• 290,017,950 00
281,038,934.06
2,841,971. 43
208, 600.00
177, 60O 00
208,600.00
177,50O 00
o
208,600.00
177,600.00
t
i
386, IOO 00
386,100.00
241,790,050.00
48,614,000 00
w
886,100.00
290,404,050 00
281,425,034.06
2,841,971.43
139,000,985. 66
362,287. 59
P u r c h a s e s a n d r e d e m p t i o n s from franchise tax receipts:
C u m u l a t i v e t o t a l t o J u n e 30,1924..
139, 664,034.48
139, 564,034.48
Fiscal y e a r 1925—
R e c e i p t s used t o s u p p l e m e n t t h e gold reserve 1
113,646.68
113,646. 68
113,646. 58
113,646. 68
113, 646. 58
113,646. 68
139, 677,681.06
139, 677,681.06
139,114,632. 24
T o t a l fiscal y e a r . .
C u m u l a t i v e t o t a l t o J u n e 30,1925
» Liability on account of outstanding United States notes was reduced by the amount by which the gold reserve was supplemented.
362, 287. 59
to
to
to
to
to
Public debt retirements chargeable against ordinary receipts—^^Continued
F a c e a m o u n t retired
Principal
amount paid
Registered
Coupon
R e d e m p t i o n s from n e t earnings derived b y t h e U n i t e d S t a t e s from F e d e r a l i n t e r m e d i a t e
credit b a n k s :
Fiscal year 1 9 2 5 Treasury n o t e s Series B-1924
N e t earnings used to s u p p l e m e n t t h e gold reserve ^
.
T o t a l fiscal y e a r
,. .
$152,200.00
628,313.30
$162,20O 00
528,313.30
680,513. 30
680, 513. 30
680,513. 30
.-
$152,200 00
528,313.30
680,513. 30
_
C n m n l a t i v e total t o .June 30, 192.'S._ .
Accrued
interest p a i d
Total
680,613. 30
680, 513. 30
o
o
• F a c e a m o u n t retired
Accrued
interest
Coupon
C u m u l a t i v e t o t a l to J u n e 3 0 , 1 9 2 6 . .
$22, 964, 650 00
695,000. 00
1, 689, OOO 00
20, 439,000. 00
....
._
-
-.
.
. . .
...
'.
s
H
$80,431.92
695, OOO 00
1, 689,000. 00
20,439,000 00
22,823,000. 00
...
R e d e m p t i o n of b o n d s , etc., received as interest p a y m e n t s on obligations of foreign g o v e r n m e n t s :
C u m u l a t i v e total to .Tune 30, 1924
. ,
Fiscal y e a r 1925—
Certificates of i n d e b t e d n e s s Series TD-1924
Series TD2-1924
Series TS-1926
T o t a l fiscal year
$22,964, 550 00
..
Total
,
R e d e m p t i o n of b o n d s , etc., received as r e p a y m e n t s of principal b y foreign g o v e r n m e n t s :
C u m u l a t i v e t o t a l t o J u n e 30, 1924
... .
Fiscal y e a r 1925—
Certificates of i n d e b t e d n e s s Series TD-1924
Series TD2-1924
Series TS-1926
T o t a l fiscal year
Registered
22,823, OOO 00
141, 294. 46
141, 294. 46
45, 787, 550. 00
46, 787, 650 00
221,726. 38
156, 666,850 00
166, 666,850 00
488,419. 20
2,075,000. 00
5, 041, OOO 00
128,854,50O 00
2,075, 000. 00
6,041,000. 00
128,854, 50O 00
888,192.09
136,970, 50O 00
135, 979, 500. 00
888,192. 09
Ui
Fiscal year 1926—
T h i r d 4>^'s
F o u r t h 4M's
.
$7,684,150 00
66,133, 60O 00
2 640, 005. 20
1, 60O 00
1,06O 00
..1
45,000.00
46, 500. 00
1,06O 00
366. 52
5.39
2, 550. 00
.,
Gifts, forfeitures, a n d miscellaneous:
C u m u l a t i v e total t o J u n e 30, 1924
.
Fiscal year 1925—
GiftsT h i r d 4M's
.
.
T r e a s u r y notes, series A-1926
.__
.
.
T r e a s u r y savings certificates, issue of D e c 15, 1921
Thrift s t a m p s
.
-
e
47, 660 00
370 91
7,729,150. 00
66,181,05O 00
640,376.11
1,013, 460 00
.-
45,000. 00
58,461,900 00
T o t a l fiscalyear
C u m u l a t i v e total t o J u n e 30, 1925
208,941.10
1,222, 391.10
.
86.20
18.75
85. 20
120, OOO 00
30, OOO 00
85.20
18. 75
150,103.95
.
- -
...
3,0.50. 00
2,050. 00
12,900 00.
2, 650. 00
13,30O 00
3,30O 00
3, 05O 00
2, 050. 00
12.900. 00
2, 550 00
13, 300. 00
3,300.00
37,150 00
_
-
37,150 00
16, 600. 00
5,150 00
500.00
T o t a l fiscal y e a r .
n.
3
^
Ui
21,150 00
208,318. 76
85.20
208,403. 95
1, 221,768. 75
• ^ 209,026.30
1,430,795. 05
} Liability on account of outstanding United States notes was reduced by the am.ount by which the gold reserve was supplemented.
2 Includes $11,439.49 not previously reported, representing interest paid on registered securities by registered interest checks issued by the Division of Loans and Currency.
i
15, 500. 00
6,160 00
500.00
21,150 00
C u m u l a t i v e total t o J u n e 30, 1925
m
Q
120,000.00
30,000. 00
150,018.75
MiscellaneousSecond i}4's
T h i r d 4M's
Victory 4 ^ ' s
1,376,611. 2&
68,449, 350. 00
_
ForfeituresFirst 314's
First 4K's
Second 43^'s
Third 4K's .
Fourth 4 M ' s . . .
Victory 4 ^ ' s
292,637; 350 OOJ
29^, 637,350 00
C u m u l a t i v e total t o J u n e 30,1925
R e c e i p t s of L i b e r t y b o n d s . V i c t o r y notes, T r e a s u r y b o n d s , a n d notes for e s t a t e or inheritance taxes:
C u m u l a t i v e total t o J u n e 30, 1924
to
to
CO
224
REPORT ON THE FINANCES
EXHIBIT
24
UNITED STATES BONDS, NOTES, AND CERTIFICATES OF INDEBTEDNESS BEARING MATURITY DATES SUBSEQUENT TO APRIL 1,
1917, OUTSTANDING AND ON HAND JUNE 30, 1925, SHOWING
f AN ACCOUNTING FOR SECURITIES DELIVERED BY THE BUREAU
O F ENGRAVING AND PRINTING AND SECURITIES ISSUED AND
RETIRED FROM DATE OF INCEPTION
Detail
I . | D e l i v e r e d b y B u r e a u of E n g r a v i n g a n d P r i n t i n g to t h e Division of
Loans and Currency:
Bonds—
3 per cent loan of 1908-1918
4 per cent loan of 1925
2 per cent consols of 1930
•....
2 per cent P a n a m a C a n a l loan of 1916-1936
2 per cent P a n a m a C a n a l loan of 1918-1938
3 per cent P a n a m a C a n a l loan of 1961.
3 per cent conversion b o n d s of 1946-47
2 H per cent, postal savings b o n d s (first to t w e n t y - e i g h t h series).
F i r s t L i b e r t y loan—
3 H per cent full-paid i n t e r i m certificates
3 H per cent coupon b o n d s
" • V/i per cent registered b o n d s
C o n v e r t e d 4 per cent t e m p o r a r y coupon b o n d s
C o n v e r t e d 4 per cent p e r m a n e n t coupon b o n d s
C o n v e r t e d 4 per cent registered b o n d s
C o n v e r t e d 4>i per cent t e m p o r a r y coupon b o n d s
C o n v e r t e d 4K per cent p e r m a n e n t coupon b o n d s
C o n v e r t e d 43^ per cent registered b o n d s
Second converted 4i^ per cent t e m p o r a r y coupon b o n d s .
Second converted 43^ per cent p e r m a n e n t coupon bonds.
Second converted 4J^ per cent registered b o n d s
Second L i b e r t y loan—
4 per cent temporary coupon bonds
4 per cent permanent coupon bonds
4 per cent registered bonds
Converted 4yi per cent temporary coupon bonds
Converted 43^ per cent permanent coupon bonds
Converted 4J^ per cent registered bonds
Third Liberty loan—
434 per cent temporary coupon bonds
434 per cent permanent coupon bonds
434 per cent registered bonds
Fourth Liberty loan—
43^ per cent temporary coupon bonds
434 per cent permanent coupon bonds
4 ^ per cent registered bonds
Treasury bonds of 1947-1952—
434 per cent coupon bonds
434 per cent registered bonds
Treasury bonds of 1944-1964—
4 per cent coupon bonds
^
4 per cent registered bonds
'
NotesVictory Liberty loan—
4 ^ per cent coupon n(5tes
4 ^ per cent registered notes
3 ^ per cent coupon notes
3M per cent registered notes..
Treasury n o t e s Series A-1924
Series B-1924.
Series A-1925
Series B-1925
Series C-1925
Series A-1926
Series B-1926
Series A-1927
Series B-1927
Adjusted service series.
Certificates of indebtednessLoan issues
. Tax issues
Specials—
2 per cent registered
Pittman Act
Spanish pesetas
Short term
Adjusted service series.
Total
702, 498
298,050
372,890
49,602
28,105
190, 846
82, 000
180, 259
$730, 776, 820. 00
860,157, 50O 00
2, 596, 272, 650 00
183, 742, 50O 00
126,880, 40O 00
220, 277,900. 00
115, 783, 70O 00
33, 792, 320. 00
6, 676,960
5, 662, 000
634, 325
4, 720, 000
471, 260
626, 000
5, 675, 000
2,964, 800
461, 235
130, 200
18, 200
47, 630
4,130, 200, OOO 00
1,879, 250, OOO'OO
1, 448, 750,000. 00
820, 000, 000. 00
91, 260, OOO 00
492, 700, OOO 00
950, 000, 000. 00
978, 700, OOO 00
1, 001, 087, 60O 00
39, 200, 000. 00
9, 763,760 00
38, 565, OOO 00
15,968,000
1,166, 500
1, 415, 000
13, 662,000
9, 287,260
1, 378, 840
4, 630, 260,000.00
240,000,000.00
1, 750, 000, OOO 00
3,776,600,000 00
4, 469, 490, 000. 00
1, 817, 647, OOO 00
25, 368, 000
18,942, 000
2, 229, 817
4, 704,160, OOO 00
5, 549, 426, 000.00
1, 856,862, 70O 00
35, 883, 000
18, 394,425
3, 772, 640
7, 896, 000, 000. 00
8,172, 060, OOO 00
3, 001, 320, OOO 00
681,900
76, 000
513, 500
76, 500
"...
1, 256, 600, OOO 00
, 369,000, OOO 00
1,612, 600, OOO 00
236,000, OOO 00
22, 237, 200
1, 674, 800
1,490,800
76, 060
392,100
233, 700
366,900
226, 600
320,600
296,000
196, 000
319,000
511, 000
500
5,926,100, OOO
1,312,820, OOO
2,327,400, OOO
777,280, OOO
00
00
00
00
745, 000,000.00
732, 000, OOO 00
1, 235, 000, OOO 00
. 776, 500, OOO 00
1,067, 500,000. 00
1, 266, 000, 000; 00
1, 028, 600, OOO 00
987, 500, OOO 00
1, 423, 000, ooo 00
60, 000, 000. 00
6, 009, 627 32,959,466, OOO 00
4, 501, 300 26,278,500,000 00
500
1,000
2,000
2,049
1,600
125, 000, OOO 00
451,180, OOO 00
112, 091, 70O 00
26, 034,946,108. 53
60, 000, 000.00
216,324,048
172,735,626,548.53
225
SECEETAEY OF T H E TEEASUEY
United States bonds, notes, and certificates of indebtedness bearing maturity dates
subsequent to April 1, 1917, outstanding and on hand June 30, 1925, showing
an accounting for securities delivered by the Bureau of Engraving and Printing
and securities issued and retired from date of mcepiion—Continued
Detail
Pieces
I. Delivered b y B u r e a u of E n g r a v i n g a n d P r i n t i n g t o t h e D i v i s i o n of
Loans a n d Currency—Continued.
Less unissued stocks—
1. O n h a n d J u n e 30, 1925—
(a) W i t h Division of L o a n s a n d C u r r e n c y
ib) W i t h F e d e r a l reserve b a n k s ^
Total. .
.
2. Excess stocks delivered t o register for retirement—
(a) B y D i v i s i o n of L o a n s a n d C u r r e n c y
(6) B y F e d e r a l reserve b a n k s
Total.-..
12,054,06i9
614,411
Amount
12, 668,480
•.
Total deductions...:
$9,895, 876, 330.00
1,003,340,050. 00
10,899,216,380.00
21, 752,861
.8,609,689
30, 262, 560
21, 071, 360,280. 00
8, 679, 438,30O 00
29, 750, 798, 580. 00
42,931, 030
40,650,014.960 00
T o t a l t o be accounted foi: (see I t e m s I I a n d V ) . 173,393,018' 132,086, 611,688. 63
I I . Issues to t h e public:.
1. tFpon original subscriptions against cash r e c e i v e d Co) P r e - w a r loans
ib) F i r s t L i b e r t y loan
(c) Second L i b e r t y loan
id) T h i r d L i b e r t y loan
(e) F o u r t h L i b e r t y l o a n .
.
(/) Victory L i b e r t y loan
ig) T r e a s u r y b o n d s of 1947-1952
(/i) T r e a s u r y b o n d s of 1944-1954 .
0') T r e a s u r y ' n o t e s
0") Certificates of i n d e b t e d n e s s
Total
2. U p o n exchange, conversion, etc., for securities of equal p a r value
retired—
(a) O n exchange of denominations.(exclusive of t u r n o v e r ) . . .
ib) O n exchange of coupon foi* riegistered
(c) O n exchange of registered for coupon
(d) O n exchange of t e m p o r a r y for p e r m a n e n t
ie) O n exchange of interirh certificates
(/) O n conversion (does n o t include 4 per cent b o n d s delivered against i n t e r i m s )
ig) O n transfer of ownership
ih) O n mixed cases, e t c
it) O n account of m u t i l a t i o n s (includes coupon error)
Total..........
3. U p o n adjudicated claims for r e p l a c e m e n t
875,528
1,182,880,570 00
2 4, 629, 982
1,989,456,560.00
14,938,073
3,807,865, OOO 00
24,406,982 . 4,175,660, 05O 00
33, 024,445
6, 964, 581, IOO 00
17,498,172
4,496,373, OOO 00
414,824
763,962,300. 00
258, 690
1,047,088, 600.00
1,320, 015
4, 297, 744,400.00
5,891, 779
62, 245, 692,808. 63
103, 268,490
90,970, 293, 278. 63
3 7,507,654
3, 296, 544
2,406,962
32,726,382
< 7, 503,152
12,873, 212,750. 00
4,337, 244,06O 00
2,163,451, 20O 00
10,393,423,450.00
1,985,166,960 00
15, 236,128
1,315,286
91,033
6,878
70, 089,019
5, 290,446, 550. 00
3,473, 299,120. 00
692, 633, 590 00
. 2,161, 250 00
41,101,037, 920 00
8 45, 609
14, 280, 390. 00
T o t a l issues t o t h e p u b l i c .
.
173,393, 018
I I I . Received for r e t i r e m e n t :
1. A c c o u n t r e d e m p t i o n —
(a) B o n d p u r c h a s e fund
1, 730, 091
ib) C u m u l a t i v e sinking fund
. . .
661, 297
(c) R e p a y m e n t s of principal b y foreign g o v e r n m e n t s
177, 795
id) I n t e r e s t p a y m e n t s o n obligations,of foreign g o v e r n m e n t s .
31,837
ie) Proceeds of sales of T r e a s u r y notes . . : .
30, 602
( 0 Proceeds in p a y m e n t for T r e a s u r y b o n d s
249,809
ig) Proceeds in p a y m e n t for T r e a s u r y notes
1, 000,494
Qi) Proceeds in p a y m e n t for certificates of i n d e b t e d n e s s
10,330
10
(0 N e t earnings Federal i n t e r m e d i a t e credit b a n k s
40, 7i6
(j) F r a n c h i s e tax r e c e i p t s .
(fe) Federal estate taxes
..
51,029
il) I n c o m e tax . . i
j
1,010
(m) F r o m s u r p l u s m o n e y in t h e T r e a s u r y
.
47,618
in) Gifts, forfeitures, a n d miscellaneous
.
4 546
(o) A t m a t u r i t y , call or u p o n option
12, 570; 928
Total
16, 608,112
132 085 611 588. 53
1,965,791,450 00
1,423,460,800.00
336,191, 60O 00
292,637,360 00
140,472,750. 00
677,067,750. 00
1, 345,122,70O 00
13, 504,450 00
162,200. 00
' 138,429,800.00
66.181,050. 00
1,607,300 00
128,466,950 00
1,430, 660 00
64, 685, 597, 848. 53
71,116,114,648. 63
1 Includes Treasury booth and specimens on hand in executive offices.
2 Includes number of pieces of full-paid interim certificates amounting to $496,962,650 issued account
denominational exchange; information as to segregation of pieces by transactions being unavailable.
3 Does not include number of pieces of full-paid interim certificates amounting to $496,962,660. (See
note 2.)
' } Includes number of pieces of 4 per cent coupon bonds amounting to $4,350 issued upon adjudicated claims
for replacement in lieu of interim certificates lost or destroyed; information as to segregation of pieces being
unavailable.
» Does not include, number of pieces of 4 per cent coupon bonds amounting to $4,360 in lieu of interim
certificates lost or destroyed. (See note 4.)
60501—FI 1925t
le5
226
REPORT ON T H E FINANCES
United States bonds, notes, and certificates of indebtedness bearing maturity dates
subsequent to April 1, 1917, outstanding and on hand J u n e 30, 1925, showing
an accounting for securities delivered by the Bureau of Engraving and Printing
and securities issued and retired from date of inception—Continued
Detail
Pieces
Amount
III. Received for retirement—Continued.
2. Account exchange, conversion, etc., for securities of equal par
value issued—
(a) On exchange of denominations (exclusive of turnover)... 6 56,043,927 $12,873, 212, 760 00
ib) On exchange of coupon for registered
4,337,244,06O 00
7, 204,433
(c) On exchange of registered for coupon
2,153, 451,20O 00
3,072, 526
id) On exchange of temporary for permanent
10 393,423,450.00
41, 385,668
ie) On exchange of interim certificates
7 4, 628, 254 1,986,165,950.00
(/) On conversion (does not include interims surrendered for
5, 290, 446,550. 00
4 per cent bonds) .
17,166,993
ig) On transfer of ownership
3, 473, 299,120. 00
1,819, 283
592, 633, 590. 00
ill) On mixed cases, etc
131, 663
6,240
2,161, 250 00
ii) On account of mutilations (includes coupon error)
Total..
131, 458,877
3. Account loss or destruction (covered by insurance or bonds of
indemnity)
Total retirements
32,425
41,101,037,920 00
14, 280, 390. 00
148,099, 414 112, 231,432j958.63
IV. Outstanding June 30, 1926:
1. Matured—
(a) 3 per cent loan of 1908-1918
(6) 4 per cent loan of 1926 .
ic) Victory Liberty loan 4 ^ per cent notes
id) Victory Liberty loan Z% per cent notes.
ie) Treasury notes
(/) Certificates of indebtedness
1,042
1,056
71,366
92
26,991 •
597
Total matured
V
2. Interest-bearing—
(a) First Liberty loan 3J^ per cent full-paid interim certifi(6) Pre-war bonds
cates..
-.^
..
(c) First Liberty loan 33^ per cent bonds
(d) First Liberty loan 4 per cent bonds
ie) First liberty loan 43^ per cent bond^
(/) First liberty loan second converted 43^ per cent bonds
ig) Second Liberty loan 4 per cent bonds
Qi) Second Liberty loan 434 per cent bonds
(0 Third Liberty loan 434 per cent bonds
(j) Fourth Liberty loan 434 per cent- bonds
(fc) Treasury bonds of 1947-1952
il) Treasury bonds of 1944-1954..
(m) Treasury notes
in) Certificates of indebtedness
244,820. 00
1,438, 750. 00
6, 728, 400. 00
40, 300. 00
19, 798, 700. 00
711,500 00
101,144
28,962,470.00
192,146
765,316,010. 00
164, 760.00
1,307
1, 679, 427
1,409,841,200 00
5, 243,350 00
32, 205
632, 788,200. 00
1, 271,469
3,492,160 00
6,861
21,091,600 00
132, 271
3,083,4G7,150. 00
4,622,143
2,885, 377, 350. 00
6, 693,839
9,428,546 , 6,324,481,20O 00
763;948,'3bO.OO
280, 240
224, 551 . 1,047; 088, 5()0 00
2,404,241,400.00
671,822
55, 633
578,686,000. 00
Total interest-bearing
25,192,460
19, 825, 216,160 00
Total outstanding (as per public-debt statement)
25, 293,604
19,854,178,630 00
173,393,018
132,085,611, 588. 53
V. Total received for retirement, and outstanding (balances Items I and
II)
8 Does not include number of pieces of full-paid interim certificates amounting to $496,962,660. (See
note 7.)
•
*
' Includes number of pieces of full-paid interim certificates amounting to .$496,962,660 retired, account
denominational exchange; information as to segregation of pieces by transactions being unavailable.
EXHIBIT
25
I N T E R E S T - B E A R I N G U N I T E D STATES S E C U R I T I E S O U T S T A N D I N G J U N E 30, 1925, AND TRANSACTIONS I N S U C H
SECURITIES F R O M DATE OF INCEPTION, SHOWING RECONCILIATION OF ACCOUNT OF THE TREASURER
OF THE UNITED STATES W I T H SECURITY ACCOUNT
A c c o u n t w i t h Treasurer of the U n i t e d States
Security account
P r i n c i p a l account
Issues
T i t l e of loan, series, or issue
Receipts
Redemptions
$46, 526,100.00
5,677,80O 00
4,052,600.00
200, OOO 00
$699, 724.05O 00
48,954,180.00
26,947,400.00
49,800,000.00
28,894,50O 00
11,995,880 00
821,772,610 00
66,456,500.00
765,316, OIO 00
1, 989,466, 550 00
37,935,900.00
1,951,519,650 00
3,807,866,000 00
703,306,25000
3,104,558,75000
4,176,650,050.00
6,964, 681, IOO 00
1, 290, 272,70O 00
640,099,90000
2,885,377,350.00
6,324,481, 20O 00
763,962,300 00
1, 047, 088,50O 00
14, OOO 00
763,948,300.00
1,047,088,60O 00
18, 748, 602,50O 00
2,671,628,760 00 16,076,973,750.00
Original
subscriptions
Outstanding
$646, 260,150. 00
64,631,980. 00
30,000,000. 00
60,000, OOO 00
28,894,500.00
11,995,880.00
Ul
Pre-war b o n d s :
2 per cent consols of 1930
2 per cent P a n a m a C a n a l loan of 1916-1936
2 per cent P a n a m a C a n a l loan of 1918-1938
3 per cent P a n a m a C a n a l loan of 1961
3 per cent conversion b o n d s of 1946-47
23^ per cent postal savings b o n d s (first to t w e n t y - e i g h t h series).
T o t a l pre-war b o n d s .
2. L i b e r t y b o n d s a n d T r e a s u r y b o n d s :
F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 33^'s
(6) F i r s t 4's
(c) F i r s t 434's
id) F i r s t second 434's
Second L i b e r t y loan of 1927-1942—
(a) Second 4'S-.
(6) Second 4M's
T h i r d L i b e r t y loan of 1 9 2 8 . . .
F o u r t h L i b e r t y loan of 1933-1938...
T r e a s u r y bonds—
(a) 434 per cent of 1947-1952....
(6) 4 per cent of 1944-1954
Total Liberty bonds and Treasury b o n d s .
E x c h a n g e s , etc.,
for securities of
e q u a l par value
retired
O
T o t a l issued
$646,250,160 00 $1,889,517,050 00 $2,536,767,200.00
166,667,940.00
112,035,960 00
54,631,980. 00
99,398,760.00
69,398,760.00
30,000,000 00
191,499,60O 00
141,499,500.00
60,000,000. 00
62, 775,400.00
23, 880,900 oo:
28,894, 50O 00
22,626, 280 00
10,630,400.00
11,995,880.00
821, 772,510 00
2,246,962, 570. 00
3, 068, 735,08O 00
1,989,466, 560 00
2,989,939, 260.00
643, 735,450 00
1, 265,401,750 00
8, 777,30O 00
4,979,394,800.00
643, 735,460.00
1,265,401,750 00
8,777,300.00
3,807,865,000 00
00
00
00
op
4,349,361,750 00
8,460,398, 500.00
10,888,131,750 00
17,965,629,80O 00
763,962,30O 00
1,047,088, 50O 00
380,300,200. 00
224,416,40O 00
1,144, 262,60O 00
1, 271, 503,900 00
18,748,602,500 00 32,227,885,000 00
.50,976,4^7,500.00
641,486, 760
8,460,398,500
4,175, 650,05O 00 6, 712,481,70O
6,964,681,100. 00 11,000,948,70O
o
i
>
Ul
Interest-bearing United States securities outstanding J u n e 30, 1925, and transactions, in such securities from date of inception, showing reconciliation of account of the Treasurer of the United States with security account—Continued
-00
Secm-ity account
A c c o u n t w i t h T r e a s u r e r of t h e U n i t e d States
Issues
P r i n c i p a l account
T i t l e of loan, series, or issue
Receipts
Redemptions
$336,141,30O 00
617,769,70O 00
486,940, IOO 00
366,981, 50O 00
668, 201,40O 00
50,000,000 00
.$36,481,400 00
2,091,800 00
72,017,800. 00
11, 201,600 00
$299,659,900.00
615,677,90O 00
414,922,30O 00
355,779,90O 00
668,201,400 00
60,000,000. 00
2, 525,034, OOO 00
120,792,600. 00
2,404, 241,40O 00
391,369, 60O 00
219,462, OOO 00
124, 247, OOO 00
50,000,000. 00
161,793,60O 00
40,000, OOO 00
4,600, OOO 00
229,676, OOO 00
179,462, OOO 00
124,247,000 00
45,400, OOO 00
785,078, 600. 00
206,393, 60O 00
578,686,000.00
22,691,715. 73
2,378,390 35
123, 966, 576. 40
20, 266,328. 65
166,887,896. 25
28,413,620 85
109,707,052.40
8,007,595. 28
11,505,186. 41
567,965. 50
27,033,124.15
6, 212,294. 65
31, 715,807.00
3,950,866. 70
11,503,831.06
4,139,008. 00
11,186, 520 32
1,810,424. 86
96,933,452. 25
15,053,033. 90
134,172,088. 25
24,462,754.15
98,203, 221. 35
3,868,687. 28
96, 628,083. 46
481,318,174. 81
23,361,805,684.81
385,690,091. 35
3,160,899,433.46 20,210,906,251.35
Original
subscriptions
Outstanding
3. T r e a s u r y notes:
Series B-1925.
Series A-1926
Series B-1926
Series A-1927
Series B-1927
A d j u s t e d service series
_
T o t a l certificates of indebtedness
T o t a l T r e a s u r y (war) savings securities
$219, 444, 500. 00
364,943, 20O 00
412,158, 20O 00
305, 388, IOO 00
396,698,30O 00
$654,685,80O 00
982,712,900 00
899,098,300 00
672,369,60O 00
1, 064,899, 700.00
50,000,000. 00
2,625,034,000.00
6. T r e a s u r y (war) savings securities:
T r e a s u r y savings c e r t i f i c a t e s Series 1921
:
Series 1921, issue D e c . 16, 1921
Series 1922, issue Dec. 16, 1921
,
Series 1922, issue Sept. 30, 1922
,
Series 1923, issue Sept, 30, 1922
,
Series 1923, issue D e c . 1, 1923.
,
Series 1924, issue D e c . 1, 1923
T h r i f t a n d T r e a s u r y savings s t a m p s , unclassified sales, etc.
T o t a l to J u n e 30, 1926..
T o t a l issued
$335,141,300.00
617, 769, 700.00
486, 940, IOO 00
366,981, 60O 00
668,201,400. 00
50,000,000.00
Total Treasury notes..
4. Certificates of i n d e b t e d n e s s :
Series TS-1926
Series TD-1925
Series TJ-1926
A d j u s t e d service series
Exchanges, etc.,
for securities of
equal par v a l u e
retired
1,698,632,30O 00
4,223,666,300 00
391,369,60O 00
219,462,000.00
124, 247, OOO 00
50,000,000.00
216,792, 600. 00
70, 629, 500. 00
28,207,000. 00
608,162, OOO 00
289,991, 50O 00
162,454, OOO 00
50,000, OOO 00
786,078,500. 00
315, 629, OOO 00
1,100,607,600. 00
22,691,716. 73
2, 378,390 35
123,966, 676. 40
20, 265,328. 65
166, 887,895. 26
28,413,620 85
109,707,052.40
8,007, 595. 28
123,730 00
38,160 00
1, 387,800. 00
184, 650 00
1, 304,900 00
262, 776. 00
860,776. 00
1, 604.00
22,815,446. 73
2,416,640 35
125,364,376. 40
20,449,878. 55
167,192, 795. 25
28,676,395. 85
110, 557, 827. 40
8,009,199. 28
481, 318,174.81
4,154, 284. 00
.485,472,468. 81
23,361,806, 684.81 36,493,163,154.00
69,864,968,838.81
o
H
O
t2j
o
Ui
Security a c c o u n t
A c c o u n t w i t h T r e a s u r e r of t h e U n i t e d States
Principal account
Retirements
T i t l e of loan, series, or issue
Receipts
$646,250,150 00
54, 631,980.00
30,000,000 00
60,000, OOO 00
28,894, 600.00
11,995,880.00
Redemptions
$46, 626,100.00
6,677,800 00
4, 052,600.00
200,000.00
821, 772,510 00
56, 456, 50O 00
$699,724,060.00
48,954,180 00
25,947,40O 00
49,800,000.00
28, 894,500.00
11, 995,880. 00
765,316, OIO 00
703,306, 250 00
4,175,650, 050. 00 1, 290, 272, 70O 00
640,099, 900. 00
6,964, 581,100. 00
14, 000. 00
763, 962, 300. 00
1,047,088, 500. 00
Outstanding
T o t a l retired
$46, 626, IOO 00 $1,889,517,060 00 $1,936,043,160 00
112,036,960. 00
117,713,760 00
5, 677,80O 00
69,398,760.00
73,451,360 00
4, 052,600 00
141,499, 500.00
141,699, 600: 00
200,000. 00
23,880,900 00
23,880,900.00
iO, 630,400.00
10,630,400. 00
$699, 724,050. 00
48,964,180. 00
26,947,400. 00
49,800,000. 00
28,894,600. 00
11,995,880 00
56, 456, 50O 00
T o t a l pre-war b o n d s . .
2. L i b e r t y b o n d s a n d T r e a s u r y b o n d s :
F i r s t L i b e r t y loan of 1932-1947—
(a) F i r s t 3M's
.1
ib) First 4 ' s . . - ic) F i r s t 434's
id) F i r s t second 434's
3,104, 558, 750.00
Second L i b e r t y loan of 1927-1942—
(a) Second 4's
ib) Second 4 K ' s
2,885, 377, 350.00
T h i r d L i b e r t y loan of 1928
.
F o u r t h L i b e r t y loan of 1933-1938....
6, 324, 481, 200. 00
T r e a s u r y bonds—
(a) 434 per cent of 1947-1952
763,948, 300. 00
ib) 4 per cent of 1944-1954
1,047,088, 600. 00
18,748, 602, 500. 00 2, 671,628,750. 00 16,076,973, 750 00
36,481,40O 00
2,091,800 00
72,017,800. 00
11,201, 600 00
336,141, 300. 00
617, 769, 70O 00
486,940, IOO 00
366,981, 500. 00
668, 201,400. 00
50,000, OOO 00
2,625,034,000 00
Pre-war bonds:
2 per cent consols of 1930
2 per cent P a n a m a C a n a l loan of 1916-1936..
2 per cent P a n a m a C a n a l loan of 1918-1938..
3 per cent P a n a m a C a n a l loan of 1961
-...
3 per cent conversion b o n d s of 1946-1947
_.
2J-^ per cent postal savings b o n d s (first to
t w e n t y - e i g h t h series).
E x c h a n g e s , etc.,
for securities of
equal par v a l u e
issued
2,246,962,570.00
2,303, 419,070. 00
765,316, OIO 00
78,450.00
16,520,060 00
22,337,40O 00
3, 669,320,40O 00
622,972,060.00
710, 276,160 00
5,285,150 00
3,669,398,860 00
638,492,100. 00
732,613, 560. 00
5, 285,150.00
1,409, 996,950.00
5, 243, 350.00
532, 788, 200.00
3, 492,160.00
79,081,460 00 4,249,178,700.00 4,328, 260,150 00
624, 224,800.00 4, 752, 706, 660. 00 5, 376,931,350 00
1,290, 272, 700.00 6, 712,481, 700.00 8,002, 764,400.00
640,099, 900.00 11, 000,948,700.00 11, 641, 048, 600 00
21,091,600.00
3,083,467,150.00
2, 885, 377,360. 00
6,324,481, 20O 00
380,314,200 00
224, 416,40O 00
763,948,30O 00
1,047,088, 500.00
120, 792,600 00
299,659,90O 00
615,677,900. 00
414,922,30O 00
355,779,900. 00
668,201,40O 00
50,000, OOO 00
2, 404,241,400.00
Total Liberty bonds and
bonds.
T r e a s u r y notes:
Series B-i926
Series A-1926
Series B-1926.
Series A-1927
Series B-1927
A d j u s t e d service series
Total Treasury notes.
Treasury
2,671,628,760.00 32, 227,886,000.00 134,899, 513, 760 00
Ul
O
i
Kl
16,076,973, 760 00
o
37, 935, 90O 00 1,951, 619, 650 00
1, 989, 465, 550 00
3, 807,865, OOO 00
Redemptions
Outstanding
14,000.00
380,300,200.00
224, 415,400.00
35,481,40O 00
2,091,800.00
72,017,80O 00
11, 201, 600 00
219,444, 50O 00
364,943, 20O 00
412,158,200. 00
305,388,100. 00
396, 698,30O 00
254,925,900.00
367,035, OOO 00
484,176, OOO 00
316, 689,70O 00
396,698, 30O 00
299, 669,90O 00
616,677,900 00
414,922,300. 00
355,779,900.00
668, 201,40O 00
60,000, OCO. 00
120, 792,600.00
1, 698, 632, 300. 00
1, 819,424,90O 00
2,404,241,40O 00
W
i
P>
Ui
d
w
K!
to
bO
CO
Interest-hearing United States securities outstanding June 30, 1925, and transactions in such securities frorn date of inception, showing reconciliation of account of the Treasurer of the United States with security account—Continued
CO
o
Security a c c o u n t
Account w i t h T r e a s u r e r of t h e U n i t e d States
Retirements
Principal account
T i t l e of loan, series, or issue
Receipts
Redemptions
$391, 369, 500. 00
219,462,000. 00
124, 247, 000. 00
60 000 000 00
$101,793, 50O 00
40,000, OOO 00
4,600, OOO 00
$229, 576, OOO 00
179,462, OOO 00
124, 247, 000. 00
46,400, 000. 00
785,078, 500 00
206, 393, 500. 00
678, 685,000. 00
22, 691, 716. 73
2, 378 390 35
123,966,676.40
20, 265,328 55
165,887,895. 25
28, 413, 620. 85
109, 707,052.40
8,007, 695. 28
11, 505,186. 41
567, 965. 50
27,033, 124.15
5, 212, 294. 6 5 '
31, 715, 807. 00
3, 950,866. 70
11, 503, 831.05
4,139, 008.00
11,186, 529. 32
1, 810, 424.85
96, 933, 452. 25
15, 053, 033. 90
134,172,088. 25
24, 462,754.15
98, 203, 221.35
3, 868, 587. 28
481, 318,174. 81
95, 628,083.46
385, 690,091.35
23,361,805,684.81
3,150,899, 433.46 20, 210, 906, 251.36
Redemptions
Outstanding
4. Certificates of i n d e b t e d n e s s :
Series TS-1926
Series T D - 1 9 2 6 . . .
Series TJ-1926Adjusted service series
T o t a l certificates of i n d e b t e d n e s s
5. T r e a s u r y (war) savings securities:
T r e a s u r y savings c e r t i f i c a t e s Series 1 9 2 1 . . .
Series 1921, issue D e c . 15, 1921 .
Series 1922, issue D e c . 16, 1921..
Series 1922, issue Sept. 30, 1922.
Series 1923, issue Sept. 30,1922
Series 1923, issue D e c . 1, 1923
Series 1924, issue Dec. 1, 1923
T h r i f t a n d T r e a s u r y savings s t a m p s , u n classified sales, etc.
T o t a l T r e a s u r y (war) savings s e c u r i t i e s . .
T o t a l to J u n e 30, 1925
$161, 793, 50O 00
40,000,000. 00
Exchanges, etc.,
for securities of
equal par value
issued
Outstanding
T o t a l retired
$216, 792, 60O 00
70, 529, 500. 00
28, 207,000.00
$378, 586,000. 00
110, 629, 500. 00
28,207,000. 00
4, 600,000. 00
$229, 576,000. 00
179,462, OOO 00
124,247,000. 00
45,400,000. 00
206, 393, 50O 00
316, 529, OOO 00
621,922, 50O 00
578,685,000.00
11, 505,186. 41
567,966. 60
27,033,124.15
5, 212,294. 65
31, 715,807. 00
3,950.866. 70
11,603,831.05
4,139,008. 00
123,730 00
38,150 00
1, 387,80O 00
184, 550. 00
1, 304,900 00
262,775. 00
850, 775. 00
1, 604. 00
11, 628,916. 41
606,116. 50
28, 420,924.15
6, 396,844. 66
33, 020,707.00
4,213, 641. 70
12, 354,606. 05
4,140, 612.00
11,186, 629. 32
1,810,424. 86
96,933,452. 25
15,053,033. 90
134,172,088. 25
24,462,754.16
98, 203, 221.36
3,868, 687. 28
4,154,284.00
99,782,367.46
386, 690,091. 35
3,160,899,433. 46 36,493,163,154. 00 39, 644,062, 587.46
20,210,906,261.35
4, 600,000. 00
•
o
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H
O
H
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95, 628,083. 46
EXHIBIT
26
INTEREST-BEARING UNITED STATES PRE-WAR BONDS OUTSTANDING, AND TRANSACTIONS IN SUCH SECURITIES
FROM DATE OF INCEPTION TO JUNE 30, 1925
P a n a m a C a n a l loans
Detail
I . Issued:
A . U p o n original s u b s c r i p t i o n s against cash received
B . U p o n exchange, transfer, etc., for securities of e q u a l p a r v a l u e
retired:
1. E x c h a n g e —
(a) C o u p o n for registered
ib) M u t i l a t e d for perfect
2. Transfer of o w n e r s h i p
3. Miscellaneous
C. U p o n a d j u d i c a t e d claims for r e p l a c e m e n t . .
D . Total issued.
Retired:
A . A c c o u n t of r e d e m p t i o n —
1. U p o n o p t i o n
2. Miscellaneous sources
.
B . A c c o u n t of exchange, transfer, etc., for securities of e q u a l p a r v a l u e
issued:
1. Exchange—
(a) C o u p o n for registered
ib) M u t i l a t e d for perfect
2. Transfer of o w n e r s h i p
3. Miscellaneous
C . A c c o u n t of loss or d e s t r u c t i o n (covered b y i n s u r a n c e or b o n d s of
indemnity)
_
D . Total retired.
I I I . O u t s t a n d i n g J u n e 30,1925 (per p u b l i c d e b t s t a t e m e n t ) .
2 per cent consols of 1930
$646,260,160
2}/i per cent
postal savings!
b o n d s (first
to twentye i g h t h series)
Total
2 per cent
b o n d s of
1916-1936
2 per c e n t
b o n d s of
1918-1938
3 per c e n t
b o n d s of
1961
$54, 631,980
$30, 000,000
$60,000.000
$28,894, 500
$11,995,880
$821,772, 510
22, 364,100
9,000
85,951, 300
33,159, 600
16, 500
8,885,300
8,997,000
5, 998, 600
1,143, 500
1,000
9,449, 320
5,600
31,080
65, 611, 230
10,000
1, 664,810,710
526, 666, 360
74,280
191, 499, 500
52, 776,400
22, 626, 280
3,068,735, 080
22,010,760
342, 780
764,800
1, 395, 570, 750
471,907,860
27,700
101, 751, 900
9,941, 280
63, 090, 440
5, 643, 520
2, 535,767, 200
46, 626,100
3 per cent
conversion
b o n d s of
1946-1947
99. 398, 760
5, 677,800
56,256, 600
200,000
4,052, 600
200,000
o
S
Ui
cl
22,010, 760
342, 780
764, 800
1, 396, 570, 750
471, 907,850
101, 751,900
9, 941, 280
63,090, 440
6, 543, 520
22,364,100
9,000
85,951, 300
33,159, 600
1, 936, 043,150
117, 713, 760
73,461,360
699, 724,060
48,954,180
25,947,400
27,700
8, 885,300
55, 511, 230
10,000
1, 664,810, 710
526,656, 350
8.997, 000
5.998, 600
1,143, 600
1,000
9, 449,320
5,500
31,080
74,280
141, 699, 500
23,880,900
10, 630,400
2, 303, 419.070
49,800,000
28, 894, 600
11,996,880
td
765,316,010
16,500
to
CO
EXHIBIT
bO
00
27
to
I N T E R E S T - B E A R I N G U N I T E D STATES L I B E R T Y BONDS AND T R E A S U R Y BONDS O U T S T A N D I N G , AND
ACTIONS IN SUCH SECURITIES F R O M DATE OF INCEPTION TO J U N E 30, .1925
Second L i b e r t y loan of 1927-1942
F i r s t L i b e r t y loan of 1932-1947
First 3H's
Issued:
A . U p o n original s u b s c r i p t i o n s against cash received
B . U p o n exchange, conversion, etc., for securities of equal p a r v a l u e
retired—
1. E x c h a n g e —
(a) I n t e r i m certificates for b o n d s i
(6) Registered for c o u p o n
(c) C o u p o n for registered
(d) M i x e d cases
ie) Of d e n o m i n a t i o n s
(/) T e m p o r a r y for p e r m a n e n t
ig) M u t i l a t e d for perfect 2
_
2. Conversion
3. Transfer of o w n e r s h i p
C. U p o n adjudicated claims for r e p l a c e m e n t *
D. Total issued.-..II
Retired:
" A . Account 01 r e d e m p t i o n —
1. Purchases—
(a) B o n d p u r c h a s e fund
(6) S i n k i n g fund
_
ic) R e p a y m e n t s of loans t o foreign g o v e r n m e n t s
(d) Franchise-tax receipts
ie) F r o m s u r p l u s m o n e y in t h e T r e a s u r y
2. Securities received for r e d e m p t i o n —
(a) Federal«estate taxes
ib) Gifts, forfeitures, a n d miscellaneous
ic) R e p a y m e n t of principal t o foreign g o v e r n m e n t s
id) I n t e r e s t p a y m e n t s on obligations of foreign g o v e r n m e n t s . .
ie) Proceeds i n p a y m e n t for 4 per c e n t T r e a s u r y b o n d s
(/•) I n c o m e tax
F i r s t 4's
TRANS-
F i r s t second
4^'s
F i r s t 4M's
Second 4's
Second i H ' s
$3,807,865,000
$1,989,455,650
O
., 511,264,450
228,579,000
405, 636,300
1, 698, 900
723,244,800
W
115, 211,900
4, 245,800
$473, 901,500
7,172,400
8,255, 000
60,000
50,302,100
7,986,850
4,850
3 94,401, 200
1, 593,800
67, 750
4, 979,394,800
643, 736,450
1,266,401,750 ;
11,000
15,518,000
1,000
21, 389, 000
24,850
67,450
1,050
913, 750
9,800
58,100
$49, 799, 600
. 100, 639,050
242,451,250
295,878,850
79,450
555,126,600
21,262,600
175,350
616,
,
i
I
,
i
:
1, 503,
2,421,
3,492,
169,
4,
8, 777,300
492,400
317,260
188,100
378, 063, 000
45, 866, 550
37, 500
; 251,100
,
281,860
$372,849, 700
513,110,400
1,530,478,300
2,198,166,400
392,100
3, 707, 691, 950
136,401, 650
1,308,000
4,349,361, 750
8,460,398, 500
79,050, 000
16,000
6,000
399, 643i 000
40, 649,000
2, 686, 950
2, 922,450
H
O
. ^.
*^
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o
Ui
9,450
17, 677,900
364,100
22,964, 550
137,416, 850
B . A c c o u n t of exchange, conversion, etc., for securities of e q u a l par v a l u e
issued—
1. E x c h a n g e —
(a) I n t e r i m certificates for b o n d s i.
(6) Registered for coupon..^.,..:^.;:i
i.^....^
....
(c) C o u p o n for registered
..1...
o
(d)
Q
M i x e d cases
.
Total retired.
372,849,700
613,110,400
.
O u t s t a n d i n g J u n e 30, 1925 (per p u b l i c d e b t s t a t e m e n t ) . .
49, 799, 600
100,639,050
580,060
616,950
58,100
105,463,900
115, 211,900
7,172,400
8,255,000
50,000
50,302,100
7,986,860
4, 860
547, 555,060
1, 593,800
242,451,250
295,878,850
79,450
1, 603,100
2, 421, 550
50
21,252)600
159, 05b
. 39;.492,400
69,317,250
188,100
.378,063,000
45, 856, 560
37,500
3, 707, 691, 950
8, 251,100
4, 261, 560
52, 000
175,360
4,400
281,850
•1,308,000
3, 569,398,850
-.".-•.:—...-J^.......--J...^.....--..
(e) Of d e n o m i n a t i o n s . .
.-.-.-.--,
,
(/) T e m p o r a r y for p e r m a n e n t . . . . . .
ig) M u t i l a t e d for perfect ^ . . . . J . ' .
.•
.
2. C o n v e r s i o n
3. Transfer of o w n e r s h i p
.
.
C . A c c o u n t of loss or d e s t r u c t i o n (covered b y i n s u r a n c e or b o n d s of indemnity <-..
:.
_-..._ J..
....i.iv.ir.
D
1,985,166,960
228,579,000
406, 636,300
1,698,900
723,244,800
638,492,100
732, 613,550
5,286,150
4; 328, 260,160
6,376,931,360
1,409,996,950
6, 243,360
632, 788,200
3,492,150
21,091, 600
3,083,467,150
1,530,478,300
2,198,166,400
392,100
136,401,650
• Ui
O
Treasury bonds
Detail
Third 4Ji's
Fourth 4K's
Total
i H per cent
of 1947-1952
4 per cent of
1944-1954
O
H
I . Issued:
A . U p o n original s u b s c r i p t i o n s against cash received
...
B . U p o n exchange, conversion, etc. for secm-ities of equal par value r e t i r e d 1. E x c h a n g e —
(a) I n t e r i m certificates for bonds i
(6) Registered for c o u p o n
(c) C o u p o n for registered
.id) M i x e d cases.
_
_
(e) Of d e n o m i n a t i o n s .
_.
(/) T e m p o r a r y for p e r m a n e n t
_-.
ig) M u t i l a t e d f o r perfect 2 . .
_
2. Conversion
..-..
3. Transfer of o w n e r s h i p . .
C . U p o n a d j u d i c a t e d claims for r e p l a c e m e n t <
'-.
D . T o t a l issued
.:..
$4,175, 650, 050
6, 964, 681,100
$763,962,300
$1,047,088, 500
477,516, 200
782,225, 950
9,300
2,385, 917,960
2,910, 270,300
716,160
630, 680, 850
1,583,872,150
20,392,200
182, 770,100
2,611,100
68, 758, 800
3, 564,835,350
4,932,843,950
643,150
159,116,800
154, 234,650
1, 691,200
293,964,160
4,109,100
17,968,400
39,900
10,888,131,760
17,965,529,800
1,144,262,600
149,378,000
ii'soo"
' " 3 , " 667," 500'
1,271,503,900
$18, 748, 602, 500
985,165,960
829, 673, 500
715, 201,960
1, 946,300
175,290, 650
393,423,450
1, 944,150
360, 710, 900
762,704,800
11,823,360
W
>
C
60,976,487,600
1 Does n o t i n c l u d e transactions covering b o n d s issued in lieu of 3 K per cent i n t e r i m certificates lost or d e s t r o y e d .
2 I n c l u d e s c o u p o n error t r a n s a c t i o n s .
3 D o e s n o t i n c l u d e t r a n s a c t i o n s covering 4 per c e n t b o n d s issued in lieu of 3}4 p e r c e n t i n t e r i m certificates s u r r e n d e r e d .
.
* I n c l u d e s t r a n s a c t i o n s covering 3M per cerit b o n d s a m b u n t i n g t o .$4,119,100 a n d ' 4 per'cent" b o n d s a m o u n t i n g t o $15,750 issued u p o n a d j u d i c a t e d claims for r e p l a c e m e n t m lieu
of 3 H per c e n t i n t e r i m certificates lost or d e s t r o y e d .
.
to
OO
OO
Interest-bearing United States Liberty bonds and Treasury bonds outstanding, and transactions in such securities from date of inception to
June 30, 1925—Continued
to
00
Treasury bonds
Detail
Retired:
A. Account of redemption—
1. Purchases—
(a) Bond purchase fund
(6) Sinking fund
(c) Repayinents of loans to foreign governments
(d) Franchise tax receipts
(e) From surplus money in the Treasury
2. Securities received for redemption—
(c) Federal estate taxes
_
'..
ib) Gifts, forfeitures, and miscellaneous
ic) Repayment of principal to foreign governments
id) Interest payments on obligations of foreign governments
(e) Proceeds in payment for 4 per cent Treasury bonds
if) Income tax
_
B. Account of exchange, conversion, etc. for securities of equal par value issued—
Exchange(fl) Interim certificates for bonds i.
ib) Registered for coupon
ic) Coupon for registered
id) Mi.xed cases
(e) Of denominations
if) Temporary for permanent
ig) Mutilated for perfect 2
Conversion
_
Transfer of-ownership..
C. Account of loss or destruction (covered by insurance or bonds of indemnity) ^
D. Total retired
III. Outstanding June 30, 1925 (per public debt statement)
Third 4M's
Fourth 43^'s
$433,308,100
306,147,950
267,482,260
54,519,550
128,466,960
28,755,560
220,400
4 per cent of
1944-1964
$566,987,060
13,943, 650
29,942,750
16,882,900
4}>i per cent
of 1947-1952
190,100
93, 274,400
500
Total
$1,615,895,150
360, 793,460
, 290,017,950
57,442,000
128,466,950
$6,000
8,000
64,236,100
870,360
22, 964,550
137, 666,850
93,274,400
1,000
250,000
500'
1,985,165,950
1,829, 673,600
3, 716,201,950
1,946,300
9,176,290,650
10,393,423,460
1, 944,150
4,360, 710,900
752,704,800
11,823,350
477, 516,200
782, 225,960
9,300
2,385, 917,950
2, 910, 270,300
716,160
630,680,850
1, 683,872,160
20,392,200
182, 770,100
$2,611,100
68,758,800
3, 554,835,350
4,932,843,950
643,150
159,116,800
149,378,000
154, 234,650
1, 591,200
293,964,150
4,109,100
17,968,400
39,90O
8,002,754,400
11,641,048, 600
380,314,200
224,415,400
34,899,513, 750
2,886,377,360
6,324,481, 200
763,948,300
1,047,088, 600
16,076,973, 760
i2,"800'
3,667, 600
1 Does not include transactions covering bonds issued in lieu of 33^ per cent interim certificates lost or destroyed.
2 Includes coupon error transactions.
* Includes transactions covering 3H per cent bonds amounting to $4,119,100 and 4 per cent bonds amounting to $15,750 issued upon adjudicated claims for replacement m lieu
of 33^ per cent interim certificates lost or destroyed.
O
O
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EXHIBIT
28
I N T E R E S T - B E A R I N G U N I T E D STATES T R E A S U R Y N O T E S AND C E R T I F I C A T E S OF I N D E B T E D N E S S OUTSTANDING,
AND TRANSACTIONS IN SUCH SECURITIES F R O M DATE OF I N C E P T I O N TO J U N E 30, 1925
T r e a s u r y notes
Detail
Adjusted
Series B-1925 Series A-1926 Series B-1926 Series A-1927 Series B-1927
service series
Ui
Issued:
A . U p o n original s u b s c r i p t i o n s . . .
B . U p o n exchange for securities of e q u a l p a r v a l u e retired:
1. Exchange—
(a) Of d e n o m i n a t i o n s ' _ . . .
ib) M u t i l a t e d for perfect
U p o n adjudicated claims for replacement
.
D . T o t a l issued
Retired:
A. A c c o u n t of r e d e m p t i o n —
1. Purchases—
(a) Sinking fund
(&) F r a n c h i s e t a x receipts
_
_.
(c) Proceeds of sales of Treasurj'^ notes
2. Securities received for r e d e m p t i o n —
(a) F e d e r a l e s t a t e t a x .
ib) Gifts, forfeitures, a n d miscellaneous
(c) R e p a y m e n t of loans to foreign g o v e r n m e n t s
• id) I n t e r e s t p a y m e n t s o n obligations of foreign g o v e r n m e n t s
ie) U p o n o p t i o n
B . A c c o u n t of exchange for securities of e q u a l p a r value issued—
1. E x c h a n g e —
(a) Of d e n o m i n a t i o n s 2
1
.
ib) M u t i l a t e d for perfect
..-.
C . A c c o u n t of loss or destruction (covered b y i n s u r a n c e or b o n d s of i n d e m n i t y ) .
D . Total retired.
I I I . O u t s t a n d i n g J u n e 30, 1925 (per public d e b t s t a t e m e n t ) . .
^ I n c l u d e s deliveries against receipts b y other F e d e r a l reserve b a n k s .
$335,141,300
$486,940,100
$366,981, 600
$668, 201,400
219, 442,000
2,000
600
...i
$617,769, 700
364, 942,600
600
412,155, 200
2,500
500
305,385,000
100
3,000
664,685,800
982,712,900
899, 098,300
672, 369, 600 11, 064,899, 700
11,315,900
4,800, 000
19,361. 600
1,018,300
1, 000,000
32,500
9, 564, 200
1,800,000
60,653, 600
4,000
11, 000
30,000
o
396, 698,300
$50, OOofoOO
td
60,000,000
o
6, 798, 000
H
4,403, 600
>
Ui
d
219, 442,000
2,000
500
364,942,600
600
412,155, 200
2,500
600
305,385,000
100
3,000
396, 698,300
254,926,900
367,035, 000
484,176, 000
316, 589, 700
396, 698, 300
299, 659.900
615,677,900
414, 922,300
355, 779,900
668,201, 400
50, 000,000
' I n c l u d e s receipts against deliveries b y other F e d e r a l reserve b a n k s .
to
OO
CJl
Interest-bearing United States Treasury notes and certificates of indebtedness outstanding, and transactions in such securities frorn date of
inception to J u n e 30, 1925—Continued
to
OO
Certificates of indebtedness
Detail
TS-1925
I. Issued:
A. Upon original subscriptions
B. Upon exchange for securities of equal par value retired:
1. Exchange—
(a) Of denominations 1
(6) Mutilated for perfect
C. Upon adjudicated claims for replacement
-.
D. Total issued.
Retired:
A. Account of redemption—
1. Purchases—
(c) Sinking fund
_
(6) Franchise tax receipts...
ic) Proceeds of sales of Treasury notes
2. Securities received for redemption—
(a) Federal estate tax...
(6) Gifts, forfeitures, and miscellaneous
(c) Repayment of loans to foreign governments
id) Interest payments on obligations of foreign governments
ie) Upon option...
B. Account of exchange for securities of equal par value issued—
1. Exchange—
(a) Of denominations 2
...
ib) Mutilated for perfect...
C. Account of loss or destruction (covered by insurance or bonds of indemnitjOD. Total retiredI l l . Outstanding June 30,1926 (per public debt statement).
' Includes deliveries against receipts by other Federal reserve banks.
Series
TD-1925
Series
TJ-1926
$391,369, 600 $219, 462,000 $124, 247, 000
216, 792,600
70, 629, 500
289, 991, 600
162, 454, 000
$60,000,000
.$3, 310,112, 500
2,014,152,100
5,200
4,000
28,207,000
608,162,000
Total
Adjusted
service series
50,000,000
O
5,324, 273, 800
w
o
28, 696,400
7, 600,000
84,451, 200
20, 439,000
128, 854, 600
12, 500, 000
40,000,000
216, 792, 500
70, 629, 600
378, 586,000
110, 529, 500
229, 576,000
179, 462, 000
4,600,000
28, 207,000
28, 207, 000
124,247,000
15, 000
30,000
20, 439,000
128, 854, 500
57,100,000
2,014,152,100
6,200
4,000
4,600,000
2, 341,347,400
45,400,000
2,982,926,400
2 Includes receipts against deliveries by other Federal reserve banks.
H
h-(
a
Ui
EXHIBIT
29
INTEREST-BEARING UNITED STATES TREASURY (WAR) SAVINGS SECURITIES OUTSTANDING, AND TRANSACTIONS IN SUCH SECURITIES FROM DATE OF INCEPTION TO JUNE 30, 1925
Issue of D e c . 15, 1921
Issue of S e p t . 30, 1922
Issue of D e c . 1,1923
Series 1921
Detail
Series 1921
Series 1922
Series 1922
Series 1923
Series 1923
Series 1924
Thrift and
Treasury
savings
stamps,
unclassified
sales, e t c .
Total
Ui
I. Issued:
A . U p o n original subscriptions against
$22,691, 715. 73 $2,146,780. 00 $113,365,960 00 $19,067, 562. 50 $166,816,857. 00 $27,109, 600.00 $105,442,980. 00 $8,007, 695. 28 $454, 648,050. 61
cash received
B . Accrued discount credited as p u b l i c
26, 670,124. 30
4, 264, 072. 40
9, 072,038. 25 1,304,020 85
231, 610. 3.5 10, 600, 616. 40 1,197,766. 05
d e b t receipts
C . U p o n exchange, etc., for securities of
3, 792,324. 00
1, 604.00
801, 275. 00
249, IOO 00
1,153, IOO 00
163,150 00
1, 276, 900. 00
36,900. 00
l i b , 295. 00
equal par value retired.
D . U p o n adjudicated claims for replace361, 960 00
49, 600. 00
13, 675. 00
151, 800. 00
21,400 00
110,900. 00
1, 250 00
ment
13,435.00
E . T o t a l issued
22,816, 445. 73 2, 416,540 36 125,364, 376. 40 20, 449,878. 55 167,192, 795. 25 28, 676, 395. 85 110, 557,827. 40 8, 009,199. 28 486,472,468. 81
.. .
II. Retired:
A . A c c o u n t of r e d e m p t i o n
B . A c c o u n t of exchange, etc., for securities of e q u a l p a r value issued
C A c c o u n t of loss or destruction
D . T o t a l retired
11, 505,186. 41
567, 965. 50
27,033,124.15
6, 212, 294. 66
31, 715,807. 00
3, 960,866. 70
110, 295. 00
13, 435. 00
36,900 00
1, 260 00
1, 276,900. 00
110,900 00
163,160 00
21,400. 00
1,163, IOO 00
151,800. 00
249,100. 00
13, 675. 00
. - 11, 628,916. 41
606,116. 60
28, 420, 924.16
5, 396, 844. 65
33, 020, 707. 00
4, 213, 641. 70
I l l , O u t s t a n d i n g J u n e 30, 1925 (per p u b l i c
debt statement)
11,186,529. 32 1,810,424. 85
96, 933,452. 25 15,053,033.90 134,172, 088. 25 24, 462, 754.15
11,503,831.05 4,139, 008. 00
96, 628,083. 46
1, 604. 00
3, 792,324. 00
361, 960 00
12,354, 606. 05 4,140,612.00
99, 782,367.46
801, 275. 00
49, 500. 00
o
o
H
>
Ui
98, 203, 221. 36 3,868,587. 28 386, 690,091.35
to
00
-a
238
REPORT ON THE FINAN-CES
EXHIBIT
30
BRIEF DESCRIPTION OF LIBERTY BONDS AND TREASURY BONDS
Forw,' and Denominations.—Liberty Bonds are issued in both
coupon and registered form in the following denominations: Coupon,
$50, $100, $500, $1,000, $5,000, $10,000; registered, $50, $100, $500,
$1,000, $5,000, $10,000, $50,000, $100,000; except that the First
33^'s are not issued in coupon form in denominations of $5,000 and
$10,000, nor in registered form in the denomination of $50.
Treasury Bonds are issued in both coupon and registered form in
the following denominations: Coupon, $100, $500, $1,000, $5,000,
$10,000, $100,000; registered, $100, $500, $1,000, $5,000, $10,000,
$50,000, $100,000. .
Where Ohtaindble.—Subscriptions for bonds of a new issue may be
made to almost any banking institution in the United States, or
direct to the Federal Reserve Bank of your district, subject to the
terms of the circular announcing the issue. After the close of the
subscription books, bonds of any outstanding issue may be purchased
at the market price, and your own bank, or the Federal Reserve
Bank of your district, will endeavor to fill your order in the market.
3y2 per cent Liberty Bonds exempt from Federal, State^ and local
taxation.—Such bonds are exempt, both as to principal and interest,
from all taxation (except estate or inheritance taxes) now or hereafter
imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority.
4 per cent and 434 P^^ ^^'^^ Liberty Bonds and Treasury Bonds
exempt from State and local taxation and from normal Federal income
^dx.—-Such bonds are exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the United States,
any State, or any of the possessions of the United States, or by any
local taxing authority, except (a) estate or inheritance taxes, and
(6) graduated additional inco°me taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals,,
partnerships, associations, or corporations.
4 per cent and 4M P^'^ <^^^^ Liberty Bonds and Treasury Bonds also
entitled to limited exemptions from Federal income surtaxes and profits
taxes,—Such bonds are also entitled to limited exemptions from
graduated additional income taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals,
partnerships, associations, or corporations, in respect to the interest
on principal amounts thereof, as lollows:
During the life of the obligations—
$5,000 in the aggregate of First 4's, First 4i^'s, First-Second
41^'s, Second 4's, Second 4M's, Third 4M's, Fourth 4M's,
Treasury Bonds of 1947-52, Treasury Bonds of 1944-54,
Treasury Certificates of Indebtedness, War Savings Certificates, and Treasury Savings Certificates.
SECRETAEY OF T H E TREASURY
239
And in addition, pursuant to the consolidation (effective January
1, 1924) made by the Revenue Act of 1924, and the proclamation
of the President which fixed July 2, 1921, as the date of the termination of the war:
Up to July 2, 1926—
$60,000 in the aggregate of First 4's, First 4M's, First-Second
4M's, Second 4's, Second 4M's, Third 4M's, and Fourth 4i^'s.
All bonds in hands of foreign holders exempt from taxes .—Bonds of
the United States, while beneficially owned by a nonresident alien
individual, or a foreign corporation, partnership, or association,
not engaged in'^business in the United States, are exempt, both as
to principal and interest, from any and all taxation now or hereafter
imposed by the United States, any State, or any of the possessions
of the United States, or by any local taxing authority.
4}4: P^f* (^ent Liberty Bonds and 4-H P^^ ^^^^^ Treasury Bonds receivable
at par in payment of Federal estate or inheritance taxes.—All such
bonds which have been owned by any person continuously for at
least six months prior to the date of his death and which upon such
date constitute part of his estate are receivable by the United States
at par and accrued interest in payment of Federal estate or inheritance
taxes.
'Curhulative SinTcing Fund.—For the fiscal year beginning July 1,
1920, and for each fiscal year thereafter until all Liberty Bonds and
Yictory Notes, and other bonds and notes issued for refunding
urposes under any of the Liberty Bond Acts, or the Victory Liberty
-oan Act, or under any of such acts as amended, are retired, the
Victory Liberty LoaUcAct appropriates, out of any money in the
Treasury not otherwise appropriated, for the purposes of the cumulative sinking fund, an amount equal to the sum of (1) 2J^ per cent
of the aggregate amount of such bonds and notes outstanding on
July 1, 1920, less an amount equal to the par amount of any obligations of foreign governments held by the United States on that date,
and (2) the interest which would have been payable during the
fiscal year for which the appropriation is made on the bonds and
notes purchased, redeemed, or paid out of the sinking fund during
such year or in previous years.
Conversion privileges.—First 4's were convertible into First 434's,
and Second. 4's were convertible into Second 434's, up to the close
of business June 30, 1925. No conversion privileges are now outstanding.
P
The principal and interest of all Liberty Bonds and Treasury
Bonds are payable in United States gold coin of the present standard
of value.
Liberty Bonds and Treasury Bonds are issued under authority of
the acts of Congress approved April 24, 1017, September 24, 1917,
April 4, 1918, July 9, 1918, and September 24, 1918, as amended,
and pursuant to official Treasury Department circulars, from which
these statements are summarized and to which they are subject.
240
REPORT ON T H E FINANCES
E X H I B I T 31
BRIEF DESCRIPTION OF TREASURY NOTES, CERTIFICATES OF
INDEBTEDNESS, AND WAR-SAVINGS CERTIFICATES
Form and Denominations.—Treasury Notes are issued only in coupon form, and in the following denominations: $100, $500, $1,000,
$5,000, $10,000, $100,000.
Treasury Certificates of Indebtedness are issued in coupon form, and
in the following denominations: $500, $1,000, $5,000, $10,000,
$100,000.
Treasury Sayings Certificates have been withdraw!n from sale, but
were issued only in registered form, with maturity values of $25,
$100, and $1,000.
War-Savings Certificates are obligations of the Government when
one. or ;m.ore War-Savings stamps with a maturity value of $5 each
are affixed. War-Savings stamps have been withdrawn from sale.
Where Obtainable.—Subscriptions for notes or certificates of a new
issue may be made to almost any banking institution i n the United
States, or direct to the Federal Reserve Bank of your district, subject
to the terms of the circular announcing the issue. After the close of
the subscription books, notes or certificates of any outstanding issue
may be purchased at the market price, and your own baiiky or the
Federal Reserve Bank of your district, will endeavor to fill your order
in the market.
'
Treasury Notes, Treasury Certificates of Indebtedness, Treasury Savings Certificates, and War-Savings Certificates, exempt from State and
local taxation and from normal Federal income tax.—^All such notes
and certificates herein described are exempt, both as to principal and
interest;, from all taxation now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or
by any local taxing authority, except (a) estate or inheritance taxes,
and (6) graduated additional income taxes, commonly known as
surtaxes, and excess-profits and war-profits taxes, now or hereafter
imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on
Treasury Certificates of Indebtedness, Treasury Savings Certificates,
War-Savings Certificates, Liberty Bonds, and Treasury Bonds, the
rincipaJ of which does not exceed in the aggregate $5,000, owned
y- any individual, partnership, association, or corporation, shall be
exeinpt from the taxes provided for in subdivision (b) above.
A l t Notes and Certificates of Indebtedness in hands offoreign holders
exempt from taxes.—Notes and certificates of indebtedness of the
United States are, while beneficially owned by a nonresident alien
individual, or a foreign corporation, partnership, or association, not.
engaged in business in the United States, exempt, both as to principal
and interest, from any and all taxation now or hereafter imposed oy
the United States, an}'- State, or any of the possessions of the United
States, or by any local taxing authority.
E
SECRETARY OF THE TREASURY
241
Treasury Notes bearing interest at a higher rate than 4 per cent per
annum, receivable at par in payment of Federal estate or inheritance
taxes.—^All such notes which have been owned by any person continuously for at least six months prior to the date of his death and
which upon such date constitute part of his estate are receivable by
the United States at par and accrued interest in payment of Federal
estate or inheritance taxes.
Treasury Notes and Certificates of Indebtedness receivable in payment of Federal income and profits ^axes.—Treasury Notes are receivable at par, with an adjustment of accrued interest, during such time
and under such rules and regulations as shall be prescribed or approved
by the Secretary of the Treasury, in payment of income and profits
taxes payable at or within six months before the maturity of the notes.
Treasury Certificates of Indebtedness maturing on quarterly tax
payment dates are receivable in payment of income and profits taxes
payable at the maturity of the certificates..
Cumulative Sinking Fund.—For the fiscal year beginning July 1,
1920, and for each fiscal year thereafter until all Liberty Bonds and
Victory Notes, and other bonds and notes issued for refunding puroses under any of the Liberty Bond Acts or the Victory Liberty
(Oan Act, or under any of such acts as amended, are retired, the Victory Liberty Loan Act appropriates, out of any money in the Treasury
not otherwise appropriated, for the purposes of the cumulative sinking
fund, an amount equal to the sum of (Ij 2 } ^ per cent of the aggregate
amount of such bonds and notes outstanding on July 1, 1920, less an
amount equal to the par amount of any obligations of foreign governments held by the United States on that date, and (2) the interest
which would have been payable during the fiscal year for which the
appropriation is made on the bonds "and notes purchased, redeemed,
or paid out of the sinking fund during such year or in previous years.
Treasury Savings Certificates and War-Savings Certificates—Limit
of Holdings.—Any one person at any one time may hold Treasury
Savings Certificates and War-Savings Certificates oi any one series
to an aggregate amount not exceeding $5,000 (maturit}^ value).
The certiucates issued within any one calendar year constitute a
separate series under the serial designation of the year of issue.
E
The principal and interest of all Treasury Notes and Certificates
of Indebtedness are payable in United States gold coin of the present
standard of value.
Treasury Notes, Treasury Certificates of Indebtedness, Treasury
Savings Certificates, and War-Savings Certificates are issued under
authoritv of the acts of Congress approved April 24, 1917, September
24, 1917"; April 4, 1918, July 9, 1918, September 24, 1918, March 3,
1919, and November 23, 1921, as amended, and pursuant to official
Treasury Department circulars, from which these statements are
summarized and to which they are subject.
242
REPORT ON THE FINANCES
EXHIBIT
32
[Third supplement to Department Circular No. 225. Public Debt]
RECEIPT OF LIBERTY BONDS, TREASURY BONDS, AND TREASURY
NOTES FOR ESTATE OR INHERITANCE TAXES
TREASURY DEPARTMENT, .
O F F I C E OF THE SECRETARY,
Washington, October 15, 1925.
1. The provisions of Department Circular No. 225, dated January
31, 1921, as supplemented June 30, 1922, and July 31, 1923, prescribing regulations governing the receipt of bonds and notes of the
United States for Federal estate or inheritance taxes are hereby supplemented to show the bonds and notes at this date outstanding, bearing
interest at a higher rate than 4 per centum per annum, which come
within the provisions of Department Circular No. 225, dated January 31, 1921, as thus supplemented. The bonds and notes are:
Description
Date of issue
(a)f First Liberty loan converted 4 ^ per cent bonds of 1932-47
_.
ib) First Liberty loan second converted 43^ per cent bonds of 1932-47.
ic) Second Liberty loan converted 43^ per cent bonds of 1927-42
id) Third Liberty loan 43^ per cent bonds of 1928
(e) Fourth Liberty loan 4M per cent bonds of 1933-38
(/) 434 per cent Treasury bonds of 1947-52
iQ)
ih)
ii)
0')
(k)
4 ^ per cent notes, payable Mar. 15, 1926
iYs per cent notes, payable Dec. 15, 1925
4 ^ per cent notes, payable Sept. 15, 1926
43^ per cent notes, payable Dec. 15, 1927
4 ^ per cent notes, payable Mar. 15, 1927
i.
Short title
First A}i's.
F i r s t second
4M's.
May 9,1918 Second 434's.
do
Third 4)i's.
Oct. 24,1918 Fourth 4K's.
Oct. 16,1922 Treasury bonds
of 1947-52.
Mar. 15,1922 Series A-1926.
June 15,1922 Series B-1925.
Aug. 1,1922 Series B-1926.
Jan. 15,1923 Series A-1927.
May 15,1923 Series B-1927.
May 9,1918
Oct. 24,1918
2. For the calculation of accrued interest on the current coupons
of bonds and notes tendered in payment of estate or inheritance
taxes under this circular, the method outlined in Exhibit B to Department Circular No. 225, dated January 31, 1921, should be
followed. Interest tables at the various rates borne by the various
issues, or for other or future issues, may be obtained from the Treasury Department, Division of Loans and Currency, Washington,
upon request.
A. W.
MELLON,
Secretary of the Treasury.
SEORETARY OF T H E TREASURY
EXHIBIT
243
33
[Department Circular No. 349. Public Debt]
UNITED STATES OF AMERICA—FOUR PER CENT TREASURY BONDS
O F 1944-^64, D A T E 6 A N D B E A R I N G I N T E R E S T F R O M D E C E M B E R
15, 1924, DUE D E C E M B E R 15, 1954, R E D E E M A B L E AT T H E O P T I O N O F T H E U N I T E D STATES AT P A R AND ACCRUED I N T E R E S T
ON AND A F T E R D E C E M B E R 15, 1 9 4 4 , I N T E R E S T P A Y A B L E J U N E
15 AND D E C E M B E R 1 5
The Secretary of the Treasury invites subscriptions, at par and
accrued interest, from the people of the United States," lor four
per cent Treasury bonds of 1944-54, of an issue of gold bonds of
the United States authorized by the Act of Congress approved
September 24, 1917, as amended. The amount of the offering will
be $200,000,000, or thereabouts, with the right reserved to the Secretarjr of the Treasury to allot additional bonds to the extent that
Third Liberty Loan 4,1^ per cent bonds. Treasury notes of Series
A-1925, or Treasury certificates of indebtedness of Series TM-1925,
are tendered in payment.
.
DESCRIPTION OF BONDS
The bonds will be dated December 15, 1924, and will bear interest
from that date at the rate of four per cent per annum payable June
15 and December 15 in each year on a semiannual basis. The bonds
will mature December 15, 1954, but may be redeemed at the option
of the United States on and after December 15, 1944, in whole or
in part, at par and accrued interest, on any interest day or days,
on four months' notice of redemption given in such manner as the
Secretary of the Treasury shall prescribe. In case of partial redemption the bonds to be redeemed will be determined by such
method as may be prescribed by the Secretary of the Treasury.
From the date of redemption designated in any such notice, interest
on the bonds called for redemption shall cease. The principal and
interest of the bonds will be payable in United States gold coin of
the present standard of value.
Bearer bonds with interest coupons attached will be issued in
denominations of $100, $500, $1,000, $5,000, a,nd $10,000. Bonds
registered as to principal and interest will be issued in denominations of $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000.
Provision will be made for the interchange of bonds of different
denominations and of coupon and registered bonds and for the
' transfer of registered bonds, without charge by the United States,
under rules and regulations prescribed by the Secretary of the
Treasury.
The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any
State, or any of the possessions of the United States, or by any
local taxing authority,' except (a) estate or inheritance tiaxes, and
(b) graduated additional income taxes, commonly known as surtaxes,
and excess-profits and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals,
partnerships, associations, or corporations. The interest on an
amount of bonds and certificates authorized by said act approved
September 24, 1917, and amendments thereto, the principal of which
244
REPORT ON T H E FINANCES
does not exceed in the aggregate $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt from the
taxes provided for in clause (6) above.
The bonds will be acceptable to secure deposits of public moneys,
but do not bear the circulation privilege ana are not entitled to any
privilege of conversion.
APPLICATION, ALLOTMENT, AND PAYMENT
Applications will be received at the Federal Reserve Banks, as
fiscal agents of the United States. Banking institutions generally
will handle applications for subscribers, but only the Federal Reserve
Banks are authorized to act as official agencies.
The right is reserved to reject any subscription and to allot less
than the amount of bonds applied for and to close the subscriptions
at any time without notice. The Secretary of the Treasury also
reserves the right to make allotment in full upon applications for
smaller amounts, and to make reduced allotments upon, or to reject,
applications for larger amounts, and to make classified allotments and
allotments upon a graduated scale; and his action in these respects
will be final.
Payment at par and accrued interest for any bonds allotted must be
made on or before December 15, 1924, or on later allotment. Any
qualified depositary will be permitted to make payment by credit for
bonds allotted to it for itseli and its customers up to any amount for
which it shall be qualified in excess of existing deposits, when so notified by the°Federai Reserve Bank of its district, except upon subscriptions for which Third Liberty Loan 434 V^^ cent bonds. Treasury
notes of Series A-1925, or Treasury certificates of indebtedness of
Series TM-1925 are tendered in payment. Treasury notes of Series
A-1925, maturing March 15, 1925 (with coupon dated March 15,
1925, attached). Treasury certificates of indebtedness of Series
TD and TD2-1924, maturing December 15, 1924 (with coupon dated
December 15, 1924, detached), and Series TM-1925, maturing
March 15, 1925 (with coupon dated March 15, 1925, attached), and
Third Liberty Loan 434 per cent bonds, will be accepted at the Federal Reserve Banks at par, with an adjustment of accrued interest,
as of December 15, 1924, in payment for any Treasury bonds of 194454 now offered which shall he subscribed for and allotted. Third
Liberty Loan 434 per cent bonds in coupon form must have all
unmatured coupons attached, and if in registered form must be duly
assigned to the Secretary of the Treasury for redemption, in accordance with the general regulations of the Treasury Department
governing assignments.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make
allotments thereon on the basis and up to the amounts indicated by
the Secretary of the-Treasury to the Federal Reserve Banks of the
respective districts. Allotment notices will be sent out promptly
upon allotment, and the basis of allotment will be publicly announced.
FURTHER DETAILS
Bonds will be delivered after allotment and payment. Pending
delivery of the definitive bonds. Federal Reserve/Bainks.may issue
interim receipts.
" '
SECRETARY^ OF THE TREASURY
245
Further details may be announced by the Secretary of the Treasury
from time to time, information as to which may be obtained from the
Treasury Department, Division of Loans and Currency, Washington, D. C , or from'any Federal Reserve Bank.
A.
W.
MELLON,
Secretary of the Treasury.
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
December 3, 1924.
To
THE
INVESTOR:
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve
Bank of your district. Your special attention is invited to the terms of subscription and allotment as stated above, and to the fact that Third Liberty Loan
4J^ per cent bonds, Treasurv notes of Series A-1925, Treasury certificates of
Series TD and TD2-1924, and Series TM-1925, may be tendered in payment.
If you desire to purchase bonds of the above issue after the subscriptions close,
or bonds of any outstanding issue, you should apply to j^^our own bank, or, if it
can not obtain them for you, to the Federal Reserve Bank of your district, which
will then endeavor to fill your order in the market.
EXHIBIT
34
[Department Circular No. 354. Public Debt]
UNITED STATES OF AMERICA—FOUR PER CENT TREASURY BONDS
OF 1944-54. ADDITIONAL ISSUE, DATED AND BEARING INTEREST FROM DECEMBER 15, 1924, DUE DECEMBER 15, 1954,
REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR
AND ACCRUED INTEREST O ^ AND AFTER DECEMBER 15, 1944,
INTEREST PAYABLE JUNE 15 AND DECEMBER 15
The Secretary of the Treasury invites subscriptions, at 100 J^ and
accrued interest, from the people of the United States, for an additional amount of four per cent Treasury bonds of 1944-54, of an
issue of gold bonds of the" United States authorized by the Act of
Congress approved September 24, 1917, as amended.
DESCRIPTION OF BONDS
The bonds now offered will be a part of the series of four per cent
Treasury bonds of 1944-54 issued pursuant to Department Circular
No. 349, dated December 3, 1924, as amended, are identical in all
respects" therewith and will be freely interchangeable. Such bonds
will be dated December 15, 1924, and will bear interest from that
date at the rate of four per cent per annum payable June 15 and
December 15 in each year on a semiannual basis. The bonds will
mature December 15, 1954, but may be redeemed at the option of
the United States on and after December 15, 1944, in whole or in
part, at par and accrued interest, on an}^ interest day or days, on four
months' notice of redemption given in such manner as the Secretary
of the Treasury shall prescribe. In case of partial redemption the
bonds to be redeemed will be determined by such method as may be
prescribed by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on the bonds called
for redemption shall cease. The principal and interest of the bonds
will be payable in United States gold coin of the present standard of
value.
246
REPOET ON THE FINANCES
Bearer bonds with interest coupons attached will be issued in
denominations of $100, $500, $1,000, $5,000, $10,000, and $100,000.
Bonds registered as to principal and interest will be issued in denominations of $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000.
Provision will be made for the interchange of bonds of different
denominations and of coupon and registered bonds and for the
transfer of registered bonds, without charge by the United States,
under rules and regulations prescribed by the Secretary of the Treasury. Coupon bonds delivered on allotment will have the coupons
due June .15, 1925, attached. Such coupons will cover six-monthsinterest from December 15, 1924, to June 15, 1925. Registered
bonds delivered on allotment will bear interest from December 15,.
1924.
The bonds shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any
State, or any of the possessions of the United States, or by any local!
taxing authority, except (a) estate or inheritance taxes, and (b)
graduated additional income taxes, commonly known as surtaxes,,
and excess-profits and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals,
partnerships, associations, or corporations. The interest on an
amount of bonds and certificates authorized by said act approved
September 24, 1917, and amendments thereto, the principal of
which does not exceed in the aggregate $5,000, owned by any individual, „ partnership, association, or corporation,, shall be exempt
from the taxes provided for in clause^t) above.
The bonds will be acceptable to secure deposits of public moneys,,
but do not bear the circulation privilege and are not entitled to any
privilege of conversion.
APPLICATION, A L L O T M E N T , AND PAYMENT
Applications will be received at the Federal Reserve Banks, as
fiscal agents of the United States. Banking institutions generally
will handle applications for subscribers, but only the Federal Reserve
Banks are authorized to act as official agencies.
The right is reserved to reject any subscription and to allot less t h a n
the amount of bonds applied for and to close the subscriptions at
any time without notice. The Secretary of the Treasury also reserves
the right to make allotment in full upon applications for smaller
amounts, and to make reduced allotments upon, or to reject, applications for larger amounts, and to make classified allotments and
allotments upon a graduated scale; and his action in these respects
will be final.
Payment at 100^/^ and accrued interest froni December 15, 1924,
for any bonds allotted must be made on or before March 16, 1925,
or on later allotment. Any qualified depositary will be permitted to
make payment by credit for bonds allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve Bank
of its district. Treasury notes of Series A-1925, maturing March
15, 1925, and Treasury certificates of indebtedness of Series TM-1925,
maturing March 15, 1925, will be accepted at par,^ at the Federal
Reserve Banks, to be applied in part payment for any Treasury
bonds of 1944-54 now offered which shall be subscribed for and
allotted.
SECRETARY OF THE TREASURY
247
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make
allotments thereon on the basis and up to the amounts indicated by
the Secretary of the Treasury to the Federal Reserve Banks of the
respective districts. Allotment notices will be sent out promptly
upon allotment, and the basis of allotment will be publicly announced.
FURTHER DETAILS
Bonds will be delivered after allotment and payment. Pending
delivery of the definitive bonds, Federal Reserve Banks may issue
interim receipts.
Further details may be announced by the Secretary of the Treasury
from time to time, information as to which may be obtained from the
Treasury Department, Division of Loans and Currency, Washington,
D. C , or from any Federal Reserve Bank.
A. W.
MELLON,
Secretary of the Treasury.
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
March 5, 1925.
To-THE I N V E S T O R :
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve
Bank of your district. Your special attention is invited to the terms of subscription and allotment as stated iabove. If you desire to purchase, at the market
price, bonds of the above issue after the subscriptions close, or bonds of any
outstanding issue, you should apply to your own bank, or, if it can not obtain
them for you, to the Federal Reserve Bank of your district, which will then
endeavor to fill your order in the market.
E X H I B I T 35
LETTER OF SECRETARY OF THE TREASURY, DATED DECEMBER
3, 1924, TO BANKING INSTITUTIONS, ACCOMPANYING THE
OFFERING.OF FOUR PER CENT TREASURY BONDS OF 1944-54,
DATED DECEMBER 15, 1924
DECEMBER 3,
1924.
DEAR SIR:
The Treasury is offering for subscription at par an issue of 20-30
year bonds, bearing interest at 4 per cent, dated December 15, 1924,
maturing December 15, 1954, and redeemable at the option of the
United States on and after December 15, 1944. The offering is for
$200,000,000, or thereabouts, of cash subscriptions, with the right to
allot additional bonds to the extent that notes or certificates maturing
March 15, 1925, or Third Liberty Loan bonds are tendered in payment. This is the first offering of a long-term Government bond
since the issuance in October ox 1922 of the Treasury 43^ per cent
bonds of 1947-52, which are now quoted on the market at a very
substantial premium. I t is felt that the banks and the investing
public generally will welcome the opportunity to participate in a
long-term Treasury issue. The appkcation of March maturities or
Third Liberty Loan bonds in payment for the new Treasury bonds
will in part relieve the somewhat heavy financing otherwise necessary
in March, 1925, and on the maturity of the Third Liberties in September, 1928. Such exchanges mean no withdrawal of funds from
the investment market, but merely a change in the character of the
investment from short to long-term.
248
REPORT ON T H E FINANCES
The extent to which Government obligations in the hands of the
public have been reduced is remarkable. In the five and one-half
years since June 30, 1919, the public debt has decreased from $25,484,506,160.05 to $21,241,535,138.28, a total reduction of $4,242,971,021.77. This reduction has been effected, first, out of the sinking
fund, foreign repayments and other similar items, the total of which
for the current fiscal year is estimated at $471,806,401, and which
items are chargeable against the ordinary Government expenditures
before the budget will balance; second, from reduction in the working balances; and, third, from surplus.
Through the orderly and contmuous reduction in our national
debt out of the sinking fund and other items, upon which the public
may rely, Treasury obligations should increase in value. Their
supply is rapidly decreasing and the demand for such a type of investment has increased.
I am inclosing copy of tne formal circular offering these bonds. I
trust that I may have your assistance in making the present offering
a success, and that you wiU, as in the past, give your best efforts to
the distribution of the new bonds among investors.
Cordially yours,
.
A. W.
MELLON,
Secretary of the Treasury.
To the President
of the Bank or Trust Company addressed.
E X H I B I T 36
L E T T E R O F S E C R E T A R Y O F T H E T R E A S U R Y TO H O L D E R S OF
T H I R D L I B E R T Y LOAN BONDS, ACCOMPANYING THE OFFERING OF FOUR P E R CENT TREASURY BONDS OF 1944-54, DATED
DECEMBER 15, 1924
DECEMBER 3, 1924.
S I R (or MADAM) :
I am sending you herewith a copy of the official Treasury Depart-ment circular announcing a new offering of 4 per cent Treasury bonds
of 1944-1954. The subscription books open to-day and Third
Liberty Loan 434 P^r cent bonds, Treasury certificates of indebtedness of Series T D and TD2-1924, maturing December 15, 1924,
•Treasury notes of Series A-1925, and Treasury certificates of indebtedness of Series TM-1925, both maturing March 15, 1925, will
be accepted in payment on,the terms stated in the circular. The
new bonds will be 20/30 year bonds, dated December 15, 1924, maturr
ing December 15, 1954, and redeejgaable at the option of the United
States on and after December 15, 1944. The bonds will be issued in
both coupon and registered form in denominations of $100 and upwards. The Treasury is prepared to make delivery promptly upon
allotment and payment.
This offering of Treasury bonds affords a particularly favorable
opportunity to holders of Third Liberty Loan bonds maturing in
1928, and which are now a short-term security, to acquire a longterm Government bond on attractive terms. Third Liberty Loan
bonds tendered in payment, if in registered fortn, must be duly
assigned to ^^Secretary of the Treasury for Redemption^^ before some
SECRETARY OF T H E TREASURY
249
officer authorized to witness assignments of United States registered
bonds, in accordance with the general regulations of the Treasury
Department governing assignments. Coupon Third Liberty Loan
bonds must have aU unmatu^-ed coupons attached.
Holders of Third Liberty Loan bonds who wish to invest in the new
bonds should make prompt application through their own banks, or,
if desired, direct to the Federal Reserve Bank of the district.
Very truly yours,
A. W.
MELLON,
Secretary of the Treasury.
To the Holder of ^
Third Liberty Loan Bonds addressed.
EXHIBIT
37
(Department Circular No. 352. Public Debt. Supplementing Department Circular No. 307, of Oct. 9,
1922, and Department Circular No. 349, of Dec. 3,19241
TREASURY BONDS: BEARER BONDS IN THE DENOMINATION OF
$100,600
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, March 5, 1925.
Treasury Department Circular No. 307, dated October 9, 1922,
ofi-ering for subscription and setting forth the terms of 4 ^ per cent
Treasury bonds of 1947-52, and Treasury Department Circular No.
349, dated December 3, 1924, off'ering for subscription and setting
forth the terms of 4 per cent Treasury bonds of 1944-54, provide in
each case for the issue of bearer bonds, with interest coupons attached,
in denominations of $100, $500, $1,000, $5,000, and $10,000.
Notice is hereby given that in addition to the aforementioned
denominations, bearer bonds of each of the above-described issues,
with interest coupons attached, in the denomination of $100,000,
will be available on and after March 16, 1925, in the case of the 4 per
cent Treasury bonds of 1944-54, and on and after April 16, 1925, in
the case of 4>i per cent Treasury bonds of 1947-52, and on and after
such respective dates will be issued on request in the regular course of
business on authorized transactions. The terms of the bearer bonds
of the $100,000 denomination herein authorized to be issued shall be
identical in all respects, except amounts, with the bearer bonds authorized under Department Circular No. 307 and Department Circular No. 349, respectively, and such bonds shall be subject to alLthe
provisions of said circulars, respectively.
The provisions of said Treasury Department Circulars Nos. 307
and 349 are hereby supplemented, in accordance with the above.
A.
W.
MELLON,
Secretary of the Treasury.
250
REPORT ON : T H E EXNAN^CES
EXHIBIT
38
[Department Circular No. 351. Public Debt]
TERMINATION
OF
CONVERSION PiClVILEGE—FOUR
LIBERTY BONDS
PER
CENT
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, December 29, 1924.
To the Holders of First Liberty Loan Converted 4 P^^ Cent Bonds of
1982-1947, and Second Liberty Loan 4 Per Cent Bonds of 1927-1942,
and Others Concerned:
1. Notice is hereby given pursuant to the provisions of Department
Circular No. 137, dated March 7, 1919, as amended and supplemented
June 10, 1919, and November 1, 1919, extending the conversion
privilege with respect to said 4 per cent bonds in accordance with
authority conferred by section 5 of the Victor}^ Liberty Loan Act,
approved March 3, 1919, that the privilege of converting First
Liberty Loan Converted 4 Per Cent Bonds of 1932-1947 (hereinafter
referred to as First 4's), and Second Liberty Loan 4 per cent Bonds
of 1927-1942 (hereinafter referred to as Second 4's), into 434 P^r
cent Liberty Bonds, wiU terminate at the close of business June 30,
1925, and thereafter may not be,exercised.
2. The provisions of Department Circular No. 137, dated March 7,
1919, as amended and supplemented June 10, 1919, and November 1,
1919, and of Department Circular No. 158, dated September 8, 1919,
governing the extension of the conversion privilege, will be without
effect with respect to transactions arising after the close of business
June 30, 1925, except that First 4's or Second 4's, forwarded for
conversion and actually in transit to the Treasury Department or to a
Federal Reserve Bank before midnight June 30, 1925, will be deemed
to have been presented before the termination of the conversion
privilege.
3. Under the provisions of said act, and of said Circular No. 137,
as amended, and said Circular No. 158, 4 per cent Liberty Bonds
)resented for conversion into 434 P^r cent Liberty Bonds are deemed,
or the purpose of computing the amount of interest payable, to be
converted on the dates for the payment of semiannual interest on the
respective bonds so presented for conversion next succeeding the
date of such presentation.
4. If First 4's are presented for conversion hereafter and before
June 15, 1925, 4 per cent interest will be paid to June 15, 1925, and
the bonds issued upon conversion will bear interest at 434 P^r cent
from June 15, 1925. If presented for conversion on or after June 15,
1925, and before the close of business June 30, 1925, 4 per cent interest
will be paid to December 15, 1925, and the bonds issued upon conversion will bear interest at 434 per cent from December 15, 1925.
5. If Second 4's are presented for conversion hereafter and before
May 15, 1925, 4 per cent interest will be paid to May 15, 1925, and
the bonds issued upon conversion will bear interest at 434 pci* cent
from. May 15, 1925. If presented for conversion oh or after May 15,
1925, and before the close of business June 30, 1925, 4 per cent interest
will be paid to November 15, 1925, and the bonds issued upon conversion will bear interest at 434 per cent from November 15, 1925.
f
SECRETARY OF THE'TREASURY
251
6. The right is reserved to make from time to time any supplementary or amendatory rules and regulations governing the termination of the conversion privilege as herein provided.
GARRARD B . WINSTON,
Acting Secretary of the Treasury.
EXHIBIT
39
[Department Circular No. 353. Public Debt]
UNITED STATES OF AMERICA—THREE P E R CENT TREASURY
CERTIFICATES OF INDEBTEDNESS. SERIES T D - 1 9 2 5 , DATED AND
BEARING I N T E R E S T F R O M M A R C H 16, 1925, DUE D E C E M B E R
15, 1925
The Secretary of the Treasury, under the. authority of the act
approved September 24, 1917, as amended, offers for subscription,
at par and accrued interest, through the Federal Reserve Banks,
Treasury certificates of indebtedness of Series TD-1925, dated and
bearing interest from March 16, 1925, payable December 15, 1925,
with interest at the rate of three per cent per annum, payable on a
semiannual basis.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates will have two interest
coupons attached, payable June 15, 1925, and December 15, 1925.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations. The
interest on an amount" of bonds and certificates authorized by said
act approved September 24, 1917, and amendments thereto, the
rincipal of which does not exceed in the aggregate $5,000, owned
y any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (&) above.
The certificates of this series will be accepted at par, with an adjustment of accrued interest, during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the
Treasury, in payment of income and profits taxes payable at the
maturity of the certificates. The certificates of this series will be
acceptable to secure deposits of public moneys, but will not bear the
circulation privilege.
The right is reserved to reject any subscription and to allot less
than the amount of certificates applied for and to close the subscriptions at any time without notice. The Secretary of the Treasury
also reserves the right to make allotment in full upon applications
for smaller amounts, and to make reduced allotments upon, or to
reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these
respects will be final. Allotment notices will be sent out promptly
upon allotment, and the basis of the allotment will be publicly
announced.
E
252
REPORT ON THE FINANCES
Payment at par and accrued interest for certificates allotted must
be made on orl)efore March 16, 1925, or on later allotment. After
allotment and upon payment Federal Reserve Banks may issue
interim receipts pending delivery of the definitive certificates. Any
qualified depositary will be permitted to make payment by credit
for certificates allotted to it for itself and its customers up to any
amount for which it shall be iqualified in excess of existing deposits,
when so notified by the Federal Reserve Bank of its district.
Treasury notes of Series A-1925, maturing March 15, 1925, and
Treasury certificates of indebtedness of Series TM-1925, maturing
March 15, 1925, will be accepted at par, in payment for any certificates
of the Series TI)-1925 now offered which shall be subscribed for and
allotted, with an adjustment of the interest accrued, if any, on the
certificates of Series TD-1925 so paid for.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make
allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the
respective districts.
A.
W.
MELLON,
Secretary of the Treasury.
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
March 5, 1925.
To
THE
INVESTOR:
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve
Bank of your district. Your special attention is invited to the terms of subscription and allotment as stated above, and to the fact that Treasury notes
of Series A-1925 and Treasury certificates of Series TM-1925 may be tendered
in payment. If you desire to purchase, at the market price, certificates of the
above issue-after the subscriptions close, or certificates of any outstanding issue,
you should apply to your own bank, or, if it can not obtain them for you, to the
Federal Reserve Bank of your district, which will then'endeavor to fill your order
in the market.
EXHIBIT
[Department Circular No.[359.
40
Public Debt]
UNITED STATES OF AMERICA—THREE PER CENT TREASURY
CERTIFICATES OF INDEBTEDNESS. SERIES T J - 1 9 2 6 , DATED
AND BEARING INTEREST FROM JUNE 15, 1925, DUE JUNE 15,
1926
The Secretary of the Treasury, under the authority of the act
approved September 24, 1917, as amended, offers for subscription, at
par and accrued interest, through the Federal Reserve Banks,
Treasury certificates of indebtedness of Series TJ-1926, dated and
bearing interest from June 15, 1925, payable June 15, 1926, with
interest at the rate of three per cent per annum, payable semiannually.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10;000, and $100,000. The certificates will have two
interest coupons attached, payable December 15, 1925, and June 15,
1926.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or heireafter imposed by the
United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except {a) estate or inherit
SECRETARY, OF
THE TREASURY
253
ance taxes, and (6) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations. The
interest oh an amount of bonds and certificates authorized by said
act approved September 24, 1917, and amendments thereto, the
principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership, association, or corporation, shall be
exempt from the taxes provided for in clause (b) above.
The certificates of this series will be accepted at par, with an adjustment of accrued interest, during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the
Treasury, in payment of income and profits taxes payable at the
maturity of the certificates. The certificates of this series w^ill be
acceptable to secure deposits of public moneys, but will not bear the
circulation privilege.
The right is reserved to reject any subscription and to allot less than
the amount of certificates applied for and to close the subscriptions at
any time without notice. The Secretary of the Treasury also reserves
the right to make allotment in full upon applications for smaller
amounts, and to make reduced allotments upon, or to reject, applications for larger amounts, and to make classified allotments and
allotments upon a gi^aduated scale; and his action in these respects
will be final. Allotment notices will be sent out promptly upon^ allotment, and the basis of the allotment will be publicly announced.
Payment at par and accrued interest for certificates allotted-must
be made on or before June 15, 1925, or on later allotment. After
allotment and upon payment Federal Reserve Banks may issue interim
receipts pending delivery of the definitive certificates. Any qualified
depositary will be permitted to make payment by credit for certificates allotted to it for itself and its customers up to any amount for
which it shall be qualified in excess of existing deposits, when so
notified by the Federal Reserve Bank of its district. Treasury notes
of Series C-1925, maturing June 15, 1925, will be accepted at par, in
payment for any certificates of the Series TJ-1926 now ofi'ered which
shall be subscribed for and allotted, with an adjustment of the interest
accrued, if any, on the certificates of Series TJ-1926 so paid f^r.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive, subscriptions and to make allotments on the basis and up to the amounts.indicated by the Secretary
of the Treasury to the Federal Reserve Banks of the respective
districts.
!
A. W. M E L L O N ,
Secretary of the Treasury.
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
June 8, 1925.
To
THE
INVESTOR:
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve Bank of
your district. Your special attention is invited to the terms of subscription and
allotment as stated above. If you desire to purchase, at the market price, certificates of the above issue after the subscriptions close, or certificates of any outstanding issue, you should apply to your own bank, or, if it can not obtain them
for you, to the Federal Reserve Bank of your district, which will then endeavor
to fill your order in the market.
254
REPORT ON T H E FINANCES
EXHIBIT
41
[Department Circular 360. Public Debt]
U N I T E D STATES O F A M E R I C A — T H R E E AND O N E - Q U A R T E R P E R
CENT TREASURY CERTIFICATES OF INDEBTEDNESS.
SERIES
T J 2 - 1 9 2 6 , DATED AND B E A R I N G I N T E R E S T F R O M S E P T E M B E R
15, 1925, DUE JUNE 15, 1926
The Secretary of the Treasury, under the authority of the act approved September 24, 1917, as amended, offers for subscription, at
par and accrued interest, through the Federal Reserve-Banks, Treasury certificates of indebtedness of Series TJ2-1926, dated and bearing interest from September 15, 1925, payable June 15, 1926, with
interest at the rate of three and one-quarter per cent per annum,
payable on a semiannual basis.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1,000,
$5,000, $10,000, and $100,000. The certificates will have two interest
coupons attached, payable December 15, 1925, and June 15, 1926.
The certificates of said series shall be exempt, both as to principal
and interest, from all taxation now or hereafter imposed by the
United States, any State, or any of the possessions of the United
States, or by any local taxing authority, except (a) estate or inheritance taxes, and (6) graduated additional income taxes, commonly
known as surtaxes, and excess-profits and war-profits taxes, now or
hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates authorized by said act
approved September 24, 1917, and amendments thereto, the principal of which does not exceed in the aggregate $5,000, owned by any
individual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (&) above.
The certificates of this series will be accepted at par, with an adjustment of accrued interest, during such time and under such rules and
regulations as shall be prescribed or approved by the Secretary of the
Treasury, in payment of income and profits taxes payable at the
maturity of the certificates: ' The certificates of this series will be
acceptable to secure deposits of public moneys, but will not bear the
circulation privilege.
The right is reserved to reject any subscription and to allot less
than the amount of certificates applied for and to close the subscriptions at any time without notice. The Secretary of the Treasury
also reserves the right to make allotment in full upon applications
for smaller amounts, and to make reduced allotments upon, or to
reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these
respects will be final. Allotment notices will be sent out promptly
upon allotment, and the basis of the allotment will be publicly
announced.
Payment at par and accrued interest for certificates allotted must
be made on or before September 15, 1925, or on later allotment.
After allotment and upon payment Federal Reserve Banks may issue
interim receipts pending delivery of the definitive certificates. Any
qualified depositary will be permitted to make payment by credit for
certificates allotted to it for itself and its customei^ up to any amount
SECRETARY OF THE TREASURY
255
for which it shall be qualified in excess of existing deposits, when so
notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of Series TS-1925, maturing September 15,
1925, will be accepted at par, in payment for any certificates of the
Series TJ2.-1926 now offered which shall be, subscribed for and allotted, with an adjustment of the interest accrued, if any, on the certificates of Series TJ2-1926 so paid for.
As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions and to make allotments on the basis and up to the amounts indicated by the Secretary
'^of the Treasury to the Federal Reserve Banks of the respective
districts.
A. W.
MELLON,
Secretary, of the Treasury.
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
September 8, 1925.
To
THE
INVESTOR:
Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve Bank
of your district. Your special attention is invited to the terms of subscription
and allotment as stated above. If you desire to purchase, at the market price,
certificates of the above issue after the subscriptions close, or certificates of any
outstanding issue, you should apply to your own bank, or, if it can not obtain
them for you, to the Federal Reserve Bank of your district, which will then
endeavor to fill your order in the market.
t)
EXHIBIT
42
[Amendment to Department Circular No. 308, dated November 9, 1922. Public Debt]
REDEMPTION OF WAR-SAVINGS CERTIFICATES, SERIES OF
1918
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, November 5, 1924To Holders of War-Savings Certificates of the Series of 1918, Postmasters, Federal Reserve Banks, and others Concerned:
1. Hereafter unregistered War-Savings Certificates of the Series
of 1918 will be paid only by the Treasurer of the United States at
the Treasury Department, Washington, D. C , and Department
Circular No. 308, dated November 9, 1922, is hereby amended
accordingly pursuant to the right reserved in Paragraph 5 thereof.
2. The Secretary of the Treasury may at any time or from time
to time prescribe supplemental or amendatory rules and regulations governing the redemption of War-Savings Certificates of the
Series of 1918.
A. W.
MELLON,
Secretary of the Treasury.
256
REPORT ON THE FINANCES
E X H I B I T 43
[Amendment to Department Circular No. 330, dated November 16,1923. Public Debt}
REDEMPTION OF WAR-SAVINGS CERTIFICATES, SERIES OF 1919
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, November 5, 1924*
To Holders of War-Savings Certificates of the Series of 1919, Postmasters. Federal Reserve Banks, and others Concerned:
1. Hereafter • unregistered War-Savings Certificates of the Series
of 1919 will be paid only by the Treasurer of the United States at
the Treasury Department, Washington, D. C , and Department
Circular No. 330, dated November 15, 1923, is hereby amended
accordingly pursuant to the right reserved in Paragraph 5 thereof.
2. The Secretary of the Treasury m a y at any time or from time
to time prescribe supplemental or amendatory rules and regulations
governing the redemption of War-Savings Certificates of the Series
of 1919.
A. W.
MELLON,
Secretary of the Treasury.
EXHIBIT
44
P A Y M E N T S T O C A R R I E R S F R O M NOVEMBER 1, 1924, TO OCTOBER
31, 19J25, INCLUSIVE, PROVIDED FOR IN SECTION 2 0 4 OF THE
TRANSPORTATION ACT OF 1920, AS AMENDED, FOR REIMBURSEMENT OF DEFICITS ON ACCOUNT OF FEDERAL CONTROL
Carrier
Birmingham, Columbus.& St. Andrews R. R.,
receiver
Blaney & Southern Ry. Co
Butte, Anaconda & Pacific Ry. Co
California, Shasta & Eastern Ry. Co
Delaware Valley Ry. Co
La Crosse & Southeastern R y .
Ligonier Valley R. R. Co
New Haven & Dunbar R. R. Co
Newport & Sherman's Valley R. R. Co
Oakdale & Gulf Ry. Co
Pacific & Eastern Ry. Co
•Salt Lake, Garfield & Western Ry. Co
Saratoga & Encampment Uy. Co
St. Louis & Hannibal R. R. Co
Tooele Valley Ry. C o . . . .
Trinity & Brazos Valley Ry
Wyandotte Terminal R. R. Co
Yreka R. R. Co
Total
Less refund of overpayments:
-.
s
Randolph & Cumberland Ry. Co. (part)..
Partial
payments
Final
payments
$1,432. 47
6, 279.84
487,116. 31
13,905. 92
1, 709. 55
4, 515. 82
12, 538.17
71.10
8,138. 71
11,887.15
3, 670.87
29, 230. 51
4, 291. 62
7, 894. 73
30, 343. 81
27, 665. 22
65, 305.15
9,801. 07
725, 798. 02
Deductions i
$556. 74
8,138. 71
'3,"670.'87
4, 000. 00
"27,'665.'22'
44, 031. 54
414.00
Payments from Nov. 1, 1924, to Oct. 31, 1925,
725,384. 02
44,031.54
inclusive
Payments to Oct. 31, 1924.
$2, 207, 651. 41 7, 227, 703. 58 1,855, 738. 59
Total payments to Oct. 31, 1925.
Total
certified
$1,432. 47
6,279. 84
487,116. 31
13,905.92
1, 709. 55
4, 515.82
12, 538.17
71.10
8,138. 71
11,887.15
3, 670.87
29, 230. 51
4,291. 62
7,894. 73
30,343. 81
27, 665. 22
65,305.15
9,801.07
725, 798. 02
414. 00
725, 384. 02
9,435, 354. 99
2,207, 651. 41 7, 953, 087. 60 1,899, 770.13 10,160, 739. 01
1 Amount due from the carrier to the President (as operator of the transportation systems under Federal
control) on account of traffic balances or other indebtedness.
257
SECRETARY OF THE TREASURY
EXHIBIT
45
PAYMENTS TO CARRIERS FROM NOVEMBER 1, 1924, TO OCTOBER
3 1 , 1925, INCLUSIVE, UNDER THE GUARANTY PROVIDED FOR
IN SECTION 209 OF THE TRANSPORTATION ACT OF 1920, AS
AMENDED, AND PAYMENTS BY CARRIERS TO THE UNITED
STATES UNDER THE SAME SECTION
Carrier
Advances
Partial
Alexandria & Western Ry. Co
American Railway Express Co
Bath & Hammondsport R. R. Co.
Belington & Northern R. R. Co
Chicago & Alton R. R. Co., receiver
Colorado & Southern Ry. Co., including
its subsidiaries, the Fort Worth &
Denver City Ry. Co. and Wichita
Valley Ry. Co
Cooperstown & Charlotte Valley R. R.
Co
Cumberland Valley & Martinsburg R. R.
Co
Delaware & Hudson Co
Delaware, Lackawanna & Western R. R.
Co. and its .subsidiaries, the Lackawanna & Montrose R. R.Co., Harlem
Transfer Co., and Sussex R.R. Co
Detroit,.Bay City & Western R. R
Detroit, Toledo & Ironton R. R. Co....
Detroit & Toledo Shore Line R. R. Co_.
Gainesville Midland Ry. Co._
Grand Rapids & Indiana Ry. Co
Hocking Valley Ry. Co._
Kansas City Southern Ry. Co. and its
subsidiaries, Arkansas Western Ry.
Co., the Porteau Valley R. R. Co., and
Texarkana & Fort Smith Ry. Co
Muncie & Western R. R. Co
New York, Philadelphia & Norfolk R. R.
Co
Pennsylvania R. R. Co
Pittsburgh, Cincinnati, Chicago & St.
Louis R. R. Co
Railway Transfer Co. of the City of Minneapolis
Schoharie Valley Ry. Co
Toledo, St. Louis & Western R. R. Co...
Trinity & Brazos Valley R. R
Trinity Valley Southern R. R. Co
Wheeling Terminal Ry. Co
Less refund of overpayment b y Atlanta & St. Andrews
Bay Ry. Co. (part)
$18,385.80
Gulf, Texas & Western
Ry. Co
12,439.57
Louisiana Bridge & Terminal Ry. Co
142,827.01
Repayment b y International & Great Northern Ry.
Co.,j receiver, on. account of part
payment of amount due receiver
from Pierce Oil Corporation.......
Payments to carriers from Nov. 1, 1924
to Oct. 31, 1925
Payments to Oct. 31, 1924,. inclusive
$263,935,874. 00
i9, 441,912.14
Total payments to Oct. 31, 1925,
inclusive
263,935,874.00 169, 441,912.14
Final i
$2,997.65
2,010,788.70
4,150. 68
2,621.92
526,086.83
505,035.911
4,484.41
Total
$2,997.65
2,010,788.70
4,150.68
2,62L92
526,085.83
605,035.91 '
4, 484. 41
15,017.66
438,028.85
15,017.66
438,028.85
45,304.69
52,779.99
60, 621.77
148,685.95
10,149. 63
772,464. 32
453, 630.97
45,304.69
52,779.99
60,621.77
148,585.95
10,149. 63
772, 464. 32
453, 630.97
362,453.02
4, 226.13.
362,453. 02
4, 226.13
317,745.18
12, 250,596. 39
317,745.18
12,250,696.39
6, 421, 446. 24
6,421, 446. 24
21, 913.00
274.94
50,774.09
•26,576.44
866.01
31, 205.18
21,913.00
274.94
50, 774. 09
26,576. 44
866. 01
31, 205.18
24, 540,825.45
24, 540,825. 45
173,652. 38
173,652.38
22,951.13
22,951.13
24, 344, 221. 94 24, 344, 221.94
74,139,899. 44 507, 517, 685. 58
98, 484,121. 38 531,861,907. 52
1 Amounts in this column represent balances due and paid after talking into account advances and
partial payments previously made.
PAYMENTS BY CARRIERS TO T H E UNITED STATES
Payments by carriers to the United States from November 1, 1924 to October
31, 1925, under the provisions of section 209 <d) of the transportation act, 1920,
as amended, on account of excess earnings during the guaranty period:
Sandy VaUey & Elkhorn Ry. Co
.-..
$189, 944. 79
Payments to Oct. 31, 1924__.
256, 130. 50
446,075. 29
60501—FI 1925t-—17
258
REPOR^T ON THE FINANCES
E X H I B I T 46
LOANS TO CARRIERS UNDER SECTION 210 OF THE TRANSPORTATION ACT OF 1920, AS AMENDED, AND REPAYMENTS ON
SUCH LOANS FROM NOVEMBER 1, 1924, TO OCTOBER 3 1 , 1925,
INCLUSIVE, WITH LOANS OUTSTANDING OCTOBER 3 1 , 1924,
AND OCTOBER 3 1 , 1925
Carrier
Akron, Canton & Youngstown Ry. Co.
Alabama, Tennessee-& Northern R. R.
Corporation
..'
1
Ann Arbor R. R. C o . . . . .
Aransas Harbor Terminal R y . .
Atlanta, Birmingham & Atlantic Ry. Co
, Baltimore & Ohio R. R. Co
Bangor & Aroostook R. R. Co
Birmingham & Northwestern Ry. Co...
Boston & Maine R. R . .
Central New England Ry. Co.
Central Vermont Ry. C o . . .
Charles City Western Ry. Co
Chesapeake & Ohio Ry. Co.*
Chicago & Eastern Illinois R. R. Co.,
receiver
Chicago Great Western R. R. Co.
Chicago,Indianapolis & Louisville Ry.Col
Chicago, Milwaukee & St. Paul Ry. Co.
Chicago, Rock Island & Pacific Ry. Co.
Chicago & Western Indiana R. R. Co..
Cisco & Northeastern Ry. Co
Cowlitz, Chehalis & Cascade Ry. Co...
Cumberland & Manchester R. R. Co...
Des Moines & Central Iowa R. R. Co.
(formerly the Inter-Urban Ry. Co.)...
Erie Railroad Co
Fernwood, Columbia & Gulf R. R. Co..
Fort Dodge, Des Moines & Southern
R. R. Co
Fort Smith & Western R. R. Co., receiver
Gainesville & Northwestern R. R. Co...
Georgia & Florida Ry., receivers.
Greene County R. R. Co
Gulf, Mobile & Northern R. R. Co
Hocking Valley Ry. Co
Kansas City, Mexico & Orient R. R. Co.,
receiver
Kansas City Terminal Ry. Co
Lake Erie, Franklin & Clarion R. R. Co.
Louisville & Jefifersonville Bridge &
Railroad Co
Maine Central R. R. Co
Minneapolis & St. Louis R. R. Co
Missouri & North Arkansas Ry. Co
Missouri Pacific R. R. Co
National Railway Service Corporation
account:
Baltimore & Ohio R. R. Co
Bangor & Aroostook R. R. Co
Minneapolis & St. Louis R. R. Co..
New Orleans, Texas & Mexico R
R.Co
Wheeling & Lake Erie Ry. C o . . . .
New York, New Haven & Hartford R
R.Co
Norfolk Southern R. R. C o . . i
Salt Lake & Utah R. R. C o . . .
Seaboard Air Line Ry. Co
Seaboard Bay Line Co
Shearwood Ry. Co
Tennessee Central Ry. Co
Toledo, St. Louis & Western R. R. Co.
Virginia Blue Ridge Ry. C o . .
Virginia Southern R. R. Co
Waterloo,Cedar Falls & Northern Ry.Co.j
Western Maryland Ry. Co
Wheeling & Lake Erie Ry. Co
Wichita Northwestern Ry. Co
Wilmington, Brunswick & Southern R.
R.Co
Total
,
.Loans and repayments to Oct. 31,1924.
Loans made
from Nov. 1,
1924, to Oct.
31, 1925
• Loans
outstanding
Oct. 31, 1924
Repayments
from Nov. 1,
1924,to Oct.
31, 1925
$212, 000. 00
$212, 000. 00
420, 250. 00
370, 000. 00
50, 000. 00
180, 000. 00
2, 900.000. 00
144, 000. 00
75, 000. 00
21, 705,479. 00
300, 000. 00
154, 000. 00
140, 000. 00
8,073, 023. 97
.27, 500. 00
. 80,000.00
Loans
outstanding
Oct. 31, 1925
785, 000. 00
2, 205,373. 00
155,000. 00
35, 000, 000. 00
7,862, 000. 00
7,616,000.00
236,450. 00
45,000. 00
375, 000. 00
60, 000. 00
75,000. 00
13, 000. 00
• $392,750. 00
290, 000. 00
50, 000.00
180,000.00
2,900, 000. 00
84, 000. 00
21, 705,479. 00
300,000.00
141, 000. 00
140, 000. 00
8, 073, 023.97
785, 000. 00
2, 205, 373. 00
155, 000. 00
35,000,000.00
7,862, 000. 00
7,616,000. 00
236, 450. 00
45,000. 00
375,000.00
633, 500. 00
11, 574,450. 00
20, 000. 00
633,500.00
11, 574,450. 00
20,000.00
200, 000. 00
200,000. 00
156,000. 00
75,000. 00
792, 000. 00
42,000. 00
1,433,500. 00
1, 665,000. 00
156, 000. 00
75,000. 00
792, 000. 00
36, 000. 00
2, 500. 000. 00
580, 000. 00
17,500. 00
147, 000. 00
2, 373, 000. 00
1, 382, 000. 00
3, 500, 000. 00
5,469, 760. 00
3,986,666. 67
42,480. 00
372, 730. 22
6, 000. 00
1,433,500.00
1, 665,000.00
2, 500, 000. 00
580,000.00
2, 500. 00
80,000. 00
3,986, 666. 67
42,480. 00
10, 090. 20
734,413. 76
3,188,846.46
734,413. 76
86,348.16
27, 230,000. 00
1,561, 700. 00
872, 600. 00
14,957, 400. 00
3, 925,000. 00
29, 000. 00
1, 500,
000. 00
554, 000. 00
106, 000. 00
38, 000. 00
1,260, 000. 00
2,822,800. 00
3,460, 000. 00
381, 750. 00
100,000.00
46, 600. 00
90, 000. 00
188,677,673. 08
503, 500. 00
314, 000. 00
46,000. 00
100,000. 00
1,400,000.00
15,000.00
147, 000. 00
2,373, 000. 00
1, 382,000. 00
3,500, 000. 00
5,389,760.00
362,640. 02
3,102,498. 30
27,130, 000. 00
1, 515,100. 00
872, 600. 00
14,453, 900.00
3,611, 000. 00
29, 000. 00
1, 500,
000. 00
508, 000. 00
106, 000.00
38, 000. 00
1,260, 000. 00
2, 722,800. 00
2,060, 000. 00
381, 750. 00
90,000. 00
9,984, 598. 79 178, 693, 074. 29
$350, 600, 667. 00 161,922, 993. 92
I 350,600,667.00 171,907, 592. 71
SECRETAEY OF T H E TREASURY
EXHIBIT
259
47
FEDERAL CONTROL OF RAILROADS—NET CASH EXPENDITURES
ON ACCOUNT OF RAILROADS AND RAILROAD OBLIGATIONS AS
OF JUNE 30, 1925
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
year
year
year
year
vear
year
year
year
1918
1919._>1920
1921
1922 (net credit)
1923
1924 (net credit)
1925 (net credit)
j -
.
Deduct; Expenditures (net) for loans under sec. 210
Add: Interest collected on loans under 210 deducted from
above
figures
----.
Deduct (railroad obligations held June 30,
1925):
Sec. 7 (Federal control act)
$25, 950, 000. 00
Equipment trust notes (act Nov. 19,
1919)
1, 253, 000. 00
Sec. 207 (transportation act)
108, 034, 000. 00
Net cash cost of Federal control to June 30,1925
$123, 263, 996. 17
358, 795, 274. 60^
1, 036, 672, 157. 53
730, 711, 669. 98
139, 469, 450. 82
1^, 847, 306. 11
58, 631, 367. 78
136,706,428.45
1, 929, 483, 157. 34
181, 063, 324. 29
1, 748, 419, 833. 05
51,500,950. 87
1, 799, .920, 783. 92
135, 237, 000. 00*
1, 664, 683, 783. 92:
NOTE .^Credits have been made against expenditures listed
above for interest collected by the Treasury to June 30,
1925:
Sec. 7 obhgations (Federal control act)
19, 569, 522. 92'
Equipment trust notes (act Nov. 19, 1919)
. 45, 105, 129. 02
Sec. 207 obhgations
_.
39, 395, 939. 45104, 070, 591. 39/
OCTOBEB 19, 1925.
260
REPORT ON THE FINANCES
EXHIBIT,
48
SECURITIES OWNED BY THE UNITED STATES GOVERNMENT
[Compiled from latest reports received by the Treasury, June 30,19251
Bonds of foreign governments received
under agreements for funding of their
debts to the United States pursuant to
the acts of Congress approved Feb. 9,
1922, Feb. 28, 1923, Mar. 12, 1924,
May 23, 1924, and Dec. 22, 1924:
Great Britain
$4, 554, 000, 000. 00
Finland
8, 910, 000. 00
Hungary
1, 972, 883. 00
Poland
-178, 560, 000. 00
Total
Obligations of foreign governments,
under authority of acts approved Apr.
24, 1917, and Sept. 24, 1917, as
amended (on basis of cash advances,
less repayments of principal): ^
BelgiumCzechoslovakia
France
Greece
Italy
Liberia
Kumania
Russia
Serbia
Total
Foreign obligations received from the
Secretary of War on account of sale
of surplus war supplies: 1
Belgium
Czechoslovakia
Esthonia
France
Latvia
Lithuania
Nicaragua
Rumania
Russia
1
Serbs, Croats, and Slovenes
$4, 743, 442, 883. 00
347, 210, 808. 68
61, 974, 041. 10
2, 933, 174, 898. 71
15, 000, 000. 00
1, 647, 869, 197. 96 .
26, 000. 00
23, 205, 819. 52
187, 729, 750. 00
26, 059, 865. 40
5, 242, 250, 381. 37
29, 818, 761. 38
20, 604, 302. 49
12,213,377 88
407,341,145.01
2, 521, 869. 32
4, 159, 491. 96
100,590.28
12,922,675.42
406, 082. 30
24, 978, 020. 99
Total
_'
Foreign obligations received from the
American Relief Administration on
account of relief pursuant to act approved Feb. 25, 1919:1
Armenia
.
Czechoslovakia
Esthonia
Latvia
Lithuania
Russia
Total
»The figures do not include interest accrued and unpaid.
515, 066, 317. 03
\
8, 028, 412. 15
6, 428, 089. 19
1, 785, 767. 72
2, 610, 417. 82
822,-136. 07
4, 465, 465. 07
-
_---
24, 140, 288. 02
SECRETARY OF THE TREASURY
261
Securities owned by the United States Government—Continued
Foreign obligations received from the
United States Grain Corporation on
account of final liquidation given for
relief pursuant to act approved Mar.
30,1920:1
Armenia
Austria
Czechoslovakia
_
TotaLCapital stock of War Emergency Corporations :
Capital stock of the Emergency
Fleet Corporation
Less cash deposited with the
Treasurer of the United
States to the credit of the
corporation
- $3,931,505.34
24, 055, 708. 92
2, 873, 238. 25
----
50, 000, 000. 00
44,419,554.19
—
Capital stock of the Hoboken Manufacturers Railroad Co
Capital stock of the United States
Housing Corporation, issued-_-_
70,000,000.00
Less amount retired plus cash
deposits covered into Treasury under act approved
July 11, 1919
30, 117, 119. 46
Capital stock of United States
Sugar EquahzationBoard, I n c . • Offset by cash deposited with
the Treasurer of the United
States to credit of the corporation
400, 000. 00
39, 882, 880. 54
12, 797, 160. 19
Obligations of carriers acquired under section 7 of the Federal
control act. approved Mar. 21, 1918, as amended: ^
Boston & Maine Railroad
.
Equipment trust 6 per cent gold notes,
acquired by Director General of
Railroads pursuant to Federal control act of Mar. 21, 1918, as amended,
and act approved Nov. 19, 1919, to
provide for the reimbursement of the
United States for motive power, cars,
and other equipment ordered for carriers under Federal control: ^
Atlanta, Birmingham & Atlantic
Railway Co
917, 000. 00
Minneapolis & St. Louis Railroad
Co
336, 000. 00
----
5,580,445.81
5, 000, 000. 00
Capital stock of the United States Spruce Production
Corporation
Capital stock of the War Finance
Corporation outstanding
1,000,000.00
Offset by cash deposited with
the Treasurer of the United
States to credit of War
Finance Corporation
.__
14, 399, 565. 88
Total
$30,860,452.51
10,000, 000. 00
25, 950, 000. 00
1, 253, 000. 00
2 This amount does not include securities purchased by the Director General of Railroads under the
provisions of section 12 of the Federal control act, approved March 21, 1918.
8 The notes are in series, which mature, respectively, on the 15th day of January in various years up to
1935.
262
REPORT ON T H E FINANCES
Securities owned by the United States Government—^Continued
Obligations of carriers acquired pursuant to section 207 of the transportation act approved Feb. 28, 1920,
.as amended:
Ann Arbor Railroad Co_ _
Boston & Maine Railroad
Chicago & Eastern Illinois' Railroad Co
Chicago Great Western Railroad
Co
.Chicago, Milwaukee & St. Paul
Railway Co
Erie Railroad Co. _Kansas, Oklahoma & Gulf Railway
Co
Maine Central Railroad Co
Minneapolis & St. Louis Railroad
Co
-New York, New Haven & Hartford
Railroad Co--__New York, Susquehanna & Western Railroad Co
Norfolk Southern Railroad Co
Seaboard Air Line Railway Co
Washington, Brandywine & Point
Lookout Railroad Co
Waterloo, Cedar Falls & Northern
Railway Co
Western Maryland Railway Co_ ._
Wheehng & Lake Erie Railway CoTotal
.
Obligations of carriers acquired pursuant to section 210 of the transportation act approved Feb. 28, 1920, as
amended:
Alabama, Tennessee & Northern
Railroad Corporation.
Ann Arbor Railroad Co
Aransas Harbor Terminal RailwayAtlanta, Birmingham & Atlantic
Railway Co
Baltimore & Ohio Railroad Co
Bangor & Aroostook Railroad Co.
Boston & Maine RailroadCentral New England Railroad Co.
Central Vermont Railway Co
Charles City Western Railway Co.
Chesapeake & Ohio Railway Co—
Chicago & Eastern Illinois Railroad Co., receiver of
Chicago Great Western Railroad
Co
Chicago, Indianapolis & Louisville
Railway Co
Chicago, Milwaukee & St. Paul
Railway Co
Chicago, Rock Island & Pacific
Railway Co
Chicago & Western Indiana Railroad Co
Cisco & Northeastern Railway Co.
Cowlitz, Chehalis & Cascade Railway Co
-
$525, 000. 00
1,030,000.00
3,425,000.00
950, 000. 00
20, 000, 000. 00
8,725,000.00
,
1, 629, 000. 00
750,000.00
1,250,000.00
64, 000, 000. 00
100,000.00
200, 000. 00
2, 000, 000. 00
50,000.00
500, 000. 00
2, 000, 000. 00
900, 000. 00
$108, 034, 000. 00
392, 750. 00
310,000.00
50, 000. 00
180,000. 00
2, 900, 000. 00
132, 000. 00
21, 706, 479. 00
300, 000. 00
154, 000. 00
140, 000. 00
8, 073, 023. 97
785,000.00
2,205,373.00
165, 000. 00
36,000,000.00
7,862,000. 00
7,616,000. 00
236, 450. 00
45, 000. 00
SECRETARY OF THE TREASURY
263
Securities' owned by the United States Government—Continued
Obligations of carriers acquired pursuant to section 210 of the transportation act approved Feb. 28, 1920, as
amended—Continued.
Cumberland & Manchester Railroad Co
._
Des Moines & Central Iowa Railroad, formerly the Inter-Urbaii
Railway Co
Erie Railroad Co
Fernwood, Columbia & Gulf Railroad Co
Fort Dodge, Des Moines & Southern Railroad Co
Fort Smith & Western Railroad
Co., receiver of the
Gainesville & Northwestern Railroad Co
-.
Georgia & Florida Railway, receivers of
Greene County Railroad Co
Hocking Valley Railway Co.
Kansas City, Mexico & Orient
Railroad Co., receiver of the
Kansas City Terminal Railway Co.
Lake Erie, Franklin & Clarion
Railroad Co
-.--._.
Louisville & Jeffersonville Bridge
& Railroad Co
Maine Central Railroad Co
Minneapolis & St. Louis Railroad
Co
Missouri & North Arkansas Railway Co
Missouri Pacific Railroad Co_
National Railway Service Corporation
.
New York, New Haven & Hartford
Railroad Co- Norfolk Southern Railroad Co
Salt Lake & Uta)h Railroa^d Co
Seaboard Air Line Railway Co
Seaboard Bay Line Co
Shearwood Railway Co
Tennessee Central Railway C o - _ Toledo, St. Louis & Western Railroad Co., receiver of
Virginia Blue Ridge Railway Co-_
Virginia Southern Railroad Co
Waterloo, Cedar Falls & Northern
Railway Co
.
Western Maryland Railway Co___
Wheehng & Lake Erie Railway Co.
Wichita, Northwestern Railway
Co
._Wilmington, Brunswick & Southern Railroad Co
--
&
$375,000.00
-
633,500.00
11, 574, 460. 00
20, 000. 00
200,000. 00
156,000.00
75,000.00
792, 000. 00
42, 000. 00
1, 665, 000. 00
2, 500, 000. 00
680, 000. 00
16,260.00
147, 000. 00
2, 373, 000. 00
1,382,000.00
3,600,000.00
6, 389, 760. 00
3,465,138.32
27, 230, 000. 00
1, 515, 100. 00
872, 600. 00
14, 453, 900. 00
3, 768, 000. 00
29,000.00 .
1, 500, 000. 00
508, 000. 00
106, 000. 00
38, 000. 00
1, 260, 000. 00
2, 722, 800. 00
3, 460, 000. 00
381,750.00
90,000.00
Total
Capital stock of the Panama Railroad Co
Capital stock of the Inland Waterways Corporation (acquired pursuant to the act approved June 3, 1924)
$181, 063, 324. 29
7, 000, 000. 00
1, 500, 000. 00
264
REPORT ON THE FINANCES
Securities owned by the United States Government-^Continned
Capital stock of the Federal land banks
(on basis of purchases, less repay" ments to date):
^
Springfield, Mass
Baltimore, Md
Columbia, S. C
St. Louis, Mo
Berkeley, Calif. _ _
,
Total.
.
Capital stock of Federal interniediate
credit banks, acquired pursuant to
the ''Agricultural credits act of 1923,''
approved Mar. 4, 1923:
Springfield, Mass
Baltimore, Md..__
1Columbia, S. C
Louisville, Ky
New Orleans, La
St. Louis, Mo
St. Paul, Minn—-Omaha, Nebr
Wichita, Kans
Houston, Tex-_
Berkeley, Calif
Spokane, Wash
$470, 900. 00
342, 955. 00
208, 285. 00
76,415.00
414, 490. .00
$1, 513, 045. 00
2, 000, 000. 00
2, 000, 000. 00
2, 000, 000. 00
2, 000, 000. 00
2, 000, 000. 00
2, 000, 000. 00
2,000,000.00
2, 000, 000. 00
2, 000, 000. 00
2, 000, 000. 00
2,000,000.00
2, 000, 000. 00
Total
Federal farm loan bonds, acquired pursuant to act approved Jan. 18, 1918:
Federal Farm Loan 43^ per cent bonds
Securities received by the Secretary of War on account of
sales of surplus war supplies
Securities received by the Secretary of the Navy on account
of sales of surplus property
Securities received by the United States Shipping Board on
account of sales of ships, etc
Grand total
24, 000, 000. 00
88, 885, 000. 00
5, 080, 992. 06
9, 482, 025. 57
41, 084, 955. 70
11, 106,469, 990. 90
MEMORANDUM
Amount due the United States from the Central Branch of
the Union Pacific Railroad on account of bonds issued
(Pacific Railroad aid bonds, acts approved July 1, 1862,
July 2, 1864, and May 7, 1878):
Principal
Interest
...
Total—
1, 600, 000. 00
1, 882, 833. 23
3,482,833.23
NOTE.—This statement is made up on the basis of the face value of the securities therein described as
received by the United States, with due allowance for repayments. To the extent that the securities are
not held in the custody of the Treasury, the statement is made up from reports received from other Government departments and establishments. The statement does not include securities which the United
States holds as collateral, or as the result of the investment of trust funds (as, for example, securities held
for account of the Alien Property Custodian, the United States Government life insurance fund, and other
similar trust funds).
E X H I B I T 49
OBLIGATIONS OF FOREIGN GOVERNMENTS HELD B Y T H E UNITED STATES TREASURY TOGETHER W I T H
I N T E R E S T A C C R U E D AND R E M A I N I N G U N P A I D T H E R E O N AS O F T H E LAST I N T E R E S T P E R I O D P R I O R
I
TO OR ENDING WITH NOVEMBER 15, 1925
o
i
M
CO
bO
o\
-HCountry
M
00
Obligations
received u n d e r
refunding
agreements
concluded b y
World W a r
Foreign D e b t
Commission
(act of F e b . 9,
1922, as
amended F e b .
28, 1923, a n d
J a n . 21, 1925)
Obligations representing cash
advanced
under
Liberty
b o n d acts
Obligations received from
t h e Secretary of W a r
a n d t h e Secretary of t h e
N a v y on a c c o u n t of sales
of s u r p l u s w a r m a t e r i a l
(act of J u l y 9, 1918)
Obligations - r e c e i v e d
from t h e A m e r i c a n R e lief A d m i n i s t r a t i o n o n
a c c o u n t of relief s u p plies furnished (act of
F e b . 25, 1919)
0 bligations r e c e i v e d
from t h e U n i t e d States
Grain Corporation on
a c c o u n t of sales of flour
(act of M a r . 30,1920)
Total
Ui
O
Principal
Principal
I n t e r e s t (including interest
d u e N o v . 15,
1925)
Principal
Interest
Principal
Interest
Principal
Interest
Principal
Interest
o
$8,028,412.15 $2,408, 523. 66$3,931, 505. 34 $1,090, 747. 04 $11,959, 917. 49
Armenia .
$3,499, 270. 70
124,055,708 92 7, 216, 712. 70
Austria
24, 055, 708. 92
7,216,712. 70
$346,334,969.38 $40, 750,429. 94 $29, 818, 761. 38
Belgium..
2 376,153, 730. 76 40, 750,429. 94
i')
Czechoslova61,974,041.10 316,451,380. 85 20, 604,302.49 $4, 643,356. 39 6, 428, 089.19 1,498, 331. 08 2,873, 238. 25 527, 260. 65 2 91,879, 671. 03 23,120,328. 97
kia
812,213,377.88 1, 509,869.19 1, 785, 767. 72
253, 908. 66
13, 999,145. 60
1,763, 777.85
Esthonia
8, 910,000. 00
$8,910,000. 00
Finland
3,340, 516, 043. 72 963,496, 233. 83
2,933,174,898. 71 963,496,233. 83 407,341,145. 01
France
i')
4, 554, 000, 000. 00
G r e a t B r i t a i n 4, 554,000,000. 00
3,000,000.00
3, 000,000. 00
15, 000, 000. 00
Greece
___
15, 000, 000. 00
1, 972,883. 00
Hungary
1,972,883. 00
21,647, 869,197. 96 394,130,802. 04
Italy
1, 647, 869,197. 96 394,130,802. 04
642,712.86
258,820.52 2, 610, 417.82
383,892. 34
2 5,132, 287.14
Latvia.
2, 521,869. 32
7,418. 85
26, 000. 00
Liberia
7,418. 85
26, 000. 00
6, 045, 225. 00
Lithuania
6,045, 225. 00
84, 090. 28
84, 090. 28
N i c a r a g u a _._.178, 560, 000. 00
Poland
178, 560,000. 00
11,283,378.62
36,128,494. 94
7, 406, 575. 94 12, 922, 675. 42 3, 876, 802. 68
23, 205, 819. 52
Rumania
68, 390,104. 49
192, 601, 297. 37
67,161,027. 76
Russia
187, 729, 750. 00
406, 082. 30
71, 064, 42 4, 465,465. 07 1,158,012. 31
15, 653,058. 75
51,037, 886. 39
26, 059, 865.40
8, 524,005. 81 24, 978, 020. 99 7,129, 052. 94
Yugoslavia--_
4, 749,488,108. 00 5,241, 374, 542.07 1, 500, 927,875. 02 510, 890,325. 07 17, 488, 966.14 23, 318,151. 95 5, 702, 668. 05 30i 860, 452. 51 8,834, 720. 39 10,555,931,579.60 1, 532,954,22C. 60
,
>
Ui
(«)
1 Time of payment of principal and interest extended to June 1, 1943, by authority of joint resolution of Congress approved Apr. 6,1922.
2 Agreements providing for funding of these obligations as to both principal and interest executed, subject to the approval of Congress, on Aug. 18 for the Belgian indebtedness,
on Oct. 13 for Czechoslovakian indebtedness, on Sept. 24, for Latvian indebtedness, on Oct. 28, for Esthonian indebtedness, and on Nov. 14.1925, for Italian indebtedness.
3 Includes certain open account claims of War Department and Shipping Board against Czechoslovakia.
• Interest has been paid as it became due.
*
* No interest due on Nicaraguan notes until maturity.
o Credit of $1,932,923.45 allowed by funding agreement on account of loss of cargo on ship sunk by mme.
to
EXHIBIT
fcO
OS
50
PAYMENTS MADE BY FOREIGN GOVERNMEHTTS ON ACCOUNT OF PRINCIPAL OF OBLIGATIONS HELD BY
THE TREASURY
On obligations received under
refunding agreements concluded by Worid War Foreign Debt Commission (act
of Feb. 9, 1922, as amended
Feb. 28, 1923 and Jan. 21,
1925)
Country
•
Belgium
Cuba
Finland
France
Great Britain
Hungary . . .
Italy
Lithuania
Nicaragua
Rumania
Yugoslavia
^_,
To Nov. 15,. From Nov. 16,''
1924, to Nov.
1924
15, 1925.
'
.,
_ .
.
$875,839. 30
$45,000.00
23,000.000.00
^ ..
.
.
45,000 00
On obligations received
from the Secretary of
War and the SecreOn obligations representing
tary of the Navy on
cash advanced under
account of sales of
Liberty bond acts
surplus war material (act of July 9,
1918)
To Nov. 15,"
1924
From Nov.
16,1924, to
Nov. 15,
1925
$2,003,659.21.
10,000,000.00
64, 302,745. 06
23,000.000.00- 202,181, 641. 56
9, 672. 50
164,852. 94
30,000.00
$53,971.16
. $156.23
35,000.00
i; 794,180. 48
720,600.16
..
23,045,000.00
23,960,511.80
281,167, 679. 41
To Nov.
15, 1924
On obligations
received
from the
American
Relief
Administration on
account
of relief
supplies
From Nov. furnished
16, 1924, to (act of
Nov. 15, Feb. 25,
1925
1919)
156. 23
$47, 513. 86
88,971.16
47, 513. 86
On obligations
received from
the United
States Grain
Corporation on
account of sales
of flour (act of
Mar. 30, 1920)
Total
o
H
O
$2,933,469. 67
10,000,000. 00
90,000. 00
64,302,901. 29
248,181, 641.-66
9, 672. 50
164,852. 94
30,000. 00
82, 513. 86
1, 794,180. 48
720, 600.16
328,309,832. 46
M
oUi
E X H I B I T 51
PAYMENTS MADE B Y FOREIGN GOVERNMENTS ON ACCOUNT OF INTEREST ON OBLIGATIONS HELD BY THE
TREASURY
O n obligations received u n d e r
refunding a g r e e m e n t s concluded b y W o r l d W a r Foreign D e b t C o m m i s s i o n (act
of F e b . 9, 1922, as a m e n d e d
F e b . 28, 1923 a n d Jan.- 21,
1925)
Country
To Nov.
15, 1924
Belgium
Cuba
Czechoslovakia
Esthonia
Finland
^
France
Great Britain
Greece
Hungary
Italy....
Latvia . .
Liberia
LithuaniaNicaragua
Poland -.
Rumania.
Russia
Yugoslavia
_
From Nov.
16, 1924, t o
N o v . 15, 1925
$192, 567.78
$404, 325. 00
O n obligations r e p r e s e n t i n g cash a d v a n c e d
u n d e r L i b e r t y b o n d acts
To May
15, 1919
From M a y
16, 1919, t o
N o v . 15, 1924
From Nov.
16, 1924,
to N o v .
15, 1925
O n obligaO n obligations received from tions received
t h e Secretary of W a r a n d
from
t h e Secretary of t h e N a v y
American
on a c c o u n t of sales of surRelief A d p l u s w a r m a t e r i a l (act J u l y m i n i s t r a t i o n
9, 1918)
on a c c o u n t
of relief s u p plies furnished (act
F e b . 25,1919)
Tn N o v i ^'"^"^ ^^0^'T?1924'
' 16, 1924, t o
15, 1924
; j^Q^, 35^ j,g25
To Nov.
15, 1925
i
$6,930,761.41
$10,907, 281. 55
394, 520. 55
304,178. 09
4, 470,182. 05
126, 784, 250. 20
1,159,153.34
$705,599.91
!
206, 655, 000. 00
136, 965, 000. 00
14, 542. 50
"
1, 441. 88
$309,315. 27
267, 975. 00
81, 632, 398. 06
20,367,057. 25
29, 666. 33
"
$753. 04
57, 598, 852. 62
126,266.19
161.10
1,138. 99
5,168. 09
2, 048, 224. 28
500, 000. 00
_
108, 904. 11
3,495, 686. 72
636, 059.14
207,073, 867. 50
138, 090, 884.11
4, 562. 76
700. 00
135,675. 00
154, 409. 63
4,179, 675.62
$22,954. 52
429,658, 244. 87
138, 640, 601. 87
22, 954. 52
90, 794, 717. 32
407. 98
10,152. 92
50,760. 30
* •
181,017.17
21,088, 814. 72
490, 740. 42
Total
753. 04
>
$18, 736, 210. 65
2, 286, 751. 58
304,178. 09
1,441.88
981, 615. 27
231,569,831:44
701, 516, 657.11
1,159,153. 34
44,961. 87
57, 598,852. 62
130,828. 95
• 861.10
137,221. 97
15,321. 01
2, 548,224. 28
263, 313. 74
1 7, 930,094. 33
636, 059.14
1,025,861,578.37
1 Represents proceeds of liquidation of.financial affairs of Russian Government in this country (copies of letter dated May 23,1922, from the Secretary of State and of reply of the
Secretary of the Treasury dated June 2,1922, in regard to loans to Russian Government and liquidation of affairs of the latter in this country appear in the annual report of the Secretary
of the Treasury for the fiscal year ended Jupe 30,1922, as exhibit 79, p. 283),
.
w
o
T o Nov.
15, 1925
$1,892, 231. 03
125.100,194. 08
23i; 112, 406. 91
O n obligations received
from t h e
U . S. G r a i n
Corporation
on a c c o u n t
of sales of
flour (act
M a r . 30,1920)
C
K
Ui
d
'268
REPORT ON T H E FINANCES
EXHIBIT
52
fPublic No. 327, 68th Congress. H . R . 98041
AN ACT TO AMEND THE ACT ENTITLED **AN ACT TO CREATE A
COMMISSION AUTHORIZED UNDER CERTAIN CONDITIONS TO
REFUND OR CONVERT OBLIGATIONS OF FOREIGN GOVERNMENTS HELD BY THE UNITED STATES OF AMERICA, AND FOR
OTHER PURPOSES," APPROVED FEBRUARY 9, 1922, AS AMENDED
FEBRUARY 28, 1923
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled. That the Act of
February 9, 1922, as amended, creating and establishing the World
W a r Foreign Debt Commission be, and hereby is, further amended
so that section 4 of said Act of February 9, 1922, shall read as follows:
'^SEC. 4. That the authority granted by this Act shall cease and
determine at the end of two years from February 9, 1925.''
Approved, January 21, 1925,
EXHIBIT
53
AGREEMENT FOR THE FUNDING OF THE DEBT OF LITHUANIA
TO THE UNITED STATES
Am^ement made the twenty-second day of September, 1924, at the city of
Washington, District of Columbia, between the Government of the
Republic of Lithuania, hereinafter called Lithuania, party of the
first part, and the Government of the United States of America, hereinafter called the United States, party of the second part.
Whereas, Lithuania is indebted to the United States as of June
15, 1924, upon obhgations maturing June 30, 1921 and 1922, in the
aggregate principal amount of $4,981,628.03, together withinterest
accrued and unpaid thereon; and
Whereas, Lithuania desires to fund said indebtedness to the
United States, both principal and interest, through the issue of
bonds to the United otates, and the United States is prepared to
accept bonds from Lithuania upon the terms and conditions hereinafter set forth:
Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness.—The amount of the indebtedness to
be funded, after allowing for cash payments made or to be made by
Lithuania, is $6,030,000, which has been computed as follows:
Principal amount of obligations to be funded
$4, 981, 628. 03
Interest accrued thereon from June 30, 1919, to June 15, 1924,
at the rate of 434 per cent per annum
1, 049, 918. 94
Total principal and interest accrued and unpaid as of
June 15, 1924
To be paid in cash by Lithuania, September 22, 1924
Total indebtedness to be funded into bonds
6, 031, 546. 97
1, 546. 97
6, 030, 000. 00
2. Repayment of Principal.—In order to provide for the repayment
of the indebtedness thus to be funded, Lithuania will issue to the
United States at par, as of June 15, 1924, bonds of Lithuania in the
aggregate principal amount of $6,030,000, dated June 15, 1924, and
269
SECEETAEY OF THE TEEASUEY
maturing serially on each June 15 in the succeeding years for 62
years, in the amounts and on the several dates fixed in the following
schedules:
June 1 5 —
1925
1926_..
1927
1928
1929
1930
1931
1932._
1933___
1934
1935
1936
1937
1938___
1939
1940
1941_.
1942
1943
1944
1945__
1946
1947
1948
1949.
1950_..
1951
1952
1953
1954_
1955.._.
1956
June 15—Continued
.
$30,000
30, 000
31,000
32, 000
33,000
34, 000
35,000
36,000
37,000
39,000
40, 000
42,000
43, 000
45, 000
46, 000
48, 000
49,000
51, 000
53,000
.. 55, 000
57, 000
59, 000
61, 000
63,000
65, 000
67, 000
69, 000
72, 000
75, 000
.__ 77, 000
80, 000
83, 000
1957
1958
1959
1960
1961
1962
1963
1964
1965 _
1966.
1967.
1968_
1969_
1970_
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
1983
1984
1985
1986
Total
$86, 000
89,000
92, 000
95,000
98,000
102,000
105,000
109,000
112, 000
116, 000
120, 000
124, 000
128, 000
133, 000*
138, OOO*
143, 000^
148, 000'
153, 000'
158, 000)
163,000!
169V 000!
175v 000181, OOO
188< 000
194, 000
201, Qm
208;
215,
223,
227,
-
000
000
000
000
6,030,000
Provided, however, That Lithuania may at its option, upon not less
than ninety days' advance notice to the United States, postpone any
payment falling due as hereinabove provided to any subsequent June
15 or December 15 not more than two years distant from its due
date, but only on condition that in case Lithuania shall at any time
exercise this option as to any payment of principal, the payment
falling due in the next succeeding year can not be postponed to any
date more than one year distant from the date when it becomes due
unless and until the payment previously postponed shall actually
have been made, and the payment falling due in the second succeeding year can not be postponed at all unless and until the payment
of principal due two years previous thereto shall actually have been
made.
All bonds issued or to be issued hereunder to the United States^
shall be payable to the Government of the United States of America,
or order, shall be issued in such denominations as may be requested
by the Secretary of the Treasury of the United States, and shall be-^
substantially in the form set forth in the exhibit hereto annexed
and marked '^Exhibit A.'' The $6,030,000 principal amount of
bonds first to be issued hereunder shall be issued in 62 pieces, in
denominations and with maturities corresponding to the annual
payments of principal hereinabove set forth.
270
KEPORT ON T H E FINANCES
3. Payment of Interest.—^All bonds issued or to be issued hereunder
shall bear interest, payable semiannually on June 15 and December
15 in each year, at the rate of 3 per cent per annum from June 15,
1924, to June 15, 1934, and thereafter at the rate of 33^ per cent
per annum until the principal thereof shall have been paid.
4. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in the United
States gold coin of the present standard of value, or, at the option
of Lithuania, upon not less than thirty days' advance notice to
the United States, in any obligations of the United vStates issued
after April 6, 1917, to be taken at par and accrued interest to the
date of payment hereunder: Provided, however. That Lithuania may
at its option, upon not less than ninety days' advance notice to the
United States, pay up to one-haK of any interest accruing between
June 15, 1924, and June 15, 1929, on the $6,030,000 principal amount
of bonds first to be issued hereunder, in bonds of Lithuania dated
and bearing interest from the respective dates when the interest to
be paid thereby becomes due, with maturities arranged serially to
fall on each June 15 in the succeeding years up to June 15, 1986,
substantially in the manner provided lor the original issue In paragraph 2 of this Agreement, and substantially similar in other respects
to the original issue of bonds under this Agreement.
All payments, whether in cash or in obligations of the United
States, to be made by Lithuania on account of the principal or
interest of any bonds issued or to be issued hereunder and held by
the United States, shall be made at the Treasury of the United
States in Washington, or, at the option of the Secretary of the Treasury of the United States, at the Federal Reserve Bank of New York,
and if in cash shall be made in funds immediately available on the
date of payment, or if in obligations of the United States shall be in
form acceptable to the Secretary of the Treasury of the United
States under the general regulations of the Treasury Department
governing transactions in United States obligations.
5. Exemption from Taxation.—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction
for, and shall be exempt from, any and all taxes or other public dues,
present or future, imposed by or under authority of Lithuania or any
political or local taxing authority within the Republic of Lithuania,
whenever, so long as, and to the extent that beneficial ownership
is in {a) the Government of the United States, (&) a person, firm,
or association neither domiciled nor ordinarily resident in Lithuania,
or (c) a corporation not organized under the laws of Lithuania.
6. Payments before Maturity.—Lithuania may at its option, on any
interest date or dates, upon not less than ninety days' advance
notice to the United States, make advance payments in amounts of
$1,000 or multiples thereof, on account of the principal of any bonds
issued or to be issued hereunder and held by the United States. Any
such advance payments shall first be applied to the principal of any
bonds which shall have been issued hereunder on account of interest
accruing between June 15, 1924, and June 15, 1929, and then to the
principal of any other bonds issued or to be issued hereunder and
neld by the United States, as may be indicated by lAthuania at the
time of the payment.
SECRETARY OF THE TREASURY
271
7. Exchange for Marketable OfeZ'i^a^fons.—Lithuania will issue to the
United States at any time, or from time to time, at the request of
the Secretary of the Treasury of the United States, in exchange for
any or all of the bonds issued or to be issued hereunder and held by
the United States, definitive engraved bonds in form suitable for sale
to the public, in such amounts and denominations as the Secretary
of the Treasury of the United States may request, in bearer form,
with provision for registration as to principal, and/or in fully registered form, and otherwise on the same terms and conditions, as to
dates of issue and maturity, rate or rates of interest, exemption from
taxation, payment in obligations of the United States issued after
April 6, 1917, and the like, as the bonds surrendered on such exchange.
Lithuania will deliver definitive engraved bonds to the United States
in accordance herewith within six months of receiving notice of any
such request from the Secretary of the Treasury of the United States,
and pending the delivery of the definitive engraved bonds will, at
the request of the Secretary of the Treasury of the United States,
deliver temporary bonds or interim receipts in form satisfactory to
the Secretary of the Treasury of the United States within thirty
days of the receipt of such request, all without expense to the United
States. The United States, before ofl'ering any such bonds or interim
receipts for sale in Lithuania, will first offer.them to Lithuania for
urchase at par and accrued interest, and Lithuania shall likewise
ave the option, in lieu of issuing any such bonds or interim receipts,
to make advance redemption, at par and accrued interest, of a corresponding principal amount of bonds issued or to be issued hereunder
and held by the United States. Lithuania agrees that the definitive
engraved bonds called for by this paragraph shall contain all such
provisions, and that-it will cause to be promulgated all such rules,
regulations, and orders, as shall be deemed necessary or desirable by
the Secretary of the Treasury of the United States in order to facilitate the sale of the bonds in the United States, in Lithuania or elsewhere, and that if requested by the Secretary of the Treasury of the
United States it will use its good offices to secure the listing of the
bonds on the stock exchange in Kaunas.
8. Cancellation and Surrender of Obligations.—Upon the execution
of this Agreement, the payment to the United States of cash in the
sum of $1,546.97 as provided in paragraph 1 of this Agreement and
the delivery to the United States of the $6,030,000, principal amount
of bonds of Lithuania first to be issued hereunder, together with
satisfactory evidence of authority for the execution of the Agreement
and the bonds on behalf of Lithuania by its Envoy Extraordinary
and Minister Plenipotentiary at Washington, the United States will
cancel and surrender to Lithuania, at the Treasury of the United
States in Washington, the obligations of Lithuania in the principal
amount of $4,981,628.03, described in the preamble to this Agreement.
9. Notices.—Any notice, request, or consent under the hand of
the Secretary of the Treasury of the United States shall be deemed
and taken as the notice, recjuest, or consent of the United States,
and shall be sufficient if delivered at the Legation of Lithuania at
Washington or at the office of the Minister of Finance in Kaunas;
and any notice, request, or election from or by Lithuania shall be
sufficient if delivered to the American Minister accredited to Lithuania
or to the Secretary of the Treasury at the Treasury of the United
E
272
REPORT ON T H E FINANCES
States in Washington. The United States in its discretion may waive
any notice required hereunder, but any such waiver shall be in writing
and shall not extend to or affect any subsequent notice or impair any
right of the United States to require notice hereunder.
10. Compliance with Legal Requirements.—Lithuania represents
and agrees that subject to the ratification of this Agreement by the
Seimas of Lithuania, the execution and delivery of this Agreement
and of the bonds issued or to be issued hereunder have in allrespects
been duly authorized and that subject to such ratification aU acts,
conditions, and legal formalities which should have been completed
rior to the making of this Agreement and the issuance of Donds
ereunder have been completed as required by the laws of Lithuania
and in conformity therewith.
11. Counterparts.—This Agreement shall be executed in two
counterparts, each of which shall have the force and effect of an
original.
In Witness Whereof Lithuania has caused this Agreement to be
executed on its behalf by its Envoy Extraordinary and Minister
Plenipotentiary at Washington, thereunto duly authorized, and the
United States has likewise caused this Agreement to be executed on
its behalf by the Secretary of the Treasury, as Chairman of the World
War Foreign Debt Commission, with the approval of the President, all on the day and year first above written, subject, however,
to the approval, respectively, of the Seimas of Lithuania and of the
Cpngress of the United States, pursuant to the Act of Congress
approved February 9, 1922, as amended by the Act of Congress
approved February 28, 1923, notice of which approval, when given,
will be transmitted, respectively, to the United States and to
Lithuania in the manner provided in paragraph 9 of this Agreement.
E
T H E GOVERNMENT OF THE
R E P U B L I C OF LITHUANIA,
By K. BIZAUSKAS,
[SEAL]
Envoy Extraordinary and Minister Plenipotentiary.
T H E GOVERNMENT OF THE
U N I T E D STATES OF AMERICA,
For the Commission:
[SEAL]
By A. W.
MELLON,
Secretary of the Treasury, and
Chairman of the World War Foreign Debt Commission.
Approved:
CALVIN COOLIDGE,
President.
E X H I B I T A.
[Form of Bond]
T H E GOVERNMENT O F . T H E REPUBLIC OF LITHUANIA
Sixty-two year 3-33^ per cent Gold Bond
Dated June 15, 1924—Maturing June 15,
$
^
^
^
^ No.
The Government of the Republic of Lithuania, hereinafter called
Lithuania, for value received, promises to pay to the Government
of the United States of America, hereinafter called the United
States, or order, on the 15th day of June,
, the sum of
Dollars ($
), and to pay interest upon said principal
SECRETARY OF T H E TREASURY
273
sum semiannually on the fifteenth day of June and December in
each year, at the rate of three per cent per annum from June 15,
1924, to June 15, 1934, and at the rate of three and one-half per
cent per annum thereafter until the principal hereof shall have
been paid. This bond is payable as to both principal and interest
in gold coin of the United States of America of the present standard
of value, or, at the option'of Lithuania, upon not less than thirty
days' advance notice to the United States, in any obligations of the
United States issued after April 6, 1917, to be taken at par and accrued
interest to the date of payment hereunder. This bond is payable
as to both principal and interest without deduction for, and is
exempt from, any and all taxes and other public dues, present or
future, imposed by or under authority of Lithuania or any political
or local taxing authority within the Republic of Lithuania, whenever,
so long as, and to the extent that, beneficial ownership is in (a) the
Government of the United States, (b) a person, firm, or association
neither domiciled nor ordinarily resident in Lithuania, or (c) a
corporation not organizeci under the laws of Lithuania. This bond
is payable as to both principal and interest at the Treasury of the
United States in Washington, D. C , or, at the option of the Secretary of the Treasury of the United States, at the Federal Reserve
Bank of New York.
This bond is issued under an Agreement, dated September 22,
1924, between Lithuania and the United States, to which this bond
is subject and to which reference is made for a further statement of
its terms and conditions.
I n Witness Whereof, Lithuania has caused this bond to be executed
in its behalf at the City of Washington, District of Columbia, by
its Envoy Extraordinary and Minister Plenipotentiary at Washington, thereunto duly authorized.
The Government of the Republic of Lithuania:
By
•"Envoy Extraordinary and Minister Plenipotentiary.
Dated, June 15, 1924.
[Back]
The following amounts have been paid upon the principal amount
of this bond:
Date.
Amount paid.
EXHIBIT
54
LETTER F R O M THE SECRETARY OF THE TREASURY, DATED SEPTEMBER 22, 1924, TO THE PRESIDENT OF THE UNITED STATES,
S U B M I T T I N G THE R E P O R T OF THE WORLD WAR F O R E I G N
DEBT C O M M I S S I O N IN CONNECTION WITH THE DEBT SETTLEMENT WITH LITHUANIA
[Copies of report, agreement, and letter of the President of September 22,1924]
WORLD W A R FOREIGN D E B T
COMMISSION,
September 22, 1924.
The
PRESIDENT:
The World War Foreign Debt Commission, created under an act
of Congress approved February 9, 1922, as amended by the act of
274
REPORT ON T H E FINANCES
Congress approved February 28, 1923, having received the representative appointed by the Government of the Republic of Lithuania
to consider the refunding of the obligations of that Government
-arising out of the World War and held by the United States, reports
as follows:
The Government of the Republic of Lithuania designated as its
representative Mr. Kazys Bizauskas, its present envoy extraordinary
and minister plenipotentiary at Washington, who conferred with
representatives of the commission and stated that he had been
instructed by his Government to advise the commission of its desire
to effect a refunding of its indebtedness to the United States and that
it was prepared to do so upon the same terms as those embodied
in the agreement previously concluded for the same purpose between
the Government of the United States and the Government of Finland, the total amount of indebtedness to be determined as of Jxme
15, 1924, accrued interest to that date on the obligations held being
computed at the rate of 43^ per cent per annum, repayment of the
indebtedness so determined to be provided for by tne issue at par
as of that date of bonds in the principal amount of $6,030,000 and the
imniediate payment in cash of any amount found to be due over and
above that figure.
After full consideration of the financial and economic situation in
Lithuania, the proposal of the Government of Lithuania was accepted,
subject to your approval and that of Congress by act or joint resolution.
An agreement on the foregoing basis has accordingly been executed
on behalf of Lithuania by its envoy extraordinary and minister
plenipotentiary at Washington, subject to the approval of the
oeimas of Lithuania, and on behalf of the United States by the
Secretary of the Treasury as chairman of the World War Foreign
Debt Commission, pursuant to authority conferred by the commission, subject to your approval and to that of Congress.
I have the honor to hand you herewith for your approval the
agreement executed in two counterparts and one copy thereof for
your files. The commission believes that the settlement of the debt
of the Government of the Republic of Lithuania to the United States
on the basis specified is fair and just to both Governments and recommends for submission to Congress the terms embodied in the agreement herewith.
I should appreciate it if, after indorsing your approval on the two
counterparts of the agreement, you would return them to me in
order that I may transmit one copy to the minister of Lithuania
and the other to the Treasurer of the United States to be held pending such action as may be taken by the Seimas of Lithuania and by
Congress.
Respectfully submitted.
(Signed)
A. W. MELLON,
Secretary of the Treasury and
Chairman of the World War Foreign Debt Commission.
The
PRESIDENT,
The White House.
SECRETARY OF T H E TREASURY
275
E X H I B I T 55
MESSAGE FROM THE PRESIDENT OF THE UNITED STATES TO
THE CONGRESS, DATED DECEMBER 4, 1924, SUBMITTING THE
REPORT OF THE WORLD WAR FOREIGN DEBT COMMISSION,
DATED DECEMBER 4, 1924
To the Congress of the UnitedStates:
I , am submitting herewith for your consideration a copy of the
report of the World War Foreign Debt Commission, dated September
22, 1924, together with a. copy of the agreement referred to therein,
providing for the settlement of the indebtecfnesa of the Government
of the Republic of Lithuania to the Government of the United States
of America. The agreement was executed on September 22, 1924,
and was approved b y me on that day subject to the approval of
Congress pursuant to authority conferred by act of Congress approved
February 9, 1922, as amended by act of Congress approved February
28, 1923.
I recommend the approval of this agreement.
.
CALVIN COOLIDGE.
T H E WHITE HOUSE,
December 4) 1924'
E X H I B I T 56
[Public No. 298, 68th Congress. H. R. 10660]
AN A C T T O A U T H O R I Z E
THE SETTLEMENT OF THE INDEBTED-
NESS OF THE REPUBLIC OF LITHUANIA TO THE UNITED STATES
OF AMERICA
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the settlement of the indebtedness of the Republic of Lithuania to the United
States of America made by the World War Foreign Debt Commission and approved by the President upon the terms and conditions
as set forth in Senate Document Numbered 168, Sixty-eighth Congress, second session, is hereby approved in general terms as follows:
The amount of the indebtedness to be funded, after allowing for
cash payments made by Lithuania, is $6,030,000, which has been
computed as follows:
Principal amount of obligations to be funded, $4,981,628.03. I n terest accrued thereon from June 30, 1919, to June 15, 1924, at the
rate of 43^ per centum per annum, $1,049,918.94. Total principal
and interest accrued and unpaid as of June 15, 1924, $6,031,546.97.
Paid in cash b y Lithuania September 22, 1924, $1,546.97. Total
indebtedness to be funded into ponds, $6,030,000,
The principal of the bonds shall be paid in annual installments
on June 15 of each year up to and including June 15, 1986, on a
fixed schedule, subject to the right of the Government of the Republic of Lithuania to make such payments in three-year periods.
The amount of the first year's installment .shall be $30,000, the annual installments to increase until in the sixty-second year the amount
of the final installment will be $227,000, the aggregate installments
being equal to the total principal of the indebtedness to be funded
into bonds.
276
REPORT ON THE FINANCES
The Government of the Republic of Lithuania shall have theright to pay off additional amounts of the principal of the bonds on.
any interest date upon ninety days' advance notice.
Interest on the bonds shall be payable semiannually on June 15^
and December 15 of each year at the rate of 3 per centum per annum from June 15, 1924, to June 15, 1934, and thereafter at tlie rate
of 3J^ per centum per annum until final payment.
The Government of the Republic of Lithuania, at its option, upom
not less than ninety days' notice, shall have the right to pay up toone-half of the interest.accruing between June 15, 1924, and June15, 1929, on the $6,030,000 principal amount of bonds first to be
issued, in bonds of Lithuania dated and bearing interest from the
respective dates when the interest to be paid thereby becomes due,,
witn maturities arranged serially to fall on each June 15, in the succeeding years up to June 15, 1986, substantially in the manner provided for the original issue of bonds and bearing the same rates of
interest and substantially the same in other respects as such original
issue of bonds.
Any payment of interest or of principal may be made, at the o p tion of the Government of the Republic of Lithuania, in any United:
States Government obligations issued after April 6, 1917, such obligations to be taken at par and accrued interest.
Approved, December 22, 1924.
EXHIBIT
57
AGREEMENT FOR THE FUNDING OF THE DEBT OF POLAND TO^
THE UNITED STATES
Agreement made the fourteenth day of November, 1924, ^^ ^^^ (^ity of
Washington, District of Columbia, between the Government of the
Republic of Poland, hereinafter called Poland, party of the first part,
and the Government ofthe'LJnited States of America, hereinafter called
the United States, party of the second part.
Whereas, Poland is indebted to the United States as of December
15, 1922, upon obligations in the aggregate principal amount of $159,666,972.39, together with interest accrued and unpaid thereon; and
Wliereas, Poland desires to fund said indebtedness to the United
States, both principal and interest, through the issue of bonds to the
United States, and the United States is prepared to accept bonds
from Poland upon the terms and conditions hereinafter set forth:
Now, therefore, in consideration of the premises and of the.mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness.—The amount of the indebtedness to be
funded, after allowing for cash payments made or to be made b y
Poland, is $178,560,000, which has been computed as follows:
Principal amount of obligations to be funded
$159, 666, 972. 39'
Interest accrued and unpaid thereon to December 15, 1922, at
the rate of 43^ per cent per annum
18, 898, 053. 60
Total principal and interest accrued and unpaid as of
December 15, 1922
To be paid in cash by Poland November 14, 1924
Total indebtedness to be funded into bonds
178, 565, 025. 99
5, 025. 99
178, 560, 000. 00
SECRETARY OF THE TREASURY
277
2. Repayment of Principal.—In order to provide for the repayment
-of the indebtedness thus to be funded, Poland will issue to the United
•States at par, as of December 15, 1922, bonds of Poland in the aggre*gate principal amount of $178,560,000, dated December 15, 1922, and
maturing serially on each December 15 in the succeeding years for
62 years, in the amounts and on the several dates fixed in the lollowing
^schedule:
December 15—
1923
1924
1925
1926
1927
1928
1929
1930.
1931
1932
1933
1934
1935
1936
1937
.
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949.
1950
' 1951
1952
1953_
1954
$560, 000
925, 000
950, 000
975,000
1,000,000
: 1,025,000
1,050,000
1, 075, 000
1,100,000
1,125,000
1,150,000
1,200,000
1,225,000
.
1,250,000
1,275,000
1,300,000
1, 325, 000
1,350,000
1,400,000
_. 1,450,000
1,500,000
1,550,000
1,600,000
1,675,000
1,750, 000
1,825,000
1,900,000
1,975,000
2,075,000
2,200,000
.^-_ 2,300,000
2,400,000
December 1 5 —
1955
..___ $2,500,000
1956
...__
2,600,000
1957J
2,700,000
1958
_._._.
2,800,000
1959___
2,900,000
1960
3,000,000
1961
3,100,000
1962
_.
3,200,000
1963
_._3,300,000
1964
..._.
3,400,000
1965
3,500,000
1966
____
3,600,000
1967
___.
3,700,000
1968
____
3,800,000
1969
__.. _...
3,900,000
1970
4,000,000
1971
.__.
4,100,000
1972
4,200,000
4,400,000
1973
:.___. _.__
1974
4,600,000
4,800,000
1975
1976_...
5,000,000
1977
___.
5,200,000
5,400,000
1978
1979
5,800,000
1980
6,200,000
6,800,000
1981
1982..
___.
7,400,000
1983
_-_8,200,000
1984
9,000,000
Total
178,560, 000
Provided, however. That Poland, at its option, upon not less than
ninety days' advance notice to the United States, may postpone any
payment falling due as hereinabove provided, except those falling
due on or before December 15, 1929, hereinafter referred to in paragraph 4 of this Agreement, to any subsequent June 15 or December
15 not more than two years distant from its due date, but only on
condition that in case Poland shall at any time exercise this option
as to any payment of principal, the payment falling due in the next
succeeding year can not be postponed to any date more than one
year distant from the date when it becomes due unless and until
the payment previously postponed shall actually have been made,
and the payment falling due in the second succeeding year can riot be
postponed at all unless and until the payment of principal due two
yea;rs previous thereto shall actually have been made.
All bonds issued- or to be issued hereunder to the United States
-shall be payable to the Government of the United States of America,
or order, shall be issued in such denominations as inay be requested
b y the Secretary of the Treasury of the United States, and snail be
substantially in the form set forth in the exhibit hereto annexed
a n d marked ''Exhibit A." The $178,560,000 principal amount
278
REPORT ON THE FINANCES -
of bonds first to be issued hereunder shall be issued in 62 pieces,
in denominations and with maturities corresponding to the annual
payments of principal hereinabove set forth.
3. Payment of Interest.—All bonds issued or to be issued hereunder
shall bear interest, payable semiannually on June 15 and December
15 in each year, at the rate of 3 per cent per annum from December
15, 1922, to December 15, 1932, and thereafter at the rate of 33^
per cent per annum until the principal thereof shall have been paid.
4. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States,
gold coin of the present standard of value, or, at the option of Poland,
upon not less than thirty days' advance notice to the United States,
in any obligations of the United Statfes issued after April 6, 1917, to
be taken at par and accrued interest to the date of payment hereunder: Provided, however, that with reference to the payments on
account of principal and/or interest falling due hereunder on or
before December 15, 1929, Poland, at its option, may pay the following amounts on the dates specified:
June 15, 1925
.
December 15, 1925
June 15, 1926
December 15, 1926
June 15, 1927
December 15, 1927
$500, 000
500, 000
750,000
750, 000
1, 000, 000
1, 000, 000
June 15, 1928
December 15, 1928
June 15, 1929
December 15, 1929
Total
$1,250,000
1, 250, 000
1, 500, 000
1, 500, 000
10, 000, 000
and the balance, including interest on all overdue payments at the
rate of 3 per cent per annum from their respective due dates, in
bonds of Poland dated December 15, 1929, bearing interest at the
rate of 3 per cent per annum from December 15, 1929, to December
15, 1932, and thereafter at the rate of 3J^ per cent per annum until
the principal thereof shall have been paid, such bonds to mature
serially on December 15 of each year up to and including December
15, 1984, substantially in the manner provided in paragraph 2 of
this Agreement, and to be substantially similar in other respects
to the bonds first to be issued hereunder.
All payments, whether in cash or in obligations of the United
States, to be made by Poland on account of the principal or interest
of any bonds issued or to be issued hereunder ana held by the United
States, shall be made at the Treasury of the United States in Washington, or, at the option of the Secretary of the Treasury of the
UnitedvStates, a t the,Federal Reserve Bank of New York, and if in
cash shall be made in funds immediately available on the date of
payment, or if in obligations of the United States shall be in form
acceptable to the Secretary of the Treasury of the United States
under the general regulations of the Treasury Department governing
transactions in United States obligations.
5. Exemption from Taxation.—The principal and interest of aU
bonds issued or to be issued hereunder shall Tbe paid without deduction for, and shall be exempt from, any and all taxes or other public
dues, present or future, imposed by or under authority of Poland
or any political or local taxing authority within the Republic of
Poland, whenever, so long as, and to the extent that beneficial
ownership is in {a) the Government of the United States, (6) a person,
firm, or association neither domiciled nor ordinarily resident in
Poland, or (c) a corporation not organized under the laws of Poland.
SECRETARY OF THE TREASURY
27&
6. Payments before Maturity.—Poland, at its option, on any interest
date or dates, upon not less than ninety days' advance notice to the
United States, may make advance payments in amounts of $1,000 or
multiples thereof, on account of the principal of any bonds issued or to^
be issued hereunder and held by the united States. Any such
advance payments shall first be applied to the principal of any bonds
which shall have been issued hereunder on account of principal and/or
interest accruing between December 15, 1922, and December 15, 1929,
and then to the principal of any other bonds issued hereunder and
held by the United States, as may be indicated by Poland at thetime of the payment.
7. Exchange for Marketable Obligations.—Poland will issue (o theUnited States at an}^ time, or from time to time, at the request of theSecretary of the Treasury of the United States, in exchange for any
or all of the bonds issued or to be issued hereunder and held by theUnited States, definitive engraved bonds in form suitable for sale tothe public, in such amounts and denominations as the Secretary of theTreasury of the United States may request, in bearer form, with
provision for registration as to principal, and/or in fully registered
form, and otherwise on the same terms and conditions, as to dates of
issue and maturity, rate or rates of interest, exemption from taxation,
payment in obligations of the United States issued after April 6,
1917, and the like, as the bonds surrendered on such exchange..
Poland will deliver definitive engraved bonds to the United States in
accordance herewith within six months of receiving notice of anysuch request from the Secretary of the Treasury of the United States,
and pending the delivery of the definitive engraved bonds will deliver,,
at the request of the Secretary of the Treasury of the United States,
temporary bonds or interim receipts in form satisfactory to theSecretary of the Treasury of the United States within thirty days of
the receipt of such request, all without expense to the United States.
The United States, before offering any such bonds or interim receipts,
for sale in Poland, will first offer them to Poland for purchase at p a r
and accrued interest, and Poland shall likewise have the option, in lieu,
of issuing any such bonds or interim receipts, to make advance redemption, at par and accrued interest, of a corresponding principal amount
of bonds issued or to be issued hereunder and held by the United
States. Poland agrees that the definitive engraved bonds called for
by this paragraph shall contain all such provisions, and that it will
cause to be promulgated all such rules, regulations, and orders, as
shall be deemed necessary or desirable by the Secretary of the
Treasury of the United States in order to facilitate the sale of thebonds in the United States, in Poland or elsewhere, and that if
requested by the Secretary of the Treasury of the United States, it
will use its good offices to secure the listing of the bonds on the stock
exchange in Warsaw.
8. Cancellation and Surrender of Obligations.—Upon the execution
of this Agreement, the payment to the United States of cash in th&
sum of $5,025.99 as provided in paragraph 1 of this Agreement and
the delivery to the United States of the $178,560,000 principal
amount of bonds of Poland first to be issued hereunder, together with
satisfactory evidence of authority for the execution of the Agreement,
and the bonds on behalf of Poland by its Envoy Extraordinary and
280
REPORT ON T H E FINANCES
Minister Plenipotentiary at Washington, the United States will cancel and surrender to Poland, at the Treasury of the United States in
Washington, the obligations of Poland in the principal amount of
$159,666,972.39. described in the preamble to this Agreement.
9. Notices.—Any notice, request, or consent under the hand of the
Secretary of the Treasury of the United States, shall be deemed and
taken as the notice, request, or consent of the United States, and shall
be sufficient if delivered at the Legation of Poland at Washington
or at the office of the Minister of Finance in Warsaw; and any notice,
request, or election from or by Poland shall be sufficient if delivered
to the American Legation at Warsaw or to the Secretary of the
Treasury at the Treasury of the United States in Washington. The
United States in its discretion may waive any notice required hereunder, but any such waiver shall be in writing and shall not extend
to or affect any subsequent notice or impair any right of the United
States to require notice hereunder.
10. Compliance with Legal Requirements.—Poland represents and
agrees that the execution and delivery of this Agreement and of the
bonds issued or to be issued hereunder have in all respects been duly
authorizied and that all acts, conditions, and legal formalities which
should have been completed prior to the making of this Agreement
and the issuance of bonds hereunder have been completed as required
by the laws of Poland and in conformity therewith.
11. Counterparts.—Thl^ Agreement shall be executed in two counterparts, each of which shall have the force and effect of an original.
i n Witness Whereof Poland has caused this Agreement to be
executed on its behalf by its Envoy Extraordinary and Minister
Plenipotentiary at Washington, thereunto duly authorized, and the
United States has likewise caused this Agreement to be executed on
its behalf by the Secretary of the Treasury, as Chairman of the World
W a r Foreign Debt Commission, with the approval of the President,
all on the day and year first above written, subject, however, to the
approval of Congress, pursuant to the Act of Congress approved
February. 9, 1922, as amended by the Act of Congress approved
February 28, 1923, notice of which approval, when given by Congress,
will be transmitted in due course by the Secretary of the Treasury
of the United States to the Legation of Poland at Washington.
T H E GOVERNMENT OF THE
REPUBLIC OF POLAND.
By WLADYSLAW WROBLEWSKI,
Envoy Extraordinary and
Minister Plenipotentiary.
[SEAL.]
T H E GOVERNMENT OF THE
U N I T E D STATES OF AMERICA,
For the Commission:
[SEAL.]
By A. W.
MELLON,
Secretary of the Treasury, and
Chairman of the World War
Foreign Debt Commission.
Approved:
CALVIN COOLIDGE,
President.
SECRETAEY OF THE TREASURY
EXHIBIT
281
A
[Form of Bond]
T H E GOVERNMENT OF THE REPUBLIC OF POLAND
Sixt3^-two year 3-3 J^ per cent Gold Bond
Dated December 15, 1922—maturing December 15,
$
•
No.
The Government of the Republic of Poland, hereinafter called
Poland, for value received, promises to pay to the Government of
the United States of America, hereinafter called the United States,
or order, on the 15th day of December,
, the sum of
Dollars ($
), and to pay interest upon said principal sum
semiannually on the fifteenth day of June and December in each
year, at the rate of three per cent per annum from December 15,
1922, to December 15, 1932, and at the rate of three, and one-half
per cent per annum thereafter until the principal hereof shall have
been paid. This bond is payable as to both principal and interest
in gold coin of the United States of America of the present standard
of value, or, at the option of Poland, upon not less than thirty days^
advance notice to the United States, in any obhgations of the United
States issued after April 6, 1917, to be taken at par and accrued
interest to the date of payment hereunder. This oond is payable
as to both principal and interest without deduction for, and is exempt
from, any and all taxes and other public dues, present or future,
imposed by or under authority of Poland or any political or local
taxing authority within the Republic of Poland, whenever, so long
as, and to the extent that, beneficial ownership is in (a) the Government of the United States, (b) a person, firm, or association neither
domiciled nor ordinarily resident m Poland, or (c) a corporation not
organized under the laws of Poland. This bond is payable as to
both principal and interest at the Treasury of the United States in
Washington, D. C , or at the option of the Secretary of the Treasury
of the United States, at the Federal Reserve Bank of New York.
This bond is issued under an Agreement, dated November 14, 1924,
between Poland and the United States, to which this bond is subject
and to which reference is made for a further statement of its terms
and conditions.
In Witness Whereof, Poland has caused this bond to be executed
in its behalf at the City of Washington, District of Columbia, by
its Envoy Extraordinary and Minister Plenipotentiary at Washington, thereunto duly authorized.
The Government of the Republic of Poland:
By
Envoy Extraordinary and
Minister Plenipotentiary.
Dated, December 15, 1922.
(Back)
The following amounts have been paid upon the principal amount
of this bond:
Date.
Amount paid.
282
REPORT ON T H E FINANCES
EXHIBIT
58
LETTER FROM THE SECRETARY OF THE TREASURY, DATED
NOVEMBER 14, 1924, TO THE PRESIDENT OF THE UNITED
STATES, SUBMITTING THE REPORT OF THE WORLD WAR FOR^EIGN DEBT COMMISSION IN CONNECTION WITH THE DEBT
SETTLEMENT WITH POLAND
WORLD W A R FOREIGN D E B T
The PRESIDENT:
COMMISSION,
Washington, November 14, 1924-
The World War Foreign Debt Commission, created under the act
of Congress approved February 9, 1922, as amended by the act of
Congress approved February 28, 1923, desires to make the foUowing
report regarding the refunding of the obligations of the Government
of the RepubHc of-Poland held by the United States:
The Government of the Republic of Poland designated as its
representative to appear before the Commission Dr. Wladyslaw
Wroblewski, its present envoy extraordinary and minister plenipotentiary at Washington. Doctor Wroblewski conferred with
representatives of the commission, stating that he had been instructed
to advise the commission of the desire of his Government to effect
a refunding of its indebtedness to the United States upon the same
l^asis as that embodied in the refunding agreement concluded between
Great Britain and the United States as of December 15, 1922, subject,
however, to certain modifications. After discussion with the Commission, Doctor Wroblewski agreed to conclude a settlement as of
December 15, 1922, substantially on the terms of the settlement
concluded by the United States with Great Britain, except for
a provision under which Poland shall have the option to liquidate
amounts due under the agreement prior to 1930 in part by certain
semiannual payments aggregating $10,000,000, the balance in bonds
of Poland similar in. terms to those originally issued.
After full consideration, an agreement on the foregoing basis was
executed on behalf of Poland by its envoy extraordinary and minister
plenipotentiary at Washington, subject to the approval of the
President and Council of Ministers of Poland, and on behalf of the
United States by the Secretary of the Treasury as chairman of the
World War Foreign Debt Commission, subject to your approval and
that of Congress.
I have the honor to hand you herewith for your approval two
executed counterparts of the agreement and one unexecuted copy
thereof for your files.
If the agreement meets with your approval, I shall appreciate it
if you wiU sign the two counterparts and return them to me so that
I may transmit one copy to the Minister of Poland and the other to
the Treasurer of the United States to be held pending such action as
may be taken by the President and Council of Ministers of Poland
and by Congress.
The Commission believes that the settlement of the debt of the
Government of the Republic of Poland to the United States on the
basis specified is fair and just to both Governments, and recommends
that the terms embodied in the agreement be submitted to Congress
for its approval.
Respectfully submitted.
A. W. MELLON,
Secretary of the Treasury and
Chairman of the World War Foreign Debt Commission.
The PRESIDENT,
The White House.
SECRETARY OF T H E TREASURY
EXHIBIT
283
59
MESSAGE F R O M T H E PRESIDENT O F T H E UNITED STATES T O
T H E C O N G R E S S , D A T E D DECEMBER 4, 1924, SUBMITTING THE
REPORT OF THE WORLD WAR FOREIGN DEBT COMMISSION,
DATED NOVEMBER 14, 1924
To the Congress of the United States:
I am submitting herewith for your consideration a copy of the
i-eport of the World War Foreign Debt Commission, dated November
14, 1924, together with a copy of the agreement referred to therein,
providing for the settlement of the indebtedness of the Government
of the Republic of Poland to the Government of the United States
of America. The agreement was executed on November 14, 1924,
-and was approved b y me on that day subject to t h e approval of
Congress, pursuant to authority conferred by act of Congress approved February 9, 1922, as amended by act of Congress approved
February 28, 1923.
I recommend the approval of this agreement.
CALVIN COOLIDGE.
T H E WHITE HOUSE,
December 4, 1924.
E X H I B I T 60
[Public, No. 299, 68th Congress. H. R. 10651]
AN ACT TO AUTHORIZE THE SETTLEMENT OF THE INDEBTEDNESS OF THE REPUBLIC OF POLAND TO THE UNITED STATES
OF AMERICA, AND FOR OTHER PURPOSES
^
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled. That the settlement of the indebtedness of the Republic of Poland to the United
States of America made by the World War Foreign Debt Commas
sion and approved by the President upon the terms and conditions
as set forth in Senate Document Numbered 169, Sixty-eighth Congress, second session, is hereby approved in general terms as follows:
The amount of the indebtedness to be funded, after allowdng for
cash payment made by Poland, is $178,560,000, which has been
computed as follows: Principal amount of obligations to be funded,
$159,666,972.39; interest accrued and unpaid thereon to December
15, 1922, at the rate of 434 per centum per annum, $18,898,053.60;
total principal and interest accrued and unpaid as of December 15,
1922, $178,565,025.99; paid in cash by Poland November 14, 1924,'
$5,025.99; total indebtedness to be funded into bonds, $178,560,000.
The principal of the bonds shall be paid in annual installments
on December 15 of each year up to and including December 15, 1984,
on a fixed schedule, subject to the right of the Government of the
Republic of Poland to make such payments in three-year periods.
The amount of the first year's installment shall be $560,000, the
annual installments to increase until the sixty-second year t h e
amount of the final installment will be $9,000,000, the aggregate
installments being equal to the total principal of the indebtedness to
be funded into bonds.
The Government of the Republic of Poland shall have the right
to pay off additional amounts of the principal of the bonds oh any
interest date upon ninety days' advance notice.
Interest on tne bonds shall be payable semiannually oh December
15 and June 15 of each year at the rate of 3 per centum per annum
284
REPORT ON THE FINANCES.
from December 15, 1922, to December 15, 1932, and thereafter a t
the rate of 33^ per centum per annum until final payment.
The Government of the Republic of Poland shall have the option
with reference to payments on account of principal and interest
falling due on or before December 15, 1929, under the terms of t h ^
agreement, to make the following payments on the dates specified:
June 15, 1925, $500,000; December 15, 1925, $500,000; June 15,
1926, $750,000; December 15,1926, $750,000 ;June 15,1927, $1,000,000;
December 15, 1927, $1,000,000; June 15, 1928, $1,250,000; December
15, 1928, $1,250,000; June 15, 1929, $1,500,000; December 15, 1929,
$1,500,000; total, $10,000,000, and to pay the balance, including interest on all overdue payments at the rate of 3 per centum per annum,
in bonds of Poland, dated December 15, 1929, bearing interest at
the rate of 3 per centum per annum from December 15, 1929, to
December 15, 1932, and thereafter at the rate of 33^ per centum
per annum, such bonds to mature serially on December 15 of each
year up to and including December 15, 1984, substantially in thesame manner and to be substantially the same in other respects as
the bonds of Poland received at the time of the funding of theindebtedness.
Any payment of interest or of principal may be made, at the
option of the Government of the Republic of Poland, in any United
States Government obligations issued after April 6, 1917, such obligations to be taken at par and accrued interest.
Approved, December 22, 1924.
EXHIBIT
61
STATEMENT GIVEN TO THE PRESS OF THE REMARKS OF THE
BELGIAN AMBASSADOR AND SECRETARY MELLON AT THE OPENING OF THE NEGOTIATIONS FOR THE FUNDING OF THE INDEBTEDNESS OF BELGIUM TO THE UNITED STATES
A U G U S T 10,
1925.
IJis Excellency Baron de Cartier de Marchienne, the Belgian
Ambassador, in opening for Belgium the negotiations for the funding
of its indebtedness to the United States, said to the American Debt
Commission:
Mr. CHAIRMAN, GENTLEMEN:
In delegating us to confer with you the Belgian Government desire to meet an
obligation the fulfillment of which will be made easier by the feelings of friendshipexisting between two nations which have fought in common for the highest idealsof mankind.
Belgium has not forgotten—nor will she ever forget—the decisive aid of the
American Army in the final triumph of the AUies, which, for Belgium, meant
the restoration of her liberty and her independence. Invaded and occupied by
the enemy, Belgium has always been grateful for the efficient and powerful work
of the Commission for Relief in succoring her helpless civilian population. Wealso know that the restoration of our country would have been long delayed had
it not been for the advances freely granted us by the United States in the critical
days which followed the armistice.
Belgium, who did her full duty on August 3, 1914, will honor all her just obligations. She would have taken up earlier with you the problem of an equitableconsolidation of her debts but for the nonfulfillment of many solemn pledges
given to her people during the war. The situation so created was made even
more critical by the fact that, during four years of occupation, Belgium was
forced to pay Germany, under the form of war levies in cash and as a.result of
SECRETARY OF THE TREASURY
285
the imposed use of German currency, a tribute which now amounts to a loss of
nearly $2,000,000,000. We feel sure that you will appreciate this special situation.
You are also aware of the sums which we had to spend to rebuild our devastated regions and t o restore our wantonly destroyed factories. We succeeded in
"this great work, in spite of the many difficulties and bitter disappointments which
•confronted us, but which we faced with that same spirit we showed in the war.
The adoption and normal functioning of the Dawes plan, although it will
give us only a small share of what we were entitled to, and the gradual curtailment of government expenditures, give, however, Belgium reason to hope that
she will succeed in her perservering efforts to place her finances on a sound basis.
You know, gentlemen, that this hope was only fostered through the levying
of crushing postwar taxes, which now so heavily weigh upon our national production.
Belgium glories in her resistance to an unprovoked aggression forced on her
:in spite of her love of peace and her scrupulous respect for all her international
obligations. When her territory was invaded, in violation of long-standing
treaties, she did not hestitate, under the heroic leadership of her King, to engage
all her resources for the defense of her liberty and for the triumph of right. We
Belgians are justly proud of debts thus incurred in the fulfillment of our duty.
Confident in their moral position and relying on that sense of justice of which
the Anierican Nation has given us so many proofs, the Belgian people have
delegated us to seek with you an agreement inspired by the recollection of the
nature and history of our debts, as well as by the just comprehension of our
•economic and financial difficulties created by an unjust war of which we were
the innocent victims.
Secretary Mellon, chairman of the American commission, replied:
During the war we learned high admiration for the courage of Belgium, the
nation which at risk of her destruction stood by her treaty obligations, and for
the even greater courage of her citizens, a civilian population under the military
heel of occupation, steadfast in their patriotism. Feelings such as these do not
change. Friends and allies we have been and will remain.
We saw your struggles in the war. We know also that your problems did not
•end with the peace treaty, but that the years since the Armistice have been for
you difficult beyond anything in your experience. Your nation, living by trade,
had first to restore its means of trade so that its people might continue to exist
before it could even take up questions with its neighbors. Nor are we unmindful
that there remains much you will wish yet to do in the adjustment of your finances
and the stabilization of your currency and that your future plans will be affected
by any agreement which may be reached here. On your part you will not undertake what you feel you can not fulfill. On our part we will not ask you to do the
"impossible. So you may rest assured that with the feelings America has for you
:and the appreciation which we have of your difficulties, your position will have
the most sympathetic and friendly consideration by our commission.
The funding of your debt to us within your capacity to pay means far more
than the mere payment by you and the receipt by us of a certain number of dollars each year. It is a recognition of the integrity of international obligations and
the settlement of a question which might disturb the long friendship of our two
nations. To accomplish these results is worthy of our every effort.
In you gentlemen here Belgium has sent its representative men with power to
negotiate. The question before us is of narrow compass. There are but two
parties to our negotiations. Politics, local or international, are not involved.
We sit here reasonable men around a table. Under such conditions we will soon
learn each others' viewpoints, determine the true facts governing the situation,
and should reach an agreement fair to your country and to ours. On behalf of the World War Foreign Debt Commission, I extend you welcome.
286
REPORT ON T H E FINANCES.
EXHIBIT
^
62
STATEMENT GIVEN TO THE PRESS BY THE WORLD WAR FOREIGN^
DEBT COMMISSION AT THE CONCLUSION OF THE NEGOTIA-^
TIONS FOR THE FUNDING OF THE INDEBTEDNESS OF BELGIUM
TO THE UNITED STATES
AUGUST 19,
1925.
The World War Foreign Debt Commission, in announcing the
conclusion of: the negotiations over the Belgian debt, made the
following statement:
The basis of settlement of the Belgian debt to the United States has heeih
reached between the United States World War Foreign Debt Commission, with
the approval of the President, and the Belgian Debt Commission, subject to the
ratification of the United States Congress and the Belgian political authorities.
Repayment of the postarmistice debt, amounting at date to about $246,000,000,.
has.been arranged on the general lines accorded to other countries. Installments^
on principal are spread over a period of 62 years and the rate of interest is to be
Z'f/2 per cent beginning at the end of 10 years as in the other cases. In this case,.
however, interest payments during the first 10 years have been graduated in
fixed amounts as shown in the statement attached. Repayment on the principal
and interest for the first year will be about $3,000,000, increasing each year until
the eleventh year, when the total amount repayable on principal and interest is^
about $9,800,000.
.
- .
The Belgian commission has been insistent that the United States should.
accept the basis for settlement of the prearmistice debt of $171,000,000 which
was accepted by President Wilson at the Peace Conference. The arrangement
contemplated at that time was that the German Government should be substituted for Belgium as the debtor for the prearmistice debts. This proposal wasaccepted by thie Pelgian Government as a fundamental part of other arrangements made by her under the treaty of Versailles, arid was also accepted by the^
other creditors whose advances amounted to over $800,000,000.
At that time it was considered by all the Belgian creditors that the prearmisticeadvances to Belgium occupied entirely a different position from other financial
obligations between any of the countries in the war. Although the plan was
accepted by the American representatives at Paris and acted upon by all theother parties to it, the United States did not of course beconie legally bound as the
Versailles treaty with Germany was not ratified. Nevertheless, the United
States Debt Commission considers that while no legal obligation rests upon the
United States in the matter, there does continue a weighty moral obligation as
a result of assurances given which entirely differentiates this sum from all other
debts due the United States from foreign countries.
Provision was made under the Dawes plan that 5 per cent of the annual
German reparations payments are set aside, after satisfying certain priorities (of
which the payment of cost of the Army of Occupation of the United States is
included as one of such priorities) for service to all nations on the Belgian prearmistice debt. All the other countries except the United States have accepted
their proportion of the sum thus payable as a consummation of the plan accepted
by President Wilson, and Belgium has been relieved as a debtor to these other
nations.
The United States Debt Commission has not been able to accept the Belgian
proposal that either Germany directly, or the proportion of the 5 per cent payable
to Belgium under the Dawes plan and applicable to the American debt, should
be substituted by Belgium for repayment of the prearmistice debt and a specific
act by Congress forbids such action. But the United States Debt Commission
has felt that under all the circumstances the United States should not ask for
more than the repayment of the principal of the prearmistice debt. This has
been arranged upon the basis of installments payable over 62 years without interest, the obligation remaining directly upon Belgium. The amount of such
annual installments is to be $2,900,000 but with a portion deferred during the
first six years for subsequent repayment. Thus after the preliminary periods
the total payments of Belgium to the United States will be about $12,700,000
per annum.
The adjustments of early payments on the debts have been made to meet the
present diflSculties of Belgium in obtaining foreign exchange because of the unfavorable balance of her commodity trade and the deficiencies in her income from
foreign investments, tourist travel, and other forms of ''invisible'' exchange. A
statement of the exact payments follows.
287
SECRETARY OP THE TREASURY
Statement of amounts payable to the United States on account of the proposed refunding bonds to be issued by Belgium on account of its postarmistice debt
Year
1..
2..
3..
4..
5..
6..
7..
8..
9..
10.
11.
12.
13.
14.
16.
16.
17.
18.
19.
20.
21.
22.
23.
24.
26.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
60.
61.
62.
Principal
$246, 000, 000
244, 900, 000
243, 800, 000
242, 600,000
241,400,000
240, 200,000
238, 900. 000
237, 600, 000
236.300,000
234,900, 000
233, 500, 000
231,900,000
230,-200,000
228,400, 000
226, 600,000
224, 700,000
222, 800,000
220,800,000
218, 700,000
216,600,000
214,400,000
212,100,000
209, 700,000
207,200,000
204, 700,000
202,100,000
199,400.000
196,600,000
193, 700,000
190, 700,000
187, 600,000
184, 300, 000
180, 900, 000
177,400,000
173. 800,000
170,100,000
166,300,000
162,300,000
158, 200,000
153,900,000
149, 500, 000
144,900,000
140, 200,000
135, 300,000
130, 200, 000
124, 900. 000
119, 500, 000
113,900,000
108,100,000
102,100,000
95, 800,000
89, 200,000
82, 400, 000
75, 400,000
68, 200, 000
60, 700. 000
62,900,000
44,800, 000
36,400,000
27,800,000
18,900, 000
9, 600, 000
Schedule of
annual interest
installments
to be paid by
Schedule of
Belgian Gov- annual prinernment on
cipal installTotal annual
refunding
ments to be
payments
bonds in
paid on account
arbitrary
of principal
amounts for
first 10 years,
3 ^ per cent
thereafter
$1, 740,000
2, 000, 000
2,250,000
2, 500,000
2, 750,000
3,250, 000
3, 750, 000
4, 250, 000
4, 750, 000
5, 250, 000
8,172, 500
8,116,500
8, 057,000
7,994,000
7,931,000
7, 864, 500
. 7, 798,000
7, 728,000
7, 654, 500
7, 581,000
7, 504,000
7,423, 500
7.339, 500
7, 252,000
7,164, 500
7,073, 500
6,979,000
6, 881,000
6, 779, 500
6, 674, 500
6, 566,000
6,450, 500
6, 331, 500
6, 209,000
6,083,000
6,953, 500
5,820, 500
5, 680, 500
5, 537,000
5,386,500
6, 232, 500
6,071, 500
4,907,000
4, 735, 500
4, 557,000
4, 371, 500
4,182, 500
3,986, 500
3, 783, 500
3, 573, 500
3, 353,000
3,122, 000
2,884,000
2, 639, 000
2,387,000
2,124, 500
1,851, 600
1,568,000
1, 274,000
3,973,000
661, 500
336, 000
310,050, 500
$1,100,000
1,100,000
1, 200,000
1,200, 000
1,200,000
1, 300,000
1,300,000
1,300.000
1,400,000
1,400,000
1,600,000
1, 700,000
1,800,000
1,800, 000
1, 900,000
1, 900,000
2,000,000
2,100,000
2,100,000
2, 200,000
2,300,000
2,400,000
2, 500,000
2, 500, 000
2,600,000
2, 700,000
2,800,000
2,900,000
3,000,000
3,100,000
3,300,000
3,400,000
3, 500,000
3,600.000
3, 700,000
3, 800,000
4,000,000
4,100,000
4,300,000
4,400,000
4, 600,000
4, 700,000
4,900,000
6,100,000
6, 300,000
6,400,000
6, 600, 000
5.800,000
6,000,000
6, 300,000
6, 600, 000
6,800,000
7,000,000
7, 200, 000
7, 500, 000
7,800,000
8,100,000
8,400,000
8, 600,000
8,900,000
9,300,000
9, 600,000
246, 000, 000
$2,840,000
3,100,000
3,450,000
3, 700, 000
3, 950,000
4, 550,000
5,050, 000
5, 550,000
' 6,150, 000
6, 650,000
9,772,500
9,816,500
9, 857,000
9, 794,000
9,831,000
9, 764, 500
9, 798,000
9,828,000
9, 754, 500
9, 781,000 •
9,804,000
9,823, 500
9, 839, 500
9, 752,000
9, 764, 500
9, 773,500
9, 779,000
9, 781,000
9. 779, 500
9, 774, 500
9,866,000
9,850, 500
9.831, 500
9,809,000
9, 783,000
9, 753, 500
9, 820, 500
9, 780, 500
9, 837,000
9, 786, 500
9.832. 500
9, 771, 500
9,807,000
9,835, 500
9,857,000
9, 771, 500
9, 782. 500
' 9, 786, 500
9, 783, 500
9, 873, 500
9,953,000
9,922,000
9.884,000
9,839,000
9,887,000
9, 924, 500
9,951, 500
9,968, 000
9,874,000
9.873,000
9,961,600
9,936,000
656,050,600
288
REPOET ON T H E FINANCES
Schedule of annual payments to be made by the Belgian Government on the principal
amounts of its prearmistice debt
Year
(June 15)
1926
1927
1928
1929
1930 ..
1931
1932
1933
1934
1935
1936 1937
1938
1939
1940
1941..^
1942
1943
1944
1945
1946
1947
.....
. .
- .
Annual installment of
principal
$1,000,000
1,000,000
1,250,000
1,760,000
2,250,000
2,750,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2, 900,000
2,900,000
Year
(June 15)
Annual installment of
principal
1948
1949
1950
1951
1952
1963
1964 .1955
1956
1967.
1968
1969
1960 .
1961
1962
1963
1964
1965
1966
1967
1968
1969
EXHIBIT
$2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
Year
(June 16)
1970-.-.'
1971
1972
1973
1974
1976
1976
1977
1978
1979
1980
1981
1982
1983
1984
1986
1986
1987
Annual installment of
principal
$2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,900,000
2,280,000
171,780,000
63
AGREEMENT FOR THE FUNDING OF THE DEBT OF BELGIUM TO
THE UNITED STATES
Agreement made the eighteenth day of August, 1925, at the city of
Washington, District of Columbia, between the Government oj the
Kingdom of Belgium, hereinafter called Belgium, party of the first
part, and the Government of the United States of America, hereinafter
called the United States, party of the second part.
Whereas, Belgium is indebted to the United States as of June 15,
1925, upon obligations in the aggregate principal amount of $377,029,570.06, together with interest accrued and unpaid thereon; and
Whereas, Belgium desires to fund said indeotedness to the United
States, both principal and interest, through the issue of bonds to the
United States, and the United States is prepared to accept bonds
from Belgium upon the terms and conditions hereinafter set forth;
Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness.—The indebtedness is divided into two
classes—that incurred prior to November 11, 1918, hereinafter
called Pre-Armistice indebtedness, and that incurred subsequent to
November 11, 1918, hereinafter called Post-Armistice indebtedness.
{a) The amount of the Pre-Armistice indebtedness to be funded is
$171,780,000, which is the principal amount of the obligations of
Belgium received by the United States for cash advances made prior
to November 11, 1918.
Q)) The amount of the Post-Armistice indebtedness to be funded
after allowing for certain cash payments made or to be made by
Belgium is $246,000,000, which has been computed as follows:
SECRETARY OF THE TREASURY
289
Principal of obligations for cash advanced.. $175, 430, 808. 68
Accrued and unpaid interest at A}4:% per
annum to December 15, 1922
26, 314, 491. 66
Principal of., obligations for war material
sold on credit___.
_-.
Accrued and unpaid interest at 4J^% per
annum to December 15, 1922
.
Total indebtedness as of December 15, 1922
Accrued interest thereon at 3 % per annum
from December 15, 1922, to June 15, 1925
Total indebtedness as of June 15, 1925
Deduct:
Payments on account of interest received
between December 15, 1922, and
June 15, 1925, on obligations for war
-material
Principal payment of $172.01 made
August 7, 1923, together with interest
thereon at 3 % per annum to June
15, 1925
$201, 745, 300. 34
29,818,933.39
491, 359. 24
30, 310, 292. 63
232, 055, 592. 97
17, 404, 169. 47
249, 459, 762. 44
3, 442, 346. 20
181. 58
3, 442, 527. 78
Net indebtedness as of June 15, 1925
246, 017, 234. 66
To be paid in cash upon execution of agreement
17, 234. 66
Total indebtedness to be funded into bonds_..__
246, 000, 000. 00
2. Repayment of Principal.—(a) In order to provide for the repayment of the Pre-Armistice indebtedness thus to be funded, Belgium
will issue to the United States at par bonds of Belgium bearing no
interest in the aggregate principal amount of $171,780,000, dated
J u n e 15, 1925, and maturing serially on each June 15 in the succeeding
years for 62 years, on the several dates and in the amounts jGLxed in the
following schedule:
f
i
June 1 5 —
June 1 5 —
_ $1, 000, 000
1958
1926.
$2,900,000
.
1, 000, 000
1959
1927_____-_
2,900,000
_
1, 250, 000
1960
1928____
-.
2,900,000
_
1, 750, 000
1961
1929____
2,900,000
2,250,000
1962
1930
._-____
2,900,000
_ 2, 750, 000
1963
1931.
2,900,000
1932
.
2, 900, 000
1964.
2,900,000
_
2, 900, 000
1933
196'5.._
2,900,000
.
2,900,000
1934.
1966
2,900,000
.
2, 900, 000
1967
1935
.
2,900,000
_
2, 900, 000
1936
1968
--.
2,900,000
2, 900, 000
1969
1937
._
._
2,900,000
.
2, 900, 000
1970
; 1938_
2,900,000
_
2, 900, 000
1939
.
1971
.......
2,900,000
1940
__-___.. _
2, 900, 000
1972
_._....
2,900,000
2, 900, 000
1941.._.
1973__...._
2,900,000
_
2, 900, 000
1942_
1974_L
2,900,000
2, 900, 000
1943
._ _
1975
2,900,000
_
2, 900, 000
1944..
1976..
2,900,000
2, 900, 000
1945.
..._
1977
2,900,000
:
2, 900, 000
1946
1978
2,900,000
2, 900, 000
1947
_..._
1979...._._
2,900,000
2, 900, 000
1948
.._
1980
2,900,000.
_
2, 900, 000
1949.
1981
2,900,000
. /1950_
_
2, 900, 000
1982..__.__
2,900,000
1951
_
2, 900, 000
1983
2,900,000
.
2, 900, 000
1952
1984
-.
- 2,900,000
.
2, 900, 000
1953
1985..
2,900,000
1954
.
2, 900, 000
1986
2,900,000
.
2, 900, 000
1955__:-_
1987
2,280,000
1956
_
2, 900, 000
.
2, 900, 000
1957_
$171, 780,000
60501—FI 1925t——19
290
EEPOET ON T H E FINANCES
(b) In order to provide for the repayment of the Post-Armistice
indebtedness thus to be funded Belgium will issue to the United
States at par bonds of Belgium in the aggregate principal amount
of $246,000,000, dated June 15, 1925, and maturing serially on each
June 15, in the succeeding years for 62 years, on the several dates
and in the amounts fixed in the following schedule:
J u n e 15—
. 1926..
. 1927..
1928..
1929..
1930..
1931..
1932..
1933..
1934..
1935..
1936..
1937..
1938.,
1939..
1940.
1941.
1942.
1943.
1944.
1945 _
1946_
1947 _
1948.
1949.
1950_
1951.
1952.
1953.
1954.
1955.
1956.
1957.
$1, 100, 000
1, 100, 000
1, 200, 000
1, 200, 000
1, 200, 000
1, 300, DOO
1, 300, 000
1, 300, 000
1, 400, 000
1, 400, 000
1, 600, 000
1, 700, 000
1, 800, 000
1, 800, 000
1, 900, 000
1, 900, 000
2, 000, 000
2, 100, 000
2, 100, 000
2, 200, 000
2, 300, 000
2, 400, 000
2, 500, 000
2, 500, 000
2, 600, 000
2, 700, 000
2, 800, 000
2, 900, 000
3, 000, 000
3, 100, 000
3, 300, 000
3, 400, 000
June 1 5 —
1958.
1959.
1960.
1961
1962.
1963.
1964.
1965.
1966.
1967.
1968.
1969.
1970.
1971.
1972
1973.
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
. 1985
1986
1987
$3, 500, 000
3, 600, 000
3, 700, 000
3, 800, 000
, 4,000, 000
4, 100, 000
4, 300, 000
4, 400, 000
4, 600, 000
4, 700, 000
4, 900, 000
5, 100, 000
5, 300, 000
5, 400, 000
5,.600,000
5, 800,000
6, 000, 000
6, 300, 000
6, 600, 000
6, 800, 000
7, 000, 000
7, 200,000
7, 500, 000
7, 800, 000
100, 000
400, 000
600, 000
900, 000
300, 000
600, 000
$246, 000, 000
Provided however. That Belgium at its option, upon not less than
ninety days' advance notice to the United States, may postpone any
payment on account of principal falling due as hereinabove provided
after June 15, 1935, to any subsequent June 15 or December 15 not
more than two years distant from its due date, but only on condition
that in case Belgium shall at any time exercise this option as to any
payment of principal, the payment falling due in the next succeeding
year can not be postponed to any date more than one year distant
from the date when it becomes due.unless and until the payment
previously postponed shall actually have been made, and the payment falling due in the second succeeding year ^ari not be postpoiied
at all unless and ,until the payment of principal due two years previous thereto shall actually have been made.
3. Form of Bonds.—^All bonds issued or to be issued hereunder to
the United States shall be payable to the Government of the United
States of America, or order, and shall be signed for Belgium by its
Ambassador Extraordinary and Plenipotentiary at Washington, or
by its other duly authorized representative. The bonds issued for
the Pre-Armistice indebtedness shall be substantially in the form set
forth in the exhibit hereto annexed and marked ^'Exhibit A'^, and
shall be issued in 62 pieces with maturities and in denominations
SECRETAEY OF THE TEEASUEY
291
corresponding to the annual payments hereinabove set forth. The
bonds issued for the Post-Armistice indebtedness shall be substantially
in the form set forth/in the exhibit hereto annexed and marked
*'Exhibit B ' \ and shall be issued in 62 pieces with maturities and in
denominations corresponding to the annual payments of principal
hereinabove set forth.
4. Payments of Interest.—All bonds issued for the Post-Armistice
indebtedness shall bear interest from June 15, 1925, payable,in the
amounts and on the dates set forth in the following schedule:
December 15, 1925
June 15, 1926
December 15, 1926
June 15, 1927
December 15, 1927
June 15, 1928
December 15, 1928
June 15, 1929
December 15, 1929
June 15, 1930
$870, 000
870, 000
1, 000, 000
1, 000, 000
1, 125, 000
1, 125, 000
1, 250, 000
1, 250, 000
1, 375, 000
1, 375, 000
December 15, 1930
June 15, 1931
D cember 15, 1931
June 15, 1932
December 15, 1932
June 15, 1933
December 15, 1933
June 15, 1934
December 15, 1934
June 15, 1935
$1, 625, 000
1, 625, 000
1, 875, 000
1, 875, 000
2, 125, 000
2, 125, OOO
2, 375, 000
2, 375, OOO
2, 625, 000'
2, 625, 000>
until and including June 15, 1935, and thereafter at the rate oi S}4
per cent per annum payable semiannually on June 15 and December
15 of each year until the principal of said bonds shall have been paid.
5. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of Belgium, upon iiot less than thirty days' advance notice to the United
States, in any obligations of the United States issued after April 6y
1917, to be taken at par and accrued interest to the date of payment
hereunder.
All payments, whether in cash or in obligations of the United States^
to be made by Belgium on account of the principal of or interest on
any bonds issued or to be issued hereunder and held by the United
States, shall be made at the Treasury of the United States in Washington, or, at the option of the Secretary of the Treasury of the United
States, at the Federal Reserve Bank of New York, and if in cash shall
be made in funds immediately available on the date of payment, or
if in obligations of the United States shall be in form acceptable to
the Secretary of the Treasury of the United States under the.general
regulations of the Treasury Department governing transactions in
United States obligations.
6. Exemption from Taxation.—The principal arid interest of all
bonds issued or to be issued hereunder shall be paid without deduction
for, and shall be exempt from, any and all taxes or other public dues,^
present or future, imposed by or under authority of Belgium or any
political or local taxing authority within the Kingdom of Belgiumy^
whenever, so long as, and to the extent that beneficial ownership is in
(a) the Government of the United States, (b) a person, firm, or association neither domiciled nor ordinarily resident in Belgium, or (c)
a corporation not organized under the laws of Belgium.
7. Payments before Maturity.—Belgium at its option, on June 15
or December 15 of any year, upon not less than ninety days^ advance
notice to the United States, may make advance payments in amounts
of $1,000 or multiples thereof, on account of the principal of any bonds
issued or to be issued hereunder and held by the United States. Any
such advance payments shall be applied to the principal of such bonds'*
as may be indicated by Belgium at the time of the payment.
292
EEPOET ON T H E EUSTANCES
8: Exchange for Marketable Obligations.—Belgium will issue to the
United States at any time, or from time to time, at the reejuest of the
Secretary of the Treasury of the United States, in exchange for any
or all of the bonds issued hereunder and held by the United States,
definitive engraved bonds in form suitable for sale to the public, in
such amounts and denominations as the Secretary of the Treasury
of the United Stated may request, in bearer form, with provision for
registration as to principal, and/or in fully registered form, and otherwise on the same terms and conditions as to dates of issue and maturity, rate or rates of interest, if any, exemption from taxation, payment in obligations of the United States issued after April 6, 1917, and
the like, as the bonds surrendered on such exchange. Belgium will
deliver definitive engraved bonds to the United States in accordance
herewith within six months of receiving notice of any such request
from the Secretary of the Treasury of the United States, and pending
the delivery of the definitive engraved bonds will deliver, at the
request of the Secretary of the Treasury of the United States, temporary bonds or interim receipts in form satisfactory to the Secretary of
the Treasury of the United States within thirty days of the receipt of
such request, all without expense to the United States. The United
States, before offering any such bonds or interim receipts for sale in
Belgium, will first offer them to Belgium for purchase at par and
accrued interest, if an}^, and Belgium shall likewise have the option,
in lieu of issuing any such bonds or interim receipts, to make advance
redemption, at par and accrued interest, if any, of a corresponding
principal amount of bonds issued hereunder and held by the United
States. Belgium agrees that the definitive engraved bonds called for
by this paragraph shall contain all such provisions, and that it will
cause to be promulgated all such rules, regulations, and orders, as
shall be deemed necessary or desirable by the Secretary of the Treasury of the United States in order to facilitate the sale of the bonds in
the United States, in Belgium or elsewhere, and that if requested^by
the Secretary of the Treasury of the United States, it will use its good
oflSices to secure the listing of the bonds on such stock exchanges as the
Secretary of the Treasury of the United States may specify.
9. Cancellation and Surrender of Obligations.—Upon the execution
of this agreement, the payment to the United States of cash in the
sum of $17,234.66, as provided in subdivision (&) of paragraph 1 of
this Agreement and the delivery to the United States of the$417,780,000 principal amount of bonds of Belgium to be issued hereunder,
together with satisfactory evidence of authority for the execution of
this Agreement by the representatives of Belgium and for the execution of the bonds to be issued hereunder on behalf of Belgium by its
^Ambassador Extraordinary and Plenipotentiary at Washington, or
by, its other duly authorized representative, the United States will
cancel and surrender to Belgium, at the Treasury of the United States
in Washington, the obligations of Belgium in the principal amount of
$377,029,570.06, described in the preamble of this Agreement.
10. Notices.—Any notice, request, or consent under the hand of the
Secretary of the Treasury of the United States, shall be deemed and
taken as the notice, request, or consent of the United States, and shall
be suflScient if delivered at the Embassy of Belgium at Washington or
at the oflice of the Ministry of Finance in Brussels; and any notice,
request, or election from or by Belgium shall be sufficient if dehvered
SECRETARY OF THE TREASURY
293
to the American Embassy at Brussels or to the Secretary of the Treasury at the Treasury of the United States in Washington. The United
States in its discretion may waive any notice required hereunder, but
any such waiver shall be in writing and shall not extend °to or affect
any subsequent notice or impair any right of the United States to
require notice hereunder.
11. Compliance with Legal Requirements.—Belgium represents and
agrees that the executiofi and delivery of this Agreement have in all
respects been duly authorized and that all acts, conditions, and legal
formalities which should have been completed prior to the making of
this Agreement have been completed as required by the laws of Belgium and in conformity therewith.
12. Counterparts.—This agreement shall be executed in two counterparts, each of which shall have the force and effect of an original.
i n witness whereof Belgium has caused this Agreement to be
executed on its behaff by B^M de Cartier de Marchienne, F. Cattier,
E. Francqui, G. Theunis, its Special Commissioners at Washington,
thereunto duly authorized, subject, however, to the approval oi the
competent authorities of the Kingdom of Belgium, and the United
States has likewise caused this Agreement to be executed on its behalf
by the Secretary of the Treasury, as Chairman of the World War
Foreign Debt Commission, with the approval of the President, subject, however,' to the approval of Congress, pursuant to the Act of
Congress approved February 9, 1922, as amended by the Act of
Congress approved February 28, 1923, and as further amended by
the Act of Congress approved January 21,. 1925, all on the day and
year first above written.
T H E GOVERNMENT OF THE
KINGDOM OF BELGIUM,
By B5^ DE CARTIER DE MARCHIENNE,
F . CATTIER, .
E. FRANCQUI,
G. T H E U N I S .
T H E GOVERNMENT OF THE
U N I T E D STATES OF AMERICA,
For the World War Foreign Debt Commission:
By A. W.
MELLON,
Secretary of the Treasury and
Chairman of the Commission.
Approved:
CALVIN COOLIDGE,
President.
EXHIBIT A
(Form of Bond)
T H E GOVERNMENT OF THE KINGDOM OF BELGIUM
$
No.
The Government of the Kingdom of Belgium, hereinafter called
Belgium, for value received promises to pay to the Government of
the United States of America, hereinafter called the United States,
or order, on June 15, 19 , the sum of
Dollars ($
).
This bond is payable in gold coin of the United States of America
of the present standard of value, or, at the option of Belgium, upon
294
EEPOET ON T H E FINANCES
not less than thirty days^ advance notice to the United States, in
any obhgations of the United States issued after April 6, 1917,
to be taken at par and accrued interest to the date of payment
hereunder."
This bond is payable without deduction for, and is exempt from,
any and all taxes and other public dues, present or future, imposed
by or under authority of Belgium or any political or local taxing
authority within the Kingdom of Belgiunl, whenever, so long as,
and to the extent that, beneficial ownership is in (a) the Government
of the United States, (b) a person, firm, or association neither domiciled" nor ordinarily resident in Belgium, or (c) a corporation not
organized under the laws of Belgium. This bond is payable at the
Treasury of the United States in Washington, D. C , or at the option
of the Secretary of the Treasury of the United States at the Federal
Keserve Bank of New York.
This bond is issued pursuant to the provisions of subdivision (a) of
paragraph 2 of an Agreement, dated August 18, 1925, between
Belgium and the United States, to which Agreement this bond is
subject and to which reference is hereby made.
In witness whereof, Belgium has caused this bond to be executed
in its behalf at the City of Washington, District of Columbia, by
its
at Washington, thereunto duly authorized, as of June
15, 1925.
THE
GOVEENMENT OF THE KiNGDOM OF BELGIUM.
By
(Back)
The following amounts have been paid upon the principal amount
of this bond.
Date.
Amount paid.
EXHIBIT B
(Form of Bond)
T H E GOVERNMENT OF THE KINGDOM OF BELGIUM
$
.
^
• _
^No.
The Government of the Kingdom of Belgium, hereinafter called
Belgium, for value received, promises to pay to the Government of
the United States of America, hereinafter called the United States,
or order, on June 15,
, the sum of
Dollars ($
),
and to pay as interest upon said principal sum from June 15, 1925,
to and including June 15, 1935, so long as the principal of this bond
shall be unpaid, on the dates specified in paragraph 4 of the Agreement hereinafter referred to, such proportion of the amount of interest
specified in said paragraph 4 for the dates therein stated as the principal amount of this bond bears to all bonds on such dates outstanding
issued for Post-Armistice indebtedness under said Agreement, and
after June 15, 1935, Belgium promises to pay interest hereon at the
rate of 3J^% per annum, payable semi-annually on June 15 and
December 15 each year until the principal hereof has been paid.
This bond is payable as to both principal and interest in gold com of
the United States of America of the present standard of value, or, at
the option of Belgium upon not less than thirty days' advance
notice to the United States, in any obligations of the United States
issued after April 6, 1917, to be taken at par and accrued interest to
the date of pavment hereunder.
SECRETARY OF T H E TREASURY
295
This bond is payable as to both principal and interest without
deduction for, and is exempt from, any and all taxes and other
public dues, present or future, imposed by or under authority of
Belgium or any political or local taxing authority within the Kingdom of Belgium whenever, so long as, and to the extent that, beneficial ownership is in (a) the Government of the United States,
(b) a person, firm, or association neither domiciled nor ordinarily
resident in Belgium, or (c) a corporation not organized under the
laws of Belgium. This bond is payable as to both principal and
interest at the Treasury of the United States in Washington, D. C ,
or at the option of the Secretary of the Treasury of the United
States at the Federal Reserve Bank of New York.
This bond is issued pursuant to the provisions of subdivision (b) of
paragraph 2 of an Agreement, dated August 18, 1925, between
Belgium and the United States, to which Agreement this bond is
subject and to which reference is hereby made.
In witness whereof, Belgium has caused this bond to be executed
in its behalf at the City of Washington, District of Columbia, by
at Washington, thereunto duly authorized,
as of Jime 15, 1925.
T H E GOVERNMENT OF THE KINGDOM OF BELGIUM,
By
(Back)
The following amounts have been paid upon the principal amount
of this bond.
Date.
Amount paid.
EXHIBIT
64
STATEMENT GIVEN TO THE PRESS BY THE WORLD WAR FOREIGN
DEBT COMMISSION IN CONNECTION WITH THE SETTLEMENT
OF THE INDEBTEDNESS OF LATVIA TO THE UNITED STATES
i
SEPTEMBER 24,
1925.
There was signed at the Treasury to-day an agreement providing
for the refunding of the debt of the Republic of Latvia to the United
States. This indebtedness represents obligations received in connection with the sale of war supplies by the Secretary of War and
obligations received from the American Relief Administration on
account of relief supplies furnished on credit.
The agreement was signed on behalf of the Republic of Latvia
by Dr. Louis Seya, Envoy Extraordinary and Minister Plenipotentiary at Washington, and on behalf of the United States by the
Secretary of the Treasury, as chairman of the World War Foreign
Debt Commission. The agreement was sent to the President for
his approval this afternoon.
The amount of the indebtedness to be refunded is $5,775,000,
computed as follows:
Principal amount of obligations to be funded
$5, 132, 287. 14
Interest accrued and unpaid thereon to Dec. 15, 1922, at the
rate of 43^ per cent per annum
647, 275. 62
Total principal and interest accrued and unpaid as of Dec. 15,
1922_._
5,779, 562. 76
To^be paid in cash by Latvia upon execution of agreement
4, 562. 76
Total indebtedness to be funded into bonds
5, 775, 000. 00
296
, REPORT ON T H E FINANCES
The basis of the settlement is the same as that made with Poland—
that is, the settlement was made substantially on the same basis as
the settlement made with Great Britain, except t h a t Latvia has the
option to liquidate the amounts due under the agreement on or
before December 15, 1930, in part by semiannual cash payments as
follows:
June
Dec.
June
Dec.
June
Dec.
15, 1926
15, 1926_.
15, 1927
15, 1927__.
15, 1928
15, 1928
$30, 000
30, 000
35, 000
35, 000
40, 000
40, 000
June
Dec.
June
Dec.
15, 1929___:
15, 1929
15, 1930
15, 1930
Total
$45,000
45, 000
50, 000
50, 000
- _ _ : _ 400, 000
The balance is to be funded into bonds, of Latvia similar in terms
to the bonds first to be issued under the agreement.
The $5,775,000 principal amount of bonds of Latvia to be-issued
under the refunding agreement mature serially over a period of 62
years and bear interest at the rate of 3 per cent per annum up to
December 15, 1932, and at the rate of 3 H per cent per annum
thereafter.
The agreement is subject to the approval of Congress and also
to the approval of the Saeima of Latvia.
The agreement" with Latvia is the seventh funding agreement
concluded by the World War Foreign Debt Commission since its
creation on February 9, 1922. Agreements have already been concluded and approved by Congress with Great Britain, Finland,
Hungary, Lithuania, and Poland. The agreement made with
Belgium on August 18, 1925, will be submitted to Congress at its
next session, as well as the present agreement.
EXHIBIT
65
AGREEMENT FOR THE FUNDING OF THE DEBT 6 F LATVIA TO
THE UNITED STATES
Agreement made the twenty-fourth day of September, 1925, at the City of
Washington, District of Columbia, between the Government of the
Republic of Latvia, hereinafter called Latvia, party of the first part,
ana the Government of the United States of America, hereinafter called
the United States, party of the second part
Whereas, Latvia is indebted to the United States as of December
15, 1922, upon obligations in the aggregate principal amount of
$5,132,287.14, together withinterest accrued and unpaid thereon; and
Whereas, Latvia desires to fund said indebtedness to the United
States, both principal and interest, through the issue of bonds to the
United States, and the United States is prepared to accept bonds
from Latvia upon the terms and conditions hereinafter set forth:
Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness.—The amount of the indebtedness to be
funded, after allowing for cash payments made or to be made by
Latvia, is $5,775,000, which has been computed as follows:
Principal amount of obligations to be funded
$5, 132, 287. 14
Interest accrued and unpaid thereon to December 15, 1922, at the
rate of 43^ per cent per annum
--,-,
647, 275. 62
Total principal and interest accrued and unpaid as of December
15, 1922..
..,_
_. 5, 779, 562. 7b
To be paid in cash by Latvia upon execution of Agreement
4, 562. 76
Total indebtedness to be funded into bonds
$5, 775, 000. 00
SECRETARY OF THE TREASURY
297
2. Repayment of Principal.—In order to provide for the repayment
of the indebtedness thus to be funded, Latvia will issue to the United
States at par, as of December 15, 1922, bonds of Latvia in the aggregate principal amount of $5,775,000, dated December 15, 1922, and^
maturing serially on each December 15 in the succeeding years for'
62 years, in the amounts and on the several dates fixed in the following
schedule:
December 151923
1924.....
1925__-_
1926
1927
1928.__1929
1930
1931
1932....
1933-_._
1934
1935
1936
1937
1938
1939
1940
1941
1942
1043
1944.__.
1945....
1946____
1947....
1948..._
1949
1950....
1951....
1952
1953
1954....
$28, 000
29, 000
30, 000
31, 000
32, 000
33, 000
34, 000
35, 000
36, 000
37, 000
38, 000
39, 000
40, 000
42, 000
43, 000
45, 000
46, 000
48, 000
50, 000
51, 000
53, 000
55, 000
57, 000
59, 000
61, 000
63, 000
65, 000
.68,000
70, 000
73, 000
75, 000
78, 000
December 151955
1956
1957
1958
1959
1960
1961
1962
1963.._.
1964
1965
1966
1967....
1968
1969.___
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983....
1984
$80, 000
83, 000
86, 000
89, 000
92, 000
95, 000
99, 000
102, 000
107, 000
111, 000
114,000
118, 000
123, 000
128, 000
132, 000
138, 000
143, 000
148, 000
153, 000
158, 000
164, 000
170, 000
176, 000
182, 000
188, 000
195, 000
202, 000
209, 000
218, 000
228, 000
$5, 775, 000
Provided, However, That Latvia, at its option, upon not less than
ninety days' advance notice to the United States, may postpone any
payment falling due as hereinabove provided, except those falling
due on or before December 15, 1930, hereinafter referred to in paragraph 5 of this Agreement, to any subsequent June 15 or December 15
not more than two years distant from its due date, but only on condition that in ease Latvia shall at any time exercise this option as to any
payment of principal, the payment falling due in the next succeeding
year can not be postponed to any date more than one year distant
from the date when it becomes due unless and until the payment
previously postponed shall actually have been made, and the payment
falling due in the second succeeding year can not be postponed at all
unless and until the payment of principal due two years previous^
thereto shall actually have been made.
3. Form of Bonds.—M\. bonds issued or to be issued hereunder
to the United States shall be payable to the Government of the
United States of America, or order, shall be issued in such denominations as may be requested by the Secretary of the Treasury of the
United States, substantially in the form set forth in the exhibit
hereto annexed and marked ''Exhibit A,'' and shall be.signed for
60501—FI 1925t
20
298
REPORT ON T H E FINANCES
Latvia by its Envoy Extraordinary and Minister Plenipotentiary at
Washington, or by its other duly authorized representative. The
$5,775,000 principal amount of bonds first to be issued hereunder shall
be issued in 62 pieces, in denominations and with maturities corresponding to the annual payments of principal hereinabove set forth.
4; Payment of Interest.—M\ bonds issued or to be issued hereunder
shall bear interest, payable semiannually on June 15 and December 15,
in each year, at the rate of 3 per cent per annum from December 15,
1922, to December 15, 1932, and thereafter at the rate of 33^ per cent,
per annum until the principal thereof shall have been paid.
5. Method of payment.—M\. bonds issued or to be issued hereimder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of Latvia,
upon not less than thirty days' advance notice to the United States,
in any obligations of the United States issued after April 6, 1917, to
be taken at par and accrued interest to the date of payment hereimder: Provided, However, that with reference to the payments on
account of principal and/or interest falling due hereunder on or
before December 15, 1930, Latvia, at its option, may pay the following
amounts on the dates specified:
June 15, 1926
December 15, 1926
June 15, 1927
December 15, 1927....
June 15, 1928
December 15, 1928
. $30,000
30, 000
35,000
35, 000
. . 40, 000
40, 000
June 15, 1929
December 15, 1929
June 15, 1930
December 15, 1930
Total
$45,000
45, 000
50,000
50, 000
. 4 0 0 , 000
and the balance, including interest on all overdue payments at the
rate of 3 per cent per annum from their respective due dates, in bonds
of Latvia dated December 15, 1930, bearing interest at the rate of 3
per cent per annum from December 15, 1930, to December 15, 1932,
and thereafter at the rate of 3J^ per cent per annum until the principal thereof shall have been paid, such bonds to mature serially on
December 15 of each year up to and including December 15, 1984,
substantially in the manner provided in paragraph 2 of this Agreeriient, and to be substantially similar in other respects to the bonds
first to be issued hereunder.
, All payments, whether in cash or in obligations of the United
States, to be made by Latvia on account of the principal of or interest
on any bonds issued or to be issued hereunder and held by the United
States, shall be made at the Treasury of the United States in Washitigton, or, at the option of the Secretary of the Treasury of the United
States, at the Federal Reserve Bank of New York, and if in cash shall
be made in funds immediately available on the date of payment, or
if in obligations of the United States shall be in form acceptable to
the Secretary of the Treasury of the United States under the general
regulations of the Treasury Department governing transactions. in
United States obligations.
6. Exemption from Taxation.—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction for, and shall be exempt from, any and all taxes or other public
dues, present or future, imposed by or under authority of Latvia or
any political or'local taxing authority within the Republic of Latvia,
whenever, so long as, and to the extent that beneficial ownership is in
SECRETARY OE THE
TREASURY
299
(a) the Government of the United States, (b) a person, firm, or association neither domiciled nor ordinarily resident in Latvia, or (c) a
corporation not organized under the laws of Latvia.
7. Payments before Maturity.—Latvia, at its option, on June 15 or
December 15 of any year, upon not less than ninety days' advance
notice to the United States, may make advance payments in amounts
of $1,000 or multiples thereof, on account of the principal of any
bonds issued or to be issued hereunder and held by the United States.
Any such advance payments shall first be applied to the principal of
any bonds which shall have been issued hereunder on account of
principal and/or interest accruing between December 15, 1922, and
December 15, 1930, and then to the principal of any other bonds
issued hereunder and held by the United States, as may be indicated
by Latvia at the time of the payment.
8. Exchange for Marketable Obligations.—Latvia will issue to the
United States at any time, or from time to time, at the request of the
Secretary of the Treasury of the United States, in exchange for any
or all of the bonds issued or to be issued hereunder and held by the
United States, definitive engraved bonds in form suitable for sale to
the public, in such ariiounts and denominations as the Secretary of the
Treasury of the United States may request, in bearer form, with provision for registration as to principal, and/or in fully registered form,
and otherwise on the same terms and conditions, as to dates of issue
and maturity, rate or rates of interest, exemption from taxation j-payment in obligations of the United States issued after April 6, 1917^
and the like, as the bonds surrendered on such exchange. Latvia
will deliver definitive engraved bonds to the United States in accordance herewith within six months of receiving notice ol any such
request from the Secretary of the Treasury of the United States, and
pending the delivery of the definitive engraved bonds will deliver, a t
the request of the Secretary of the Treasury of the United States,,
temporary bonds or interim receipts in form satisfactory to the
Secretary of the Treasury of the United States within thirty days of
the receipt of such request, all without expense to the United States,
The United States, before offering any such bonds or interim receipts
for sale in Latvia, will first offer them to Latvia for purchase at par
and accrued interest, and Latvia shall likewise have the option, in
lieu of issuing any such bonds or interim receipts, to make advance
redemption, at par and accrued interest, of a corresponding principal
amount of bonds issued or to be issued hereunder and held by. the
United States. Latvia agrees that the definitive engraved bondscalled for by this paragraph shall contain all such provisions, and t h a t
it will cause to be promulgated all such rules, regulations, and orders
as shall be deemed necessary or desirable by the Secretary of the
. Treasury of the United States in order to facilitate the sale of the
bonds-in the United States, in Latvia or elsewhere, and that if requested by the Secretary ot the Treasury of the United States, it will
use its good offices to secure the listing of the bonds on such stock
exchanges as he may request.
9. Cancellation and Surrender of Obligations.—Upon the execution
of this Agreement, the payment to the United States of cash in t h e
sum of $4,562.76 as provided in paragraph 1 of this Agreement and
the delivery to the United States of the $5,775,000 principal amount
of bonds of Latvia" first to be issued hereunder, together with satis
300
REPORT ON T H E FINANCES
factory evidence of authority for the execution of this Agreement and
the bonds on behalf of Latvia by its Envoy Extraordinary and Minister Plenipotentiary at Washington, or by its other duly authorized
representative, the United States will cancel and surrender to Latvia,
at 'the Treasury of the United States in Washington, the obligations
of Latvia in the principal amount of $5,132,287.14 described in the
preamble to this Agreement.
10. Notices.—Any notice, request, or consent under the hand of
the Secretary of the Treasury of the United States, shall be deemed
and taken as the notice, request, or consent of the United States,
and shall be sufficient if delivered at the Legation of Latvia at Washington or at the office of the Minister of Finance in Riga; and any
notice, request, or election from or by Latvia shall be suflicient if
delivered to the American Legation at Riga or to the Secretary of the
Treasury at the Treasury of the United States in Washington.
The United States in its discretion inay waive any notice required
hereunder, but any such waiver shall be in writing and shall not
extend to or affect any subsequent notice or impair any right of the
United States to require notice hereunder.
11. Compliance with Legal Requirements.—Latvia represents and
agrees that the execution and delivery of this Agreement have in all
respects been duly authorized and that all acts, conditions, and legal
formalities which should have been completed prior to the making
of this Agreement and the issuance of bonds hereunder have been
completed as required by the laws of Latvia and in conformity
therewith.
12. Counterparts.—This Agreement shall be executed in two counterparts, each of which shall liave the force and effect of an original.
i n witness whereof Latvia has caused this Agreement to be ex'ecuted
on its behalf by its Envoy Extraordinary and Minister Plenipotentiary at Washington, thereunto duly authorized, subject, however,
to the approval of the Saeima, and the United States has likewise
caused this Agreement to be executed on its behalf by the Secretary
of the Treasury, as Chairman of the World War Foreign Debt
Commission, with the approval of the President, subject, however,
to the approval of Congress, pursuant to the Act of Congress approved
February 9, 1922, as amended by the Act of Congress approved
February 28, 1923, and as further amended by the Act of Congress
approved January 21, 1925, all on the day and year first above
written.
T H E GOVERNMENT OF THE
R E P U B L I C OF LATVIA,
By Louis SEYA,
Envoy Extraordinary and Minister Plenipotentiary.
T H E GOVERNMENT OF THE
U N I T E D STATES OF AMERICA,
For the World War Foreign Debt Commission:
By A. W.
MELLON,
Secretary of the Treasury and Chairman of the Commission.
Approved:
CALVIN COOLIDGE,
President.
SECRETARY OF T H E TREASURY
301
EXHIBIT A
(Form of Bond)
T H E GOVERNMENT OF THE R E P U B L I C OF LATVIA
$•
No.
•
The Government of the Republic of Latvia, hereinafter called
Latvia, for value received, promises to pay to the Government of
the United States of America, hereinafter called the United States,
or order, on December 15,
, the sum of
Dollars ($
),
and to pay interest upon said principal sum semiannually on June
15 and December 15 in each year, at the rate of 3 % per annum from
December 15, 1922, to December 15, 1932, and at the rate of 3 J^% per
annum thereafter until the principal hereof shall have been paid.
This bond is payable as to both principal and interest in gold coin
of the United States of America oi the present standard of value, or,
at the option of Latvia, upon not less than thirty days' advance
notice to the United States, in any obligations of the United States
issued after April 6, 1917, to be taken at par and accrued interest
to the date of payment hereunder.
This bond IS payable as to both principal and interest without
deduction for, and is exempt from, any and all taxes and other public
dues, present or future, imposed by or under authority of Latvia or
any political or local taxing authority within the Republic of Latvia
whenever, so long as, and to the extent that, beneficial ownership
is in (a) the Government of the United States, (b) a person, firm, or
association neither domiciled nor ordinarily resident in Latvia, or
(c) a corporation not organized under the laws of Latvia. This
bond is payable as to both principal and interest at the Treasury
of the United States in Washington, D. C , or at the option of the
Secretary of the Treasury of the United States at the Federal Reserve
Bank of New York.
This bond is issued under an Agreement, dated September 24,
1925, between Latvia and the United States, to which this bond is
subject and to which reference is hereby made.
In witness whereof, Latvia has caused this bond to be executed
in its behalf at the City of Washington, District of Columbia, by
its
at Washington, thereunto duly authorized,
as of December 15, 1922.
T H E GOVERNMENT OF THE R E P U B L I C OF LATVIA,
By
(Back)
The following amounts have been paid upon the principal amount
of this bond.
Date.
Amount paid.
302
REPORT ON T H E FINANCES
EXHIBIT
66
STATEMENT GIVEN TO THE PRESS BY THE WORLD WAR FOREIGN
DEBT C O M M I S S I O N IN CONNECTION WITH THE SETTLEMENT
OF THE INDEBTEDNESS OF CZECHOSLOVAKIA TO THE UNITED .
STATES
OCTOBER 9,
1925.
The World War Foreign Debt Commission announced to-day:
The Czechoslovakian Debt Commission proposed to the American Commission:
^'With reference to our various discussions in the matter of settlement of the
obligations of the Czechoslovak Government to the United States, we beg to
submit to you the following proposal:
" 1 . That as there are a number of disputed items between us as to the capital
sum of the debt, we believe that instead of entering upon the very large expense
and delay involved on both sides by a reaccounting, we are prepared to yield on
some considerable part of these items and to propose to you a round sum of settlement, that is, that we shall consider the capital of the debt as at June 15, 1925,
to be $115,000,000. If, on the other hand, your commission prefers, we are prepared to enter upon an accounting of these transactions and in this manner
determine the capital.
"2. That if you can see your way to accept this proposal of $115,000,000, we
are prepared to at once enter into the contract of settlement on the terms which
we have discussed."
The.American Commission accepted the offer of $115,000,000 as the capital
sum as of June 15, 1925, and a funding of the debt has been agreed upon on the
following terms:
(a) The principal to be paid over a period of 62 years, with interest at rates
of 3 per cent for the first 10 years and 3 H per cent thereafter.
(6) During the first 18 years the total annual amount to be paid is fixed at
$3,000,000 yearly, and the balance of each annuity at the above interest rates
is funded over the remaining 44 years.
A definitive agreement, subject to approval of Congress, will be prepared for
.signatures and submission to the President.
EXHIBIT
67
AGREEMENT F O R T H E FUNDING O F T H E DEBT O F CZECHOSLO^
VAKIA TO T H E U N I T E D STATES
Agreement made the thirteenth day of October, 1925, at the City of
Washington, District of Columbia, between the Czechoslovak Republic
hereinafter called Czechoslovakia, party of the first part, and the
United States of America, hereinafter called the United States, party
of the second part.
Whereas, the United States now holds certain obligations of
Czechoslovakia and there are outstanding open accounts in favor of
the United States and claims against the United States which are in
dispute; and
^
Whereas,.the United States and Czechoslovakia wish to settle the
financial differences between the two governments and/or their
agencies and to fix the net amount of the indebtedness of Czechoslovakia to the United States, both principal and interest, as of June
15, 1925, and to fund such indebtedness;
Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness.—The amount of the indebtedness of
Czechoslovakia as of June 15, 1925, is fixed at $115,000,000.
2. Payment.—In order to provide for the payment^of the indebtedness thus to be funded Czechoslovakia will issue to the United States
SECRETARY OF T H E TREASURY
303
at par bonds of Czechoslovakia in the aggregate principal amount of
$185,071,023.07, dated June 15, 1925, and maturing serially on the
several dates and in the amounts fixed in the following schedule:
Dec. 15, 1925_
June 15, 1926_
Dec. 15; 1926_
June 15 1927_
Dec. 15, 1927_
J u n e 15 1928.
Dec. 15, 1928June 15 19'29.
Dec. 15 1929_
J u n e 15 1930_
Dec. 15; 1930.
June 15 1931.
Dec. 15; 1931_.
June 15 1932_
Dec. 15, 1932_
J u n e 15 1933.
Dec. 15; 1933.
J u n e 15 1934.
Dec. 15 1934.
June 15 1935.
Dec. 15 1935June. 15 1936.
Dec. 15; 1936J u n e 15, 1937Dec. 15; 1937June 15, 1938Dec. 15 1938June 15 1939Dec. 15, 1939-.
June 15 1940Dec. 15; 1940.
J u n e 15, 1941-.
Dec. 15. 1941-.
June 15, 1942Dec. 1 5 1942-.
June 15 1943June 15
1944
1945
1946.
1947.
1948.
June 1 5 —
194919501951195219531954' 1955195619571958.
19591960196119621963a964.
1965196619671968-.
19691970-.
1971.
1972-.
19731974..
19751976-.
1977-.
1978-.
1979-.
19801981..
1982-.
198319841985$1, 296, 023. 07
19861, 340, 000
1987-.
1, 385, 000
1, 435, 000
1, 485, 000
$1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500,000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500,000
1, 500, 000
1; 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
500,000
1, 500, 000 .
1,
1, 500, 000
1, 500, 000
500, 000
1, 500, 000
1,
1, 500, 000
1, 500, 000
1, 500, 000
1, 500, 000
500,000
1 .500,000
,
1,
$1, 540, 000
1, 590, 000
1, 645, 000
1, 705, 000
1, 765, 000
1, 825, 000
1, 890, 000
1, 960, 000
2, 025, 000
2, 100, 000
2, 170, 000
2, 245, 000
2, 325, 000
2, 405, 000
2, 490, 000
2, 575, 000
2, 665, 000
2, 760, 000
2, 855, 000
2, 955, 000
3, 060, 000
3, 165, 000
3, 280, 000
3, 395, 000
3, 510, 000
3, 635, 000
3, 760, 000
3, 890, 000
4, 030, 000
4, 170, 000
4, 315, 000
4, 465, 000
4, 625, 000
4, 785, 000
4, 950, 000
5, 125, 000
5, 305, 000
5, 490, 000
5, 685, 000
$185, 071, 023. 07
Provided, however. That Czechoslovakia, at its option, upon not
less than ninety days' advance notice to the United States, may
postpone any payment on account of principal falling due as hereinabove provided after June 15, 1943, to any subsequent June 15 or
December 15 not more than two years distant from its due date, but
only on condition that in case Czechoslovakia shall at any time
exercise this option as to any payment of principal, the payment
falling due in the next succeeding year can not be postponed to any
date more than one year distant from the date when it becomes due
unless and until the payment previously postponed shall actually
have been made, and the payment falling due in the second succeeding
year can not be postponed at all unless and until the payment of
principal due two years previous thereto shall actually have been
made.
3. Form of Bonds.—Ail bonds issued or to be issued hereunder to
the United States shall be payable to the Government of the United
304
REPORT ON THE FINANCES
States of America, or order, and shall be signed for Czechoslovakia
by its Minister of Finance and countersigned by the President of the
Supreme Accounting Control Ofiice in Prague and likewise countersigned by its Envoy Extraordinary and Minister Plenipotentiary at
Washington, or by its other duly authorized representative. The
bonds issued for the first thirty-six semiannual payments shall be
substantially in the form set forth in the exhibit hereto annexed and
marked ^ Exhibit A,'' and shall be issued in 36 pieces of the principal
^
amount of $1,500,000 each maturing serially on December 15, 1925,
and semiannually thereafter up to and including June 15, 1943, and
shall not bear interest before maturity. The bonds maturing subsequent to June 15, 1943, shall be substantially in the form set forth
in the exhibit hereto annexed and marked ^^Exhibit B,'' and shall be
issued in 44 pieces with maturities and in denominations as hereinabove set forth and shall bear interest at the rate of S}4% per annum
from June 15, 1943, payable semiannually on June 15 and December
15 of each year until the principal of such bonds shall be paid.
4. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of Czechoslovakia, upon not less than thirty days' advance notice to the
United States, in any obligations of the United States issued after
April 6, 1917, to be taken at par and accrued interest to the date of
payment hereimder.
All payments, whether in cash or in obligations of the United
States, to be made by Czechoslovakia on account of the principal of or
interest on any bonds issued or to be issued hereunder and neld by
the United States, shall be made at the Treasury of the United
States in Washington, or, at the option of the Secretary of the
Treasury of the United States, at the Fedcx^al Reserve Bank of New
York, and if in cash shall be made in funds immediately available on
the date of payment, or if in obligations of the United States shail be
in form acceptable to the Secretary of the Treasury of the United
States under the general regulations of the Treasury Department
governing transactions in United States obhgations.
5. Exemption from Taxation.—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction
for, and shall be exempt from, any and all taxes or other public dues,
present or future, imposed by or under authority of Czechoslovakia
or any political or local taxing authority within the Czechoslovak
Republic, whenever, so long as, and to the extent that beneficial
ownership is in (a) the Government of the United States, (b) a
person, firm, or association neither domiciled nor ordinarily resident
in Czechoslovakia, or (c) a cdrporation not organized under the
laws of Czechoslovalda.
6. Payments before Maturity.—Czechoslovakia, at its option, on
June 15 or December 15 of any year, upon not less than ninety days'
advance notice to the United States, may make advance payments
in amounts of $1,000 or multiples thereof, on account of the principal
of any bonds issued or to be issued hereunder and held by the United
States. Any such advance payments shall be applied to the principal of such bonds as may be indicated by Czechoslovakia at the
time of the payment.
SECRETARY OF THE TREASURY
'
305
7. Exchange for Marketable Obligations.— Czechoslovakia will issue
to the United States at any time, or from time to time, at the request
of the Secretary of the Treasury of the United States, in exchange for
any or all of the bonds issued hereunder and held by the United States,
definitive engraved bonds in form suitable for sale to the public, in
such amounts and denominations as the Secretary of the Treasury
of the United States may request, in bearer form, with provision for
registration as to principal, and/or in fully registered form, and otherwise on the same terms and conditions, as to dates of issue and maturity, rate or rates of interest, if any, exemption from taxation, paym^ent
in obligations of the United States issued after April 6, 1917, and the
like, as the bonds surrendered on such exchange. Czechoslovakia will
deliver definitive engraved bonds to the United States in accordance
herewith within six months of receiving notice of any such request
from the Secretary of the Treasury of the United States, and pending
the delivery of the definitive engraved bonds will deliver, at the
request of the Secretary of the Treasury of the United wStates, temporary bonds or interim receipts in form satisfactory to the Secretary
of the Treasury of the United States within thirty days of the receipt
of such request, all without expense to the United States. The
United States, before offering any such bonds or interim receipts for
sale in Czechoslovakia, will first offer them to CzechoslovaKia for
)urchase at par and accrued interest, if any, and Czechoslovakia shall
ikewise have the option, in lieu of issuing any such bonds or intejrim
receipts, to make advance redemption, at par and accrued interest,
if any, of a corresponding principal amount of bonds issued hereunder
and held by the United States. Czechoslovakia agrees that the
definitive engraved bonds called for by this paragraph shall contain
all such provisions, and that it will cause to be promulgated all such
rules, regulations, and orders as shall Ke deemed necessary or desirable by the Secretary of the Treasury of the United States in order to
facilitate the sale of the bonds in the United States, in Czechoslovakia
or elsewhere, and that if requested by the Secretar}^ of the Treasury
of the United States, it will use its good offices to secure the listing
of the bonds on such stock exchanges as the Secretary of the Treasury
of the United States may specify.
8. Cancellation and Surrender of Obligations.—Upon the execution
of this Agreement, the delivery to the United States of the $185,071,023.07 principal amount of bonds of Czechoslovakia to be issued
hereunder, together with satisfactory evidence of authority for the
execution of this Agreement by the representatives of Czechoslovakia and for the execution of the bonds to be issued hereunder, the
United States will cancel and surrender to Czechoslovakia at the
Treasury of the United States in Washington, the obligations of
Czechoslovakia held by the United States and a satisfaction shall
be had of all financial claims existing between the two governments
and/or their agencies.
9. Notices.—Any notice, request, or consent under the hand of the'
Secretary of the Treasury of the United States, shall be deemed and
taken as the notice, request, or consent of the United States, and shall
be sufficient if delivered at the Legation of Czechoslovakia at Washington or at the office of the Ministry of Finance in Czechoslovakia;
and any notice, request, or election from or by Czechoslovakia shall
be sufficient if delivered to the American Legation at Prague or to the
f
306
REPORT ON T H E FINANCES
Secretary of the Treasury at the Treasury of the United States in
Washington. The United States in its discretion may waive any
notice required hereunder, but any such waiver shall be in writing
and shall not extend to or affect any subsequent notice or" impair
any right of the United States to require notice hereunder.
10. Compliance with Legal Requirements.—Czechoslovakia represents and agrees that the execution and delivery of this Agreement
have in all respects been duly authorized and that all acts, conditions,
and legal formalities which should have been completed prior to the
making of this Agreeijient have been completed as required by the
laws of Czechoslovakia and in conformity therewith.
11. Counterparts.—This Agreement shall be executed in two
counterparts, each of which shall have the force and effect of an original.
In witness whereof Czechoslovakia has caused this Agreement to
be executed on its behalf by Dr. Vilem Pospisil, Karel Kucera and
Dr. Karel Brabenec, its Plenipotentiaries at Washington, thereunto
duly authorized, subject, however, to constitutional ratification in
Czechoslovakia, and the United States has likewise caused this
Agreement to be executed on its behalf by the Secretary of the
Treasury, as Chairman of the World War Foreign Debt Commission,
with the approval of the President, subject, however, to the approval
of Congress, pursuant to the Act of Congress approved February 9,
1922, as amended by the Act of Congress approved February 28,
1923, and as further amended by the Act oi Congress approved
January 21, 1925, all on the day and year first above written.
^
By
T H E CZECHOSLOVAK REPUBLIC,
D R . VILEM POSPISIL,
K A R E L KUCERA,
Dr. K A R E L BRABENEC.
T H E U N I T E D STATES OF AMERICA,
For the World War Foreign Debt Commission:
By
A. W.
MELLON,
Secretary of the Treasury and
Chairman of ihe Commission.
Approved:
CALVIN COOLIDGE,
President.
EXHIBIT A
(Form of Bond)
T H E CZECHOSLOVAK R E P U B L I C
$1,500,000.
No.
The Czechoslovak Republic, hereinafter called Czechoslovakia, for
value received, promises to pay to the Government of the United
States of America, hereinafter called the United States, or order,
on
19 ; the sum of One Million Five Hundred Thousand
Dollars ($1,500,000). This bond is payable in gold coin of the
United States of America of the present standard of value, or, at
the option of Czechoslovakia, upon not less than thirty days' advance
notice to the United States, in any obligations of the United States
iss^ed after April 6, 1917, to be taken at par and accrued interest
to the date of payment hereunder.
SECRETARY OF T H E TREASURY
307
This bond is payable without deduction for, and is exempt from,
any and all taxes and other public dues, present or future, imposed
by or under authority of Czechoslovakia or any political or local
taxing authority within Czechoslovakia, whenever, so long as, and
to the extent that, beneficial ownership is in (a) the Government of
the United States, (b) a person, firm, or association neither domiciled
nor ordinarily resident m Czechoslovaikia, or (c) a corporation not
organized under the laws of Czechoslovakia. This bond is payable
at the Treasury of the United States in Washington, D. C , or at
the option of the Secretary of the Treasury of the United States at
the Federal Reserve Bank of New York.
This bond is issued pursuant to the provisions of paragraph 2 of
an Agreement dated October 13, 1925, between Czechoslovakia and
the United States, to which Agreement this bond is subject and to
which reference is hereby made.
In witness whereof, Czechoslovakia has caused this bond to be
executed in its behalf by its Minister of Finance and countersigned
by the President of the Supreme Accounting Control Office in Prague
and likewise countersigned at the City of Washington, District of
Columbia, by its
at Washington, thereunto
duly authorized, as of June 15, 1925.
T H E CZECHOSLOVAK REPUBLIC,
Minister of Finance.
EXHIBIT B
(Form of Bond)
THE
$
CZECHOSLOVAK R E P U B L I C
. N o .
The Czechoslovak Republic, hereinafter called Czechoslovakia, for
value received, promises to pay to the Government of the United
States of America, hereinafter called the United States, or order, on
June 15, 19 , the sum of
Dollars ($
), and to pay interest upon said principal sum from June 15, 1943, at the rate of
3 H % per annum, payable semiannually on the 15th day oi December and June in each year, until the principal hereof has been paid.
This bond is payable as to both principal and interest in gold coin
of the United States of America ol the present standard of value, or,
at the option of Czechoslovakia, upon not less than thirty days'
advance notice to the United States, in any obligations of the United
States issued after April 6, 1917, to be taken at par and accrued
interest to the date of payment hereunder.
This bond is payable as to both principal and interest without
deduction for, and is exempt from, any and all taxes and other public
dues, present or future, imposed by or under authority of Czechoslovakia or any political or local taxing authority within the Czechoslovak Republic whenever, so long as, and to the extent that,
beneficial ownership is in (a) the Government of the United States,
(b) a person, firm, or association neither domiciled nor ordinaril}^
resident in Czechoslovakia, or (c) a corporation not organized under
the laws of Czechoslovakia. This bond is payable as to both principal and interest at the Treasury of the United States in Washington,
D. C , or at the option of the Secretary of the Treasurj^ of the United
States at the Federal Reserve Bank of New York.
308
REPORT ON T H E FINANCES
This bond is issued pursuant to the provisions of paragraph 2 of
an Agreement dated October 13, 1925, between Czechoslovakia and
the United States, to which Agreement this bond is subject and to
which reference is hereby made.
In witness whereof, Czechoslovakia has caused this bond to be
executed in its behalf by its Minister of Finance and countersigned
by the President of the Supreme Accounting Control Office in
Prague and likewise countersigned at the City of Washington, District of Columbia, by its
at Washington, thereunto duly authorized, as of June 15, 1925.
THE
CZECHOSLOVAK
REPUBLIC,
By
Minister of Finance.
E X H I B I T 68
S T A T E M E N T a i V E N TO T H E P R E S S B Y T H E W O R L D W A R F O R E I G N
D E B T C O M M I S S I O N I N C O N N E C T I O N W I T H THE SETTLEMENT
OF THE I N D E B T E D N E S S OF ESTHONIA TO THE UNITED STATES
OCTOBER 28,
1925.
There was signed at the Treasury to-day an agreement providing
for the refunding of the debt of the Republic of Esthonia to the
United States. The indebtedness represents obligations received
in connection with the sale of war supplies by the United States
Liquidation Commission, War Department,, and obligations received
from, the American Relief Administration on account of relief supplies
furnished on credit.
The agreement was signed on behalf of the Republic of Esthonia
by Mr. Antonius Piip, Envoy Extraordinary and Minister Plenipotentiary at Washington, and on behalf of the United States by the
Secretary of the Treasury, as chairman of the World War Foreign
Debt Commission. The agreement was immediately sent to the
President for his approval.
The amount of the indebtedness to be funded is $13,830,000, computed as follows:
Principal amount of obligations to be funded.
$13, 999, 145. 60
Credit allowed for total loss of cargo on sinking of Steamship John
Russ sunk by a mine in Baltic Sea
.
1, 932, 923. 45
Interest accrued and unpaid thereon to Dec. 15, 1922, at the
rate of 4}^ per cent a year
12, 066, 222. 15
1, 765, 219. 73
Total principal and interest accrued and unpaid as of Dec. 15,
1922._._
.
13, 831, 44L 88
To be paid in cash by Esthonia upon execution of agreement
1, 441. 88
Total indebtedness to be funded into bonds
13, 830, 000. 00
The credit of $1,932,923.45 was allowed on account of the total
loss of a cargo of surplus war material sold to Esthonia for relief
purposes and destroyed when the Steamship John Russ was sunk by a
mine in the Baltic Sea in September, 1919. The basis of the settlement
is the same as that made with Poland, Esthonia having the option
to liquidate the amounts due under the agreement on or before
December 15, 1930, in part by semiannual cash payments as follows:
SECRETARY O F THE
June
Dec.
June
Dec.
June
Dec.
15, 1926
15, 1926__.
15, 1927
15, 1927
15, 1928.
15, 1928
.
._._..
.
..
$50,000
50,000
75, 000
75, 000
100, 000
100,000 |
TREASURY
June
Dec.
June
Dec.
15,
15,
15,
15,
1929
1929.1930
1930
Total
309
_-.
$125, 000
125, 000
150, 000
_ 150, 000
$1,000,000
The balance is to be funded into bonds of Esthonia similar in
terms to the bonds first to be issued under the agreement.
The $13,830,000 principal amount of bonds of Esthonia to be
issued under the funding agreement mature serially over a period of
62 years and bear interest at the rate of 3 per cent a year up to
December 15, 1932, and at the rate of 3J/2 P^r cent a year thereafter.
The agreement with Esthonia is the ninth funding agreement
concluded by the World War Foreign Debt Commission since its
creation on February 9, 1922. Agreements have already been concluded and approved by Congress with Great Britain, Finland,
Hungary, Lithuania, and Polan(i. Agreements have also been concluded with Belgium, Czechoslovakia, and Latvia, which will be
submitted to Congress at its next session as well as the present
agreement.
EXHIBIT
69
AGREEMENT FOR THE FUNDING OF THE DEBT OF ESTHONIA TO
THE UNITED STATES
Agreement made the 28th day of October, 1925, at the city of Washington,
D. C, between the Republic of Esthonia, hereinafter called Esthonia,
party of the first part, and the United States of America, hereinafter
called the United States, party of the second part.
Whereas, Esthonia is indebted to the United States as of December
15, 1922, upon obligations in the aggregate principal amount of
$13,999,145.60, together with interest accrued and unpaid thereon;
a,nd
WhereaS) Esthonia desires to fund said indebtedness to the United
States, both principal and interest, through the issue of bonds to the
United States, and the United States is prepared to accept bonds
from Esthonia upon the terms and conditions hereinafter set forth;
Now, therefore, in consideration of the premises and ol the mutual
covenants herein contained, it is agreed as follows:
1. Amount of indebtedness.—The amount of the indebtedness to
be funded, after allowing for cash payments made or to be made by
Esthonia and the credit set out below, is $13,830,000, which has been
computed as follows:
Principal amount of obligations to be funded
$13, 999, 145. 60
Credit allowed for total loss of cargo on sinking of S. S. John
Russ sunk by a mine in Baltic Sea
•
1, 932, 923. 45
Interest accrued and unpaid thereon to Dec. 15, 1922, at the rate
of 4Ji per cent a year
.._.__
Total principal and interest accrued and unpaid as of Dec. 15,
^ 1922
.
To be paid in cash by Esthonia upon execution of agreement._
Total indebtedness to bis funded into bonds
12, 066, 222. 15
1, 765, 219. 73
13, 831, 44L 88
1, 441. 88
13, 830, 000. 00
310
REPORT ON T H E FINANCES *
2. Repayment of principal.—In order to provide for the repayment
of the indebtedness thus to be funded Esthonia will issue to the
United States at par as of December 15, 1922, bonds of Esthonia
in the aggregate principal amount of $13,830,000, dated December 15,
1922, and maturing serially on each December 15 in the succeeding
years for 62 years, in the amounts and on the several dates fixed in
the following schedule:
Dec. 1 5 —
1923
1924
1925
1926
._.._
1927__.
.__._
1928...
1929..
1930
1931
1932
1933
1934..__
..-._
1935
1936
1937
1938
1939
.
1940
......
1941
1942
1943
.....
1944
1945
1946
1947
1948
1949
1950
1951
1952
.
1953
.....
1954.
$69,000
71,000
73,000
75,000
78,000
80,000
82,000
85,000
88,000
90,000
92,000
95,000
98,000
101,000
105,000
109,000
113,000
117,000
121,000
125,000
129,000
134,000.
138,000
143,000
148,000
153,000
159,000
165,000
170,000
176,000
182,000
189,000
Dec. 1 5 —
1955
• 1956
1957
1958...
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972..:
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Total
.._._.
.
.
.....
.....
....
$195,000
202,000
209,000
217,000
224,000
232,000
240,000
249,000
257,000
266,000
275,000
285,000
295,000
305,000
316,000
327,000
339,000
350,000
363,000
375,000
388,000
402,000
416,000
431,000
446,000
461,000
477,000
494,000
511,000
530,000
$13,830,000
Provided, however. That Esthonia, at its option, upon not less than
90 days' advance notice to the United States, may postpone any
payment falling due as hereinabove provided, except those falling
due on or before December 15, 1930, hereinafter referred to in paragraph 5 of this agreement, to any subsequent June 15 or December
,15 not more than two years distant from its due date, but only on
condition that in case Esthonia shall at any time exercise this option
as to any payment of principal, the payment falling due in the next
succeeding year can not be postponed to any date more than one
year distant from the date when it becomes due unless and until
the payment previously postponed shall actually have been made,
and the payment falling due in the second succeeding year can not
be postponed at all unless and until the payment of principal due
two years previous thereto shall actually have been made.
3. Form of bond.—All bonds issued or to be issued hereunder to
the United States shall be payable to the Government of the United
States of America, or order, shall be issued in such denominations
as may be requested by the Secretary of the Treasury of the United
States, substantially in the form set forth in the exhibit hereto an-
311
SECRETARY OF THE TREASURY
nexed and marked ^^Exhibit A,'' and shall be signed for Esthonia by
its Envoy Extraordinary and Minister Plenipotentiary at Washington,
or by its other duly authorized representative. The $13,830,000
principal amount of bonds first to be issued hereunder shall be issued
in 62 pieces, in denominations and with maturities corresponding to
the annual payments of principal hereinabove set forth.
4. Payment of interest.—All bonds issued or to be issued hereunder
shall bear interest, payable semiannually on June 15 and December
15 in each year, at the rate of 3 per cent a year from December 15,
1922, to December 15, 1932, and thereafter at the rate of 3 K por
cent a year until the principal thereof shall have been paid.
5. Method of payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of
Esthonia, upon not less than thirty clays' advance notice to the United
States, in any obligations of the United States issued after April 6,
1917, to be taken at par and accrued interest to the date of payment
hereunder: Provided, however, that with reference to the payments on
account of principal and/or interest falling due hereunder on or
before December 15, 1930, Esthonia, at its option, may pay the following amounts on the dates specified:
June
Dec.
June
Dec.
June
Dec.
15,
15,
15,
15,
15,
15,
1926
1926.
1927.
1927
1928
1928
$50, 000
50, 000
75, 000
. . . . 75,000
100,000
._ 100,000
June
Dec.
June
Dec.
15,
15,
15,
15,
1929
1929
1930
1930
Total
...
$125, 000
125, 000
150, 000
150, 000
1,000,000
and the balance, including interest on all overdue payments at the
rate of 3 per cent a year from their respective due dates, in bonds of
Esthonia dated December 15, 1930, bearing interest at the rate of 3
per cent a year from December 15, 1930, to December 15, 1932, and
thereafter at the rate of 3 3^ per cent a year until the principal thereof
shall have been paid, such bonds to mature serially on December 15
of each year up to and including December 15, 1984, substantially in
the manner provided in paragraph 2 of this agreement, and to be substantially similar in other respects to the bonds first to be issued
hereunder.
All payments, whether in cash or in obligations of the United
States, to be made by Esthonia on account of the principal of or
interest on any bonds issued or to be issued hereunder and held by
the United States, shall be made at the Treasury of the United
States in Washington, or, at the option of the Secretary of the
Treasury of the United States, at the Federal Keserve Bank of New
York, and if in cash shallbe made in funds immediately available on
the date of payment, or if in obligations of the United States shall be
in form acceptable to the Secretary of the Treasury of the United
States, under the general regulations of the Treasury Department
governing transactions in United States obligations.
6. Exemption from taxation.—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction
for, and shall be exempt from, any and all taxes or other public dues,
present or future, imposed by or under authority of Esthonia or any
political or.local taxing authority within the Kepublic of Esthonia,.
whenever, so long as, and to the extent that beneficial ownership is
312
"
REPORT ON T H E FINANCES
in {a) the Government of the United States,- (b) a person, firm, or
association neither domiciled nor ordinarily resident in Esthonia, or
(c) a corporation not organized under the laws of Esthonia.
7. Payments before maturity.—Esthonia, at its option, on-'any
interest date or dates, upon not less than ninety days' advance
notice to the United States, may make advance payments in amounts
of $1,000 or multiples thereof, on account of the principal of any
bonds issued or to be issued hereunder and held by the United States.
Any such advance payments shall first be applied to the prmcipal of
any bonds which shall have been issued hereunder on ac/)Ount of
prmcipal and/or interest accruing between December 15, 1922, and
December 15, 1930, and then to the principal of any other bonds
issued hereunder and held by the United States, as may be indicated
by Esthonia at the time of the payment.
8. Exchange for marketable obligations.—Esthonia will issue to the
United States at any time, or from time to time, at the request of the
Secretary of the Treasury of the United States, in exchange for any
or all of the bonds issued or to be issued hereunder and held by the
United States, definitive engraved bonds in form suitable for sale to
the public, in such amounts and denominations as the Secretary of
the Treasury of the United States may request, in bearer form,
with provision for registration as to principal, and/or in fully registered form, and otherwise on the same terms and conditions, as to
dates of issue and maturity, rate or rates of interest, exemption from
taxation, payment in obligations of the United States issued after
April 6, 1917, and the like, as the bonds surrendered on such exchange.
Esthonia will dehver definitive engraved bonds to the United States
in accordance herewith within six months of receiving notice of any
such request from the Secretary of the* Treasury of the United States,
and pending the delivery of the definitive engraved bonds will deliver,
at the request of the Secretary of the Treasury of the United States,
temporary bonds or interim receipts in form satisfactory to the
Secretary of the Treasury of the United States within 30 days of
the receipt of such request, all without expense to the United States.
The United States, before offering any such bonds or interim receipts
for sale in Esthonia, will first offer them to Esthonia for purchase at
p a r and accrued interest, and Esthonia shall likewise have the option,
in lien of issuing any such bonds or interim receipts, to make advance
redemption, at par and accrued interest, of a corresponding principal
amount of bonds issued or to be issued hereunder and held by the
United States. Esthonia agrees that the definitive engraved bonds
called for by this paragraph shall contain all such provisions, and
that it will cause to be promulgated all such rules, regulations, and
orders as shall be deemed necessary or desirable by the Secretary of
the Treasury of the United States in order to facilitate the sale of the
bonds in the United States, in Esthonia, or elsewhere, and that if
requested by the Secretary of the Treasury of the United States, it
will use its good offices to secure the listing of the bonds on such
stock exchanges as he may request.
9. Cancellation and surrender of obligations.—Upon the execution
of this agreement, the payment to the United vStates of cash in the
sum of $1,441.88 as provided in paragraph 1 of this agreement and
the delivery to the United States of the $13,830,000 principal amount
of bonds of Esthonia first to be issued hereunder, together with satis-
SECRETARY OF THE TREASURY
313
factory evidence of authority for the execution of this agreement
and the bonds on behalf of Esthonia by its Envoy Extraordinary and
Minister Plenipotentiary at Washington, or by its other duly authorized representative, the United States will cancel and surrender to
Esthonia, at the Treasury of the United States in Washington, the
obligations of Esthonia in the principal amount of $13,999,145.60
described in the preamble to this agreement.
10. Notices.—Any notice, request, or consent under the hand of
the Secretary of the Treasury of the United States, shall be deemed
and taken as the notice, request, or consent of the United States, and
shall be sufficient if delivered at the Legation of Esthonia at Washington or at the office of the Minister of Finance in Tallinn; and any
notice, request, or election from or by Esthonia shall be sufficient if
delivered to the American Legation at Tallinn or to the Secretary of
the Treasury at the Treasury of the United States in Washington.
The United States in its discretion may waive any notice required
hereunder, but any such waivei* shall be in writing and shall not
extend to or affect any subsequent notice or impair any right of the
United States to require notice hereunder.
11. Compliance with legal requirements.—Esthonia represents and
agrees that the execution and delivery of this agreement have in all
respects been duly authorized, and that all acts, conditions, and legal
formalities which should have been completed prior to the making
of this aOTeement and the issuance of bonds hereunder have been
completed as required by the laws of Esthonia and in conformity
therewith.
12. Counterparts.—This agreement shall be executed in two
counterparts, each of which shall have the force and effect of an
original.
In witness whereof Esthonia has caused this agreement to be
executed on ,its behalf by its Envoy Extraordinary and Minister
Plenipotentiary at Washington, thereunto duly authorized, subject,
however, to the approval of the State Assembly, and the United
States has likewise caused this agreement to be executed on its
behalf by the Secretary of the Treasury, as chairman of the World
War Foreign Debt Commission, with the approval of the President,
subject, however, to the approval of Congress, pursuant to the act
of Congress approved February 9, 1922, as amended by the act of
Congress approved February 28, 1923, and as further amended by
the act of Congress approved January 21, 1925, all on the day and
year first above written.
T H E REPUBLIC OF ESTHONIA,
By A. Pnp,
Envoy Extraordinary and Minister Plenipotentiary.
T H E U N I T E D STATES OF AMERICA,
For the World War Foreign Debt Commission:
By
A. W.
MELLON,
Secretary of the Treasiiry and Chairman of the Commission.
Approved:
CALVIN COOLIDGE,
President.
314
REPORT ON THE FINANCES
EXHIBIT A
(Form of bond)
THE
REPUBLIC
OF
ESTHONIA
$
No.
The Republic of Esthonia, hereinafter called Esthonia, for value received, promises to pay to the Government of the United States of
America, hereinafter called the United States, or order, on December
15,
, the sum of
dollars ($
), and to pay interest
upon said principal sum semiannually on June 15 and December 15
in each year, at the rate of three per cent a year from December 15,
1922, to December 15, 1932, and at the rate of three and one-half per
cent a year thereafter until the principal hereof shall have been paid.
This bond is payable as to both principal and interest in gold coin of
the United States of America of the present standard of value, or, at
the option of Esthonia, upon not less than thirty days' advance
notice to the United States, in any obligations of the United States
issued after April 6, 1917, to be taken at par and accrued interest to
the date of pa3'^ment hereunder.
This bond is payable as to both principal and interest without deduction for, and is exempt from, any and all taxes and other public
dues, present or future, imposed by or under authority of Esthonia
or any political or local taxing authority within the Republic of
Esthonia, whenever, so long as, and to the extent that, beneficial
ownership is in (a) the Government of the United States, (b) a person,
firm, or association neither domiciled nor ordinarily resident in Esthonia, or (c) a corporation not organized under the laws of Esthonia.
This bond is payable as to both principal and interest at the Treasury
of the United States in Washington, D. C , or at the option of the
Secretary of the Treasury of the United States at the Federal Reserve Bank of New York.
This bond is issued under an Agreement dated October 28, 1925,
between Esthonia and the United States, to which this bond is subject and to which reference is hereby made.
In witness whereof, Esthonia has caused this bond to be executed
in its behalf at the City of Washington, District of Columbia, by
its
at Washington, thereunto duly authorized, as of December 15, 1922.
T H E REPUBLIC
OF E S T H O N I A :
By
EXHIBIT
STATEMENT GIVEN
TO
THE PRESS
70
OF THE
REMARKS OF
THE
FRENCH M I N I S T E R OF FINANCE AND SECRETARY MELLON AT
THE OPENING OF NEGOTIATIONS FOR THE SETTLEMENT OF
THE INDEBTEDNESS OF FRANCE TO THE UNITED STATES
SEPTEMBER
24,
1925.
At the opening to-day of the negotiations for a settlement of the
French debt, M. Caillaux, the Minister of Finance, addressed the
American commission as follows:
Mr. CHAIRMAN, GENTLEMEN:
I have come from France, intrusted by my government, to meet the obligations
of my country towards the United States.
Highly appreciated members of our Parliament, belonging to all parties,
chairmen or reporters of the financial and trade commissions of the upper and
SECRETARY OF T H E TREASURY
315
lower House have been so kind as to accompany me. Like myself, these gentlemen have the greatest desire to reach a settlement.
We do not forget and no one in our country will ever forget what we owe to
America for her splendid work to end victoriously the war and for the generous
help our people received from citizens of the United States in time of need. We
neither forget and we feel sure nobody on this side of the Atlantic forgets the ties
knotted between both our countries at the end of the eighteenth century.
Now, if you wish, we will go to work as practical men, desirous to come to a
settlement satisfactory for all material interests, worthy of the past of the two
great nations, combined in such a way as to fortify peace and help the economic
stabilization in the world.
Secretary of the Treasury Mellon, chairman of the American
World War Foreign Debt Commission, replied:
One by one the world is overcoming the effects of the war which so long after
its termination linger with us. The Dawes plan is a forward step towards
economic stability in Europe. The reconstruction of devastated areas approaches
conclusion; governmental expenditures becoming more regular, more certain of
estimation and more possible of being met through taxation; and budgets approaching equilibrium. There still remain, however, loose ends to be gathered in.
War and postwar governmental debts in many cases remain unsettled.
To establish the binding character of an international promise and to protect
its own citizens, the creditor nation must seek adjustment. To keep good its
word and to give itself time to recover its prosperity, the debtor nation must
determine its future liabilities. No concern can successfully be reorganized in the
face of an unfunded demand obligation. So we meet here in council as business
men to conclude the one matter which is in controversy between our two countries.
We were glad to receive the help which France extended to us when we were
fighting for our independence, and we were eager to make some return in France's
own. great need. The war .is over, but we minimize neither the burdens France
has borne nor the difficulties which menace her future. Through the necessity
of recreating her destroyed productivity, through postponement of reimbursement from the destroyer, her present fiscal situation has been permitted to become impaired. We should make allowance for this condition. France now
faces, however, all of the facts under a strong leadership and with the courage
which withstood the assaults at Verdun. The condition is not permanent.
France will emerge successfully from her difficulties.
We know that this,conference opening to-day may influence greatly the peace
of the world. We ourselves can not escape its repercussions. We feel, therefore, the great responsibility resting upon us. It is our duty to reach with you a
conclusion, in the estimation of each of our peoples, fair; and in the practical
test of time, workable. In the constructive attitude of the representatives of
the two countries who now meet together, a solution will come.
Mr. Minister and gentlemen, I welcome you here.
EXHIBIT
71
STATEMENT GIVEN TO THE PRESS OF
RETARY MELLON AND THE ITALIAN
AT THE OPENING OF NEGOTIATIONS
OF THE INDEBTEDNESS OF ITALY TO
THE REMARKS OF SECMINISTER OF FINANCE
FOR THE SETTLEMENT
THE UNITED STATES
N O V E M B E R 2,
1925.
The Secretary greeted the Italian Commission:
The American Commission wishes to express to you our pleasure in meeting you
here in Washington around the table for a frank discussion of the matters involved
in the debt settlement.
We thank you for the complete economic, fiscal, and social studies of the condition of Italy which were prepared for us as the result of our preliminary conferences with your ambassador and Mr. Alberti last summer. We are studying
your documentation in connection with similar investigations by ourselves.
I wish to express our appreciation of the exhaustive nature of the documents you
have furnished us and of the prompt arrival in America of your commission with
authority to settle the war debt of our two nations.
316"
REPORT ON" THE FINANCES
We recognize fully Italy's efforts during and since the war. It is especially in the
. afterwar period that Italy's constructive ability has drawn to her the attention
of the world. Sound policies under the forceful direction of Premier Mussolini
have radically reduced government expenditures, increased revenue, and balanced
Italy's budget. This is a governmental achievement worthy of highest praise.
We know, too, something of the difficulties Italy must face owing to natural
conditions and the heavy fiscal burden imposed by the war. We believe, however, that with a continuation of your present political and economic stability
Italy is assured its position as a great nation.
In negotiating with you a settlement of the debt this, commission will apply the
principle of Italy's capacity to pay and will give due weight to the special conditions existing in your situation. We will, I am sure, come to terms which will be
" within Italy's power to fulfill without undue pressure upon her or her people and
which will also recognize the sacrifices made by the American taxpayer in the
advances of our Treasury. We two nations desire a just settlement which will
insure economic peace.
Count Volpi, head of the Italian Commission, in conveying to the
American Commission his thanks, laid stress upon the help given
Italy by America in the war and the burden of that war upon Italy
and her people. He then said:
When peace—which America, with such great authority, helped protect all over
the world—was assured, Italy, notwithstanding her extremely difficult financial
situation, offered to settle her war debt with the United States, within the limitsof her capacity to pay.
This acknowledgment of her debt constituted an obligation of honor which
Italy intended and intends to absolve; and to this end she resolved that the head
of the delegation sent to the United States should, aside from my modest self, be
her own minister of finance, in order to add to the solemnity of her pledge.
Upon starting the present negotiations, Italy accepts the principle laid down,
by the American Debt Commission that each debtor nation shall be considered
independently and shall repay its debt within its particular capacity to pay.
In determining capacity of a nation the report of the Dawes Commission hasshown that there are two principal elements—first, the capacity to collect in a
country from its people the necessary money, and, second, the transfer of the
money so collected in the national currency to the creditor country in the currency of the latter.
In order to show to the American Commission Italy's capacity to pay in these
two regards, there has been prepared and submitted to the American Commission a documentation of 24 monographs composed of material gathered along;
scientific lines by the most prominent Italian statisticians and economists.
These monographs show:
(1) Italy's burden in the war was equal to 30 per cent of her total national
wealth. She lost 652,000 men and 458,000 of her youths were disabled.
(2) Italy received no valuable colonies out of the war.
(3) Italy's share of reparations is 10 per cent as against 52 per cent allotted to
France and 22 per cent to Great Britain.
(4) Italy, by immense sacrifices, has balanced her budget, reduced her governmental expenditures, and is the only great power whose military expendituresare to-day less than they were before the war.
(5) Italy has been the only nation to tax war profits at 100 per cent and tolevy a capital tax.
(6) The burden of taxation in Italy, taking into account the national wealth
and the national income, is higher than that of any other country—38 per cent
of her net income after deducting a minimum of subsistence.
(7) Italy has none of the principal raw materials. She must import food and
all her requirements in oil, coal, cotton, iron, and-copper.
(8) With her constantly increasing population it is doubtful if Italy's industrial development keeps pace with the increased demands of her population.
(9) Italy's balance of trade has always been adverse. During the past nine
months she exported 13 billion of lire, and imported 20 billion, a balance against
her of 7 billion lire. During this period Italy imported from the United States
5 billion of lire, and exported to the United States 1.331 billion of lire; that is
to say, her imports from America were nearly four times her exports to this
countrv.
SECRETARY OF THE TREASURY
317
In fact, I believe that once relations as of debtor and creditor existing between
Italy and the United States are definitely settled, a new and larger basis will be
created for the development of fruitful economic relations between Italy, a
young nation, poor in natural resources but rich in capacity to work and to produce, and the wealthy American Republic which has already contributed so
much to the economic development of all the world, under the enlightened and
wise guidance of its President Calvin Coolidge and of the Government which
assists him in his worthy endeavors.
EXHIBIT
72
STATEMENT GIVEN TO THE PRESS BY THE WORLD WAR FOREIGN
DEBT COMMISSION IN CONNECTION WITH THE SETTLEMENT
OF THE INDEBTEDNESS O F ITALY TO THE UNITED STATES
NOVEMBER 12,
1925.
. An agreement has been reached in settlement of the Italian Debt
subject to the approval of Congress. I t has been approved by
President Coolidge.
The amount to be funded as of June 15, 1925, is the original indebtedness of $1,648,000,000, plus accrued interest to date as in other
recent settlements. The Itahan Government agrees to the repayment of this amount of $2,042,000,000 upon proportionately the
same schedule of annual installments over 62 years, as in the agreement with Great Britain, except during the first five years the payments are to be five million annually, and the balance of these
payments is spread over the subsequent years.
After the first five years interest is fixed at 3^ of one per cent for
ten years and then increases for successive ten year periods to 34 of
one per cent, J^ of one per cent, % of one per cent and 1 per cent
and the last seven years are at 2 per cent.
Under this arrangement the total annual payments begin at
$5,000,000 and reach $80,000,000 in the last year. For an original
debt of $1,648,000,000 the United States will receive during the
period of the agreement a total of $2,407,000,000.
The basis of settlement has been repayment of principal in full
and payment of interest in accordance with the capacity of Italy
to pay.
The Commission has made a most exhaustive examination of Italy's
fiscal and economic situation. Italy is poor in natural resources.
The visible balance of trade is adverse. Food to support her rapidly increasing population, coal, oil, iron and. copper, have to be
imported. Her future depends upon the development of her industry and the labor of her people.
I t is felt that the settlement lays as heavy a burden upon the Italian people as we are justified in imposing, and represents Italy's
capacity to pay.
A final agreement is being drafted and should be signed Saturday.
Count Volpi said:
The Italian delegation brought over from Italy a complete study of Italy's
economic and fiscal situation. With the American Commission the Italian
^delegation has gone over its documentations with great thoroughness and I
believe that the American Commission has been impressed with the justice of
Italy's case. I feel that we have succeeded in presenting a true picture of Italy's
situation to the American Commission in the twelve days we have been with them.
318
R E P O R T O N T H E FINANCES
but I know the difficulty of carrying this picture to the 110,000,000 people of the
United States. I trust that the American public will itself study these matters.
The entire Italian delegation has been impressed with the fairness of the
American Commission and their evident desire to do justice to Italy and to
^protect the American taxpayer. Recognition has .been given to the present
d.ifl5cultsitua;tL0n and confidence has been shown in Italy's future. The settlement as'finally made is larger than we thought in the beginnirig we could agree to.
Italy has, however, always met her international obligations. She has done so
in this case. The settlement is a long step towards the restoration of economic
peace in Europe.
Years
1-5
6-15
16-25
26-35
Approximated total
payments
in
millions
5
14-18
20-26
31-38
Approximated total
payments
in
millions
Years
36-45:.
46-55
65-62. . . .
.
:
.
.
J
43-52
56-67
73-80
E X H I B I T 73
S T A T E M E N T GIVEN TO THE PRESS OF THE REMARKS OF COUNT
VOLPI AND SECRETARY MELLON AT THE SIGNING OF THE
AGREEMENT FOR THE SETTLEMENT OF THE INDEBTEDNESS OF
ITALY TO THE UNITED STATES
NOVEMBER 14,
1925.
The Italian-American debt settlement agreement was signed at
eleven o'clock to-day by Count Volpi for Italy and by Secretary
Mellon for the United States and has been approved by the President.
Count Volpi said:
I do not think I can close in a more appropriate way the proceedings of these
meetings on our part than by communicating to you the following message which
I just received from Premier Mussolini:
'*I desire to express my full appreciation of the settlement reached which represents a happy conciliation, of interests, as well as the acknowledgment of the
justice of our case and of our real capabilities..
''Please convey to the members of the American Commission the expression
of my gratification, ^voicing,the sentiments of the Italian People.
''The good will shown by the American Commisisibn in reachirig a settlement,
evidences their appreciation of Italy's efforts during and after the war.
"The conclusion of the agreement will help make the bonds of friendship
between the two countries still closer. It will be a powerful stimulus for the
development of economic intercourse and relations between Italy and the United
States, adding a favorable element to general stabilization."
Mr. Mellon replied:
You came here to disclose to us all of the factors involved in Italy's capacity to
pay. We met you with an open mind and the two weeks full discussion of your
situation^ has brought the two comniissions together upon what we, believe is a
settlement fair to each nation. By the agreement we have' just signed Italy
recognizes to her full capacity the integrity of her international obligations, we
have eliminated in the relations of the two countries a matter disturbing if left
unsettled, and we have added one more stone to the rebuilding of Europe's financial structure.
Will you express to Premier Mussolini our appreciation of the character of the
delegation which he sent to America and of the will to reach an agreement with
which they were inspired.
319
SECRETARY OF THE TREASURY
EXHIBIT
74
AGREEMENT FOR THE FUNDING OF THE DEBT OF
THE UNITED STATES
ITALY TO
A G R E E M E N T made the fourteenth day of November, 1925, at the
City of Washington," District of Columbia, between the K I N G DOM OF ITALY, hereinafter called ITALY, party of the first
part, and the U N I T E D STATES OF AMERICA, hereinafter
called the U N I T E D STATES, party of the second part
WHEREAS, Italy is indebted to the United States as of June 15,
1925, upon obligations in the aggregate principal amount of $1,647,869,197.96, together with intefest accrued and unpaid thereon; and
WHEREAS, Italy desires to fund said indebtedness to the United
"States, both principal and interest, through the issue of bonds to the
United States, and the United States is prepared to accept bonds
from Italy upon the terms hereinafter set forth;
Now, therefore, in consideration of the premises and of the mutual
covenants herein contained, it is agreed as follows:
1. Amount of Indebtedness.—The amount of indebtedness to be
funded, after allowing for certain.cash payments made or to be made
by Italy is $2,042,000,000, which has been computed as follows:
Obligations taken for cash advanced by
Treasury
$1, 648, 034, 050. 90
Accrued and unpaid interest at 434 %
per annum to December 15, 1922
251, 846, 654. 79
$1, 899, 880, 705. 69
Accrued interest at 3 % per annum from
December 15, 1922, to June 15, 1925_-
142, 491, 052. 93
2, 042, 371, 758. 62
Deduct payments made on account of
principal since December 15, 1922___
Interest on principal payments at 3 %
per annum to June 15, 1925
$164, 852. 94
7, 439. 34
$172, 292. 28
Total'net Indebtedness" as of June
15, 1925
To be paid in cash upon execution of
agreement
$2, 042, 199, 466. 34
Total indebtedness to be funded
into bonds
$2, 042, 000, 000. 00
199, 466. 34
2. Payment.-—In order to provide for the payment of the indebtedness thus to be funded Italy will issue to the United States at par
bonds of Italy in the aggregate principal amount of $2,042,000,000,
dated June 15, 1925, and maturing serially on the several dates and
in the amounts fixed in the following schedule:
June 15—
1926
1927
_.
1928
1929____.__1930
1931
1932
1933
1934
1935
$5, 000, 000
5, 000, 000
5, 000, 000
5, 000, 000
5, 000, 000
12, 100, 000
.__ 12, 200, 000
12, 300, 000
12, 600, 000
13, 000, 000
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
June 15—
-
-
.
$13, 500, 000
14, 200, 000
14, 600, 000
15, 200, 000
15, 800, 000
16, 400, 000
17, 000, 000
17, 600, 000
18, 300, 000
- - - 19. 000, 000
320
June 1 5 —
1946
1947
_
•
1948
1949
1950
1951
1952
1953
1954___
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
REPORT ON T H E FINANCES
June 15$19,
20,
20,
21,
22,
23,
23,
24,
25,
26,
27,
28,
29,
30,
31,
32,
33,
34,
35,
36,
38,
39,
600,
000,
600,
200,
000,
000,
800,
600,
400,
500,
500,
500,
600,
500,
500,
500,
500,
500,
500,
500,
000,
500,
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
19681969_
1970_
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
19811982.
19831984.
198519861987Total
$41, 500, 000
43, 500, 000
44, 500, 000
46,000,000
47, 500, 000
49, 000, 000
50, 500, 000
52, 000, 000
54, 000, 000
56, 000, 000
59, 000, 000
61, 000, 000
62, 000, 000
64, 000, 000
67, 000, 000
69, 000, 000
72, 000, 000^
74, 000, 000
77, 000, 000
79, 400, 000
$2,042,000,000
PROVIDED, HOWEVER, That Italy, at its option, upon not less than
ninety days' advance notice to the United States, may postpone any
payment on account of principal falling due as hereinabove provided, after June 15, 1930, to any subsequent June 15 or December
15 not more than two years distant from its due date, but only on
condition that in case Italy shall at any time exercise this option as to
any payment of principal, the payment falling due in the second succeeding year can not be postponed at all unless and until the payments
of principal due two years and one year previous thereto shall actually have been made. All such postponed payments of principal
shall bear interest at the rate of 4J^% per annum payable semiannually.
3. Form of Bond.—All bonds issued or to be issued hereunder to
the United States shall be payable to the Government of the United
States of America, or order, and shall be signed for Italy by its Ambassador at Washington, or by its other duly authorized representative. The bonds shall be substantially in the form set forth in the
exhibit hereto annexed and marked ^'Exhibit A'', and shall be issued
in 62 pieces with maturities and in denominations as hereinabove set
forth and shall bear no interest until June 15, 1930, and thereafter
shall bear interest at the rate of Y^ of 1% per annum from June 15,
1930, to June 15, 1940; at the rate of K of 1% per annum from June
15, 1940, to June 15, 1950; at the rate of K of 1% per annum from
June 15, 1950, to June 15, 1960; at the rate of % of 1% per annum
from June 15, 1960, to June 15, 1970; at the rate of 1% per annum
from June 15, 1970, to June 15, 1980, and at the rate of 2 % per
annum after June 15, 1980, all payable semiannually on June 15 and
December 15 of each year.
4. Method of Payment.—All bonds issued or to be issued hereunder
shall be payable, as to both principal and interest, in United States
gold coin of the present standard of value, or, at the option of Italy,
SECRETARY OF T H E
TREASURY
321
upon not less than thirty days' advance notice to the United States,
in any obligations of the United States issued after April 6, 1917, to
be taken at par and accrued interest to the date of payment hereunder.
All payments, whether in cash or in obligations of the United
States, to be made by Italy on account of the principal of or interest
on any bonds issued or to be issued hereunder and held by the United
States, shall be made at the Treasury of the United States in Washington, or, at the option of the Secretary of the Treasury of the United
States, at the Federal Reserve Bank of New York, and if in cash shall
be made in funds immediately available on the date of payment, or
if in obligations of the United States shall be in form acceptable to
the Secretary of the Treasury of the United States under the general
regulations of the Treasury Department governing transactions in
United States obligations.
5. Exemption from Taxation.—The principal and interest of all
bonds issued or to be issued hereunder shall be paid without deduction for, and shall be exempt froni, any and aU taxes or other public
dues, present or future, imposed by or under authority of Italy or
any political or local taxing authority within Italy, whenever, so long
as, and to the extent that beneficial ownership is in (a) the Government of the United States, (b) a person, firm, or association neither
domiciled nor ordinarily resident in Italy, or (c) a corporation not
organized under the laws of Italy.
6* Payments before Maturity.—Italy, at its option, on June 15 or
December 15 of any year, upon not less than ninety days' advance
notice to the United States, may make advance payments in amounts
of $1,000 or multiples thereof, on account of the principal of any
bonds issued or to be issued hereunder and held by the United States*
Any sucH advance payments shall be applied to the principal of such,
bonds as may be indicated by Italy at the time of the payment.
7. Exchange for Marketable Obligations.—It^lj will issue to the
United States at any time, or from time to time, at the request of the
Secretary of the Treasury of the United States, in exchange for any
or aU of the bonds issued hereunder and held by the United States,
definitive engraved bonds in form suitable for sale to the public, in
such amounts and denominations as the Secretary of the Treasury
of the United States may request, in bearer form, with provision for
registration as to principal, and/or in fully registered form, and otherwise on the same terms and conditions, as to dates of issue and maturity, rate or rates of interest, if any, exemption from taxation,
payment in obligations of the United States issued after April 6, 1917,
and the like, as the bonds surrendered on such exchange. Italy will
deliver definitive engraved bonds to the United States in accordance
herewith within six months of receiving notice of any such request
from the Secretary of the Treasury of the United States, and pending
the delivery of the definitive engraved bonds will deliver, at the
request of the Secretary of the Treasury of the United States, temporary bonds or interim receipts in form satisfactory to the Secretary
of the Treasury of the United States within thirty days of the receipt
of such request, aU without expense to the United States. The
60501—FI 1925t
21
322
REPORT ON T H E FINANCES
United States, before offering any such bonds or interim receipts for
sale.in Italy, will first offer them to Italy for purchase at par and
accrued interest, if any, and Italy shall likewise have the option, in
lieu of issuing any such bonds or interim receipts, to make advance
redemption, at par and accrued interest, if any, of a corresponding
principal amount of bonds issued hereunder and held by the United
States. Italy agrees that the definitive engraved bonds called for b y
this paragraph shall contain all such provisions, and that it will
cause, to be promulgated all such rules, regulations, and orders as
shall be deemed necessary or desirable by the Secretary of the Treasury of the United States in order to facilitate the sale of the bonds in
the United States, in Italy or elsewhere, and that if requested by the
Secretary of the Treasury of the United States, it will use its good
offices to secure the listing of the bonds on such stock exchanges as
the Secretary of the Treasury of the United States may specify.
8. Cancellation and Surrender of Obligations.—Upon the execution
of this Agreement, the delivery to the United States of the principal
amount of bonds of Italy to be issued hereunder, together with satis^
factory evidence of authority for the execution of this Agreement by
the representative of Italy and for the execution of the bonds to be
issued hereunder, the United States will cancel and surrender to
Italy at the Treasury of the United States in Washington, the obligations of Italy held by the United States.
9. Notices.—Any notice, request, or consent under the hand of
the Secretary of the Treasury of the United States, shall be deemed
and taken as the notice, request, or consent of the United States,
and shall be sufficient if delivered at the Embassy of Italy at Washington or at the office of the Ministry of Finance at Rome; and any
notice, request, or election from or by Italy shall be sufficient if delivered to the American Embassy at Rome or to the Secretary of the
Treasury at the Treasury of the United States in Washington. The
United States in its discretion may waive any notice required hereunder, but any such waiver shall be in writing and shall not extend
to or affect any subsequent notice or impair any right of the United
States to require notice hereunder.
10. Compliance with Legal Requirements.—Italy represents arid
agrees that the execution and delivery of this Agreement have in all
respects been duly authorized and that all acts, conditions, and
legal formalities which should have been completed prior to the making of this Agreement have been completed as required by the laws
of Italy and in conformity therewith.
11. Counterparts.—This Agreement shall be executed in two counterparts, each of which shall have the force and effect of an original.
I N WITNESS W H E R E O F Italy has caused this Agreement to
be executed on its behah by Giuseppe Volpi di Misurata, its Plenipotentiary at Washington, thereunto duly authorized, subject, however, to ratification in Italy, and the United States has likewise
caused this Agreement to be executed on its behalf by the Secretary
of the Treasury, as Chairman of the World War Foreign Debt Commission, with the approval of the President, subject, however, to
the approval of Congress, pursuant to the Act of Congress approved
February 9, 1922, as amended by the Act of Congress approved Feb-
32S
SECRETARY OF THE TREASURY
ruary 28, 1923, "and as further amended by the Act of Congress approved January 21, 1925, all on the day and year first above written..
T H E KINGDOM OF ITALY,
By G I U S E P P E V O L P I DI MISURATA,
T H E U N I T E D STATES O F AMERICA^
For the World War Foreign Debt
Commission:
By A. W. M E L L O N ,
Secretary of the Treasury and Chairman of the Commission^
Approved:
CALVIN
COOLIDGE,
President.
E X H I B I T 75
S T A T E M E N T GIVEN TO THE PBESS BY THE WORLD WAR FOREIGN
DEBT COMMISSION AT THE OPENING OF NEGOTIATIONS FOR
THE SETTLEMENT OF THE INDEBTEDNESS OF RUMANIA TO THE
UNITED STATES•
NOVEMBER 9,
1925.
At the first meeting of the Rumanian Delegation with the American World War Foreign Debt Commission, Chairman Mellon welcomed them to this country and expressed the belief of the American
Commission that an amicable settlement would be reached fair to both,
nations.
Mr. Titulesco, president of the Rumanian Delegation, replied:
On coming in touch with the United States World War Foreign Debt Commission, the first task of the Humaniain Delegation is to express our deep gratitude for the help received from the United States in the difiicult years we had to
pass during the great war.
The second task of the Rumanian Delegation is to tell you that we have come
here in the firm intention of reaching a settlement which will allow Rumania to
pay her debt to the United States Government on terms to be agreed upon;
between us, which will take into account, among other factors of the problem, our
present possibilities and their future development, so that both countries will
be mutually satisfied.
I wish to end by assuring the honorable commission that you will find in us
delegates animated not only by the consciousness of our obligations and the
exigencies of justice, but also negotiators of a practical turn of mind, who wiJI
endeavor to remain all the time on the solid ground of reality, which in our opinion
is an essential condition for the successful outcome of our mission.
EXHIBIT
76
INTEREST C O L L E C T E D BY FISCAL YEARS FROM JUNE 1, 1 9 1 3 ,
TO JUNE 30, 1925, ON DEPOSITS OF GOVERNMENT FUNDS W I T H
NATIONAL-BANK DEPOSITARIES, INSULAR DEPOSITARIES, AND
FOREIGN DEPOSITARIES
1913
1914
1915
1916__.
1917
1918
1919
._
$122, 218. 89
1, 409, 426. 07
1, 222, 706. 93
791, 671. 45
703, 77L 76
1, 134, 569. 09
5, 507, 742. 43
I Amended figures.
1920
1921
1922_1923
1924
1925
.. $1, 865, 975. 76.
2, 580, 746. 84
865, 848. 30
584, 192. 95
1 570, 336. 05
2 533^ 896. 35
^ Incomplete and subject to revision.
324
EEPORT ON" T H E EUSTAIsTCES
EXHIBIT
77
INTEREST COLLECTED TO J U N E 30, 1925, BY FEDERAL RESERVE
D I S T R I C T S , ON D E P O S I T S I N SPECIAL D E P O S I T A R I E S ON ACCOUNT OF SALES O F L I B E R T Y BONDS, V I C T O R Y NOTES, T R E A S U R Y NOTES, AND C E R T I F I C A T E S O F I N D E B T E D N E S S , AND I N C O M E AND P R O F I T S T A X P A Y M E N T S , U N D E R A C T S O F APRIL.;
2 4 , 1 9 1 7 , S E P T E M B E R 2 4 , 1 9 1 7 , A P R I L 4, 1 9 1 8 , J U L Y 9, 1 9 1 8 ,
S E P T E M B E R 2 4 , 1 9 1 8 , A N D M A R C H 3, 1 9 1 9
Federal reserve district
Boston...
N e w York
^...
Philadelphia
Cleveland..
Richmond
Atlanta
N e w Orleans b r a n c h . .
Chicago
St. Louis
Minneapolis
Kansas City
^Dallas
S a n Francisco
Total
F e d e r a l reserve district
Boston..
.
New York
Philadelphia
Cleveland..--.....
Richmond
Atlanta
N e w Orleans b r a n c h . .
Chicago.St. Louis
-....
Minneapolis
Kansas City
Dallas...
S a n Francisco
Total..
A p r . 24 to
J u n e 30,
1917
Fiscal year
J u l y 1, 1917
to J u n e 30,
1918
Fiscal year
J u l y 1, 1918
to J u n e 30,
1919
Fiscal year
J u l y 1, 1919
to J u n e 30,
1920
Fiscal year
J u l y 1, 1920
to J u n e 30,
1921
$5, 340. 47 $1, 252, 390. 26 $1, 872, 782. 67 $818, 214. 39
$329, 002. 71
338, 480. 60 4,904, 637. 35 9,689, 021. 74 5, 224, 046. 11 1, 742, 118. 061, 044. 64
757, 344. 83 1, 656, 104. 38
700, 612. 29
326, 357. 00
882, 228. 69
269, 748. 24
1, 093, 702.40 1, 569, 142. 58
696, 026. 03
90, 524. 55
352, 238. 82
210, 113. 66
347, 716. 97
236, 720. 03
33, 575.17
252. 06
124, 275. 95
167, 145. 88
102, 349. 52
29, 191.96
86, 653. 09
247, 372. 69
9, 023. 53
958, 476. 78 2, 081, 734. 44 1,172, 858.15
773, 272. 32
365, 006. 43
101, 257. 61
325, 138. 58
476, 583. 82
276, 087. 26 .
69, 185. 74
200, 829. 89
641, 252. 28
254, 537. 32
89, 859.96190, 531. 88
400, 980.97
300,971. 08
32, 407. 84
1, 353. 62
116, 080.10
968, 232.14
429, 319. 59
161, 706.49
483. 26
2, 726. 51
358,221.43 10,566,658.03 20,996, 209. 01 111, 458,976.
3, 512, 308. 02
Fiscal y e a r
J u l y I, 1922
to J u n e 30,
1923
Fiscal y e a r
J u l y 1, 1921
to J u n e 30,
1922
$401, 286. 50
1, 830,459.16
488,019.97
362, 812. 65
214, 288. 01
110, 233. 06
50, 591. 26
562, 095.11
164, 001. 86
139, 095. 64
130, 720. 93
130, 620.90
251, 654. 79
$522, 344.91
$437, 680. 57 $497,169. 20 $6,136, 211. 68
2, 513,569. 67 1, 375, 835. 24 915, 859.15 28, 634,027. 08
5, 234,785.14
293, 249.18
519,107.16
492, 945. 69
077. 63
373, 318. 34
401, 604. 61 5, 501,
548, 520. 22
125, 633. 42
165, 464. 77 2, 013,160.1&
158, 870.90
64,121. 22
57, 678. 49 1, 039,592. 68
65, 019. 63
664, 544.97
113, 253.99
34, 628. 00
80, 731. 27
463.38
395, 571. 32
769, 050. 62
529, 280. 74 6, 725,
2, 250,760. 26
188, 757. 27
202, 594. 21
130,731.98
630. 78
108,118. 41138, 248. 51
102, 481. 51 1, 500,
897.18
62, 319. 68
133, 263. 75
54, 411. 38 1, 546,
1, 307,
380. 41
104, 520. 72
120, 791.19
99, 653.99
329, 493.14
258, 071. 05
309,450. 64 3, 057,137. 61
Fiscal year
J u l y 1, 1923
to J u n e 30,
1924
Fiscal y e a r
J u l y 1, 1924
to J u n e 30,
1925
Total
3,
4, 836, 879. 74 18. 7,95 , 895 5 3,961, 872. 50 863, 624. 89 65, 511,668.86
EXHIBIT 78
[ D e p a r t m e n t Circular N o . 356.
Chief Clerk]
€ H I E F CLERK, TREASURY DEPARTMENT, DESIGNATED TO H A N DLE CLASSIFICATION AND E F F I C I E N C Y M A T T E R S
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, May 9, 1925.
To Heads of Bureaus and Ofiices, and Chiefs of Divisions, Secretary's
Ofiice, Treasury Department.
^
Department Circular 324 amended January 29, 1924, and Department Circular 324 amended' and supplemented December 30, 1924,
establishing a Treasurer Department Personnel Classification Board,
pursuant to the provisions of Section 4 of the Act of Congress approved March 4, 1923, known as the Classification Act, are hereby
:revoked, and the duties of the Board terminated effective this date.
In lieu of the foregoing, Mr. F . A. Birgfeld, Chief Clerk of the
-Department, is hereby designated to represent the Secretary in all
SECEETARY OF THE TREASURY
325
matters concerning the operation of the Classification Act. I t shall
be the duty of this official to efl^ect a more uniform procedure within
the activities of the Department in connection with the handhng of
classification and efficiency rating matters, and to represent the
Department on all problems coming before the Personnel Classification Board. His instructions and decisions will be considered final,
subject to the direction of the Under Secretary when such higher
authority is necessary.
I n order to facilitate. this work, you are directed to designate an
employee to handle classification and efficiency rating problems in
your respective activities, who shall act as liaison officer in maintaining a contact with the Department and serve on an advisory
committee to the official representing the Department.
A. W.
MELLON,
Secretary of the Treasury.
Ex:EnBiT 79
[Department Circular No. 244.1 Chief Clerk]
SUPERVISION OF BUREAUS AND OFFICES' OF THE TREASURY
DEPARTMENT AND DIVISIONS OF THE OFFICE OF THE SECRETARY OF THE TREASURY BY THE UNDERSECRETARY OF
THE TREASURY AND THE ASSISTANT SECRETARIES OF THE
TREASURY
A
TREASURY DEPARTMENT,
O F F I C E OF THE SECRETARY,
Washington, April 1, 1925.
1. The following assignments of bureaus arid offices of the Treasury
Department and divisions of the Secretary's office are hereby orderedf,
effective April 1, 1925:
The Undersecretary of the Treasury:
1. The Finances.
2. Commissioner of Accounts and Deposits.
(a) Division of Bookkeeping and Warrants.
(6) Division of Deposits.
3. Foreign Loans.
4. Advances and Loans to Railroads under the Transportation
Act, 1920.
5. Federal Farm Loan Bureau.
6. Section of Statistics.
7. Government Actuary.
Assistant Secretary in Charge of Fiscal Offices:
8. Treasurer of the United States.
9. Comptroller of the Currency.
10. Commissioner of the Public Debt.
(a) Division of Loans and Currency.
(6) Register of the Treasury.
(c) Division of Public Debt Accounts and Audit.
{d) Division of Paper Custody.
11. Bureau of Engraving and Printing.
12. Mint Bureau.
13. Secret Service Division.
14. Disbursing Clerk.
15. Section of Surety Bonds of the Division of Appointments.
1 This circular supersedes Treasury Department Circular No. 244, dated June 21,1923.
326
REPORT ON T H E FINANCES
Assistant Secretary in Charge of Internal Revenue and MisceUaneous:
1. Chief Clerk.
(a) Division of Mail and Files.
2. Bureau of Supply.
(a) General Supply Committee.
3. Division of Appointments.
4. Division of Printing.
5. Bureau of Internal Revenue.
6. Bureau of the Public Health Service.
7. Supervising Architect's Office.
Assistant Secretary in Charge of Customs, Coast Guard, and Prohibition:
1. Customs Service.
2. Coast Guard.
3. Prohibition Unit(a) Narcotics Section.
2. The Undersecretary is authorized to act, for and by direction
of the Secretary of the Treasury, in any branch of the Department,
and represents the Secretary in dealings with the Federal Reserve
Board, the War Finance Corporation, and the Farm Loan Board.
3. The Assistant Secretary in Charge of Fiscal Offices will act
under the intermediate supervision of the Undersecretary.
4. The Chief Clerk of the department, in performing his duties as
outlined in Department Circular No. 59, dated October 1, 1910, will
act under the direction of the Secretary, the Undersecretary, and
the Assistant Secretaries, in their respective jurisdictions. In general
administrative matters or matters relating to the Chief Clerk's
office—such as the personnel of that office, etc.—the Chief Clerk
will report to the Secretary through the Assistant Secretary in Charge
of Internal Revenue and Miscellaneous.
5. The Chief of the Division of Appointments will perform his
duties under the direction of the Secretary, the Undersecretary, and
the Assistant Secretaries, in their respective jurisdictions.' In general
administrative matters or matters relating to the office of the Division
of Appointments—such as the personnel of that office, etc.—the
Chiei of the Division of Appointments wiU report to the Secretary
through the Assistant Secretary in Charge of Internal Revenue and
Miscellaneous.
6. In the absence of the Secretary, the Undersecretary will act as
Secretary of the Treasury. In the absence of both the Secretary and
the Undersecretary, the Fiscal Assistant Secretary will act as Secretary. In the absence of the Secretary, the Undersecretary, and the
Fiscal Assistant Secretary, the senior of the remaining two Assistant
Secretaries present will act as Secretary.
7. The Bureau of the Budget of the Treasury operates under the
immediate direction of the President.
8. This circular supersedes Treasury Department Circular No.
244, dated June 21, 1923.
A. W.
MELLON,
Secretary of the Treasury.
EXHIBIT
80
NUMBER O t EMPLOYEES IN THE DEPARTMENTAL SERVICE OF THE TREASURY IN W A S H I K T G I ' O N , Bt^ MON'TH^,
FROM JUNE 30, 1924, TO SEPTEMBER 30, 1925
B u r e a u or oflSce
Secretary's office
_.'Chief clerk's office
Division of A p p o i n t m e n t s
__.
Division of B o o k k e e p i n g a n d W a r r a n t s . _ . .
Division of C u s t o m s
D i v i s i o n of D e p o s i t s . . .
...-_
Division of L o a n s a n d C u r r e n c y
_.
Division of M a i l a n d Files
D i v i s i o n of P r i n t i n g a n d S t a t i o n e r y . _
Savings Division
-.
Secret Service Division
B o n d roll ( m i s c e l l a n e o u s ) . . .
U n i t e d States Coast G u a r d
C o m p t r o l l e r of t h e C u r r e n c y
D i s b u r s i n g clerk's office
B u r e a u of E n g r a v i n g a n d P r i n t i n g
Federal F a r m Loan Bureau
M i n t Bureau
_
,...
Internal Revenue Bureau
Public Health Bureau
Office of t h e Register of t h e T r e a s u r y
Supervising A r c h i t e c t ' s office.
Office of t h e T r e a s u r e r of t h e U n i t e d S t a t e s .
B u r e a u of t h e B u d g e t . _ _
Office of t h e Commissioner of A c c o u n t s a n d
Deposits
_
Office of t h e C o m m i s s i o n e r of P u b l i c D e b t
D i v i s i o n of P u b l i c D e b t , A c c o u n t s a n d A u d i t
P u b l i c d e b t (miscellaneous)
General S u p p l y C o m m i t t e e
W o r l d W a r Foreign D e b t C o m m i s s i o n .
Total..
June
30
July
31
Aug.
31
Sept.
30
Oct.
31
Nov.
30
Dec.
31
Jan.
31
Feb.
28
Mar.
31
Apr.
30
May
31
June
30
July
31
24
-637
32
83
55
8
1,348
13
42
13
13
47
107
186
18
5,010
92
14
6,469
261
1,008
211
1,019
40
62
513
35
85
52
8
1,207
13
40
10
13
5
105
185
29
5,108
93
14
6,431
251
765
216
1,028
42
63
614
35
83
51
8
1,184
13
40
8
12
4
106
183
29
5,148
94
14
6,391
249
714
219
1,025
43
62
511
35
82
50
8
1,177
13
38
6
12
4
106
184
29
5,150
95
14
6,627
244
706
215
1,018
42
61
509
35
83
52
8
1,157
13
39
5
11
4
106
182
29
5,129
96
14
6,552
242
694
219
1,013
42
60
509
35
82
52
8
1,164
13
38
3
11
4
105
185
29
5,127
96
14
6,503
243
689
216
1,010
42
60
503
35
82
51
8
1,161
13
38
2
11
4
105
183
29
5,188
96
13
6,503
242
687
216
1,029
42
60
504
35
82
51
8
1,156
13
38
1
11
4"
105
182
29
5,209
96
14
6,500
244
681
216
1,017
41
60
501
34
82
49
8
1,154
13
39
1
11
4
111
181
29
5,063
96
14
6,499
242
678
217
1,020
41
60
502
34
81
54
8
1,150
13
39
1
11
4
115
180
28
5,050
95
14
6,438
241
677
218
982
41
60
501
34
82
55
8
1,147
13
39
1
11
4
116
178
28
5,017
98
14
6,371
239
673
216
953
41
60
495
33
82
54
8
1,143
12
38
1
10
4
121
178
27
4,994
96
13
6,158
238
669
215
949
41
60
487
33
81
54
8
1,134
12
38
1
11
4
123
176
28
4,997
96
14
6,022
237
669
221
944
40
.
6
25
133
68
137
6
25
133
67
103
25
131
25
132
106
100
6
25
130
68
97
1
23
129
71
96
1
6
23
129
71
87
2
6
23
].28
72
88
1
6
22
128
72
103
1
22
127
72
104
1
6
22
127
71
103
1
6
22
126
71
100
1
17,119 16,644
16,566 16,761 16,622
Increase
Aug.
31
Sept.
30
61
491
33
81
52
7
1,126
13
37
60
492
33
79
52
7
,089
13
38
60
497
.33
79
52
7
1,023
13
38
11
4
128
173
29
5,148
97
14
5,931
236
669
220
932
41
11
4
123
171
29
5,180
100
14
5,820
232
664
218
926
41
11
4
130
174
29
5,205
99
14
5,690
229
664
222
930
41
7
21
139
45
78
1
7
22
139
44
78
1
7
23
140
43
77
1
+1
-2
+7
-25
-60
+1
16,619 16,615 16,464 16,368 16,231 15,969 15,816 15,825 15,687
15,535
- 1 , 584
22
128
72
+36
-140
+1
-4
-3
-1
-325
-4
-13
-2
-43
4-23
-12
+11
+195
+7
-779
-32
-344
+11
-89
+1
Ul
O
o
W
>
d
N O T E . — T h e figures in t h i s exhibit show a c t u a l n u m b e r of n a m e s a p p e a r i n g on p a y rolls for t h e p a y period covering t h e last half of each m o n t h .
CO
to
-a
328
' BEPOBT ON TI-TE FINANCES
EXHIBIT
81
[Department Circular No. 154, revised.'
Chief Clerk]
A C C E P T A N C E O F U N I T E D S T A T E S B O N D S A N D N O T E S AS S E C U R I T Y
IN LIEU OF S U R E T Y OR SURETIES ON PENAL B O N D S
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, August SO, 1924.
To Bond-Approving Ofiicers, the Treasurer of the United States, Federal
Reserve Banks, and Others Concerned:
Treasury Department Circular No. 154, dated May 15, 1922, is
hereby amended and supplemented so as to read as follows:
The following rules and regulations are prescribed for carrying into
effect Section 1029 of the Revenue Act of 1924, approved June 2,
1924, which provides as follows:
S E C . 1029. Wherever by t h e laws of t h e United States or regulations m a d e
p u r s u a n t thereto, any person is required to furnish any recognizance, stipulation,
bond, g u a r a n t y , or undertaking, hereinafter called ''penal bond,'' with surety
or sureties, such person m a y , in lieu of such surety or sureties, deposit as security
with the official having a u t h o r i t y to approve such penal bond, United States
Liberty bonds or other bonds or notes of t h e United States in a sum equal a t
their p a r value to t h e a m o u n t of such penal bond required to be furnished,
together with an agreement authorizing such oiScial to collect or sell such bonds
or notes so deposited in case of any default in t h e performance of any of t h e conditions or stipulations of such penal bond. The acceptance of such United States
bonds or notes in lieu of surety or sureties reciuired by law shall have t h e same
force and effect as individual or corporate sureties, or certified checks, bank
drafts, post-office money orders, or cash, for the penalty or a m o u n t of such penal
bond. T h e bonds or notes deposited hereunder a n d such other United States
bonds or notes as m a y be substituted therefor from t i m e to time as such security,
m a y be deposited with t h e Treasurer of t h e United States, a Federal reserve
bank, or othei* depositary duly designated for t h a t purpose by t h e Secretary,
which shall issue receipt therefor, describing such bonds or notes so deposited.
As soon as security for t h e performance of such penal bond is no longer necessary,
such bonds or notes so deposited shall be returned t o t h e depositor: Provided,
T h a t in case a person or persons supplying a contractor with labor or material
as provided by t h e Act of Congress, approved February 24, 1905 (33 Stat. 811),
entitled ' ' A n Act to amend an Act approved August thirteenth, eighteen hundred
and ninety-four, entitled ' An Act for t h e protection of persons furnishing materials
and labor for t h e construction of public w o r k s , ' " shall file with t h e obligee, a t
any time after a default in t h e performance of any contract subject to said Acts,
t h e application and affidavit therein provided, t h e obligee shall not deliver t o
t h e obligor t h e deposited bonds or notes nor any surplus proceeds thereof until
t h e expiration of t h e time limited by said Acts for t h e institution of suit by such
person or persons, and, in case suit shall be instituted within such time, shall hold
said bonds or notes or proceeds subject to t h e order of t h e court having jurisdiction thereof: Provided further, T h a t nothing herein contained shall affect or
impair t h e priority of t h e claim of t h e United States against t h e bonds or notes
deposited or any right or remedy granted by said Acts or by this section t o t h e
United States for default upon any obligation of said penal bond: Provided
further. T h a t all laws inconsistent with this section are hereby so modified as t o
conform to t h e provisions hereof: And provided further, T h a t nothing contained
herein shall affect the authority of courts over t h e security, where such bonds
are t a k e n as security in judicial proceedings, or t h e a u t h o r i t y of a n y administ r a t i v e officer of t h e United States to receive United States bonds for security
in cases authorized by existing laws. T h e Secretary m a y prescribe rules a n d
regulations necessary and proper for carrying this section into effect.
'Superseding Treasury Department Circular No. 154, dated May" 15, 1922.
SECRETARY OF T H E TREASURY
329
I. BOND-APPROVING OFFICERS
The term '^bond-approving officers^' as used in this circular means
the head of an Executive Department or Government Establishment
or an officer designated either by law or regulation to approve ^ penal
^
bonds.'' The Treasury of the United States assumes no responsibility or liability on account of the acts of bond-approving ojBEicers.
The term ^^bond-approving officer'' shall be deemed to include the
officer's successors in oflB.ce.
II. ACCEPTANCE OF BONDS AND NOTES BY BOND-APPROVING OFFICERS
2. Any individual, partnership, or corporation required by the laws
of the United States or .regulations made pursuant thereto to furnish
any recognizance, stipulation, bond, guaranty, or undertaking (hereinafter called penal bond), with surety or sureties, may,Jn lieu of such
surety or sureties, deposit as security with the offfcial having authority
to approve such penal bond (hereinafter called the bond-approving
officer), United States Liberty bonds, Treasury notes, or other United
States bonds or notes in a sum equal at their par value to the amount
of the penal bond required to be furnished, together with a power of
attorney and agreement in the form hereinafter prescribed, authorizing the bond-approving officer to collect or sell such bonds or notes
so deposited in case of any default in the performance of any of the
conditions or stipulations of such penal bond. The acceptance of
such United States bonds or notes in lieu of surety or sureties required
by law shall have the same force and effect as individual or corporate,
sureties, or certified checks, bank drafts, post-oflSice money orders, or
cash, for the penalty or amount of such penal bond. Treasury certificates of indebtedness are not acceptable under said Section 1029 of
the Revenue Act of 1924 as security in lieu of surety or sureties.
3. The individual, partnership, or corporation required to furnish
any penal bond, who deposits United States bonds or notes as security
in lieu of surety or sureties in accordance with the provisions of this
circular, must be the owner of the bonds or notes deposited, and is
hereinafter called the obligor. United States bonds or notes may be
deposited with bond-approving officers pursuant to the provisions of
this circular in either coupon or registered form. Coupon bonds or
notes shall have attached thereto all coupons unmatured at the date
of such deposit, and all matured coupons should be detached. Registered bonds or notes must be registered in the name of the obligor, and
duly assigned, at or before the date of such deposit, either to the bondapproving ofiicer with whom they are deposited or his administrative
superior, or in blank, in accordance with the regulations of the Treasury
Department in relation to United States bonds. (See Treasury Department Circular No. 300, dated July 31, 1923.)
4. The United States bonds or notes to be deposited must in every
case be delivered to the bond-approving ofiicer at the obligor's risk
and expense. Coupon bonds or notes and registered bonds or notes
assigned in blank or for exchange for coupon bonds or notes can not
safely be forwarded by registered mail unless insured by the obligor
against risk of loss in transit. Registered bonds or notes, unless
assigned in blank or for exchange for coupon bonds or notes, need not
be so insured when forwarded by registered mail, unless the obligor
so elects. The bond-approving officer shall issue a receipt in duplicate,
60501—FI 1925t
22
330
REPORT ON T H E FINANCES
substantially in Form A, hereto attached, for the United States bonds
or notes so deposited, the original of the receipt to be given to the
obligor and the duplicate to be retained by the bond-approving oflScer
for his files.
5. At the time of the deposit of any United States bonds or notes
with a bond-approving ofl&cer in accordance with the provisions of
this circular, the obligor shall deliver to the bond-approving officer
a duly executed power of attorney and agreement, in favor of the
bond-approving oflficer, authorizing such officer to collect or sell such
bonds or notes so deposited in case of any default in the performance of
any of the conditions or stipulations of the penal bond, and to apply
the proceeds of such sale or collection, in whole or in part, to the satisfaction of any damages, demands, or deficiency arising by reason of
' such default. The power of attorne}^ and agreement shall be, in the
case of an individual, substantially in Form C, hereto attached; in the
case of a partnership, substantially in Form D, hereto attached; and
in the case of a corporation, substantially in Form E, hereto attached.
6. In connection with the acceptance of United States bonds or
notes hereunder as security in lieu of surety or sureties, bond-approving oflicers must satisfy themselves as to the ownership of the bonds
or notes deposited and the sufficiency of the power of attorney and
agreement, and in the case of registered^ bonds or notes, as to the
regularity of the assignments as well, and, in general, that the deposit
is made in conformity with the provisions of this circular.
7. Any obligor who deposits United States bonds or notes.in
accordance with the provisions of this circular may, upon written
application to and with the approval of the bond-approving officer,
3 substitute for the bonds or notes so deposited (a) other United States
bonds or notes in a sum equal at their par value to not less than the
par amount of the United States bonds or notes to be withdrawn,
upon compliance with all the provisions of this circular applicable
t o an original deposit of United States bonds or notes in lieu of
surety or sureties, or (6) a penal bond with surety or sureties or
such other security as may be allowed by law. The bonds or notes
withdrawn shall be returned in the manner hereinafter provided for
the return of bonds and notes deposited.
m.
DEPOSITS OF BONDS AND NOTES BY BOND-APPROVING
WITH DEPOSITORIES
OFFICERS
8. United States bonds and notes deposited with bond-approving
ofl&cers as security in accordance with the provisions, of this circular,
and such other United States bonds or notes as may be substituted
therefor from time to time as such security, may be deposited by
bond-approving officers with the Treasurer of the United States, a
Federal Keserve Bank or any branch Federal Reserve Bank having
the requisite facilities, or other depository duly designated for t h a t
purpose by the Secretary of the Treasury; provided, however, t h a t
bond-approving officers shall deposit with the Treasurer of the United
States all United States bonds and notes received by them in the
District of Columbia pursuant to the provisions of this circular.
Depositaries of public moneys are not authorized to act as depositories
for United States bonds or notes accepted under this circular, unless
specifically designated for that purpose by the Secretary of tho
SECRETARY OF THE TREASURY
331
Treasury. Any authorized depository receiving deposits of United
States bonds or notes from bond-approving officers in accordance
with this circular shall give receipt therefor in duplicate, describing
the bonds or notes so deposited, substantially in Form B, hereto
attached, the original to be delivered to the bond-approving officer
and the duplicate to be retained by the depository for its own files.
The bond-approving officer will hold the original receipt subject to
the instructions of his administrative superior. United States
bonds or notes so deposited with an authorized depository may be
withdrawn only by or on the writteiQ order of the bond-approving
^officer.
9. United States bonds and notes accepted by bond-approving
officers from obligors under this circular, and not deposited by them
with authorized depositories, will be held at the risk of the respective
bond-approving officers, subject to such regulations and instructions
as may be prescribed for their guidance by their respective administrative superiors. Coupon bonds or notes and registered bonds or
notes assigned in blank or for exchange for coupon bonds or notes
are in effect bearer obligations and must be kept in safe custody at
peril; registered bonds or notes not assigned in blank or for exchange
for coupon bonds or notes must also be kept in safe custody, but in the
event of loss or destruction may be replaced upon compliance with the
provisions of law and the regulations of the Treasury Department
applicable thereto.
10. Bond-approving officers desiring to deposit United States
bonds or notes received by them with authorized depositories must
deliver such bonds or notes to the depository, without risk or expense
to the depository. Coupon bonds or notes and registered bonds or
notes assigned in.blank or for exchange for coupon bonds or notes
can not safely be shipped by registered mail unless covered by
insurance. Registered bonds or notes not assigned in blank or for
exchange for coupon bonds or notes may be forwarded by registered
mail uninsured.
IV. RETURN OR OTHER DISPOSITION OF BONDS AND NOTES DEPOSITED
11. The obligor shall be entitled to receive the interest accruing
upon United States bonds or notes deposited in accordance with
this circular, in the absence of any default in the performance of
any of the conditions or stipulations of the penal bond. The interest on
any registered bonds or notes which the obligor is entitled to receive hereunder will be paid by check in regular course to the registered holder.
The coupons for any interest on coupon bonds or notes which the
obligor is entitled to receive hereunder will, upon written application
from the obligor to the bond-approving officer, be detached, as they
mature, from the bonds or notes deposited and. forwarded to the
obligor at the obligor's risk and expense, either by the bond-approving
officer or upon his written order by the depository with which the
bonds or notes may be deposited, or, at the direction of the bondapproving officer, collected by the depository and check therefor
forwarded to the obligor. In the absence of written application
therefor by the obligor, coupons for interest on coupon bonds or
notes to which the obligor may be entitled hereunder shall remain
332
REPORT ON T H E FINANCES
attached to the bonds or notes deposited, subject to the provisions
of this circular.
12.; As soon as security for the performance of the penal bond is
no longer necessary, the United States bonds or notes deposited in
lieu of surety or sureties on such penal bond, together with the power
of attorney and agreement accompanying such bonds or notes, shall
be returned to the obligor by the bond-approving officer, without
application therefor from the obligor. The determination of the
question whether security is any longer necessary for the performance of the penal bond shall rest with the bond-approving officer and
such other officers as shall have jurisdiction in the premises under the
provisions of law and admiDistrative regulations which may be
applicable; provided, however, that in case a person or persons
supplying labor or material as provided by the Act of Congress,
approved February 24, 1905 (33 Stat. 811), entitled '^An Act to
amend an Act approved August 13, 1894, entitled ^An Act for the
protection of persons furnishing materials and labor for the construction of public works,'" s h ^ l file with the obligee, at any time
after a default in the performance of any contract subject to said
Acts, the application and affidavit therein provided, neither the
obligee nor the bond-approving officer shall deliver to the obligor
the deposited bonds or notes or any surplus proceeds thereof until
the expiration of the time limited by said Acts for the institution of
suit by such, person or persons (viz., one year from the date of final
settlement of the contract for the performance of which the bonds
or notes were pledged), and, in case suit shall be instituted within
such time, shall hold said bonds or notes or proceeds subject to the
order of the court having jurisdiction thereof; provided, further,
t h a t nothing herein contained shall affect or impair the priority of
the claim oi the United States against the bonds or notes deposited
or any right or remedy granted by said Acts or under this circular
to the United States lor default upon any obligation of said penal
bond.
13. Bonds or notes to be returned to the obligor will be forwarded
at the obligor's risk and expense, either by the bond-approving
officer, or upon his written order by the depository with which the
bonds or notes may be deposited, and unless delivered direct to the
obligor, will be forwarded, in the absence of other written instructions and remittance to cover expenses, by express, collect, except
that registered bonds or notes assigned in blank or for exchange for
coupon bonds or notes may be forwarded by registered mail, uninsured. Registered bonds or notes assigned to the bond-approving
officer or his administrative superior shall be reassigned to the
obligor before their return.
14. Any obligor who desires to withdraw a portion only of the
bonds or notes deposited, by reason of reduction in liability under the
penal bond, shall make written application for such withdrawal to
the bond-approving officer, who shall, if he approve such application,
return such portion of the ^bonds or notes to the obligor.
15. Upon the complete or partial return to the obligor of bonds or
notes deposited as security under the provisions of this circular, the
bond-approving officer shall require from the obligor a receipt in
duplicate, substantially in Form G, hereto attached, and shall further
require the obligor, in case of complete return, to surrender the original
receipt on Form A.
SECRETARY OF T H E TREASURY
333
V. FORM OF PENAL BONDS WITH UNITED STATES BONDS OR NOTES AS
- SECURITY
16. Penal bonds on which United States bonds or notes are accepted
as security in lieu of surety or sureties may be substantially in,Form F,
hereto attached. Administrative offices of the Government may,
however, use other forms of penal bonds appropriate to the work of
their respective offices, provided that upon the execution of the penal
bond the principal shall indorse on the face thereof and sign the
following statement:
T h e United States bonds/notes described in t h e annexed schedule are hereby
pledged as security for t h e performance and fulfillment of t h e foregoing undertaking in accordance with Section 1029 of t h e Revenue Act of 1924, approved
J u n e 2, 1924, and Treasury D e p a r t m e n t Circular No. 154, dated August 30, 1924.
Principal on the above bond.
17. Nothing contained in this circular shall be construed as modifying the existing practice or duties of administrative offices in handling
penal bonds, except to the extent made necessary under the terms of
this circular, by reason of the acceptance of United States bonds or
notes,as security in lieu of surety or sureties thereon.
VI. SPECIAL PROVISIONS
18. General Supply Committee.—^United States bonds and notes
deposited to guarantee proposals or bids submitted to the General
Supply Committee, or as security for the performance or fulfillment of
contracts made through said committee, shall either be delivered in
person or forwarded by registered mail at the obligor's risk and
expense to the Chief Clerk of the Treasury Department, who shall
deposit said bonds or notes with the Treasurer of the United States
against receipts therefor which shall be made in quadruplicate; one
copy to be retained by the Treasurer, the original and the other two
copies to be delivered to the Chief Clerk of the Treasury Department,
who shall retain the original, give one copy to the obligor, and transmit one copy to the Directo?; of Supply, Treasury Department,
Washington. Bonds or notes thus deposited may be withdrawn only
by or on the written order of the Director of Supply, countersigned
by the Chief Clerk of the Treasury Department, and the surrender
of the original and duplicate recemt. In no instance should United
States bonds or notes be f orwardea to the General Supply Committee
with the proposal or contract forms. Coupon bonds or notes and
registered bonds or notes assigned in blank or for exchange for coupon
bonds or notes forwarded by registered mail should be insured by the
obligor against risk of loss in transit. Registered bonds or notes not
assigned in blank or for exchange for coupon bonds or notes need not
be insured against loss in transit, unless the obligor so elects. The
regulatibns prescribed in sections 2, 4, and 11 of this circular with
respect to the assignment of registered bonds or notes, the power of
attorney and agreement- to accompany the bonds or notes, the substitution of other bonds or notes, and the return of bonds or notes to
the obligors, shall apply to all United States bonds or notes accepted
by the General Supply Committee as guarantees on proposals or as
security for the performance of contracts made by such committee.
Bonds or notes tendered by unsuccessful bidders will be returned
promptly.
334
REPORT ON T H E
FINANCES
l^. Collectors of customs.—The acceptance by collectors of customs
of United States bonds or notes in lieu of surety or sureties on penal
bonds shall be governed by the general rules and regulations contained in this circular, except as modified with the approval of the
Secretary of the Treasury to cover special cases.
, 20. Collectors of internal revenue.—Special instructions for the
guidance of collectors of internal revenue in accepting United States
bonds or notes in lieu of surety or sureties on penal bonds will be
issued through the office of the Commissioner of Internal Revenue,
upon the approval of the Secretary of the Treasury.
, 21. Other departments and establishments.—Bond-approving officers
of other Departments and establishments of the Government accepting Liberty bonds. Treasury notes, or other United States bonds or
notes in lieu of surety or sureties under the provisions of Section 1029
of the Revenue Act of 1924, shall be governed by the provisions of
this circular. This circular may be modified or amended only upon
the approval of the Secretary of the Treasury.
vn.
OTHER
DETAILS
22. Nothing contained in this circular shall affect the authority
of courts over the security when United States bonds or notes are
taken as security in judicial proceedings, or the authority of any
administrative officer of the United States to receive United States
bonds or notes for security in cases authorized by provisions of. law
other than Section 1029 of the Revenue Act of 1924, approved
June 2, 1924.
23. The Secretary of the Treasury may withdraw or amend at
any time or from time to time any or all of the foregoing rules and
regulations, subject, however, to the provisions of Section 1029 of
the Revenue Act of 1924, approved June 2, 1924.
A. W.
MELLON,
Secretary of the Treasury.
FORM A
REtJEIPT OF BOND-APPROVING OFFICER FOR UNITED STATES BONDS OR NOTES
ACCEPTED AS SECURITY
(City)
(State)
(Date)
The undersigned hereby acknowledges receipt of the United States bonds/
notes hereinafter described, deposited as security in lieu of surety or sureties on
.__
, filed with
,
(Description of penal bond)
through
.
(Bureau or oflQce)
are registered in the name of
to
(Department or establishment)
for
i
(Description of obligation secured)
Said bonds/notes ^
, and are assigned
(State form of assignment)
•"-••-.Ie of bonds/notes
Coupon or
registered
Total face
amount
Denomination Serial number
* This information to be furnished only in case of registered bonds/notes.
Interest dates
335
SECBETABY OF THE TBEASTJBY
. This" receipt is executed in duplicate, and the original must be surrendered by
the obligor before the above-described bonds or notes deposited are returned to
him. This receipt is not assignable.
(Signature and official title of Bond-Approving Officer.)
FORM B
R E C E I P T OF DEPOSITORY FOR UNITED STATES BONDS OR NOTES DEPOSITED BY
BOND-APPROVING OFFICER
(City)
(State)
(Date)
The undersigned hereby acknowledges receipt from
(Name and pflScial title of bond-approving officer)
of the United States bonds/notes hereinafter described, deposited by
, a s security in lieu of surety or sureties on
(Name of obligor)
filed with
for
of
.
,
. (Description of penal bond)
, through
.
(Department or establishment)
(Bureau or office)
Said bonds/notes ^ are registered in the name
(Description of obligation secured)
, and are assigned to
:
(State form of assignment)
Title of bonds/notes
Coupon or
registered
Total face
amount
Denomination
Serial number
Interest dates
The above-described bonds/notes will be returned only to or on the written
order of said bond-approving officer or his successor in office, upon presentation
and surrender of the original of this receipt. This receipt is executed in duplicate
and in not assignable.
(Signature of Depository.)
FORM C
POWER OF ATTORNEY AND AGREEMENT
(For individual)
Know all men by these presents, that I, the undersigned, of
do hereby constitute and appoint
,
, and
(Name and official title of bond-approving officer)
his successors in office, as my attorney, for me and in my name to collect or to
sell, assign, and transfer certain United States Liberty bonds, Treasury notes,
or other United States bonds or notes, described as follows:
such bonds/notes having been deposited by me, pursuant to authority conferred
by Section 1029 of the Revenue Act of 1924, approved June 2, 1924, and subject
to the provisions thereof and of Treasury Department Circular No. 154, dated
August 30, 1924, as security for the faithful performance of any and all of the conditions or stipulations of a certain obligation entered into by me with the United
States, under date of
, which is hereby made a part hereof,
and I agree that, in case of any default in the performance of any of the conditions
and stipulations of such undertaking, my said attorney shall have full power to
collect sa;id bonds/notes or any part thereof, or to sell, assign, and transfer said
bonds/notes or any part thereof, without notice, at public or private sale, free
> This information to be furnished only in case of registered bonds/notes.
336
BEPOKT ON THE FINANCES •
from any equity of redemption and without appraisement or .valuation,' notice
and right to redeem being waived, and to apply the proceeds of such sale or collection, in whole or in part, to the satisfaction of any damages, demands, or
deficiency arising by reason of such default, as my said attorney may deem best.
And I hereby for myself, my heirs, executors, administrators, and assigns,
ratify and confirm whatever my said attorney shall do by virtue of these presents.
In witness whereof, I have hereunto set my hand and seal this _^
day
of
, 19
[SEAL.]
Before me, the undersigned, a notary public within and for the county of
, in the State of
1
(or the District
of Columbia), personally appeared the above-named
^
and acknowledged the execution of the foregoing power of attorney.
Witness my hand and notarial seal this
day of
,
19---[Notarial seal.]
Notary PublicFORM D
P O W E R O F ATTORNEY AND AGREEMENT
[For Partnership]
Know all men by these presjents, that we, the undersigned, carrying on business in partnership together under the firm name and style of
,
of
; do, and each of us does, hereby constitute and appoint
'.
, and his successors in office, as
(Name and official title of bond-approving officer)
the attorney of us and each of us, and of our said firm of
, in
the name or names and on behalf of us and our said firm, to collect, or to sell,
assign, and transfer certain United States Liberty bonds, Treasury notes, or
^ other United States bonds or notes, described as follows:
such bonds/notes having been deposited by us, pursuant to authority conferred
by Section 1029 of the Revenue Act of 1924, approved June 2, 1924, and subject
.to. the provisions thereof and of Treasury Department Circular No. 154, dated
August 30, 1924, as security for the faithful performance of any and all of the
conditions or stipulations of a certain obligation entered into by us with the
United States, under date of
, which is hereby made
a part hereof, and we agree that, in case of any default in the performance of
any of the conditions and stipulations of such undertaking, our said attorney
shall have full power to collect said bonds/notes or any part thereof, or to sell,
assign, and transfer said bonds/notes or any part thereof without notice, at
public or private sale, free from any equity of redemption and without appraisement or valuation, notice and right to redeem being waived, and to apply the
proceeds of such sale or collection, in whole or in part, to the satisfaction of any
damages, demands, or deficiency arising by reason of such default, as our said
attorney may deem best. $
And we hereby for ourselves, our heirs, executors, administrators, and assigns,
ratify and confirm whatever our said attorney shall do by virtue of these presents.
In witness whereof, we have hereunto set our hands and seals this
day of 1
, 19
[SEAL.]
[SEAL.]
Before me, the undersigned, a notary public within and for the county of
, in the State of
(or the District
of Columbia), personally appeared the above-named
,
partners doing business under the firm name and style of
,
and- acknowledged the execution of the foregoing power of attorney.
Witness my hand and notarial seal this
day of
___,
19___.
. [Notarial seal.]
Notary Public.
SEORETARy OF THE TREASURY
FORM
337
E
POWER OF ATTORNEY AND AGREEMENT
o
[For corporation]
Know all men by these presents, that
__, a corporation duly incorporated under the laws of the State of
,
and having its principal office in the city of
State of
, in pursuance of a resolution of the board of directors
of said corporation, passed on the
day of
_ ,
.
19
_, a duly certified copy of which resolution is her'eto attached, does hereby
constitute and appoint
, and his suc(Name and official title of bond-approving officer)
cessors in office, as attorney for said corporation, for and in th*e name pf said corr
poration to,collect or to sell, assign, and transfer certain United States Liberty
bonds. Treasury notes, or other United States bonds or notes, described as
follows :
.
•
:
. ^
_
,
:
:
_.
,
such bonds/notes having been deposited by it, pursuant to authority conferred
by Section 1029 of the Revenue.Act of 1924, approved June 2, 1924, and subject
to the provisions thereof and of Treasury Department Circular No. 154, dated
August 30, 1924, as security for the faithful performa;nc'e of any and all of the
conditions or stipulations of a certain obligation entered into by it with the
United States, under date of
__, which is hereby made a
part hereof, and the undersigned agrees that, in.case of any default in the performance of any of the conditions and stipulations of such undertaking,- its said
attorney shall have full power to collect said bonds/notes or any part thereof,
or to sell, assign, and transfer said iDOnds/notes or any part thereof without
notice, at public or private sale, free from any equity of redemption and without
appraisement or valuation, notice and right to redeem being waived, and to
apply the proceeds of such sale or collection, in whole or in part, to the satisfaction of any damages, demands, or deficiency arising by reason of such default,
as its said attorney may deem best.
And said corporation hereby for itself, its successors and assigns, ratifies and
confirms whatever its said attorney shall do by virtue of these presents.
.•, ;
In witness whereof, the
-.^^
^___^_
, the corporation hereinabove named,: by
, duly authorized to act in the
(Name and title of officer)
premises, has executed this instrument and caused the seal of the corporation to
be hereto affixed this
day of
_^_, 19____..
[Corporate seal.]
^__^
By ______
Before me, the undersigned,. a notary public within and for the county of
___, in the State of
(or the District
of Columbia), personally appeared
and for and in
(Name and title of officer)
behalf of said
i.
__, corporation, acknowledged the execution
of the foregoing power of attorney.
Witness my hand and notarial seal this
day of
,
19
[Notarial seal.]
..
^-__________Notary Public.
FORM
F
FORM OF P E N A L BOND FOR EXECUTION BY INDIVIDUALS, PARTNERSHIPS, OR CORPORATIONS WHERE UNITED STATES BONDS OR NOTES ARE ACCEPTED AS SECURITY
IN LIEU OF SURETY OR SURETIES
Know all men by these presents, that ____,
, of the city of
, and State of
, as obligor,
held and
firmly bound unto the United States of America, in the penal sum of
-_
dollars ($
), lawful money of the United States, for the
payment of which sum, well and truly to be made to the United States, without
relief from valuation or appraisement laws,
^
bind
,
heirs, executors, administrators, successors, and assigns, firmly by these
presents.
338
REPORT ON T H E
FINANCES
The condition of the above obligation is such that
(Insert conditions and stipulations appropriate to the penal bonds)
The above-bounden obligor, in order the more fully to secure the United
States in the payment of the aforementioned sum, hereby pledges as security
therefor bonds/notes of the United States in the principal sum of
dollars ($
), which said bonds/notes are numbered serially and are
in the denominations and amounts, and are otherwise more particularly described
as follows:
which said bonds/notes have this day been deposited with
^
(Name and official title of bond-approving officer)
and his receipt taken therefor.
Contemporaneously herewith the undersigned has also executed and delivered
a power of attorney and agreement in favor of
,
(Name and official title of bond-approving officer)
, authorizing and empowering said officer as such attorney to collect
or sell the above-described, bonds/notes so deposited, or any part thereof, in
case of any default in the performance of any of the above-named conditions or
stipulations.
In witness whereof, this bond has been signed, sealed, and delivered by the
above-named obligor, this
_
day
_
, 19
•
[SEAL]
[SEAL]
]
Signed, sealed, and delivered in the presence of:
FORM
RECEIPT
BY
OBLIGOR
ON
G
RETURN
OF BONDS
(City)
OR
NOTES
(State)
(Date)
The undersigned hereby acknowledges receipt of the United States bonds/notes
hereinafter described, deposited with
(Name and official title of bond-approving officer)
as security in lieu of surety or sureties on
filed
with
(Description of penal bond)
.
, through
Department or establishment)
,
.
Title of bonds/notes
, for
(Bureau or office)
(Description of obligation secured)
Said bonds/notes 2 are registered in the name of
, and are assigned to-^
Coupons or
registered
Total face
amount
(State form of assignment)
Denomination Serial number Interest dates
This receipt is executed in d uplicate.
(Signature of Obligor.)
* This information to be furnished only in case of registered bonds/notes.
SECRETARY OF THE TREASURY^
EXHIBIT
339
82
[Treasury Decision 3734]
ENROLLMENT OF ATTORNEYS AND AGENTS
TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL R E V E N U E ,
'
Washington, D. C.
To the Prohibition Commissioner, Federal Prohibition Administrators,
and Others Concerned:
Effective September 1, 1925, all attorneys and agents appearing in
behalf of any person in any matter whatsoever now pending, or tliat
may hereafter arise, in the Prohibition Unit, or before any branch
ofSce thereof, or before any agent or officer of the prohibition service,
are required to be enrolled and admitted to practice in accordance
with the regulations contained in Department Circular No. 230,
dated August 15, 1923, and amendments thereto; and they shall be
rsubject to all the regulations governing attorneys, agents, and other
persons representing claimants and others bfefore the Treasury
Department and offices thereof.
D. H. BLAIR,
Commissioner of Internal Revenue.
Approved July 29, 1925.
G. B. WINSTON,
Acting Secretary of the Treasury.
EXHIBIT
83
[Circular Letter No. 144. Chief Clerk)
PRINTING AND FORMS COMMITTEE APPOINTED
May 21,.1925.
To Heads of Bureaus and Ojfices, and Chiefs of Divisions, Secretary's
Office, Treasury Department.
Attention is directed to the appointment, effective this date, of a
Printing and Forms Committee.to consist of the following members:
Assistant Secretary in Charge of the Division of Printing, Chairman.
Chief Clerk of the Treasury Department.
Chief, Division of Printing, E x Ofiicio Members.
Mr. D. Masterson, Chief Clerk of the Public Health Service.
Mr. J. L. Nuber, Bureau of Internal Revenue.
The Standing Committee on Blank Forms referred to in circular
letter No. 113 of September 19, 1921, and the inactive printing committee are hereby abolished and their duties and functions will be
taken over by the Printing and. Forms Committee.
The new committee shall pass upon the necessity for the printing
of reports, publications, bulletins, pamphlets, forms, and all other
•classes of printing, together with the matter which shall be contained
therein and the number of copies to be printed, and its decision in
•such matters shall be final, subject only to review b}^^ the Undersecretary or the Secretary of the Treasury.
Requisitions for printing will be submitted as heretofore to the
Chief, Division of Printing.
A. W.
MELLON,
Secretary of the Treasury.
340
REPORT ON A:HE FINANCES
E X H I B I T 84
[Department Circular No. 358. Chief Clerk]
D I S P O S I T I O N O F USELESS PAPERS
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, May 16, 1925.
To Heads of Bureaus and Offices, and Chiefs of Divisions, Secretary V
Office, Treasury D'epartment:
Your attention is invited to the provisions of the act approved
February 16, 1889, concerning the disposition of useless executive
papers in the departments, which reads as follows:
Be it enacted'by the Senate and House of Representatives of the United States of
America in Congress ^assembled, That whenever there shall be in any one of t h e
executive departments of the Government an accumulation of files of papers
which are not needed or useful in the transaction of the current business of such
department and have no permanent value or historical interest it shall be the
duty of the head of such department, to submit to Congress a report of t h a t
fact, accompanied by a concise statement of the condition and character of such
papers. And upon the submission of such report it shall be the duty bf t h e
presiding officer, of the Senate to appoint two Senators, and of the Speaker of
•the House of Representatives to appoint two Representatives, and the Senators
and Representatives so appointed shall constitute a joint committee, to which
shall be referred such report, with the accompanying statement of the condition
and character of such papers, and such joint committee shall meet and examine
such report and statement and the papers therein described, and submit to the
Senate and House, respectively, a report of such examination and their recommendation. And if they report that such files of papers, or any part thereof, are
not needed or useful in the transaction of the current business of such department, and have no permanent value or historical interest, then it shall be the
duty of such head of the department to sell as waste paper or otherwise dispose
of such files of papers upon the best obtainable terms, after due publication of
notice inviting proposals therefor, and receive and pay the proceeds thereof inta
the Treasury of the United States and make report thereof to Congress.
Also to the provisions of Executive Order No. 1499, dated March
16, 1912:
' It is hereby ordered that before reporting to. Congress useless files of papers
to be disposed of under the provisions of the act of February 16, 1889, as extended
and amended by section 1, chapter 189, of the act of March 2, 1895, lists of
such papers shall be submitted to the Librarian of Congress in order that the
several executive departments may have the benefit of his views as to the wisdom
of preserving such of the papers as he may deem to be of historical interest.
From the reports submitted by the various bureaus, offices, and
divisions of the department, it appears that no uniform method of
procedure has been followed in carrying into effect the provisions of
the above act. In some instances, especially in activities having field
services, it has been observed that the decision as to what documents
should be retained or .destroyed is left largely to the discretion of the
field offices, notwithstanding the fact that the bureau, office, or
division in Washington is in a better position to direct what classes
of papers on file in these various field offices are of no further value
to the Government.
The benefits to be derived from systematic and periodic surveys of
the files of the department are obvious, in t h a t each activity will
have available at regular intervals an appreciable amount of filing
space and filing equipment for current files. Not only will the
Government receive a regular income from the proceeds of the sale
SECRETARY OF T H E TREASURY
341
•of useless papers but a considerable saving would be effected through
-a reduction in the purchase of new filing equipment and less demand
"for additional floor space. The space situation, both within and
outside the District of Columbia, is such that the retention of useless
files in either rented or Government-owned space becomes an extravagance and should be corrected at once.
I t is thought that a complete survey of the files at this time will
prove extremely beneficial and should begin at once. To accomplish
this, you are requested to designate a committee in your bureau,
office, or division to effect this investigation at the earliest possible
moment. This committee should have permanent status and handle
from time to time all questions relating to the subject of useless papers.
I t is suggested that each bureau, office, and division instruct its
•committee to obtain a sample of each kind of paper or document in
its files, list such samples, and after mature consideration submit to
the head of the activity a tentative recommendation showing which
classes of papers should be recommended for destruction periodically
after a lapse of a specified number of years. When such a list has
been approved, copies should be sent to each official having charge of
-such file papers with the request that the classes of papers noted
thereon as recommended for destruction be incorporated in the annual or semiannual report on the subject to be made by the head of
the activity to the Secretary of the Treasury.
Exception may be taken by the congressional committee or the
Librarian of Congress to certain classes of files contained in the report
submitted to the Congress, and these should be carefully noted by
the respective departmental committees, so that a definite policy
regarding the retention of these papers may be kept on file for the
benefit of the activity involved. I t is particularly desired of activities
having field offices that every effort be made to set up a systematic
method of procedure in the immediate future in order that the next
Teport to the Congress will reflect a more uniform, method in the
recommendations of the department to the Congress than has heretofore been the case.
Another feature in connection with the disposition of useless documents w^hich has not been handled properly by some of the department bureaus and offices is the prompt elimination of such papers as
are authorized for destruction by Congress and the immediate reporting of their disposition to the department. Particularly is this true
of activities having field offices. While such authority is usually
granted in the early part of March of each year, reports of disposition
are often received 8 and 10 months later. This condition should not
exist, and while it is recognized that a certain period of time must
elapsQ before papers to be destroyed can be grouped and sold, it
should be known that reports of disposition are consolidated in one
departmental report and transmitted to the Congress usually at the
beginnirig of each regular session. In the future, when a report of
disposition is delayed more than 90 days a letter of explanation
must accompany the report.
GARRARD B . WINSTON,
Acting Secretary of the Treasury.
342
REPORT ON T H E FINANCES
E X H I B I T 85
LETTER F R O M THE SECRETARY OF THE TREASURY, DATEU
M A R C H 3, 1 9 2 5 , T O T H E P R E S I D E N T O F T H E U N I T E D STATES,
WITH REFERENCE TO A REPORT SUBMITTED TO CONGRESS
B Y THE SPECIAL COMMITTEE O F CONGRESS APPOINTED TO
INVESTIGATE MATTERS RELATING TO GOVERNMENT BONDS
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
March 3, 1925.
M Y DEAR M R . PRESIDENT:
There has been submitted to Congress a majority report of the Special Committee appointed under House Kesolution 231 (68th Congress,
first session), to investigate matter relating to Government bonds.
One member of the committee. Representative Strong of Kansas^
has filed a minority report, expressing complete disagreement with
the committee's findings. The Chairman of the committee, -Representative McFadden of Pennsylvania, has filed a separate report.
The committee's report, for the most part, is hardly more t h a n
a repetition of charges made by Mr. Charles B. Brewer, a special
assistant to the Attorney General, in a report to the Attorney General, dated January 15, 1924. Mr. Brewer's charges were, in turn,,
substantially a repetition of charges made in 1920 by Mr. J. W.Mc Carter, former Assistant Register of the Treasury under the
Democratic administration. These charges are familiar to you, tomembers of Congress and to the public generally. I shall not repeat
them in this communication. Briefly, they allege that fraud has
existed in connection with Government bonds.
When the charges were made by Mr. McCarter, in 1920, SecretaryHouston thoroughly investigated them and publicly stated in twoletters, dated September 28, 1920, that they were without foundation..
Mr. Mc Carter again presented his charges, in April, 1921, to a.
Member of Congress, by whom they were referred to the Department
of Justice. I t was at this time that Mr. Charles B. Brewer, a special
assistant to the Attorney General, began his activities.
Mr. Brewer devoted nearly three years to an investigation of theMc Carter charges, and during that period made several reports to ther
Department of Justice, which indicated, in substance, that he suspected irregularities but could not prove them. In these interim,
reports he usually included an appeal for more time in which to determine the facts. In October, 1923, after two and a half years h a d
elapsed and Mr. Brewer still claimed his inquiry was incomplete, you.
designated Mr. Charles G. Washburn, an attorney-at-law of Worcester, Massachusetts, as your personal representative to consult
with Mr. Brewer and to ascertain what facts he had developed. The
situation, as disclosed by Mr. Washburn's study of the matter, was
much the same as in preceding years. Mr. Brewer stated" that ho
had not developed all the facts, and that he desired more time to
present his ^^proof." Mr. Washburn advised you of the situation,
and Mr. Brewer was given three additional months in which to complete his investigation. Having already spent two and a half years
on the matter, certainly it was reasonable to suppose that this would
be sufficient to enable him to finish any remaining phases of his work.
SECRETARY OF T H E TREASURY
•
343
Accordingly, it was arranged between Mr. Brewer and Mr. Washburn that, on January 15, 1924, Mr. Brewer should submit his final
report.
Mr. Brewer filed a report with the Attorney General under date of
January 15, 1924. I t contained no evidence which could in any wise
be construed as a justification of the charges. As an investigator of
the Department of Justice, it was Mr. Brewer's duty to ascertain and
determine whether the charges were true or untrue. He did neither.
His report was merely a reiteration of the charges, with embellishments, and with the comment in each instance that further investigation would develop the facts.
Mr. Brewer's report was referred to the Treasury, and in my letter
• to you of April 26, 1924, I answered in detail all his specific charges.
I stated then,, and I repeat here, that there have been no fraudulent
duplications or overissues of the public debt, and that the charges are
absurd. There were. some mechanical and clerical errors in the
preparation and recording of the enormous volume of war-time
securities, and there were some petty thefts of retired securities from
the files. The mechanical and clerical errors did not result in any
loss to the Government, while the thefts of retired securities from the
files have involved a loss to the United States of only $13,100 out of
approximately $100,000,000,000, principal amount of securities
retired by the Register of the Treasury during the period 1917 to
1922. Any fair-minded person will agree that this is a remarkable
record. The wonder is that, considering the frailty of human nature
and the war-time conditions under which most of the work was
performed, the errors were so few and the actual losses to the United
States so insignificant.
In March, 1924, nearly a year ago, the House of Representatives
passed a resolution authorizing a special committee of five members
to investigate the Brewer charges. While the resolution did not
specifically refer to these charges, the discussion in Congress clearly
indicated that those who sponsored the resolution were inspired
by Brewer, who had given his charges wide publicity in a suit brought
by him in the Supreme Court of the District of Columbia against his
own Department head.
The Committee promptly designated Mr. Brewer to assist it in
conducting the investigation. Thus Mr. Brewer, having made the
charges which resulted in the passage of the resolution, has occupied
the triple role of investigator of his own accusations, prosecuting
attorney, and advisor to the jury. Naturally he presented only such
information and only such witnesses as in his opinion would tend to
establish his charges. He certainly had no interest in the truth if it
was inconsistent with the charges upon which his employment depended. At the beginning of the Committee's investigation, nearly
a year ago, the Treasury requested permission to review the testimony
of all the witnesses, including Mr. Brewer, and to cross-examine them,
and that request was frequently repeated. Notwithstanding this,
nearly all the witnesses were interviewed in secret executive session,
and although there has been ample time, the Treasury was denied
the privilege of hearing or even seeing a transcript of their testimony
or of cross-examining them. The Treasury was not given an opportunity to cross-examine Mr. Brewer, which would have enabled it to
show conclusively wherein he had evaded or distorted the facts.
344
REPORT ON T H E FINANCES
Under date of January 28, 1925, the Committee submitted to the
Treasury a list of five so-called ^^outstanding facts'^ with respect to
which it desired information. This information was conveyed, to the
Committee in m y letters of February 4 and February 11, 1925. I n
these letters the Committee was fully advised concerning:
(1) The authority of the Secretary of the Treasury to destroy Government securities;
(2) The method employed by the Treasury in giving tentative allocations of serial numbers where securities appear to bear duplicated
serial numbers;
(3) The facts concerning alleged paper and bond shortages;
(4) The method of certification employed with respect to securities
delivered for destruction; and
(5) The Liberty Bond transactions conducted by the War Finance
Corporation during the period 1918 to 1920.
I n this connection, I may say that the Treasury has at all times
held itself in readiness to cooperate with the Committee in every possible way and has repeatedly assured the Committee of its willingness
to furnish the facts concerning any matter under consideration. At
the same time it has pointed out the injustice of accepting the testimony of witnesses, many of whom were employees with fancied grievances who could not in the nature of things have had full knowledge
of the operations, without permitting the Treasury to cross-examine
them or answer their testimony.
Not only was the investigation of this character, but the Committee, though often invited by the Treasury to make a personal inspection of the activities about which its investigation has centered and
thus gain first-hand information regarding the methods under which
the i)ublic debt has been handled and the safeguards designed to protect its integrity, has not seen fit to do so. The importance of such
an inspection in connection with any effort to determine the facts is
readily apparent. Representative Strong, who, as I have said, did
not sign the report of the Committee, is the only member who recognized the necessity of personally viewing the Treasury's operations
in relation to public debt matters and who availed hiinseif of the
Treasury's invitation. .
The Committee's inquiry has been under way for nearly a year and
its report has been made public. The report is substantially a reiteration of the Mc Carter-Brewer charges with the exception that there
are added certain charges relating to the transactions of the War
Finance Corporation in Liberty Bonds during the period 1918 to 1920,
which were completely and conclusively refuted in a public hearing
on October 25, 1924, and in my letters to the Committee already
referred to.
The accusers of the Treasury, therefore, are as far now from proving their charges as they were in 1920. Mr. Brewer undertook to
investigate the Mc Carter charges, and after two and a half years
merely repeated them and admitted that he could not prove them to
be true. The Special Congressional Committee then undertook to
investigate Mr. Brewer's charges, and after the lapse of a year has
merely repeated many of the same charges and has developed no evidence to support them. Certainly, three and a half years of fruitless
investigation should be sufficient to demonstrate that the charges are
SECRETARY OF T H E TREASURY
345
baseless. The charges started with a great conspiracy and ''hundreds of millions" in fraudulent securities, but during the investigation these general charges have grown less and less, until now the
only specific evidence of fraud presented is the theft of $13,100 of
paid securities and their second presentation, the facts concerning
which the Treasury itself made known. This is not a duplication of
securities but a duplicate payment of the same securities.
The charges, for the most part, relate to transactions which took
lace before my administration of the Treasury. I feel that the
andling of the tremendous volume of war-time securities was exceptionally well conducted by the employees of the Treasury, and I
think the public should know that the charges are unworthy of further
consideration.
Faithfully yom"s,
E
A. W.
MELLON,
Secretary of the Treasury.
T H E PRESIDENT,
The White House.
EXHIBIT
86
STATEMENT BY THE SECRETARY OF THE TREASURY, SUPPLEMENTING HIS LETTER TO THE PRESIDENT, DATED MARCH 3,
1925, IN CONNECTION WITH THE ALLEGED DUPLICATE BONDS
The report submitted by three members of the Special Committee
appointed by the House to investigate the alleged duplicate bonds,
makes general charges that might lead the public to believe in the
existence of a fraudulent duplication of bonds. That is, that two
bonds were issued and the Treasury was only paid for one. Not a
single item of specific evidence of such duplication has been found in
nearly four years of investigation and not one is mentioned in the
majority report. The report mentions duplicate numbers; that is,
two bonds of the same number. This frequently occurs through
mechanical or clerical errors, but numbers are no proof of fraud.
Of course, if the United States received pay for two bonds bearing the
same number there is no duplication of debt. Yet the existence of
two bonds with the same number is all the majority of the Committee
have for their sensational charges.
These charges deal principally with the temporary bonds issued
in 1917 and 1918. In the higher denominations nearly all of these
temporary bonds have been received by the Treasury from the public
and if there had been two bonds issued and only one paid for our
records would now show this fact. Of the First 4's, First 434's
and First-Second 4i^'s, the Treasury records show the delivery of
26,200 pieces of $5,000 denomination each, aggregating $131,000,000,
and 21,000 pieces of $10,000 denomination each, aggregating
$210,000,000. All of these bonds have been received, and not one
extra ho^d has come in. Of the Second 4's, 100,000 pieces of the
$5,000 denomination, aggregating $500,000,000, were delivered and
all have been received with the exception of 5, for which there are
5 numbers available on the Register's records. Of the same issue
of bonds of the $10,000 denomination, 84,000 pieces, aggregating
$840,000,000, were delivered and all have been received except one
346
REPORT ON T H E FINANCES
bond, for which there is one number available on our records. Of
the Second 434's, 60,500 pieces of $5,000 denomination, aggregating
$302,500,000, were delivered and all have been received except 4,
for which there are 4 numbers available on our records. With the
same issue of $10,000 denomination, 63,500 pieces, aggregating
$635,000,000, were delivered of which there is one bond outstanding
and one open number available on our records. With the Third
434's, 51,000 pieces of $5,000 denomination, aggregating $255,000,000,
were delivered and there are only 9 bonds outstanding and 9 numbers
available on our records. With the 54,000 pieces of $10,000 denomination bonds of the same issue, aggregating $540,000,000, every bond
is in, each number is exhausted, and no extra bonds have been
received. Of the Fourth 434's, 135,000 pieces of $5,000 denomination, aggregating $675,000,000, were delivered, 28 bonds are
outstanding and there are 28 numbers available. With the same
issue of $10,000 denomination, 126,000 pieces, aggregating
$1,260,000,000, were delivered and there are 24 bonds outstanding
and 24 available numbers. Taking these denominations of all issues
of temporary bonds, the total number of pieces of $5,000 denomination delivered is 372,700, aggregating $1,863,500,000, there are 46
bonds remaining outstanding and 46 numbers remaining available
on our records, and of the $10,000 denomination of 348,500 pieces
delivered, aggregating $3,485,000,000, there are 26 bonds remaining
outstanding and 26 numbers remaining available on our records.
As to the temporary bonds, which are made the basis of the principal charges of Brewer, not only has no evidence of fraud been
produced to the Committee, but actual retirements of the bonds
of higher, denominations show that there was no duplication of the
debt. When in the course of time more of the bonds of the smaller
denominations are received, the Treasury has every reason to believe
that similar proof of no duplication of debt will be available.
The Committee, through the insistence of the majority who
signed the report, conducted its investigation, lasting nearly a year,
principally in secret sessions. The Treasury was not given the
opportunity either to cross-examine Brewer on his charges or even
to see a copy of the testimony taken at the secret sessions upon which
the majority must have acted. Testimony which will not stand
cross-examination nor the light of day is indeed unusual evidence
upon which to base charges calculated to affect the integrity of the
national debt. Further comment is unnecessary.
EXHIBIT
87
TREASURY STATEMENT BEFORE THE W A Y S AND MEANS COMMITTEE OF THE HOUSE REGARDING THE CONDITION OF THE
P U B L I C FINANCES AND P R O P O S E D T A X R E F O R M
OCTOBER 19,
1925.
SURPLUS
The first matter which must be considered in any revenue bill is
how much revenue the Government requires. You must start then,
with the probable receipts and expenditures which can be fairly
accurately estimated for the fiscal year ending June 30, 1926, and
with somewhat less certainty for the next fiscal year. In June last
SECRETARY OF THE TREASURY
347
the President stated that the probable surplus for the fiscal year 1926
would be $290,000;000. Since June various items have come in to
l)oth sides of our statement which, while they do not change the net
result, alter very considerably the total figures of expenditures and
of receipts. For example, $10,000,000 will have to be added for
pensions and $22,000,000 for contributions to the States for hard
roads, and additional amounts to customs and internal revenue refunds. The principal items, however, of additional expenditure which
must be made in this year are for adjusted cpmpensatioii. The adjusted compensation act provides that on the first of January each
year the Government shall appropriate and invest a sum sufficient to
p a y the premium on the policies in force. The act further appropriated for January 1, 1925, for this purpose $100,000,000. In the
appropriation bills of the last session, $50,000,000 was arbitrarily
taken as the amount which would be necessary to pay premiums due
on January 1, 1926. At the time these appropriations were made,
no one knew how many applications would be made for policies or
how much insurance would be in force, and, therefore, it was impossible to estimate accurately the amounts which under the statute
should be appropriated for in 1925 and 1926. The total actual appropriations on these two dates aggregated $150,000,000. From the
applications now in and from those that can now reasonably be
expected to be filed by January 1, 1926, these two appropriations
should be $256,000,000 instead of $150,000,000. This will necessitate
a supplemental appropriation in the current year of $106,000,000.
This sum must be added to the expenditm^es as estimated last June.
Looking at the other side of the picture, our estimates of income
tax receipts were made before we had received the June mstailment
of taxes and were based upon previous experience of the ratio that
the March payments bore to the total income tax receipts. Under
other revenue acts the March mstailment had been a certain percentage of the total annual revenue. Our June and September
results, however, show that this ratio had changed materially.
The explanation appears to be this: The large taxpayers pay m
installments throughout the year; the small taxpayers pay in full
in March. The taxes of the small taxpayers had been so reduced
b y the new law that their payments in full did not constitute such a
'material part of the whole. We accordingly underestimated the
enormous increase in taxable income through the slight reform
carried in the 1924 act. A review of our estimates permits us to
add over $190,000,000 of tax revenue to our expected receipts. . Taking into account other adjustments in expenditures and receipts,
it is now estimated that the surplus for 1926 will come close to
$290,000,000.
For 1927 the Budget has not yet determined the total of expenditures which will be necessary to run the Government. I think, however, that the surplus in 1927, with revenue based, of course, upon
the present tax bill, would be between $250,000,000 and $300,000,000.
This, it seems to me, is a figure which it is safe to take as the amount
by which taxes can now be permanently reduced.
A. reform in taxation such as a reduction of the high surtaxes
increases the taxable income through stimulation of business and
productive investment so that what apparently would be a loss is
later made up. Still it is well not to cut revenue beyond the reasonable
348
REPORT ON T H E FINANCES
requirements of the Government. , I n this connection remember
that since the war period we have been living partially upon capital,
I refer to the return of our investment in the War Finance Corporation, repayment of loans to railroads, the sale of surplus supplies,,
etc. As these sources give out, we will have to pay our current
expenses out of current revenue. I t seems to the Treasury that we
should keep this figure of $250,000,000 to $300,000,000 as our goaJ
of tax reduction.
ESTIMATES
Estimates of probable receipts from taxation are, of course, not
always borne out by results. For example, the 1924 act levied a.
tax on mah-jongg sets presumably to bring in revenue, but I hardly
think that this tax is now considered a reliable source. In theTreasury, we have endeavored to reach our estimates from various
viewpoints, so as to insure a probable degree of accuracy. Customsreceipts are estimated by the Director of Customs, who is the practical,
operating man, by Mr. McCoy, the Government actuary, and by Mr.
Riddle, head of the statistical division of the Treasury. Income and
miscellaneous taxes are estimated by Mr. McCoy, Mr. Riddle, and
Mr. Nash, Deputy Collector of Internal Revenue. The last in his
end is the practical man. Mr. Riddle's estimates are based on a.
study of past and existing business conditions and industrial cycles.
For instance, prosperity of corporations in one year is reflected in.
the dividends received h j their stockholders in the later years. M r .
McCoy has his own method of figuring. I confess I do not always
understand it, but he certainly obtains remarkably accurate results.
All of the estimates are gathered together and at a conference thedifferences are threshed out and the most probable figure is selected.
Approaching as we do the subject from a practical and two different
theoretical viewpoints, I think we achieve as accurate a result as is
obtainable.
DEBT PAYMENT
The suggestion has been made that we are retiring our public d e b t
too rapidly. I t is argued that the present generation should n o t
pay but should pass the debt on to a later generation. Taking the
people as a whole, there is nothing in this argument. The money
represented by the debt v^as spent lor the war. The evidence of thedeot, the bonds, are all held in this country. If the first generation
passed on to the second generation the burden of paying the debt
at the same time the second generation must inherit the bonds representing the debt, so the second generation would receive both a
liability and its equivalent asset. No net burden would pass.
While taking the people as a whole it is immaterial when the debt is
aid, still, as between different classes of people, the investing class .
olding the bonds and the producing class from whom a larger part
of our taxes are collected, inequality may exist. We should not tax
too heavily the producers to pay the security holders. I t is for this
reason that we have sought a balance between debt reduction and
tax reduction.
If we analyze the sources by which our debt has been reduced
nearly $5,000,000,000 from its peak to June 30, 1925, they are as
E
SECRETARY OF T H E TREASURY
349
follows: Over $1,033,000,000, or 20 per cent, has come from a decrease in the general fund balance; $1,678,000,000, or 33 per cent,
from the surplus; $1,423,000,000, or 28 per cent, from the sinking
fund, and the balance from miscellaneous sources, including foreign
repa3n.iients.
The decrease in the general fund balance means that the Treasury
has been able to reduce its cash in bank by over $1,000,000,000.
This shows economy in the operation of the Treasury, since so long
as we are borrowing money we ought not to carry an}^ mora cash
than we need. The present working balance, however, is as low
as we can safely go. In September, for instance, it was lower than
a t any time since 1917. • This 20 per cent factor of debt reduction
will have no influence in the future.
There are, however, certain factors which must continue the
orderly retirement of the debt. Roughly, $20,000,000,000 of war
debt is represented one-half by money spent by America in the war
and one-half by money loaned to the Allies. A sinking fund based
on 23^ per cent of the $10,000,000,000 used domesticall}^ was established in 1919 and it was intended that the $10,000,000,000 loaned
abroad should be taken care of by repayment of the loans by the
foreign borrowers. Here we have a two-fold arrangement for
retirement of the war debt. In the public debt structure one obligation has no distinction over- another. Each is based,solely on the
credit of the United States irrespective of rate of interest, date, or
maturity. I t is one debt. We may look at the situation, therefore,
as if a company had mortgaged several pieces of property and in the
mortgage had covenanted for a sinking fund each year and for the
use of the proceeds of any property sgld from under the mortgage
toward retirement of the debt. The mortgage bondholder has a
contract, legally binding on the mortgagor, that these covenants be
performed. In like mariner the Government bondholder has a
contract, morally binding on the United States, since to violate it
would be partial repudiation, that the sinking fund will be continued
in accordance with its terms and that repayments of foreign loans
will go to decrease the debt which was incurred for their creation.
We come now to the other principal factor in debt reduction, that
of surplus, which has accounted to date for over one-third of the
reduction in our debt. I t is proposed to exhaust this surplus by
reducing taxes. This is sound policy. A surplus of Government
receipts over expenditures should be distributed just as the profits
of any other mutual organization are distributed, among its members—the taxpayers—through a reduction in their forced contributions to the State.
Of the three factors in the reduction of the debt, reduction in the
general fund balance will have no effect in the future. I t is intended
that the surplus be exhausted by tax reduction. There remain only
the sinking fund and foreign repayments. I t is admitted that
Congress has the legal authority to repudiate the contract for the
sinking fund and for the application of foreign repayments. I t is
denied that it has the moral authority. This Government has yet
to break faith with the investors in its securities.
Money takeri to pay the public debt is not lost. I t is not paid
outside the country. Payment means a return of cash to the security
holders who must immediately find other investments. The Treasury
350
REPORT ON T H E FINANCES
debt payment has turned back to the American people $5,000,000,000^
and this sum has gone into land, farm loans, and industrial and.
other investments. Far from hurting the country, the past policy
has been a great benefit to all those who needed capital.
Let us look at this debt reduction from another standpoint. This
country is to-day exceedingly prosperous. I t can afford to pay off
its debts without undue burden upon its taxpayers. Its history
has always been prompt extinguishment of its war debts. I t is
ready for the next emergency when it comes. The time to repair
your roof is in good weather, not when it is raining. The timeto pay your debts is when you can.
SURTAXES
In determining what taxes should be first reduced, it is important
to bear in mind the distinction between a reduction of taxes which
reforms the tax system and a reduction in taxes which simply reducesrevenue. I t has been the experience of the Treasury that every timethere has been a material reduction in surtaxes it has stimulated
business and brought about an increase in taxable income which
has made up a great part, if not all, of the loss in revenue from the
higher incomes. In 1922, under the 1918 act, with maximum normal
and surtaxes of 73 per cent, the total income collections, personal and
corporate, were $1,501,000,000. In 1923, under the 1921 act, with
maximum surtaxes and normal taxes of 58 per cent, the collections
were $1,825,000,000. In 1924, with the 25 per cent credit but before-,
the effect of the reduction of surtaxes could be reflected in taxableincoriae, the collections were $1,806,000,000. In 1925, the first
year influenced by the 1924 5.ct, it is estimated that the collections
will be $1,833,000,000. In other words,.in spite of the very sweeping;
reductions carried by the 1924 act in the lower brackets and the
comparatively less reduction in the upper brackets, we will collect
in 1925 more money at lower rates than we collected in 1923 a t
higher rates.
A reduction in the lower brackets in itself means no increase in.
taxable income. A man with a $5,000 salary does not carry fundsin nonproductive investments and a reduction of his taxes does not
therefore create additional taxable income. A reduction in the sur-^
tax, however, increases the amount of capital which is put into productive enterprises, stimulates business, and makes more certain t h a t
there will be more $5,000 jobs to go around. I t seems to me quite
clear that a man with a $3,000 job, who, if married and without
dependents, pays a tax of but $7.50 under the present law, or a man
with a $5,000 job, who, under the same conditions, pays a tax of
$37.50, is more interested in having the job than in having his taxe&
further reduced. What we meari by tax reform is to make more of
these jobs.
Let me illustrate, how the order of tax reduction affects the amount
,of tax reduction; Reform should come first. Suppose that the total
surplus available were $130,000,000, and, except for the effect of tax
reduction, no change need be expected in governmental receipts and
expenditures in future years. In other words, if there were no tax
reduction there would be a continuing surplus each year of $130,000,000. Now, $130,000,000 is about what we get from automobfle
SECRETARY OF THE TREASURY
351
taxes. Assuming we left the high surtaxes untouched and abolished
the automobile taxes, the Government will lose $130,000,000 of
revenue. There is no stimulation of taxable income by such reduction. There would be no surplus in subsequent years and no further
tax reduction. Suppose, however, we reversed the procedure and
first reduced the surtaxes to a figure which, based on last year's
returns, would indicate a loss of $130,000,000. The effect of this
reform would be to stimulate the creation of additional taxable
incomes and therefore the collection of substantially as much revenue
under lower rates of surtax as under the existing rates. In other
words, in a year or so the revenue would be restored, there would again
be a surplus of $130,000,000 a year, and the automobile taxes could
also be eliminated. So, if the taxing system is reformed first 3^ou can
have two tax reductions. If revenue is lost first you can have but
one tax reduction.
What we should try to do in our taxing system is to get the lowest
rates of tax consistent with adequate revenues. We want not only
revenue to-day, but sources from which we can get revenue in the
years to come. The point at which the most revenue can be derived
with the least disturbance to business is one which can not be determined with certainty in advance, but at best it must be the result
of experierice. What this point is, I have heard frequently discussed, bcith in the Treasury and by economists. Some place it
as low as 10 per cent, some at 15 per cent, but certainly it is not in
excess oif 25 per cent.
The Treasury feels that to-day we are in the position to approach
more closely to this point of maximum revenue and minimum disturbance to business. The revenue is available. I t is estimated by
the Government actuary that if the maximum total income tax is
fixed at 25 per cent, being 5 per cent normal and 20 per cent surtax,
the loss of revenue in the next calendar year would be $140,000,000,
and in the following calendar year $100,000,000. In other words, the
first year after the act was effective, one-third of the revenue loss
would be restored, and, of course, in subsequent years additional
revenue would come in. I t should be remembered that this loss of
$140,000,000 in the first year, reduced to $100,000,000 in the second
year, is a loss on the personal income taxes. I t does not take into
account the greater prosperity of corporations through the stimulation of business by tax reform in the personal taxes. I again refer
to the fact that our total income tax revenue in 1925 exceeded that
in 1923, although the former year had much higher rates. The
Treasury does not propose any definite rates, but it presents to
. you the certainty that tax reform can go to a 25 per cent maximum
normal and surtax without the slightest daLnger to our future revenues. In fact, such a reform will insure the source from which we
expect to get our revenue in the future.
ESTATE TAXES
I t is the opinion of the Treasury that the Federal estate tax should
be repealed. The reasons for this position have been frequently
stated, but I can summarize them as follows:
There is no logical basis for the Federal Government collecting
this tax. The right of inheritance is controlled by the States and
352
REPORT ON T H E FINANCES
the Federal estate tax is based only upon the theory that to transmit
property by death is the exercise of a privilege which can be made
subject to taxation, just as we might levy a tax on the privilege of
selling property. The present law, with its 40 per cent maximum,
has not been before the Supreme Court, and the question has never
been determined as to whether or not you can confiscate a large part
of the property through a tax on the exercise of the privilege of transferring it. Would a sales tax be constitutional which tool?: the bulk
of the property sought to be sold? The States are confronted with
no such question. They alone control inheritance. I raise this
point simply to show that the tax is one belonging to the States and
not to the Federal Government.
Estate taxes have always been a source of emergency revenue.
I t is only in war periods that the Federal Government has made use
of them, and except in the present case they have always been repealed
when the emergency ended. They should be saved for this purpose.
We ought not to use our reserves in time of peace. We may need
them badly when the next emergency arises. There is no emergency
now.
Taxation by the Federal Government is going down and that of the
States going up. The States need every source of revenue available.
In the majority of States the Federal tax directly decreases the
property which the State can tax. For exairiple, if an estate pays
$1,000,000 of tax, this is deducted from the net value of the property
on which the State percentage is levied. The States get no tax on
the value represented by what the Federal Government has taken.
Aside from the direct loss of revenue to the States, there is an indirect
loss. The present muddle of death taxes in this country could in
some cases take more than 100 per cent of what a man leaves. Excessive Federal taxes contribute largely to this muddle. The result
must be that ultimately values are destroyed and with them the
source from which the States must take revenue.
Under considerably lower rates the Federal estate tax once yielded
about $150,000,000 a year revenue. This has gradually dropped off
to $100,000,000, last year's revenue from this source being slightly
below t h a t of the year before. I t is quite within the revenue requirements of the Government to eliminate this tax. If not in one year,
certainly the rates might be materially cut in 1926 and the whole tax
repealed in 1927. The revenue collections from this tax will exist
for some time after the law is repealed. Taxes are not payable until
a year after the death of the decedent. There are extensions of payment beyond that date without interest and further extensions with
interest. The result is that a repeal of the act eft'ective January 1,
1926, would not be reflected at all in revenue collections until after
January 1, 1927, and then revenue from tax would gradually diminish
for the next four or five years. So an immediate repeal would not
affect the revenue of the fiscal year 1926 and but half of that of 1927.
o
MISCELLANEOUS TAXES
Coming to the miscellaneous taxes, it seems to the Treasury that
the gift tax should be repealed. This tax was fairly successful in
1925, bringing in $7,000,000, because the 1924 revenue act though
passed in June was made retroactive in this particular to January 1.
SECRETARY OF THE TREASURY
353
The law, therefore, caught a lot of taxpayers who had made their
gifts before they knew any such tax would be imposed. I t is estimated, however, that receipts will drop to $4,000,000 this year and
to $2,000,00p next year. Nothing illustrates as well the difficulty of
preventing the avoidance of excessive taxation by statutory enactment as does this particular section of the law. When property is
sold or exchanged, the difference between the value of the property
and what is received is considered a gift. So if a seller makes a bad
bargain, he must not only pay his loss, but he must pay a gift tax
on his loss, and the more his loss the more tax he has to pay. If
the gift tax is supposed to supplement the estate tax, it presents a
eciuiar inconsistency of reasoning. The estate tax is advocated to
reak up large estates. The necessary result of the gift tax is to
keep property intact, that is, to prevent the owner of property giving
it away. I t is entirely proper that a wealthy man should distribute
his property among his children in order that while he is still alive
he can advise them. I t is in his interest, in the interest of his children, and of the community generally, that such distributions be
made. They were made long before any income tax or estate tax law
was passed and they will continue unless prevented by tax. Like
a great many other artificial restraints and inequalities now in our
taxing law, if the surtaxes were reduced to a moderate rate, the
excuse for the gift tax would disappear. I t is the Treasury's view,
therefore, that the tax should be repealed.
Admissions and dues brought in $31,000,000 last year, and are
estimated to bring in $33,000,000 this year. The tax applies only to
admissions sold in excess of 50 cents. It does not seem, that this tax
is any particular burden, and in the interests of the revenue it produces it ought to be retained.
Automobile taxes, which brought in $125,000,000 last year, can be
divided roughly into $90,000,000 for automobiles and $35,000,000 for
trucks, tires, and accessories. The $35,000,000 might be taken off,
but so long as the Federal Government is contributing over $90,000,000 a year to roads on which these automobiles run, they certainly ought to be made to pay their way.
The tax on jewelry, etc., was so amended as to make its avoidance
easy. By fixing a minimum price at which taxation on jewelry sales
begins, a seller can divide one piece of jewelry into several parts and
sell them separately, thus avoiding or lessening the tax. The tax
yielded $9,000,000 in 1925, and is estimated to yield $8,000,000 this
year.
There are several of the miscellaneous taxes which hardly yield
enough to justify their retention, and their elimination in the interests of simplicity in our tax law might be considered. For exairiple,
the tax on art works, almost all of which come from abroad, is usually
avoided by purchasing abroad instead of in this country. By imposing the tax we siinply deprive our own dealers of profit.
There is a provision in the present act for publicity of the amount
of tax paid by every taxpayer. The publicity is utterly useless from
a Treasury standpoint. We have caused inquiry to be made of every
supervising internal revenue agent in the different field divisions and
every collector of internal reveriue. All of the supervising internal
revenue agents report that no additional tax has been collected due
to the publicity provision and all of them recommend its repeal."
E
60501—FI 1925t
23
354
REPORT ON T H E FINANCES
Of the 65 collectors of internal revenue, one of them stated that he has
collected an additional tax of $420 and another an additional tax of
$80. The rest of them state that no benefit has come from publicity.
All of the collectors recommend repeal. Of course, from tne.standpoint of the Treasury it is unnecessary for it to get its information
as to what taxes a taxpayer pays from publications in the newspapers.
The returns and all information in connection therewith are readilj
available to the Treasury. The amount of tax paid is no true indication of the income of the individual. There are all kinds of losses
and deductions. To make publicity complete, would expose every
trade secret to the taxpayer's competitor. I t would do nothing to
aid the Treasury or to increase the Government revenue. On the
contrary, publicity encourages further tax evasion and loss of revenue.
There is no excuse for the present publicity provision except the
gratification of idle curiosity and the filling of newspaper space at the
time the information is released. I t is rather an interesting commentary to note the. almost universal condemnation of this publicity
in the editorial columns of the newspapers, while as a matter of news
the lists occupy many pages in the same issue. No other country I
know of publishes this information. "V^Ti}^ should we in a free country
insist on the exposure of the personal affairs of our citizens to the
world ?
There are several matters which had the consideration of your
committee when it was preparing the 1924 act which I would like to
bring before you again.
Tax-exempt securities.—Looking at the proposition logically, there
is no reason for the existence of tax-exempt securities. There ought
to be no refuge to which the wealthy man can .go and avoid income
taxes at times when the Federal Government needs the money. A
constitutional amendment to make these securities taxable should
be passed. The Treasury has consistently been the advocate of
such reform. The delay, however, has been so long and the amount
of securities now outstanding which would not be affected by the
amendment has become so great—it is over $14,000,000,000 now—
that the practical way of reaching the present situation seems to be
by taking away the artificial advantage of these securities.through
the reduction of the surtax to a reasonable figure. If you place
your surtax at a point where productive business and investments
can compete with tax-exempt securities in net return to a wealthy
investor, you have solved the present difficulty. I t is interesting to
note that the. First Liberty 3 J^'s, which alone of the Liberty bonds
are wholly tax-exempt, have gone beloW par for the first time since
June, 1922, reflecting the view that the expected reduction of surtaxes to a normal figure justifies the wealthy, owners of these bonds
in selling them to put their money into productive investment. We
already are getting results on the mere belief in ultimate tax reform.
Community property.—There exists now in several of the States a
preference to their citizens by. reason of the existence of the so-called
community property laws, which permit the husband and wife to
return separately each one-half of their joint income, usually the
income of the husband. There is a serious question in my mind as
to whether or not any State, which has by the sixteenth amendment
granted to the Federal Government the right to levy income taxes,
can make the graduated income tax of the Federal Government
SECRETARY OF THE TREASURY
355
ineffective by passing a community property law. This is a question
which is now before the Supreme Court of the United States and no
legislative action is called for pending a decision. Like most difficulties, this, too, would be resolved from a practical standpoint if
the surtax rates were reduced to a normal figure.
Earned income.—In the 1924 act it was declared that all income
under $5,000 was earned and no income in excess of $10,000 could
be considered earned. This is a denial of what we all know are the
facts. Many men do not earn the first $5,000 of their income and
many others earn much more than $10,000. I t is, of course, utterly
unfair to tax a man whose capital is his brains at the same rate as a
man whose capital is his money. The first is destroyed by sickness
or death; the latter continues to exist. We appreciate, however,
the difficulty of a definition accurately to describe what income is
earned and what not earned. Again if the surtaxes are placed at a
<?normal figure this inequality in taxation is not so pronounced and
may be ignored.
The Board of Tax Appeals was intended to be a short cut to an
impartial determination of tax liability. In the 1924 revenue act it
was made an independent establishment, with quite formal rules of
procedure. This was a complete departure from the original idea.
The board has, however, been, extremely valuable in the establishment of precedents which have aided the bureau in the determination of similar cases of other taxpayers. This appears to be their
real function. When the board was originally created, the cases
coming before it did not justif}^ the appointment of the entire board.
As time went on, however, its cases increased and it is now difficult
for the board to handle its business. I t seems, therefore, tq the
Treasury to be unwise to increase the jurisdiction of the board. On
the other hand, it is quite apparent that for a useful continuation of
its existence a membership of at least 16 will have to have your consideration. Such a membership would permit five divisions of three
each, and a chairman. The present law wiU reduce the board to
seven after June of next year. The board itself will present to you
its detailed recommendations. I t is in the interests of the Treasury
only to see that there is in existence a board of capable naen with the
ability to decide tax questions fairly and promptly.
ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS
357
ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS
The following is a summary of the reports of the various bureaus
and divisions of the Treasury Department:
TREASURER OF THE UNITED STATES
The total ordinary receipts from all sources (exclusive of postal
revenues) during the fiscal year 1925, on the basis of daily Treasury
statements, revised, were $3,781,335,953.02, a decrease of $226,564,039.95 as compared with those of the fiscal year 1924. The cash
expenditures chargeable against ordinary receipts amounted to
$3,531,075,888.67. The net result for the year was an excess of
ordinary receipts over total expenditures chargeable against ordinary receipts of $250,260,064.35.
The movement of tonnage through the Panama Canal during
the fiscal year 1925 was less than that of the previous fiscal year,
with a resultant decrease of $3,520,780.89 in receipts from tolls,
etc., while the disbursements made on account of the canal, exclusive
of fortifications, on the basis of warrants drawn (not cash expenditures), were $9,050,509.73, an increase of $1,908,797.76.
The receipts and expenditures on account of the principal of the
public debt during the fiscal year 1925 are shown in the following
statement:
Receipts on account of—
Certificates of indebtedness
$1, 876, 578, 500. 00
Treasury notes and certificates of indebtedness (adjusted service series)
_..
100, 000, 000. 00
Treasury b o n d s . . .
•.
1, 047, 088, 500. 00
Treasury savings securities
23, 246, 670. 38
Postal savings bonds
102, 120. 00
Deposits for retirement of national-bank notes and
Federal reserve bank notes
105, 447, 372. 50
Total
...
3, 152, 463, 162. 88
359
360
REPORT ON THE FINANCES
Expenditures on account of—
Certificates of indebtedness
$2, 152, 954, 500. 00
Treasury notes and certificates
of indebtedness (adjusted service series)
4, 600, 000. 00
Treasury notes
. 1, 373, 391, 800. 00
Wa^r savings securities
21,656,666.49
Treasury savings securities
29, 203, 952. 20
First Liberty bonds
5, 100. 00
Second Liberty bonds
...
28, 400. 00
Third Liberty b o n d s . . . . .
111,822,600.00
Fourth Liberty bonds
•
14, 350. 00
Victory notes
6, 941, 850. 00
Loan of 1925
117,051, 150.00
Other debt items
_.
..
666,654.29
National-bank notes and Federal
reserve bank notes.
.
68,974,392.00
Total
.
$3, 887, 311,414. 98
Excess of expenditures
734, 848, 252. 10
The retirements of the debt were effected as follows :
From—
Curaulative sinking fund
.
..
. $306, 308, 400. 00
Purchases from repayments of foreign loans
386,<: 100. 00
Receipts from foreign governments under debt settlements
.
158, 793, 500. 00
Receipts from estate taxes...
.
47, 550.,00
Franchise tax receipts (Federal reserve and intermediate
credit banks)
794, 159. 88
Forfeitures to the United States, gifts, etc
208, 403. 95
Total......
.....
466, 538, 113. 83
Surplus of ordinary receipts applied to public debt retirements
....
....
250, 260, 064. 35
Retirements from reduction in general fund balance
18, 050, 073. 92
Total
.
.
734, 848, 252. 10
During the fiscal year 1925 the gold in the Treasury increased
gradually for the first five months, attaining a maximum at $3,867,985,280.28 on December 5; withdrawals steadily reduced such balance
until April 28, when the amount of the holdings of the precious metal
was $3,680,777,501.37. At the close of the year the gold in the
Treasury amounted to $3,691,200,200.57. Set apart for the respective uses, it was held on the following accounts: Keserve fund;
$153,620,985.51; trust funds (for redemption of gold certificates in
actual circulation), $1,609,687,619; gold fund of Federal Reserve
Board, $1,752,744,435.12; and general fund, $175,147,160.94. Of
the amount in the general fund, $161,594,675.70 was held for the
redemption of Federal reserve notes.
The balance in the gold fund of the Federal Reserve Board at the
close of the fiscal year 1924 was $2,260,891,035.12. During the fiscal
SECRETARY OF THE TREASURY
361
year 1925 the deposits therein were $913,791,000, and the withdrawals $1,421,937,600, leaving a balance on June 30, 1925, of
$1,752,744,435.12.
The reserve fund received an increment of $641,959.88 during the
fiscal year 1925.' The Secretary of the Treasury, exercising the discretion given him b}^ provisions of existing law, directed that the
aggregate amount of franchise tax receipts paid into the Treasury
by the Federal reserve banks and Federal intermediate credit banks
on account of earnings in the calendar year 1924 be applied to supplement the gold reserve against United States notes and Treasury
notes of 1890 established by the act of March 14, 1900.
At the close of the fiscal year 1925 the public moneys on deposit
in designated depositaries of the United States amounted to $206,117,310.07, exclusive of items in transit, distributed as follows:
Depositaries:
In Federal reserve banks
In special depositaries
.
In foreign depositaries
In national.banks
In insular depositaries
.
In treasury of Philippine Islands
TotaL.
$25, 434, 368 53
150, 716, 572. 04
257, 971. 98
27, 309, 750. 81
1, 502, 495. 79
896, 150. 92
206, 117, 310. 07
United States bonds to the amount of $665,061,330 pledged to
secure bank-note circulation were in the custody of the Treasurer
at the close of the fiscal year 1925. United States bonds and other
securities held to secure public deposits in national banks amounted
to $47,256,150, a^nd securities held for the safe-keeping of postal
deposits in postal-savings depositaries amounted to $141,353,185.86.
Under provisions of law or by direction of the Secretary of the
Treasury the Treasurer of the United States is custodian of several
special trusts, consisting of bonds and other obligations to the
amount of $11,185,310,680.93%. The aggregate amount of the
foregoing trust accounts is $12,038,981,346.79%.
There were no redemptions of United States notes from the reserve
fund during the fiscal year 1925. National-bank notes presented for
redemption amounted to $554,750,045, or 72 per cent of the average
amount outstanding. National-bank notes assorted and delivered
amounted to $553,309,062.50, of which $1,538,000 were fit for use
and were returned to the respective banks of issue for further circulation. There were also presented for redemption Federal reserve
notes amounting to $16,728,852.50, of which $851,800 were fit for
use and were returned to the respective banks of issue for further
circulation. Federal reserve bank notes amounting to $3,420,137
were presented for redemption, none of which were fit for further
circulation.
60501—FI 1925t
^24
362
REPORT ON THE FINANCES
Federal reserve notes, canceled and uncanceled, amounting to
$1,296,422,050 were received from Federal reserve banks and branches
for credit to the accounts of Federal reserve agents. Such notes are
received, counted, and delivered by the National Bank Redemption
AgencjT- but are settled for between the Federal reserve banks and
the agents either directly or by adjustments in their redemption
funds, and are therefore not taken into the cash accounts of the
National Bank Redemption Agency.
The pieces of paper currency issued directly by the Government
(gold certificates, silver certificates. United States notes) during the
fiscal year 1925 numbered 639,517,305, with a value of $1,645,382,000, an increase over the fiscal year 1924 of 50,798,300 pieces
and of $208,714,000 in value. Redemptions aggregated 566,652,962
pieces with a value of $1,178,636,294, as against 541,937,683 pieces '
with a value of $958,497,447 ih the fiscal year 1924.
The increase in the amount of gold certificates outstanding was
$424,154,300 and ofsilver certificates, $42,629,150, while the Treasury
notes of 1890 decreased $37,744, leaving a net increase of $466,745,706.
The shipments of currency from the Treasury in Washington to
Treasury offices and to banks during the fiscal year 1925 amounted
to $1,595,316,975.97, as against $1,348,889,877 in the fiscal year 1924
COMPTROLLER OF THE CURRENCY
National banks organized, consolidated, insolvent, in voluntary liquidation, and in existence
From 1863, the year of the inauguration of the national banking
system, to June 30, 1925, charters have been issued to 12,777 national
banking associations, of which 8,112 are in existence. Due to
liquidations, consolidations, and failures, 4,665 associations have
ceased to exist.
I n the accompanying statements are shown the number of national
banks in existence, authorized capital, changes incident to organization, increases and reductions in capital stock in the fiscal year
ended June 30, 1925, and since the inauguration of the national
banking system.
363
SECREXABY OF THE TEEASUEY
Organizations, cdpital stock changes, and liquidations of national banks during the
fiscal year ended June 30, 1925
Total
Number of
banks
New charters granted
Increases of capital, 188 banks ^
Restored to solvency
Voluntary liquidations
Placed in charge of receivers 2
Reduced capital, 22 banks
Closed under consolidation act Nov. 7, 1918, and amount of
capital reduction incident thereto -.
Net decrease in banks
_
Net increase in capital
1
Charters in force June 30, 1924, and authorized capital..
Charters in force June 30, 1925, and authorized capital.
Capital
Number of
banks
Capital
$24,870, UOO
40,710,000
180,000
227
124
102
20,472,500
6,745,000
1,195, 000
$65,760,000
2 29,202, 600
790,000
13
36,832, 500
,'125' 1,340,141,215
8,112
1,376.973,715
1 Includes 2 increases aggregating $1,300,000, which were effected as a result of consolidations under the
act of Nov. 7, 1918, and 74 increases by stock dividends aggregating $7,583,300.
2 Includes 2 banks with aggregate capital of $275,000, which had been previously reported in voluntary
liquidation.
Number of national banks organized since February 26, 1863, number passed out
of the system, and number in existence June 30, 1925
Under
Under
Under
Under
act Feb. 25, 1863
act June 3, 1864
gold currency act, July 12, 1870
act Mar. 14, 1900
456
7, 792
10
4, 519
Total number of national banks organized
_".- 12, 777
Number reported in voluntary liquidation
3, 456
Number passed into liquidation upon expiration of corporate existence.
208
Number consolidated under act Nov. 7, 1918
130
Number placed in charge of receivers, exclusive of those restored
to solvency.
871
Total number passed out of the system
Number now in existence
4,. 665
8, 112
The number of national banks organized, consolidated under the
act of November 7, 1918, insolvent, in voluntary liquidation, and
the number in existence on June 30, 1925, in each State and geographical division, are shown in the following table:
364
EEPORT ON THE FINANCES
Number of national banks organized, consolidated under act November 7, 1918f
insolvent, in voluntary liquidation, and in existence on June 30, 1925, by States
Maine
. . _ .
New Hampshire
Vermont-_
Massachusetts .
Rhode Island
Conniesdti'cut_:
. . ._
Total Eastern States
.
_>.
. .
'.
.
-
.
.
.
Total Southern States
Ohio
Indiana
niinois
.
Michigan
Wisconsin
Minnesota
Iowa
Missouri
. . _ _ - .
-
_
-
.-
._ _
.—
..___
-
.'
. _
. _ .
Total Middle Western States
North Dakota
South Dakota
Nebraska
. - •.
Kansas
Montana
Wvomine
Colorado _ _ _ _
New Mexico
Oklahoma
Total Western States
Washington
Oregon
California
Idaho
Utah^.
Nevada
Arizona
. .
-
.
•
.
..
.
.
Total Alaska and insular possessions
34
345
. 393
17
7
8
51
10
49
3
2
3
248
44
180
10
41
11
537
269
868
18
84
13
35
115
534
1,789
233
162
126
111
165
97
155
66
82
997
118
227
190
5
2
2
3
4
2
8
1
5
2
7
6
12
7
16
14
12
2
8
54
8
6
10
40
30
29
25
56
26
40
28
39
289
23
77
73
181
124
83
76
89
57
103
36
33
646
86
139
105
34
162
775
1,758
630
394
695
254
235
427
490
261
8
6
2
2
2
2
3
5
34
17
24
16
11
27
27
13
356
246
503
126
157
322
341
133
29
169
232
126
166
110
65
76
n9
110
1,004
2,184
33
38
134
124
45
12
47
20
271
163
112
173
258
86
33
137
32
397
.
237
191
343
428
189
57
203
76
706
4
2
2
41
41
36
42
56
12
19
24
36
8
307
724
1,391
197
134
445
105
38
i6
29
3
27
12
14
23
3
2
3
54
23
152
24
12
4
964
.
Total Pacific States.. .
Total United States
11
2,430
- .
'
Alaska . .
The Territory of Hawaii
Porto Rico .
3
58
64
46
166
17
62
3,386
__
54
13
22
166
47
43
2,729
.
4
7
16
1
6
2,473
._ ._
i . .
.
1
1
1
5
In liquiIn
dation existence
Insolvent
853
330
1,105
28
127
30
_
Total New England States
Virginia
West Virginia
North Carolina .
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
ArkansaSiKentucky
Tennessee
113
72
76
343
65
114
783
.
New York
New Jersey
Pennsylvania
Delaware
Maryland
__.
District of Columbia.-
Consolidated
under act
Nov. 7,
• 1918
Organized
State
13
•
2
84
5
6
1
591
4
2
6
12
12,777
7
276
•
113
99
271
58
21
10
19
1
4
1
8
130
871
6
3,664
8,112
SECRETARY OF THE TREASURY
365
Condition of national banks
The aggregate resources of 8,072 national banks in the continental
United States, Alaska, and Hawaii, June 30, 1925, amounted to
$24)350,863,000, and were greater than at any previous time in. the
history of the national banking system, with but one exception,
December 31, 1924, when the resources of these banks amounted to
$24,381,281,000. The increase in resources since June 30, 1924, when
there were 8,085 banks, was $1,784,944,000.
Loans and discounts totaled $12,674,067,000, June 30, 1925, compared with $11,978,728,000, June 30, 1924.
United States Government securities show an increase in the year
of $54,989,000, and other miscellaneous bonds and securities an increase of $533,127,000.
Balances due reporting banks from other banks and bankers, including lawful reserve with Federal reserve banks, were $252,992,000
more than a year ago. Cash in banks exceeded the amount held
June 30, 1924, by $14,386,000.
Capital stock shows an increase in the year of $35,424,000. Surplus
funds and undivided profits were $18,405,000 more than in June, 1924.
Liabilities for circulating notes outstanding show a reduction in
ihQ year of $81,192,000.
Total deposit liabilities amounted to $19,909,669,000, and were
$1,561,832,000 in excess of the amount in June, 1924. Included in
the deposit liabilities, balances due to correspondent banks and bankers show an increase in the year of $75,320,000; demand deposits,
including United States deposits, an increase of $821,787,000, and
time deposits, including postal savings, were $664,725,000 greater
than in June, 1924.
Liabilities for money borrowed, represented by bills payable*and
rediscounts, show an increase in the year of $138,356,000.
The percentage of loans and discounts to total deposits was 63.66,
compared with 65.29 in June, 1924.
366
REPORT ON T H E FINANCES
The resources and liabilities of national banks at the date of each
report since June 30, 1924, are shown in the following statement:
Abstract of reports of condition of national banks at the date of each report since
J u n e 30, 1924
[In thousands of dollars]
June 30,
Oct. 10,
April 6,
Dec. 31,
June 30,
1924—8,085 1924—8,074 1924—8,049 1925—8,016 1925—8,072
banks
banks
banks
banks
banks
RESOURCES
Loans and discounts (including rediscounts)!
Overdrafts-_
Customers' liability account of acceptances.
United States Government securities
owned_.-_
Other bonds, stocks, securities, etc
Banking house, furniture, and fixtures
Other real estate owned
Lawful reserve with Federal reserve banks.
Items with Federal reserve banks in process
of collection
Cash in vault
_
Amount due from national banks
Amount due from other banks, bankers,
and trust companies
_
Exchanges for clearing house
Checks on other banks in the same place. _
Outside checks and other cash items
Redemption fund and due from United
States Treasurer...
Other assets
11,978,728
10,075
135,829
12,210,148
12,242
145, 666
12,319, 680 12,468,836
9,802
11,410
240,962
- 244,728
12,674,067
9,352
176,683
2,481,778
2, 660,560
532, 728
104,630
1,198, 670
2,579,190
2,897,040
541, 852
107,459
1,303, 631
2, 586, 697
3, 075, 999
651,371
108,966
1,394,386
2, 614,185
3,139,256
664,103
112,481
1, 273, 274
2,636, 767
3,193, 677
585,267
111, 191
1,326,864
397,340
345,219
1, 099, 763
427,894
360,101
1,412,807
486, 933
409,666
1,349, 859
411, 539
361, 671
1,192, 049
466, 787
359, 606
1,096,768
345, 020
925,568
75, 925
69,687
439,356
675,360
63,871
52,898
431,043
996, 615
85,225
70,635
395, 655
665, 288
67, 708
54,541
403,366
988,294
80, 727
69,517
37,129
167,280
36,726
166,820
. 36,310
223,466
33,120
226.386
33,038
238,993
22,665,919
23,323,061
24,381, 281
23.832,463
24,350,863
Capital stock paid in
1,334, Oil 1,332,527
1,334,836
1,361, 444
Surplus fund
1, 080,578 1,074,268
1,088,880
1,106,644
Undivided profits, less expenses and taxes
paid
601,656
442,484
490,457
666,792
Reserved for taxes, interest, etc., accrued..
60, 784
60,224
729,686
723,530
National-bank notes outstanding
714,844
649, 447
Due to Federal reserve banks
27,342
26,446
33,188
29,323
Amount due to national banks
1,035,000
1,338,309
1, 239,923 1,147,628
Amount due to other banks, bankers, and
2,029, 671 1,839,935
1, 759,656 1,933,857
trust companies._
147,404
184,363
Certified checks outstanding
226, 714
197,508
Cashiers' checks outstanding
323,621
217,231
415,260
204,447
9,593,250
9,795,580 10,363,250
Demand deposits
9,923,243
5,259,933
6,460, 677 5,681,287
Time deposits (including postal savings)
6,785,211
123,318
188,398
United States deposits...
163,266
255, 652
18,347,837 19,108,798 W, 000,208 19,382,9U7
Total deposits
United States Government securities bor32,542
21,747
28, 729
28,930
rowed
.
Bonds and securities (other than United
2,565
3,581
3,821
3,406
States) borrowed
Agreements to repurchase United States
Government or other securities sold
Bills payable (including all obligations
representing borrowed money other than
202,304
143,847
219,198
123,611
rediscounts)
Notes and bills rediscounted (including acceptances of other banks and foreign bills
!
of exchange or drafts sold with indorse226,597
196,778
196,396
ment)
170,419 j
Letters of credit and travelers' checks out6,537
6,124
9, 456
standing
6,135 I
Acceptances executed for customers and
to furnish dollar exchange less those pur131,411
140,574 j 235,232
232, 761
chased or discounted-17,381
29, 502
18,435
26, 564
Acceptances executed by other banks
38,171
41, 237
40, 290
35, 662
Liabilities other than those stated above...
1,369,435
1,118,928
Total..
LIABILITIES
Total.
22,565, 919 23,323,061
1 Includes customers' liability under letters of credit.
24,381,281
23,832,463
481, 711
60,078
648,494
30, 740
1,028,168
1,827,492
224,089
336,167
10,430,254
5,924,668
108,101'
19,909,669
21,684
3,530
3,413
246,107
233,874
12,127
164,569
28, 773
49,471
24,350.863
367
SECRETARY OF THE TREASURY
Banks other than national
The combined resources of all reporting banks other than national
in the several States, Alaska, and the insular possessions, June 30,
1925, were $37;706,174,000 compared with $34,578,771,000, June 30,
1924. The reduction in the riumber of reporting banks in the year
was 494.
Loans and discounts were increased in the year $1,719,923,000;
investments show an increase of $583,252,000; balances due from
correspondent banks an increase of $400,307,000, and cash on hand
an increase of $25,400,000.
Capital stock exceeded the amount a year ago by $20,084,000, and
surplus and undivided profits show an increase of $223,279,000.
Balances due to correspondent banks show an increase in the year
of $377,218,000; certified checks and cashiers' checks, an increase of
$24,083,000; individual deposits (time and demand), an increase of
$2,310,092,000; and United States deposits, an increase of $10,135,000.
The aggregate increase in deposit liabilities was $2,721,528,000.
Liabilities for money borrowed, incident to rediscounts, show a
reduction in the year of $34,477,000, and an increase on account of
bills payable amounting to $23,418,000.
Comparison of the resources and liabilities of these banks for years
ended June 30, 1924 and 1925, is shown in the following statement:
Resources and liabilities of banks other than national J u n e 30, 1925, compared with
J u n e 30, 1924
[In thousands of dollars]
June 30,
1924—
21,263
banks
June 30,
1925—
20,769
banks
Increase
Decrease
494 banks
KESOURCES
19,313,160 21,033,083
Loans and discounts
..
46,259
40,907
Overdrafts
Investments (including premiums on bonds)
9,086,417
9,669,669
Banking house (including furniture and fixtures)
763,103
816,832
189,798
224,295
Other real estate owned
1,810,162 2,088,561
Due from banks
.
.
Lawful reserve with Federal reserve bank or other reserve agents..
..
. . .- 1,270,138 1,392,046
729,397
803,933
Checks and other cash items
191,793
238,666
Exchanges for clearing house
566,281
•691,681
Cash on hand...
612,263
807,501
Other resources. _
1,719,923
34,578, 771 37,706,174
3,127,403
Total resources _.
•
•
683,252
52,729
34,497
278,399
121,908
74,536
46,873
25,400
196,238
5,362
"
LIABILITIES
Capital stock paid in '....'.
Surplus .
Undivided profits (less expenses and taxes
Due to all banks
Certified checks and cashiers' checks
Individual deposits (including dividends
postal savings)
United States deposits (exclusive of postal
Notes and bills rediscounted
.
Bills payable .
..
Other liabilities
Total liabilities. _
. ..
paid)
>. .
unpaid and
savings)
.
1,780,192
1,886,781
470,074
1,107,291
114, 522
1,800,276
2,054,406
525,728
1,484,609
138,605
20,084
167,625
65„654
377,218
24,083
28,100,938 30,411,030
28,984
. 39,119
128,502
94,025
328,852
352,270
632,635
806,206
2,310,092
10,135
34, 578, 771 37,706,174
3,127,403
23,418
173,571
34,477
368
REPORT ON T H E FINANCES
AU reporting banks
[National, S t a t e ( c o m m e r c i a l ) , savings a n d p r i v a t e b a n k s a n d loan a n d t r u s t companies]
The returns from aU reporting banks June 30, 1925,^ included 8,072
national banks and 20,769 banks other than national, with total
resources of $62,057,037,000. The increase in resources since June 30,
1924, was $4,912,347,000, and the reduction in the number of banks
was 507.
Loans and discounts show an increase in the year of $2^,456,016,000,
and investments in bonds and securities an increase of $1,171,368,000.
Balances due from correspondent banks, including lawful reserve
with Federal reserve banks, were increased $653,299,000 in the year;
checks and other cash items show an increase of $79,168,000; exchanges for clearing house an increase of $109,599,000; and cash on
hand an increase of $39,786,000.
Capital stock shows an increase of $55,508,000 in the year, and
surplus and undivided profits an increase of $241,684,000.
In the classification of deposit liabilities, which aggregated $51,982,932,000, June 30, 1925, increases since June 30, 1924, are shown on
account of: Balances due to banks.in the amount of $442,617,000;
certified checks ancl cashiers' checks, $34,004,000; individual deposits,
$3,811,821,000, while United States deposits show a reduction of
$5,082,000.
The liability on account of rediscounts shows an increase of
$2,619,000 in the year, and bills payable were increased $124,678,000.
National bank circulation outstanding shows a reduction in the
year of $81,192,000.
The resources and liabilities of all reporting banks, on or about
June 30 of each year from 1919 to 1925, are shown in the following
table:
Resources and liabilities of^ all reporting banks, 1919-1925
[In t h o u s a n d s of dollars]
Classification
1919—
29,123
banks
192030,139
banks
1921—
30,812
banks
1922—
30,389
banks
1923—
30,178
banks
1924—
29,348
banks
1926—
28,841
banks
RESOURCES
L o a n s a n d discounts (including rediscounts) 1
25,256,171 31,208,142 28,932,011 27,860,443 30,-416,577 31,427,717 33,883,733
94,293
109,186
81,849
57,982
•56,334
74,600
Overdrafts50,259
B o n d s , stocks, a n d other securi12, 229, 528 11,387,525 11,381,923 12,547,567 13, 672,547 14, 228,745 15,400,113
ties
D u e from other b a n k s a n d
5,865,414 5,833, 241 4,794,205 5,414,241 5, 597,150 6,121, 093 6,774,392
bankers 2
936,707 1,000, 976 1,147,521 1, 276,631 1,432, 217 1, 590,259 1, 736,585
Real estate, furniture, etc.^
C h e c k s a n d other cash i t e m s ^. _. 1,420,809 1,457, 778 1, 290,667 1, 574,608 1,196, 075 1, 992,370 2,181,137
946, 567
997,353 1,076,378
951, 286
829,892
797,101
911,500
C a s h on h a n d . .
• 816,172 1,005,''^" 1, 096, 647
816, 672 1,079, 532
847,385
865, 262
O t h e r resources
Total.
47,615,447 63,079,108 49,671,390 50,425,367 54,034, 911 57,144, 690 62, 057,037
J I n c l u d e s acceptances reported b y national b a n k s .
2 Includes lawful reserve w i t h Federal reserve b a n k .
8 I n c l u d e s real estate owned other t h a n b a n k i n g h o u s e .
< I n c l u d e s exchanges for clearing house.
369
SECRETARY OF THE TREASURY
Resources and liabilities of all reporting banks, 1919-1925—Continued
[In thousands of dollars]
1919—
29,123
banks
Classification
1920—
30,139
banks
1921—
30,812
banks
1922—
30,389
banks
192330,178
banks
1924—
29,348
banks
1925—
28,841 .
banks
LIABILITIES
Capital stock paiid in
2,437,365 2,702,639 2,903,961 2,943,950 3,052,367 3,114,203 3,169, 711
Surplus fund
2,181,994 2,410.346 2,542,032 2, 697,409 2, 799,494 2, 967, 359 3,173 334
0ther undivided profits. _
825,889 976, 261 910,743 933,843 9.54,145 971,730 1,007,439
Circulation (national banks)
677,162 688,178 704,147 725, 748 720, 001 729, 686 648,494
Certified checks and cashiers'
checks
_546,345 514,862 614, 583 552,505 358,110 664,857 698,861
Individual deposits
32,665,286 37,315,123 34,844,572 37,194,318 40,034,195 42,954,121 46,765,942
United States deposits
128,887 238,439
152, 302 147,220
666,793
175,788 390,230
Due to other bank's and bankers. 3,890,487 3, 708,302 2,809,414 3,244,386 3, 610, 211 3, 928, 292 4,370,909
Other liabilities «
3.824,126 4, 587, 609 3,951, 708 2, 004, 321 2,267,949 1,662,140 2,075,127
TotaL
47, 615,447 53, 079,108 49,671,390 50,425, 367 54,034,911 57,144, 690 62, 057, 037
* Includes bills payable and rediscounts.
The following statement shows the number of national banks,
June 30, 1925, in each State, with the amount of capital and aggregate
assets, in comparison with similar information for all reporting
banks:
Number, capital, and assets of national banks and all reporting banks June 30, 1925
All banks, including national
banks
National banks
States, etc.
Number
of banks
Maine
New Hampshire
Vermont
•Massaehusettsj.-.
Rhode island
Connecticut
58
54
46
156
17
62
._
$7,370
5,240
5,060
74,217
6,320
20,002
533
265
867
18
84
13
,
Total Eastern States
453,893
J
1,780
_.
_.
Total Southern States
Aggregate
assets (000 Number
omitted) of banks
Capital
(0,00
omitted)
Aggregate
assets (000
omitted)
$137, 676
76,188
63,887
1,357,937
79, 301
272, 601
149
122
105
447
45
224
118, 209
Total New England States.
New York
New Jersey
Pennsylvania
Delaware.
Maryland—
_
District of Columbia....
Virginia
. West Virginia. i_
North Carolina.Souths Carolina
Georgia
Florida...^
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee—
Capital
(000
omitted)
1,986, 590
1,092
193, 697
6, 524,278
241, 340
40, 973
143,139
1,735
17, 279
9,427
6,892,096
841, 529
2,946,963
24,145
300,148
146,679
1,128
509
1,652
58
245
44
528,036
96,107
320,007
9,323
40, 214
23,378
16,646, 630
2,163,615
5,959,980
130,181
861,994
284, 577
10,151, 560
3,636
1,017,065
181
124
83
75
89
57
102
36
33
642
86
139
106
30, 279
13,416
14,065
11, 230
15, 665
10, 504
13, 070
5,285
9,025
81, 237
7,905
18, 596
17, 369
1,752
247, 646
396, 646
197,666
187, 712
129;513
200. 637
296, 216
167, 080
80,802
118, 900
944, 355
98, 904
276, 227
231, 866
$12,836
7,812
7,726
113,035
15,720
36, 568
$417, 573
276,021
239, 328
3,963,040
508,316
1,120,000
26,046,986
517
346
590
373
632
318
354
359
247
1,614
: 482
' 609
550
57, 880
34,805
36,946
25,060
46,336
25,997
26, 898
17,130
32, 539
119,000
24,186
41, 597
41,973
640,810
435,754
475,189
272,882
479,362
658,336
317,057
248,538
498,604
1, 258, 638
270, 252
545,958
503,744
6,890
530, 347
6, 605,123
370
REPORT ON T H E FINANCES
Number, capital, and assets of national banks and all reporting banks June 30,1925Continued
All b a n k s , i n c l u d i n g national
banks
National banks
States, etc.
Number
of b a n k s
Ohio
Indiana
_
Illinois
Michigan - . .
Wisconsin
Minnesota
Iowa
- Missouri
Number
of b a n k s
Capital
(000
omitted)
Aggregate
assets (000
omitted)
356
246
501
126
157
320
340
131
$62,280
31,948
94,048
26,121
27, 005
37, 719
26, 520
42,123
$913, 367
418,822
1, 701,448
552, 829
430, 712
661,711
398, 763
602, 347
1,099
1,097
1,900
786
990
1,375
1,624
1,558
$175,726
79,413
254,072
96,812
62,309
68,458
78,881
123, 672
$2,906,941
1,080,228
4, 383, 644
1,978,234
996,176
1,179,960
1,133,699
1, 592, 245
347, 764
5, 679, 999
10,429
939,343
15, 251,127
160
111
172
258
86
32
137
31
393
6,440
5,105
16, 330
18,188
5,785
2,725
12, 865
2,135
27, 355
99, 666
85, 697
260,053
252, 780
82, 778
43, 036
276, 543
27,285
402,369
658
526
1, 087
1,279
235
96
334
66
773
16, 221
14,311
40, 254
44, 556
12,800
4,685
19, 671
3,460
34,844
198,116
. 219,896
584, 627
553,933
160, 683
66,496
366, 961
37,004
494,030
1,379
96,928
1, 530, 207
5,064
189,802
2,681, 644
112
99
268
57
21
10
18
17, 566
13,420
62,935
3,840
3,550
1,385
1,500
310, 343
193,141
1, 005, 903
53, 836
54, 433
18, 484
27,811
364
279
662
161
115
34
67
29,948
23, 788
189,255
7,042
11, 603
3,096
5,304
487,066
322,956
3,461,701
91,900
162,100
42, 678
82,196
585
104,195
1, 663, 951
1,672
270,036
4, 650, 597
4
2
. _ .
.-
--
Total Middle
States
200
600
3,603
8,429
17
23
17
11
830
8,006
8,310
12, 275
11, 553
86,415
52, 774
146,640
Western
. . _
T o t a l W e s t e r n States
Washington
Oregon
California...
Idaho
Utah
Nevada
Arizona
Aggregate
assets (000
omitted)
2,177
.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado.
N e w Mexico .
Oklahoma..
Capital
(000
omitted)
.
.
. .
. . .
T o t a l Pacific States
Alaska
...
T h e T e r r i t o r y of H a w a i i
P o r t o Rico
P h i l i p p i n e Islands
T o t a l Alaska a n d
possessions
T o t a l U n i t e d States
insular
6
800
12,032
68
29,421
297, 282
8,072
1, 369,435
24,350, 863
28,841
3,169, 711
62,067,037
DIRECTOR OF THE MINT
Institutions of the Mint Service
Eleven Mint Service institutions operated throughout the fiscal
year ended June 30, 1925: Coinage mints at Philadelphia, San Francisco, and Denver; assay office at New York, which makes large sales
of fine gold bars; mints at New Orleans and Carson City, conducted
as assay offices; and assay offices at Boise, Helena, Deadwood,
Seattle, and Salt Lake City. The seven last-named institutions are
in effect bullion-purchasing agencies for the large institutions and
also serve the public by making, at nominal charge, assays of ores
and bullion. Electrolytic refineries are operated at the New York,
Denver, and San Francisco institutions.
SECRETARY OE THE TREASURY
Coinage
371
^
During the past fiscal year the output of domestic coin totaled
190,443,558 pieces, as compared with 262^178,080 pieces during the
prior fiscal year. The requirement for coins below the dollar was
materially less, permitting an increase of the stock of gold double
eagles as well as a larger coinage of silver dollars from bullion purchased under the act of April 23, 1918. Gold coins were made at all
three of the coinage mints, Philadelphia, San Francisco, and Denver,
to a total value of $250,335,000. Silver dollars were made at Philadelphia and San Francisco to a total value of $18,308,000. The
value of the subsidiary silver coin executed totaled $8,221,404, and
minor coin $1,746,540, giving a total value of domestic coinage executed $278,610,944, as compared with $180,088,460 for the prior
fiscal year. Coin for foreign governments made at the Philadelphia Mint totaled 8,223,000 pieces for the Governments of Poland,.
Peru, Guatemala, and Venezuela, and at the San Francisco Mint
4,500,000 pieces for Salvador, giving a total number of pieces for
foreign governments 12,723,000. The grand total of pieces executed
during the year Was 203,166,558, which compares with the total
during the prior fiscal year of 271,810,276 pieces.
Gold operations .
Gold acquired by the Government at the several Mint Service
institutions during the fiscal year 1925 totaled $211,053,392.16.
United States gold coin received by the mints for recoinage amounted
to $1,812,397.95; transfers of gold between mint offices totaled
$12,815,552.16; and the aggregate amount of gold received by the
several Mint Service institutions during the/fiscal year 1925 was
$225,681,342.27.
Silver operations
Receipts of purchased silver during the fiscal year 1925 totaled
3,325,201.78 fine ounces, of which 298,159.77 fine ounces were
Pittman Act silver, costing $1 per ounce. The average cost of other
purchased silver, that is, the silver contained in gold deposits, was 68
cents per ounce, total cost being $2,058,520.67 for. 3,027,042.01 fine
ounces. Silver received in exchange for bars bearing the Government stamp totaled 1,481,747.75 fine ounces; United States silver
coin received for recoinage totaled 1,764,223.72 fine ounces, the
recoinage value being $2,438,452.07; silver deposited in trust by other
Governments totaled 2,515,635.23 fine ounces; and transfers between
M;int Service offices totaled 1,334,103.53 fine ounces, making the
aggregate quantity of silver received by the several Mint Service
offices during the fiscal year 10,420,912.01 fine ounces.
372
REPORT ON THE PIN.\NCES
Deliveries of silver purchased under the act of April 23, 1918, were
completed on or before October 1, 1924. Approximately 18,000,000
silver dollars remain to be coined from the silver purchased under
this ,act.
The New York market price of silver during the fiscal year ended
June 30, 1925, averaged $0.68813; the lowest price was $0.66125 on
July 1, 1924, and the highest price $0.72375 on October 9, 1924.
Refineries
The three refineries—at New York, San Francisco, and Denver—
were in operation throughout the year, reducing the large quantities
of unparted and unrefined bars into usable gold and silver bullion.
Production of electrolytically refined gold totaled during the past
fiscal year 3,319,076 ounces, as compared with 3,925,962 ounces
during the fiscal year 1924. Electrolytically refined silver totaled
5,293,985 ounces, as compared with 6,616,817 ounces during the fiscal
year 1924.
Commemorative coins and medals
The last session of Congress authorized the issue of six commemorative coins—one quarter eagle and five silver half dollars;
the issue of a commemorative silver medal also was authorized.
Since 1914 the authorizations of commemorative coins have included
6 gold, coins and 15 silver half dollars. Commemorative coins have
become so numerous that the interest of the general public in them
appears to be comparatively small. The quantities authorized by
Congress are seldom made, and of those actually made considerable
quantities are returned to the mints for melting because the organizations having in charge their distribution are unable to dispose of them.
Numerous issues of commemorative or ^'souvenir'' coins also haye a
tendency to add to the difficulties of maintaining the integrity of the
circulating medium.
Two commemorative coins and one medal were issued during the
year under review, as follows:
The Stone Mountain half dollar was issued in commemoration of
the commencement of the work of carving on Stone Mountain, in
the State of Georgia, a monument to the valor of the soldiers of the
South. The obverse of the coin shows equestrian figures of Gen.
Robert E. Lee and Gen. Thomas J. (Stonewall) Jackson, reviewing
the Confederate armies. The motto '^In God We Trust^^ appears
at the top of the coin, and^to the left the legend, '^ Stone Mountain,
1925.'' The reverse bears an eagle, emblematic of liberty, poised on
a mountain crag, with a background of stars dimly visible, together
with the inscriptions ^'United States of America,'' ^^E Pluribus
Unum," and the denomination of the coin. Five million of these
pieces were authorized. The design is the work of Gutzon Borglum.
SECRETAEYv OF T H E -TR/EASXJRY
373
The Lexington-Concord half dollar was issued in commemoration
of the one hundred and fiftieth anniversary of the battle of Lexington
and Concord. The obverse of the coin shows a figure of the Minute
Man. The motto ^^In God We Trust," with other usual legends,
appears on the obverse. At the base of the obverse of the coin the
words ^ Patriot Half Dollar" appear. The device used on the reverse
^
is a representation of the old belfry at Lexington with the inscription
^^ Lexington-Concord Sesquicentennial, 1775-1925." Three hundred
'
thousand of these pieces were authorized. The designs were executed
by Chester Beach.
The Norse-American medal, issued in lieu of a coin, is commemorative of the arrival in the United States of the first shipload of Norse
immigrants. The obverse bears the figure of a Norseman stepping
ashore on the American continent. In the background appears a
Viking ship, and, above, the inscription '^ Norse-American Centennial,
1825-1925." The reverse shows a Viking ship in full sail. Above,
the inscription ^^Authorized by Congress of the United States
of America" appears, and, below, the inscription ^'A. D. 1000,"
which is the year in which the'Norsemen are supposed to have landed
on the mainland of America. The medal is executed in silver and is
octagonal in form. The issue of 40,000 medals was authorized by
Congress. The design was executed by James E. Eraser.
Stock of coin and monetary bullion in the United States
On June 30, 1925, the estimated stock of domestic coin in the
United States was $2,025,682,976, of which $1,220,149,927 was gold,
$522,061,078 standard silver dollars, and $283,471,971 subsidiary
silver coin.
The stock of gold bullion in the mints, assay offices, and Federal
reserve banks on the same date was valued at $3,166,045,914, a reduction during the year of $241,707,562; the stock of silver bullion
was 17,620,761.18 fine ounces, a reduction of 15,034,311.06 fine ounces.
Production of gold and silver
Domestic gold production during the calendar year 1924 exceeded
t h a t of each of the four prior years, the total being $52,277,000, as
compared with $51,734,000 in 1923. The output continues at approximately half of that for the record year 1915, when the total was
$101,035,700.
Silver of domestic production during 1924 totaled 65,407,186 fine
ounces, valued at $43,822,814; this compares with 73,335,170 fine
ounces, valued at $60,134,839, for 1923, and with the record production of 1915, 74,961,075 fine ounces, valued at $37,397,300.
374
REPORT ON T H E
FINANCES
Industrial consumption of gold and silver
Gold consumed in the industrial arts during the calendar year 1924
is estimated at $65,887,851, of which $37,913,310 was new material.
Silver used in the arts is estimated at 33,594,816 fine ounces, of
which 24,664,236 fine ounces were new material.
As compared with the prior year, gold consumption decreased about
$3,400,000 and silver consumption decreased about 3,200,000 ounces.
Import and export of domestic gold coin
The net export of domestic gold coin during the fiscal year ended
June 30, 1925, was $107,910,658; during the prior fiscal year there was
net import of $19,183,640. During the 11 fiscal years, 1915-1925,
since the opening of the World War, there has been a net export of
$889,103,715. Since 1870 the net export of domestic gold coin has
been $1,766,752,779.
Appropriations, expenses, and income
Appropriations available for Mint Service during the fiscal year
1925 totaled $1,692,853, and reimbursements to appropriations for
services rendered amounted to $165,954.39, making a total of $1,858,807.39.
Expenses amounted to $1,846,646.36, of which $1,815,611.13 was
chargeable to appropriations and $31,035.23 chargeable to income.
The income realized by the Treasury from the Mint Service aggregated $9,108,120.73, of which $8,168,849.96 was seigniorage. The
seigniorage included $4,142,765.86 on the coinage of silver dollars,
which amount offsets an equal loss which was incurred when the silver
dollars were melted and sold under terms of the Pittman Act. The
seigniorage on subsidiary silver coin was $2,897,262.31; on nickel
coin, $392,103.39; and on bronze coin, $736,718.40.
S u m m a r y of appropriations, expenses, and balances, fiscal year 1925
Items
Appropriations.
_
Earnings credited to appropriations
Total available .
Expenses
Unexpended balances .
Salaries
Wages
Contingent Freight on
bullion
expenses
Total
$307,660. 00 $1,064,203. 00 $325,990. 00
120, 005. 20 45,949.19
$5,000.00
$1,692,853. 00
165,954.39
307,660. 00 1,174, 208. 20 371,939.19
296,820. 36 1,156, 566. 64 357,351. 54
5,000. 00
4,872. 59
1,858 807.39
1,815,611.13
127. 41
43,196. 26
10,839. 64
17, 641. 56
14, 587. 65
375
SECRETARY OF THE TREASURY
Deposits of gold and silver, income, expenses, and employees, by institutions, fiscal year 1925
The number and value of deposits, transfers, gross income, and
expenses for the fiscal year 1925, and the number of employees on
June 30, 1925, at each institution, are shown in the following table:
Institutions
Philadelphia
S a n Francisco
Denver
New York
N e w Orleans
Carson C i t y .
Boise
Helena
Deadwood--.
Seattle--Salt L a k e C i t y
Number of
deposits of
gold
and
silver
Number of
Coining v a l u e
Mint
Servof gold a n d
ice
silver received ^
transfers
969
698
450
572
1
9,231
10,224
•3,341
16,625
379
304
524
507
16
1,658 "
146
2
Gross
income
$13,826,055.71 $6,909,063.97
36, 236,267.04 1,009,524.52
12,084, 518.11
655, 906.05
150,447,596.73
523, 918. 25
568,127.78
563.17
160,211.41
667. 22
265,171.02
4,109. 66
393, 568.42
941.86
12,533.10
448.17
5,826,817. 57
2, 276.67
114,439.59
701.19
Gross
expense
Excess of
income ( + )
or of
expenses (—)
Employees
June
30,
1925
$862,173.00 +$6,046,890.97
+692,386.52
317,138.00
+433,771.37
222,134.68
+184,407.91
339,510.34
-11,597.17
12,160.34
-4,935.44
5,602.66
-3,228.80
7,338.46
- 5 , 9 3 0 . 28
6,872.14
• -5,155.99
5.604.16
-23,265.04
25, 541.71
- 3 , 6 0 3 . 98
4.305.17
373
132
87
128
6
3
4
3
3
11
2
T o t a l field-.- 42, 955
Mint Bureau
2,692
219, 935,306.48
9,108,120.73
1,808,380.66
38, 265. 70
+7,299,740.07
- 3 8 , 2 6 5 . 70
752
14
G r a n d t o t a l - 42. 955
62, 255
Fiscal year 1924
2,692
3,103
219,935,306.48
525,512,344.02
9,108,120. 73
8,616,444.37
1,846,646.36
1,848,461.41
+7,261,474.37
+6,767,982.96
766
752
1 Gold valued at $20.67 per fine ounce; silver for standard dollars valued at $1.29 per fine ounce; and'silvei
for subsidiary coin at $1.38 per fine ounce.
BUREAU OF INTERNAL REVENUE ^
Receipts from internal-revenue taxes during the fiscal year 1925
compared with 1924 were as follows:
Sources
1924
$1,841,759,316.80
954,419,940. 26
Income tax
Miscellaneous taxes
Total
-
-
1926
$1,761,659,049.51
822,481,218.73
$80,100,267.29
131,938,721.53
2,796,179,257.06
2,584,140,268.24
212,038, 988.82
Decrease
I n the foregoing statement of receipts no deductions have been
made on account of refunds, which during the fiscal year 1925 were
made from the following appropriations:
Refunding taxes illegally collected, claims accrued prior to
July 1, 1920
$452, 934. 42
Refunding taxes illegally collected 1924 and prior years
2 49^ 209, 535. 60
1 The figures concerning internal-revenue receipts as given in this statement differ from such figures
carried in other Treasury statements showing the financial condition of the Government, because the
former represent collections by internal-revenue oflicers throughout the country, including deposits by
postmasters of amounts received from sale of internal-revenue stamps, and deposits of internal revenue
collected through customs offices, while the latter represent the deposits of these collections in the Treasury
or depositaries during thefiscal,year concerned, the differences being due to the fact that some of the collections in the latter part of the fiscal year can not be deposited, or are not reported to the Treasury as deposited until after June 30, thus carrying them into the following fiscal year as recorded in the statements
showing the condition of the Treasury.
2 Includes $17,777,642.45 refunded as a 25 per cent reduction under provision of section 1200, revenue act
of 1924.
376
REPORT ON THE FINANCES
Refunding taxes illegally collected 1925 and prior years
Refunding taxes illegally collected 1926 and prior years
$11, 945, 475. 98
90, 301, 391. 33
Total
'.
151, 909, 337. 33
Less amount by which repayments exceeded disbursements in.
connection with the appropriation refunding taxes illegally
collected 1923
1
23, 921. 73
Net total
151, 885, 415. 60
The interest allowed on claims for refunds under provisions of the
revenue acts of 1921 and 1924 amounted to $31,563,458.06, which
is included in the foregoing statement.
The following comparative statement shows in greater detail the
internal-revenue receipts for the fiscal years 1924 and 1925:
Sources
Income ^
1924
.
-
. .
Estates of decedents-Gifts of property
Distilled spirits and alcoholic beverages
Receipts under national prohibition
Tobacco and tobacco manufactures..
Oleomargarine, adulterated and process or
renovated butter, filled cheese, and mixed
flour _
Ronds, capital-stock issues, conveyances,
capital-stock transfers, sales of produce for
future delivery, playing cards, etc.
Excise taxes, manufacturers', including automobiles, cameras, photographic films, e t c . . .
Other excise taxes, including sculpture and
paintings, jewelry, clocks and watches, etc..
Corporations, on capital stock..
.. . . .
Brokers, bowling alleys, billiard and pool
tables, shooting galleries, .riding academies,
passenger automobiles for hire, and use of
pleasure boats, etc
Admissions to theaters and other places of
amusement and club dues
Narcotics: Opium, coca leaves, etc., including
special taxes of importers, manufacturers,
and dealersInternal revenue coflected through customs
ofljces
Receipts from sources not taxable after July
2,1924 2_
Other miscellaneous receipts 3
-.
Total miscellaneous taxes.
Total receipts from all sources
1925
$1,841, 759,316.80
$1,761,659,049.51
102, 966, 761.68
27,585, 708.37
855,395.37
325,638,931.14
2,863,463.98
101,421,766.20
7,518,129.32
25,904, 774. 72
560,888.07
345,247, 210. 96
Increase (.-!-) or
decrease (—)
-$80,100,267.29
—1,544,995.48
+7,518,129.32
-1,680,933.65
-294,507.30
+19,608,279.82
3,064,155.39
+200,691.41
62, 257, 553.96
49,251, 784.18
-13,005,769.78
163,494,263.56
130,357,163.05
-33,137,100.51
23,389,972.43
87,471,691.52
10,494,934.67
•90,002,594.56
-12,895,037.76
+2,530,903.04
6,191,052.35
5,811,558.04
-379,494.31
85. 722,385.09
39,598,397.44
-46,123, 987.65
1,067,341.33
1,090,932.73
•j-33,591.40
29,036.37
51,054.05
+22,017.68
60,692, 782. 29
4,203,600.82
12,105,875.35
-60,692, 782.29
+7, 902,274.53
954,419,940.26
822,481,218.73
—131,938,721.63
• 2,796,179,257.06
2,584,140,268.24
-212,038,988.82
1 Includes $916,232,697.02 from corporations and $846,426,352.49.from individuals for 1925. The income
tax on Alaska railroads (act of July 18, 1914), amounting to $20,329.08 for 1924 and $15,573.74 for 1925, is
included.
2 includes $34,662,428.90 from the tax on telegraph and telephone messages, $13,988,125.74 from candy
and other excise taxes, $10,418,866.08 from nonalcoholic beverages, etc., $1,623,361.57 (special tax) from
theaters, museums, circuses, etc.
8 Includes $4,115,676.66 for 1924 and $12,068,035.75 for 1925, delinquent taxes collected under repealed
laws.
Cost of administration
The expenditures in administering the internal-revenue laws for the
fiscalyear 1925 were $47,631,893.40, not including expenditures from
appropriations for refunding internal-revenue collections and taxes
illegally collected, which in no sense are administrative expenses.
SECRETARY OF THE TREASURY
377
The foregoing expenditures include, however, $9,203,384.45 for the
enforcement of the prohibition law and $1,161,935.79 for the enforcement of the narcotic law, which are regulatory provisions rather than
tax measures. Deducting these two items of expense from the total
leaves $37,266,573.16 as the expenditure for collecting the internalrevenue taxes for the fiscal year 1925. As the aggregate receipts of
internal revenue were $2,584,140,268.24, it will be seen that the cost
of collection for the fiscal year 1925 amounted to $1.44 for each $100
collected. The cost of collection on a similar basis for the fiscal year
1924 was $1.24 for each $100 collected.
Income and profits taxes
Audit of returns.—During the year 1,751,613 income and excessprofits tax returns (1,222,868 individual and partnership and 528,745
corporation) were audited, compared with 2,329,191 for the previous
fiscal year. During the year 1924 the files audit of the returns for
1921, 1922, and 1923 was under way. The tremendous production
for that year was due to the large numbers of returns that could be
closed at the files. There was not the same production possibility
during the fiscal year 1925, since during the early part of that year
the files audit of prior year returns was brought to a current stage.
The production in cases which were the subject of intensive audits
and field examinations increased during the past fiscal year.
Revenue agents^ reports.—The number of reports of field examinations submitted was 290,241, compared with 199,581 for 1924, an
increase of approximately 45 per cent. The number of transcripts
of returns sent to the field for examination was 223,284. There were
referred to the field during the year 1924, 201,505 transcripts of
returns.
Adjustment of claims.—The number of claims scheduled during the
fiscal year was 72,839. In addition, 74,296 certificates of overassessment in cases in which no claims were filed were issued. Claims to
the number of 43,627 were allowed, and the total amount involved,
including overassessments stated where no claim was filed, was
$381,069,220.21, of which amount $107,253,329.95 was refunded and
$273,815,890.26 abated or credited. The amount of interest paid on
amounts refunded or credited under section ^1324 (a) of the revenue
act of 1921 was $29,432,762.78. The number of claims rejected was
29,132, involving $271,274,439.21.
The number of claims received was 65,613, involving $1,147,707,744.54. The number of claims on hand at the end of the fiscal
year was 73,441, compared with 79,956 at the end of the previous
fiscal year.
The bureau adjusted approximately as many claims as were filed.
In addition, 74,296 certificates of overassessment (more than the
378
REPORT ON THE FINANGES
number of claims adjusted) were issued without the^taxpayers having
filed, claims. Under the old procedure, where no claim was on file,
one would have been invited and filed before a certificate of overassessment could have been issued.
Additional revenue.—^A total of $326,755,536.73 in additional
taxes was assessed. In order that collection would not be jeopardized, it was necessary to assess $144,646,530.53 of this amount without
giving the taxpayer the benefit of appeal, and in consequence this
sum is subject to claims in abatement. In addition to these results,
the rejection of claims in abatement and claims for credit of taxes
previously assessed made available for immediate collection the
further sum of $37,868,460.05.
Personnel.—Further reduction in the bureau's appropriation for
the allotment of salaries necessitated a reduction in the force of the
Income Tax Unit. At the end of the fiscal year the technical force
of the Washington oflElce of the Income Tax Unit numbered 1,942,
and there were 2,224 clerical employees, a total of 4,166 persons,
compared with 2,221 technical and 2,453 clerical employees, a total
of 4,674 on June 30, 1924, a decrease of 508 persons during the year.
In the field force there were on June 30, 1925, 521 clerical employees and 2,310 revenue agents, compared With 486 clerical and
2,245 Tevenue agents on June 30, 1924, an increase of 100 during the
fiscal year.
Capital-stock tax
Capital-stock tax collections amounted to $90,002,594.56, compared with $87,471,691.52 for the fiscal year 1924.
On July 1, 1924, there were pending 1,475 claims; 8,563 were
received during the year and 8,924 were disposed of, leaving on hand
at the end of the fiscal year 1,114, a net decrease of 361 during the
year.
The number of offers in compromise on hand at the beginning of
the year was 6,165. The number received during the year was
14,781. The number disposed of was 15,508. There were accepted
14,770 offers in compromise, involving $165,393.27. The number
on hand June 30, 1925, was 5,438.
Estate tax
Estate-tax collections amounted to $101,421,766.20, compared
with $102,966,761.68 for the preceding year. Gift-tax collections
during the fiscal year amounted to $7,518,129.32.
The number of cases audited was 19,752, compared with 17,005,
for the previous year. The field force. submitted 21,231 reports,
compared with 24,297 for 1924. There were filed 13,962 new returns, compared with 14,388 for 1924.
, SECRIiTARY OF THE TREASURY
379
On June 30, 1924, the number of claims and protests on hand
was 620. There were received during the year 307 abatement
claims, 1,908 refund claims, and 3,420 protest letters.
There were disposed of 534 abatement claims, aggregating $14,420,242.93; 2,066 refund claims, aggregating $25,119,045.21; and
3,392 protests, aggregating $37,121,756.08, leaving 10 abatement
claims, 151 refund claims, and 102 protest letters awaiting action.
The files of June 30, 1925, contained 113,594 estate-tax cases and
1,528 gift-tax cases.
Sales tax
Collections from the sales tax amounted to $180,450,495.16, compared with $331,676,041.80 for the preceding fiscal year. The
decrease is due to changes provided for by the revenue act of 1924.
Material changes are an exemption from tax in the case of automobile
truck chassis seUing for $1,000 or less and automobile truck bodies
selling for $200 or less, and the reduction in tax on tires, parts, and
accessories from 5 per cent to 2J^ per cent. The exemption on
admissions was increased from 10 cents to 50 cents. All articles of
jewelry selling for $30 or less are exempt from the sales tax.
The average number of monthly returns received and audited was
approximately 49,000, compared with 215,000 during the previous
year. The average for the last six months of the fiscal year was
approximately 29,000, the decrease being due to changes provided
for by the revenue act of 1924.
Tobacco taxes
Total collections from tobacco taxes were $345,247,210.96, an
ncrease of $19,608,279.82, or 6.02 per cent, compared with the preceding year. Such collections represent 13.36 per cent of the total
internal-revenue receipts for the fiscal year 1925, compared with
11.65 per cent for the fiscal year 1924. Receipts from taxes on small
cigarettes amounted to $225,032,702.07, an increase of $21,381,371.49,
or 10.5 per cent over the preceding year and represent 65.18 per cent
of the tobacco collections. The following seven States furnished
85.86 per cent of the total receipts from tax on tobacco manufactures: North Carolina, $147,221,887.03; New York, $43,153,681.35;
Virginia, $30,959,975.17; New Jersey, $28,078,954.51; Pennsylvania,
$24,484,488.92; Ohio, $11,659,731.80; Missouri, $10,883,323.96; total,
$296,442,042.74.
Miscellaneous stamp and special taxes
Collections from miscellaneous stamp and special taxes amounted
to $58,127,497.61, compared with $72,935,431.86 for the fiscal year
1924. The largest part of these collections was from taxes on bonds,
380
REPORT ON T H E FINANCES
capital-stock issues, conveyances, customhouse entries, passage
tickets, proxies, powers of attorney, and foreign poUcies of insurance
on property in the United States which aggregated $27,862,622.04,
compared with $43,031,608.47 for the preceeding year. Special
taxes upon brokers, pawnbrokers, ship brokers, customhouse brokers,
proprietors of bowling alleys and pool tables, shooting galleries,
riding academies, passenger automobiles for hire, and upon use of
pleasure boats amounted to $5,811,558.04, compared with $7,814,413.92 for the preceding year.
Accounts and Collections Unit
The Accounts and Collections Unit has to do with the work of the
65 collection districts.
Instructions were issued to collectors to retain for audit all individual income tax returns showing a gross income of $25,000 or less.
Heretofore collectors had not retained for audit any individual returns showing more than $15,000 gross income. As a result of the
new procedure, collectors retained for audit approximately 7,351,000
individual income tax returns out of a total of 7,556,000 individual
returns filed. A number of offices had completed the audit prior to
the close of business June 30, and indications were that practically
all of the collectors' offices would complete the audit by September
30, with the exception of cases that require field investigation and
cases in connection with which protests were made to the commissioner, or appeals filed with the United States Board of Tax Appeals.
During the year 192.5, $329,146.35 was expended for rental of
quarters for collectors' offices and branch offices, compared with
$294,770.69 for the preceding fiscal year. The increase of $34,375.66
was due to demands for additional space, increases in rentals asked
by lessors, and the occupancy of commercial in lieu of Federal space.
Collectors' field forces gave special attention to the serving of
warrants for distraint, the verification of returns filed indicating
additional tax due, and the conduct of delinquent drives.- A total of
106,154 warrants for distraint were served, which involved the collection of $25,471,001, compared with 123,407 warrants served and
$22,342,407 collected for the fiscal year ended June 30, 1924. An
average of 2,241 deputy collectors made a total of 577,558 revenueproducing investigations, including the serving of warrants for distraint. The amount collected and reported for assessment as the
result of these investigations aggregated $58,224,340. The average
number of investigations made per deputy and the average amount
bf tax collected and reported for assessment were 258 and $25,981,
respectively. The total number of revenue-producing investigations
made during the fiscal year 1924 was 695,463, involving $53,953,593
delinquent and additional tax.
SECRETARY OF THE TREASURY
381
The work of the collectors' field forces was again supplemented by
special squads making the more technical investigations under the
direction of supervisors of accounts and collections, the squads being
composed of internal-revenue agents on the roll of the Accounts and
Collections Unit and a few deputy collectors detailed for special work.
An average of 177 officers made a total of 52,719 reveiiue-producing
investigations, which resulted in collecting and reporting for assessment tax to the amount of $12,994,867.
The total amount collected and reported for assessment as a result
of the activities of both the force of field deputy collectors working
under collectors and the special squads working under supervisors of
accounts and collections amounted to $71,219,207, compared with
$82,651,210 for the fiscal year 1924.
Solicitor's Office
The revenue act of 1924 provided for the establishment of a United
States Board of Tax Appeals, an independent agency of the Government. The board was formally organized July 16, 1924. Its function is to hear appeals from additional assessments proposed to be
. made by the Commissioner of Internal Revenue after June 2, 1924,
in cases involving income and excess-profits taxes., estate and gift
taxes. Appeals to the board in all cases are taken at the instance of
the taxpayer, and should the decision of the board be in the taxpayer's favor the commissioner is not permitted to assess the tax
and proceed with its collection by distraint, as heretofore, but may,
if he disagrees with the board's decision, bring suit within one year
from the date of such decision in the appropriate United States
district court for the recovery of the tax.
Under the board rules a copy of the taxpayer's petition is served
on the Sohcitor of Internal Revenue, who has been designated as the
commissioner's legal representative in such matters. An answer, or
other pleading as the case may require, is made within 20 days, and
thereafter the case is-at issue before the board. There were at the
outset few appeals to the board, and the commissioner was represented by lawyers in the review division. The work, however, grew
to such proportions that a separate division was deemed necessary,
and an appeals division was created April 24, 1925. From that date
to June 30, 1925, there were filed with the board 5,220 appeals, of
which 4,751 were served on the solicitor.
Appeals to the board involved amounts from $3 to $4,000,000.
Cases involving a small deficiency frequently involve a principle that
affects the revenue in amounts aggregating millions of dollars.
Questions presented to Interpretative Division No. 1 relate solely
to the income and excess-profits tax provisions of the several revenue
acts. During the fiscal year the division passed upon 952 cases,
involving rulings on specific questions, and has examined and acted
on 4,066 income and excess-profits tax claims involving $50,000 or
more each.
382
REPORT ON THE FINANCES
Interpretative Division No. 2, in addition to its work of interpreting
the provisions of the law relating to miscellaneous taxes, preparing
and reviewing Treasury decisions and solicitor's memoranda, reviewing and approving claims for abatement, redemption, and refund
of miscellaneous taxes involving amounts in excess of $500, and other
duties, has supervision of the disposition of real estate acquired by the
Government under the provisions of the internal-revenue law, and,
with the approval of the Secretary, authorizes the sale at public
vendue of the interest of the United States in such realty. The
division conducted 237 hearings and argued 70 cases before the
Board of Tax Appeals. There were 49 real-estate cases pending on
J n l j 1, 1924. During the year 5 were received and 22 were disposed
of, leaving 32 cases pending July 1, 1925.
Cases under consideration in the penal division are classified first
with reference to the nature of the tax involved, income-tax cases
constituting one classification, and all other tax cases constituting the
second classification, designated as miscellaneous taxes. At the
beginning of the fiscal year there were pending 956 tax cases involving
charges of fraud. The number of new cases received by the penal
division was 1,315, making a total of 2,271 cases under consideration
during the fiscal year. There were 862 cases disposed of, leaving
1,409 cases pending June 30, 1925.
The review division was cl*eated July 15, 1925, taking over the
functions previously exercised by the committee on appeals and
review and the special committee on appeals and review. The
function of the division is to hear and determine all protests to the
action of the Income Tax Unit wherein a deficiency in the tax has
been determined under the procedure promulgated in T. D. 3616.
There were on hand at the beginning of the fiscal year 2,054 protests. The number of protests received during the year was 8,503
and the number disposed of was 8,121, leaving on hand at the end of
the fiscal year 2,436.
The civil division, in cooperation with the Department of Justice
and the United States attorneys' offices, handles all civil internalrevenue cases pending in the Federal courts. The number of civil
internal-revenue tax cases decided by the Federal courts during the
year was 165. During the year the number of new civil cases received
was 1,961 and the number disposed of was 1,127. On July 1, 1925,
there were pending in the Federal courts 2,497 civil internal-revenue
tax cases, compared with 1,853 on July 1, 1924.
Prohibition Unit
A total of $560,888.07 was collected under the tax and tax-penalty
provisions of the national prohibition act for the fiscal year ended
June 30, 1925, compared with $855,395.37 for the fiscal year,1924. In
SECRETARY OF THE TREASURY
383
addition, as shown by the records of the Solicitor of the Treasury Department, there were certain collections through the Federal courts,
such as fines and forfeitures, incident to enforcing the national pro-'
hibition act amounting to $5;208,203.09,'compared with $5,682,719.87
for the fiscal year 1924.
This does not include the amounts paid as fines and forfeitures
in State courts, even though the cases were made by Federal officers.
Federal officers in many instances take cases into the State courts
on account of the congested condition of the dockets of the Federal
courts. The department has encouraged municipal and State
peace officers to make prohibition cases under State statutes. Federal
agents rendering all possible aid and assistance. In short, it has been
the policy of the department to encourage municipal and State
officers to make prohibition cases, taking them into State courts
rather than have Federal officers take them into United States
courts.
A plan for the decentralization and reorganization of the Prohibition Unit was arranged to secure greater efficiency and to eliminate
duplication of work. I t is a part of the general plan of the Assistant
Secretary of the Treasury, in charge of the Customs Service, the Coast
Guard, and the Prohibition Unit, to coordinate the activities of these
several branches of the department having responsibility in connection with the enforcement of prohibition. This general plan eliminates the offices of the 49 Federal prohibition directors in the continental United States and those in Hawaii and Porto Rico, and
establishes in lieu thereof 22 Federal districts in the continental
United States, and one each for the territories of Hawaii and Porto
Rico, with a prohibition administrator in charge of each. The
districts are bounded in every instance save one by Federal judicial
district lines.
The decentralization of the unit includes the transfer to the
prohibition administrators of the issuance of basic permits as well as
withdrawal permits for intoxicating liquor in lieu of submitting
applications for them to Washington with the resultant duplication of
work. All control of alcohol, except the collection of the Federal tax,
is made the responsibility solely of the prohibition administrators.
Effective use of the conspiracy section of the United States Criminal Code was made by the legal division in breaking up organized
gangs of liquor-law violators. There were 1,049 convictions, and
fines amounting to $822,278 were imposed in this class of cases alone.
The legal division acted upon 3,405 revocation hearings, revoked
2,283 permits, canceled 21 which were surrendered, and dismissed
the proceedings in 1,101 cases.
Curtailment was made in the number of establishments authorized
to operate dealcoholizing plants. Seizures were made and libels filed
384
REPORT ON T H E FINANCES
in 37 brewery cases, and the injunction provision stressed. Padlock
orders were issued in six important cases. A departure in injunction
proceedings was noted in a court decision ordering the destruction
under abatement decisions of property worth $225,000, including
beer, beverage, materials on hand, machinery, and equipment.
Marked progress was made in the enforcement of the law and regulations in reference to wineries. A plan was put into operation
whereby uniform and cooperative action was obtained between prohibition officers and United States attorneys, with the result that
over 90,000 gallons of wine were destroyed under libel proceedings.
Many criminal and libel proceedings were pending at the end of the
fiscal year.
During the year the legal division completed bureau action on
41,576 cases. The number of cases pending on June 30 was 171,304,
"There were outstanding at the close of the fiscal year 133,460 permits of various classes. The number of permits canceled, superseded,
surrendered, and,recalled was 2,463. The number of new applications disapproved was 1,090. The number of renewal applications
disapproved was 632.
At the close of the fiscal year there were qualified to operate for
the production, storage, and denaturation of alcohol, respectively,
67 industrial alcohol plants, 70 bonded warehouses, and 79 denaturing plants. During the year 8 industrial alcohol plants, 10 bonded
warehouses, and 16 denaturing plants were established, while 3
industrial alcohol plants, 2 bonded warehouses, and 3 denaturing
plants were discontinued. For the production of distilled spirits
for nonbeverage purposes other than alcohol there were operated 2
rum distilleries and 24 fruit distilleries. No grain distilleries were
operated during the year.
The program for the concentration of distilled spirits is practically
complete. The contents of a few warehouses still remain to be
transferred, owing to unusual conditions such as seizures, revocations,
and other difficulties, but since the enactment of concentration legislation 239 warehouses have been discontinued. This has resulted
in a large permanent saving and in much greater security to the spirits.
Bureau and field personnel
The total number of employees in the Bureau of Internal Revenue
on June 30, 1925, was 19,333, compared with 19,203 on June 30,
1924, an increase of 130.
The number of employees in Washington on June 30, 1925, was
6,176, compared with 6,447 on June 30, 1924, a decrease of 271.
The number of employees in collectors' offices oh June 30, 1925,
was 6,453 (exclusive of 87 temporary employees), compared with
6,588 on June 30, 1924.
SECRETARY OF THE TREASURY
385
There were on June 30, 1925, 3,010 employees in the internalrevenue agents' force (income and estate taxes), compared with
3,016 on June 30, 1924. The 1925 figures contained 7 temporary
employees.
The number of employees in the prohibition field service on June
30, 1925, was 3,173 (exclusive of 76 temporary employees), compared
with 2,631 on June 30, 1924.
•
Under the provisions of the retirement act 17 classified employees
were retained in the seryice after reaching the age of 70; 56 were
retired on annuity, 8 of the latter being retired on account of total
disability.
DIVISION OF BOOKKEEPING AND WARRANTS
A summary of receipts and expenditures during the fiscal year
ended June 30, 1925, adjusted to the basis of daily Treasury statements, revised, is set forth, in the following table:
Ordinary receipts
$3,781,335,953. 02
Expenditures chargeable against ordinary receipts
3, 531, 075, 888. 67
Surplus of ordinary receipts over total cash expenditures chargeable against ordinary receipts
____
250, 260, 064. 35
Surplus revenues applied to reduction of the public debt, in
addition to $466,538,113.83 debt retirements chargeable
against ordinary receipts, and $18,050,073.92 public debt
retirements resulting in decrease in general fund balance. _
250, 260, 064. 35
Public debt expenditures, including public debt expenditures
chargeable against ordinary receipts
3, 887, 311, 414. 98
Public debt receipts..
_.-....
.
3, 152, 463, 162. 88
Excess of total public debt expenditures over public
debt receipts
Public debt retirements chargeable against ordinary receipts.
Public debt retirements from surplus revenues
:
Public debt retirements resulting in decrease in general fund
balance
...
Net reduction in public debt during fiscal year, as
above.....
.
...
Total ordinary and public debt expenditures
Total ordinary and public debt receipts
.
Excess of all expenditures over all receipts
Balance in general fund on basis of daily Treasury statements, revised, June 30, 1924
Balance in general fund on basis of daily Treasury statements, revised, June 30, 1925-.
Net decrease in balance in general fund June 30,
1925, under such amount June 30, 1924
60501—FI 1925t
^25
734, 848, 252. 10
466, 538. 113. 83
250, 260, 064. 35
18, 050, 073. 92
734, 848, 252. 10
6, 951, 849, 189. 82
6, 933, 799, 115. 90
18, 050, 073. 92
238, 029, 514. 74
219,979,440.82
18, 050, 073. 92 .
386
REPORT ON T H E FINANCES
. The general fund
Balance according to t h e daily Treasury s t a t e m e n t J u n e 30,
1924 ( u n r e v i s e d ) . . .
.....
.
Add net excess of receipts over expenditures in J u n e reports
•subsequently r e c e i v e d . . . .
...
$235, 411, 481. 52
.
.2, 618, 033. 22
238, 029, 514. 74
Decrease in book credits of disbursingofficers a n d agencies with t h e Treasurer,
J u n e 30, 1925, as compared with J u n e
30, 1924
$427, 846, 096. 85
D e d u c t excess of receipts
over
pay
warrants issued. _ . . . i $408, 626, 849. 44
Increase in unpaid warr a n t s J u n e 30, 1925,
as compared
with
J u n e 30, 1924
..
1, 169, 173. 49
409,796,022.93
18, 050, 073. 92
Balance held by t h e Treasurer of t h e United States J u n e
30, 1925
.
Balance held by t h e Treasurer, according to daily T r e a s u r y
statement, J u n e 30, 1925 (unrevised)
.
Add net excess of receipts over expenditures in J u n e reports
subsequently received
219, 979, 440. 82
217,835,732.09
2, 143, 708. 73
219, 979, 440. 82
Surplus of ordinary receipts over, expenditures chargeable against ordinary receipts,
excess of public debt expenditures'^ over public'debt receipts, and excess of all
expenditures over all receipts, according to unrevised daily Treasury statements
adjusted to the basis of revised daily Treasury statements, fiscal year 1925
Ordinary«
Surplus of receipts according to daily Treasury
statement June 30, 1925 (unrevised)
Excess of receipts over expenditures in June, 1924,
reports subsequently received
_
Excess of receipts over expenditures in June, 1925
reports subsequently received
Surplus of receipts on basis of daily Treasury statement June 30, 1925 (revised)
Public debt 2
Total (or net)
$250,505,238.33 ^ $268,080,987.76 4 $17, 575,749.43
<
2,416. 245.88
248,088,992.45
201,787.34
2,618,033.22
* 268, 282, 775.10 * 20,193,782.65
2,171,071.90
< 27,363.17
2,143,708.73
250, 260,064.35
4 268,310,138.27
* 18,050,073.92
* After deducting $8,919.39, for decrease in uncovered moneys, and $196 for relief of John Burke, former
Treasurer, U . S . , under act of June 3, 1922.
2 Exclusive of public debt expenditures chargeable against ordinary receipts.
8 Includes public debt expenditures chargeable against ordinary receipts.
4 Excess of expenditures over receipts.
387
SECRETAEY OF T H E TBEASUEY
Wa7rants issued during the fiscal year 1925 adjusted to basis of daily
Treasury statements, revised
The following table shows the total number of warrants issued and
the gross amounts involved on account of the receipts and expenditures recorded during the fiscal year, adjusted to basis of daily Treasury statements, revised:
Warrants issued
"General classes
Number
Amount
Adjustments to
•
basis of daily
'Treasury statements,' revised,
on account of Adjusted figures on
disbursing-offibasis of daily
cers' credits, unTreasury . state^
paid warrants,
ments, revised
uncovered moneys, and receipts
credited direct
to appropria, tions
Receipt warrants:
Ordinary
Public debt
631
15
$3,607,653,089.70
3,152,463,162. 88
+$173,682,863.32
$3,781,335,953.02
3,152,463,162.88
Total
546
6,760,116,252.68
-H?.*^ fiS2 Rfi.^ .^2
6,933,799,115.90
139,918
75
4,076,387,670.64 1 -l-42fi , fi77 llQ .^fi
,
„ „..,
3,887,313,190.43
14,503,064,790.00
2 3,887,313,190.43
139,993
7, 963,700,861.07
+426,677,119 36
R Ron 577/ oan 4Q
883
22
1,612,218, 797.87
1, 775.45
-173,691,782.71
1,438,527,015.18
1, 775.45
Pay and transfer warrants:
Ordinary
Public debt.-Total
-........-
Repay and counter warrants:
Ordinary
Public debt
Total
Grand total of warrants
issued
141,444
1,612, 220,573.32
-173,691,782.71 |
1,438,528,790.61
6,351, 480, 287. 75
905
Pay warrants (net)
+600,368,902. 07 |
6, 951,849,189.82
16,336,037,686.97
1 Exclusive of $466,538,113.83 public debt expenditures chargeable against ordinary receipts.
* Includes $466,538,113.83 public debt expenditures chargeable against ordinary receipts.
Keceipt accounts to the number of 941, representing receipts from
customs, internal revenue, public lands, miscellaneous sources,
Panama Canal tolls, and pubhc debt, and appropriation accounts
to the number of 8,034, covering expenditures for all executive departments, other.Government'establishments, the,District of Columbia, and the public debt, have been credited and charged, respectively,
to the general fund of the Treasury, details of which are exhibited on
pages 150 to 164 of this report. Of the total receipts and repayments
to appropriations deposited during the year, aggregating $7,590,566,108.02, no amount remained uncovered by warrant on June 30, 1925.
Transfer and counter warrants amounting to $1,563,541,435.76 were
issued for adjustment of appropriation accounts, largely for the service of the Army and Navy, without ^affecting the general fund.
Appropriation warrants were issued to the number of 628, crediting detailed appropriation accounts with amounts provided by la\r
388
REPORT ON T H E FINANCES
for disbursement, and transfer-appropriation and surplxis-fund waf-rants charging and crediting detailed appropriation accounts to the
number of 489, a total of 1,117.
District of Columbia account of revenues and expenditures
The total charges and credits to the District of Columbia for the
fiscal year ended June 30, 1925, on the basis of warrants issued, as
shown by the District of Columbia ledger of revenues and expenditures established in accordance with the act of June 29, 1922 (42
Stat. 669), were as follows:
Total
General funds Special funds
B a l a n c e J u n e 30,1924 (unrevised)
Less n e t charges b y w a r r a n t s issued d u r i n g
fiscal year 1925 on account .of receipts of
prior years deposited in wrong p r o p o r tion: 1923, $272,602.75; 1924, $265,538.60;
total, $538,141 35
T r u s t funds
$286, 543. 46
$507,618.48
$11, 294, 562.26
286, 543. 46
507,618. 48
10, 756,420.91
$10,500,400. 32
538,141. 35
9,962, 258. 97
' 538,141. 35
A d d credits against e x p e n d i t u r e s , fiscal year
1922
3,579.19
B a l a n c e J u n e 30,1924 (revised)
R e v e n u e s , fiscal year 1 9 2 5 . . .
U n i t e d States c o n t r i b u t i o n act J u n e 7 1924
9,965,838.16
18,482,873.48
9,000, 000.00
286, 543.46
1,957,481. 33
507,618.48
1,877,174.78
10, 760,000.10
22, 317, 529. 59
9,000,000. 00
E x p e n d i t u r e s fiscal y e a r 1925..
37,448,711.64
28, 749,921. 66
2, 244,024. 79
2,044, 611. 22
2,384,793. 26
1,880,460.97
42, 077,529. 69
32,674,993. 85
8,698,789.98
199,418. 57
504. 332. 29
9,402,535.84
B a l a n c e J u n e 30,1925
3, 579.19
Alien Property Custodian account
Under the provisions of the act of Congress approved October 6,
1917, and the proclamations and Executive orders'issued thereunder
b y the President, the Secretary of the Treasury purchased during the
year for account of the Alien Property Custodian, United States
securities of a par value of $332,694,000. There were on hand on July
1, 1924, similar securities of a par value of $164,667,000. Securities
amounting to $320,740,500 were sold or redeemed during the year, the
proceeds being reinvested as available. The total face amount of
such securities carried by the Secretary of the Treasury in trust for
the.Alien Property Custodian on June 30, 1925, was $176,621,500.
During the fiscal year 1925 payments aggregating $13,280,677.95
were made upon authorizations of the Alien Property Custodian and
the Attorney General.
•
Purchase of farm loan bonds
On July 1, 1924, there were held by the Secretary of the Treasury
$101,885,000 Federal farm loan bonds, purchased under the provi^ibns of the act of January 18, 1918, as a m e n d e d b y the joint resolution dated May 26, 1920. During the fiscal year 1925 the Secretary
made no further purchases, but the Federal land banks repurchased
$13,000,000, thus leaving $88,885,000 of such bonds on hand at the
d o s e of the fiscal year 1925.
389
SECEETARY OP T H E TREASURY
Civil service retirement and disability fund
Fiscal year
1925
Unexpended balance June 30,1924
Credits:
On account of 2}/i per cent deductions from basic compensation of
employees subject to the civil service retirement act
ReceiptsInterest and profits on investments
All other
Aug. 1,1920, to
June 30, 1925
$85,423. 55
:
Total
-
$73,712,540.83
2,030,001.13
93,795.68
5,145, 804.11
237,287.08
20,114,291.24
79,095,632.02
8,881, 662. 31
1 9, 697,449. 76
48,172. 28
3 1,487,116.89
34,548,885.72
2 43,001,672. 08
57,967. 33
31,487,116.89
20,114, 291. 24
Total
Charges:
0 n account of refunds to employees, annuities, etc
On account of investments at cost
Accrued interest on investments (net) paid
Unexpended balance June 30,1925
17,905,070.98
79,095,632.02
1 Face amount, $9,330,600.
2 Face amount, $43,358,350.
3 This amount includes $1,407,868.33, representing $1,400,700 principal cost, and $7,168.33 accrued interest, on $1,380,000 face amount, of second Liberty loan 4J<^ per cent bonds purchased on June 29, 1925,
but not cleared through the records in time for inclusion in the investment figures for the fiscal year
1925.
,
The total net investments for account of the fund from August 1,
1920, to June 30, 1925, amounted to $43,358,350 (exclusive of
$1,400,700 referred to in note 3, above), face amount, purchased at a
principal cost of $43,001,672.08. Of these investments, $21,120,000,
face amount, is in second Liberty loan converted 43^ per cent bonds,
$20,188,350 in fourth Liberty loan 4J^ per cent bonds, and $2,050,000
in Treasury notes, series A-1926. All of the Liberty loan bonds are
registered in the name of the Secretary of the Treasury for account
of the civil service retirement and disability fund and held in safekeeping by the Division of Loans and Currency of the Secretary's
oflace, while the Treasury notes are in coupon form and held by the
Federal Reserve Bank of New York, subject to the order of the Secretary of the Treasury.
State bonds and stocks owned by the United States
The following statement shows the nonpaying State bonds and
stocks, formerly in the Indian trust fund, now in the Treasury,
belonging to the United States:
state
Louisiana
North Carolina
Tennessee
Total
Principal
Interest
coupons due
and unpaid
$37,000.00
58,000.00
335, 666. 66^
$17,220.00
88 140 00
157,830.51
430,666.66H
263,190. 51
A history of these State stocks and bonds is given in House Docu.ment No. 263, Fifty-fourth Congress, second session.
390
REPORT ON T H E FINANCES
Chinese indemnity
Under the provisions of Public Resolution,No. 21, approved May
21, 1924 (43 Stat. 135), and Executive Order No. 4268, dated July
16, 1925, there was remitted to China as an act of friendship any or
all further payments of the annual instalments of the Chinese
indemnity due under the bond received from China pursuant to the
protocol of September 7, 1901, as modified by Executive order of
December 28, 1908, pursuant to authority of the joint resolution of
Congress approved May 25, 1908, for indemnity against losses and
expenses incurred by reason of the so-called Boxer disturbances in
China during the year 1900.
Further details in connection with the foregoing are given in Senate
and House Reports Nos. 518 and 600, respectively. Sixty-eighth
Congress, first session, and decision of the Comptroller General of
the United States dated October 22, 1924 (A-5012).
Adjusted service certificate fund
The first appropriation for the adjusted service certificate fund
under section 505 of the World War adjusted compensation act of
May 19, 1924, to provide for the payment of the face value of each
adjusted service certificate in 20 years from its date or on the prior
death of the veteran, was made by the deficiency act of December 4,
1924 (vol. 43, p. 682), in the sum of $100,000,000. The appropriation
became available on January 1, 1925, and was invested on that date
in $100,000,000, face amoimt, of Government obligations, of which
$4,600,000, face amount, were redeemed during the fiscal year ended
June 30, 1925, the proceeds of which, together with $57,643.84
accrued interest thereon, were advanced to the United States Veterans' Bureau to provide for payments from, the fund. The total
redemptions from January 1, 1925, to October 31, 1925, amounted to
$9,600,000, face amount, the accrued interest on which amounted to
$192,021.91. The face amount of securities held in the fund on June
30, 1925, was $95,400,000, and on October 31, 1925, $90,400,000.
BUREAU OF ENGRAVING AND PRINTING
During the fiscal year ended June 30, 1925, the expenditures of the
Bureau of Engraving and Printing were increased $639,531.78, or
6.8 per cent, as compared with the previous year, and the deliveries
of finished work were increased by 33,001,037 sheets, or 7.6 per cent.
There were increases in currency amounting to 10,128,223 sheets;
in bonds, notes, and certificates, 1,043,056 sheets; in stamps, 18,869,849 sheets; and in miscellaneous, 2,959,909 sheets.
391
SECRETARY OF T H E TREASURY
A comparative statement of receipts and expenditures for the fiscal
years 1924 and 1925 follows:
Year 1925
Detail
Appropriated by Congress (includes deficiency):
Salaries
C ompensation of employees
Plate printing
Materials and miscellaneous expenses
Materials and miscellaneous expenses,
1923-24
New machinery and other equipment,
1926-26
Reimbursements to regular appropriations
from other bureaus for work completed:
C ompensation of employees
Plate printing . . _ .
_,
..
Materials and miscellaneous expenses *
Allotment for increased compensation
Reimbursements to increased compensation
from other bureaus for work completed
$435,000.00
3,446, 368.00
1,641,921.00
1,311,033.50
Net increase
1,727, 111. 49
623,662.18
938,391. 52
$21,254.00
233,300.00
1,375,811.90
686,396.99
868,949.29
922,392. 00
351,299. 59
37,166.19
69,442. 23
277,625.49
9,684,913.67
922,392. 00
277,625.49
1,893,035.51
1,221,271.49
671,764.02
419,039.69
5,088,226. 93
2,264, 610. 86
2,148,902.06
- 218,047.99
4,056,922.80
1,986,123.78
2,079,457. 52
200,991.70
1,031,304.13
278,387. 07
69,444. 54
20,660.46
120,777.93
10,041,467. 46
1,040,713.13
9,401,925.68
20,660.46
120,777.93
1,040, 713.13
1,700,905.37
1,061,373.59
639,631.78
.
Unexpended balance:
Salaries - .
. -Compensation of employees
Plate printing
.. .
Materials and miscellaneous expenses
,.. Materials and miscellaneous expenses,
1923-24
. . New machinery and other equipment,
1925-26
Net increase
$187,060.00
723,993. 00
216, 761.00
75,033.50
. .
Total
Total
$247,940.00
2, 722,375. 00
1,426,170.00
1,236,000.00
Decrease
21,254. 00
Expended:
Salaries
..C ompensation of employees
Plate printing
Materials and miscellaneous expenses
Materials and miscellaneous expenses,
1923-24
New machinery and other equipment,
1925-26
Increased compensation..
Net increase
Increase
233,300.00
10, 356,677. 69
Total
Year 1924
•
15,960. 31
85, 252. 56
962.33
100,522.96
13,931.70
43,988.46
25,479. 88
76,031.19
693.64
112, 622. 07
316,220. 23
-—
29,892.01
41,264.10
26,442.21
25,491. 77
159,304.36
282,987.99 '
593.54
112,622.07
159,304.36
231, 541. 72
199,309.48
32,232. 24
.
1 An additional amount of $69,328.09 received from sale of by-products and useless property was deposited
to. the credit of the Treasurer of the United States as miscellaneous receipts.
A comparative statement of deliveries of finished work in the fiscal
years 1924 and 1925 follows:
Sheets
Classes
1924
Currency:
United states notes
Silver certificates
Gold certificates
_
_
National-bank currency
^
Federal reserve notes
.-.
_
Silver certificates (for experimental purposes)
Total
1925
38,375,000
100,085,000
11,500,000
14,687,340
31, 284,000
26, 927,000
122, 206,000
11,511, 000
14,499,036
30,916,600
28.
195,931,340
206,059,563
Face value.
1925
$258,716,000
555,108, 000
747, 720,000
518,345,400
907, 760,000
2,987,649,400
392
REPORT ON I ' H E FINANCES
Sheets
;
Face value,
1925
Classes
1924
B o n d s , notes, a n d certificates:
Pre-war bonds
__ .
Liberty bonds
Treasury bonds
_ .
T r e a s u r y notes
Certificates of i n d e b t e d n e s s .
T r e a s u r y savings certificates
Insular bonds—
Porto Rican
Philippine..' _..
Federal farm loan b o n d s
Collateral t r u s t d e b e n t u r e s
P h i l i p p i n e T r e a s u r y certificates.
P h i l i p p i n e n a t i o n a l - b a n k circulating notes
I n t e r i m certificates for P o r t o R i c a n b o n d s
I n t e r i m certificates for P h i l i p p i n e b o n d s
SpecimensPre-war b o n d s . .
Treasury bonds
T r e a s u r y notes
..
Certificates of i n d e b t e d n e s s
T r e a s u r y savings certificates
Insular b o n d s Porto Rican
. . ._
Philippine
i
Federal farm loan b o n d s
Collateral t r u s t d e b e n t u r e s
_
Total
•
' 1925
$58, 684,440
1, 247,970,000
2,027,600; 000
525,000, OOO
1, 655, 250,000
10,453
114,449%
630,876
2,375
40.350
11,175
255,8845/6
2,916%
2, 050
76,800
^ 932,5655/9
13,050, OOO
4,350,000
336, 577,310
206,020,000
7, 200,000
2,240,000
• 15,090
1,660
746,068
26, 628
644, 000
896, 000
1,800
1,000
18,000
647, 584H
32,100
8,600
5H
1
7%
3
12i^
13
4
1,987,703^1
6,083,841, 750
3,030, 760i^
Sheets
. 'Classes
1924
stamps:
Customs
'
•Internal r e v e n u e United States. ..
Philippine
P o r t o R i c a n . '.
Virgin I s l a n d s .
_
1
Specimens— •
U n i t e d States
PostageUnited S t a t e s Ordinary
Postage d u e
Special d e l i v e r y . .
...
Special h a n d l i n g
Surcharged " C a n a l Z o n e " —
Ordinary
Postage d u e
PhilippineOrdinary . .
Special d e l i v e r y . . .
Specimens—
United S t a t e s Ordinary
Postage d u e
Special delivery
Special h a n d l i n g . . . . .
PhilippineOrdinary
Special delivery
Postal savings
Specimens
Total
Miscellaneous:
Checks
Drafts
Warrants
Commissions
Certificates..
_
T r a n s p o r t a t i o n requests
Passports
Liquor permits .
• O t h e r miscellaneous
SpecimensChecks
Certificates
T r a n s p o r t a t i o n requests
_
Liquor permits
O t h e r miscellaneous
Total
•.
G r a n d total
Subjects,
1925
.
1925
65, 000
79,365,715$
17, 510
375,000
305
45, 875
1,167,000
82,498,957^^
63, 500
665,000
6, 731, 514,074
8,100,000
67,000,000
3,222
142,880, 037
664,696
1,392, 593
32,300
- 650
363, 656
247TVzr
mh
41,030
156, 992, 919
1,004, 888
1, 925, 588
301, 934
17,371,459,306
100,488, 750
96,279,388
15,096, 700
49,133%
1,300
5,780, OOO
130,000
47, 644, 260
502,100
466, 305
10, 042
24T^^.STVTT
V
•i8^e-
14
1
5,515
50
225,164, 452i^?-^^ 244, 034. 301iU
1,400
60
561, 500
500
24, 445, 760, 362
6,714
6, 775,322
15, 525
51, 590
26, 480
310,136
345, 984
185, 728
1, 702. 8333^
371,511
2.374
517
946
467
6, 338, 316
1,550
50, 700
208,699
2, 420, 805
255, 482
159, 474
1, 981,125
328, 917V9
31, 691, 205
6,400
247, 50O
111, 099
6, 261,455
1, 277,410
159, 474
15, 849, 000
10, 796,120
H
1
2
11, 745. 070|t
431,868, 657TVtfo 464,869,695|fJ
2
66, 399, 666
2
Tff
50
8,785,161f^
j
393
SECRETARY OF THE TREASURY
The following statement shows total dieliveries made, total expenses, and average number of employees engaged by the bureau
since 1878:
Total
n u m b e r of
sheets
delivered
Fiscal
year
18781879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892.......
1893.::.::
1894
1895
1896
1897
1898
1899
1900
1901
Expenditures
Average
number
of e m ployees
13,098,756
21,394,030
23, 605, 085
26, 017, 661
31,112,484
33,330, 746
30, 205, 899
28, 217, 706
26, 655,496
32, 652, 207
38, 040,984
39, 207,164
36, 512, 719
46, 390,381
52,508, 438
48,853; 528
55, 516, 961
70,886, 033
85, 050, 595
86,174, 766
92, 979,478
112,161,122
116, 909,423
121, 558, 291
$538, 861. 33
814, 077. 01
883,171. 95
901,105. 26
936, 757. 62
1,104,986. 43
977, 301. 85
965,195. 47
763, 207. 84
794,477. 90
948,995. 83
932, 577. 78
1,012,789.18
1, 265, 263. 29
1,316, 585. 89
1, 238,464. 36
1,317,389.61
1, 439, 265. 94
1,469,359. 70
1,450, 611. 86
1, 570, 598. 46
1, 884,441. 39
. 2,011,702.01
2, 393, 494. 26
522
804
905
958
1,011
1,173
1,193
1,133
886
840
895
917
992
1,161
1,358
1,333
1,380
1,427
1,519
1,605
1,623
1,903
1,999
2,364
Fiscal
year
1902
1903
1904
1905
1906
1907
1908
1909......
1910
1911
1912
1913
1914
1915
1916
.
1917
1918......
1919......
1920
1921
1922
1923
1924
1925
Total
n u m b e r of
sheets
delivered
139,167,359
155,743, 691
159, 918,061
165,354,514
180,289, 766
201,123,528
210,589,197
239,405, 723
252,710,864
262,806,113
262, 434,739
287,192,192
280, 272,828
307, 634,334
300,711,800
343,345, 005
396, 790,285
447,464,105
402, 711, 759
438, 694, 824
416, 820,113
411,546,429
431,868, 658
464,869, 695
Expenditures
$2, 967, 091. 74
3,136, 477. 73
3,159, 940. 69
3, 292, 217.06
3, 355, 786. 23
3,849, 064. 39
3,841,173. 60
4,355, 935. 65
4,375, 365.57
4,180, 284. 20
4,319, 246. 57
4, 449, 726. 22
4,372, 922.81
5, 039,204. 80
5, 066, 048. 72
6,324,118. 70
9, 086,303. 90
11, 571,179.03
11,854,171.45
13, 965, 233. 57
10, 812, 756. 38
10,106,320. 28
9, 401, 925. 68
10,041,457. 46
Average
number
of e m ployees
2,672
2,850
2,928
3,002
3, 084
3,437
3,572
3, 977
3,964
3,814
3,899
3,920
3, 932
i,119
4,048
4,221
6,214
7,608
6,912
7,097
6,416
5,635
4,980
5, 098
CUSTOMS SERVICE
Use of forfeited vessels and vehicles
The act of March 3, 1925, authorizes in the enforcement of the customs laws and the national prohibition act, in the discretion of the
Secretary of the Treasury, the use of any vessel or vehicle summarily
forfeited to the United States for violation of the customs laws, and
the delivery to the Treasury Department for such use, by order of the
court and upon application therefor by the Secretary of the Treasury, of vessels or vehicles forfeited by a decree of any court in lieu
of the sale thereof as previously authorized.
The passage of this act marked a distinct departure from previous
practice and serves the double purpose of providing the Government
with suitable equipment for the patrolling of the borders and seacoasts, and preventing vehicles and vessels seized for smuggling from
being returned to their illegitimate trade at comparatively little
expense to their former owners, as such vessels and vehicles often sold
for very low prices at auctions.
. The use of automobiles by the customs patrols and the authority
contained in the act above cited for the use of the customs appropriation for the operation and maintenance of such automobiles removes
one of the greatest handicaps under which the service was formerly
operating. While it has been possible to put only a limited number
of automobiles into service in the brief time that the act has been in
60501—FI 1925t
26
394
REPORT ON THE FINANCES
force, forfeiture proceedings still being in progress in connection with
a number of vehicles which it is proposed to use, numerous seizures
have been made by the patrols using these machines, and the indications are that valuable results will be accomplished which will
prove the wisdom of enacting this legislation.
Conferences
Much benefit to the service resulted from group conferences of
customs officers which were held during the year. One such conference was held on the Pacific coast and one on the northern border
of the eastern section of the United States. Principal officers of the
service from the districts having similar activities and mutual interests were present at these conferences, and the discussion of the
problems common to these districts and the formulation of uniform
plans for meeting them greatly increased the efficiency of the service,
particularly in the control and suppression of contraband trade.
A conference of assistant comptrollers of customs was held tp
review the practical application for the past few years of the regulations governing the accounting procedure authorized by section 523
of the tariff act of 1922, which provided for the extension to all customs districts of the examination of collectors^ accounts by comptrollers of customs, theretofore confined to the ports at which the
comptrollers are located. By consultation and comparison of experiences still greater uniformity of practice was established and such
weak points as were developed through the operation of the procedure originally outlined were strengthened. The general effect of
the examination by comptrollers of customs of the accounts of aU
districts has been beneficial to the Government, resulting in greater
uniformity in the administration of the tariff and customs laws and
the collection of larger receipts.
Drawback
The work in connection with drawback paid on the manufacture
of articles with the use of imported material has about doubled during
the past fiscal year. More and more manufacturers are taking advantage of section 313 of the tariff act of 1922, not only in claiming
drawback on manufactures from raw material but on the processing
by dyeing, mothproofing, etc., of piece goods imported and subsequently exported.
Storage-manipulation warehouses
The privilege of manipulating merchandise in warehouse under
section 562 of the tariff act of 1922 has been granted in many cases.
This statute offers an opportunity to manufacturers for cleanings
sorting, repacking, or otherwise changing in condition imported mer
SECRETARY OF THE TREASURY
395
chandise in bonded warehouses established for that purpose, and importers have availed themselves of this privilege for the purpose of
changing .merchandise in condition otherwise than by manufacture.
While the expense of customs supervision is reimbursed by the proprietor of the warehouse, additional work is involved in connection
with the granting of such applications, passing upon the sufficiency
of bonds, and deciding whether or not the contemplated work comes
within the meaning of said section 562.
A special investigation has been partly completed of all drawback
i-ofAs heretofore promulgated which cover transactions which may
properly be handled in manipulation warehouses.
Registration of trade-marks
A provision of the tariff act of 1922, of which business interests
availed themselves to a greater extent during the fiscal year 1925
than diu-ing any previous year, is that for the filing with the Secretary of the Treasury of copies of certificates of registration of trademarks, making it unlawful to import, without the consent of the
owner in writing, merchandise bearing trade-marks so registered, and
subjecting merchandise imported in violation of these provisions to
seizure and forfeiture. The penalty provision makes this section of
the tariff law very effective in the protection of the industry and
commerce of the United States and is doubtless the reason for so
many trade-marks having been registered with the department during
the year.
Currency conversions
Due to the return of Great Britain to the gold standard and the
stabilizing of the German currency situation, difficulties arising from
currency conversion have been materially lessened. In order to
facilitate the work of customs officers in determining the date of
exportation of imported, merchandise for use in the conversion of
depreciated currencies under the provisions of the tariff act, information as to the dates of sailing of vessels from foreign ports to the United
States is distributed twice each week by the Customs ^Information
Exchange to collectors and comptrollers of customs.
Amendment of customs regulations
I t was found in many instances that the customs regulations were
not annotated as amendments were made thereto in the Treasury
decisions, and the volumes used by officers in the field did not,
therefore, contain the latest ruhngs of the department in all cases.
To avoid this condition, all amendments made to the Customs Regulations of 1923, the last issued, are being printed on separate pages
so numbered and indexed as to prevent the omission of an amendment from the bound volume of the customs regulations.
396
REPORT ON T H E FINANCES
Awards of compensation to informers
Section. 619 of the tariff act of 1922 increased to $50,000 the maximum award of compensation that may be made in any one case to
informers in customs\)ases. The previous maximumJaward that could
be made in any one case was $5,000, authorized by section 4 of the
act of June 22, 1874.
The increase in the maximum allowance of compensation greatly
stimulated the activity of informers and resulted in much benefit to
the Government financially and in the apprehension of violators of
the law and the suppression of frauds. Net recoveries, the result of
original information given by informers during the fiscal year 1925,
amounted to $707,168, and the awards made thereon, 25 per cent
of such net recoveries, amounted to $176,792. The net recoveries
for the fiscal year 1922, the last year preceding the present tariff
act, amounted to $40,000, and the awards thereon, 25 per cent of
the net recoveries, amounted to $10,000. The number of awards
increased from 64 in 1922 to 220 in 1925.
Customs transactions
The table of customs statistics published in connection with this
report shows by districts the values of imports and exports, receipts
and expenditures, cost per dollar for collection, and the clearances of
vessels. Compared with the previous fiscal year there has been an
increase of $3,509,679 in the duties and tonnage collected. Drawback
payments exceeded those of the preceding year by $1,229,126, and
payments on account of refund of excessive duties were $282,630
more in 1925 than in 1924.
There has been a steady increase in receipts from the. smaller
revenue-producing items, such as informal and mail entries, baggage,
miscellaneous duties, fines, and sale of seizures, as is shown by the
following table:
)
1924
Receipts from mail and informal entries
Baggage
Miscellaneous duties
Fines
. .
. . ..
Sale of seizures
'.
._
_
_
_
$5,261,935
2,885, 236
371,176
712,976
115, 267
1925
$6, 516, 514
3, 399, 583
366,403
999, 775
171,018
All of the duties collected on mail importations, however, are not
included in the informal entries. During the year 422,570 formal
mail entries were filed, on which $28,484,808 was collected.
A steady increase in the volume of merchandise received through
'the mails, as a result of the execution of parcel-post conventions
with practically every country in the world, has made it advisable
to handle such merchandise wherever possible in the appraisers^
SECRETARY OF THE TREASURY
397
Stores in order to effect a more skillful handling of the commodities
, aswell as to minimize the clerical labor incident to the work. Changes
have already been effected at some of the large ports with satisfactory results, and similar changes will be made at other ports as soon
as suitable space and facilities are available.
Customs division
"The volume of work in the customs division continues to show a
marked increase. This is attributable to the general increase of business, the increasing number of difficulties growing out of prohibition
v;eiiforGjement, and ..the increasing^interest^^
and others in
certain provisions of the new tariff law. The work of the division
has>beemjthe:subject of an investigation by the Committee on Budgets
and Improvement of the Treasury Department, and suitable recommendations to cope with the situation have been submitted.
SPECIAL AGENCY SERVICE, CUSTOMS
There has been a marked increase of activities on the part of the
special agency service during the fiscal year, as may be determined
from a perusal of the following table:
Number of ports examined.
Number'of drawback investigations made
Number of arrests
Number of convictions
Number of acquittals
Failures to indict.
..Indictment cases pending
Number of seizures.made
Number of seizures appraised
Number of seizures released or pending
Appraised value of seized merchandise
Proceeds of sale of seized merchandise
Merchandise entered free but found dutiable
Fines imposed by IJnited States courts
Fines, penalties, and forfeitures incurred, exclusive of court
Bail forfeited
.
Amount, of ,ancr.eased.,and. additional duty
Amount deposited in offers in compromise
105
894
1, 183
579
___
62
69
405
1, 332
1, 268
64
$3, 551, 980. 95
$883, 405. 32
$30, 972. 20
$319,692. 64
fines. $79, 702. 17
$58, 250. 00
$490, 680. 48
$361, 719. 82
As shown, the special agency service, with a slightly increased cost
of operation, has made a gain in all transactions, the actual cash
recoveries totaling $1,825,027.92, which is an increase of 55 per cent
over the preceding year. These figures represent only the direct
gains from individual cases handled, and do not take into account
the greatly increased revenue flowing from higher values established
in the lines of imported merchandise involved, nor similar benefits
derived as a result of correct classification of merchandise based
upon special agency investigations and cooperation with collectois
and appraisers.
398
REPORT ON THE FINANCES
The number of criminal cases developed during the year shows an
increase over the preceding year of 52 per cent. Numerous indictments in such cases have for some time been pending in the United
States courts. Due to crowded court dockets and increased work
devolving upon district attorneys, it has been impossible for the Department of Justice to bring important cases to trial as speedily as
the needs of public justice would seem to render desirable, although
the agencies of both departments have cooperated earnestly to this
end.
The customs information exchange continues to function as a
clearing house of information between customs officers and in the
circularization of reports from the foreign corps of investigators as
to dutiable values of imported merchandise, departmental rulings,
and other important customs data. Promptness and accuracy in
the operations of this unit are indispensable to the protection of the
revenue, and improved methods and organization introduced during
the year have produced gratifying results.
The work of investigation as to market value in the foreign field
has been continued and extended as far as permitted by the funds
allotted. There are at present 5 customs attaches and 25 assistants
in foreign countries. Up to a certain limit, every man sent into the
foreign field will be productive in revenue of many times his salary
and expenses, not only in what he discovers in the nature of undervaluation and fraud but also in what he prevents by his known
presence. I t has been difficult to maintain in the foreign field specially
trained and experienced men, as their status has been uncertain,
living expenses are high, and conditions have been difficult and
strained. The act of congress approved January 13, 1925, gave to
our foreign representatives the title of customs attach^, and provided
that they should be regularly and officially attached to our diplomatic
missions abroad.
A noteworthy feature of the foreign investigative work of this
service during the past year has been the steady growth of opposition in European countries to inquiries as to market value made by
customs attaches and their assistants in accordance with the mandatory provisions of the tariff act of 1922. This opposition has been
manifested in various ways, principally by means of articles appearing in newspapers and in trade publications. Press notices of this
character coming to the attention of the department consist largely
of misstatements of United States customs laws and procedure,
and by reason of their language and tone are manifestly not always conceived in ignorance of our law. Striking similarity in the
language of articles published at remote places on or about the
same date points conclusively to a general propaganda against the-
SECRETARY OF THE TREASURY
399
enforcement of the American tariff law, and some foreign governments have taken cognizance of this opposition, particularly where it
has been crystallized into action on the part of local chambers of
commerce. This insistent opposition resulted in an adverse resolution proposed for consideration by the International Chamber of
Commerce during the third congress of that body, held at Brussels,
Belgium, June 21-27, 1925. The American section of the international chamber prepared a statement in opposition to this resolution, and at the request of this section a representative of the
Treasury Department accompanied the members to Brussels and
informally met the European delegates for the purpose of clarifying
their understanding of the situation and correcting so far as possible
the erroneous impressions created by the organized propaganda
above described. I n addition, every effort has been made by officials
of the Treasury Department, working in conjunction with officials
of the Department of State, to remove misunderstanding and avoid
friction, and elaborate instructions having this purpose in view have
been issued by these departments.
A customs attach^ from the foreign field has been detailed to the
foreign-service school in the Department of State for the instruction
of newly appointed consular officers in customs formalities and invoice
requirements. The same opportunity for securing this information
is also extended to consular officers now in the service who are on
leave or detail in the United States. Improved invoicing from certain consulates has already been noted as a result, and a direct gain
from this work will be found in future increased revenues, practically
without additional expense.
The drawback work of agents is largely preventive, looking to the
establishment of correct rates for the refund of duties upon imported
material used in the manufacture of articles to be exported. Careful
investigations into all manner of industrial processes must be made
by agents to determine the percentage of imported material used or
wasted and the value or nonvalue of the waste. Changes in manufacturing methods, after the establishment of rates, which are undetected in the ordinary drawback administration, often lead to overpayment. Frequent recoveries to the Government result from reinvestigations of drawback cases.
Scheduled examinations of ports by special agents during the year
have brought about economies in customs administration and a
standardization of methods in the conduct of customs business.
These examinations are corrective in their nature, and many improvements in personnel and methods are made by the department on.
recommendation of the agents engaged in this work.
400
REPORT ON THE FINANCES
OFFICE OF THE SUPERVISING ARCHITECT
The following statement shows in general the building operations
of the Office of the Supervising Architect up to the close of the fiscal
year ended June 30, 1925:
Number of buildings completed (occupied or ready for occupancy)
at the end of the fiscal year 1924, exclusive of marine hospitals
and quarantine stations
1, 257
New buildings completed during the fiscal year ended June 30,
1925, exclusive of marine hospitals and quarantine stations._i__
23
1,280
Buildings placed under contract during the fiscal year ended
June 30, 1925, exclusive of hospitals
_'_
is
28
Of the above three were completed within the fiscal year
3
25
Buildings placed under contract prior to July 1, 1924, and not
completed June 30, 1925
Construction of new projects in force July 1, 1925
°- 5
30
Total number of buildings complete and in course of construction on
June 30, 1925, exclusive of marine hospitals and quarantine stations __ 1, 310
Buildings authorized prior to the act of March 4, 1913, and not under contract June 30, 1925
la
Buildings, miscellaneous projects, etc., authorized in act of March 4, 1913,
and subsequent acts, not under contract on June 30, 1925
69
Total number of buildings, etc., completed, in course of construction or authorized, not including extensions
1, 392
In addition to the above buildings and projects there are 57
marine hospitals and quarantine stations under the control of the
Treasury Departilient, each including several buildings.
. Projects completed
During the fiscal year 1925, 23 Federal buildings were completed—
at Carroll, Iowa, Clinton, Ind., Cohoes, N. Y., Cordova,' Alaska,
Dawson, Ga., Dubois, Pa., Franklin, Tenn., Gallipolis, Ohio, Hastings, Mich., Hoosick Falls, N. Y., Houghton, Mich., Liberty, Mo.,
Memphis, Tenn., Midland, Mich., Mineral Point, Wis., Nogales,
Ariz., Orange, Tex., Paris, Tex., Ripon, Wis., Saco, Me., State
College, Pa., Water Valley, Miss., and Woodbury, N. J.; also two
extensions to the post offices at Poughkeepsie, N. Y., and Kansas
City, Mo., and 14 miscellaneous major projects as follows: Restoration of stone cornice, roof, etc., post office, Oswego, N. Y.; construction of steerage barracks, wharf, etc., quarantine station, San
Francisco, Calif., increasing water distribution system and fireproofing corridors, marine hospital, Baltimore, Md.; improving
existing facilities, marine hospital, Carville, La.; improving existing
facilities, marine hospital, St. Louis, Mo.; improving existing
SECRETARY OF THE TREASURY
401
facilities, quarantine station, Boston, Mass.; purchase and floating
equipment and repairs, quarantine station, Marcus Hook, Pa.;
storehouse for inflammable material, quarantine station, Portland,
Me.; additional facilities and improving ejcisting facilities, quarantine
station, Tampa, Fla.; new kitchen, materiails for improvements to
electric light plant, including extensions to hulk Concor(Z, quarantine
station, Astoria, Oreg.; improving existing facilities, etc., quarantine
station, Galveston, Tex.; refrigerating plant and materials for installa^
tion of electric generator and electric wiring of station, wrecking of
hurricane tower, repairs to emergency hospital, water tower, etc.
quarantine station. Gulf, Miss.; improving existing facilities, quarantine station. Reedy Island, Del.; and additional facilities and improving existing facilities, quarantine station, San Francisco, "Calif.
Projects in course of construction
On June 30, 1925, 30 Federal buildings were in course of construction—at Amherst, Mass., Andalusia, Ala., Bakersfield, Calif., Bluff
ton, Ind., Cherokee, Iowa, Clinton, S. C , Douglas, Ga., Fayette
Mo., Geneseo, 111., Gilmer, Tex., Harrisonville, Mo., Jerseyville, 111.
Kenton, Ohio, Mount Pleasant, Tex., Mystic, Conn., North Vernon,
Ind., Pittsburg, Tex., Pittston, Pa., Russellville, Ark., St. Johnsbury, Vt., Salisbury, Md., San Luis Obispo, Calif., Saranac Lake,
N. Y., Steubenville, Ohio, Thibodaux, La., Thomasville, N. C ,
Vernal, Utah, Vineland, N. J., Washington Courthouse, Ohio., and
Waterloo, N. Y.
Under the appropriation of $400,000 for ^ Remodehng and enlarging
^
public buildings,'^ 83 buildings received attention; in 44 of these the
contracts ranged from $1,000 to $20,000; the total space gained under
the entire appropriation was 64,431 square feet; the average cost per
square foot was $6.20.
A recreation building, costing approximately $72,670, for the veterans^ hospital at Castle Point, N. Y., was completed as one of the
final items of the large hospital program under the supervision of the
Treasury Department; and the working drawings are nearing completion for a recreation building and assembly hall for the veterans^ hospital at Tuskegee, Ala., costing approximately $80,000, under the
same program.
,
Examinations were made of the structural safety of various buildings in Washington, D. C , under the control of the Treasury Department, as well as other departments, and expert advice given to
various departments. Drawings and specifications were prepared
for other departments for six major projects at a total estimated cost
of $770,000.
Under authority of the act of June 7, 1924, the preparation of plans,
specifications, and estimates, and the supervision of construction is
being handled by the office of the Supervising Architect for the
'^Federal Industrial Institution for Women'' at Alderson, W. Va.
providing facilities for 200 inmates, with a limit of cost of $972,000.
402
REPORT ON T H E FINANCES
Under authority of the act of March 4, 1924, the Office of the Supervising Architect is preparing the plans, specifications, and estimates,
and will supervise the construction of a hospital for disabled volunteer
soldiers at Santa Monica, Calif., bed capacity 525, the limit of cost of
the entire project being $1,500,000.
The act of August 25, 1919, which permitted the filing of claims
for relief of contractors, subcontractors, and others for reimbursement
for losses alleged to have been due to war conditions, was amended by
the act of March 6, 1920, whereby the scope of the original act was
broadened. It was also amended by the act of January 22, 1923.
Status of war claims filed under the act of August 25, 1919, at the close of business
June 30, 1925
340 claims filed, original amount.
$3, 202, 113. 29
182 claims paid up to July 1, 1924.
$2, 530, 968. 47
6 claims paid from above date to July 1, 1925.
45, 127. 50
188 claims paid to July 1, 1925
2, 576, 095. 97
77 claims disallowed or withdrawn to July 1,
1924
13 claims disallowed or withdrawn from above
date to July 1, 1925
469, 019. 60
29,394.34
90 claims disallowed - or withdrawn to July 1,
1925
278 claims paid, disallowed, or withdrawn up to .
July 1, 1925
60 claims in course of audit awaiting evidence
2 claims audited but awaiting final settlement
498, 413. 94
.
3, 074, 509. 91
110,439.02
"
25, 431. 00
340 total claims.
Expenditures from July 1, 1924, to June 30, 1925, contract liabilities charged against
appropriations, and unencumbered balances ,
Expenditures
Statutory roll
.Sites and additional land
Construction of new buildings
Extensions to buildings
Miscellaneous special items
Rent of buildings
Veterans' hospitals..
Remodeling and enlarging public buildings
Relief of contractors, etc., for public buildings under
Treasury
Hospital construction, Public Health Service
Hospital facilities, etc., for war patients
Lands and other property of the United States
Repairs and preservation
_
_
Mechanical equipment
Vaults and safes...
Operating supplies
General expenses
Furniture and repairs of same
Operating force
•.
Total.
$267,645. 64
40,000.00
1,966,465.18
729, 243.10
62,338. 64
$1, 058,571. 00
1, 530,002.05
153,003. 39
83, 047. 57
12, 500. 00
387,172. 25
54,998.43
57,931.41
3,662. 83
383,741. 31
22, 525. 45
3, 905. 98
713,330. 76
480,466. 45
72,996. 58
2, 788,328.12
452, 284.74
634,967. 25
5,187, 564. 22
140,380. 89
120,987. 77
39, 051. 33
344, 689. 22
22,955. 42
170,153. 56
519,769. 50
14, 240, 638. 48
4, 264,041. 56
1 I n c l u d e s $5,000, reserve 1924.
2 I n c l u d e s $5,000, reserve 1924; includes $5,000, reserve 1925.
Contract
Unencumbered
liabilities
balances,
charged against] June 30, 1925
appropriations
$4,814. 36
1,859,700. 00
7,047,436. 99
1,323,052.17
73, 504.40
45, 000. 00
30, 223. 48
1,456. 45
73,904. 03
20,404. 56
87, 509. 94
200. 00
25,698. 27
75,555.59
1 8,171. 50
239,951. 38
2 43, 602. 26
20,120. 53
8,476. 38
10,988, 782. 29
403
SECEETAEY 01" T H E TEEASUEY
Classificaiion of public buildings under control of the Treasury Department, by
titles, showing expenditures i n each class, prepared pursuant to act approved
J u n e 6, 1900 {31 Stat. 592)
Construction
Extensions,
alterations,
and special
items
Annual repairs
Post ofiice, courthouse, customhouse
$102, 556, 943. 52 $15,991,487.47 $15,619,879.
buildings, e t c . ,
42, 223. 99
350,441. 60
205,353.
Courthouse, buildings.:
3, 313, 357. 36 2,119,801.
23,112,241. 60
Customhouse,buildings.-2i 832,937: 32
4,180, 647. 32
2,684,117.
Marine hospital'buildings
3, 837,214. 25
82,089,076. 82
7, 691, 971.
Post-ofiBce buildings
2,131,908.18
2, 764,053. 40
1,231, 699.
•Quarantine station. buildings
369,076. 52
493, 355. 47
104,010.
Veterans' hospital buildings
3,833,922.06
31,474,087.97
4,925, 510.
Miscellaneous buildings
Total--
247,020,847. 70
32, 352,127.15
34,582,342.81
Total expenditures to
June 30, 1925
$134, 168,310.87
598, 018. 82
545^400. 04
697,701.79
618, 263.03
127, 660. 89
966,442.19
40,233, 520. 03
313,955, 317. 66
^Classification of public buildings under control of Treasury Department, by titles,
shoiuing expenditures i n each class, prepared p u r s u a n t to act approved J u n e 6,
1900 {31 Stat. 592).
Cost of sites
Post office, courthouse, customhouse
buildings, etc _
Courthouse buildings
Customhouse buildings . .
Marine hospital buildings
Post-office buildings
Quarantine station buildings.Veterans' hospital buildings
Miscellaneous buildings
Total
$19,858,393.07
173,334. 69
3,783,322.33
573,736.96
23,009,096.85
200,271.60
Outstanding liabilities chargeable against appropriations
Unencumbered
balances of
appropriations
Buildmgs
Sites
$81,271.59
$995,555.00
90,071.00
5,103.84
73,704. 73
1,309,920.28
103,683.47
165, 369.15
$1,527,724.10
160,300.00
574.00
341,722.12
6,939,297.96
269,940.47
30,223.48
1,109,134.91
1,085,571.00
1,739,053.01
10,378,917.04
_.
8,740,812,44
56,338,967.94
PUBLIC HEALTH
SERVICE
The activities of the Public Health Service during the fiscal year
-ended June 30, 1925, are summarized by the Surgeon General as
follows:
Division of scientific research
The work of the scientific research division includes investigations
•of diseases of man and methods for preventing their spread, and the
-examinations and inspections involved in the carrying out of the law
of July 1, 1902, relative to biologic products. Various laboratory
researches, epidemiological and other field studies of diseases were
made, and studies on the following general topics were continued:
Industrial hygiene and sanitation, child hygiene, stream pollution,
mental health, public health administration, morbidity statistics,
and conditions of milk production and consumption.
In May, 1925, the Surgeon General called a conference of interested
rgovernmental bureaus and other agencies on the possible health
404
^
REPORT OJS^ T H E E I N A N C E S
hazards of tetraethyl lead gasoline motor fluid. In response to av
resolution a committee of recognized authorities was appointed toreport on the subject, and coordinated investigations w^ere begun in..
the office of industrial hygiene and sanitation. This office alsomade studies of the effects of dust in industry, illumination, posture,^
benzol poisoning, and of the causes of industrial absenteeism. Important statistical studies were also made of the physical condition of"
12,000 industrial workers.
The field investigations of child hygiene related to child health
administration, health education in the public schools, and research,
in special problems of child health. A study was undertaken for thepurpose of securing definite information with regard to the incidenceof visual defect in school children 'and the significance of varying:
degrees of refractive error.
The stream-pollution studies were developments of the generalplan which has been pursued consistently since their organization in.
1913, and are directed toward the health aspects of pollution bydomestic and industrial wastes and purification by natural and.
artificial means. During the year they have been extended to a
portion of the Great Lakes.
The subject of immigration in its relation to the mental health of
the United States has been further studied, especial attention being;,
given to the .development of mental disorders among the foreignborn population. An epidemiological study was begun with regard.,
to the mental diseases or disorders which appear to be induced by
intoxicating beverages.
The investigations of the possibility of avoiding epidemics and.
malnutrition by improving milk control were continued, and in this,
study assistance was given to a number of States in securing the:
enactment of a standard ordinance by their cities. The followingeight States have adopted a standard program: Alabama, North Carolina, Virginia, Texas, Missouri, Kentucky, Tennessee, and South
Carolina. A method of measuring the milk-sanitation status of
cities has been developed. Studies were made of the prevalence of"
milk-borne outbreaks of disease, and data concerning 111 outbreaksfor the period 1918 to 1923, and 44 outbreaks for 1924 were compiled.
The statistical morbidity studies have yielded interesting conclusions, especially as regards the epidemiology of scarlet fever and the ~
respiratory diseases. A useful tentative draft of classification of"
causes of sickness has been prepared.
Comparative studies have been made of the biochemistry of cancerous and noncancerous tissue. The statistical studies of cancer ^
mortality are in press. After suitable corrections had been applied
it was found that the increase in cancer mortality in the age group«
of the population 40 years and over was about 30 per cent for the ^
SECRETARY; OF THE TREASURY
405
'21-year period 1900-1920. Laboratory work has been done on the
penetration of various organic compounds into normal and into
•cancer cells and on the effects of very high frequency currents upon
living cells.
Tests of radium were made in a small number of cases of leprosy
-where the nose was involved and a tube could be inserted.
At the Hygienic Laboratory a study was begun of the complications
ifollowing vaccination against smallpox. Pathological studies were
imade of Malta fever, tuberculosis, trachoma, pneumonia, and
^poliomyelitis. I t has been found that brewers' yeast has beneficial
•effects in the prevention of pellagra. Clinical and social studies were
•<jarried on dealing with the etiology of drug addiction, the types and
characteristics of addicts, and addiction in its relation to crime.
Considerable work was done on the standardization of biologic products in connection with scarlet fever and tuberculosis. Valuable
data are being accumulated on oxidation reduction processes which
apply in the purification of water supplies.
Sixteen bulletins relating to stream pollution, malaria, illumina.tion, leprosy, atmospheric dusts, pneumococcus immunity, a key
-catalogue of the protozoa reported for man, and 118 special articles
^were published during the year.
^ Domestic quarantine division
During the year rodent plague developed at New Orleans, La., and
vOakland, Calif., and both human and rodent plague occurred at Los
Angeles. At the request of State and local authorities, plague
'Cradicative measures were conducted by the Public Health Service,
'$)egmning December 5 and December 13 at New^ Orleans and Oakland,
'respectively. Although human plague was diagnosed at Los Angeles
^on October 19 and rodent plague was found to exist on November 15,
the State board of health assumed charge of the work in cooperation
with local authorities, and the Public Health Service was not requested
:to participate actively until the latter part of the fiscal year and then
'Only by the authorities of the city of Los Angeles. Active supervision
'Of plague eradicative measures was assumed June 9, 1925.
Measures for the prevention of the spread of trachoma and yellow
fever have been continued.
The certification of water supplies used on trains and vessels of
-common carriers engaged in interstate traffic has been conducted as
heretofore.
Supervision of sanitation in the national parks has been continued
as heretofore in cooperation with the National Park Service, one
medical officer and three sanitary engineers devoting part time to
Xhis work.
406
REPORT ON THE FINANCES
Cooperative demonstrations of rural sanitation were conducted m
79 counties of 19 States with the objects and plans set forth in previous years.
On February 19, 1925, an important conference was held by theSurgeon General with State and municipal health authorities, members of the shellfish industry, and representatives of other governmental agencies concerned regarding measures for insuring the future
safety of shellfish consumption and the rehabilitation of the shellfish,
industry. Important resolutions regarding these matters wereadopted by the conference, the provisions of which the Public Health.
Service is now actively engaged in carrying out under an appropriation of $57,600 provided by Congress for this purpose.
The annual conference of the Surgeon General with the State and.
Territorial health officers, as provided for in the act of July 1, 1902,.
was held on June 1 and 2 and was attended by delegates from 30'
States and 2 Territories. An important program covering two days
was carried out.
In accordance with Executive order of March 15, 1912, sanitaryinspections have been made of all Government buildings in the District of Columbia with the exception of those of the War and Navy
Departments. Reports of these inspections with recommendationsfor the improvements deemed necessary have been made to the heads
of the respective departments and to the President.
Division offoreign and insular quarantine and immigration
Quarantine transactions.—During the fiscal year 29,810 vessels a n d
2,906,656 persons were inspected by quarantine officers. Of these,.
19,731 vessels and 1,715,936 passengers and seamen were inspected
upon arrival at stations in the continental United States; 2,867 vessels and 369,701 passengers and seamen were inspected at insular
stations; and 7,212 vessels and 821,019 passengers and seamen were
inspected at foreign ports prior to embarkation for the United States.
Of the passengers who embarked at Europea,n ports-178^443 were
vaccinated and 92,557 were deloused under the supervision of medical
officers of the service. Their clothing and baggage, amounting t a
109,315 pieces, were disinfected.
A total of 9,332 vessels were disinfected or fumigated either becauseof the occurrence of disease on board or for the destruction of rodents;:
36,800 rats were destroyed, of which number 23,880 were examined
for plague infection.
The efforts of the service to exclude quarantinable disease from the
United States and its possessions were successful. During the y e a r
6 cases of smallpox, 7 of leprosy, and 1 case of human and 7 cases of
rodent plague reached our quarantine stations. No case of cholera,
or yellow fever arrived at quarantine. Prophylactic measures applied by Public Health Service officers at foreign ports of departure^
undoubtedly contributed to this result.
SECRETARY OF THE TREASURY
407
Medical inspection of aliens.—There were 545,472 alien passengers
and 854,915 alien seamen examined by medical officers at the various
stations. Of this number, 25,226 passengers and 2,089 seamen were
certified in accordance with the act of Congress approved February
5, 1917.
The most important causes of certification of alien passengers were:
Trachoma, 564; tuberculosis, 211; feeble-mindedness, 134; insanity,
84; syphilis, 109; and gonorrhea, 280.
Of the alien seamen certified, 106 were for trachoma, 51 for tuberculosis, 226 for syphilis, 291 for chancroid, and 517 for gonorrhea.
New construction is urgently needed in connection with quarantine
operations at Sabine Pass, Tex., and San Pedro, Calif., as are also
repairs to buildings and vessels at a number of other stations.
Division of sanitary reports and statistics
Reports of diseases dangerous to the public heialth have been
received from all available sources, foreign and domestic, and these
reports have been analyzed, tabulated when practicable, and published currently for the information of Public Health Service officers^
State and local health officers, and other sanitarians. Annual summaries of the prevalence of these diseases in States and cities in the
United States were prepared and published.
There is an insistent and increasing demand from health officers
throughout the United States for earlier and more complete information of outbreaks of communicable diseases than can now be furnished. The improvement in the reports has not kept pace w i t h t h e
rapid development of facilities for transportation and the consequent
increase in travel, which adds to the difficulties of preventing the
spread of disease. To meet these conditions, it is proposed to establish a registration area for communicable diseases, including aB
States and. comniunities in the United States which can furnish
promptly and regularly the desired information regarding the prevalence of these diseases. Reports from this area are to be published
currently for the information of health officers, and it is believed t h a t
the plan will stimulate reporting of cases and that the needed information will soon be available from most parts of the country.
The Public Health Reports were issued each week during the
fiscal year, and reprints of the more important articles were made for
economical distribution.
The work of compiling Federal and State laws and regulations
and municipal ordinances pertaining to public health was continued
during the fiscal year and two volumes of laws were issued. Abstracts
were made of current court decisions relating to the work of health
officers and were published in the Public Health Reports.
408
REPORT ON THE FINANCES
Nearly 380,000 copies of publications of the Public Health Service
were distributed by the division in response to requests from Meinbers
of Congress, health officers, and the public. Stereopticon slides for
use by lecturers sent out by universities, public-health departments,
and other agencies were loaned, and material for public-health exhibits
was furnished to the full extent of the limited supply available.
Short talks.on important health subjects continue to be prepared
or edited in the division and these talks are broadcast from manystations throughout the country. Many of these lectures have been
widely published in whole or in part, particularly in the foreignlanguage press of the United States, and there is a growing demand
for them, particularly from social health agencies and writers on
health topics.
Division of marine hospitals and relief
Twenty-five marine hospitals and 125 other relief stations were
operated, where hospital and out-patient relief is furnished to merchant seamen and other authorized beneficiaries. A total of 209,304
patients were treated, of which 907 died. There were furnished
1,342,011 days' relief in hospital, 493,771 out-patient treatments, and
76,661 physical examinations not related to treatment.
The principal classes of beneficiaries receiving medical attention or
examination and the percentage distribution are as follows:
Per cent
Merchant seamen
1.
United States Employees' Compensation Commission
United States Coast Guard.
United. States Veterans' Bureau
_
.
Lepers
_,
United States Immigration Service
Foreign seamen
1
United States Lighthouse Service.
United States Coast and Geodetic Survey
Miscellaneous: Including United States Army, United States Navy and
Marine Corps, officers and field employees of the Public Health Service,
Bureau of Fisheries, examinations of civil service applicants and
employees, examinations for military and civil retirement pensions,
citizens' military training camps, etc
'
63. 1
7. 6
7. 4
6. 8
4. 8
4. 7
.8
.7
.2
3. 9
100
A further reduction in operating costs was made. The average
per diem expense for each patient in marine hospitals for the last
four fiscal years has been as follows: 1922, $4.10; 1923, $4.08; 1924,
$3.89; 1925, $3.80. The per diem cost is less than that of the hospitals
operated by the Army, Navy, or Veterans' Bureau and lower than
the average operating costs of private hospitals furnishing a similar
service. There is reason to believe that it is below the minimum
compatible with efficiency and further retrenchments will certainly
result in lessened efficiency and provoke dissatisfaction and public
criticism.
SECRETARY OF THE TREASURY
409
Division of venereal diseases
The appropriation for the maintenance and expenses of the division
of venereal diseases for the fiscal year 1925 was $149,000—$25,000
of which was to beallotted to States for cooperative work in venereal
disease control.
Activities of 495 clinics treating venereal diseases among indigent
persons were reported to the State boards of health. New admissions to these clinics amounted to 110,372, or an average admission
of 223 patients per clinic. Reports from the clinics show that of the
total number treated there were 62,543 cases of syphilitic infection,
45,079 gonorrheal infection, and 2,750 of chancroid; 47,828 patients
were discharged from these cooperative clinics as noninfectious, or
an average of 97 discharges per clinic. At the clinics 2,088,494 treatments were given, including 521,993 administrations of arsphenamin
or similar product; 300,362 Wassermann examinations were made and
203,512 examinations for gonococcus infection.
A total of 372,813 cases of venereal diseases was reported by
physicians, clinics, hospitals, etc., to the State boards of health.
This total comprises 200,584 cases of syphilis, 165,523 cases of
gonorrhea, 6,706 cases of chancroid. During the year 658 requests
for medical advice were received by the division. These requests
were referred to the State boards of health concerned.
The State boards of health reported a total of 4,779 lectures
on the venereal diseases; 742 exhibit displays were made and 643
film showings were given; 11,862 requests for educational pamphlets
were received by the division; 58,565 pamphlets were distributed.
State boards of health purchased or reprinted pamphlets totaling
784,560. State boards of health also purchased 62 exhibits, 36
sets of slides, and 19 sets of motion-picture films.
The principal legislative development during the year was the
enactment by Congress of a law (Public, No. 494) empowering the
health officer of the District of Columbia to make and issue all
rules and regulations for the control of the venereal diseases
within the District. In both purpose and substance the law is
similar to the laws enacted by the legislatures of the several States.
Now every health jurisdiction in the United States has enacted
legislation or issued rules and regulations having the force of law
touching the control of these diseases.
The monthly periodical. Venereal Disease Information, is increa,^ing in popularity. More than 400 American and foreign journals
are read in the preparation of this periodical. The subscription list
is increasing daily, and more than 9,000 issues of this publication
are distributed each month.
410
REPORT ON THE FII^ANCES
Educational material dealing with the venereal diseases, especially
stressing the socio-economic factors which tend to the spread of
the venereal diseases, i s prepared and distributed at intervals by
means of a publication known as Social Pathology. The publication
has proved very effective, but its value is restricted due to the fact
that authority has not been secured for its periodical printing and
issuance by the Government Printing Office. Such an arrangement
would permit its sale by means of subscription. At present the demand far exceeds the supply.
An unfortunate event toward the close of the fiscal year was the
necessary curtailment of activities at the venereal-disease clinic at
Hot Springs, Ark., which the service maintains in cooperation with
the National Park Service. This clinic is especially valuable as a
means for conducting investigations of clinic administration, group
diagnosis and treatment technique, and other problems with which
a general venereal-disease-control program is vitally concerned.
Due to the curtailment of the appropriation for the forthcoming fiscal year, the personnel was decreased from three to one. The
National Park Service is temporarily assisting with some of its own
employees pending adequate appropriation to the service for resuming this work.
The sex-education program progressed favorably. '^ The Science
of Life'^ motion-picture films were shown and lectures given in many
educational institutions. The program was marked by intensive
work in the States of Indiana, Georgia, and New York.
In December, 1924, a conference between officers of the United
States Public Health Service and the various State boards of health
was held at Hot Springs, Ark. The purpose of the conference was
the consideration of the joint Federal and State venereal disease work
Many important conclusions were reached, and the prooeedings of
the conference have been given wide publicity throughout the country.
Of interest and importance was the extension of educational work
by means of newspapers and other periodicals for the general public.
Many articles containing elementary but important information
on the venereal diseases were distributed to newspapers and their
wide use of such articles was very encouraging.
Division of personnel and accounts
The regular commissioned corps of the service consisted of 201
officers at the close of the fiscal year, which included the Surgeon
General, 4 Assistant Surgeons General at large, 21 senior surgeons,
132 surgeons, 20 passed assistant surgeons, and 23 assistant surgeons.
Nineteen officers were on waiting orders. Seven resignations occurred
during the year.
The number of reserve officers on active duty at the close of the
year was 68, in the following grades: 1 Assistant Surgeon General,
411
SECRETARY OF THE TREASURY
1 senior surgeon, 4 surgeons, 3 dental surgeons, 15 passed assistant
surgeons, 11 passed assistant dental surgeons, 28 assistant surgeons,
and 5 assistant dental surgeons.
A statement of all personnel of the service on June 30, 1925, follows:
Commissioned medical officers, regular corps
Commissioned officers, reserve corps
Acting assistant surgeons_____
Attending specialists
Contract de,ntal surgeons
Internes
Scientific personnel
Pharmacists
Administrative assistants
Druggists
Nurses.Aides
,
Dietitians.
Laboratorians:
Roentgenology
Bacteriology
Pilots-i
Marine engineers
Clerks
All other employees
Total
.
^
^__
.__
_ _,
,
201
68
497
212
29
18
25
37
19
13
367
38
22
13
15
:___
32
35
504
2, 546
.__
.
4, 691
In addition to the above, there were 4,285 State and local health
officers or employees, at nominal salaries, who assist in gathering
-epidemiologic data.
Financial statement
The following is a statement of appropriations and expenditures for
the fiscal year. 1925:
Appropriation title
Appropriated
Expended
.Salaries, oflSce of the Surgeon General, Public Health Service
Pay, etc., commissioned officers and pharmacists, Public Health Service..
Pay of acting assistant surgeons. Public Health Service
Pay of other employees, Public Health Service.. J
Freight, transportation, etc., Public Health Service
Maintenance, Hygienic Laboratory, Public Health Service
Preparation and transportation of remains of officers, Pubhc Health Service.
Books, Public Health Service
Pay of personnel and maintenance of hospitals. Public Health Service
•Quarantine service
Preventing the spread of epidemic diseases
..
Field investigations of public health
Interstate quarantine service
.-.
-Studies of rural sanitation. Public Health Service
'Control of biologic products, Public Health Service
Expenses, division of venereal diseases. Public Health Service
_.
Medical and hospital services (transferred from United States Veterans'
Bureau)
r
Salaries and expenses (transferred from United States Veterans' Bureau) . .
$104, 405.00
1,135, 000.00
322, 228.00
1,027, 827.00
30, 000.00
44, 600.00
3, 000.00
500.00
1 5,749, 090. 46
479, 060.00
2 529, 476.00
299, 356.00
4 30,968.20
75, 760.00
45, 020.00
149, 040.00
$103, 167.12
1,096, 432. 30
•316, 382.16
1,016, 964.41
30, 000. 00
42, 858.69
1, 163. 43
499. 93
5,644, 032. 32
460, 883. 98
3 535,607.71
283, 724.10
6 30,163. 52
73, 760.00
42, 052.50
126, 761.68
Total.
376, 260. 00
18, 580. 00
10, 420,110. 66 10,205,985.87-
Il Includes $330,341.46 reimbursement for care and treatment of Veterans* Bureau patients.
2 Includes $165,994 of deficiency appropriation for "1925 and 1926."
3 Includes $172,125.71 expenditures from the deficiency appropriation for "1925 and 1926."
^ Includes $8,438.20 of deficiency appropriation for "1925 and 1926."
•^linclu-des $7,998.78 expenditures from the deficiency appropriation for " 1925 and 1926."
384,904.99
16,627.03
412
EEPORT ON THE FINANCES
COAST GUARD
The principal operations of the Coast Guard during the fiscal yearended June 30, 1925, are summarized by the commandant, as follows::
Lives saved or persons rescued from peril
2,484Persons on board vessels assisted
15, 565'
Persons in distress cared for
510'
Vessels boarded and papers examined
.
37, 594•
Vessels seized or reported for violations of law
2, 183
Fines and penalties incurred by vessels reported
$554, 285'
Regattas and marine parades patrolled in accordance with law__
25'
Instances of lives saved and vessels assisted
2, 129^
Instances of miscellaneous assistance
2,273Derelicts and other obstructions to navigation removed or destroyed.
55'
Value of vessels assisted (including cargoes)
$23, 335, 875 Value of derelicts recovered and delivered to owners
$32,, 540'
Persons examined for certificates as lifeboat men_ 1
5, 551
Appropriation for 1925, office of the commandant
• $192, 205. 00'
Expended and obligated
.
$189, 593. 62:
Unencumbered balance
^
$2, 611. 38Appropriation for 1925, maintenance of Coast Guard
$17, 785, 424. 00'
Expended and obligated..
•
$16, 704, 643. 38Unencumbered balance
$1, 080, 780. 62^'
Appropriation for 1925, repairs to cutters
$1, 024, 000. 00'
Expended and obligated
$998, 737. 34
Unencumbered balance
;
$25, 262. 66"
Appropriation for additional vessels. Coast Guard, 1924 and
1925:
Unencumbered balance June 30, 1 9 2 4 . . . . .
. $3, 906, 774. 59'
Expended and obligated
$3, 849, 056. 24
Unencumbered balance June 30, 1925
$57, 718. 35"
Appropriation for radio equipment, Coast Guard, 1924, Dec. 31,
1924:
Unencumbered balance June 30, 1924
$34, 000. 00'
Expended and obligated
$33, 891. 54
Unencumbered balance June 30, 1925
>
$108. 46"
The foregoing statement embracing, in part, the results of the^
normal operations of the Coast Guard during the year, carries gratifying evidence that there has „been no slowing down, nor diminution,
of the work of the service in the direction of its accustomed humanitarian endeavor, notwithstanding the additional activities in connection with the duty, placed upon the service by the Congress, of preventing the smuggling of liquor into the United States along the coasts—a.
duty which, as anticipated, has proved to be of great magnitude and
proportions. The persons saved or rescued from positions of peril—
the greatest of all considerations in the work of the Coast Guard—
numbered 2,484, being 22 in excess of the preceding fiscal year 1924,
and bringing the fiscal year 1925 to third place in this form of service
since the creation of the Coast Guard on January 28, 1915. Theinstances of assistance rendered by the service during the year
SECRETARY OF THE . TREASURY
413
u
oumbered 4,402, as against 4,226 in the preceding year. The value
oi vessels assisted, including their cargoes, was $23,335,875, compared with $25,316,180 for the fiscal year 1924. The Coast Guard
would have reason to f.elicitate itself on this record for the year, even if
there had been no circumstances calling for additional duties and
responsibilities. • The record is one to which the service may point
-with unsparing pride when it is considered that the severe and heavy
^exactions of the law-enforcement work had to be met and fulfilled
;along with the usual duties of the service.
Ice patrol to promote safety at sea
In conducting annually the international service of ice patrol in
the vicinity of the Grand Banks of Newfoundland along the trans.Atlantic steamship lanes, where, in the spring and early summer,
icebergs form a menace to navigation, the duties of the Coast Guard
•consist in finding and keeping in touch, day by day, with icebergs
and field ice, reporting their presence and location to the Hydrographic Office of the Navy, and broadcasting the information by
radio for the protection of shipping. The cutters while on this
-work also perform such incidental service, not to interfere, however,
-with the paramount duty of the patrol, as rendering assistance to
vessels in distress, giving medical aid to crews of passing vessels,
iremoving obstructions to navigation, and extending such other
^assistance to the mariner as may be practicable.
The patrol for 1924 was discontinued for the season on June 3d,
1924.
During the season of 1925 the patrol was carried on by the Coast
'Guard cutters, Tampa and Modoc, based on Halifax, Nova Scotia,
ivith the Coast Guard cutter Seneca designated as, the stand-by
vessel. The services of the Seneca, however, were not called into
i-equisition during the continuance of the patrol. The Tampa left
Boston Navy Yard on March 23, 1925, proceeded to the Grand
Banks of Newfoundland and inaugurated the patrol. Cooperation
was requested by radio of Cape Race, St. Pierre and Chebuctp Head.
Cape Race was designated by the director of radio, Canada, to dis:seminate all information relating to weather, ice, and obstruction
reports emanating from the Canadian wireless service. The Modoc
relieved the Tampa on April 9. These two cutters continued the
•patrol, alternately, throughout the season, one relieving the other
about every fortnight. A commissioned officer of the Coast Guard
accompanied the cutters as scientific and oceanographic observer,
transferring from one cutter to the other as each took up the patrol.
His duties consisted in conducting scientific observations and experiments for the aid of oceanographic knowledge. The sonic depth
finder was thoroughly tested on this season's patrol, and experi-
414
REPORT ON THE FINANCES
ments were made with short-wave radio transmitters and receivers.
Experiments were also conducted to determine the effect of T. N. T.
mines detonated in air on the surface of a berg. Numerous useful
warnings of the presence of bergs and ice, with their locations and
suggestions for avoiding them, were sent out by the patrol;
The patrol was in progress at the close of the fiscal year, with the
Tampa on patrol.
Winter cruising
The President, on November 7, 1924, upon the recommendation,
of the Secretary of the Treasury, designated the following-named
vessels of the Coast Guard to perform .special winter cruising upon,
the coast from December 1, 1924, to March 31, 1925, to afford such,
aid to distressed navigators as their circumstances might require i
Ossipee, Tampa, Acushnet, Seneca, Seminole, Gresham, Eickapoo,
Carrabasset, Modoc, and Yamacraw. These cutters were actively
engaged on this duty during the period mentioned. They cruised
approximately 48,000 mUes and were instrumental in affording
assistance to 41 vessels. The value of vessels (including their cargoes)
so assisted was about $5,195,580. There were 682 persons on board
these vessels. Aside from this service, the cutters, while pursuing;
their cruising duties, boarded and examined 448 vessels.
Cruises in northern waters
The Coast Guard cutters, Algonquin, Haida, Mojave, Unalga,.
Bear, Cahokia, and Snohomish, conducted during the season of 1924
the patrol of the waters of the north Pacific Ocean, Bering Sea, and
southeastern Alaska for the enforcement of the convention of July 7,.
1911, between the United States, Great Britain, Russia, and Japan,,
and the laws and regulations for the protection of the fur seal and seaotter and of game, the fisheries, and fur-bearing animals of Alaska.
The cutters were actively engaged in the customary duties of the
patrol during the season, and rendered valuable service to the natives,,
to shipping, and to governmental agencies in these waters.
The Bear, while in the Arctic proceeding to her usual objective,.
Point Barrow, was caught in an ice jam, with the result that two
adjacent blades of her propeller were lost. She therefore had to
abandon her trip farther northward. This veteran craft, a half
century old, admirably succeeded in making her homeward journey
to San Francisco in this disabled condition.
In the performance of their duties these vessels cruised approximately 65,140 miles, boarded and examined almost 300 vessels, and
afforded medical assistance in approximately 350 instances.
The patrol for the season of 1925 is being made by the cutters,.
Algonquin, Bear, Haida, Snohomish, and Unalga.
SECRETARY OF THE TREASURY
Anchorage and movements of vessels
415
-
The enforcement of the laws and regulations governing the anchorage and movements of vessels at ports and other places where
Federal regulations are in effect was continued during the year by
utilizing, as formerly, Coast Guard personnel and equipment. There
has been no change in the general plan and arrangement of this
activity of the service since the report for 1924, The work proceeded
satisfactorily during the fiscal year 192-5.
Removal of derelicts
In the course of the year the vessels and stations, of the service
removed from the paths of marine commerce by towing or conveying
into port or other places of safety, beaching, sinking, or destroying,
55 derelicts and other floating dangers and obstructions to navigation.
Regattas
The Coast Guard through the agency of its vessels and stations
patrolled and supervised during the year in various parts of the
country 25 regattas, marine parades, and boat races. The importance of this duty generally as it affects the protection and safety
alike of both participants and spectators can not be overestimated.
It calls for the exercise on the part of the supervising personnel of
good judgment- and discernment, resourcefulness, and first-order
skill in the maneuvering and management of water craft.
A number of other events of like character of local interest were
also attended and supervised informally .by the units of the Coast
Guard at various places.
Communications
The communication service is concerned with the provision,
operation, and maintenance of all facilities of the Coast Guard, of
whatever form, having relation to the subject of communication, including the design and development of the material associated with
the work. The methods of communication in the Coast Guard are,
in general, the telegraph, telephone, cable, radiotelegraph, radiotelephone, radiocompass, visual signals, and underwater sound
signals.
The coastal communication system operated by the service consists of 182 separate and distinct telephone lines, varying in length
from a few miles to 475 miles and amounting to about 2,500
miles. This includes 430 miles of submarine cable. These lines
furnish telephone service, both local and long distance, through commercial telephone central offices, to approximately 1,026 separate
Government units, including 277 Coast Gruard stations, 161 light
41,6
REPORT ON THE FINANCES
houses, 22 Navy radiocompass stations and radio stations, 2 Indian
agencies, 2 post offices, and a number of Weather Bureau display
stations. The great majority of Coast Guard stations are connected
directly with one another. Several of the Coast Guard telephone
circuits are providing telegraph.circuits for the benefit of the Navy
radiocompass service. In fact, the service offered by these lines is at
the disposal of all governmental agencies in the vicinity of the lines,
thus illustrating the efforts of the Coast Guard toward coordination
with other Government departments in this line of endeavor in the
interests of economy.
During the year, in addition to the normal repairs, upkeep, and
maintenance of the system, the telephone line from Alpena to Middle
Island, Mich., was completely rebuilt; six submarine cables connects
ing the various land-line sections on Long Island, N. Y., were renewed; the circuit between Portsmouth and Cape Lookout, N. C ,
was completely rebuilt, the line having been entirely demolished by
a storm and the major part of it swept out to sea. The shifting of
the shore line and the cutting through and filling in of inlets along
the Maryland and Virginia coasts above the Chesapeake capes
necessitated the la3dng of new cables and the rebuilding of portions
of the pole line in that section.
I t is desired to emphasize the need of renewing 14 miles of submarine cable connecting the Manitou Islands, Mich., with the mainland,
and 16 miles of submarine cable for use between Cape Henry and
Cape Charles, Va. The cables now in use are no longer serviceable.
A new cable is also necessary to connect the telephone line on the
beach on Long Island with the mainland at Bay Shore, N. Y. I t is
recommended that provision be made through appropriations to
take care of these much needed projects.
^
The research work which was begun in the latter part of 1924,
having in view the design of suitable radio equipment for the new
patrol boats, has been completed. As a result very satisfactory
radio apparatus was contracted for. Installations were begun during
the latter part of the fiscal year 1925. Reports received on the performance of this apparatus indicate that the equipment has exceeded expectations and that communication is satisfactorily maintained between patrol boats. I t is gratifying to report that the
entire work of inspection and the making of the large number of
installations were accomplished by the warrant and enlisted personnel of the service.
Research work was also begun, with the assistance of the Bureau
of Standards, to develop a radiocompass for use on the patrol boats,
which, if found to be practicable, would be of distinct value in navigating, especially in fog.^ Due to the use of high frequency (short
waves) the problem was exceedingly difficult. No application on a
SECRETARY OF THE TREASURY
/ 417
-scale contemplated by the Coast Guard had ever been made, using
these high frequencies, although radiocompasses using lower fre^quencies (higher wave lengths) are in practical operation throughout
t h e world. An instrument has been designed which is believed to
T)e satisfactory and a limited number are being built for installation
.;and further test.
The Interdepartmental Board on Ice Patrol recommended and the
Congress approved an appropriation of $24,000 for the purchase and
installation of improved radio equipment for the international ice
patrol vessels. This was made necessary by the fact that the radio
''equipment on such vessels had proved inadequate to handle the
increasing and important radio communication work of the ice patroL
New equipment was designed and installed on both the Coast Guard
•cutters, Tampa and Modoc, just previous to their departure to take
up the patrol work for the season of 1925. As a result the radio
-communication requirements of the patrol have been successfully
met.
Attention is invited to the fact that the radio equipment (spark
transmitter) of practically all cutters (except ice-patrol vessels) and
'destroyers, about 50 in number, is fast becoming obsolete and not
-commensurate with modern radio requirements. Plans for suitable
transmitters have been completed during the year and the prices
:are now within reason. I t is therefore strongly urged that means
be provided so that all cutters may be equipped with up-to-date
radio apparatus.
A change in personnel of the Interdepartmental Radio Advisory
^Committee during the year resulted in the Coast Guard representative being appointed to represent the entire Treasury l)epartmeiit.
This committee coordinates the radio business of the Government.
Ordnance
i n pursuance of the policy to modernize the ordnance equipment
of Coast Guard vessels, arrangements have been made to install
two 3-inch guns each on the Seminole and the Manning. Provision
has also been made to furnish the 100-foot patrol boats in course of
construction with 3-inch, 23-caliber guns. The 75-foot patrol
'boats have been equipped with 1-pounder guns. Machine guns,
rifles, and pistols have been furnished all patrol and picket boats.
Experiments have been continued by various vessels of the service
'in the use of star shells at night for determining the presence and
location of smuggling craft.
The regulations of the Coast Guard pertaining to ordritoce and
;gunnery have been revised, so that now the smaller vessels are able
to conform to Navy practice without the necessity of carrying all
t h e Navy ordnance pubUcations.
60501—FI 1 9 2 5 t — - 2 7
418
EEPOET ON T H E FINANCES
Close application to the law-enforcement work of the Coast Guard
has made it impracticable for the vessels to hold great-gun target
practice, during the year. Only a few vessels were able to hold
small-arm target practice.
The ordnance used in the Coast Guard is secured frdm the Navy^.
so that it may conform to Navy specifications and regulations and
be immediately available when the Coast Guard operates as a part
of the Navy in pursuance of law.
The original allowances of 3 ' ' and 4 ' ' ammunition for vessels of
the Coast Guard were furnished by the Navy free of charge. All
future allowances and all replacements of this ammunition must be
paid for by the Coast Guard. I t will therefore be necessary for the
Coast Guard to give consideration to the necessity of purchasing
ammunition from its own funds, and means to that end will have
to be provided.
The cooperation and assistance of the Bureau of Ordnance, Navy
Department, in all matters affecting Coast Guard ordnance have
been of the utmost value, and occasion is taken here,to-express jthe
warm appreciation of the Coast Guard of the facilities so extended..
Welfare
In the annual report for 1924 the hope was expressed that favorable
consideration would be given to such proposals as the Coast Guard
might make toward the advancement of the welfare program of the
service. The present situation, with the largely augmented units
and personnel, the strenuous, exacting, irksome duty the men are
called upon to perform, the exposure, hardships, and discomfort
they must endure, the monotony and rigors of service, the personal
dangers to which they are exposed, the extended tours of duty a t
sea on small craft in all weathers, the strain of long hours of uninterrupted vigilance and watchfulness, aU call emphatically for reasonable periods of relaxation, diversion, and recreation, without which
the mind and body must, perforce, lapse into a state of spiritlessness,
dejection, and fatigue, with resulting subversion of discipline, efficiency, and morale. At this critical period the service can ill afford
to suffer these handicaps. The comfort, contentnient, and health
of the men must be looked after so far as it is possible to do so. The
appropriation for 1926 for this important and worthy object will be
insufficient. An earnest effort has been made to provide entertainment and means of recreation and diversion for the men. The
units of the service have utilized their allotments to the best of their
ability.
The frequent requests from enlisted men for correspondence
courses, to which reference was made in the report for 1924, continue
to give gratifying evidence that the educational program of the
SECRETARY OF THE TR^EASURY
419
Coast Guard is proving to be a marked success. Apparently the
courses preferred are those dealing with communication, navigation,
engineering, and ordnance, all of which tend especially to increase
the usefulness of the men to the service.
Recruiting
The Coast Guard, in A^iew of its largely increased complement
and the necessity of a recruiting service in order that such complement may be kept filled, on February 15, 1925, opened recruiting
offices at Baltimore, Md., Boston, Mass., New York, N. Y., Norfolk,,
Va., and Philadelphia, Pa. Prior to the inauguration of this service
recruiting was accomplished, as stated in last year's report, by 28
Navy recruiting stations. Special recruiting was also performed by
certain Coast Guard units. Recruiting by the Navy recruiting
offices, being no longer necessary, was discontinued on September
30, 1924, and from that time until the establishment of the Coast
Guard recruiting offices above mentioned, on February 15, .1925,
recruiting was accomplished solely by Coast Guard units. During
the period from February 15, 1925, to the close of the fiscal year
6,505 applicants were examined at the Coast Guard recruiting offices,
of which number 1,495 were enlisted, the remainder being rejected
for physical defects and other causes.
In the course of the year recruits were trained and outfitted a t
the naval training stations at Hampton Roads, Va., and Newport,
R. I. Training and outfitting of recruits at the latter station were
discontinued on November 15, 1924. The former station has been
utilized for the purpose throughout the year. In addition to receiving the general training, such as is given at training stations, many
recruits have received courses of instruction in the radio and cook
schools which have qualified them for the rating of radioman and
ship's cook, respectively. During the course of instruction at the
training station the recruit is under constant observation in order
to ascertain his adaptability for the service in general. Only those
men who have not had previous military or naval experience are
transferred to the training station, all others enlisted being transferred to one of the following units: Coast Guard depot, Curtis Bay,
Md., Coast Guard receiving unit, navy yard, Philadelphia, Pa., and
the receiving unit at the Coast Guard Academy, New London, Conn.,
with the exception of a few who were transferred to the naval operating base, Hampton Roads, Va., during the first six months of 1925.
The receiving unit of the Coast Guard at the navy yard, Philadelphia,
Pa., was established by the Coast Guard primarily for the purpose
of assembling detail? of enlisted personnel for the 20 destroyers
turned over to the Coast Guard by the Navy Department for lawenforcement duty, which destroyers, to a considerable extent, were re-
420
REPORT ON T H E FINANCES
conditioned by the enlisted men so assembled, thereby largely
Tcducing the cost of the work. In addition to the foregoing this
unit assumed more or less the status of a receiving ship, in that the
vacancies in the complements of various units of the service were
filled from time to time through the transfer of enlisted men from
this unit. The transfer of personnel to the Coast Guard depot has
been discontinued, and all personnel enlisted who have had previous
experience are transferred to the receiving unit, Coast Guard Academy, New London, Conn., and placed in general detail, this unit
now being utilized as a receiving ship for the Coast Guard.
In an effort to overcome the large turnover in enlisted personnel
each year, and with the view of increasing the efficiency of the
service, enlistments are now for the following periods: First enlistments without previous military or naval experience are for three
years; first enlistments with previous military or naval experience
are for two years; those men who are discharged from the Coast
Guard under honorable conditions are, provided they reenlist within
a period of three months, permitted to reenlist for a period of one,
two, or three years, as they may elect.
On June 30, 1924, the enlisted personnel numbered 5,000. At
the close of the fiscal year 1925 there were 8,230 enlisted men in the
service, a net increase of 3,230 naen.
The training of Coast Guard recruits by the Navy is no longer possible, on accoimt of a recent opinion rendered by the Comptroller
General. The assistance of the Navy in the training of recruits has
been of great value to the Coast Guard, and it is very desirable that
legislation be had which will permit the continuance of this most
helpful cooperation in the interest of efficiency and of economy.
Coast Guard Academy
There were under instruction at the Coast Guard Academy at
New London, Conn., at the end of the fiscal year 34 line cadets and
40 cadet engineers. During the year 16 line cadets and 15 cadet
engineers were appointed as the result of competitive examination
held throughout the United States on March. 16, 1925. The resignations of 10 line cadets and 3 cadet engineers were accepted.
The practice cruise for 1924 of the Coast Guard cutter Alexander
Hamilton, which was in progress at the close of the fiscal year 1924,
came to an end at New London, Conn., on August 26, 1924. In
the course of the cruise the vessel touched at various European
ports. She entered upon her practice cruise for 1925, sailing for
Europe on June 2 and arriving at Gravesend, England, on June 24,
1925. The cruise was in progress at the close of the fiscal year.
Any statement concerning the academy at this time is incomplete
without reference again to the very unfavorable physical conditions
SECRETARY OF THE TREASURY
421
existing there. The living, messing, and recitation rooms for cadets
are wholly unsuitable; a number of iU-adapted, ill-assorted buildings
constructed by the Navy during the war for enlisted men, occupy
the grounds, not only disfiguring the premises but constituting a
fire menace and also a source of expense for constantly recurring
repairs. These conditions should not be permitted to continue
longer. They reflect no credit on the Government or the service,
and are disappointing, discouraging, and disheartening to the young
men who are sent there to receive their first training to become
commissioned officers of the United States. In connection with
this subject attention is invited to the comments made in the annual
report of the Coast Guard for the fiscal year 1924.
Coast Guard repair depot
The foUowing-named Coast Guard vessels were overhauled and
routine repairs and improvements made on them at the Coast Guard
depot at Curtis Bay, Md., during the year: Acushnet, Apache,
Gresham, Kickapoo, and Seminole.
The Pickering, formerly named the General Allison, which was
acquired from the War Department, was reconditioned at the depot
and later established as headquarters for a Coast Guard section base.
The boat-building shops at the depot constructed 31 standard
boats for distribution throughout the service, as follows: Ten 36foot motor lifeboats, fifteen 26-foot motor self-bailing surf boats, two
26-foot motor launches, and four self-bailing surf boats, without
engines. One hundred and twenty-five 9-foot dinghies for equipment
of picket boats and eight 36-foot cabin picket boats were also^ built
at the depot.
The manufacture of small articles of equipment and supplies
was continued, as usual, during the year.
Repairs arid improvements to vessels and stations
The usual routine repair and upkeep of vessels were continued
-as necessary through the year. In addition to the vessels that were
overhauled at the depot the Redwing, Carrabasset, and 20 destroyers,
acquired from the Navy, were reconditioned and made suitable for
Coast Guard duty. Four hulls, with deck houses, were also repaired
and rearranged so as to serve the purposes of floating section bases.
Rebuilding, repairs, improvements, alterations, 'and additions,
more or less extensive, as circumstances required, were completed
during the year at 20 Coast Guard stations. Minor repairs were
made to the buildings and accessories at 186 stations and 10 other
shore units. Work of importance authorized during the year at 7
Coast Guard stations was under way at the closing of this report.
422
REPORT ON THE FINANCES
Emergent improvements were eft'ected in the water, sewer, and
heating systems at the Coast Guard Acaderny, together with other
minor work.
The wharf at Woods Hole, Mass., was repaired and a water-supply
line for fire protection was provided at the Sault Ste. Marie unit.
Alterations and repairs to the buildings, etc., at Section Base 4
(New London, Conn.) are being made.
Enforcement of customs and other laws
The Coast Guard, through its agencies and units, continued its
duties in enforcing the customs laws of the country and the laws
relating to navigation and motor boats. The work has been vigorously prosecuted during the year. The general enforcement of the
customs laws by the service is supplemented each year by the stationing of harbor cutters, or launches, at the principal ports to aid
the customs authorities in boarding incoming vessels and in performing other customs duties. Assistance has also been rendered, as
needed, to other branches of the public service.
The law-enforcement program for the prevention of smuggling of
liquor into the United States along the coasts, contemplated by the
congressional legislation, briefly reviewed in the report for the fiscal
year 1924 and which need not be repeated here, has proceeded with
all possible dispatch. A very gratifying smoothness of administration has attended the preparation of the service for this important
task. The additional equipment authorized by the Congress for
this work is practically completed, the only exception being a few
patrol boats, the delivery of which has been unavoidably delayed.
As previously stated in this report, the 20 old destroyers obtained
from the Navy Department have been reconditioned and are now
in active service. The Coast Guard is operating these destroyers
with gratifying success under very arduous and trying conditions.
The training of Coast Guard personnel in destroyer operations is a
distinct asset to the national defense in time of war when, under
the law, the Coast Guard operates as a part of the Navy. The
accomplishments of the Coast Guard in the law-enforcement work
without doubt may be called an achievement in the preparation for
the work, and in the actual concrete results attained in the prevention of smuggling.
The boat-construction job in itself was an undertaking of great
magnitude, tremendous for a service as small as the Coast Guard.
The service may have pardonable pride in this signal accomplishment. The notorious rum row, formerly lying off the entrance to
New York and off Long Island and New Jersey, has been effectively
scattered. I t must not be understood that foreign vessels laden with
liquor no longer hover off these coasts. Continuous and active
SECRETAEY OF TPIE TREASURY
423
scouting by Coast Guard vessels discloses the fact that rum, ships,
in greatly reduced numbers, appear desultorily in these waters, and
are constantly endeavoring to evade the vigilance of the Coast Guard
blockade. The moment a rum ship is discovered by the Coast Guard
that vessel is promptly and continuously picketed by Service patrol
boats.
The Coast • Guard is making steady and gratifying progress in
breaking up the smuggling of liquor into the United States from the
sea. The results accomplished fully justify the temporary enlargement already authorized for this law-enforcement work. On account of the magnitude of the task and the tremendous extent of
the American coast line, it is evident that the Coast Guard should
acquire further resources in equipment and personnel to enable it to
control thQ situation effectively and expeditiously throughout the
entire extent of American coastal waters.
The enlargement of the Coast Guard for antismuggling work was
made on a temporar}^- basis. I t is apparent to the close observer,
that this augmentation of service forces will be necessary for years
to come. Good administration, the full protection of Government
interests, and the proper enforcement of the laws would, therefore,
seem to require, in the best interests of economy, enlargement of the
service on permanent lines.
Award of life-saving medals
During the fiscal 3^ear 47 awards of life-saving medals of honor
were made by the Secretary of the Treasury, under the provisions of
law, in recognition of bravery exhibited in the rescue or attempted
rescue of persons from drowning in waters over which the United
States has jurisdiction or upon an American vessel. Twelve of the
medals were gold and 35 were silver.
Personnel
On June 30, 1925, there were on the active list of the Coast Guard
229 regular commissioned officers and 98 temporary commissioned
officers, 34 line cadets, 40 cadet engineers, 21 temporary chief warrant officers, 392 regular warrant officers and 316 temporary warrant officers, 8,230 enlisted men, and 38 civilian employees in the
field. There were 41 vacancies in the regular commissioned personnel. The employment of temporary surfmen and substitutes at
Coast Guard stations has been discontinued.
While the temporary commissioned officers as a whole are rendering good service at this time, in the existing emergency, considerations of efficiency and a properly organized commissioned personnel
require an increase in the regular commissioned officers furnished
424
REPORT ON T H E FINANCES
through the usual channels of the Coast (Gruard Academy. T h e
enterprise in which the Coast Guard is engaged, both as to its
customary duties which must go forward without relaxation at
all times and those connected with law enforcement, demands
the highest grade of officer material and the training, instruction,,
and discipline which the academy affords. Experience has demonstrated, beyond any question, that the academy is of vital importance in the development of young men for officer personnel and
in the perpetuation of the service.
Floating equipm£nt
There were in service in commission at the close of the year 16
cruising cutters of the first class and 17 of the second class, 20 Coast
Guard destroyers, 17 harbor cutters, 19 harbor launches, 200 75-foot
patrol boats, and 6 other patrol boats. Five floating section bases
were placed in commission during the year. The foregoing floating
equipment does not include the small picket boats constructed and;
used primarily for law-enforcement work which are attached tovarious units throughout the service.
I t is a matter of satisfaction that the Congress authorized by acfe
approved January 7, 1925, the construction and equipment of a.
Coast Guard cutter, at a cost not to exceed $925,000, of appropriate
design and special construction, for Coast Guard duty in Alaskan
waters and for cruises into the Arctic Ocean, to replace the cutter
Bear, no longer suitable for such service. The ^ second deficiency
^
act, fiscal year 1925,'^ approved, March 4, 1925, made the necessary^
appropriation for constructing and equipping the new cutter.
I t is also gratifying to state that, as urged in the report for the
fiscal year 1924, the Congress appropriated funds so that the Coast
Guard cutter Manning might be wholly repaired and reconditioned.
This work is now in progress and doubtless will be completed in t h e
early part of the fiscal year 1926.
The Coast Guard fleet still stands in need of enlargem>ent, as h a s
been pointed out in previous reports, both for purposes of law enforcement and for the normal operations of the service. To.bring the
Coast Guard fleet to a satisfactory state of efficiency and usefulness
there should be provided 10 first-class cruising cutters, 25 patrol
boats for off-shore duty, 6 vessels of the mine-sweeper class, and 5more destroyers, the mine sweepers and destroyers to be transferred
to the Treasury Department by the Navy Department if they can
be spared by the Navy.
I t is hoped that favorable consideration will be given any proposals
which may be submitted for the further augmentation of the floating
equipment of the Coast Guard.
SECRETARY OF THE TREASURY
•425
Shore bases
In addition to the 5 floating bases hereinbefore mentioned there
.-•are 10 shore bases from which the service craft attached thereto
•operate against smuggling activities.
Stations
The Coast Guard stations in an active status at the close of the
year numbered 252.
Remarks
This opportunity is taken to make record of the spirit of cooperation,
loyalty, fidelity, resolution, and integrity of purpose which have been
manifested by the personnel of the service in the performance of
their particularly arduous and trying duties during the year.
DIVISION OF LOANS AND CURRENCY
-Summary of activities- of the Division of Loans and Currency during the fiscal year
ended J u n e 30, 1925
Pieces
•-Securitiesshipped or delivered:
Stock s h i p m e n t s to Federal reserve b a n k s (various issues of b o n d s ,
notes, a n d cei-tificates of i n d e b t e d n e s s )
Liberty and Treasury b o n d s Coupon
54,456 $34,565,750
Registered
_
211,323 448,210,750
Old loans b o n d s Coupon
7,620
$7,614,440
Registered.
. - . . 20,644 119,068.320
T r e a s u r v notes
..
__ ._
..
__ _.
Certificates of i n d e b t e d n e s s
-._T r e a s u r y savings certificates
^......
War-savings s t a m p s
...•
T o t a l securities s h i p p e d or delivered
1,027, 212
$4, 545,836, 226.00
265, 779
482, 776, 500.00
28, 264
175
560
6, 726
595
1,329.311
126, 682,760.00
50,860,600.00
1,191,705,000.00
1, 567, 200.00
2,975.00
-'Securitiesretired (including r e d e m p t i o n s ) :
Liberty and Treasury bonds and Victory n o t e s Coupon
320,908 $358,906,850
Registered..
431,536
374,166,350
752, 444
'Old loans b o n d s C o u p o n . -«L.C . . . . . 10, 733
$8,144, 570
Registered.:.:
46,722
232,503,630
57, 455
T i e a s u r y notes
_ .
. . .^
141
49
'Certificates of i n d e b t e d n e s s .
L
T o t a l securities retired, excluding T r e a s u r y savings certificates, a n d s t a m p s
810,089
T r e a s u r y savings certificates
332,420
Thrift, T r e a s u r y savings, a n d war-savings s t a m p s .
47, 646
V a u l t activities:
Securities received from t h e B u r e a u of E n g r a v i n g a n d P r i n t i n g
946, 289
Securities restored t o v a u l t stock
853,249
Securities canceled a n d delivered to t h e Register of t h e T r e a s u r y , 4,434,808
llnterest checks:
Received from t h e B u r e a u of E n g r a v i n g a n d P r i n t i n g
4, 017,155
Canceled a n d delivered t o t h e d e s t r u c t i o n c o m m i t t e e . . .
45, 987
Issued to registered b o n d h o l d e r s on all loans
3, 953, 217
-Accounts o u t s t a n d i n g vsrith registered holders of L i b e r t y a n d T r e a s u r y
b o n d s a n d V i c t o r y notes
_
1 1,888, 047
-Redeemed c u r r e n c y delivered to t h e d e s t r u c t i o n c o m m i t t e e
571,309,034
IVEutilated p a p e r delivered t o t h e d e s t r u c t i o n c o m m i t t e e :
Received from t h e B u r e a u of E n g r a v i n g a n d P r i n t i n g
2 8,689,534TVA
Received from t h e Division of P a p e r C u s t o d y
2 41,119
»Accounts.
60501—FI 1925t
^28
Amount
2 Sheets.
6,399,431,260.00
733,073,200. 00
240,648, 200.00
861,100. 00
4, 805,000.00
979,387,500.00
39,934,059,45
234,665.16
5, 634,852, 600. 00
190,392,867.00
1,070, 559, 377. 00
171,079, 589. 89
3, 726, 566, 500. 00
1,193, 261, 568. 41
426
REPORT ON THE FINANCjr.S
Maintenance of loan accounts
During the year the amount of Liberty and Treasury bonds and
Victory notes outstanding in registered form increased from $3,656,960,650 to $3,726,566,500, a gain of $69,605,850, or 1.9 per cent,
while the number of accounts maintained for these bonds decreased
from 2,031,436 to 1,888,047, a loss of 143,389 accounts, or 7.06 per
cent.
There were 237,949 accounts closed and 27,729 accounts decreased,
representing in principal amount the retirement of $385,379,200, and
94,560 new accounts, in the face amount of $454,985,050 were opened.
Fifty-seven thousand eight hundred and fifty-seven changes in
addresses for the mailing of semiannual interest checks were made on
the registered accounts.
Interest payments
Interest on registered bonds of the Liberty loans. Treasury bonds,
and old loans was paid in the form of 3,953,217 checks, amounting to
$171,079,589.89, a decrease of 344,137 checks and of: $2,851,748.41
in amount from the preceding year.
Claims
Claims for relief presented to the division in connection with lost,
stolen, and destroyed bonds, notes, interim certificates, and certificates
of indebtedness, numbered 2,000 and involved 4,355 securities
amounting to $1,152,070. There were 1,994 of these securities
recovered, amounting to $620,250, and claims for relief in connection
with 3,430 securities for $1,262,990 were approved. In connection
with Treasury savings certificates, 662 claims were presented, involving 2,134 certificates and stamps, 683 certificates were recovered, and
647 claims were settled, involving 1,340 certificates allowed. In connection with war savings and thrift stamps, 1,884 claims were presented, involving 12,451 stamps, 508 stamps were recovered, and
1,887 claims were settled, involving 10,610 stamps allowed.
In addition to the foregoing, 987 cases of alleged fraud or forgery in
assignments, evasion of department regulations governing assignments, and other cases of similar nature,'were handled, of which 246
cases were pending June 30,1925. Full restitution, including interest, •
was obtained in forgery cases involving registered securities amounting to $4,570.73.
Redeemed currency and mutilated paper
United States currenc}^ canceled as unfit, counted and delivered to
the destruction committee consisted of 571,309,034 pieces, par value
$1,193,261,568.41, as follows: United States notes, 139,225,308 pieces,
in amount $289,420,100; silver certificates, 406,904,941 pieces, in
SECRETARY OF T H E TREASURY
427
amount $493,589,700; gold certificates, 25,169,768 pieces, in amount
$410,213,050; Treasury notes of 1890, 5,602 pieces, in amount
$37,944; and fractional currency, 3,415 pieces, in amount $774.41.
The certification of mutilated paper for destruction was transferred
as. an operation from the Division of Paper Custody to this division
as of February 5, 1925, and the work handled since that date is as
follows:
Mutilated paper received, counted, and delivered
.ruary 5 to J u n e 30,
F r o m t h e Bureau of Engraving and Printing:
National bank currency
Federal reserve notes
United States currency
Philippine currency
Blank coupons cut from bonds
Postal savings certificates
Postal savings stamps, obsolete
Registered war a n d Treasury savings, thrift
Bonds
Customs a n d miscellaneous
Internal revenue
I n t e r n a l revenue, obsolete
Postage
:._.._!
Philippine postage, obsolete. .
to the destruction committee, Feb-1925
sheets. _
355,390
do
694, 367
do
2, 799, 081
do
31, 224
subjects. _
12, 920
sheets..
16,848
do
43, 900
stamps.._do
6, 2143^.'
do
331, 7 0 5 ^
do
832, 812.-H
•
do....
826, 26234
do
1, 131, 5353^
do
1, 600, 4 7 5 ^ V T
do
6, 800
Total sheets and subjects
8, 689, 5 3 4 T V A
F r o m t h e Division of Paper Custody:
: United States security (money paper)
Paper for b o n d s . - . Miscellaneous (prohibition paper, etc)
Total sheets
sheets__
do
do
.
9,883
29,540
1, 696
41, 119
Personnel
At the beginning of the fiscal year 1925 there were on the rolls of
this division 1^245 employees, of whom the separation of 69 was indicated, leaving a permanent personnel of 1,176 for the fiscal year 1925.
At the close of the fiscal year 1925 there were 1,132 employees on the
rolls. On July 1, 1925, there were 16 employees added to the rolls bj/
transfer from other bureaus and 15 employees separated from the
rolls by transfer to other bureaus and by resignations, which left 1,133
employees on the rolls for the beginning of the fiscal year. Of this
number the separation of 99 employees froni the service was indicated on account of a reduction in force, leaving a permanent
personnel of 1,034 for the fiscal year 1926.
Circulation
The distribution of the stock of money in the United States on
July 1, 1925, is shown by the following statement, to which has been
added, for purposes of comparison, the totals for June 1, 1925, July 1,
1924, November 1, 1920, April 1, 1917, July 1, 1914, and January 1,
1879:
Circulation statement of United States Money July 1, 192S {revised figures)
M o n e y outside of t h e T r e a s u r y
M o n e y held in t h e Treasttf^
K i n d of m o n e y
Gold coin a n d bullion
Gold certificates
s t a n d a r d silver dollars
Silver certificates
Treasurj^ n o t e s of 1890
S u b s i d i a r y silver
U n i t e d States notes
F e d e r a l reserve n o t e s
F e d e r a l reserve b a n k notes
N a t i o n a l b a n k notes
T o t a l J u l y 1, 1 9 2 5 . . . .
C o m p a r a t i v e totals:
J u n e 1, 1925
J u l y 1,1924
N o v . 1, 1920
A p r . 1, 1917..
J u l y 1, 1914
J a n . 1, 1879
s t o c k of
money i
2 $4,386,
T1, 609,
522,
3 448,
283,
346,
1,942,
7,
733,
Total
Amount
held in t r u s t
against gold
a n d silver
certificates
(and Treasu r y notes
of 1890)
I n cii;culation
H e l d for
Federal
reserve
batiks arid
agehts
All other
monej'
452, 510, 212
450; 111, 077
• 7, 537, 768
2,193, 375
1,474, 263
87, 890
19, 595, 231
274,924, 217^ 4,172, 727, 726
746,513, 5274 4, 245, 699, 033
326,
338, 267i 2,406, 801, 772
312,109, 272* 2,942,998, 527
738,
288,871 1, 843, 452, 323
007,
084,483 4 212,420,402
2,020,824,616
1, 628,138, 695
696, 854, 226
2,684,800, 08;
1, 507,178,879
21, 602, 640
Total
$694,995,
1,609, 687,
69. 550,
448, 724,
1, 386,
7, 537, 768 275, 934,
2,193, 375 344, 487,
1,474, 263 1, 940, 765,
87.890
7, 088,
19. 595, 231 713, 770,
$1,
$3, 691, 200, 201 609, 687,619 $153, 620,986 $1,752, 744,435 $175,147,161
8.221.191, 543 M, 174, 598, 940 2, 059. 798, (
8,
8,
8,
5,
3,
1,
Reserve
against
United
States
notes (and
Treasury
notes of
1890)
2, 399,135
Held b y
Federal
reserve
banks and
agents ^
Per
capita
$271, 135,134 $423, 860. 506
604, 864,317 i, 004,823,302
15, 262,236
54, 288, 630
382, 780, 251
65, 943,944
1, 386,882
262, 009,199
13,925,004
282, 577,651
61,
304. 657,196 1, 636, lOS, 071
6,920,857
1G7, 286
681, 708,888
32,061,955
Population of continental
United
States
(esti-.
mated)
$3.71
8.81
.48
3.35
.01
2.30
2.48
14.34
.06
5.97
o
H
O
153, 620, 986 1, 752, 744,435 5 208,434,823 6,106, 391, 299 1, 369, 927, 062i 4, 736,464, 237
41.51 114,104, 000
153, 620,986 1, 781, 769, 335 216, 512, 789 6,123. 021,107 1, 348, 708, 508
152,979,026 2, 260.891, 035 203, 690, 277 6,128; 953,189 1, 374,180. 435
152,979. 026 1,206,341. 990 350, 026, 530 6, 616,390, 721 987, 962; 989
152,979,.026
i05, 219,416 5, 053,910,830
953, 320,126
150, 000, 000
186,273,444 3, 402, 015,427
100, 000,000
90, 817. 762 816,256,721
41,
42.19
52.36
39.54
34.35
16.92
4. 774,312, 599
4, 754, 772, 754
5, 628,427, 732
4,100, 590, 704
3, 402,015, 427
816, 266, 721
113,985. 000
112,686,000
107, 491, 000
103, 716, 000
99, 027, 000
48, 231, 000
J I n c l u d e s U n i t e d States paper c u r r e n c y in circulation in foreign countries a n d t h e a m o u n t held b y t h e C u b a n agencies of t h e F e d e r a l reserve b a n k s .
2.Does n o t i n c l u d e gold bi^llion or foreign coin o u t s i d e of v a u l t s of t h e T r e a s u r y , F e d e r a l reserve b a n k s , a n d Federal reserve agents.
3 T h e s e a m o u n t s are n o t i n c l u d e d in t h e total since t h e m o n e y held in t r u s t against gold a n d silver certificates a n d T r e a s u r y notes of 1890 is i n c l u d e d u n d e r gold coin a n d bullion
a n d s t a n d a r d silver dollars, respectively.
< T h e a m o u n t of m o n e y held in t r u s t against gold a n d silver certificates a n d T r e a s u r y notes of 1890 s h o u l d b e d e d u c t e d from this total before c o m b i n i n g it w i t h total m o n e y
o u t s i d e of t h e T r e a s u r y to arrive a t t h e stock of m o n e y in t h e U n i t e d S t a t e s .
5 T h i s total includes $20,778,312 of notes in process of r e d e m p t i o n , $160,367,334 of gold deposited for r e d e m p t i o n of F e d e r a l reserve notes, $7,442,555 deposited for r e d e m p t i o n of
national b a n k notes, $4,740 deposited for r e t i r e m e n t pf a d d i t i o n a l circulation (act of M a y 30, 1908), a n d $6,640,640 deposited as a reserve against postal savings deposits.
6 I n c l u d e s m o n e y held b y t h e C u b a n agencies of'the F e d e r a l reserve b a n k s of B o s t o n a n d A t l a n t a ,
N O T E . — G o l d certificates are secured dollar for dollar b y gold held in t h e Treasm-y for their r e d e m p t i o n ; silver certificates are secured dollar for dollar b y s t a n d a r d silver dollars
held in t h e T r e a s u r y for their r e d e m p t i o n ; U n i t e d States notes are secured b y a gold reserve of $153,620,986 held in t h e T r e a s u r y . T h i s reserve fund rhay also be used for t h e r e d e m p tion of T r e a s u r y notes of 1890, w h i c h are also secured dollar for dollar b y s t a n d a r d silver dollars held in t h e T r e a s u r y . Federal reserve notes are obligations of t h e U n i t e d States
a n d a first lien o n all t h e a s s e t s of t h e issuing F e d e r a l reserve b a n k . F e d e r a l reserve notes are secured b y the; deposit w i t h F e d e r a l reserve agents of a like a m o u n t of gold or of gold
a n d s u c h d i s c o u n t e d or p u r c h a s e d p a p e r as is eligible u n d e r t h e t e r m s of the Federal reserve act. Federal reserve b a n k s m u s t m a i n t a i n a gold reserve of a t least 40 per cent, including t h e gold r e d e m p t i o n fund w h i c h m u s t b e deposited w i t h t h e U n i t e d States T r e a s u r e r , against Federal t e s e r v e notes in a c t u a l circulation. Lawful m o n e y has been deposited
w i t h t h e T r e a s u r e r of t h e U n i t e d States for r e t i r e m e n t of all o u t s t a n d i n g F e d e r a l reserve b a n k notes. N a t i o n a l - b a n k notes are secured b y U n i t e d States b o n d s except where lawful
monej'' h a s been deposited w i t h t h e T r e a s u r e r of t h e U n i t e d States for their r e t i r e m e n t . -\ 5 per cent fund is also m a i n t a i n e d i n lawful m o n e y w i t h tlie T r e a s u r e r of t h e U n i t e d
S t a t e s for t h e r e d e m p t i o n of n a t i o n a l - b a n k notes secured b y G o v e r n m e n t b o n d s .
a
429
SECRETABY OF THE TREASURY
DIVISION OF PAPER CIJSTODY
The following tables show transactions conducted by the Division
of Paper Custody during the fiscal year ended June 30, 1925.
Paper custody
On h a n d
J u l y 1,
1924
Kind
D i s t i n c t i v e p a p e r for U n i t e d States currency.
Federal reserve notes. Federal reserve a n d
n a t i o n a l - b a n k cun-ency
Internal-revenue p a p e r . i . . .
Postage-stamp paper
C h e c k paper
U n i t e d States b o n d p a p e r
P a r c h m e n t , artificial p a r c h m e n t , a n d p a r c h m e n t
deed p a p e r . . .
Customs s t a m p paper
Miscellaneous p a p e r
P h i l i p p i n e Islands p a p e r :
D i s t i n c t i v e p a p e r for silver certificates,
n a t i o n a l - b a n k a n d T r e a s u r y notes
Postage-stamp paper
I n t e r n a l - r e v e n u e a n d check .paper
:.
_
P o r t o R i c a n internal-revenue paper
-..
Rolls
Rolls
Rolls
Total
.
postage-stamp paper
internal-revenue paper
U n i t e d States security p a p e r
1 Includes
2 Includes
3 Includes
committee.
* Includes
m i t t e e , and
»Includes
6 Includes
.Received
from
contractors
Sheets
20,128,894
21, 983,425
6, 325, 539
879,646
4, 414, 460M
On h a n d
J u n e 30.
1925
Issued
to
bureau
Sheets
Sheets
267, 080, 274 217,422,076
71, 620,491
83, 381, 431
33,939,819 1 35, 365, 219
2, 505, 448
2 2,905,044
2, 993, 348 3 4,103,179H
Sheets
69, 787,09210, 222.4854,900,139^
480,050'
3,304, 629^
96, 794
80, 365
1, 637, 575
102, 056
198,302
* 3,466,937
141,8ir
25,813^
684, 257
976, 727
9,709
82, 548
197,741
_..
147, 079
143, 750
2, 513,619
1, 454, 510
500
232
1,808,400
9,745
5 69,325
168,4.17
622,837
46413,45^
29,324-
56,813, 423M
1,389
287
3
382,399, 070
3,100
420
349, 000,131H
6 3, 604
389
90,.212, 362:
885'
318
3:
3,003 sheets of obsolete p a p e r .
3,513 sheets of obsolete p a p e r .
1,016,366 sheets shipped to mill (obsolete paper) a n d lf,011H sheets delivered to destruction!
227,711 sheets of obsolete paper, 1,638 sheets prohibition p a p e r delivered to destruction c o m 29,125 sheets rejected.
1,442 sheets of obsolete p a p e r .
177 rolls delivered to b u r e a u storekeeper.
Custody of Federal reserve notes, series 1914 and 1918
Federal reserve b a n k
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
S a n Francisco.
On h a n d
J u l y 1,1924
$152,060,
342,460,
174, 740,
102, 640,
124, 540,
109,140,
159, 960,
91,340,
58, 660,
48,380,
49,320,
110, 500,
Total..-
1,523,740,000
Received
Issued
On hand
J u n e 30,1925
$195,540,000 $172,600,000
$175,000,000'
131,840,000
179, 040, GOO 295,260,000189, 520,00©
134,100,000
119,320,000
70,480,00&
131,300,000
99, 140,000
120, 500,00ft
53,900,000
49,860,000
97,120, OOO
46,640,000
34, 620,000
156,900, OOft
74,000, 000
70,940, 000
82, 640,00ft
8, 700,000
43, 220,00ft
20,440,000
5,000,000
57,460, 00ft
36,060,000
45, 140, 000
49,940, 00ft
28,480,000
29, 100,000
95,740,00ft
112,480, 000 127,240, 000
907,760,000
997, 720, COO
1, 433, 780, OOft
REGISTER OF THE TREASURY
The office of the Register of the Treasury is charged with the final
verification and audit of all retired United States securities, including interest coupons. During the fiscal year ended June 30, 1925,.
the face value of securities received by the register's office from all
sources aggregated $10,118,051,829.84^ and was comprised of 68,-656,877 pieces. Registered securities surrendered during the fiscal
year aggregated $2,731,342,460.22, or 6,194,298 pieces. Bearer
securities (including interest coupons) aggregated $7,386,709,369.62^
or 62,462,579 pieces.
430
REPORT ON T H E FINANCES
Accounting control of retired securities is facilitated by separating
the securities into two principal classes—(a) canceled securities and
(&) redeemed securities. Canceled securities are those securities
vhich are retired upon denominational exchange, conversion, and
other interchange transactions which neither increase nor reduce the
principal of the public debt. Redeemed securities are those securities which are surrendered for payment, the retirement thereof
resulting in a reduction of the outstanding indebtedness.
The 12 Federal reserve banks, acting as fiscal agents of the
United States, conduct exchanges and other similar transactions
with banks generally and with the public. For this purpose stocks
of bearer securities of various issues are furnished the Federal reserve
banks by the Treasury. Unused excess stocks are from time to time
canceled and returned to the Register of the Treasury for audit.
In addition, the Federal reserve banks also transmit to the Register
of the Treasury bearer securities received and canceled by them in
connection with exchange transactions. The Division" of Loans and
Currency likewise conducts transactions with the general public, and
the securities, both registered and coupon, received by the latter
division subsequently are delivered to the register for audit. The
foregoing represent the°class hereinbefore designated as '^canceled
securities.''
Redeemed securities—that is, securities which have been paid—are
transmitted by Federal reserve banks or the Division of Loans and
Currency to the office of the Treasurer of the United States and
subsequently are transmitted by the latter office to the register for
verification and audit. After final audit certification is made by the
register to the Comptroller General of the United States, clearing
the Treasurer's accounts.
An important phase of the work of the register's office is in connection with the verification and audit of interest coupons."" These
includ'C (a) paid coupons, detached from bearer securities by the
holders thereof and collected in regular course through banks, etc.,
and (b) coupons detached by Federal reserve banks or the Division
of Loaiis and Currency from reserve stocks of bearer securities.
Paid coupons, as in the case of redeemed securities, are received first
by the office of the Treasurer of the United States. The coupons
detached from reserve stocks of bearer securities are transmitted
direct to the register by the Federal reserve banks or the Division
ji Loans and Currency.
In addition to the general accounts maintained to control the
issues and retirements of securities, the register's office maintains
numerical registers of bearer securities, against which the retirement
of each security is specifically entered. The posting of these numerical registers is one of the chief functions of the register's office.
SECRETARY OF T H E
481
TREASURY
The register's office also verifies and audits redeemed war savings
certificates. These certificates are delivered to the Treasurer of the
United States by Federal reserve banks and by national-bank depositaries. The larger portion of these stamps is redeemed, in the
fir^t instance, by post offices. During the fiscal year 1925, the
register's office delivered to the destruction committee for destruction
57,953,412 pieces of war-savings stamps having a redemption value of
$289,766,985. ^
At the close of the fiscal year 1925 the register's office employed
669 persons, a reduction of 225 from the previous fiscal year.
The following statement sets forth, by classes, pieces, and amounts,
the securities received, examined, and filed in the register's office
during the fiscal years 1924 and 1925, respectively:
S u m m a r y of securities received, examined, and filed i n the register's office during
the fiscal years ended J u n e 30, 1924 and 1925
1924
1926
Class of securities
Pieces
JRedeemed:
BearerUnited States securities136
Pre-war loans
733, 256
Liberty loans
Treasury bonds
6
Treasury notes
94, 656
Certificates of indebtedness.
, 190, 276
Treasury (war) savings
110,821,632
securities..
154,650,150
Interest coupons
Securities not affecting public,
debtDistrict of Columbia loans..
• 85
District of Columbia in1,242
terest coupons _.
District of Columbia interest checks
Total...
66,491,439
Registered—
United States securitiesPre-war loans
675, 875
46,387
Liberty loans
48
Certificates of indebtedness.
Treasury (war) savings
i.5,4o3,180
securities
Interest checks (Liberty
34'
loans)
Securities not affecting public
debt4,197
District of Columbia loans..
12,93^
Miscellaneous loans *..
District of Columbia in263
terest checks
Total
Total redeemed
6,192, 921
72, 684,360
Amount
$7, 510. 00
560,767,300.00
6,000. 00
356,973,000. 00
1, 415, 667,000.00
Pieces
Amount
9,761
103,605
$9,137,240.00
105, 851,550.00
290,189
79,086
1,373,391,800. 00
1, Oil, 454, 500. 00
. 43,246,905.27 3,817, 770
723,046,797.10 46, 587, 776
22, 700. 00
6,807.86
682
1,417
3
3,099, 744, 020. 23 50,890,189
14,175,366.37
681, 785,438.36
171,750.00
5, 308. 75^^
33. 38
3,195,972,986.86^
3,173, 341, 337. 26
29, 219, 050. 00
822, 500, 000. 00
2.8 20,471
10,072
79
2,8 149,934, 678. 35
12,960, 750. 00
1,146,100, 000. 00
68, 840, 686. 54
2, 030,195
46,849,108. 31
152. 93
12"
38.28
7,132, 000. 00
71, 459, 012. 00
960
3,332,000.00
156,895. 25
119
61,921.10
4 172,649,133.98
2,020,966
1,059,369,139.34
7, 272, 393.154. 21 52,911,155
4, 255,342,126. 20^
" In adjustment of unaudited figures inserted in 1924 annual report, the auditedfiguresare used.
1
2 In adjustment of previousfigures,a transfer from the redeemed to the canceled is made.
- Counter entry; deduct.
8
• IhcludeslUnited States railway loans, soldiers' and sailors' relief bonds, and Cherokee certificates.
*
432
REPORT ON T H E FINANCES
Summary of securities received, examined, and filed in the registier^'si office duringi
the fiscal years ended June 30, 1924 and 1925—Continued
1924
1925-
Class of securities
Pieces
Retired on account of exchanges for other
securities, etc.:
BearerU n i t e d States s e c u r i t i e s Pre-war loans
Liberty l o a n s . .
Treasury bonds
T r e a s u r y notes
I n t e r i m certificates ( L i b e r t y
loans)...
Certificates of i n d e b t e d n e s s . .
T r e a s u r y (war) savings securities..
I n t e r e s t coupons
Securities n o t affecting public
debtI n s u l a r possessions loans
D i s t r i c t of C o l u m b i a l o a n s . .
-Total
RegisteredU n i t e d States s e c u r i t i e s Pre-war loans
.,.
Liberty loans.
Treasury bonds
Certificates of i n d e b t e d n e s s . .
T r e a s u r y (war) savings securities
Securities n o t aft'ecting p u b l i c
debtI n s u l a r possessions l o a n s . . . _
D i s t r i c t of C o l u m b i a l o a n s . .
Miscellaneous loans *
Total-T o t a l retired account exchanges, etc
Recapitulation:
BearerU n i t e d States s e c u r i t i e s Pre-war loans
L i b e r t y loans
Treasury bonds
Treasury nates
I n t e r i m certificates ( L i b e r t y
loans)
Certificates of i n d e b t e d n e s s . .
T r e a s u r y (war) savings securities
I n t e r e s t coupons
Securities n o t affecting p u b l i c
debtI n s u l a r possessions loans
D i s t r i c t of C o l u m b i a l o a n s . .
D i s t r i c t of C o l u m b i a interest coupons
D i s t r i c t of C o l u m b i a interest
checks.Total--RegisteredU n i t e d States s e c u r i t i e s Pre-war l o a n s . - L i b e r t y loans
Treasury bonds
Certificates of i n d e b t e d n e s s . .
T r e a s m T (war) savings securities .
I n t e r e s t checks
(Liberty
loans)
Securities n o t affecting p u b l i c
debtI n s u l a r possessions loans
D i s t r i c t of C o l u m b i a l o a n s . .
Miscellaneous loans ^
District of C o l u m b i a interest checks
Total
Grand total.
Amount
Pieces
Amount
$66, 388,190. 001,187,683,400.00.
270, 524, 500. 00
1)493,257,100.00.
8,713
6,861,848
73,489
230,132
.$15,333,550.00
1,390,497, 750. 00
118,573,400.00
1, 099, 234, 500. 00
90, 645
3,492,379
106,886
731, 322
288
265, 291
31,400. 00
1, 292, 312, 500. 00
178
143, 923
324, 315
5, 728,337
474,142. 00
268, 917, 697. 81
271, 534,
6, 734, 277
1,355,937.00334,161,905. 76
16, 600. 00836,146, 000. 00 >
6,897
22, 593, 000. 00
13,499, 310
4,207,967,939.81
1,164.
82
11, 572, 390
1,164,000. 00
38, 750. 00
4j 190, 736,382. 76
2, 024, 633
496, 760
3,608
300
7, 221,398,871.17
573,867,800.00
.c;,20,,253,600.00
75,000,000.00
100, 625
419,399.
3, 390
14.
965, 602,896.88
345, 392, 500. 00
19,446, 700. 00
N o value.
438,049
9.5, 532, 940. 00
3,643,228
327, 443, 226. 00
16, 274
20, 669
79,151
4,803.
1,873.
8,079,000. 00
6,009,000.00
3,078,344
34,401,000. 00
62,750,300.00
361, 292, 676. 00
8,444,497,187.17
4,173, 332
1,67,1^973,320.88
16,677, 654
12, 662,465,126.98
16, 745, 722
6,862, 709,703. 64
8,849
7, 696,104
73,495
324, 788
16,341,060. 00
1,961, 265,050. 00
118, 579,400. 00
1,466,207,600.00
100,406
3,696,984
106,886
1,021,611
75,625,430.00
1, 293> 634,950. 00
270,524,500.00
2, 866, 648, 900. 00
288
466,667
31,400.00
2, 707, 979, 500. 00
178
223, 009
16, 600.00^
1,847, 600, 500. 00
11,146,947
60,378,487
•' 43, 721,047. 27
991,964,494.91-
6,897
86
22, 593,000. 00
22, 700. 00
1,164
664
1,242
6,807. 86
1,417'
5, 308. 75%;
79,990, 749
7,307,711,960.04
3
62, 462, 579
33.38
7,386, 709,369. 62M>
2, 700, 508
543,147
3,608
348
10,394, 740, 208. 43
603, 086,850.00
20, 253, 600. 00
897,600,000.00
80,164
429,471
3,390
93
815,668.217.53'
358, 353, 250. 00
19,446, 700. 00
1,146,100,000.00.
5,891, 229
164, 373, 626. 64
5, 673, 423
374, 292, 333. 31.
34
152. 93
12
38.28>
15, 274
24, 766
92,088
34,401,000. 00
69,882,300.00
432, 751, 688. 00
4,803
2, 833
8, 079, 000. 00
9, 341,. 000. 00
263
156,895. 25
12, 617,146, 321.15
119
61,921.10
2,731,342,460. 22
9, 271, 265
89, 262,014
19, 924,858, 281.19
4,089, 304. '-.'.16/'5ai,303..37.63,322,063 ':.^V01'5;'947,344.12
6,194, 298
68, 656,877
1,164,000.00.
210, 600. 00
10,118,051,829. 843iC
• Includes United States railway loans, soldiers' and sailors' relief bonds, and Cherokee certificates^
433
SECRETARY OF T H E TREASURY
DIVISION OF DEPOSITS
The following statements indicate the number of depositaries maintained by the Treasmy, other than the Treasurer of the United States,
and the amount of public moneys held by such depositaries, on the
basis of revised Treasury statements, at the end of the fiscal years
1924 and 1925:
Number of depositaries
\
J u n e 30,
1925
Federal land banks
F e d e r a l reserve b a n k s (including branches)
Special d e p o s i t a r i e s . . .
F o r e i g n depositaries
:.
General n a t i o n a l - b a n k depositaries
L i m i t e d n a t i o n a l - b a n k depositaries
I n s u l a r depositaries (iricluding P h i l i p p i n e T r e a s u r y )
Total
' A m o u n t of deposits
J u n e 30, 1924
D e p o s i t s in Federal l a n d b a n k s
D e p o s i t s in Federal reserve b a n k s a n d branches
Deposits in special depositaries
^.
Depositis in foreign depositaries:
T o credit of T r e a s u r e r of t h e U n i t e d States
...L.
T o credit of other G o v e r n m e n t officers
Deposits i n national-bank depositaries:
T o credit of Treasurer of t h e U n i t e d States
.,
T o credit of other G o v e r n m e n t officers
Deposits in insular depositaries:
T o credit of T r e a s u r e r of t h e U n i t e d States
T o credit of other G o v e r n m e n t officers
D e p o s i t s in P h i l i p p i n e t r e a s u r y t o credit of T r e a s u r e r of t h e U n i t e d
states
J u n e 30, 1925
$1,000, 000.00
43,250, 226. 26
162,091, 572.40
$25,434, 368.63
150, 716, 672.04
135, 907.47
244, 349. 32
85, 129.01
172, 842.97
6,605, 701. 29
18,876, 956.49
6,514, 728.01
20,795, 022.80
316, 128.63
1,145, 748. 78
294, 540. 68
1,207, 955.11
732,487.-25
896,150.92
234,299,077. 89
Total.
206,117,310.07
General national-bank depositaries of public moneys
During the fiscal year ended June 30, 1925, the depositary accounts
of all general national-bank depositaries of public moneys were
twice analyzed. These examinations, which are made semiannually
for the purpose of determining the proper balances to be carried to
the credit of the account of the Treasurer of the United States with
national-bank depositaries upon the basis of the amount and character of the Government business transacted by such depositaries,
together with other readjustments found necessary at various times
during the year, resulted in the discontinuance of 12 general depositaries carrying aggregate fixed balances of $119,500 to the credit
of the Treasurer of the United States, and reductions in the fixed
balances held by 27 general depositaries, totaling $673,000. During
the same period, to facilitate the handling of the receipts and disbursements of the Government, it was necessary to designate 7
484
REPORT ON THE FINANCES
additional general national-bank depositaries of public moneys with
fixed balances to the credit of the Treasurer, totaling S84,000, and
to increa;se the fixed balances of 14 general depositaries in the aggregate amount of $390,500. The net reduction in the number of
general national-bank depositaries during the fiscal year, therefore,
totaled 5, while the net reduction in the amount of the fixed balances
was $318,000.
Limited national-bank depositaries of public moneys
Twent3^-five additional limited national-bank depositaries were
designated during the fiscal year ended June 30, 1925, and 132
limited depositaries were authorized to accept increased amounts of
deposits made by the United States courts and their ofiicers and by
postmasters for credit in their official checking accounts, pledging
additional collateral to secure such deposits. On the other hand, 65
limited depositaries were permitted during the year to withdraw
collateral security pledged to secure such deposits in excess of
requirements, resulting in corresponding decreases in the amounts of
the deposits they were authorized to accept.
Insular depositaries of public moneys
Insular depositaries, though designated under different authority
of law than national-bank depositaries, are maintained upon substantially the same basis. During the fiscal year 1925 there were no
changes in the number or location of such depositaries, but the
Treasurer's balances carried therewith were reduced in the net amount
of $50,000 because of a decrease in the Government business transacted. During the year insular depositaries were maintained in the
Canal Zone, Panama, Porto Rico, and the Philippine Islands.
Special depositaries of public moneys
Changes involving this class of depositaries were quite numerous,
131 banks being designated and 301 banks discontinued as special
depositaries of public moneys during the past fiscal year. At the
close of the fiscal year ended June 30, 1925, there were 7,645 special
depositaries of public moneys maintained by the Treasury, 3,858 of
which were national banks and 3,787 State banks and trust companies.
Foreign depositaries of public moneys
There were 10 depositaries maintained by the Treasury in foreign
countries throughout the fiscal year, 1 in China, 4 in England, 3 in
France, 1 in Haiti, and 1 in Italy.
While the close supervision of depositaries, which is essential to an
economical administration of the depositary system, is one of the
chief functions of the Division of Deposits, other activities of that
SECRETARY OF T H E TREASURY
435
division during the past fiscal year embraced many correlated matters,
including the issuance of instructions to public officers as to the deposit
of public moneys collected by them, matters relating to collateral
security for Government deposits, the collection of interest from
depositaries upon such deposits, the recovery upon checks received
b y Government officers in payment of public dues and lost prior to
collection or uncollected for other reasons, liquidation of the Government's claims against insolvent banks holding deposits of public
moneys, and other miscellaneous matters.
SECRET SERVICE DIVISION
Counterfeiting of currency and coins continues with undiminished
activity. During the fiscal year ended June 30, 1925, 28 new counterfeit note issues were discovered in circulation, and although most of
these are unskilled productions, several of them were expertly executed and extensively circulated. While these criminal operations
are not confined to any one section of the country, the greater volume
of counterfeit notes made and circulated centers in and around New
York City. During the year an aggregate of $226,693 in counterfeit
notes were captured or seized by agents of the service. Counterfeit
Italian public debt bonds amounting to 153,000 lire were also seized
in connection with the arrest of a man charged with attempting to
negotiate them. Approximately.$400,000 in counterfeit war-savings
stamps of the issue of 1919 were seized as evidence against 50 persons,
arrested for making or criminally handling them, and $19,930.10
in counterfeit coins, 124 plates for the printing of counterfeit obligations and securities, 17 dies and 62 molds for counterfeiting coins,
together with a large amount of miscellaneous materials and apparatus, including presses, plating outfits, ladles, melting pots, inks,
cameras, files, crucibles, etc., were seized.by agents of the service.
. There were also recovered a large number of stolen Treasury checks
either in blank or fraudulently prepared for negotiation.
Charged with these counterfeiting and forging operations, as well
as with miscellaneous offenses against the Federal statutes relating
to the operations of the Treasury Department and its several branches,
999 persons were arrested during the year by agents of the service or
by their direction. Of that number 428 were note counterfeiters,
passers of counterfeit notes or engaged in raising currency and passing
it, 107 coin counterfeiters, and 325 check and bond forgers and passers.
Four hundred and seventeen of these arrested persons were convicted
and sentenced, 359 are awaiting action of the courts, 136 were acquitted, and the rest were variously disposed of, some being committed to insane asylums, others turned over to military or police
authorities; three died while awaiting trial.
436
REPORT ON T H E FINANCES
Seventeen hundred and twelve forged-check cases and 332 bond
cases were investigated by Secret Service agents during the year,
together with a number of miscellaneous matters affecting the several
branches of the Treasury Department involving frauds and irregularities.
DIVISION OF PRINTING
Printing and binding
I t will be seen from the following table that the total expenditures
for printing and binding for the Treasury service, fiscal year 1925,
were $912,817.43, against $969,207.21 for the previous year, a decrease of $56,389.78. This decrease was caused by a reduction in
reimbursable expenditures of $59,020.40. There was an increase,
however, of expenditiu-es from the regular appropriation for printing
and binding of $2,630.62, making a net decrease of $56,389.78.
An increase of approximately 15 per cent in the rate of charges
was exacted by the Public Printer for printing and binding for the
fiscalyear.
This higher charge is necessarily reflected in the expenditures for 1925.
Appropriations, expenditures, and reimbursements for printing and binding
Fiscal year
1924
Appropriation
Reimbursements
..
Total credits
Total expenditures
,
$930,000. 00 $850,000.00
130,062. 95 71,032. 66
$80,000.00
59,020.40
1, 060,052. 96 921,032. 66
969, 207. 21 912,817.43
.
Balance
_
Fiscal year Increase Decrease
1926
139,020. 4a
66,389.78
90,845. 74
8,215.12
82,630. 62
E X P E N D I T U R E S BY BUREAUS, OFFICES, AND DIVISIONS
Secretary, Undersecretary, and Assistant Secretaries.
Appointment Division
Bookkeeping and Warrants Division
Bureau of Engraving and Printing
Bureau of Supply
Bureau of the Budget
Chief Clerk and Superintendent
Corhmissioner of Accounts and Deposits
i,..
Committee on Enrollment and Disbarment
Comptroller of the Currency..
Custodians of public buildings
Customs:
Bureau.Service
Special Agency
Disbursing Clerk
Division of Deposits_
Federal Farm Loan Bureau
General Supply Committee.Government Actuary
Internal revenue:
Bureau
Prohibition enforcement.Service
Loans and Currency Division
Mint:
Bureau. _
Service
National bank depositaries
Printing Division
Public Debt Service
863. 32
944. 22
172. 77
741.10
643.15
827.11
083. 00
119.19
166. 05
778.13
603. 62
1, 623. 94
183. 34
30.61
23, 618. 36
2, 306. 81
082. 70
628.16
404. 87
622. 56
46.44
5, 043. 67
18, 313. 45
1, 426. 23
5,486. 27
35, 598. 33
830.15
804.17
51.69
3,132. 43
23,424. 38
1, 775. 89
$6,938. 77
1, 293. 68
17,144. 45
7,600.17
3,998. 46
$1,924. 65
$349.46
6,971. 68
759. 07
1, 356. 31
26, 827.11
469.06
125. 44
4,840. 23
703.19
403. 57
22,929.83
425. 28
181. 61
5.15
1,911. 24
6,110. 93
349. 66
13, 851. 72 33,830.92 19,979. 20
47, 063.40
62,978. 04 16,914. 64
407, 090. 64 386,836. 61
2, 504. 41
2, 232. 90
2, 961. 62
2, 825. 50
2, 824. 33
325. 92
366. 97
3,416. 34
2,169. 41
2,817. 27
202. 92
22,127. 79
20, 253. 93.
271. 51
454. 72
666. 09
7.06
123.00
4,239.18
437
SECKETAliY OF T H E TREASURY
Appropriations expenditures, and reimbursements for printing and binding—Contd.
E X P P : N U I T U R E S B Y B U R E A U S , O F F I C E S , AND DIVISIONS—Continued
1 Fiscalyear
!
1924
i
Public Health:
Bureau.- _
. Service.,...^
Register of t h e Treasurv-.
-Secret Service •..' '
'Supervising Architect
'Treasurer of t h e U n i t e d States
U n i t e d States Coast G u a r d :
Bureau
J.
Service _
M i seel 1 an eou s
Total
N e t increase
....:.J
,
....'
i
- .
$88, 387. 01
. 2,432.16
679.48
406. 61
2, 371.11
13, 020. 72
Decrease
$594. 01
1, 686. 31
$51.42
317. 70
502. 43
2,445. 01
13,505.54
11,407.51
19, 510. 54 8, 785. 62
10,724.92
34,813.40 , 51,225.74 16,412. 34
_-
2,098.03
841,784.88 86, 064. 67
2,630. 62
83,434. 05
839,154.26
REIMBURSED
EXPENDITURES
$898.47
558. 49
39,054.66
138. 64
1,551. 83
B u r e a u of E n g r a v i n g a n d P r i n t i n g
' C o n t i n g e n t expenses, n a t i o n a l c u r r e n c y .
C u s t o m s service b l a n k forms
F e d e r a l farm loan b a n k s
Insolvent n a t i o n a l b a n k fund
Internal RevenuerBureau
N a t i o n a l ' b a i i k e.xaminers ..-.
."
N a t i o n a l B a n k R e d e m p t i o n Agency
P u b l i c IDebt S e r v i c e . . .-.
P u b l i c H e a l t h Service
W o r l d W a r Foreign D e b t CommissionTotal
N e t decrease
$88,981.02
4,118.47
628.06
724.31
], 868. 68
10, 575. 71
Fiscal year
Increase
1925
9,469. 58
9,816. 99
68, 349. 09
60.00
155. 30
--
130,052. 95
..-
$724. 21
869.44
39,169. 52
252. 68
2, 596. 45
7, 729. 73
12,190.48
3,994. 06
3, 359.01
$310.95
104.96
114. 04
1,043. 62
7,729. 73
2,720.90
157.97
2.67
$174. 26
6,822. 93
64,990.08
60.00
71,032. 65 12,026.87
71, 047.27
59.020.40
Postage
The appropriation for postage to
Postal Union countries and for postage
for the fiscal year 1925 was $1,000.
expended, leaving a balance of $3.85.
to the value of $1,124.40.
Department
prepay matter addressed to
for the Treasury Department
Of this amount $996.15 was
Postage stamps were issued
advertising
There was expended during the fiscal year 1925 for department
advertising $20,034.43, an increase over the previous year of
$5,052.40. The number of authorizations for 1925 was 2,248, an
increase of 212 over 1924.
The increase in expenditure for department advertising was caused
principally by increased activity in enforcing prohibition.
Thisnecessitated a larger number of advertisements in connection with
the notices of seizure, forfeiture, and sale of articles confiscated by
Government officers.
438
REPORT ON T H E FINANCES
DISBURSING CLERK
The following is a summary of the work performed by the office
of the disbursing clerk during the fiscal year ended June 30, 1925:
Number
Disbursements:
Checks (salaries, expenses,-supplies,.etc.)
Cash (salaries)
Checks (refunding taxes illegally collected)
Total..
-
413,255
110,400
169,648
-
Collections on account of rents, sales, etc
Vouchers paid
.-Schedules of claims for tax refunds..
Appropriations under which disbursements were made.
Amount
$52, 245, 992.17
6,926,810.44
135,126,133.31
194,297,936. 9^
3,308
204, 224
6,886
946,424. 4a
The cash payments and the checks for salaries, expenses, supplies^
etc., cover disbursements for all bm-eaus and divisions of the Treasury
Department in the District of Colunibia (except the Bureau of
Engraving and Printing), and a large portion of the salaries and
expenses outside the District of Columbia under the Public Health
Service, the Supervising Architect's Office, the Bureau of Internal
Revenue, the Federal Farm Loan Board, the Comptroller of the
Currency, the Coast Guard, the Secret Service, the Customs Division, and the Public Debt Service (Division of Loans and Currency).
Collections represent moneys received and accounted for on account
of rents of buildings and sites, sales of public property, etc., under
various bureaus and offices of the department.
During the year, at the suggestion of the Comptroller General,
the department adopted the practice requiring deposit through the
disbursing clerk of all miscellaneous collections to be covered into
the Treasury as repayments to appropriations or credits to miscellaneous receipt accounts. A well-defined accounting record in
this office is thus provided of the receipt and disposition of all such
collections in the department. This new practice has brought a
large volume of work to the office, as a major portion of these
collections was heretofore deposited by the various bureaus direct
with the Treasurer of the United States.
BUREAU OF SUPPLY
The Bureau of Supply, in which there is centralized the purchasing
for the department (except that for the Bureau of Engraving and
Printing, the Coast Guard, and the Mint), expended from allotmentsmade to it from appropriations to various bureaus and services during the fiscal year 1925 the sum of $5,577,763.24, compared with
$5,057,085.10 during the preceding fiscal year, an increase of $520,678.14. The appropriations from which the allotments were inadey
the amounts of the allotments, and the expenditures therefrom for
each of the two fiscal years are shown in the following table:
439
SECRETARY OF THE TREASURY
Allotments to and expenditures by the Bureau of Supply from appropriations to
various bureaus and offices of the Treas%iry Department, fiscal years ended June
30, 1924 and 1925
1924
Bureaus and oflices, and titles of
appropriations
Allotments
Chief clerk and superintendent:
Contingent expenses, Treasury DepartmentCarpets and repairs
File holders and cases
Freight, telegrams, etc
Fuel, etc..
Furniture, e t c . . . .
Furniture, 1924-26 .
...
..._ _.
Gas, etc
Motor vehicles
_
_
_
Miscellaneous items
Newspaper clippings and books
Rent
Labor-saving machines, Treasury Department.
_
.
__
Operating expensesTreasury Department Annex_
Annex Building, Fourteenth and B
Streets NW
Darby Building
Total.-.
Encumbrances
Allotments
Encumbrances
23,167. 95
4, 730.17
14,346.77
493.83
14,650. 00
$500.00
4,000.00
10,000.00
19,950.00
4, 600.00
2,000.00
21,441.00
7, 600. 00
13,420.00
600.00
14,660.00
$494.02
3,979. 50
9,886. 60
19, 663. 68
4,422. 67
1,991. 84
20,859.45
7,496. 24
13, 220. 3a
483. 63
14, 649. 92
$500.00
5,000.00
13,000.00
24,000.00
6,000.00
$496.17
4,943. 56
10, 230.05
1 24,924.57
4,90L43
24,000.00
6,000.00
15,000.00
500.00
14, 650.00
6,000.00
6, 694.85
20,000.00
19,909. 68
14,000.00
13, 949.21
13,000.00
12, 935. 35
33,500.00
4,000.00
33,053.86
3,981. 04
4,000. 00
3,820. 61
164,150.00
•
General Supply Committee—Transfer of office
material, supplies, and equipment
. _
Division of Bookkeeping and Warrants—Contingent expenses, public moneys
Division of Customs—Collecting the revenue
from customs
Treasurer of the United States—Repairs to canceling and cutting machines _
--
169, 562. 45
135,461. 00
133,812.92
120,000.00
111,436.68
108,340.00
105. 606. 5.5
3,200.00
3,193. 67
2, 700.00
2,442.41
Division of Printing and Stationery:
Contingent expenses, Treasury Department—Stationery
. _
_
Materials for bookbinder, Treasury Department
--.:
.
TotalBureau of Internal Revenue:
Collecting the internal revenue
Enforcement of narcotic and national prohibition acts.
_
... .
. . .
.:
2 46,117. 78
180,000.00
179, 643. 84
200.00
141. 77
200.00
67. 96
30,000.00
20, 825.18
100. 00
53,000.00
3.60
62, 073. 71
50,000.00
45,699.66-
72,902. 39
50,000. 00
49,640.01
349,815. 00
319,045. 61
350,000. 00
342,962. 44
260.00
247. 49
250. 00
350,065. 00
Total
50,000.00
83,100.00
Public Debt Service:
Expenses of loans (act Sept. 24, 1917, as
amended and extended)
.
_.
Salaries and expenses incident to foreign
loans and transportation acts
Public Debt Service
Total-
1925
319, 293.10
350, 250.00
343, 202. 28-
396, 285.00
311,279. 34
411, 900. 00
369, 278. 26
126,150. 00
124,974. 86
175,100. 00
174,136.48
520,435. 00
436,254.19
687,000.00
643,413.74
3 3^ 940. 36
249.84
Public Health Service:
Pay of personnel and maintenance of hos1,590,000.00 1, 568,170. 65 1,738,1000.00 1, 736, 589. 68
pitals
._
315, 600. 00
311,462. 22
303,170. 57
310,400. 00
Quarantine service...
500. 00
850. 00
363. 47
204.92:
Interstate quarantine service
_._
3,000. 00
1, 989. 66
Interstate quarantine service, 1925-26
33,815.11
34,500. 00
33, 831. 94
34, 035. 00
Maintenance of Hygienic Laboratory
17, 624. 55
12, 500. 00
12,369.70
18,100. 00
Field investigations
23, 470. 53
38,175. 00
37,495. 77
Preventing the spread of epidemic diseases... • 24,300.00
Preventing the spread of epidemic diseases,
7, 200. 62:
12,425.00
, 1925-26
•
4,423.69
4, 541, 80
6, 600. 00
6, 500. 00
Expenses, Division of Venereal Diseases
26,452. 97
25, 658. 36
26, 700. 00
26, 000. 00
Control of biologic products
494. 25
500. 00
499.93
Books
_
500.00
130.12
200. 00
200.00'
Studies of rural sanitation
300. 00
» Deficiency appropriation made (act Dec. 5, 1924).
2 The purchase and accounting for supplies for the Division of Customs assumed Apr. 1,1924.
3 Encumbrance from unexpended balance of 1924 allotment.
440
REPORO: OiN T H E FINANCES
Allotments to and expenditures by ihe Bureau of Supply from appropriations to
various bureaus and offices of the Treasury Departfaent, fiscal years ended J u n e
30, 1924 and 1925—Continued
1924
B u r e a u s a n d offices, and titles of
. appropriations
Allotments
Public Health Service—Continued.
Boston (Mass.) Q u a r a n t i n e Station
M a r i n e hospital. S a v a n n a h , G a . .
M a r i n e hospital, Baltimore, M d
1926
Encumbrances
Allotments
Encumbrances
* $708. 00
4, 811. 76
5, 395. 29
$3, 600.00
9,000.00
$3,110.00
7,059.74
2, 016, 564. 55
Total
$5,932.14
5, 782. 41
1, 983,116. 44
2, 206, 435. 00
2,188,128.86
107, 455.18
95. 259. 00
53, 925.18
7,128.17
104,148. 69
95, 500. 00
61, 000. 00
13, 300. 00
102,176. 61
87,493. 86
59, 971. 69
12,981,63
441, 397. 27
1,219,901.83
561, 000. 00
1, 230, 000. 00
556, 379. 79
1, 212,801.10
.Supervising Architect:
R e p a i r s a n d preservation of p u b l i c b u i l d i n g s . .
111, 000. 00
Mechanical e q u i p m e n t for p u b l i c b u i l d i n g s . .
101. 500. 00
Vaults a n d safes for p u b l i c buildings
54, 300. 00
General expenses of p u b l i c buildings
7, 300. 00
F u r n i t u r e a n d repairs of same for p u b l i c
447, 000. 00
buildings.
Operating supplies for p u b l i c buildings
1, 220, 000. 00
Total...
1, 941,100. 00
1, 925, 066. 63
2, 064, 948. 69
2,031,804. 68
G r a n d total
5, 248, 814. 55
5,057,085.10
5, 685, 334. 69
5, 577. 763. 24
* E n c u m b r a n c e from u n e x p e n d e d balance of 1923 a l l o t m e n t . .
The foregoing is exclusive of purchases of supplies and equipment
made for offices and services of the department for which no allotments were made to the bureau, the appropriation accounting being
done by the offices for which the purchases were made. The following statement shows the amount of such purchases b}^ appropriations:
1924
Hospital facilities for w a r p a t i e n t s
S u n d r y buildings appropriations...
Salaries a n d expenses, Federal F a r m L o a n B o a r d . .
N a t i o n a l currency r e i m b u r s a b l e
I n s o l v e n t national b a n k s
_
Salaries a n d expenses, B u r e a u of t h e B u d g e t
Special examination of national b a n k s . . . .
World W a r Foreign D e b t Commission
Suppressing counterfeiting a n d other c r i m e s . .
Salaries a n d expenses, national b a n k examiners
Distinctive paper...
Salaries a n d expenses. Federal Reserve B o a r d
W a r F i n a n c e Corporation
Total
(L...
1925
695. 72.
580. 21
545. 62
605. 34
434. 35
753. 58
108. 05
111.00
74. 24
26.45
19.40
$44,165. 35
14,944. 94
4, 525.01
897. 29
2. 806. 28
320. 66
127. 89
12.60
4.25
1,100.43
6.60
36.80
32.00
88,953.96
68, 980. 00
The accounting incident to the foregoing expenditures involved the
examination and audit W 72,498 vouchers, compared with 64,760 in
1924, and in addition 7,709 vouchers, against 5,896 in 1924, for
express and freight shipments were examined, approved, and forwarded to the General Accounting Office for direct settlement. Cash
discounts taken for prompt payment totaled $11,407.11 in 1925 and
$4,832.61 in 1924, an increase of $6,574.50.
During the year the bureau prepared and issued 38,818 formal
purchase orders, compared with 32,966 in the preceding year, while
5,668 sets of specifications and proposals, as against 3,452 in 1924,
were prepared and circulated among approximately 75,000 prospective bidders. Also an equal number of proposals obtained in the
441
SECRETARY OF THE TEEASUEY
j&eld were tabulated, compared with available prices elsewhere, and
passed on by the bureau. In many cases awards made to contractors were for continuing contracts against which numerous purchase
orders were issued, or from which requirements of various offices and
services were met.
The number of orders, proposals, and vouchers would have been
considerably greater but for the adoption by the bureau of the policy
of consolidating and coordinating requirements wherever it was possible to do so. In spite of this, however, there were marked increases over the preceding year, due in part to exhaustion of surplus
equipment remaining from the war period and in part to necessary
replacement in many cases of equipment which, because of proper
and whole-hearted adherence to the policy of retrenchinent, has
been continued in use until its further service was inefficient and
uneconomical.
Since February, 1923, all shipments by the department have been
routed b y the traffic section of the Bureau of Supply. During the
fiscal year 1925 routings were made on shipments involving transportation charges approximating $600,000, and by virtue of careful
attention to shortest or most economical routings material savings in
costs of transportation of commodities were effected.
Purchases and issues of stationery supplies
The appropriation to the department for stationery for the fiscal
year 1925 was $350,000 (an increase of $185 over the amount appropriated for the preceding fiscal year), of which $342,952.44, against
$319,045.61 in the previous year, was expended and $7,047.56 reverted to the Treasury. In addition, $83,332.85, compared with
$122,719.08 in 1924, was expended for stationery items and reimbursed to the departmental appropriation from other appropriations
to bureaus and services of the department. Thus, the tota;l purchases of stationery supplies for the department during the year
totaled $426,285.29, a decrease of $15,479.40 when compared with
those of the preceding year.
The following statement summarizes appropriations and expenditures for the two years:
Appropriations, reimbursements, and expenditures for stationery, fiscal years ended
J u n e 30, 1924 and 1925
Increase (+)
or decrease
1924
1925
$349,815. 00
122,719.08
$350, 000. 00
83, 332. 85
-1-$186. 00
-39,386.23
472,534.08
441, 764. 69
433,332.85
426, 285. 29
-39, 201.23
—15,479.40
30, 769. 39
7, 047. 66
-23, 721.83
(-)
Appropriation . .
Reimbursements
Available credits
Total expenditures.
Balance
.
•.
442
REPORT ON T H E EINAi^GES
The value of stationery issued during the year totaled $437,256.01,
of which $83,332.85 was reimbursed from various appropriations to
bureaus and services and $353,923.16 was chargeable to the departmental appropriation. In the preceding year the total issues were
$492,032.09; reimbursements, $122,719.08; and charges against the
departmental appropriation, $369,313.01. The excess in issues compared with the expenditures ($10,970.72) was met from the available
stock in warehouse.
The following table shows the value of stationery issued dming the
past two fiscal years by bureaus, offices, and services:
Issues of stationery supplies to bureaus, offices, and services of the Treasury Department, fiscal years ended June 30, 1924 and 1925
Bureau, oflace, or service
Chargeable direct to
appropriation " Contingent
expenses,
stationery"
1924
1925
Secretary, Undersecretary, and
Assistants.
$1,805.31
$1, 575. 06
Appointment Division
827. 08
941. 49
Bookkeeping and Warrants...
694. 88
476. 21
Bureau of Engraving and
Printing
6,192. 02
5, 695. 07
Bureau of the Budget
Bureau of Supply
1,415.52
2, 783. 81
Chief Clerk and Superintendent
1, 201. 68
1,057. 99
Commissioner of Accounts and
98.68
Deposits
99.93
Comptroller of the Currency.. 13, 879. 61
7, 961. 47
Contingent expenses, national
currency
2,075. 81
2,048. 75
Custodians of public buildings.
76, 976. 24 66,888. 59
Customs Service
903. 68
Disbursing clerk
675. 00
147. 63
Division of Deposits
119. 69
3,125. 70
Federal Farm Loan Board...'.
2, 610. 35
Federal Reserve Board
4, 756. 39
4, 235. 52
General Supply Committee...
21.15
5.86
•Oovernment actuary
Insolvent national-bank fund..
205, 677. 23 202,179. 89
Internal Revenue Bureau
2,027. 76
943. 22
Mint Bureau
National bank examiners
National Bank Redemption
Agency
Printing Division
233. 27
128.47
Public Debt Service
Public Health Service
,.._ "i7,"453."i7' 'i5,'327.'47"
Second Pan American Conference
1, 067. 73
845. 54
Secret Service
3, 724. 91
4,002. 54
Supervising Architect
8,304. 21
Treasurer of the United States. 10,250. 82
16,353. 69 24,520.08
United States Coast Guard
War Finance Corporation
Total
.- 369,313.01
353,923.16
Reimbursements from
other appropriations
1924
Total
1925
1925
$1,805. 31
827. 08
694. 88
$679. 55
5, 595.07
1,352. 60
1, 415. 52
6,192.02
679. 66
2, 783.81
1, 201. 68
$1, 352. 60
$1, 575.06
941.49
476.21
1,057. 99
13, 879,61
618. 52
334. 23
598. 49
798.16
4, 634. 67
5,000. 57
446.43
71,734. 94
920. 97
47, 911. 64
334. 23
2,048. 76
67,686. 76
675.00
119.69
2,610. 36
5,000. 67
4,235. 62
5.86
920. 97
250,091. 63
943. 22
2,066. 72
823. 34
233. 27
756.47
453.17
2,004. 71
128. 47
23,645. 90
15, 327. 47
71.40
49.34
067. 73
724. 91
250. 82
353. 69
44.90
845.64
4,002. 64
8,304.21
24, 520.08
71.40
83,332.85
492,032. 09
4, 669. 48
2,065. 72
2,823. 34
2,004. 71
35, 756.47
"23,'545.'90"
49.34
44.90 I
122,719.08
7, 961.47
618. 62
075. 81
574. 73
903. 68
147. 63
125. 70
634. 57
756.39
21.15
446. 43
412.17
027. 76
669. 48
437,256.01
Shipments of stationery and miscellaneous supplies by the Bureau
of Supply from Washington to field offices totaled 14,119 packages,
boxes, etc., weighing 765 tons in 1925, compared with 7,989 packages,
-etc., weighing 610 tons in 1924. These figures show an increase of
6,130 in the number of packages, etc., and 155 tons in weight. In
•detail, the shipments in 1925 were made up of 2,909 franked parcels,
443
SECRETARY OF THE TREASURY.
weighing 8,727 pounds; 2,139 parcel-post packages, weighing 29,542
pounds and costing $1,548.98 in postage; and 9,071 express and
freight boxes, crates, etc., weighing 1,491,208 pounds. The shipments by freight and express involved the use of 3,859 Government
bills of lading in 1925 against 3,817 in 1924.
The following statement summarizes the value of stocks of
stationery maintained during the fiscal years 1924 and 1925:
Increase (4-)
or decrease
1924
1925
$216,442. 22
441, 764. 69
$155,290. 37
426,285. 29
$60,151.85
-15,479.40
Total
Add value of stationery articles received from various divisions
as surplus for reissue
'.-._
Deduct surplus transferred to the General Supply Committee
in May, 1924
_.
657,206.91
581,575. 66-
-75,631.25
Value available for issue.
Issued during the year
652,,318. 98
492,032. 09
599,559. 38
437, 256. 01
160,286.89
162,303. 37
-f2,016.48
160,286.89
155, 290. 37
162, 303. 37
162,070. 26
+2, 016. 48
-f 6, 779.89
(-)
On hand at beginning of fiscal year.
Purchases during year.
On hand at end of year.
Inventory value June 30 '..
Inventory value July 1 L..
17, 983. 72
4,887. 93
-52,759.60
-54,776.08
I Inventory values are readjusted July 1 of each year in accordance with new prices on contracts effective
•<m that date, and invoices are based on replacement costs at dates of shipment. Thus, slightly decreased
•<30St of replacement on July 1,1924, decreased the inventory value of stock $4,996.52, and a still lower cost of
replacement on July 1, 1925, decreased it $233.11.
General Supply Committee Purchases by departments and independent Government establishments from General Supply Committee contractors during the
fiscal year 1925 increased $146,576.41, totals for the fiscal years 1924
and 1925 being, respectively, $6,498,619.23 and $6,645,195.64. From
the disposition by auction of accumulated surplus and unusable
material, $63,112.81" was realized, sales by contract of salvageable
material (waste paper, etc.) amounted to $165,972.77, and receipts
from transfers to various activities of surplus articles netted
$78,028.61. Thus the receipts from the disposition of surplus property totaled 4^307,114.19, all of which was deposited in the Treasury.
The following statement summarizes these transactions for each of
the fiscal years 1924 and 1925:
Increase ( + ) or
, decrease ( - )
1924
1925
$6,498,619. 23
$6, 645,195. 64
-f $146, 576.41
179, 613. 00
130, 390. 40
150, 002. 96
63,112.81
165, 972. 77
78,028. 61
-116,c600.19
• +35,582.37
-71,974.35
460, 006. 36
307,114.19
-152,892.17
• 6.958,625:69
6,952, 309. 83
-6,315.76
a
P u r c h a s e s from General S u p p l y C o m m i t t e e c o n t r a c t o r s .
Receipts from disposition of s u r p l u s p r o p e r t y :
A u c t i o n sales.^
C o n t r a c t sales
Transfers t o G o v e r n m e n t activities
Total
G r a n d total
444
BEPORT ON T H E PINANCES
In the following tables the general activities of the General Supply
Committee are portrayed:
Value of purchases reported by executive departments under contracts negotiated by
the Secretary of the Treasury through the General Supply Committee, fiscal yearsended June 30, 1917-1925, by classes
1917 2
Class No.i
1
2
3
4.
6
6_
7
8__
9
10
11- .
12.
13 .
14
15
16-17-.
18__
19
20
_
' $556,922.62
72,929. 44
106,340. 26
47,868. 96
47,604. 65
115,387.46
85, 844. 02
60,097. 31
520,352. 64
279,391.-78
122,937.42
72, 501. 30
4,928. 88
342,123. 46
630,647. 68
2,950. 90
18,372. 40
421,869.49
131, 736. 25
96,116. 93
3, 734,923. 86
-
Total
1918
-Class No.»
1
2
3
4
5
6
7
8
9
10
11
12
13
14
16
16
17
18
19
20
-
r.
_
-
_
Total
•
-
1920
1921
$2,149,091. 04
$2,103, 974. 31 $1, 641,112. 03
$2,096,321.63
97,032.92
181, 574. 9a
113,616.94
138, 763. 59
206, 681. 43
262,145. 21
196, 087.94
78, 288. 54
102,438. 76
163,939. 37
96,875. 48
77,760.43
83,308. 2854, 671. 79
63,631.37
60, 625. 93
183, 775. 30174, 502. 43
158, 241.44
230,721. 80
48,126.03
• 31,253.09
142, 954. 84
97,432. 97
149,400.10'
100,930. 01
116,397. 28
85, 216.89
809,858. 98.
999, 664. 35
1,423,139.12
1,429,884.65
407, 640. 98458,324. 05
242,403. 59
171, 593. 89
128,896. 66
207,816. 93
41, 360. 20
188, 363. 21
148, 757. 20'
101,381. 81
121,814.71
161, 280. 90
20, 692. 25
12,831. 02
5, 262. 73
21, 269. 55
"45, 583. 09
175,893. 08
3, 234. 22
38, 297. 73
1,314, 772. 50'
2, 867,123. 80
2, 630,664. 35
1, 326, 218.87
4,444. 08
1,955. 99
3,121. 64
3, 282. 69'
26, 615. 00 N o purchases.
7, 579. 38 N o t advertised.
223, 516.451, 592, 225. 85
1, 088, 558. 88
475, 466. 85
486, 263. 77"
280,811. 04
509,022. 58
486, 719. 30
634, 976.99456,496. 38
1,486,154. 81
795, 689. 76
7,324,145. 40'
10,321,438.18
7, 627,064. 82
10,180, 021. 31
1922
-
1919
$1,371, 881. 92
87, 847. 50
190, 714. 63
179,357. 34
64,064. 59
112,954.79
124,815. 24
204, 822. 37
615,965. 55
345, 089. 87
99, 050. 86
237, 055.15
11, 289. 56
32, 451. 41
1,167, 779. 99
1, 504. 57
50,473.15
189,413. 01
464, 000.10
641, 393. 94
6,091,926.64
1923
1924 ^
$1, 395,355. 96 $1,419,197. 94
88, 299. 77
98, 555..86
187, 917.10
233,839. 35
111, 762. 45
89,481. 42
98, 682. 99
80,007. 80
191,409. 05
203, 468. 87
183,059. 86
179,341.14
192,563. 04
190, 733. 65
724,315. 31
669,787#3
382, 231. 21
408, 683. 87
104, 535.44
108, 753. 32
240,303. 40
243,486.19
3, 719. 91
7, 003.15
14,730. 42
. 22,444.69
823,926. 75
858, 537. 47
3,018. 71
1, 510. 05
76,772. 58
96, 633. 21
382,308.85
662, 764. 81
487, 259. 89 ^
512,363.95
486,180.97
457, 633. 39
6, 223,961. 89
6,498,619. 23
1925
$869,003.38113,113. 63
245,870. 79'
105, 523. 69111, 470. 86'
194,093. 22
230, 667. 23.
159,860. 70'
859, 060. 67
445,897. 01
121, 599. 64
259, 412. 90<
3,863. 47
16, 784. 68
805, 073. 74
1, 546. .47151,972. 76969,308. 68488,664. 46492, 507. 67
6,645,196.64
\
J Class No. 1. Stationery, paper articles, and drafting supplies.
Class No. 2. Hardware, metals, leather, and leather goods.
Class No. 3. Dry goods, clothing, boots and shoes, cloth bags, flags, wearing apparel, window shades, and'
cordage.
0
Class No. 4. Drugs and medicines, and chemicals.
.. ..Class Np; 5^'Laboratory apparatusand hospital apphances and surgical instruments.
Class No. 6. Electrical, engineering, and plumbing supplies.
Class No. 7. Lumber, millwork, packing boxes, building materials, and road oils and tar for road building.
Class No. 8. Brushes, glass, lubricants, fuel oils, and paints and painters' supplies.
Class No. 9. Furniture and floor coverings.
Class No. 10. Groceries and provisions, cleaner, polish, floor wax and polishing compound, scouring compound, soap and soap dispensers, meat, fish, lard, oleomargarine, and household supplies.
Class No. 11-. Forage, flour, and seed.
Class No. 12. Photographic supplies, meteorological instruments, towers, etc., and meat-inspection?
supplies.
Class No. 13. Engraving, printing, and lithographic supplies (excluding supplies for the Government.
Printing OflBce and the Bureau of Engraving and Printing).
Class No. 14. Ice.
Cla§s No. 15. Incandescent electric lamps.
Class No. 16. Incandescent gas-lamp supplies.
Class No. 17. Motor trucks, tires, tubes, and accessories.
Class No. 18. Computing, dictating, transcribing, duplicating, folding, sealing, and typewriting machines, labor-saving devices, typewriter exchange allowances, repair parts, and equipment.
Class No. 19. Electric service. •
Class No. 20. Telephone service.
2 Total purchases, all classes, for the fiscal year 1913 were $2,728,767.64; 1914, $2,382,203.62; 1916v,
$2,557,497.54: and 1916, $2,714,883.17.
445
SECRETAEY OF THE TEEAStTRT
Receipts from surplus and salvaged materials disposed of by General Supply Committee, fiscal years ending June 30, 1920-1925
A u c t i o n sales
Fiscal y e a r
Contract
sales
Transfers
Total
$17,928.37
$760,356. 74
20,186.32
989,234.26
79, 695. 35' "^="$3,"230.'46' • 685,097. 36114,492. 74 1138,129. 26
324,376. 77
179,613.00
1 130,390. 40
150,002. 96
63,112. 81 » 165, 972. 77
78,028. 61
1920
1921.........
1922..:..':
11923
1924
1926
$778, 284.11
1,009,420.67
767,923:15
576,998.76
460,006.36
307,114.19
_
1 Includes $75,000 in 1923 and 1924 and $80,000 in 1925 estimated from the sale of y7aste paper sold by the
various departments, the receipts for which do not pass through the General Supply Cornmittee but are
paid direct to selling service.
Numbers of specifications mailed by GeAieral Supply Committee, bids received, contracts entered into, items on which awards and no awards were made, and. samples
received and retained, fiscal year ended June 30, 1925
Sets of
specifications
mailed
Class No.i
1
2
3
4
5
6
7
8
9
10
11
12
13...
14
1
15
16
17
18
19
20
Total
3,340
1,866
' 1,564
400
380
2,256
680
2,061
850,
4,849
340
225
150
25
50
/ 15
540
180
1
1
—.
19,672
' See titles of classes on preceding page.
Contracts
Bids
received
Samples
received
Number
497
162
154
63
73
148
64
192
69.
432
21
52
10
4,326
759
600
50
927
397
91
. . 597
• 482
997
28
106
72
1
67
41
1
1
260
26
2,046
9,789
72
248
.73
• 84
48
48
94
50
105
32 ^
194
24
42
9
2
5
1
35
32
1
1
1,128
Award
items
Samples
retained
No award
items
2,052
1,562
1,870
463
494
302
1,103
23
988
216
1,244
132
29
661
370
275
1,367- • • - .174 ^ .
402
566
5
96
67
1,525
31
70
22
98
76
1,494
136
14
1,128
45
144
16,400
3,831
120
180
61
84
210
51
54
50
162
121
3
245
11
2
31
14
1,399
446
B.EPOE.T ON T H E EINANCES
Statement of surplus property received and issued by the General Supply Committee^
fiscal year ended June 30, 1925, by departments and establishments
Receipts
(invoice
price)
Departments and establishments
Agriculture, Department of
Alien Property Custodian
Commerce, Department of
District of Columbia
Employees Compensation Commission..
Federal Board for Vocational Education
Federal Power Commission
_
Federal Trade Commission
Government Printing Office
House of Representatives.
Interior, Department of
:
Interstate Commerce Commis.sion
Justice, Department of:...
Labor, Department of
Library of Congress
Marine Corps
National Advisory Committee for Aeronautics.
Navy Department...
Smithsonian Institution
Pan American Union
Panama Canal.
Po.st Oflice Department..
Reclaimed from salyage
State Department.State, War, and Navy Buildings
Treasury Department
United States Botanic Garden
^..
United States Railroad .'Vdministration
United States Senate
United States Shipping Board
United States Soldiers' H o m e . .
United States Tariff Commission
United States Veterans' Bureau
War Department
War Finance Corporation
$766.00
"i4,'322.'45'
1,027.80
9,478. 91
617.93
1,129. 02
7.50
1, 687.15
400. 00
519. 50
3, 306. 90
4, 394. 07
• 841.85
7, 555. 97
18,862. 85
50,100. 03
'18,'394.'54'
45,091. S3
62, 691. 77
240,995.07
Issues
Costi
Charge ^
$6,188. 56
$5,356. 21
161. 05
122. 55
6,192. 85
5,927.19
8.819.18
8,016.38
• 141. 58
126. 83
1.54
1.5^1
53. 00
39. 75
55. 00
4L25
407. 00
320.00
331. 30
254.47
6,171. 21
5,920.14
150. 21
125. 50
5, 663. 50
5,187. 53
823. 80
688.46
537. 30
397. 07
133.12
116. 72
318. 52
267. 36
2, 686.49
2,009. 66
82.13
70.30
36. 50
27.37
1, 065. 00 • 1,065.00
14,099.15
13,973.67
10,890. 72
117.15
11,901.15
10.00
10,276.47
89.78
11,193.17
7.60
43.46
261.87
3.00
468. 68
2, 647.83
3, 425. 88
2.70
40.39
217.97
3.00
451. 22
2, 599.08
3,093.47
2.02
83,890.43
78,028.61
' Original cost as shown by transfer invoices.
2 Net amount of vouchers.
Recapitulation of surplus property, stores ^account, of General. Supply Committee,
.'July 1, 1924, toJune 30, 1925'
Balance of stores as ..of Xune 30,1924 . . $1,288,232.63
Transferred to General Supply Committee during fiscal year 1925
240,995.07
Total
Net sales to Government activities
Discount allowed on foregoing
Net proceeds from auction sales
Difference between invoiced value and
proceeds from auction sales
Balance June 30,1925
1,629,227.70
Net decrease in stores during fiscal 3'ear 1926, $904,115.92.
Total........
$78,028.61
6,801.82
63,112.81
998,167.76
384,116.71
1,529,227.70
TABLES ACCOMPANYING THE REPORT ON THE FINANCES
447
TABLE A.—Public debt of the United States outstanding June SO, 1925
00
D a t e of loan
W h e n redeemable
or p a y a b l e
R a t e of
interest
Apr.
1, 1900
After A p r . 1,1930.
P e r cent
Jan., Apr., July,
2
a n d Oct. 1.
Acts of J u n e 28, 1902 (32 S t a t s . 484), a n d D e c . jjAug. 1,1906
21, 1905 (34 S t a t s . 5)
IINOV. 1,1908
After A u g . 1,1916;
on A u g . 1, 1936.
After N o v . 1.1918;
on N o v . 1, 1938.
On J u n e 1, 1961.-
T i t l e a n d authorizing act
INTEREST-BEARING
CONSOLS OF
CANAL
J u n e 1.1911
$646,250,150 00
$599, 724, 050. 00
F e b . , M a y , Aug.,
a n d N o v . 1.
do
$103.513..
54,631,980.00
48, 954,180 00
30, 000,000. 00
25, 947, 400. 00
O
50, 000. OOO 00
49, 800, 000. 00
w
130,000,000. 00.
$102,436.-
M a r . , J u n e , Sept.,
a n d Dec. 1.
$102,582-.
Jan. and July 1.
Par.
J a n . , Apr., J u l y ,
a n d Oct. 1.
Exchange.
290, 569, OOO 00
o
J a n . 1, J u l y 1,
1911-1925.
On a n d after 1
year; 20 years
from issue.
J a n . 1, 19161917.
30 years from issue.
2H
11,995,880 00
11,995,880 00
28,894,500.00
28,894,600.00
5.538,945,460.00
1,989,455,550.00
1,409,995.950.00
>
J u n e a n d Dec. 1 5 . . E x c h a n g e . 1,989,455,550.00
..do
1,989,455,550.00
568,318,450.00
5, 243, 350.00
o
555,125, 600. 00
532,788,200.00
3,492,160.00
3,492,150.00
Indefinite.
H
BONDS
LOAN
F i r s t 4's, acts of A p r . 24, 1917 (40 S t a t s . 36);
Sept. 24,1917 (40 Stats. 292), as a m e n d e d .
First 4M's, acts of A p r . 24, 1917 (40 Stats. 36);
Sept. 24, 1917 (40 Stats. 292), as a m e n d e d .
F i r s t second 4^4's, acts of A p r . 24, 1917 (40
Stats. 36); Sept. 24, 1917 (40 S t a t s . 292), as
amended.
>^
M
First 3 H ' s , act of Apr. 24, 1917 (40 S t a t s . 35).. J u n e 15,1917
$839,146, 340 00
BONDS
Act of Dec. 23,1913 (38 S t a t s . 269)
FIRST LIBERTY
$100.5116.
LOAN
Act of J u n e 25, 1910 (36 S t a t s . 817)
CONVERSION
A m o u n t issued
A m o u n t outstanding
DEBT
Acts of A u g . 6, 1909 (36 S t a t s . 117); F e b . 4,
1910 (36 Stats. 192); a n d M a r . 2, 1911 (36
S t a t s . 1013).
POSTAL SAVINGS
Amount authorized
1930
.^ct of M a r . 14, 1900 (31 S t a t s . 4 8 ) . . . .
PANAMA
Interest payable
A verage
price
received
N o v . 15,1917
May
On a n d after J u n e
15,1932; on J u n e
16, 1947.
do...
9,1918
do...
Oct. 24,1918
do...
3Hi
4
Par
..do
1,413,666,550.00
SECOND L I B E R T Y LOAN
0
g
M
1
N O V . 15,1917
Second 43^'s, act of Sept. 24, 1917 t40 S t a t s
288), as a m e n d e d .
May
9,1918
Par
7,538,945,460.00
3,807,865,000. CO
21,091,600.00
Exchange. 3,807,865,000.00
3,707, 691,960.00
3,083,467,150.00
8,192,135,000.00
4,176,660,050.00
2,885,377,360.00
12.016,484,950.00
6,964,581,100.00
6,324,481,200.00
763,962,300.00
763,962,300.00
763, 948,300.00
1,047,088,600.00
1,047,088,500.00
1.047,088, 600.00
4
4K M a r . a n d S e p t . 1 5 . Par
A p r . a n d Oct 1 6 . . . . . d o
4K . . . . d o
-..
THIRD LIBERTY LOAN
>^ Act of Sept. 24,1917 (40 S t a t s . 288), as a m e n d e d . . - . . . d o
M
g
M a y a n d N o v . 15--
On a n d after N o v .
15,1927; on N o v .
16,1942.
....do
On Sept. 15, 1928.
Second 4's, act of Sept. 24,1917 (40 S t a t s . 288) ..
FOURTH LIBERTY
LOAN
jlj
TREASURY
TREASURY
24,1918
On a n d after Oct.
15,1933; on Oct.
16,1938.
4^
Oct.
16,1922
4^
16,1924
On a n d after
16,1947; on
16.1952
O n a n d after
15,1944; on
15, 1964.
O
BONDS
Act of Sept. 24,1917 (40 Stats. 288), as a m e n d e d .
Do.....
Oct.
Dee.
-j+ Act of Sept. 24,1917 (40 Stats. 288), as a m e n d e d .
Oct.
Oct.
do....
J u n e a n d D e c . 16..
Dec.
Dec.
Par and
exchange.
...do..
O
NOTES
Act of S e p t . 24, 1917 (40 S t a t s . 288), as
amended:
Series A-1926
Series B - 1 9 2 5 . . . .
^
Series B-1926
-
E xchange.
do..... N o t exceeding
$7,500,000,000
Par and
o u t s t a n d i n g at
exchange.
a n y one t i m e .
4 H June and Dec. 16.. ...do.-..
Mai', and Sept. 15. ...do
$50,000,000.00
Jan. 1
Par....
4
4 ^ Mar. and Sept. 16.
4M June and Dec. 15..
Mar. and Sept. 15.
On M a r 16, 1926.
O n D e c . 16, 1925 .
On Sept. 16, 1926.
J a n . 15,1923
M a y 16,1923
Jan.
1,1925
Series A-1927
Series B-1927
--A d j u s t e d service series
M a r . 16,1922
J u n e 16,1922
A u g . 1,1922
On D e c . 16,1927_.
On M a r . 15,1927.
After J a n . 1, 1926;
on J a n . 1,1930.
S e p t . 15,1924
O n Sept. 15, 1925.
2H
M a r . 16,1926
J u n e 16,1926
Jan.
,1926
O n D e c . 15, 1926 .
O n J u n e 16, 1926.
On Jan. 1,1926...
3
3
4
617, 769, 70O 00
336,141,30O 00
486,940, IOO 00
615,677,900. 00
299, 659,900.00
414,922,300.00
366, 981,500. 00
668, 201,40O 00
60,000,000.00
355, 779,90O 00
668, 201,40O 0050,000,000.00
SiBFies T D - 1 9 2 5
Series T J - 1 9 2 6 .
A d j u s t e d service series
i
>
m
cl
CERTIFICATES OF INDEBTEDNESS
Act of Sept. 24, 1917 (40 S t a t s . 288),
amended:
Series TS-1926
,
tn
as
Mar. and Sept. 16. Par and N o t exceeding
exchange. $10,000,000,000
o u t s t a n d i n g at
June and Dec. 16.. ..do
a n y one time.
Dec. and June 15.. ...do
$60,000,000.00
Par
At maturity
391,369,600.00
229,576,000.00
/219,462,000.00
124,247,000.00
50,000,000.00
179,462,000.00
124,247,000.00
45,400,000.00
CO
TABLE A.—Public debt of the United States outstanding June 30, 1925—Continued
o
Title and authorizing act
Date of loan
When redeemable Rate of
or payable
interest
Interest payable
Average
price
received
Amount authorized
Amount issued
Amount outstanding
I N T E R E S T - B E A R I N G DEBT—Con.
TREASURY (WAR) SAVINGS SECURITIES »
Act of Sept. 24, 1917 (40 Stats. 288), as
amended:
Series 1921
Jan. 3,1921
Series 1921, issue of Dec. 15,1921
, Dec. 15,1921
On Jan. 1,1926....
Five years from
date of issue.
Series 1922, issue of Dec. 15,1921
do
...-do
Sept. 30,1922 . . . . d o
Series 1922, issue of Sept. 30,1922
Series 1923, issue of Sept. 30,1922
1 .-.do
....do
Dec. 1,1923 . . . . d o
Series 1923, issue of Dec. 1,1923
do
.do..
Series 1924, issue of Dec. 1, 1923.
Thrift, stamps. Treasury savings stamps, Various
Various.
etc.
Total interest-bearing debt
Per cent
3^
3^-4^1
Sold at a discount;
payable at par
3H-4H
on maturity.
3 -4
3 -4
33^-4M|
33^4H
N o n e - None
—.
Not exceeding
$4,000,000,000
outsta n d i n g
at any one
time
Par
$22, 691,716. 73
2,378, 390. 35
$11,186, 629.32
1,810,424.85
123,966, 576. 40
20,265,328.66
166,887,896. 26
28,413, 620.85
109, 707,052. 40
8,007, 596. 28
96,933.462.2515,063,033.90
134,172,088.25
24,462, 754.15
98,203, 221.35
3,868,687.28
O
O
20,210,906, 251. 35
W
M A T U R E D D E B T ON W H I C H
I N T E R E S T HAS CEASED
OLD D E B T
For detailed information in regard to the
earlier loans embraced under this head,
see Finance Report for 1876.
LOAN OF
On demand.
Various
243, 665,341.60
151,610. 26
CO
1847
Act of Jan. 28, 1847 (9 Stats. 118)
1847-1860..
Jan. 1,1868.
1851.
Jan. 1,1866-
5, 000,000. GO
19,000.00
1868-1860..
Jan. 1,1874.
20. 000,000. 00
2,000.00
18,415,000. 00 I
5,000.00
2 28, 230,350.00
TEXAN INDEMNITY STOCK
Act of Sept. 9, 1850 (9 Stats. 447)._
LOAN, OF
1858
Act of June 14, 1858 (11 Stats. 366)
LOAN OF FEBRUARY, 1861 (I8i8l's)
Act of Feb. 8,1861 (12 Stats. 129)
>
o
1861
1 Dec 31,1880.
TREASURY NOTES OF 1861
Act of Mar. 2,1861 (12 Stats. 178)
1861-1863.,
60 days or 2 years
after date.
6
35,364,450.00
2,300.00
1861-1862.
July 1,1881.,
6
1,090,850.00
2, 250 00
1861-1872..
After June 30,1881.
6
189, 321, 350 00
15,050.00
1881
Various.
i\U
127, 597, 200. 00
600. 00
1861-1862..
Aug. 19 and Oct.
1, 1864.
7A
139,999, 760 00
1862-1865.
May 1, 1867.
6
614, 771, 600. 00
105, 250. 00
1862-1868..
After 10 days* notice.
6
4, 5,6
716,099, 247.16
2, 850. 00
W
1862-1866.,
1 year after date...
6
561, 753, 241. 65
3,000. 00
>
CQ
1864-1868..
July 1, 1881..
6
75, 000, O O 00
O
Various
3^
60, 457,950.00
OREGON W A R D E B T
Act of Mar. 2, 1861 (12 Stats. 198)
LOAN OF JULY AND AUGUST, 1861
Acts of July 17, 1861 (12 Stats. 259); Aug. 6,
1861 0 2 Stats. 316).
Bonds of this loan continued at 3 ^ per cent
interest and redeemable, at the pleasure of
the Government.
'
SEVEN-THIRTIES OF 1861
Actof July 17,1861 (12 Stats. 259)
O
W
H
FIVE-TWENTIES OF 1862
Acts of Feb. 26, 1862 (12 Stats. 346); Mar. 3,
1864 (13 Stats. 13); Jan, 28, 1866 (13 Stats.
425).
TEMPORARY LOAN
Acts of Feb. 26, 1862 (12 Stats. 346); Mar. 17,
1862 (12 Stats. 370); July 11, 1862 (12 Stats.
532); June 30,1864 (13 Stats. 218).
• H
CERTIFICATES OF INDEBTEDNESS
Acts of Mar. 1, 1862 (12 Stats. 352); May 17,
1862 (12 Stats. 370); Mar. 3, 1863 (12 Stats.
710).
LOAN OF 1863
Acts of Mar. 3, 1863 (12 Stats. 709); June 30,
1864 (13 Stats. 219).
Bonds of this loan continued at 3}4 per cent
interest and redeemable at the pleasure of
the Government.
3,100. 00
100.00
ONE-YEAR NOTES OF 1863
Act of Mar. 3, 1863 (12 Stats. 710)
1864
1 year after date..
»Amounts of Treasury (War) savings securities issi^ecj arp on the bftsis of s
redemption value and include accrued discount.
2 IpcliidiRg conversion of Treasury notps.
O
5
44, 520, 000. 00
{ report?. Amounts of all §§rie? issued and outstanding, except Series 1921,
30, 070. 00
I b ^ i s o f net
TABLE A.—Public debt of the United States outstanding June 30, 1925—Continued
to
D a t e of loan
T i t l e a n d authorizing act
W h e n redeemable
or p a y a b l e
R a t e of
interest
Interest payable
Average
price
received
A m o u n t authorized
A m o u n t issued
A m o u n t outstanding
•
M A T U R E D D E B T ON W H I C H INTERE S T HAS CEASED—Continued
TWO-YEAR
N O T E S OF
1863-1864
A c t o f M a r . 3, 1863 (12 S t a t s . 710)
COMPOUND-INTEREST
PcT cent
6
2 years after d a t e . .
1864-1866
3 years from d a t e . .
TEN-FORTIES OF
157,200.00
5
196,118,300.00
18, 350 00
N o v . 1, 1869
6
125, 561,300. 00
13 950.00
* 829,992, 500. 00
o
-W
H
O
120,000.00
1864
1864-1867
A c t o f J u n e 30,1864 (13 S t a t s 218)
AND
1866
A c t s of J u n e 30,1864 (13 S t a t s . 218); J a n . 28,
1866 (13 S t a t s . 425); M a r . 3, 1865 (13 S t a t s . ll864-1868
468).
F I V E - T W E N T I E S OF
(Aug. 15, 1867
.
^ J u n e l S , 1868
[July 15, 1868.
o
1865
Acts of M a r . 3, 1865 (13 S t a t s . 468); A p r . 12,
1866 (14 S t a t s . 31).
6
203, 327,250. 00
19,850.00
6
1865-1868
332,998,950.00
55,350 00
379,618.000.00
84,050.00
N o v . 1, 1870
1865
Acts of M a r . 3, 1865 (13 S t a t s . 468); A p r . 12,
1866 (14 S t a t s . 31).
1866-1868
J u l y 1,1870
1867
Acts of M a r . 3, 1865 (13 S t a t s . 468); Apr. 12,
1866 (14 S t a t s . 31).
266,695, 440. 00
36
1864-1868....- M a r . 1, 1874
F I V E - T W E N T I E S OF
CONSOLS OF
$26, 700. 00
1864
A c t of M a r . 3,1864 (13 S t a t s . 13)
CONSOLS OF
$166,480, OOO 00
NOTES
Acts of M a r 3, 1863 (12 S t a t s 710); J u n e 30,
1864 (13 S t a t s . 218).
S E V E N - T H I R T I E S O F 1864
^
1863
6
1867-1877
July 1,1872
...
...
CONSOLS OF
1868
Acts of M a r . 3, 1865 (13 S t a t s . 468); A p r . 12,
1866 (14 S t a t s . 31).
THREE
PER
CENT
R
42, .539, 930. 00
3,800.00
Called.
••{
^ 85,155, OOO 00
5,000.00
M a y 1, 1881.
5
517, 994,150 00
22, 400 00
1868-1869
CERTIFICATES
Acts of M a r . 2, 1867 (14 S t a t s . 558); J u l y 25,
1868 (16 S t a t s . 183).
F U N D E D L O A N OF
1881
A c t s of J a n 14,1875 (18 S t a t s . 296); M a r .3,1875
(18 S t a t s . 466); J u l y 14, 1870 (16 S t a t s . 272);
J a n . 20, 1871 (16 S t a t s . 399); D e c . 17, 1873
(18 S t a t s . 1).
F U N D E D L O A N O F 1891
W
O
W
(REFUNDING)
Act of J u l y 14,1870 (16 S t a t s . 272)
S e p t . 1, 1891..
185, 000, 000. 00
4H
•
F U N D E D L O A N O F 1891
Act of J a n . 14, 1875 (18 S t a t s . 296):..
F U N D E D L O A N O F 1907
65,000,000 00
1876-1878.
w
358,750 00
F U N D E D L O A N O F 1881
30, 500, 000, 00
Called-
/•,
40, 012, 750 00
9,530 00
Various.
1879.
t^
H
/\
m
401. 504, 900.00
50.00
>
w
CERTIFICATES
Act of F e b . 26, 1879 (20 S t a t s . 321)
cj
(CONTINUED)
T h e s e b o n d s were issued in exchange for 5 per
cent b o n d s of t h e funded loan of 1881, b y
m u t u a l a g r e e m e n t b e t w e e n t h e Secretary
of t h e T r e a s u r y a n d t h e holders, a n d were
m a d e r e d e e m a b l e a t t h e pleasure of t h e
Government.
o
710,438,100 00
4
(RESUMPTION)
Act of J a n . 14, 1876 (18 S t a t s . 296).
REFUNDING
^
(REFUNDING)
Act of J u l y 14, 1870 (16 S t a t s . 272).
F U N D E D L O A N O F 1907
H
18,800 00
(RESUMPTION)
8 Interest compounded.
* including reissuk
CO
TABLE A.—Public debt of the United States outstanding June SO, 1925—Continued
T i t l e a n d a u t h o r i z i n g act
When redeemable
or p a y a b l e
R a t e of
interest
Various.
D a t e of loan
Average
price
received
P e r cent
2
Interest payable
Amount authorized
ox
A m o u n t issued
A m o u n t outstanding
M A T U R E D DEBT ON WHICH INTEREST HAS CEASED—Continued
F U N D E D L O A N O F 1891
(CONTINUED)
T h e s e b o n d s were issued in exchange for t h e
4 H per cent b o n d s of t h e funded loan of
1891, b y m u t u a l a g r e e m e n t b e t w e e n t h e
Secretary of t h e T r e a s u r y a n d t h e holders,
a n d w e r e m a d e r e d e e m a b l e a t t h e pleasure
of t h e G o v e r n m e n t .
L O A N OF J U L Y
12,
$25,412, 200. 00
$1,000. 00
305,581,250,00
200.00
O n F e b : 1, 1904....
100,000,000.00
13,050.00
On A u g . 1, 1 9 1 8 . . .
198,792,660 00
244,820 00
162,316,400. 00
1,438, 750. 00
1882
do
1882-1883.
Act of J u l y 12, 1882
L O A N OF
1904
Act of J a n . 14, 1875 (18 S t a t s . 296)..
1894.
L O A N O F 1908-1918
Act of J u n e 13, 1898 (30 S t a t s . 467).
LOAN OF
Victory n o t e s , A%, serial letters G to L .
Treasury
Treasury
Treasury
Treasury
notes,
notes,
notes,
notes,
series
series
series
series
Feb.
1,1895
After F e b . 1,1926..
Feb., M a y , Aug.,
a n d N o v . 1.
$104.4946
111. 166
Unlimited.
NOTES
V i c t o r y n o t e s , Z%
V i c t o r y notes, 4^^, serial letters .A to F
TREASURY
1919..
.do_
.do-
Called
Called Dec. 16,
1922.
M a y 20, 1 9 2 3 . . . . .
40, 300.00
2, 217,360.00
3M
4,611,06O 00
NOTES
A-1924 _
B-1924..
A-1926..
C-1925..
J u n e 16,1921
S e p t . 16,1921
F e b . 1,1922
D e c . 16,1922
On
On
On
On
June
Sept.
Mar.
June
Various.
Various.
15,1924.
15, 1924.
16, 1926.
16,1926.
6K2
4M
4H
311,191,600.00
390,706,100. 00
601,699, 600. 00
469, 213, 200. 00
366,300 00
432,000.00
1,948,300.00
17,063,100.00
CERTIFICATES OF INDEBTEDNESS
Certificates of i n d e b t e d n e s s
T o t a l m a t u r e d d e b t on w h i c h interest
h a s ceased.
H
O
H
W
1925
A c t s of J u l y 14,1870 (16 S t a t s . 272), as a m e n d ed; J a n . 14, 1876 (18 S t a t s . 296).
VICTORY
o
w
Various
711,500.00
0,242,930.26
o
Authorized to Issues or de- Authorized to
be outstanding posits, includ- be outstanding
at present time
ing reissues
at one time
DetaU
Amount
outstanding
NONINTEREST-BEARING D E B T
OLD DEMAND NOTES
$60,000,000
* $60,030,000
$53,012.50
60,000,000
Acts of July 17,1861 (12 Stats. 269); Aug. 6, 1861 (12 Stats. 313); Feb. 12, 1862 (12 Stats. 338)
* 368, 724,080
»1,995, 430.63
FRACTIONAL CURRENCY
Acts of July 17, 1862 (12 Stats. 592); Mar. 3, 1863 (12 Stats. 711); June 30, 1864 (13 Stats. 220) .
a
W
LEGAL-TENDER NOTES
Acts of Feb. 26,1862 (12 Stats. 345); July 11,1862 (12 Stats. 532); Mar 3,1863 (12 Stats. 710); May 31,1878 (20 Stats
87); Mar. 14, 1900 (31 Stats. 45); Mar. 4, 1907 (34 Stats. 1290)
$346,681,016
346, 681, 016. 00
NATIONAL-BANK NOTES (REDEMPTION ACCOUNT)
The act of July 14, 1890 (26 Stats. 289), provides that balances standing with the Treasurer of the United
States to the respective credits of national banks for deposits made to redeem the circulating notes of such
banks, and all deposits thereafter received for like purpose, shall be covered into the Treasury as a miscellaneous
receipt, and the Treasurer of the United States shall redeem from the general cash in the Treasury the circulating notes of said banks which may come into his possession subject to redemption, * * * and the balance
remaining of the deposits so covered shall, at the close of each month, be reported on the monthly public debt
statement as debts of the United States bearing no interest
Total noninterest-bearing debt
80, 014,619. 60
. . .
428, 743, 978. 63
!
Gross debt as shown on statement of the public debt June 30, 1925
' Including reissues.
o
H
Indefinite.
Total debt
Less gold reserve
460, 000, 000
„
" After deducting amounts oflBdaily estimated to have been lost or irrevocably destroyed.
20,669,893,160.24
163, 620,985. 51
M
20, 616, 272,174. 73
d
456
REPORT ON T H E
FINANCES
T A B L E B . — P r i n c i p a l of the p u b l i c debt at the end of each fiscal year, f r o m 1853 to 1925,^
^ e l u s i v e of gold certificates, silver certificates, currency certificates, a n d Treasury notes
of 1890
Interest
bearing"
June 30—
Matured
1853
1864
1855
1856
1857
1858
1869
1860
§59,642,412
42,044,617
35,418,001
31,806,180
28,603,377
44,743,256
68,333,156
64,683,256
S162,249
199,248
170,498
168,901
197,998
170,168
165,225
160,675
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
90,423,292
365,356,045
707,834,255
1,360,026,914
2,217,709,407
2,322,116,330
2,238,954,794
2,191,326,130
2,151,495,065
2,035,881,095
159,125
230,520
171,970
366,629
2,129,425
4,435,865
1,739,108
1,246,334
6,112,034
3,569,664
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1,920,696,760
1,800,794,100
1,696,483,950
1,724,930,750
1,708,676,300
1,696,685,450
1,697,888,500
1,780,735,660
1,887,716,110
1,709,993,100
1881
1882
1883
1884
1885...:
1886
1887
1888
1889
1890
Noninterest
bearing 3
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900..
Total gross
debt
Gross debt
per capita
$2.36
1.62
1.32
1.15
1.01
1.53
1.93
2.06
$158,591,390
411,767,466
455,437,271
468,090,180
429,211,734
409,474,321
390,873,992
388,603,491
397,002,510
90,682,417
524,177,956
1,119,773,681
1,816,830,814
2,677,929,012
2,755,763,929
2,650,168,223
2,583,446,466
2,645,110,690
2,436,463,269
2.83
16.03
33.56
53.33
77.07
77.69
73.19
69.87
67.41
63.19
1,948,902
7,926,547
51,929,460
3,216,340
11,426,670
3,902,170
16,648,610
6,694,070
37,015; 380
7,621,205
399,406,489
401,270,191
402,796,935
431,785,640
436,174,779
430,258,158
393,222,793
373,088,695
374,181,153
373,294,567
2,322,062,141
2,209,990,838
2,151,210,346
2,159,932,730
- 2,156,276,649
2,130,845,778
2,107,759,903
2,169,418,316
2,298,912,643
2,090,908,872
58.70
54.44
61.62
60.47
49.06
47.21
45.47
46.37
47.05
41.69
1,625,567,750
1,449,810,400
1,324,229,150
1,212,563,850
1,182,150,950
1,132,014,100
1,007,692,350
936,522,500
815,853,990
711,313,110
."...
559,804,661
42,243,766
35,588,499
31,974,081
28,701,376
44,913,424
58,498,381
64,843,831
6,723,615
16,260,555
7,831,165
19,655,955
4,100,745
9,704,195
6,114,915
2,495,845
1,911,235
1,815,555
386,994,363
390,844,689
389,898,603
393,087,639
392,299,474
413,941,255
451,678,029
445,613,311
431,705,286
409,267,919
2,019,285,728
1,856,915,644
1,721,958,918
1,625,307,444
1,578,551,169
1,555,659,650
1,465,485,294
1,384,631,656
1,249,470,511
1,122,396,584 '
39.35
35.37
32.07
29.60
28.11
27.10
24.97
23.09
20.39
17.92
610,629,120
585,029,330
585,037,100
635,041,890
716,202,060
847,363,890
847,365,130
847,367,470
1,046,048,750
1,023,478,860
1,6.14,705
2,785,875
2,094,060
1,851,240
1,721,590
1,638,890
1,346,880
1,262,680
1,218,300
1,176,320
393,662,736
380,403,636
374,300,606
380,004,687
378,989,470
373,728,570
378,081,703
384,112,913
389,433,654
238,761,733
1,005,806,661
968,218,841
961,431,766
1,016,897,817
1,096,913,120
1,222,729,350
1,226,793,713
1,232,743,063
1,436,700,704
1,263,416,913
15.75
14.88
14.49
15.04
15.91
17.40
17.14
16.90
19.33
16.66
1901
987,141,040
1,416,'620
233,015,585
1,221,572,245
15.71
1902
931,070,340
1,280,860
245,080,157
1,178,031,357
14.89
1903
914.541,410
1,205,090
243,659,413
1,169,405,913
14.40
1904
895; 157,440
.1,970,920
239,130,656
1,136,259,016
13.88
1905
895,158,340
1,370,246
235,828,610
1,152,357,095
13.60
1906
895,159,140
1,128,136
246,235,695
1,142,522,970
13.60
1907
894,834,280
1,086,815
261,257,098
1,147,178,193
13.33
1908
897,503,990
4,130,015
276,056,398
1,177,690,403
13.46
1909
913,317,490
2,883,855
232,114,027
1,148,315,372
12.91
1910
913,317,490
2,124,895
231,497,584
1,146,939,969
12.69
1 Figures for 1853 to 1885, inclusive, are taken from "Statement of Receipts and Expenditures of the
Government from 1855 to 1885 and Principal of Pubhc Debt from 1791 to 1S85," compiled from the
oflacial records of the Register's oflice. Later figures are taken from the monthly debt statements and
revised figures published in the annual reports of the Secretary of the Treasury.
a Exclusive of bonds issued to the Pacinc railways (provision having been made by law to secure the
Treasury against both principal and interest) and the Navy pension fund (which was in no sense a
debt, the principal being the property of the United States).
8 Includes old demand notes; United States notes, less the amount of the gold reserve since 1900; postal
currency and fractional currency less the amounts oflficially estimated to have-been destroyed; and also
the redemption fund held by the Treasury to retire national-bank notes of national banks failed, in
liquidation, and reducing circulation, which prior to 1890 was not included m the published debt statements. Does not include gold, silver, or currency certificates or Treasury notes of 1890 for redemption
of which an exact equivalent of the respective kinds of money or bulhon was held in ©the Treasury.
457
SECBETABY OF THE TEEASUBY
TABLE B.—Principal of the public debt at the end of each fiscal year, from 1853 to 1925,^
exclusive of gold certificates, silver certificates, currency certificates, and Treasury notes
of J?,?90—Continued
Interest
bearing ^
J u n e 30—
1911.
1912.
1913.
1914.
1915.
1916.
1917.
1918.
1919.
1920.
1921
1922
1923
1924
1923
Matured
Noninterest
bearing ^
T o t a l gross
debt
Gross d e b t
per capita
S915,353,190
963,776,770
965,706,610'
967,953,310
969,759,090
971,562,590
2,712, 549,477
11,985,882,436
25,234,496,274,
24,061,095,362
$1,879,830
1,760,450
1,659,550
1,552,560
1,507,260
1,473,100
14,232,230
20, 242,550
11,109,370
6,747,700
$236,751,917
228,301, 285
225,681,585
218,729,530
.219,997,718
252,109,878
248,8.36,878
237,503,733
236,428, 775
230,075,350
SI, 153, 984,937
1,193, 838,505
.^1,193, 047,745
1,188, 235,400
1,191, 264,068
1,225, 145,568
2,975, 618,585
12,243, 628,719
25,482, 034,419
24,297, 918,412
$12.28
12.48
12.26
12.00
11.83
11.96
28.57
115.66
240.09
228.33
• 23,737,352,080
• 22,711,035,587
22,007,590,754
20,981,586,430
20,210,906,251
10,939,620
25,250,880
98,172,160
30,241,250
30,242,930
227,958,908
227,792,723
243,924,844
239,292,747
275,122,993
23,976,250,608
22,964,079,190
22,349,687,758
21,251,120,427
20,516,272,174
221.82
209.26
200.86
188. 59
179.80
1 Figures for 1853 to 1885, inclusive, are taken from "Statement of Receipts and Expenditures of the
Government from 1855 to 1885 and Principal of PubUc Debt from 1791 to 1885," compiled from the ofiicial
records of the Register's office. Later figures are taken from the monthly debt statements and revised
figures published m the annual reports of the Secretary of the Treasury.
2 Exclusive of bonds issued to the Pacific railways (provision having been made \)y law to secure the
Treasury against both principal and interest) and the Navy pension fund (which was in no sense a debt,
the principal being the property of the United States).
8 Includes old demand notes; United States notes, less the amount of the gold reserve since 1900; postal
currency and fractional currency less the amounts officially estimated to have been destroyed; and also
the redemption fund held by the Treasury to retire national-bank notes of national banks failed, in liquidation, and reducing circulation, which prior to 1890 was not included in the pubUshed debt statements.
Does not include gold, silver, or currency certificates or Treasury notes of 1890 for redemption of which
an exact equivalent of the respective kinds of money or bullion was held in the Treasury.
60501—FI 1925t
50
TABLE C.— United States interest-bearing debt outstanding at the end of each month from February 28, 1917, to August SI, 1926
Ol
00
[000,000 omitted)
Date
Prewar
loans
First
3i's
First
4»s
First
4i's
First
Second
second Second 4i's
4's
4i's
Third
4i's
Total
F o u r t h Liberty
4i's
bonds
Treasury
bonds
19471962
Victory
4|'S
Victory
3i's
Treasury
notes
Loan
Special Treasand tax Pitt- certifiury
certifiman
(war)
cates
cates
Act
savof inof in- certifi- debted- ings
debted- cates
securiness
ness
ties!
Total
shortterm
debt
Total
interestbearing
debt
0
1917
Feb. 28...
Mar. 31. .
Apr. 30...
May 3 1 . . .
June 30
July 3 1 . . .
Aug. 3 1 - .
Sept. 3 0 . .
Oct 31
N o v . 30
Dec 31
1918
Jan. 311..
Feb. 28...
Mar 31
Apr. 30...
May 3 1 . . .
June 3 0 . .
July 3 1 . . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
N o v 30
Dec 31
1919
J a n . 31
F e b . 28
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
J u n e 30
July 3 1 . . .
Aug. 3 1 . .
Sept. 3 0 - .
Oct. 3
FRASER 1 . . .
S973
1,023
1,023
1,024
974
974
974
974
974
974
974
• $265
668
273
550
1,076
2,315
1,879
691
..
$265
668
273
$14
550
1,076
2,315
1,879
705
$973
1,023
1,288
1,692
2,713
2,503
3,447
4,026
5,533
7,643
7,116
185
45
87
144
203
260
350
558
670
760
847
908
975
1,429
2,556
3,395
4,139
2,836
2,056
2,703
3,569
4,884
4,194
3,180
4,231
8,196
9,324
10,164
11,112
12,579
11,986
13,179
14,356
15,633
18,335
19,151
20,821
302
175
177
111
111
182
35
43
34
16
1,013
1,005
993
981
966
954
942
932
919
910
$1,466
1,529
• 1,923
1,976
1,977
1,977
1,987
$267
2,813
3,450
$1,466
1,529
1,923
1,976
2,244
4,790
5,437
974
1,987
974
1,987
974
1,987
966
1,987
966
1,986
966 2 1,989
962 a 1,989
898 2 1,989
898 s 1,989
893 2 1,989
i;414893
1,414
893
$246
3,044
3,228
3,778
4,153
4,146 • " ' $ 1 9 '
4,100
3,524
4,054
5,423
4,054
6,042
5,793
5,794
5,795
6,007
8,777
8,964
9,514
9,889
9,851
13,248
15,078
15,697
1,384
2,469
3,251
3,936
2,516
1,516
2,145
2,820
4,098 ' " " $ 2 6 '
3,286
61
2,183
74
2,966
105
6,745
6,913
6,809
6,810
6,809
6,795
6,785
6,714
6,680
6,614
16,403
16,522
16,349
16,334
16,319
16,304
16,294
16,219
16,122
16,029
4,230
5,504
5,414
5,988
4,944
3,264
3,314
3,938
3,462
3,462
883
883
883
883
883
883
883
883
883
883
1,414
1,414
1,414
1,410
1,410
1,410
1,410
1,410
1,410
1,410
Digitized for
$191
190
$384
385
3,806
3,807
3,808
3,774
3,747
3 3,747
8 3,747
3 3,747
8 3,697
3 3,635
822
821
190
190
188
183
179
168
166
166
164
160
385
385
383
388
392
403
405
406
408
411
821
821
810
785
718
704
695
688
680
658
$3"
3
3
3
3
3
3
$2,'790*
2,791
2,792
2,792
2,772
2,782
2,849
2,862
2,871
2,879
2,846
2,869
4,056
4,007
3,973
3,973
3,959
3,959
3,959
3,954
3,931
3,904
%
4 $123
*2,279
«3,468
«3,892
<4,114
M,278
M,414
123
130
157
167
179
196
220
241
256
$60
190
79
iK
6,668
22,954
6,814
24,219
6,727
23,959
7,360
24,577
8,467
25,669
8,047
25,234
8,379
25,556
9,247 . 26,349
8,934
25,939
9,058
25,970
Nov. 30..
Dec. 31...
883
883
1,410
1,410
147
140
404
411
3
3
577
573
2,860
2,864
3,826
3,781
6,594
6,574
15,821
16,746
1920
Jan. 31...
Feb. 29...
Mar. 31...
Apr. 30...
M a y 31...
June 30..
July 31...
Aug. 31..
Sept. 30..
Oct. 31...
Nov. 30..
Dec. 31...
884
884
884
884
884
884
884
884
884
884
. 884
884
1,410
1,410
1,410
1,410
1,410
1,410
1.410
1,410
1,410
1,410
1,410
1,410
139
139
132
115
97
60
55
48
43
37
33
30
410
409
415
425
442
473
484
491
497
502
606
509
3
3
3
3
3
3
3
3
3
3
3
570
569
541
403
294
240"
209
189
170
153
17
3
125
2,849
2,837
2,863
2,930
3,046
3,085
3,116
3,136
3,154
3,171
3,187
3,198
3,747
3,739
3,720
3,710
3,078
3,663
3,661
3,659
3,650
3,649
3,649
3,647
6,559
6,535
6,533
6,515
6,414
6,395
6,394
6,394
6,366
6,365
6,364
6,364
1921
Jan. 31...
Feb. 28...
Mar.SL..
Apr. 30...
May3L..
June 30..
July3L..
Aug. 31..
Sept. 30..
Oct. 31...
Nov. 30..
Dec.3L..
884
884
884
884
884
884
884
884
884
884
884
884
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
28
26
25
23
20
18
17
17
16
16
15
15
611
513
514
516
519
521
522
522
523
523
524
524
3
3
3
3
3
3
3
3
3
3
3
3
116
109
102
97
87
78
75
73
70
68
66
64
3,207
3,213
3,220
3,222
3,230
3,239
3,241
3,243
3,244
3,246
3,248
3,249
3,646
3,646
3,645
3,644
3,643
3,611
3,611
3,610
3,610
3,609
3,609
3,593
6,363
6,362
6,360
6,359
6,357
6,365
6,354
6,353
6,353
6,351
6,350
6,349
15,284
15,282
15,279
15,274
15,269
15,235
15,233
15,231
15,229
15,226
15,225
15,207
3
268
259
57
57
903
896
9,173
8,966
25,877
25,595
$818
803
796
791
785
774
744
15,687
15,641
15,617
15,571
15,384
15,335
15,332
15,330
15,293
15,290
15,289
15,286
i
3,260
125
936
278
734
837
486
433
571
348
337
475
300
259
259
259
259
259
259
259
259
269
259
259
259
88
107
10
3
1
269
24
20
880
876
864
853
840
827
816
806
795
784
772
757
8,853
8,637
7,954
8,252
8,408
7,842
7,769
7,877
7,676
7,651
7,766
7,575
25,424
25,162
24,455
24,707
24,736
24,061
23,985
24,091
23,853
23,825
23,939
23,745
711
686
678
673
661
641
615
602
567
537
498
455
2,351
2,484
2,476
2,548
2,572
2,460
2,322
2,542
2,307
1,932
2,162
2,083
259
254
247
239
227
216
209
194
172
146
126
113
33
33
33
33
33
33
33
33
744
733
722
713
703
694
687
679
672
664
657
651
7,688
7,654
7,578
7,602
7,657
7,618
7,418
7,565
7,662
7,089
7,255
7,097
23,756
23,820
23,741
23,760
23,710
23,737
23,535
23,680
23,675
23,199
23,364
23,188
14,493
'4,494
3,490
3,464
3,423
3,396
3,361
3,273
3,241
3,204
3,152
3,108
3,110
3,093
$311
311
311
702
702
702
702
33
33
33
33
1922
654 7,063
884
113
702
23,1.52
14
1,410
524
6,349
2,081
124
62 3,251 .3,592
389
Jan. 31...
3
1,304
23,239
1,825
Feb. 28...
1,410
3,591
6,348
937
333
97
14
656 7,152
884
525
3
61 3,261
1,913
22,904
1,569
Mar. 31...
6,843
1,410
6,347
326
3,253
3,567
296
89
13
660
884
525
3
.59
1,921
22,955
1,661
6,929
Apr. 30...
317
1,410
3,532
6,347
666
83
281
13
884
525
3
58 3,254
1,921
1,660
6,900 22,900
317
1,410
MaySL..
3,255
3,507
6,346
671
77
13
884
626
3
56
254
2,247
991
6,745 22,711
1,410
3,256
3,474
6,345
74
June 30..
(^)- 2,256 1,754
679
13
884
526
3
55
1,764
981
1,410
3,474
6,345
71
July3L..
690 6,752 22,717
12
884
526
3
54 3,257
2,743
22,798
1,493
839
1,410
3,474
6,345
58
Aug. 31..
698 6,831
12
884
527
3
52 3,258
2,743
22,564
1,299
806
Sept. 30..
6,609
1,410
3,251
3,472
6,345
48
713
12
884
627
3
51
2,743
22,826
1,001
658
Oct. 31...
1,410
6,343
3,459
$742
38
12
884
627
3
724 6,164
50.. 3,232
2,718
983
596
6,337
Nov. 30..
6,047 22,709
1,410
764
3,456
24
884
12
527
3
49 3,220
726
3,160
22,483
1,075
'851
Dec. 31...
764
6,331
1,410
3,448
884
11
528
3
48 3,221
732 5,835
il
»Amounts of the series of 1918, 1919, 1920, and 1921 (except issue of Dec. 15,1921) are on the basis of reports of sales or of cash receipts less amounts redeemed. All other
series are on the basis of reports of sales or of cash receipts plus accrued discount less amounts redeemed, the amounts outstanding being the net redemption value. Includes net
receipts from the sale of thrift stamps and Treasury savings stamps.
2 Separate figures'for first 3i's and first 4's not available.
•
8 Separate figures for second 4's and second 4J's not available.
* Separate figures for Victory A%'s and Victory 3M's not available
» Matured June 15,1922
Ol
TABLE C.—United States interest-bearing debt outstanding at the end of each month from February 28,1917yto August 31, 1925—Contmued
[000,000 o m i t t e d ]
Date
1923
Jan. 3 1 . . .
Feb. 28...
Mar. 31..
Apr. 30..
M a y 31.June30..
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 31__
Nov. 30..
Dec. 3 1 . .
1924
Jan. 31...
Feb. 29..
Mar. 31..
Apr. 3 0 . .
May 31..
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 - _
Nov. 30..
Dec. 3 1 . .
1925
J a n . 31
Feb. 28..
Mar. 31..
Apr. 3 0 . .
May 31..
June 30-.
July 31...
Aug. 3 1 . .
Loan
Treasa n d tax P i t t - Special
ury,
certifiT r e a s - certifiman
(war)
cates
cates
Act
ury
savof in- certifi- of inings
notes
debted- cates debted- securiness
ness
ties 1
Total
shortterm
debt
Total
interestbearing
debt
$3,522
3, 523
3, 522
3,522
4,176
4,104
4,088
4,087
4,055
4, 0 5 r
4,050
4,046
$1, 065
1,055
1,109
1,073
1,073
1,032
1,005
982
941
941
941
920
$291
311
321
327
332
337
342
347
351
356
360
379
$5,.721
6,730
5,753
5, 691
6,581
6,473
5,435
5,396
5,347
5,348
5,351
5,345
$22,359
22,368
22,390
22,327
22,186
22, 008
21,959
21,902
21,-834
21,801
21, 779
21,643
920
903
750
750
750
376
389
397
403
408
413
422
421
419
417
416
415
5,341
5,338
6,193
5,199
5,-204
4,966
4,965
4,964
4,976
4,971
4,944
4,041
21,574
21,521
21,357
21,354
21,287
20,982
20,991
20,981
20,983
20,978
20,951
20,712
393
391
390
388
387
386
385
384
4,119
4,105
3,766
3,763
3,761
3,369
3,366
3,369
20, 789
20,658
20,608
20,605
20,603
20,211
20,199
20,166
Second
4^'s
Third
4^'s
Fourth
4M's
$528
528
528
528
528
628
529
529
530
530
530
530
$47
46
45
45
44
43
42
41
38
34
33
32
$3, 221
3,222
3,223
3,223
3,224
3,166
3,157
3,157
3,160
3,164
3,165
3,074
$3,440
3,440
3,439
3,439
3,409
3,408
3, 397
3,381
3,362
3,329
3,305
3,267
$6,330 $14,990
6,330 14,990
6,330 14,989
6,330 14,988
6,329 14,967
6,329 14,887
6,328 14,876
6,327 14,858
6,327 14,839
6,327 14,805
6,326 14,780
6,326 14,650
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
530
531
531
531
531
531
631
531
631
531
531
631
32
32
31
30
29
29
28
28
27
27
27
26
3,074
3,074
3,074
3,076
3,076
3,076
3,077
3,077
3,077
3,077
3,077
3,078
3,203
3,153
3,135
3,126
3,054
2,997
2,997
2,988
2,979
2,979
2,979
2,887
6,325
6,325
6,325
6,325
6,325
6,325
6,325
6,325
6,325
6,325
6,325
6,325
14,585
14, 535
14,516
14, 507
14,435
14,378
14,378
14,369
14,359
14,359
14,359
14,267
764
764
764
764
764
764
764
764
764
764
764
764
$766
4,046
4,046
4,046
4,046
4,046
3,735
3,735
3,735
3,358
3,358
3,358
3,083
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
532
532
532
532
533
533
533
533
26
25
25
24
22
21
21
21
3,078
3,079
3,079
3,080
3,082
3,083
3,084
3,084
2,886
2,886
2,886
2,886
2,886
2,886
2,875
2,849
6,326
6,325
6,325
6,325
6,326
6,325
6,325
6,325
14, 266
14,266
14,266
14, 266
14, 266
14, 266
14, 266
14, 230
764
764
764
764
764
764
764
764
757
757
1,047
1,047
1,047
1,047
1,047
1,047
3,133
3,132
2,810
2,810
2,810
2,404
2,404
2,404
First
3H's
$884
884
884
884
884
884
884
884
884
884
884
884
$1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
1,410
884
884
883
766
766
766
766
766
766
766
Total
Liberty
bonds
O
Treasury
bonds
19441964
Second
4's
Prewar
loans
884
884
First
F i r s t First sec4^i's o n d
4's
4^'s
Treasury
bonds
19471952
$11
11
11
10
10
10
10
10
9
Victory
4^'s
$843
•841
801
769
$764
764
764
764
764
764
764
764
764
764
764
764
Victory
3M's
1,199
1,196
1,170
643
3
3
3
3
3
8
3
582
566
565
564
579
577
571
i A m o u n t s of t h e series of 1918, 1919, 1920, a n d 1921 (except issue of D e c . 15, 1921) are on t h e basis of r e p o r t s of sales or of cash receipts less a m o u n t s r e d e e m e d .
All o t h e r series
are on t h e basis of reports of sales or of cash receipts p l u s accrued discount less a m o u n t s redeemed, t h e a m o u n t s o u t s t a n d i n g being t h e net r e d e m p t i o n v a l u e . I n c l u d e s n e t receipts
from t h e sale of thrift s t a m p s a n d T r e a s u r y savings s t a m p s .
» M a t u r e d M a y 20, 1923.
8 I n c l u d e s a d j u s t e d service series.
y>
•
•
O
O
K
>
o
TABLE D . — Unmatured Liberty bonds. Treasury bonds, and Victory notes outstanding from June 30, 1919, to August 31, 1925, classified by
denomination and form
[000 omitted]
Date
June 30
June 30
Dec. 31
June 30
Dec. 31
June 30 .
Dec. 31
June 30
July 31.
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec.31
Jan. 3 1 . . .
Feb.29....
Mar.31
Apr. 30
May 31.
$50
$1,995, 251
1,814,120
$100
$500
$1,000
$5,000
$10,000
$50,000
$100,000
$2, 672, 569 $1,800, 678 $7,938, 079 $1, 271, 070 $2, 653,470
2, 576, 529 1,870,411
8, 568, 804 1, 404, 955 3,022,920
$192,150
231,150
$601, 500
766,100
Denomination unavailable
Registered
Coupon
$1, 750 $19,126, 517
I 15,419 20, 239, 570
$2, 508,571
3,106,930
$16,617,946
17,132, 634
in
1920
1, 526,353
1,369,187
2, 348, 025
2,234,009
1,808,337
1,809, 547
8,033, 514
8,015, 654
1,400, 675
1,468, 750
3,115, 740
3,331, 420
255, 850
275, 200
879, 300
1,005, 200
213, 407
2,794
19, 581, 201
19, 511, 761
3, 515,714
3, 827,438
16, 065,487
15,684,323
1,127, 643
1, Oil, 947
2, 019,466
1,856,281
1,747, 448
1,667,767
7,387, 231
7,135,799
1,572,490
1,581,095
3,855,080
4,064,260
289,300
284, 800
1,149, 000
1,153, 300
1,390
197
19,148, 948
18, 755,446
4,117, 754
4,091,368
15, 031,194
14, 664,078
855, 744
677,932
1, 593,331
1, 288,135
1,479,495
1,268,849
6,198,056
5,762,464
1,457,020
1,462, 695
4,108.200
4,706,130
270,250
271,050
1,110, 700
1,161, 200
2 16,970
17, 072,796
16,615,425
3,838,919
3, 644,313
13,233,877
12, 954,142
564.194
657, 525
551, 722
546,361
540,197
534, 078
528.195
1,100,602
1, 091,016
1, 082, 429
1, 074, 362
1, 065, 548
1, 056, 226
1, 047,161
1,141,864
1,137,616
1,133, 235
1,129,186
1,124,870
1,119,599
1,113,409
6,376, 663
5, 362, 020
5, 337, 290
5, 309, 625
5, 287, 684
5, 262, 739
5,214, 648
1,394,885
1,392,635
1.391,325
1,389, 585
1,386, 745
1,382, 730
1,376,610
4,539.170
4, 559, 920
4, 576, 290
4, 595,870
4, 695,150
4,611, 040
4,527, 230
272, 050
273, 850
275, 050
276, 650
276,150
281, 200
283,100
1, 261, 700
1, 265, 400
1, 274, 900
1, 281,100
1, 293, IOO
1, 296, 400
1, 324, 400
15, 651,108
15, 639, 981
15, 622, 241
15, 602, 739
15, 569, 444
15,544,012
15, 413,653
3,644,315
3, «50, 937
3, 661, 970
3, 671,815
3, 682, 263
3,694,913
3, 729. 221
12, 006, 793
11, 989, 044
11, 960, 271
11, 930, 924
11,887,181
11,849,099
11, 684, 432
620,497
513,581
506, 633
498, 145
488, 252
479, 337
470, 577
463,786
457. 073
450, 571
445, 435
439,391
1, 035,871
1, 025, 930
1,015,172
1, 001, 764
984,629
968, 936
953, 530
941,836
931,056
919. 687
910,590
901,991
1,107,
1,101,
1, 096.
1, 086,
1, 072,
1, 060,
1,048,
1,039,
1, 030,
1,020,
1,013,
1,012,
178,171
148, 940
126, 944
077,159
013, 071
955, 525
903, 230
857,877
776,822
734,677
701, 726
736,301
1,385, 730
1,381,495
1,379,810
1,382,285
1,373.080
1,363,840
1, 358, 265
1,351,750
1,347,810
1,342,175
1,341,646
1,442,800
4,531,470
4, 634, 670
4,653,340
4,610,640
4,700,860
4, 763, 710
4,857,960
4. 920.850
5,019,550
5,090,070
5,145, 430
5,486,690
287, 250
289,850
283, 850
280, 750
280, 250
277, 350
274,350
274,850
273, 700
274,300
272.250
276,400
1,302,500
1,303,400
1,318, 500
1, 333,100
1,286, 600
1,272,600
1, 274, 900
1, 283,200
1, 287, 200
1,290,900
1,292,300
1,311,300
15, 348,835
15,298,832
15, 279, 914
15, 270, 643
15,199, 061
15,141, 756
15,141, 750
15,133,496
15,123,317
15,123,313
15,123, 309
15, 786, 739
3, 718, 670
3, 719, 220
3, 720, 639
3,729,710
3, 675,333
3,650, 772
3, 637,696
3, 638,828
3, 637,359
3, 638,196
3, 632,404
3, 652, 938
11, 630, 266
11,579,612
11, 559, 375
11,640,933
11, 523, 728
11, 490, 984
11,504,054
11,494,668
11,.485, 958
11,485,117
11,490,906
11,952,295
1921
1922
1923
:_
o
>
Ui
1924
July 31
Aug. 31
3ept. 30
Oct. 31
Nov: 30
....
Dec.31
i This amount should be deducted from the aggregate denominational totals to equal the grand total of $20,239,570.
' Treasury bonds, included in total column, not separated into registered and coupon.
O
2 181,606
d
TABLE D . — Unmatured Liberty bonds. Treasury bonds, and Victory notes outstanding from June SO, 1919, to August 31, 1925. classified by
denomination and form—Continued
[000 omitted]
Date
$60
$100
$500
$1,000
$5,000
$10,000
$1,008,910
1,005,510
1,003,931
998,061
992,523
986, 395
980,129
976,343
$4,723,449
4,707, 422
4,710,310
4,669,881
4,653,401
4, 618, 919
4,589,466
4,666,069
$1,446,165
1,445, 296
1,482, 896
1,476,075
1,476,180
1,465, 630
1,458,160
1,463,136
$5, 681,510
5, 691, 620
5,836, 400
6, 876, 720
6,886,280
6, 934,000
5,947,830
5,966, 760
$60,000
$100,000
Denomination u n available
Total
Registered
$16, 786,843
15, 786,843
16,076,994
16,076,984
16,076,984
16,076,974
16,066,970
16, 040,970
$3,671,431
3,693,918
3,712, 223
. 3,733,442
3, 731, 543
3, 725,897
3,742, 662
3,746,273
Coupon
1925
Jan.31
F e b . 28
M a r . 31
A p r . 30
M a y 31
J u n e 30
J u l y 31
A u g . 31
$434,123
430,210
425,446
420.116
416,308
410, 649
406,188
402,669
$893,946
887,836
881,163
872,931
864,692
856,281
848,798
842,764
$276,760
277,650
277,850
280,400
278,900
278,500
277,200
275, 960
$1,322,000
1,341,400
1,459,000
1,483,800
1,510, 700
1, 626, 700
1, 569, 200
1,568,300
$12,115,412
12,092,925
12,364, 771
12, 343, 542
12,345, 441
12,351,077
12,324,308
12, 295,697
o
H
o
W
>
TABLE E.—Public debt retirements for the fiscal years 1918 to 1925, on basislof daily Treasury statements, revised ^
Title
P R E - W A R LOANS
C o m p o u n d interest notes
Consols of 1865
Consols of 1867
Consols of 1868
F i v e - t w e n t i e s of 1862
F i v e - t w e n t i e s of 1864
F u n d e d loan of 1891
F u n d e d loan of 1891,
continued
F u n d e d loan of 1907
L o a n of J u l y a n d A u g u s t ,
1861
Loanofl90&-1918..
L o a n of 1926
Old d e m a n d notes
One-year notes of 1863
One-year T r e a s u r y notes
P a n a m a C a n a l loan of 1911
R e f u n d i n g certificates. _ .
Seven-thirties of 1861
Seven-thirties of 1864-65.
Ten-forties of 1864 _
Texas indemnity stock. _
T w o - y e a r notes of 1863...
T o t a l pre-war l o a n s . .
Rate
1918, 1919 2
1922
1921
1920
Per
cent
6
6
6
6
6
6
4M
50.00
1,160 00
2
4
3,000.00
98,750. 00
22,960.00
3,600. 00
3
63,009,460 00
1,000.00
416,140. 00
143, 200. 00
0
5
3
3
140 00
4 0 00
46,612,000. 00
$350 00
$130.00
100.00
$200. 00
$220.00
$220.00
8,000000
6,000.00
100.00
430 00
100; 00
60.00
60O00
441,170 00
600.00
6, 200. 00
960.00
13,560.00
1, 360.00
50, 620. 00
29,720.00
29,260.00
22, 240 00
117,061,150 00
20.00
20.00
720. 00
5
5
5
$70.00
500.00
109,625,860.00
k
$20.00
1,800.00
1,600.00
100.00
IOO 00
Total
1926
1924
1923
80.00
60.00
1, OOO 00
100. 00
161,580 00
57,140. 00
20.00
200,000. 00
130 00
60.00
8 560.00
200.00
246, 220 00
30 00
630 00
80 00
44,060. 00
117,076,07O 00
86,000,000. 00
736,600,000.00
$1,210.00
1,800. 00
9,70O 00
6, IOO 00
200.00
50.00
2,150.00
3, OOO 00
147,350. 00
1, OOO 00
63,700, 640. 00
117,051,160.00
140.00
130. 00
46,512,000. 00
200,000. 00
2,030. 00
50. 00
IOO 00
200. 00
1, OOO 00
100. 00
227,640, IOO 00
1,141,500,000. 00
LOANS S U B S E Q U E N T TO
A P R . 6 , 1917
Certificates of i n d e b t e d - / N o n - 1
37, 625, OOO 00
39,009, 20O 00
47,457,500.00
\int.
4, 768,000,000. 00 7, 243, 381,190 00 2,039,118,810 00
2
Do..-_..
163, 273,768. 63
149, 794,400.00
766,190 00
Do
Do
3 66, OOO 00
233,146,632.00
Do
66, OOO 00
211,485, IOO 00
Do
8 1,000.00
860,001, OOO 00
Do
3H
Do
3^
86,026, 600. 00 2,916,140, 50O 00
Do4
4, 249,253,500. 00
Do
69, 500. 00
603,559, 500. 00
4M
Do
713,980, 500.00
4 ^ \2, i l l , 666, 500. 65 7,143,147,300. 00
¥
141,875,000.00
74,000, OOO 00
3,068,000,000. 00
949, 000, OOO 00
31,000,000. 00
843,106,000. 00
116, 201, OOO 00
107,000. 00
463,687,000.00
319,748, 600. 00
10.000,000. 00
267, 609, 500. 00
423,064, 600. 00
—
^
57, 600.00
180,181,000.00
511,186,000. 00
403,624, 500. 00
320,438, 600.00
H
>
124,091,700. 00
15,493,876, OOO 00
4,098,324,358. 53
354,856,000. 00
354,855,000. 00
40,000, OOO 00 1,263,081,632. 00
211,561,100. 00
1,313,744, 600.00
499,995,000. 00
65, 50O 00
9,019,295,000.00
406, 683, 600. 00
1, 604, 599,500. 00
214,635, 60O 00
862,000. 00 20,717,256,300.00
* The figures in this table are on the basis of daily Treasury statements, revised, and take into account reports of receipts and expenditures received subsequently to the close
of the fiscal year. Therefore, they differ somewhat from the figures published in the daily Treasury statement which goes to press immediately after the close of the fiscal year.
* For details for each fiscal year, see annual report for 1924, page 369.
Deduct.
Ul
o
w
CO
TABLE E.—Public debt retirements for the fiscal years 1918 to 1925, on basis of daily Treasury statements, revised—Continued
Title
Rate
1918, 1919
1920
1922
1923
1924
,1926
Total
LOANS SUBSEQUENT TO
APR. e, 1917—continued Per
cent
4M
Certificates of indebtedDo
5
Do
5M
Do
5H
Do
5^
Do
6
First Liberty loan bonds.
3H
First Liberty loan bonds,
convertible
4
Do:....
43^
Second Liberty loan
bonds
Second Liberty loan
bonds, convertible
4K
Third Liberty loan bonds
43^
Fourth Liberty loan
bonds
AH
Victory Liberty loan
notes
\ 3M
Treasury bonds of 19471962
^H
Treasury notes
4H
Do
4H
Do
4H
Do..
4^
Do
6H
Do...
5%
Treasury savings certificates, series 1921
(Dec. 16,1921)
Treasury savings certificates, series 1922
(Dec. 15,1921)
Treasury savings certificates, series 1922
(Sept. 30, 1922)
Treasury savings certificates, series 1923
(Sept. 30,1922)..:•.....
Treasury savings certificates, -series 1923
(Dec. 1,1923)_.
$47,019, 60O 00 $1,067,664,000.00
23, 687, 50O 00
79,016,000. 00
1, 600, 000. 00
169,007,500 00
249, 000, 000.00
225,439, OOO 00
1,063,131, 50O 00
251,279,000. 00
160. 00
$656, OOO 00
4,003,050.00
14, 862, 000. 00
17,475, 700.00
550. 00
199,300. 00
$319, 500. 00
124, 263, 000. 00
116,826, 500. 00
1,077,941,000.00
482,492, 000. 00
924,743,950.00
72, 200. 00
$54, 500. 00
302, 500. 00
182,900,500 00
264,663,000.00
1,144, 000. 00
439, 000. 00
3, 000. 00
$10, 500. 00
7,000. 00
39,000. 00
60, OOO 00
28,000. 00
35,000. 00
50. 00
$6,000. 00
2, COO. 00
17, 500. 00
5,000. 00
23, 500. 00
3, 050. 00
$1,105,063,000.00
227, 275, OOO 00
470,375, 500.00
1,817,020,500.00
1, 546,800, 600. 00
1,176, 620,450.00
78,460. 00
300.00
342, 550. 00
1, 200. 00
75, 350. 00
239,400. 00
2,050. 00
16, 620,060.00
22,337,400.00
69,060,000.00
10,007, 700. 00
1, 000.00
172, 357,600. 00
216, 596,000.00
231,142, 700. 00
296, 338, 250. 00
8,769,450.00
51,165, 50O 00
6,938,850.00
137,772,300. 00
111, 538,150. 00
66,000, 750. 00
94,449,650.00
410,687,300.00
28,400. 00
111,822,600.00
624,224,800.00
1, 290,272,700.00
165,000,000.00
405, 221, 500. 00
249,006,600. 00
39,499,250.00
332,587, 450. 00
9,476,600. 00
1,907,986,250.00
16,818, IOO 00
1,911,442,400. 00
4,070,100.00
80,639,850 00
14,350. 00
6,941.850. 00
640,099,900.00
4,488,604,300.00
8, OOO 00
62,463,600.00
24,161, 500.00
42,320,300.00
4,276,100.00
10,026, 000.00
103, 000.00
6,000.00
9, 564,200. 00
11,319,-900. 00
32,063, 500. 00
2,059, 300. 00
3,000,000. 00
298,966,100. 00
388,967, 90O 00
595,407, 600. 00
377,249,100.00
11,767,200.00
14,000.00
72,017,800.00
35,481,400.00
463,351,700.00
601,743,000. 00
390,274,100.00
310,836,300.00
141,340.00
199, 742. 40
146, 624. 20
80, 258. 90
567,965. 60
1,315,860. 00
10,496,843.05
8,913,127. 90
6,307, 290. 20
27,033,121.16
1,644,36L45
2,287,'454. 80
1,280,478. 40
5,212,294.65
3, 596, 338.85
17,390, 748. 96
10,728,719. 20
31,715,807.00
1,788,734-05
2,162,132. 65
3,950,866.70
22,100. 00
79,081,450.00
O
n
o
W
Ul
T r e a s u r y savings certificates, series 1924
( D e c . 1,1923).
:...
W a r savings certificates,
thrift a n d
Treasury
savings stamps
T o t a l loans s u b sequent to Apr.
6, 1 9 1 7 . . . :
Fractional currency
Federal
reserve
and
n a t i o n a l b a n k notes:
Redemption account..
Gold reserve increase
against U n i t e d States
notes
Total....
G r a n d total
2,864,032. 20
137,019,671.43
199,818,880.44
11, 503.831.05
45,329,117. 50
23,424,164.50
83,958,660. 52
527,870,254.12
64,043,728,98
21, 661,940.49
1,184,104,999 16
9,144,161,113.18 6,922,879,510 52
* 689. 69
942. 40
7,889,459,089. 87
886.82
3, 272, 566,801. 08
1, 276. 64
3, 700,619,218. 69
774.41
71, 331,750,275. 74
9,071. 07
74,414,564.00
33,084,377. 50
68,974,392. 00
389,939,116.50
641,959.88
23,389,486,853.43 17,012, 577, 688.97
3,253. 33
1,247.78
159,731,963.18
8,639,798.85
37,460, 631.00
107, 251,870. 00
Ul
23,425,412. 28
45,332,370. 83
37,461, 320. 69
107, 252,812. 40
23,644,445,084. 26 17,036,444, 271. 25 * 9,181, 774,013.87 7,030,189,462. 92
74,415,450. 82
7,964,119,760 69
33, 085,654.14
3,305, 696, 515. 22
69,617,126. 29
3,887,311,414. 98
641,959. 88
390, 590,147. 45
71,949,980, 523.19
o
H
RECAPITULATION
Pre-war l o a n s . . .
Loans subsequent
to
Apr. 6,1917...
Fractional currency and
F e d e r a l reserve a n d
national bank notes....
Grand total.
$441,170. 00
$151, 580. 00
$57,140. 00
$245,220.00
$44,060. 00
$117,075,070.00
$227,640,100. 00
o
|23,389,486,853.43 17^ 012, 577,688. 97
', 144,161,113.18
6,922,879, 610. 52
7,889,459,089.87
3,272, 566, SOL 08
3,709,619,218. 69
71,331,750,275. 74
H
$109, 625,869.00
37,461,320.69
107, 252,812. 40
74,415,450 82
33, 085, 654.14
23,544,445,084. 26 17,036,444, 271. 25 ^ 9,181,774,013.87
7,030,189,462. 92
7,964,119,760. 69
3,305,696, 516. 22
45,332,370. 83
23,425,412. 28
69, 617,126. 29
3,887,311,414.!
390, 590,147. 45
71,-949,980, 623.19
i
l>
A N A L Y S I S O F P U B L I C D E B T R E T I R E M E N T S AS T O S O U R C E S , E T C .
Ul
d
Sinking fund
P u r c h a s e s of L i b e r t y
b o n d s from
repaym e n t s of principal b y
foreign g o v e r n m e n t s . . .
Obligations retired from
F e d e r a l reserve b a n k
franchise-tax r e c e i p t s . .
Obligations retired on
n e t earnings derived
b y t h e United States
from F e d e r a l i n t e r m e d i a t e credit b a n k s
$261,260, 260.00
$276,896,000. 00
$284,018,800. 00
$295,987,350.00
$306,308,400.00
$1,423,460,800. 00
$7,921,700.00
$72,669,900. 00
73,939,300.00
64,837,900.00
32,140,000. 00
38,509,150.00
386,100.00
290,404,050. 00
1,134,234.48
2,922,450.00
60,724,600.00
60,333,000.00
10,815,300. 00
3,634,650.00
113,646. 58
139,677,681. 06
680,513.30
680, 513. 30
* Exclusive of $4,842,066.45 on account of fractional c u r r e n c y officially e s t i m a t e d to h a v e bv.en lost or i r r e v o c a b l y d e s t r o y e d , a n d w r i t t e n off, t h i s a m o u n t being i n a d d i t i o n t o
$8,375,934 p r e v i o u s l y e s t i m a t e d t o h a v e been lost or d e s t r o y e d .
•1^
T A B L E E . — P u b l i c debt retirements for the fiscal years 1918 to 1925, on basis of daily Treasury statements, revised—ContVnued
05
ANALYSIS OF PUBLIC D E B T R E T I R E M E N T S AS TO SOURCES, E T C . - C o n t i n u e d
Title
Rate
1918, 1919
1920
1921
1922
1924 .
1923
Redemption of bonds,
etc., received as interest payments on
obligations of foreign
1926
Total
$87,913,900.00
$135, 970, 500. 00
$292,637, 350. 00
22, 964, 550. 00
22, 823,000. 00
45, 787, 550. 00
8,791,400.00
93,200.00
$68, 752,960.00
47,550.00
208,403. 95
66,181, 050.00
1,430, 795.05
Redemption of bonds,
etc., received as repayments of principal by
Redemption of bonds
and notes from estate
o
$104,450.00
Forfeiture's, gifts, etc
Total public debt
r etire men ts
chargeable against
ordinary receipts.
Public debt retirements
from surplus revenues.
Public debt retirements
from decrease in net
balance in general fund
$3,189,400.00
12,950.00
$26,479,300.00
168,600.00
$20, 893,200.00
392,850.00
6, 676, 760.00
554,891.10
•
78, 794,700.00
422, 561,850.00
422,352,960.00
402, 957, 691.10
457,894,100. 00
466,538,113.83
2,260, 259, 789.41
239,085, 706.53
9,160,384.48
67, 237, 689.12
321,047, 216.40
317,193,479.32
508,815,929. 72
250, 260,064.35
1. 703. 640. 085 44
131,857,301. 29
18, 050,073. 92
1,743,661,329.01
489, 799,539.12
1, 012,171,660 32
720,151,170.42
1,098, 567,331. 01
734, 848, 252.10
5, 707, 561, 203. 86
1 458, 764,644.96
866,217,914.93
467,925,029.43
1,184,098,32L 46
268, 771,393.92
Public debt issues resulting in increase in gen2 565,165,048. 53
172,951,309.44
105, 759,880.18
843.876. 238 15
Public debt issues to
cover deficit in ordi22,409,180,622.00
Net increase in the
public debt
Net decrease in the
public debt
Total public debt issues
Total public debt
retirements
as
above
H
O
22,409,180,622.00
22,606,420,641.10
17,545,495, 656. 29
1,184,098,32L 46
46,"050,'865,'725."36" 15, 862,345,949. 79
316,848,229.68
8,864,925, 784.19
1,012,171,660.32
6,018,017,902. 60
614,391,290.24
7,349,728,470.45
1,098, 667,331.01
2, 207,129,184.21
734,848.262.10
3,152,463,162.88 "89,"495,"476,"i79."48
23.644,445,084.26 17,036,444,27L 26
9,181,774,013.87
7,030,189,462.92
7,964,119,760.69
3,305, 696,616. 22
3,887,311,414.98
71,949, 980. 623.19
&
>.
O
r/i
THE GENERAL F U N D OF THE TREASURY
Balance in general fund
at beginning of year according to statement of
the public debt of the
United States
Increase in the public
debt
Sinking fund and specially dedicated ordinary receipts applied
to public debt retirements
_.
Surplus of ordinary receipts
i
$2,804, 694, 111. 89 $1,226,164,935.26
$532,898,329.77
$369,886,816. 03
$264,126,935.85
$5«S n9!Q !^^A 7A
$1,119,764, 531. 68
22,506,420,641.10
22, 606,420,641.10
•
78,794,700.00
422, 661,860.00
422,362,960.00
402,967,691.10
457,894,100.00
466,538,113. 83
2, 260, 269,789.41
239,085, 706. 53
9,160,384. 48
67,237, 689.12
321,047, 216. 40
317,193, 479. 32
508,815,929.72
250,260,064.35
1, 703,640,085. 44
26, 320,275,137. 47 1, 544,045,341. 79
Deficit in ordinary receipts
Decrease in the public
debt
.Balance in general fund
at close of year according to statement
of the public debt of
the United States
$359,947,020.33
' ' '
954,827,692. 92 27, 690,085, 047. 63
849,746, 569. 46 1, 276,298,496.17
.984, 278,106. 27 1,336,596,845. 76
316,848,229.68
1,012,171, 660. 32
614,391, 290 24
1,098,667,331. 01
369,886,816.03
238,029, 614. 74
219,979,440 82
219,979,440. 82
984, 278,106. 27 1,336. 596, 845. 75
964,827, 692.92
o
w
27,590, 085, 047. 63
22, 409,180,622. 00
22,409,180,622.00
1,184,098,321. 46
359, 947,020. 33
532,898,329.77
264,126,936. 85
26,320, 275,137. 47 1, 544, 046, 341. 79
849,746,559.46
1, 276,298,496.17
2,911,094,616.47
Ul
734,848, 252.10
4,960,924,984.81
o
W
>
RECONCILIATION OF OUTSTANDING PUBLIC DEBT
Ul
Total
Total gross debt according to financial statement of the United States Government, June 30,1917.
Total public debt receipts 1918-1925, inclusive, as above..
Total public debt retirements 1918-1925, inclusive, as above
$89,495,476,179. 48
71,949,980, 523.19
Excess of public debt receipts (issues) over public debt retirements 1918-1926, inclusive, as above..
17, 646,496,656. 29
Less amount of fractional currency written off during fiscal year 1921, being the amount of such currency estimated, to have been lost or
irrevocably destroyed (this amount is additional to $8,375,934 previously estimated to have been lost or destroyed)
20, 521,114,241.18
4,842,066.45
20,516,272,174. 73
Total gross debt according to statement of the public debt of the United States, June 30,1925..
1 Fiscal year 1919.
$2,975,618, 584.89
sFiscal year 1918
TABLE F.—Cash expenditures of the Government for the fiscal years 1917 to 1925, inclusive, as published in daily Treasury statements, classified according
to departments and establishments
Oi
00
(Because of legislation establishing revolving funds and providing for the reimbursement of appropriations, commented upon in the Annual Report of the Secretary of the
Treasury for the fiscal year 1919, p. 126 fl., the gross expenditures in the case of some departments and agencies, notably the War Department, the Railroad Administration, and
the Shipping Board, have been considerably larger than here stated. This statement does not include expenditures on account of the Postal Service other than salaries and expenses
of the Post Office Department in Washington, postal deficiencies, and items appropriated by Congress payable from the general fund of the Treasury.)
1917 (revised)
1918
1919
1920
1921
ORDINARY 1
General expenditures:
Legislative establishment«
^......
Executive proper«
State Department
Treasury D.epartment
War Department
Department of Justice
Post Office Department
Navy Department
Interior Department
Department of Agriculture
Department of Commerce
Department of Labor
_
Independent oflBces and commissions 2 4...
>
District of Columbia
Total...Deduct unclassified items .
TotaL.
Interest on public debt
Panama Canal
Payment for West Indian Islands
_
Operations in special accounts:
Railroads
War Finance Corporation
r ^Shipping Board
Grain Corporation
Food and Fuel Administrations
Purchase of obligations of foreign governments..
Purchase of Federal farmloan bonds
Subscription to stock. Federal land banks
Total ordinary..
Public debt retirements chargeable against ordinary receipts:
Sinking fund
Purchases from foreign repayments
^.,
$15,092,373. 97
1,280, 484.86
6, 169,316.41
84, 294,313. 65
358, 168,361.12
10, 566,401. 26
1,895,578. 21
239, 632, 766. 63
216, 416, 516. 48
29, 647,234.01
11. 689, 792. 94
3,862, 111. 34
7, 658,829.88
13, 681,595. 39
1,834,666.13
5150,276.43
$15,825, 508. 72
9,662, 847.53
9,892, 898.09
152, 500,426. 53
4,860,687, 186.88
12,964, 628.18
4,173, 103.28
1,278,840, 486.80
244, 556,893. 96
42,870, 188.28
12, 833.808.82
5, 469,268. 09
12, 714,740. 06
14,446, 832. 46
$17, 090,106. 24
17. 467,352. 03
20, 766,400.14
227, 277, 657.81
8,995, 880, 266.18
16, 717,022. 36
2, 412, 250.05
2, 002,310, 786. 02
288, 285, 627. 61
39, 246,454.41
15, 589, 614. 30
12, 942, 558. 75
75, 375,809. 41
16, 014,105. 80
$19, 327,708. 72
6. 675,617. 68
13, 686,024. 42
322, 315,627. 43
587.380.86
1, 610,
17, 814.398.18
50, 049,295. 07
736, 021,456.43
279, 244.660.87
65, 546,293.14
30, 010,737. 75
5,416,358.40
59, 469,305.17
19, 987,898. 41
$18,982, 565.17
210, 056. 79
8,780, 796. 84
488,636, 833.10
1,101,615, 013.32
17, 206,418.03
8135,359, 108.17
650,373, 835. 58
357,814, 893. 01
119,837, 759. 41
30,828, 761. 55
8, 502,509. 55
119,942, 516. 73
22,715, 168. 60
6, 667, 438,816. 68 11,746,375,910 11
6 26,469, 620. 31
6 895,060. 84
3, 236,051, 662. 43
4, 399,847. 00
6,693, 908,435. 99
11, 747,270,970. 95
3,231, 651,815. 43
3,079,883, 632. 71
24, 742, 701. 68
19, 782,509.32
26,000,000. 00
189, 743, 277.14
19,268,099.30
619, 215,669.17
13,195,522. 37
1,020, 251, 622. 28
11,366,714.01
999,144. 731. 36
16, 461,409. 47
o
0,806,225. 85
922, 593.14
999,984,941. 56
o
14,291,282. 96
886,000, OOO 00
120,263,996.17
44,929,168. 38
770, 681, 550. 83
54,859,896. 40
4, 738,029, 750. 00
66,018,296. 93
358, 796,274. 60 9 1,036, 672,157. 53
302, 621,846. 92
12 228,472,186. 61
1, 820, 606,870. 90
630, 565, 649. 61
" 350,328, 494. 70
87, 338, 207. 08
3, 479, 255,265. 56
421,337, 028. 09
86, 580,427.48
29,643, 546.17
20 730, 711, 669. 98
»o 22,028,462.12
130,723,268.26
15 90, 353,4n. 42
73,896, 697.44
16,781,320 79
""8,"885,"3i5."00"
1,977,681,750. 62
12, 696,702,471.14
18, 614,879,955. 03
7,9?1,70O 00
6,403,343, 841. 21
5,115,927, 689. 30
261,100, 250. 00
73,939, 300.00
O
Ul
Received for estate taxes
..;..........--...:.:-:_-.......i.:.
Purchases from franchise tax receipts (Federal reserve banks)
Forfeitures, gifts, etc . . .
.
Total
1,134,234.48
- 1-
93,050,00
3,141.050. 00
2; 922,460. 00
12,950.00
26,348,960.00
60,724,600.00
. 168,500.00
1,134, 234. 48
Total expenditures chargeable against ordinary receipts
8,014, 750. 00
78,746,350. 00
422,281,500.00
12, 697,836, 705. 62
18,522,894, 705. 03
6,482,090,19L 21
5,638,209,189.30
677, 544, 782. 25
1,134, 234.48
7, 213, 555, 218. 81
8,014, 750. 00
16,318,491,810. 41
78, 746,350 00
16,959, 293,373. 62
422,281, 500. 00
8, 769, 745, 670.69
677, 544, 782. 25
7, 214, 689,453. 29
16, 326, 506, 660 41
17,038,039, 723. 62
9,182,027,170.69
632, 572,268. 00
19 4, 390, OOO 00
7, 086,312, 732. 00
19 27,362,000.00
2, 727,345. 96
656,000. 00
61,050, OOO 00
14,935,500 00
15, 538,078,900. 00
19 19,150, OOO 00
131,519,529.91
4,003,050. 00
180,351, OOO 00
201, 655, 70O 00
166,000,000. 00
16, 689,117,468. 53
8, 552, 225,600.00
18,398. 75
40, 564,115. 60
20, 650. 33
21,626,225.00
63,029, 683.00
23, 718, 797. 50
200,982,934. 62
32,336, 70O 00
241,144, 200.00
296,300,800. 00
405, 222,800. 00
249, 001, 600. 00
. 509,165.97
23,424,164. 50
160,256,308.19
202, 650. 00
8,703,400. 00
51,172, 350. 00
39,414,460.00
332,439,460.00
152,36L50
37,460, 70L 00
677, 644,782. 26
7,214, 689,453. 29
16,326, 606, 660. 41
17,038,039,723. 62
9,182,027,170. 69
1,977,681,750 52
•
-
PUBLIC D E B T
P u b l i c d e b t r e t i r e m e n t s chargeable against o r d i n a r y receipts (see above)
Other public debt expenditures.
Total public debt..^
.
Recapitulation:
Certificates of i n d e b t e d n e s s
_
T r e a s u r y notes
_
W a r savings securities. .
.
First Liberty bonds
_
Second L i b e r t y b o n d s . .
._
..
. . . . .
T h i r d Liberty bonds
Fourth Liberty b o n d s . . . . .
. _
._ .
V i c t o r y notes
Other debt items, . . . .
_.
.
N a t i o n a l - b a n k notes a n d Federal reserve b a n k notes
Total public debt
Ul
-
1 The figures given for operations in special accounts are net figures and make allowance for receipts and deposits credited to the account concerned.
2 In the fiscal years 1921, 1922, and 1923, changes were made in classification of expenditures between legislative establishment, executive proper, and other independent offices
and commissions, which account for most of the differences as compared with expenditures for other fiscal years.
8 Owing to settlement between the Post Office Department and the Railroad. Administration on account of transportation during Federal control, Post Office Department
expenditures for June, 1921, include $65,575,832.03 paid to the Railroad Administration. Deposit of this payment by Railroad Administration resulted in decrease in expenditures
on account of" Federal control of transportation svstems and transportation act, 1920," by a corresponding amount.
* Payments on account of veterans' relief made prior to Aug. 11, 1921, by the War Risk Insurance Bureau are included under Treasury Department, while similar payments
made prior to that date by the Federal Board for Vocational Education are included under other independent offices and commissions. During the fiscal year 1922 allotments for
veterans' relief have been made to the Treasury Department in the amount of $26,350,608.66, to the War Department in the amount of 34,866,383.40, and to the Navy Department
in the amount of S529,237.84, but expenditures under these allotments appear as expenditures of the respective departments and not of the Veterans' Bureau.
5 Allotments for veterans* relief have been made as follows: 1923—Treasury Department, $3,164,425.11; War Department, $4,889,241.91; Navy Department, $2,652,303; 1924—
Treasury Department, $457,150; War Department, $4,434,713.92; Navy Department, $1,474,600; Interior Department, $44,791; 1925—Treasury Department, $394,840; War
Department, $4,075,300.07; Navy Department, $1,536,800; and Interior Department, $51,250.
^
«Add.
T Included under Treasury Department prior to fiscal year 1922.
8 Included under Post Office Department prior to fiscal year 1922.
9 Includes $288,399,222.46 payments on certificates of indebtedness of Director General of Railroads, due July 15, 1919.
. " Deduct excess of credits.
. . .
..
u The railroad expenditures during the fiscal year 1922 were reduced by S266,a36,606.26, on account of deposits by the Railroad Administration, representing proceeds of sale of
equipment trust notes acquired under the Federal control act approved Mar. 21, 1918, as amended, and the act approved Nov. 19,1919, and were further reduced by $123,783,487.75,
on account of deposits of the proceeds of sale or collection of other securities acquired under the Federal control act or transportation act. 1920. In 1923 and 1924 receipts on these
accounts were included in the daily Treasury statement under miscellaneous receipts, proceeds of Government-owned securities, railroad securities.
(Footnotes—Continued on page 471.)
O
O
W
w
>
Ul
Gi
CD
T A B L E F.—Ca^h expenditures of the Government for the fiscal years 1917 to 1925, inclusive, as published in daily Treasury statements, classified according
to departments and establishments—Gontinued
,1923
General expenditures:
ORDINARY i
Legislative establishment *
Executive proper *
State Department
Treasury Department
War DepartmentDepartment of Justice
Post Office Department
Navy Department
Interior Department
Department of Agriculture
_
Department of Comrnerce
-.
.'_
Department of Labor
Veterans' Bureau *...
J
Other independent offices and commissions 2
District of Columbia
Total-Deduct unclassified items.
Total.
Interest on public debt.
Refunds of receipts:
Customs'
—
Internal revenue "
^
Postal deficiency «
—
Panama Canal
-.
Operations in special accounts:
Railroads
War Finance Corporation
Shipping Board.Alien property funds i"
Grain Corporation
Sugar Equalization Board
Purchase of obligations of foreign governments
Loans to railroads
Adjusted service certificate fund
Investment of trust funds:
Government life insurance fund VCivil service retirement fund " .
District of Columbia teachers' retirement fund 1
Foreign service retirement
—
General railroad contingent
Total ordinary.
O
1924
__.
_
$17, 088,112. 87
218, 690 36
666, 671. 70
209, 104,990 87
454, 730, 717. 67
17, 888,828. 58
3,384,127. 31
476, 776,193. 84
331, 814, 027. 57
142, 695, 844.10
21, 688,014. 86
6,227,471. 57
*376, 749, 664. 29
43, 871, 656. 40
23, 731, 562. 56
$14, 166, 243. 89
349, 380.15
15, 463, 276. 30
145, 016,859. 60
392, 733, 634. 86
23, 521,485.79
146,942. 46
333, 201,362. 31
354, 623, 058. 88
128, 745, 677. 33
21, 783, 508. 71
7, 241,466. 73
«461, 719,433. 83
28, 712, 285. 42
24, 053, 705. 47
2,135,635,474. 55
6 232,088. 59
2,135,867, 563.14
1, 951,477, 321. 73
1, 436, 386.81
o$14, 315, 684. 73
450,952. 65
14, 669,456. 89
137, 411, 205.17
348, 629, 778. 55
21, 134, 228. 10
186, 789. 29
332, 249,136. 67
328, 227, 697.11
141, 116, 440. 69
21, 429, 678. 93
6,620. 052. 55
MOO, 120,863. 66
28, 261,981. 47
25, 873,115. 19
1,829,697,061.65
1, 234,150 47
1,836, 657, 369. 20
6 347,106. 72
1, 950, 040, 934. 92
$13,855, 664.29
411, 898. 27
16,054, 408. 58
128, 232,421. 79
361,887, 888.84
23,495, 738. 96
1079, 826. 85
346,142, 001. 44
302,440, 633. 08
164, 644,283. 64
25, 782,961. 39
841. 30
9, 677,
«384, 715,796. 72
27, 682,657. 28
32, 713,000. 57
1,828,462, 911.18
1,055, 923, 689. 61
940, 602,912. 92
881,806, 662. 36
37, 124,086. 84
45, 702,272. 89
64, 346, 234. 52
3,025,421. 32
28, 736, 711. 68
125, 279, 043. 35
32, 526, 914. 89
4, 316, 961. 30
20,566, 638. 33
127, 220,151. 47
12, 638,849. 75
8,387,099. 90
22, 920,891. 06
147, 777, 034. 05
^23,216,783.58
9, 092, 818. 69
22, 771,167. 74
10 52,539,947. 20
85,491,358. 71
10 1,150,676.16
7, 204, 992. 53
10 42,901, 758.13
30,304,869. 54
4,018,131. 55
o
1,837, 004, 476. 92
991,000, 769. 24
o
10.11 139, 469,450.82.
94, 428,001.01
87, 205, 732.12
1,825, 643. 99
16 32,000,000.00
10 15,279, 636. 52
717,834.36
100, 618, 067.12
10 109,436, 238.13
67,023,838.18
io 1,366, 554.16
2,482,476. 33
"i3,'526,"687.'00'
12,971, OOO 00
699,340.62
283,138. 64
230, 958.69
26, 672,161. 78
8,091,417. 48
190,617. 91
30,410,378.80
8,028,336. 62
233,420 36
3,372, 607,899.84
3, 294,627, 529.16
99,468,769.16
4,584,262.92
3, 048,677,965.34
31,991, 713.82
9,745,622.04
258,006. 70
82,568.91
1,123, 760 49
3,063,106,332.26
I-l
>
a
Ul
Public debt retirements chargeable against ordinary receipts:
Sinking fund
Purchases from foreign repayments
Received from foreign governments under debt settlements
.-.
Received for estate taxes
_
Purchases from franchise tax receipts (Federal reserve and Federal intermediate credit banks).
Forfeitures, gifts, etc
Total
.
276,046,000.00
64,837,900. 00
21, 084, 850. 00
60,333,000.00
392,850. 00
284, 018,80O 00
32,140, O O 00
O
68, 752, 950. 00
6, 568, 550 00
10,815,30O 00
564,891.10
296,987,350 00
38, 609,150. 00
110,878,450 00
8,897,050. 00
3,634,550 00
93,20O 00
306, 308,400.00
386,100.00
158, 793, 500. 00
47,560.00
794,159. 88
208,403. 95
422,694,60O 00
Total expenditures chargeable against ordinary receipts
402,850,491.10
457,999, 760. 00
466,538,113. 83
3,795,302,499.84
3,697,478,02O 26
3, 506, 677, 716. 34
3, 629,643,446. 09
422,694,600.00
6,608,531,896. 93
402,850,491.10
7, 660,947, 689. 07
467,999, 750. 00
2,848,350,313.17
466,538,113. 83
3,420,801, 683.46
7,031,226,496. 93
7,963, 798,180.17
3, 306,350, 063.17
3,887,339, 797. 28
4, 775,864.950. 00
5,096,993,000. 00
2, 238, 577,000. 00
84, 663, 504. 53
1,457,200. 00
413, 600 00
6,016,150.00
137, 788,400.00
9, 574,450. 00
1,908,139, 250 00
143,339, 500. 00
8,000.00
528,157, 686. 60
15,996, 572. 75
78, 550. 00
111, 539,90O 00
65,987, IOO 00
16, 751,650 00
1,911, 285,650 00
366, 981, 600. 00
6,000. 00
54,051, 976. 93
33,405, 822.10
240,450.00
94,469,60O 00
410, 600,450. 00
4,136, 60O 00
80, 751,050.00
2,152,964, 500. 00
4, 600,000. 00
1, 373,383,000. 00-
58,122. 40
107, 251,870.00
246,106. 82
74,414, 564. 00
45, 336, 64
33,084, 377. 60
7,031, 226,496. 93
7,963, 798,180.17
PUBLIC DEBT
Public debt retirements chargeable against ordinary receipts (see above).
Other public debt expenditures
:
.
Total public debt.
Recapitulation:
Certificates of indebtedness.
Treasury notes and certificates of indebtedness (adjusted service series).
Treasury notiBS
_
Treasury bonds
_..
War savings securities
_
Treasury savings securities
_
First Liberty bonds
_
...'.
Second Liberty bonds
Third Liberty bonds
Fourth Liberty bonds.
Victory notes
_
Loan of 1925
_
Other debt items
National-bank notes and Federal reserve bank notes
Total public debt.
3,306,350,063.17
21,664,148.79
29,203,952. 20
5,100. 00
28,400.00
111, 822,600. 00
14,360.00
6,972, 550. 00
117,050,150. 00
666, 654. 29
68, 974,392. 00
3,887,339,797.28
(Footnotes 1 to 11 on p. 469)
1* Deduct excess of credits resulting from deposits of W^ar Finance Corporation representing proceeds of redemptions of its holdings of United States securities, (See note 2, p. 2,
daily Treasury statement for Jime 30, 1920.)
18 T
'
'
'
"
Included under Executive proper prior to fiscal year 1922.
i< Includes $350,000,000 applied by United States Grain Corporation to reduction of capital stock and refiected in ' Miscellaneous receipts for fiscal year 1920." (See note 1, p. 2,
daily Treasury statement for June 30, 1920.)
15 Net expenditures after taking into account credits and $100,000,000 applied to reduction in capital stock of United States Grain Corporation.
1 $25,000,000 of this amount represents reduction in capital stock of Umted States Grain Corporation effected Oct. 17, 1921, and is refiected in an increase of receipts in an equal
6
amount. (See note, p. 2, daily Treasury statement for Oct. 18,1921.)
IT Established by act of May 22,1920, and included under Interior Department prior to fiscal year 1922.
w Included under District of Columbia prior to fiscal year 1922.
19 One-year Treasury notes issued under sec. 18, Federal reserve act.
20 Owing to settlement between the Post Office Department and the Railroad Administration on account of transportation during Federal control, Post Office Department
expenditures for June, 1921, include $65,575,832.03 paid to the Railroad Administration. Deposit of this payment by Railroad .\dministration resulted in decrease in expendit u r e on ^ccoi^t of •'Federal cqatrol of transportation systems and transportatioa ^ct, 1920," by a corresponding amount.
O
I
O
CQ
-CI
T A B L E G.—Ordinary receipts, and expenditures chargeable against ordinary receipts, from April 6, 1917, to October 31, 1925, on the basis of daily
Treasury stateme7itSj unrevised
RECEIPTS
Customs
_
T o t a l for fiscal year 1922
J u l y , 1922....
A u g u s t , 1922
S e p t e m b e r , 1922.__
October, 1922
N o v e m b e r , 1922. _
D e c e m b e r , 1922
J a n u a r y , 1923
F e b r u a r y , 1923.__
M a r c h , 1923
April, 1923
M a y , 1923
J u n e , 1923.-_
_.
T o t a l for fiscal year 1923
J u l y , 1923
August, 1923
Miscellaneous
internal r e v e n u e
Miscellaneous revenue, including
P a n a m a Canal
$65,210, 50O 96
179,998,383.49
184,457, 867. 39
322,902, 650.39
308,664, 391.00
$326,906,767.77
2,314,006,291. 84
3,018,783, 687. 29
3.944,949,287.76
3,206,046,167.74
$142,391,206.47
872,028,020. 27
1, 296,501,291. 67
1,460,082,286. 91
1,390,379, 823. 28
19,796, 290 37
26,449, 062. 28
23, 366,692. 08
26,408, 043.05
24,843, 122.17
26,155, 151. 35
27,251, 033.11
33,651, 742. 85
40,288, 428.44
33,803, 780 52
35, 678,214. 90
38,861, 826. 06
A p r . 6, 1917, to J u n e 30, 1917..
Fiscal year 1918
Fiscal year 1919
Fiscal year 1920
Fiscal year 1921
J u l y , 1921
A u g u s t , 1921
September, 1921.-.
October, 1921
N o v e m b e r , 1921_December, 1921
J a n u a r y , 1922
_
F e b r u a r y , 1922
M a r c h , 1922..
April, 1922
M a y , 1922
J u n e , 1922___
I n c o m e a n d profits
taxes
47,156, 908.02
47,439, 706. 64
537,492, 412. 86
47,986, 607. 46
35,366, 766.18
523,973, 741. 40
46, 628,859. 72
33,206, 712. 41
393,382, 046.17
33,363, 133.13
27,603, 368. 96
295,527, 941. 74
110,994, 768. 44
136, 780,512.99
116, 626,662. 53
112, 873,295. 45
104, 737,183. 52
106, 733,179. 66
85,429, 053. 20
81, 503,576. 99
83, 671,799. 87
64,963, 637.16
61,394, 647. 60
79,416, 746. 71
356,443, 387.18
2,068,128,192. 68
1,145,125,064.11
37,491, 590. 74
39,012, 098. 99
53,135, 385.46
40,135, 835. 81
41, 647,032. 47
37, 502,446. 00
46,345, 991. 53
48,311,.001. 89
62,172, 068. 56
63,735, 538. 20
52,417, 362. 85
50,022, 514.16
32,108, 600. 98
23,817, 137. 63
286,635, 255. 48
26, 721,825. 01
24, 616,894. 85
279,092, 227. 45
31,028, 923. 96
37, 847,612. 86
463,091, 397. 29
63, 802,416. 77
42, 768,892.11
367,186, 244. 83
82, 477, 791. 80
114, 984, 312. 55
81, 283, 05O 14
79, 717, 916. 77
69, 730, 356. 42
69, 345, 290 23
77,392, 920. 62
63,611, 756. 53
76, 655, 437. 49
62, 991, 863. 14
70,348, 804.41
97,325, 832. 51
52,898, 535 05
38,964, 030. 30
33,854, 990 46
154, 663,838.18
90, 979,977. 56
80,333, 529. 00
58,790, 239. 21
47, 746,326. 63
39,163, 267. 45
61,299, 782. 53
45, 592,473. 94
116,446, 862. 77
945,865, 332. 61
820, 733,853. 07
88, 467, 899. 60
107,225, 504. 53
37, 271, 613. 66
49,006,903.85
561, 928,866. 66
43, 225,073. 44
42, 500,053. 45
1,678, 607,428.-22
36, 777, 689. 67
36, 772,209. 36
Total
$32,930,241.89
298,550,169.10
652,514, 290. 08
966,631,163. 83
719,942, 588. 89
$567, 438,707.09
3, 664, 582,864. 70
5,152, 257,136. 43
6, 694, 565,388. 88
5, 624, 932,960.91
31,120, 487. 96
31, 773,904.92
11,852, 492. 61
50,579, 565. 39
30,535, 782. 07
83,430, 728. 98
32, 691,806. 92
27,289, 412. 43
33,415, 409. 71
65, 789,089. 94
81,799, 529. 20
59,129, 296. 84
454. 79
209, 068,
242, 443,186. 83
689, 328,260 08
237, 847,511.34
195, 482,842. 94
740, 292,801. 39
191,000, 752. 96
175, 651,444. 68
550, 757,683. 19
197, 919;640. 74
206,375, 780. 66
472, 935,811. 35
539, 407, 506. 97
o
O
s
w
4,109,104,150 94
>
204, 976, 518. 57
216, 777, 579. 47
454,808, 681. 53
301, 239, 415. 77
226, 974, 261.30
466,273, 492. 68
213, 558, 075. 32
197, 516, 697. 91
641,082, 170. 79
241, 829, 599. 64
211,117, 533. 31
630,981, 454. 27
o
4,007,135,480 56
205, 742,176. 27
235,504.671.19
Ul
S e p t e m b e r , 1923
October, 1 9 2 3 . . .
N o v e m b e r , 1923.
D e c e m b e r , 1923.. _
Jaauvary, 1924...
F e b r u a r y , 1924
M a r c h , 1924
April, 1924
M a y , 1924
.
J u n e , 1924. . . . .
.
'
_
.
. .
. .
_
T o t a l for fiscal year 1924
J u l y , 1924
A u g u s t , 1924
S e p t e m b e r , 1924 . .
October, 1 9 2 4 . . . .
N o v e m b e r , 1924
D e c e m b e r , 1924
J a n u a r y , 1925
F e b r u a r y , 1925.:
M a r c h , 1926
A p r i l , 1925
M a y , 1925
J u n e , 1925
"
. .
..
_ .
.
._ .'
...
. .
_
.
'
.
62.909.161. 82
52,835,862. 69
31,648,087.01
123, 444, 781. 65
• 28,465, 544. 38
46, 155, 939. 35
23,088, 386. 79
38, 531. 328. 42
32,159, 701. 55
145, 732, 850 41
530, 778,148. 47
230, 261,068.82
190,844,172. 90
576, 317, 465. 89
183, 307, 055. 80
206, 606. 636. 64
646. 388, 625. 97
214, 306, 222. 62
190, 407, 966. 56
601, 580, 490 52
1,842,144,418.46
953, 012, 617. 62
671, 250,161. 58
4,012,044, 701. 66
43,944, 794. 06
45, 620, 524. 10
49, 759, 401. 60
49,889,811.35
40,010, 735. 30
40,128, 715. 72
46, 968, 218. 73
46,190, 220. 84
53,858,429.38
44, 642,408. 36
42,004, 279. 30
44, 543,687. 37
33, 324, 709. 14
21,550, 478. 44
346, 848. 752. 96
29,589,654. 03
23,950,433. 37
328,321,022. 85
29, 751,436.47
41,343,488. 63
441,492,269. 87
45,801, 735. 28
41,078, 665. 21
377,485,177.43
79, 296,018. 77
72, 532, 616. 77
67, 645, 931. 55
89, 643, 688. 03
68, 791, 704.17
77, 939, 827. 22
67, 908,336. 70
. 52,902, 786. 59
61,432,782.97
59, 214, 650. OS
60, 733, 397. 94
70, 596,327.11
39,138, 472. 10
46,059,196.17
23,135, 821. 85
86,199,847.47
41,985,468. 93
124,402,716.00
26,972, 260.18
33,195, 721. 84
43, 954,435.19
32,982,673.95
23,017,894. 60
122,367,058. 45
195, 703, 994. 07
185, 762,815.48
487,389, 907. 96
255,323, 000. 88
174,738,341.77
570,792,281.79
171, 600, 252.08
173, 632, 217.90
600, 737,917.41
182, 641,467. 67
166,834, 237.05
014,992,250.36
1, 760, 537,823. 68
828, 638,067.90
643,411, 566. 73
38,075,218.16
35, 799, 603. 96
361,186, 611. 90
32, 710,911. 48
74, 614, 2'58. 68
96,139,138. 07
81,376, 654. 73
84,820,241.80
37,099,840. 62
31,862,707.99
18,491, 314.90
31, 878, 977. 98
.
.
.
Ul
o
w
>
o
3,780,148, 684.42
194,945,353.88
212,915, 220.25
512,071,915.22
202, 245, 382. 23
198,122, 385. 31
T o t a l J u l y 1 t o Oct. 31, 1926
80,063,159. 24
91,999,142. 92
79, 749, 652. 42
75, 678, 333. 43
80, 990,362. 62
61,288, 408. 26
71,455,426.57
66, 533, 462. 24
76,918, 932. 15
72, 642. 333. 74
45,156,030.42
49,113,770.23
51,017, 333. 69
52,835, 250. 97
.
G r a n d total
342, 995,805. 45
33, 713,002. 87
32, 881,328. 62
336, 248,037. 68
33, 831, 762. 64
48, 955, 019.18
500,385,705.71
63, 545, 628. 31
36,108, 764.15
339, 920, 509. 92
547, 561, 226.11
T o t a l for fiscal year 1925
J u l y , 1925..
August, 1926 .'
S e p t e m b e r , 1925
October, 1 9 2 6 . . .
44,810,021.96
61, 713,06O 34
46, 565,104. 85
40,946,313.13
40,019,386.26
50, 207, 269. 85
51, 459, 046. 90
45, 695, 808. 65
45, 220, 568. 71
43, 275, 796. 45
545,637, 503. 99
.
_
467,772,345. 50
336,950, 293. 28
119, 332, 847. 49
1,122,177,871.68
3, 270,827,162. 48
20,627,882,390 93
. 9,370,974,004.12
5, 464,704, 389. 63
38, 734,387, 947.16
>
Ul
d
I ' A B L E G . — O r d i n a r y receipts, and expenditures char^geable against ordinary receipts, from April 6, 1917, to October 31, 1925, on the basis
of daily Treasury statements, unrevised—Continued
EXPENDITURES
O r d i n a r v , exclusive of p u r c h a s e
of obligations of
foreign governments
Apr. 6,1917, t o J u n e 3 0 , 1 9 1 7 . .
Fiscal year 1918
Fiscal year 1919
Fiscal year 1920
Fiscal year 1921
July,1921
August, 1921
S e p t e m b e r , 1921
October, 1921
N o v e m b e r , 1921
December, 1921
J a n u a r y , 1922
F e b r u a r y , 1922
M a i c h , 1922
April, 1922
May, 1922
J u n e , 1922
T o t a l for fiscal year 1922
Jiily,1922
A u g u s t , 1922
S e p t e m b e r , 1922
October, 1922
N o v e m b e r , 1922
D e c e m b e r , 1922
J a n u a r y , 1923
F e b r u a r y , 1923
March, 1923
April, 1923
May,1923
J u n e , 1923
T o t a l for fiscal year 1923
P u r c h a s e of obligations of foreign
governments
P u b l i c d e b t retirements
chargeable against ord i n a r y receipts
Total expenditures chargeable
against o r d i n a r y
receipts
Excess of receipts
(-I-), excess of exp e n d i t u r e s (—)
5330,886,628.55
7,958,672,72L 14
15,035,624,689.47
5,982,006,813.12
5,042,030,991.86
$885,000,000.00
4,738,029,750.00
3,479,255,265.66
421,337,028.09
73,896,697.44
$1,134,234.48
8,014,750.00
78,746,350.00
422,281,500.00
$1,215,886,628.56
12,697,836,705.62
18,622,894,705.03
6,482,090,191.21
5,538,209,189.30
-$648,447,921.46
-9,033,253,840.92
-13,370,637,568.60
+212,475,197.67
+86,723,771.61
321,818,669.24
291,157,847.34
266,523,932.79
304,157,955.85
324,483,376.72
329,765,750.86
231,246,895.16
182,205,931.85
325.954.936.78
242,560,961.82
237,961,476.88
314,052,430.19
717,834.36
60,398,650.00
25,298,550.00
1,888,900.00
59,311,550.00
39,389,300.00
72,864,750.00
36,323,600.00
5,185,050.00
26,062,400.00
35,386,850.00
23,602.350.00
36,982,650.00
382,217,219.24
316,456,397.34
268,412,832.79
363,469,505.85
363,872,676.72
402,630,500.86
267,570,495.16
187,390,981.85
352,017,336.78
277,947,811.82
261,563,826.88
351,752,914.55
3,371,890,065.48
717,834.36
422,694,600.00
3,795,302,499.84
218,696,870.97
218,025.762.25
304,132,012.53
411,109,750.05
186,322,325.00
289,943,929.20
241,717,165.54
243,988,968.84
310,472,948.03
301,847,746.20
286,965,616.92
281,404,433.63
6,800,850.00
3,529,750.00
42,979,550.00
54,787,500.00
67,930,400.00
50,231,600.00
25,954,460.00
287,050.00
31,462,100.00
17,139,791.10
32,070,550.00
69,676,900.00
225,497,720.97
221,555,512.25
347,111.562. .53
465,897^250.05
254,252,725.00
340,175,529.20
267,671,615.54
244,276,018.84
341,935,048.03
318,987,537.30
319,036,166.92
351,081,333.63
3,294,627,529.16
402,850,491.10
3,697,478,020.26
-173,148, 764. 45
- 7 4 , 0 1 3 ; 210.51
+420,915, 427.29
- 1 2 5 , 6 2 1 , 994.51
-168,389, 833.78 ^
+337,662; 300.53
- 7 6 , 5 6 9 , 742.21
- 1 1 , 7 3 9 , 537.17
+ 198,740, 346.41
- 8 0 , 0 2 8 , 171. 08
- 5 5 , 1 8 8 , 066.22
+121,182, 896.80
+313,801,65L10
- 2 0 , 5 2 1 , 202.40
- 4 , 7 7 7 , 932.78
+ 107,697 119.00
-164,657 834.28
- 2 7 , 2 7 8 463.70
+126,097; 963.48
- 5 4 , 1 1 3 , 540.22
- 4 6 , 7 5 9 , 320. 93
+299,147, 122.76
-77,157, 937.66
-107,918; 633.61
+279,900j 120.64
+309,657,460.30
O
o
H
W
o
Ul
J u l y , 1923....
A u g u s t , 1923
S e p t e m b e r , 1923..
October, 1923
N o v e m b e r , 1923.
D e c e m b e r , 1923..
J a n u a r y , 1924
F e b r u a r y , 1924__
M a r c h , 1924
A p r i l , 1924
M a y , 1924
J u n e , 1924
T o t a l for fiscal year 1924.
J u l y , 1924..
A u g u s t , 1924
S e p t e m b e r , 1924.
October. 1924....
N o v e m b e r , 1924.
D e c e m b e r , 1924..
J a n u a r y , 1925
F e b r u a r y , 1925. _
M a r c h , 1926
April, 1 9 2 6 . . . . . . .
M a y , 1925.
J u n e , 1926
T o t a l for fiscal year 1925.
J u l y , 1926
A u g u s t , 1926
S e p t e m b e r , 1925.
October, 1 9 2 6 . . . .
T o t a l J u l y 1 t o O c t . 31,1926_
Grand t o t a l . .
214; 490.208.16
19.5, 560;774.76
286, 072,504.03
386, 560,332.11
231, 365,647. 6(3
265, 790,438. 64
195, 823i 390 28
158, 471, 777. 44
272, 103,332. 01
317, 767,122. 94
255j 666,419. 44
016; 117. 94
27,731,500.00
38.936,850.00
28,748,200.00
39,987,650.00
24, 921, IOO 00
135,148; 150 00
64, 941,3bO 00
49, 960,150 00
18,922,600. 00
9,234, 70O 00
429,050. 00
19,038,600. 00
457,999,750 00
3*048^677,965.34
7, 585. 20
8, 255, 50O 00
110,540,300 00
3,618.76
3,450 00
90, 955, OOO 00
150,80O 00
.. 641,959.88
100,184, 900. 00
10,000. 00
1 3,400. 00
165,788, 400. 00
207,987, 231. 43
188,636,121. 67
298, 256,815. 43
320,303, 506.19
233,754,966. 33
264,924,026. 36
292, 306,039.97
160, 643, 761. 67
284,943,756. 04
324, 668, 596. 39
234, 119,567.34
262, 560,943. 54
- 3 6 , 4 7 9 , 531.8^
+1,007, 046.43
+215,967, 444.44
- 1 9 6 , 2 8 6 , 913.29
-^65,442, 474. 69
+175; 378, 877. 28
- 7 7 ; 457, 634. 48
- 1 , 8 2 5 , 290 80
+366; 362,693. 96
- 1 1 2 , 6 9 5 , 600. 32
-^65,677, 502. 88
+ 3 1 3 ; 625, 872. 58
3, 606,677,715. 34
+ 5 0 5 , 366,986. 31
207, 994,
816. 63
196, 891,
621. 07
408, 797,115.43
320.307, 124. 94
233,758,416. 33
345,879,026. 36
292, 456,
839. 97
161, 285,
721. 45
385,128,656. 04
324,67.8,596. 39
234,11"6,167. 34
418, 349,
343. 54
- 1 2 , 290.822.
- 1 1 , 128,806.
+ 7 8 , 592, 792.
- 6 4 , 984.124.
- 5 9 , 020,074.
+224, 913, 255.
- 1 2 0 , 856, 587.
+ 1 2 , 346,496.
+ 2 1 5 , 609, 261.
- 1 4 2 , 037,128.
- 6 7 , 281,930.
+196, 642, 906.
m
+250, 505, 238. 33
\A
466, 538,113. 83
1, 031,161,814. 78
9,698,236, 575. 45
245, 692,753. 32
214, 207,907. 57
330,850,947. 20
323,431,906. 69
82, 921, 700. 00
235, 589,153. 32
188, 206, 807. 57
283,942,947. 20
323,422,906. 69
3, 529, 643,446. 09
10,003, 600 00
26,001, IOO 00
46,908, 000. 00
9,000. 00
3, 063,105, 332. 26
48,158,684, 651.16
242,221,708.16
234,497,624.76
314,820,704.03
426,547,982.11
256, 286, 647. 59
400, 938, 588. 64
260, 764, 6£>0 28
208,431, 927. 44
291,025, 932. 01
327, 001;.822. 94
256, 085,469. 44
288, 054; 617. 94
1,114,083, 514. 78
+ 8 , 0 9 4 , 356. 80
2,343,181,489. 41
60,100,102, 616. 02
>
O
-21,366, 714, 668. 86
- 5 0 , 647, 399.
. . -1,292,687.
+ 1 8 1 , 220, 968.
-121,186,624.
i
>
Ul
1 Deduct.
N O T E . — T h e figures given for o p e r a t i o n s in special a c c o u n t s are n e t figures a n d m a k e allowance for receipts a n d deposits credited to t h e a c c o u n t c o n c e r n e d .
4^
476
REPORT ON T H E FINANCES
TABLE H.—Condition of the United States Treasury at the close of the fiscal years:
1923, 1924, and 1925
'
"•
[Revised figures]
1925
1924
Assets:
Gold coin
Gold bullion
$614,944, 311.15
3,076, 255,889. 42
$459, 971,195. 04
3,326,089, 793. 94
$311,905, 593.883,051,834,350.85-
Total
'3,691, 200, 200 67
3,786,060,988.98
3, 363, 739, 944. 73-
1, 609, 687, 619.00
1, 762. 744,435.12
163; 620 985. 51
175,147,160. 94
1,218,350,659.00
2, 260,891,035.12
152,979,025. 63
153,840, 269. 23
737,014,159.01')
2,285,169,645. 65
152,979,025.63
• 188,577,114.46'
3, 691, 200, 200.57
3, 786,060, 988. 98
3, 363, 739, 944. 73-
452, 510, 212. 00
427,694,079.00
425, 549; 072. 00^
448, 724,195. 00
1, 386, 882. 00
2, 399,135. 00
408, 365,410. 00
1,422, 626. 00
17, 906,043. 00
411, 692,423. OO'1,461,383.00
12, 395, 266.00^
462, 510, 212. 00
427, 694,079. 00
425, 649,072. 00^
175,147,160 94
2,399,135.00
2,193, 375. 00
1,474, 262. 50
87, 890. 00
19, 595, 231. 00
7, 537, 767. 75
1, 782, 509. 74
16, 387, 694. 52
3,285,897. 20
153,840, 269. 23
17, 906,043. 00
4, 260, 547. 00
1,124,848. 00
193,898. 00
18, 291,051. 50
8,073, 620. 73
2,738,648.76
31,072, 996. 78
34, 342,165. 80
126, 949.12
188, 577,114.46'
12, 395, 266.00992,174. 002,103,153. OO
459,434.0014,451,963. 60
11, 587,152. 52'
2, 962,881.08
30,807, 359.92'
4, 617,146. 27
179, 257. 61
229,890,923.65
271,971,037.92
269,132,902.36
1923
GOLD
Liabilities:
Gold certificates
G o l d fund. F e d e r a l R e s e r v e B o a r d
Gold reserve
Gold in general fund
:.
... .
Total
SILVER
Assets:
Silver dollars
Liabilities:
Silver certificates
T r e a s u r y notes of 1890
Silver in general fund
. .
...
.
Total
GENERAL FUND
Assets:
Gold
Silver dollars
U n i t e d S t a t e s notes
F e d e r a l reserve notes
F e d e r a l reserve b a n k notes
N a t i o n a l - b a n k notes
S u b s i d i a r y silver
..
..
M i n o r coin
Silver b u l l i o n at cost
Unclassified
Public debt paid awaiting reimbursement . .
T o t a l i n Tresisury olBces
I n Federal land banks—
T o c r e d i t o f T r e a s u r e r of t h e U n i t e d States
I n F e d e r a l reserve b a n k s —
T o credit of T r e a s u r e r of t h e U n i t e d S t a t e s .
I n transit
T o t a l in F e d e r a l reserve b a n k s
.-
I n special depositaries a c c o u n t of sales of
T r e a s u r y notes a n d certificates
1,000,000. 00
25,434, 368. 53
20, 701,960.10
43, 250, 226. 26
3,874, 540. 84
33, 681,278.26^
8,311,659.29
46,136, 328. 63
47,124, 767.10
41,992,937.55
. 160, 716, 572. 04
162,091, 572. 40
297,832, 343.40
I n national-bank depositariesT o credit of T r e a s u r e r of t h e U n i t e d S t a t e s .
T o credit of other G o v e r n m e n t officers
I h transit
_.
6,809, 268. 69
22,002, 977. 91
2,821, 710. 99
6,821,829. 92
20,022, 705. 27
2, 699,865. 99
7,307,'960.12
20,401,047.10
3,131,163.12
T o t a l i n n a t i o n a l - b a n k depositaries
31, 633,957. 59
29, 544,401.18
30, 840,160. 34
896,150. 92
80.43
732,487.25
822. 11
986,823.60
168.89
896, 231. 35
733, 309. 36
986,992.49^
85,129. 01
172, 842. 97
250. 00
135,907. 47
244, 349. 32
150. 00
160, 639.16'
666, 691. 7»'
120.00
I n t r e a s u r y P h i l i p p i n e Islands—
T o c r e d i t o f T r e a s u r e r of t h e U n i t e d S t a t e s .
In transit..
T o t a l in t r e a s u r y P h i l i p p i n e I s l a n d s
I n foreign depositaries—
T o credit of T r e a s u r e r of t h e U n i t e d S t a t e s .
T o credit of o t h e r G o v e r n m e n t oflQcers
I n transit
T o t a l in foreign depositaries
T o t a l assets i n general fund
.
.
. .
...
258, 221.98
380,406. 79
817,250.96
459, 632,235. 24
612,845,494. 75
641,602,687.08-
=======
477
SECBETABY OF THE TREASURY
TABLE H.—Condition of the United States Treasury at the close of the fiscal years
1923, 1924, and .25^5—Continued
1925
1924
1923
GENERAL FUND—continued
Liabilities:
DepositsR e d e m p t i o n of F e d e r a l reserve notes (5
per cent fund, gold)
.
.
.
R e d e m p t i o n of Federal reserve b a n k
notes (5 per cent fund, lawful m o n e y ) . . .
R e d e m p t i o n of n a t i o n a l - b a n k notes (5
per cent fund, lawful m o n e y )
R e t i r e m e n t of additional circulating notes,
a c t o f M a y 30, 1908
Board of trustees. Postal Savings S y s t e m
(5 per cent reserve, lawful m o n e y )
U n d i s t r i b u t e d assets of insolvent n a t i o n a l
banks
T o t a l r e d e m p t i o n a n d t r u s t funds in
t h e general fund
E x c h a n g e s of currency', coin, etc
T r e a s u r e r ' s checks o u t s t a n d i n g . . .
P o s t OflBce D e p a r t m e n t balance
B a l a n c e to credit of p o s t m a s t e r s , clerks of
courts, etc
T o t a l liabilities, general fund
Balance i n general fund i
Total
..
$161, 594,675.70
$141, 046, 727. 99
$177,517,738.90
26,993,525. 27
30, 314,179. 01
28,891,928.19
192, 096. 56
4, 740. 00
8, 745. 00
18,480. 00
7, 043, 441. 20
7,867, 446. 87
6,701,659.81
2, 574. 41
5,151, 652. 94
2,826, 401. 39
195, 638,956. 58
184, 388, 751. 81
216,148, 304. 84
3,911,175.42
1, 277, 960.18
8,036,827. 50
37,359, 742. 51
1, 267,180 65
14,956, 576. 26
4,794, 236. 06
1,488, 550.37
9, 626,135.46
30, 687, 874. 74
36,844,728. 78
239, 552,794.42
219,979,440.82
274,815,980.01
238, 029, 514.74
271, 715, 771.06
369.886,816.03
459, 532, 236. 24
612, 846, 494. 76 .
641,602,687.08
.
39,658,544.33
' Balance in general fund for years 1791 to 1922 is shown in Table I of the Annual Report for the fiscal
year 1922.
TABLE I.—Appropriations made by Congress for the fiscal years 1914 to 1926, including estimated permanent and indefinite appropriations and
deficiencies for prior years
Appropriated
T h i r d session
Sixty-second
Congress, 1914
First and
second sessions
Sixty-third
Congress, 1915
T h i r d session
Sixty-third
Congress, 1916
F i r s t session
Sixty-fourth
Congress, 1917
Second session
Sixty-fourth
Congress, a n d
first session
Sixty-fifth
Congress, 1918
00
Second session
Sixty-fifth
Congress, 1919
Legislative
,
E x e c u t i v e Office
I n d e p e n d e n t offices
D i s t r i c t of C o l u m b i a
,
D e p a r t m e n t of Agriculture
,
D e p a r t m e n t of C o m m e r c e
D e p a r t m e n t of t h e I n t e r i o r
D e p a r t m e n t of J u s t i c e
,
D e p a r t m e n t of L a b o r
Navy Department
,
P o s t Office D e p a r t m e n t p a y a b l e from T r e a s u r y i
,
P o s t Office D e p a r t m e n t a n d P o s t a l Service p a y a b l e from p o s t a l
revenues ^
D e p a r t m e n t of S t a t e .
Treasury Department
I n t e r e s t on t h e p u b l i c d e b t
Sinking fund a n d o t h e r p u b l i c d e b t r e t i r e m e n t s chargeable against
o r d i n a r y receipts
War Department
Increase of c o m p e n s a t i o n (indefinite) e s t i m a t e d
$13,954,075.22
210,092.55
3,089,025.08
12,353,403.21
23,676,425.86
10,329,608.44
239,832,4n. 16
11,005,512.61
3,370,545.75
144,982,547.89
1,929,350.78
$14,796; 236.92
210, 443.59
9,326; 517.98
13,554. 936.43
27,108, 883.11
12,137, 88L90
212,077, 124.45
11,096, 176.86
4,245, 339.64
160,357, 671.24
2,558, 633.89
$14,034,240.33
210,440.00
7,404,650.65
12,893,383.21
30,942,091.04
11,259,145.37
210,848,789.26
10,889,181.32
3,466,717.13
153,097, 154.46
1,849,979.56
$16,865,770.34
$14,540,138.33
221 280.00
213,780.88
58,395,108.61 1,305,307; 260.87
15,687;936.43
14,044,332.87
66,891,234.79,
36,973,191.41
13,687,424.88
12,452,424.28
223, 294,
460.59
210,026,630.56
12,016,477.18
11,662,275.87
3,724,781. 79
6,158,354.46
320,718,084.53 1,606,052,674.57
1 , — 719.98
2,007,187.96
286,319,125.26
4,621,908.62
64,433,406.41
22,860,000.00
316,777,886.96
6,436,129.07
69,694,516.62
22,900,000.00
314, 245,638.39
4,906,553.04
65,462,815.79
22,970,000.00
326,493,008. 82
9,970,633.09
80,080,605.15
23,300,000.00
335,698,345.12
31,622,435.33
7,336,095,502. 27
241,795,323.00
385,712,029. 58
11,359,760.83
3,418,605,750.54
655,107, 269.00
60,685,000.00
194,939,626.80
60,717,000.00
188,476,640.46
60,723,000.00
189,286,924.64
60,727,000.00
443,082,460.66
60,748,000.00
7,592,813,043.98
15,000,000.00
288,889,865. 00
16,993,818,562.39
25,000,000.00
Total
D e d u c t P o s t Oflace D e p a r t m e n t a n d P o s t a l Service p a y a b l e from
postal r e v e n u e s 2
1,098,602,065.64
1,122,471,919.12
1,114,490,704.09
286,319,125.26
316,777,886.96
314,245,638.39
812,282,940.38
805,694,032.16
800,245,065.70
Total, exclusive of P o s t Office D e p a r t m e n t a n d P o s t a l Service
p a y a b l e from p o s t a l r e v e n u e s 1
1,628,411,644.81 18,881,940, 243. 79
326,493,008.82
335,696,345.12
1,301,918,635. 99 18,546,243,898.67
$18,571,305.51
218 780.00
3,051,168,'732.86
16,936,880.87
66,420,066.43
15,310,850.71
295,777,748.10
14,974,858.98
11,609,642.46
1,793,682,080.19
1,994,749.57
27,065,148,933.02
385,712,029. 58
26,679,436,903.44
O
w
O
W
o
CQ
Appropriated
Third session
Sixty-fifth
Congress and
first session
Sixty-sixth
Congress,' 1920
Second session
Sixty-sixth
Congress, 1921
Legislative. _
_
$17,637, 214. 67
$18,452, 670 22
Executive Oflfice
221 080. 50
222, 880.00
Independent oflSces
467.70
2, 246, 238^
931, 951,812.18
District of Columbia.
17, 202,938.00
20, 749,021.13
Department of Agriculture
_
196,175, 393.18
144, 796,021. 64
Department of Commerce
30, 679,124. 25
23, 912,398.82
Department of the Interior
271,567, 331.13
346, 356,959.05
Department of Justice..
18,376, 751. 26
16,175, 965.69
Department of Labor
5,363, 895.40
6,098, 739.86
Navy Department
._
910, 560,128.78
453, 578,261.07
282.38
Post OflBce Department payable from Treasury i . . 3 38,068,
801.61
* 16,841,
Post Oflace Department and Postal Service payable
412, 528,240.12
523, 468,269.65
from postal revenues 2
,_
12. 762,191.23
11,098,034.64
Department of State
-.
317, 690,164.92
Treasury Department
432,152,326.94
1.052,300,000.00 1,017, 600,000 00
Interest on the public debt
Sinking fund and other public debt retirements
287, 600,000.00
chargeable against ordinary receipts. _
_.
876,464,936.81
494, 974,977.08
War Department
.
30, 760,000.00
36,000,000.00
Increase of compensation (indefinite) estimated
Total
6,454, 596, 649. 56
Deduct Post OflSce Department and Postal Service
payable from postal revenues 2.._
__.
412,528, 240.12
Total, exclusive of Post Office Department
and Postal Service payable from postal
revenues 1
6,042, 068,409.44
First session
Third session
Sixty-seventh
Sixty-sixth
Congress from
Congress and
July 13, 1921,
first session
and second
Sixty-seventh
session SixtyCongress to July seventh Congress,
12,1921, fiscal
to July 1,1922,
year 1922
fiscal year 1923
$18, 704,639.44
228, 884 00
165,732, 573. 40
23,174, 963.83
49, 812,678. 45
17,911, 419. 04
352, 395,185. 33
17, 679,748.00
6,393,019.25
489, 651,232.99
768.16
« 14,338,
$15,164, 781. 72
• 351,040. 00
757,412, 716. 01
26, 651,609.12
145, 545,265. 81
20, 784,277. 56
328, 255,752. 95
20, 676,443.10
8,607,395. 63
300,613, 661.17
654, 288.22
Second session
Sixty-seventh
Congress from
July 2,1922, and
third and fourth
sessions Sixtyseventh Congress,
fiscal year 1924
First session
Sixty-eighth
Congress, fiscal
year 1925
$14, 786,006. 59
497, 325. 00
522, 562,946. 59
26, 633,374. 00
110, 661,561. 06
22,115, 621. 94
343, 518,583.31
23,845, 964. 04
7,518, 677.95
325,322, 863.18
441, 826. 65
$14, 648, 136.13
426, 027. 63
411, 216, 020. 48
27, 967, 059.41
74, 636, 707.16
24,123, 472. 86
292, 322, 988.51
24, 227, 141. 64
8,363, 910.44
278, 600, 933.22
173, 449.43
$15, 719,806. 21
634,180 00
596,346,702. 32
40,209,376.66
146, 714,807. 90
25,143,491.11
274,825, 930. 95
28,103, 687. 21
9,338,003.25
324, 752,032. 96
244,353.02
Second session
Sixty-eighth
Congress, fiscal
year 1926
701,424,454.76
11, 021, 902. 75
359, 327,629. 00
922, 650, 000. 00
672,628,197. 64
17, 569, 844.41
243,844, 996.14
1,100,000,000. 00
596,909,425.24
15. 896, 026. 53
279, 612, 266. 36
940,000,000.00
629,198,748. 71
15, 246, 097. 09
269,354,848. 75
865,000,000. 00
651,266,441.
18,187,323.
340, 914,931.
830, 000, 000.
265, 754,864.87
459,080,356.20
36, 000,000. 00
330,088, 800. 00
359, 591, 50O 61
507, Oil, 325. 00
355, 210, 518. 60
471,806,401. 00
341,339,807.89
484, 766,130. 00
364, 624, 851. 63
(8)
(8)
4, 780, 829, 610.35
3,909, 282,209.46
4,248,140, 569. 99
4,092,644,312. 04
3, 748, 651, 750.35
4,161, 682,049. 91
523, 468.269.65
701, 424,454. 76
672, 628,197. 64
596,909.425.24
629,198, 748. 71
651,256,441.65
.
(«)
65
23
81
00
(«)
o
O
W
I
>
Ul
4,257,361,240. 70
3, 207,857,754. 70
3,675,612,372.35
3,495, 634,886.80
3,119, 453, 001. 64
3, 600,425, 608. 26
1 These figures cover only those appropriations which have been specifically designated b y Congress as payable from the Treasury and are exclusive of amounts which may be
required under indefinite appropriations (payable from the Treasury) provided by law to supply deficiencies in the postal revenues. (See note 2 below.)
3 These figures include amounts which may be required under indefiunite appropriations (payable from the Treasury) to supply deficiencies, if any, in the postal revenues.
3 Includes $35,698,400 additionaLcompensation, Postal Service.
* Includes $14,000,000 for deficit under Federal control of telegraph and telephone systems.
6 Includes $11,053,081.92 certified claims.
8 Includes $125,000,000 of accumulated interest on war-savings certificates, series of 1918, to be paid during the fiscal year 1923 though properly allocable to the full five years of
their life and not simply to the fiscal year 1923.
" The sinking fund created by the act of Feb. 25,1862, was repealed by the act of Mar. 3,1919 (40 Stat., p . 1312, sec. 6). The act of Mar. 3,1919, created a cumulative sinking fun^i
>
beginning with the fiscal year 1921.
8 Definite amounts appropriated by Congress, which are included in this column as appropriations under the several departments and independent establishments!
o
^ Absorbed by rates of pay included under the Classification Act, approved March 4. 1923.
Ul
a
TABLE J.—Appropriations, expenditures, amounts carried to surplus fund, and unexpended balances for the.fiscal years 1886 to 1925
Fiscal year
Unexpended
balances b r o u g h t
forward 1
A p p r o p r i a t i o n s b y Congress, excluBlve of a p p r o p r i a t i o n s for P o s t a l
Service from postal revenues a n d
r e d e m p t i o n s of t h e p r i n c i p a l of
t h e p u b l i c d e b t , b u t i n c l u s i v e of
a p p r o p r i a t i o n s t o cover p o s t a l
deficiencies
Appropriations
for fiscal years
as entered on
t h e books d u r i n g
t h e respective
fiscal years
1885
1886
1887
1888
1889
1890
8101,889,060.40
73,338.499.11
73,420,064-27
84,303.401.13
75,314,061.06
116,334,811.28
8160,000,940.16
172.914,330.08
232,699,501.37
198,345,626.58
282,554,759.62
241,231,209.33
1891 . . .
1892
1893.
..
1894
1895. . . .
1896
1897.
1898
1899...
1900
88,471,970-88
135.925,352-03
119,958,239.29
131,551,200.70
116,656,620.51
147,875,539-65
116,180,482.82
135,642,081.67
189,452,744.40
275,287,486.45
337,895,329.58
275,031,685.27
347,190,061.44
293,642,449.44
341,504,421.98
294,200.426.21
338,746,047.56
443,832,514.59
623; 585,762.99.
394,601,309.30
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
224,811,951.21
241,005,047.79
257,842,110.83
316,267,885.23
261,082,228.52
240,488,800.67
183,733,981.04
286,948,699.02
250,090,078. 09
273,686,476.96
486,014,663.01
462,681,026.18
545,981,442.88
522,601,322.39
510,015,853.17
457,156,765.19
615,679,778.74
559,772,505.46
660,936,760.48
608,617,145.69
00
o
T o t a l available
appropriations
Permanent
annual and indefinite a p p r o priations
Expenditures,
exclusive of
expenditures
for t h e P o s t a l
Service p a y a b l e
from postal
revenues a n d
principal of t h e
public debt
redeemed, b u t inc l u s i v e of exp e n d i t u r e s on acc o u n t of p o s t a l
deficiencies'
Carried to
surplus fund
Unexpended
balances carried
forward 1
P r i n c i p a l of
public debt
redeemed n o t
i n c l u d e d in foregoing s t a t e m e n t «
Postal expendit u r e s from
postal r e v e n u e s
not i n c l u d e d in
foregoing
statement
o
377.514,865-61
72;293,586.66
7.5,513,215.59
66,606,102.68
62,572,339.-39
59.028,067.79
$339,404,866.17
318,546,415-85
381,632,781.23
349,315.130.37
420,441,160.07
410,594,088.40
3200,226,935-11
242,483,138.50
267,898,188.87
267,924,801.13
299,288,978.25
318,040,710-66
85,839,431.95
2,643.213.08
29,371; 191.23
6,076,268.18
4,817,370.54
10,081,406.86
$73,338,499.11
73,420,064.27
84,363,401.13
75,314,061.06
116,334,811-28
88.471,970-88
80,038,878.20
58,0a5,253.96
62,201,680.49
64,745,458.84
54,564,4.38.16
66,697,280..53
61,.35S,52S.34
60.314,975.42
71:447,806-13
103.057,092.00
506,406,178.66
469,042,291.26
529,349,981.22
489,939,108.98
512,725,480.65
498,673,246.39
515,285,058.72
639,789,571.68
884,485,313.52
772,945,887.75
365,774,681.61
345,023,275-83
383,477,954.49
367,625,279.83
356,19.5,298.29
352,179,446.08
365,774,159.57
443.368.582.80
605,072,179.85
520.860,846.52
4,706,145.02
4,060,776.14
14,320,826.03
5,757,208.64
8,654.642.71
30;313;317.49
14,868,817.48
6,968,244.48
4.126,647.22
27.273,090.02
135,925,352.03
119,958,239-29
131,551.200.70
116,656,620.51
147,875,539-65
116.180.482.82
135,642,081.67
189,452.744.40
275,287,486.45
224, Sir, 951.21
81,378,628.73
75,335,556.23
75,054,298-24
62,027,358-99
62,831,521.36
67,247,048.30
75,708,934.74
73,572,748.77
72,677,728.66
69,999,595.12
792,205,242.95
779,021,630.20
878,877,851.95
900,896,566.61
833,929,603.05
764,892,614.16
875,122,694.52
920,293,853.25
9&3,704,567.23
952,303,217.77
524,616,926.10
485,234,248.78
517,006,126.86
583,659,899.32
567,278,913.45
670,202,278.59
579,128,843 72
659,196,319 68
693,743,887 18
693,617,064.45
26,583,269.06
35,945,270.59
45,603,839:86
56,154,438. 77
26,161,888.93
10,956,354.53
9,045,251.78
11,007,455.48
16,274,203.09
23,068,345.79
241,005,047.79
257.842.110.83
316,267,885.23
261,082,228. 52
240,488,800.67
183 733,981.04
286,948,599.02
250,090,078.09
273,686,476.96
235,617,807.53
§74.504,860-43
74.141.4.'?1..q6
165,327,057-15
12.5; 026,170.50
167.674,910.25
138,297,688.50
i
!
1
^
i
;
;
i
'
i
842,660 843.83
43.948,422.95
48,837,609.39
52.695,176.79
56,175,611.18
60.882 097.92
126,332,083-87
40,580,807.98
9.747,554.50
li;185,982.95
15,562,918-93
18.517,253.35
22,470,857.50
45,932;-522.00
31; 271.638.98
40,699.851.25
65 931 785.72
70,930!475.98
75.896,993.16
75.080,479.04
76 9S3 128 19
52:499'208.40
82 665 462 73
89 012 618.55
95 021 384 17
102.354 579.29
54,739,236. 28
76,309,192.50
42,880,919.00
49,559,701. 75
26,462, .598.80
24 9fiSS4fi.sn
55,827.297.50
73,891,906.50
104,996,770.00
33.049,695.50
111,631,193.39
121,848,047.26
134,224,443.24
143,582,624.34
.152,826,585.10
167,932,782.95
183,585,005.57
191,475,663.41
203,562,383.07
224,128,657.62
o
Pi
o
1911
1912
1913
1914
1915
1916
Qx 1917
1—L 1918
1 1919
1920
661,119,312.30
235, 617,807.53
262, 174,298.54
616,054,909.78
251, 657,584.09 • 690,778,086.41
283,214.435.24
636,835,844.03
707,231,005.83
245, 816,769.11
270, 483,614.78
643,037,750.30
229,367,708.54 8,267,364,375.04
6,482, 684,182.14 14.469.457.762.24
7,447, 625,126.40 23.747.189.792.25
5,791, 805,079.18 4,300,395,182.99
1921
M
CO 1922
1—t
1923
1924
1925
4,207,613,707.43
2,029,418,619.01
1,420,262,713.57
1,446,362,542.84
1,367,901, 706. 26
s
4
35,223,336.35
262, 174,298.54
691,201,513.22
-22,890, 702.12
79,529,394.05
976,266,513.88
28.648,327.53
251, 657,584.09
18,393,716.80
81,703,426.70
959,932, 635.02
689,881,334.13
24; 191,610.50
283, 214,435.24
15,523, 748.99
724,511,963.54
80,814,477.27 1,023,250, 147.77
12,434 558. 71
26,961,327.00
245, 816,769.11
993,332,759.29
73,282,480.02
735,081,431.47
.,;
17,229; 236.31
270, 4 8 3 614.78
17,2.53,'491.00
760,586,801.33
95,251,877.48 1,048,299, 652.42
20,400, 442.40
24,668,913.50
229,367,70S. 54
740,9S0,416.47
77,227,202.33
990,748, 567.41
23,217,384.12 6,482, 684,182.14
677,544, 782.25
95,063,791.26 8,591,795 874.84 2,085, 894,308.58
IS, 671, 009.15 7,447,62.5,126.40 7,706,879, 075.13
309,441,481.56 21,261,583, 425.94 13,795, 287,290.39
783,391,870.92 31,978,206, 789.57 18,952,075,835.61 7,234,325, 874.78 5,791, ~"" 079.18 15,837,566,009.13
410.90 6,139,748,221.24 1, Oil, 050,
482.23 4,207, 6I3; 707.43 17,036,444, 271.25
1,266,212,148.73 11,358,412,
2,009,222,779.36 «2, .532.039,016.11 8,748,875,502.90
2,006.563,919.93 1,778,043,529.33 5,814,026,068.27
2,0.31,149,639.58 1,778,723.282.47 5,230,135,635.62
1,851,282,152.15 1,643,442;311.33 4,941,087,006.32
1,960, 339, 560. 72 1, 680, 980, 294. 44 4,909, 221,561.42
64,880,049,960.36 1,839,406,923.53
778,030,215.62
'3,615,733,139.08
136,452,451.03
3.647,320,641. 75
170,452.585.67
53;402,732,714.39
2, 930i 706, 986. 60 1,056, 756, 494. 58
2,029,418,619.01
1,420,2d2,713.57
1,446,362,542.84
1,367,901,706.26
921, 758, 080. 24
8,759,380.663.87
6,607,836,512.92
7,561,162,069.59
2,847,802,415.22
3,420, 773, 301.15
237,660, 705. 48
246,744, 015.88
262.108. 874.74
283; 558,102.62
287,248, 165.27
306,228, 452.76
319,889, 904.41
324,849, 188.16
362.504, 274.24
418,722, 295.05
463,491,274-70
484,853,540. 71
532,827,925. 09
572,948.778.41
599, 591,477. 59
1 Includes balances under annual, permanent, and continuous appropriations. Balances of aimual anpropriations are available for use only in accordance with the provision of
section 3690, R. S.
2 Net expenditures by warrants.
3 The face amount of public debt retirements chargeable against ordinary receipts, on basis of warrants issued, not included in this column, follows: 1921, §422,661,850.00;
1922, $422,352,950.00; 1923, $402,957,691.10; 1924, $457,894,100.00; 1925, $466,538,113.83.
* Includes appropriation for retirement of public debt chargeable against ordinary receipts.
8 Includes pubhc debt redemptions chargeable against ordinary receipts.
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TABLE K,—Receipts and expenditures of the United States Government by fiscal years from 1791 to 1925 *
[The term * expenditures " as used in this table is on the basis of warrants issued (net) and includes imexpended balances to the credit of disbursing officers at the end of the year but
*
not expenditures under unexpended balances at the beginning of the year)
( rdinary
D
Internal revenue
Fiscalyear
Sales of p u b l i c
lands
Customs
Income and
profits t a x e s
Miscellaneous
1791
1792
1793
1794
1795
1796
1797
1798
1799
1800
$4,399,473
3,443,071
4,255,307
4,801,065
.5,588,461
6,567,988
7,549,650
7,106,062
6,610,449
9,080,933
$208,943
337,706
274,090
337,755
475,290
575,491
644,358
779,136
809,396
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817
1818
1819
1820
1821
1822
1823
1824
10,750,779
12,438,236
10,479,418
11,098,565
12,936,487
14,667,698
15,845,522
16,363,551
7,296,021
8,583,309
1,048,033
621,899
215,180
50,941
21,747
20,101
13,051
8,211
4,044
7,431
13,313,223
8,958,778
13,224,623
5,998,772
7,282,942
36,306,875
26,283,348
17,176,385
20,283,609
15,005.612
2,296
4,903
4,755
1,662,985
4,678,059
5,124,708
2,678,101
955,270
229,594
106.261
69,028
67,666
34,242
34.663
.
.
.'..!
receipts
.
.
13,004,447
17,589,762
19,088,433
17,878,326
$4,8.36
83,541
11,963
444
167,726
188,628
165,676
487,527
540,194
765,246
466,163
647,939
442,252
696,649
1,040,238
710,428
835,655
1,135,971
1,287,959
1,717,985
1,991,226
2,606,665
3,274,423
1,635,872
1,212,966
1,803,582
916,523
984,418
S u r p l u s postal
receipts
covered i n t o
the Treasury
$11,021
29,478
22,400
72,910
64,500
39,500
41,000
78,000
79,600
35,000
16,427
26,500
21,343
41,118
3,615
38
85,040
35,000
45,000
135,000
149,788
29,372
20,070
71
6,466
517
602
111
Miscellaneous
receipts
Total ordinary
receipts
$19,440
17,946
48,889
327,272
165,918
1,256,506
415,599
98,613
116,228
879,976
889,293
1,712,031
187,397
162,774
40,922
65,768
69,668
40,961
31,156
96.926
67,734
41,984
240,377
2,338,897
2,345,064
4,378,315
2,117,003
826,881
815,678
1,126.459
286,422
770,816
601,357
483,806
$4,418,913
3,669,960
4,652,923
5,431,905
6,114,534
8,377,530
8,688,781
7,900,496
7,546,813
10,848,749
12,935,331
14,995,794
11,064,098
11,826,307
13,560,693
15,559,931
16,398,019
17,060,662
7,773,473
9,384,215
14,423,529
9,801,133
14,340,410
11,181,625
15,729,024
47,677,671
33,099,050
21,585,171
24,603,375
17,880,670
14,573,380
20,2.32,428
20,540,666
19,381.213
00
bo
Surplus ( + )
or deficit ( - )
ordinary
receipts compared with
expenditures
chargeable
a g a i n s t ordin a r y receipts'*
-f-$149,886
-1,409,572
4-170,610
-1,558,934
-1,425,275
+2,650,544
-H2,555,147
+223,992
-2,119,642
-f 62,674
-1-3,540,749
+7,133,676
+3,212,445
+3.106,865
+3,054,459
+5,756,314
+8,043,868
+7,128,170
-2,507,275
+1,227,705
+6,365,192
-10,479,638
-17,341,442
-23,539,301
-16,979,115
+ 17,090,980
+11,255,230
+ 1,760,050
+3,139,565
-379,957
-1,237,373
+5,232,208
+5,833,826
-946,496
o
H
O
!?^
H
o
Ul
470
300
101
20
87
55
499,813
503,427
1,738,249
522,325
613,896
580,153
21,840,858
25,260,434
22,966,364
24,763, a30
24,827,627
24,844,116
+5,983,629
+8,224,637
+6,827,196
+8,368,787
+9,624,294
+9,701,050
561
245
1,084,069
765,067
945,476
. 715,082
1,269,823
2,539,294
7,003,132
7,059,355
1,265,824
2,686,248
28,526,821
31,86.5,561
33,948,427
21,791,936
3.5,430,087
60,826,796
24,954,153
26,302,-562
31,482,749
19,480,115
+ 13,279,170
+ 14,576j611
+10,930,875
+3,164,367
+17,857,274
+19,958,632
-12,289,343
-7,562,497
+4,583,621
-4,837,464
1,004,055
451,996
3.57,937
1,076,086
361,454
289,950
249,174
649,690
1,172,444
2,074,859
16,860,160
19,976,198
8,302,702
29,321,374
29,970,103
29,699,967
26,495,769
35,735,779
31,208,143
43,603,439
-9,705.713
-5,229,563
-3,555,373
+6,983,803
+7,032,698
+ 1,933,042
-30,7&5,643
-9,641,447
-13,843,514
+ 4,059,947
2,352,305
2,043,240
i; 667,085
8,470,798
11,497,049
8,917,645
3,829,487
3:613,716
1,756,687
1,778,558
1,189,4.31
. 464,249
988,103
1,105,353
827,732
1,116,191
1,259,921
1,352,029
2,163,954
1,098,538
52,5,59,304
49,846,816
61,587,054
73,800,341
65,350,575
74,056,699
68,965,313
46,655,366
53,486,465
56,064,608
+4,850,287
+5,651,897
+ 13,402,943
+ 15,755,479
.+5,607,907
+4,485,673
+ 1,169,605
-27,529,904
-15,584,512
-7,065,990
870,659
152,204
167,617
588,333
996,553
665,031
1,163,576
1,348,715
4,020,344
3,350,482
1,057,146
2,778,854
5,829,244
51,981,151
38,325,576
69,094,124
47,02.5,086
48,737,179
28,518,515
28,466,865
41,509,931
61,987,456
112,697,291
264,626,771
333,714,605
558,032,620
490,634,010
405,638,083
370,943,747
411,255,477
- 2 5 , 036,714
-422, 774,363
-602, 043,434
-600, 695,871
-963, 840,619
+37, 223,203
+ 133, 091,335
+28, 297,798
+48, 078,469
+101, 601.916
1,216.091
1,393;785
1,495.845
1,018,309
1.517,175
2.329,356
1826..
1827..
1828..
1829..
1830..
20,098,713
23,341,332
19,712,283
23,205, ,524
22,681,966
21,922,391
25,771
21,590
19,886
17,452
14,503
12,161
1831..
1832..
1833..
1834..
1835..
1836..
1837..
1838..
1839..
1840..
24, 224,
28, 465,
29, 032
16, 214;
19, 391,
23, 409,
11. 169,
16, 1.58,
23, 137,
13, 499,
6,934
11,631
2,759
4,196
10,4.59
370
5,494
2,467
2,5,53
1,682
3,210,
2,623,
3,967,
4,857,
14,757,
24,877,
6,776,
3,081,
7,076,
3,292,
1841..
1842..
1843..
1844..
1845..
1846..
1847..
1848..
1849..
1850..
14, 487,217
18, 187,909
7, 046,844
26, 183, .571
27, 528,113
26, 712,668
23, 747,865
31, 7.57,071
28, 346,739
39, 668,686
3,261
495
103
1,777
3,517
2,897
375
375
1,365,
1,335,
.897,
2,059,
2,077,
2,694,
2,498,
3,-328,
1,688,
F,8.59,
1851..
1852.,
1853..
1854..
1855..
1856..
1857..
1858..
1859..
I860..
40, 017,568
47, 339,327
58, 931,866
64, 224,190
53, 025,794
64, 022,863
63, 875,905
41, 789,621
49, 565,824
53, 187,512
1861..
1862.,
1863.,
1864.,
1865.,
1866.,
1867.,
1868.
1869.
1870.,
39,582,126
49,056,398
69,059,642
102,316,153
84,928,261
179,046,652
176,417,811
164,464,600
180,048,427
194,538.374
$2,741,8.58
20,294,732
60,979,329
72,982,159
66,014,429
41,455,598
34,791,856
37,775,874
34,898,930
89,446,402
148,484,886
236,244,654
200,013,108
149.6.31,991
123,564,605
147,123,882
100
893
11
> This statement does not include postal revenues and expenditures, except surplus postal revenues covered into the Treasury and postal deficiencies paid out of the general
fund of the Treasury.
> Beginning with 1921, figures represent surplus or deficit after taking into account public debt expenditures chargeabJ© sigainst ordinary receipts.
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>
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CO
TABLE K.—Receipts and expenditures of the United States Government by fiscal years from 1791 to 19^5 ^—Continued
Ordinary receipts
Internal revenue
Fiscal y e a r
Sales of p u b l i c
lands
Customs
Income and
profits t a x e s
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1888
1887
1888
1889
1890
. .
.
198,159,676
220,410,730
214,706,497
195,067,490
181,471,939
192,905,023
217.286,893
219,091,174
223,832,742
229,668,585
...
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
$208,270,408
218,370,287
188,089,523
163,103,834
157,167,722'
148,071,9&5.
130,956,493
130,170,680
137,250,048
186,522,064
.
....
.
.
'
.
219,522,205
177,452,964
203,355,017
131,818,531
152,158,617
160,021,752
176,554,127
149,575,062
208,128,482
233,164,871
238,685,456
254,444,708
284,479,582
261,274,565
$19,162,651
14,436,862
5,062,312
139,472
233
588
98
3,022
55,628
77,131
Miscellaneous
$123,935,503
116,205,316
108,667,002
102,270,313
110,007.261
116,700,144
118,630,310
110,581,625
113,561,611
124,009,374
$2,388,647
2,675,714
2,882,312
1,852,429
1,413,640
1,129,467
976,254
1,079,743
924,781
1,016,507
Surplus postal
receipts
covered i n t o
the Treasury
Miscellaneous
receipts
00
Surplus ( + )
or deficit (—)
ordinary
receipts c o m pared with
Total ordinary expenditures
chargeable
receipts
. a g a i n s t ordin a r y receipts»
$31,566,736
24,518,689
29,037,056
37,612,708
19,411,195
28,19.3,681
30,843,264
15,931,831
22,090,745.
21,978,666
$383,323,945
374,108,868
333,738,205
304,978,756
288,000,051
294,095,865
281,408,419
257,783,879
273,827,185
333,526,611
+$91,146,757
+96,-588,905
+43,392,980
+2,344,883
+ 13.376,858
+28,994,780
+40,071,944
+20,799,552
+6,879,301
+65,883,853
25,156,368
31,863,784 .
30,904,852
22,055,602
24,014,055
21,097,768
26,a38,707
24,676,012
24,297,151
24,447,420
360,782,293
403,525,250
398,287,582
348,519,870
323,690,708
3.36,4.39.726
371,403,277
379,266,075
387,0.50,059
403,080,984
+ 100,089,405
+ 145,543,810
+ 132,879,444
+ 104,393 626
+63,483,771
+93,9.56,587
+ 103,471,096
+ 111,341,274
+87,781 081
+85,040,273
135,261,384
148,497.598
144,720;369
121,530,445
112,498,726
116,805,936
118,823,391
124,296,872130,881,514
142,606,708
2,201,863
4,753,140
7,955,864
9,810,705
5,705,986
5,630,999
9,254,286
11,202,017
8,038,652
6,358,273
145,686,250
153,971,072
161,027,624
147,111,233
143,344,541
146,762,865
146,688,574
170,900,642
273,437,162
295,327,927
4,029,535
3,261,876
3,182,090
1,673,637
1,103,347
1,005, .523
864,681
1,243,129
1,678,247
2,836,883
23,374,457
20,251,872
18,254,898
25,751,915
28,045,783
30,352,307
23,614,423
83,602,502
34,716,730
35,911,171
392,612,447
354,937,784
38.5,819,629
308,355,316
324,729,419
338,142,447
347,721,705
405,321,335
515,980,621
687,240,852
+26,838 643
+9,914,453
+2,341,678
-61,189,965
-31,465,879
-14,0.38,999
-18,052,454
-38,047,248
-89,111,558
+46,380,005
307,180,664
271,880,122
230,810,124
232,904,119
2,965,120
4,144,123
8,928,311
7,453,480
38,954,098
32,009,280
37,664,705
39,454,921
587,8&5,338
562,478,233
561,880,722
641,087,085
+63,088,413
+77,243,984
+44,874,595
-42,672,815
o
H
w
1^
>
o
Ul
1905,
1906
1907,
1908,
1909
1910
261,798,8-57
300,251,878
332,233,363
286,113,130
300,711,934
333,683,445
1911,
• 1912
1913,
1914
1915
1916
1917
1918
1919,
1920,
314,497,071
311,-321,672
318,891,396
292,320,014
209,786,672
213,18.5,846
22.5,962,393
182,7.58,989
183,428,625
323,536,559
1921.
1922,
1923.
1924.
1925.
308,025,102
357,544,713
562,189,0.39
545,012,115
548, 521, 795
-23,004,229
+24,782,168 .
+86,731,544
-57,334,413
-89,423,387
-18,105,350
20,951,781
234,095,741
249,150,213
269,686,773
251,711.127
246.212; 644
268,981,738
4,859,250
4,879,834
7,878,811
9.731,560
7,700. 568
6,355,797
43, .520,837
40,702,521
56,081,4.39
54,308,090
49,695,352
45,538,954
544,274,885
594,984,446
665,860.386
601,861; 907
604,320,498
675,511,715
33, 516,977
28, 583,301
35, 006,300
71, 381,275
80, 201,759
124, 937,253
3.59, 681,228
2,838, 999,894
2,600, 762,735
3,956, 936,004
289,012,224
293,028,896
309,410,666
308,659,7^3
335,467, aS7
387,764,778
449,684,980
8.57,043,591
1,2.39,468,260
1,442,213,241
5,731,6.37
5,392,797
2.910,205
2, .571, 775
2,167,136
1,887,662
1,892,893
1,969,4.55
' l , 404,705
1,910,140
59,075,002
54,282,535
57,892,663
55,940,370
66,787,373
54.7.59,011
81,903,301
290,095,'526
611,316,574
979,518,493
701,832,911
692,609,204
724.111,230
734,673,167
697,910,827
782,534,548
1,124,324,795
4.180,425,158
4,654,380,899
6,704,414,437
+ 10,631,399
+2,727,870
-400,7.33
-408,264
-62,675,975
+40,537,821
-961,717,309
-9,611,482,739
-14,297,760,281
+ 562,669,19.7
3,228,137,874
2,086,918,465
1,691,089;535
1,841,759,317
1, 761, 659,049
1,351,835,935
1,121,239,843
935,699, .504
952,5:30.768
827, 786,838
1,530,439
895,391
656,508
522,223
623, 534'
094,987,895
536,916,625
6.57,411,097
544.216.719
469, 052, 948
5,584,517,045
4,103,596,531
3,847,045,683
3 884,041,142
3, 607, 044,164
2+693,241,726
+485,558,734
+ K9,307;834
+479,746,075
+676, 937,184
$3, SCO, 000
3,500,000
5,200,000
9,557,701
18,000,000
300,000
1 This statement does not include postal revenues and expenditures, except surplus postal revenues covered into the Treasury and postal deficiencies paid out of the general
fund'of the Treasury.
' Beginning with 1921, figures represent surplus or deficit after taking into account public debt expenditures chargeable against ordinary receipts.
i
O
H
Kl
o
Ul
00
TABLE K.—Receipts and expenditures of the United States Oovernment by fiscal years from 1791 to 1925—Continued
00
E x p e n d i t u r e s chargeable a g a i n s t o r d i n a r y receipts
Fiscal year
Civil a n d miscellaneous 3
War Departm e n t (including rivers a n d
harbors and
P a n a m a Canal)*
1801..
1802..
1803..
1804..
1805..
1806..
1807...
1808.,
1809.,
1810..
$1,083,402
654,2.57
472,451
705,598
1,387,037
782,475
1,2,56,903
1,111,038
1,039,392
1,337,613
1,114,768
1,462,929
1,842,6.36
2,191,009
3,768,599
2,890,137
1,697,898
1,423,286
1,215,804
1,101,145
1811..
1812..
1813.,
1814.,
181,5.
1816.,
1817.
18181819.
1820.
1,357,291
1,683,088
1,729,436
2,208,030
2; 898,870
2,989,741
3,518,937
3,835,840
3,067,211
2,592,022
$632,804
1,100,702
1,130,249
2,639,098
2,480,910
1,260,264
1,039,403
2,009,522
2,466,947
2,560,879
1,672,944
1,179,148
822,056
875,424
712,781
1,224,355
1,288,686
2,900,834
3,345,772
2,294.324
2,032,828
11,817,798
19,652,013
20,350,807
14,794,294
16,012,097
8,004,237
5,622,715
6,506,300
2,830,392
1821.
1822.
18231824.,
1825.
1826.,
1827.
1828.
2,223,122
1,967,996
2,022,094
7,155,309
2,748,545
2,600,178
2,713,477
3^676,053
4,461,292
3,111,981
3,096,924
3,340,940
3,6.59,914
3,943,194
3,938.978
4,145.^5
1791..
1792..
1793..
1794..
1795..
1798-.
1797..
1798..
1799..
1800..
Navy
Department'
$570
53
61,409
410,562
274,784
382,632
1,381,348
2,8.58,082
3,448,716
2,11 f, 424
915,562
1,215,231
1,189,833
1,597, .500
1,649,641
1,722,064
1,884,088
2,427,759
1,654,244
1,985,566
3,9.59,385
6,448,600
7,311,291
8,660,000
3,908,278
3,314,598
2,953,695
3,847,640
4,387,990
3,319,243
2,224,459
2.503,766
2,904,582
3,049.084
4,218,902
4,26.3,877
3.918,786
Indians
Pensions^
Postal deficiencies ^
Interest on t h e T o t a l o r d i n a r y
public debt
expenditiu-es
Public debt
Total e x p e n d i retirements
t u r e s chargeable against
chargeable
ordinary
against ordireceipts
nary receipts'
$27,000
13,649
27,283
13,042
23,476
113,564
62,396
16.470
20,302
31
$175,
109,
100,
92,
104
95,
64,
S2,349,437
3,201,628
2,772,242
3,490,293
3,189,151
3,195,055
3,300,043
3,053,281
3,186,288
3,374,705
9,000
94,000
60,000
118,500
196,500
234,200
205,425
213,575
337,504
177,625
73,
85,
62,
80,
81,
81,
70,
82,
87,
83,
4,412,913
4,12-5,039
3,848,828
4,266,583
4,148,999
3,723,408
3,369,578
3,428,153
2,868,075
2,845,428
$4,269,027
5,079,532
4,482,313
6,990,839
7,539,809
5,726,986
6,133,634
7; 676,504'
9,666; 455
10,786,075
9,394,582
7,862,118
7,851,653
8,719,442
10,506,234
9.803,617
S, 354,151
9,932,492
10,280,748
8,156.510
2,465,733
2,451,273
3,599,455
4,593,239
5,754,569
7,213,259
6,389,210
6,018,447
5,163, .538
5,126,097
S, 058,337
20,280,771
31,681.852
34,720,926
32,708,139
30, .586,691
21,843,820
19,825,121
21,463,810
13,260,627
$4,269,027
5,079,532
4,482,313
6,990,839
.7,539,809
5,726,986
6,133,634
7,676,504
9,668,455
10,788,075
9,394,582
7,862,118
7,851,653
8,719,442
10,506,234
9,803,617
S, 354,151
9,932,492
10,280,748
8,158,510
8.058,337
20; 280,771
31,681,852
34,720,926
32,708,139
30,586,691
21,843,820
19,825,121
21,483,810
18,260,627
5,087,274
5,172,578
4,922,685
4.996; 562
4.366,769
3,973,481
3,486,072
3.098,801
15,810,753
15,000,220
14,706,840
20,326,708
15,857.229
17,035,797
16,139,168
16.394.843
15,810,753
15,000,220
14,708,840
20,328,708
15,857,229
17,035,797
16.139,168
16,394,843
151,875
277.845
167,358
167,395
530,750
274,512
319,484
505,704
463,181
315,750
477,005
575,007
380,782
429,988
724.106
743,448
760,625
705,084
75,
9i;
86,
90,
69,
188,
297,
890,
2,415;
3,208.
242,817
1,948,199
1,7.80,589
1,499,327
1, .308,811
1,556,594
976.139
8.50,574
pi
O
o
W
o
Ul
1829.
1830.
1831.
1832.
1833.
1834.
1S35.
1836.
1837.
1838.
1839.
1840..
3,101,515
3 237 416
4,724,291
4,767,129
3.308,745
3; 239,429
622^262
3,064,646
4,577,141
5,716,246
4,404,729
4,229,699
5,393,280
9,893; 609
7,160,965
5,728,203
5,996,269
4,841,838
.5,448,035
6,704,019
5,696.189
5,759,157
12,169,227
13,682,734
12,897,224
8,916,996
7,097,070
3,8,56,183
3,956,370
3,901,357
3,956,260
3,864,939
5,807,718
"6,646,915
6,131, .596
6,182,294
6,113,897
930,738>
1,352,420
1,802,981
1,003,953
1,708,444
4,615,141
4,348,076
5,504,191
2,528,917
2,331,795
1,363,297
1,170,
1,184;
4,589;
•3,354,
1,954,
2,882,
2,672,
2,156,
3,142,
2,603,
1841.,
1842.,
1843.,
1844.,
1845.,
1848.,
1847.,
1848.,
1849-,
1850.,
6,084,037
6,788,853
3,203,163
5,616,408
5,910,028
6,034,324
.6,201,519
5,620,678
14,143,278
H ; 920,119
8,805,565
6,611,887
2,957,300
5,179,220
5,752,644
10,792,867
38,305,520
25,501,963
14,852,966
9,400,239
8,001,077
8,397,243
3,727,711
6,498,199
6,297,245
6,4.54,947
7,900,638
9,408,476
9,786,708
7,904,709
2,594,063
1,201,062
581,680
1,179,279
1,540,817
1,021,461
1,470,306
1,221,792
1,373,119
. 1,665,802
2,388,496
1,379,489
843,323
2,030,598
2,398,642
1,810,371
1,747,917
1,211,270
1,330,010
1,870,292
1851.,
1852..
1853..
1854-.
18.55..
1856..
1857..
1858-.
1859,.
I860..
18,008,594
16,590,773
15,814,840
26,443,374
22,020,924
29,310,469
24,911,223
22,255,130
18,891,737
18,086,888
18,096,116
17,846,762
22,507,651
26,505,619
44,515,558
41,115,438
58,406,906
55,9.57,827
52; 753,231
64,389,438
11,811,793
8,225,247
9,947,291
11,733,629
14,773,828
16,948,197
19,261,774
2.5,485,383
23,243,823
16,409,767
9,005,93i
8,9.52,801
10,918,781
10,798,588
13,312,024
14,091,781
12,747,977
13,984,651
14,642; 990
11,514,965
2,895,700
2,980,403
3,905,745
1,553,031
2,792,5.52
2,769,430
4,267,543
4,928,739
3,625,027
2,949,191
2,290,278
2,403,953
1,777,871
1,237,879
1,450,153
1,298.209
1,312,043
1,217.488
1,220,378
1,102,926
22,981,150
394,368,407
599,298,601
690,791,843
1,031,323,361
284,449,702
95,224,415
123.246,648
78,501,991
57,655.676
12,420,888
42,668,277
63,221,964
85,725,995
122,612,945
43,324,118
31,034,011
25,775,503
20,000,758
21,780,230
2,841,358
2,273,224
3,154,357
2,629,859
5,116,8.37
3,247,065
4,642,532
4,100,682
7,042,923
3,407,938
1,036,064
853,095
1,078,991
4,983,924
16,338,811
1.5,605.352
20,936.552
23,782,387
28,476,622
28,340,202
1861..
1862..
18fe..
1864..
1865..
1866..
1867..
1868.
1869..
1870..
2, 542, 843
1,913,533
1,383,583
772, .562
303,797
202,153
57,863
y4y, oy*
$407,657
.53.697
21,303
810,232
538,299
22,222
1,041,444
2,153,7.50
3,207,348
3,078,814
3,199,118
3,616,883
4,748,923
4,808,558
9,889,546
5,170,895
3,561,729
749,314
999,980
250,000
3,516,667
4,053,192
5,395,510
4,844,579
14,997
399,834
174,598
284,97g
773,550
.523,595
1,833,867
1,040,032
842,723
1,119,215
2,390,825
3,565, .578
3,782,331
3,698,721
4,000.298
3,665; 833
3,071,017
2,314,375
1,953,822
1,678,265
1,567,056
2,638,464
3,177,315
4,000,174
13,190,325
24,729,847
53,685,422
77,397,712
133,067,742
143,781,592
140,424,046
130,694,243
129,235,498
15,
17,
23
18!
17;
30,
37,
33,
26,
24,
15,203,333
15,143,086
15,247,651
17,288,950
23,017,552
18,627,589
- 17,572,81330,868,164
37,243,496
33,865,059
26,899,128
24,317,679
26,
25,
11,
22,
22,
27,
.57,
45,
45,
39,
28,585,873
25,205,761
11,858,075
22,337,571
• 22,937,408
27,766,925
57,281,412
45,377,226
45,051,6.57
39,543.492
15,203,333
15,143,068
47,709,
44.194,
48; 184,
58,044,
59,742,
69,571,
67,795,
74,185,
69,070,
63,130,
47,709,017
44,194,919
48,184,111
58,044,862
59,742,668
69,571,026
67,795,708
74,185,270
69,070,977
63,130,598
66,546,
474,761,
714,740,
865,322,
1,297,55.5,
520,809,
357,542,
377,340,
322,865,
309,653,
66,546,645
474,761,819
714,740,725
86.5,322,642
1,297,555,224
520,809,417
3.57,542,675
377,340,285
322,865,278
309,653.561
8 Includes civil expenditures under War and Navy Departments at Washington to and including fiscal year 1920.
< Exclusive of ci\il expenditures under War Department at Washington to and including fiscal year 1920.
, 5 Exclusive of civil expenditures under Navy Department at Washington to and including fiscal year 1920.
6 Includes only Army and Navy pensions for service prior to World War, and fees of examining surgeons. Does not include salaries under Bureau of Pensions, or payments to
the veterans of the Worl'd War, the expenditures for which are made by the Veterans' Bureau and included in the figures covering " civil and miscellaneous."
7 Exclusive of the following amounts transferred to the Civil Service Retirement and Disability fund (Interior Department) on account of salary deductions of 2^ per cent
a n d e r t h e ActofMay 22, 1920: 1921, $6,519,683.59; 1922, $7,899,006.28; 1923, $8,300,779.81; 1924, $8,679,658.60; 1925, $10,266,977.47
8 At par.
a
Ul
o
w
H
>
o
H
H
>
Ul
cl
00
TABLE K.—Receipts and expenditures of the United States Government by fiscal years from 1791 to 1925—Continued
00
00
E x p e n d i t u r e s c h a r g e a b l e a g a i n s t o r d i n a r y receipts
Fiscal year
War DepartNavy
Civil a n d m i s - m e n t (including rivers a n d
Department «
*
cellaneous 3
harbors and
P a n a m a Canal) •
Indians
Pensions •
Postal deficiencies '
Interest on the Total ordinary
public debt
expenditures
Public debt
Total expendiretirements
t u r e s chargechargeable
able against
against ordiordinary
n a r y receipts 8
receipts
1871
1872,
1873
1874,
1875,
1876.
1877.
1878.
1879.
1880
$64,367,481
62,768,024
72,943,555
81,822,622
63,859,057
68,507,121
52,756,194
47,424,310
60,968,032
54,437,850
$35,799,992
35,372,157
46,323,138
42,313,927
41,120,646
38,070,889
37,082,736
32,154,148
40,425,661
38,116,916
$19,431,027
21,249,810
23,526,257
30,932.587
21,497,626
18,963.310
14,959,9.35
17, .365,301
15.125.127
13,536,985
$7,426,997
7,061,729
7,951,705
6,692,462
8,384,557
6,966.5.58
5,277,007
4,629,280
5,206,109
6,945,457
$34,443,895
28,533,403
29,359,427
29,038,415
29,456,216
28,257, .396
27,963,7.52
27,137,019
.35,121,482
58,777,175
$5,131,250
5,175,000
5,490,475
4,714,045
7,211,646
5,092,540
6,170,339
5,75:1,394
4,773,524
3,071,000
$125,576,566
117,357,840
104,750,688
107,119,815
103,093,545
100,243,271
97,124,512
102,500,875
105,327,949
95,757,575
$292, 177,
277, 517,
290, 345,
302, 633,
274, 623,
265, 101,
241, 334,
236, 964;
286, 947,
267, 642,
$292,177,188
277,517,963
290,345,245
302,633,873
274,623,393
265,101,085
241,334,475
236,964,327
266,947,884
267,642,958
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
61,581,934
57,219,751
68,603,519
70,920,434
82,952,647
65,973,278
78,763,579
78,167,066
94, 087,507
94,832, 444
40,466,461
43,570,494
48,911,383
39,429,603
42,670,578
34,324.153
38,561,026
38,522,436
44,435,271
44,582,838
15,686,672
15,032,046
15,283,437
17.292,601
16,021,080
13,907,888
15,141,127
16,926,4.38
21,378,809
22., 006,208
6,514,161
9,736,748
7,362, .591
6,475,999
6,552,495
6,099,1.58
6,194,523
6,249,308
6,892,208
6,708,047
50,059,280
61,345,194
66,012,574
55,429,228
56,102,268
63,404, .S64
75,029,102
80, 2S8.509
87,624, 779
106,936,855
3,895,839
4, .541,611
8,193,6.52
6,501,247
3,056,037
3,868,920
6,875,037
82,508,741
71,077,207
59.160,131
54,578.379
51,3.S8;256
50,580,146
47,741,577
44, 715,007
41,001,484
36,099,284
260, 712,
257, 981,
265, 408,
244, 126,
260, 226,
242, 48.3,
267, 932,
267, 924,
299, 288,
318, 040,
260,712,888
257,981,440
265.408.138
. 244,126,244
260,226,935
242.483.139
267,932,181
267,924,801
299,288,978
318,040,711
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
115,707,616
95,790,499
97,788,004
93,693,884
82.263,188
77,916,2.35
79,252,062
86,016,465
110,979,6S6
131,689,466
48,720,065
46, S95,4.56
49,641,773
54,567,930
51,804,759
50,830,921
48,950,268
91,992,000
229,841,254
134,774,768
26,113,896
29,174,139
30.136,0S4
31,701,294
28,797,796
27,147,732
34,561,546
58,823,9-85
63,942,104
55,953,078
8,527,469
11,150, .578
13,345,347
10,293,482
9,939, 754
12,165,528
13,016,802
10,994,668
12,805,711
10,175,107
124,415,9.51
134,583,053
159,357,5.58
141,177,285
141,39.5.229
139,434,001
141,053,165
147,452,369
139.394,929
140,877,316
4,741,772
4,051,490
5,946,795
8,250,000
11,016,542
9,300,000
11,149,206
10,504, aio
8,211,570
7,230,779
37,547,135
2.3,378,116
27,264,392
27,841,40630,978,030
3.5,385,02y
37,791,110
37, .58.5,0.56
39,896,925
40,160,333
365, 773.
34.5, 023,
383, 477
367, 525,
356, 195,
352, 179;
365, 774,
443, 368,
605, 072,
• 520, 860,
365,773,904
345,023,331
383,477,953
387,52.5,281
356,195,298
352,179,446
365,774,159
443,368,583
605,072,179
520,860,847
1901
1902,
1903
1904
1905
131,976,814
125,110,562
133,072,506
131,-357,250
127,968,472
144,615,697
112,272,216
118,629,505
165,199,911
126,093,894
60,506,978
67.803.128
82,618,034
102,956,102
117,550.308
10,896,073
10,049,585
12,9.3.5,168
10,438,350
14,236,074
139,323,622
138,4S8, .560
138,425,646
142,559.266
141,773; 965
4,954,762
2,402,1.53
2,768,919
6,502,531
15,065,257
32,342,979
29,108,045
28,556,349
24,646,490
24,590,944
74,503
.524,616,925
485,234,249
517,006,127
583,659,900
567,278,914
524,616,925
485,234.249
517,006; 127
583,659,900
567,278.914
O
n
o
H
t25
>
o
Ul
1906....
1907....
1908....
1909....
1910....
131,638,657
145,641,626
162.532,368
167; 001,087
171,580,830
137,326,066
149,775,084
175,840,453
192,486,904
189,823,379
110,474,:^
97,128,469
118,037,097
115,546,011
123,173,717
12,746,859
15,163,608
14,579,756
15,694,618
18,504,132
141,(34,5^
139.309,514
153,892,467
161,710,367
160,696,416
1911....
1912....
1913....
1914....
1915....
1916....
1917....
1918....
1919....
1920....
173,838, .599
172,256,794
169,802,304
170,530,235
200, 533,231
199, .555,048
1,153,677,360
6,306,354,995
6,805,124,746
3,133,100,982
197, 199,491
184, 122,793
202. 128,711
208, 349, 746
202, 160,134
182, 139,305
459, 539,678
5,705, 136, 249
9,265,325,159
1,100, 865,666
119, 937,644
13.5,591,956
133, 262,862
139, 682,186
141, 83.5,654
155, 029,426
257, 166,437
1,368, 642,794
2,009,272,389
629, 893,116
20,933,869
20,134,840
20,306,159
20,215,076
22,130,351
17,570,284
30,598,094
30,888.400
34,593,257
40,516,832
157,980, .575
153, .590,456
175,085,450
173,440, 231
164,387,942
159,302,351
160,318,406
181,137,754
221,614,781
213,344,201
1921....
1922....
1923....
1921....
1925 . . .
1,811,016,060
9S9,922,678
1,169,528,360
1,047, 269,519
617, 537,364
580,794,891
402,058,450
355,722,856
348,608.247
357,957,420
647,870,645
458,794,813
322,532,909
324,129,998
326,365,467
41,470,80S
38,500,413
45,142,763
46,7.54.028
38, 755,457
260,611,416
252,576.848
264,147,869
228.261,5.55
218, 321,424
12,673,294
•7,629,383
12,888,041
19,501,062
8,495,612
1,568,195
1,027,389
6,636,593
5,500,000
2,221,095
343,511
130,272,845
64,346,235
32,526,915
12,6:^8,850
23,216, 784
24,308,575
24,481,158
21,426,138
21,803,836
21,342,979
570,2(^,278
579,128,842
659,196,320
693,743,885
693,617,065
670,2(^,278
579,128,842
659,196,320
693,743,885
693,617,065
21,311,334
22,616,300
22,899,108
22,863,957
22,902,897
22,900,313
24,742,129
197,526,608
615,867,337
1,024,024,440
691,201,512
689,881,334
724,511,963
73.5,081,431
760,586,802
741,996,727
2,086,042,104
13,791,907,895
18,952,141,180
6,141,745,240
691,201,512
689,881,334
724,511,963
735,081,431
760,586,802
741,996,727
2,086,042,104
13,791,907,895
18,952,141,180
. 6,141,745,240
996,676,804
989,485,410
1,055,088,486
938,740,772
882, 014,950
4,468,713,469
3,195,684,847
3,244,690,158
2,946.400.987
2,464,168,866
$422,561,850
422,352,950
402,957,691
457,894,100
466, 638,114
4,891,275,319
3,618,0;i7,797
3,847,647,849
3.404.295,067
2, 930, 706,980
» I n c l u d e s civil e x p e n d i t u r e s u n d e r W a r a n d N a v y D e p a r t m e n t s a t W a s h i n g t o n t o a n d including fiscal year 1920.
•• E x c l u s i v e of civil e x p e n d i t u r e s u n d e r W a r D e p a r t m e n t a t W a s h i n g t o n to a n d including fiscal y e a r 1920.
6 E x c l u s i v e of civil e x p e n d i t u r e s u n d e r N a v y D e p a r t m e n t a t W a s h i n g t o n t o a n d including fiscal year 1920.
8 I n c l u d e s o n l y A r m y a n d N a v y pensions for service prior to W o r l d W a r , a n d fees of e x a m i n i n g surgeons. Does n o t include salaries u n d e r B u r e a u of P e n s i o n s , or p a y m e n t s to °
t h e v e t e r a n s of t h e W o r l d W a r , t h e e x p e n d i t u r e s for w h i c h are m a d e b y t h e V e t e r a n s ' B u r e a u a n d i n c l u d e d in t h e figures covering " c i v i l a n d m i s c e l l a n e o u s , "
' E x c l u s i v e of t h e following a m o u n t s transferred t o t h e Civil Service R e t i r e m e n t a n d D i s a b i l i t y fund ( I n t e r i o r D e p a r t m e n t ) on a c c o u n t of s a l a r y d e d u c t i o n s of 2J p e r c e n t
u n d e r t h e Act of M a y 22, 1920: 1921, $6,519,683.59; 1922, $7,899,006.28; 1923, $8,300,779.81; 1924, $8,679,658.60; 1926, $10,266,977.47.
8 At par.
Ul
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CO
TABLE K.—Receipts and expenditures of the United States Government by fiscal years from 1791 to 1925—Continued
O
P u b l i c deDt e x p e n d i t u r e s chargeable against
public d e b t receipts a n d s u r p l u s r e v e n u e i
Fi.scal year
Public debt
retirements,
exclusive of
retirements
chargeable
against ordin a r y receipts
1791
1792.
1793..'
1794.
1795
1796.
1797
17981799
1800...
2,878,794
5,413,966
3,407,331
3,905,205
3,220,891
5,266,477
2,9.38,142
• 6,832,092
3, .586,479
5,163,477
1811...
1812
1813- .
1814
1815
1816
1817.
181181'
1820
5,643,471
1,998,3.50
- 7,.505,668
3,307,305
6,874,354
17,657,804
19,041,826
15,279,755
2,540,388
3,502,397
Total pubhc
d e b t retireRedemption
Public e
Dep si
o
m e n t s charge- receipts,dp rbot- retire on atts otn a l
of n a t i o n a l
i
able against
bank and Fedceeds of b o n d s , b a n k a n d F e d public debt
eral reserve
a n d other
eral reserve
receipts a n d
b a n k notes
• securities
banknotes
s u r p l u s revenue
$2,9.38,512
4.062,038
3; 047,263
2,311,286
2,895,260
. 2,640,792
2,492,379
937,013
1,410,589
1,203,665
1801...
1802
1803
1804
1805
1806
1807
1808
1809
1810
P u b l i c d e b t receipts
Total p u b l i c
d e b t receipts
S u r p l a s ( + ) or R e c a p i t u l a t i o n of t o t a l receipts a n d e x p e n d i tures
deficit ( - )
public debt
receipts compared with
public debt
expenditures
Total ordinary
(exclusive of T o t a l o r d i n a r y
Surplus ( + ) o r
and pubhc
and public
pubhc debt
deficit ( - ) of
d e b t receipts d e b t e x p e n d i expenditures
all receipts
tures
chargeable
against ordinary receipts)
$2,928,512
4,062,038
3,047,263
2,311,288
2,895,260
2,640,792
2,492,379
93'., 013
1,410,589
1,203,665
-
$5,791,113
5,070,806
1,067,701
4,609,197
3,305,268
362,800
70,135
308,574
5,074,647
1,602,435
$5,791; 113
.5,070,808
1,067,701
4,609,197
3,305,268
362,800
70,135
308,574
5,074,647
1,602,435
+$2,852,801
+ 1,008,788
-1,979,562
+ 2,297,911
+410,008
-2,277,992
-2,422,244
-628,439
+3,684,058
+398,770
$10,210,028
8,740,788
5,720,824
10,041,102
9,419,802
8,740,330
8,758,918
8,209,070
12,621,480
12,451.184
$7,207,539
9,141,570
7,529,576
9,302,125
10,435,069
8,367,778
8,626,013
8,613,517
11,077,044
11,989,740
+$3,002,487
—400 804
— 1,808 952
+738,977
-1,015,267
+ 372,552
+ 132,903 0
-404,447
+ 1,544 416
+481,444
2,878,794
5,413,968
3,407,331
3,905,205
3,220,891
5,266,477
2,938,142
6,832,092
3,586,479
5,163,477
10,125
5,597
10,125
5,597
9,533
128,815
48,898
9,533
128,815
48,898
1,882
1,882
2,759,992
2,759,992
-2,868,669
-5,408,369
-3,407,331
-3,895,672
-3,092,076
- 5 , 2 1 7 , .579
-2,93.8,142
-6,830,210
-3,586,479
-2,403,485
12,945,456
15,001,391
11,064,098
11,835,840
13,889,508
15,608,829
18,398,019
17,062,544
7,773,473
12,144,207
12,273,378
13,276,084
11,258,984
12,824,647
13,727,125
15,070,094
11,292,293
16,764,584
13,867,227
13,319,987
+672,080
+ 1,725,307
— 194 888
—788,807
—37 617
+538,735
+5,105,728
+297,980
-8,093,754
-1,175,780
5,543,471
1,998,350
7,505,668
3,307,305
6,874,354
17,657,804
19,041,828
15,279,755
2,540,388
3,502,397
8,309
12,837,900
26,184,435
23,377,912
35,264,321
9,494,438
734,543
8,766
2,291
?,040.824
8,309
12,837,900
26,184,435
23,377,912
35,284,321
9,494,438
734,543
8,788
2,291
3,040,824
-5,535,162
+ 10,839,550
+ 18,678,767
+ 20,070,607
+ 28,389,967
-8,163,368
-18,307,283
-15,270,989
-2,538,097
-461,573
14,431,838
22,639,033
40,524,845
34,559,537
50,993,345
57,172,107
33,833,593
21,593,937
24,605,666
20.921,494
13;601,808
22,279,121
39,187,520
38,028,231
39,582,493
48,244,495
40,885,646
35,104,876
24,004,198
21,763,024
+830,030
+359,912
+ 1,337,325
—3 468 694
+ 11,410,852
+ 8,927,612
-7,052,053
-13,510,939
+801,468
-841,.530
.0
H
O
W
>
o
Ul
1821.
1822
1823
1824
1825
1826
1827.
1828
1829
1830
1831
1832
1833
1834
1835
1838
1837 . . . . .
1838
1839
1840
1841
1842
1843
1844 •
1845
1848.
1847
1848.
1849
1850.
1851
1852.
1853
1854.
. .
1855
1856--.
1S57
1858...
1859.
1880
1881......V
1862
1863.
1884
•.
1885
1888
1867
1888
1889
1870
3,279,822
2,678,371
607,332
11,671,832
7,728,576
7,067,602
6,517,597
9,064,837
9,841,025
9,442,215
14,790,795
17,067,748
1,239,747
5,974,412
328
3,279,822
2,878,371
607,332
11,571,832
7,728,578
7,087,602
6,517,597
9,064,637
9,841,025
9,442,215
14,790,795
17,067,748
1,239,747
5,974,412
328
21,823
5,590,724
10,718,151
3,912,016
5,315,712
7,801,990
338,013
11,1-58,451
7,536,349
375,100
5,596,068
13,038,373
12,804,829
3,655,035
654,951
2,151,754
6.412,574
1?;574,145
6,658,088
3,614,619
3,276,806
7,505,251
14,702,543.
14,431,350
18,142,900
98,098,922
181,086,635
384,793,685
591,785,660
514,094,370
. 558,186,181
583,181,259
115,002,117
117,572,553
$92,830
602, ISO
458,409
202,755
6,000,324
5,000,000
5,000,000
5,000,000
5,000,000
2,992,989
2i,823
5,590,724
12,718,821
10,718,154
3,857,276
3,912,018
5,589,548
5,315,712
13,659,317
14,808,736
7,801,990
12,479,708
338,013
1,877,181
11,158,451
7,536,349
375,100
28,872,399
5,596,088
21,258,700
13,038,373
28,588,7.50
12,804,829
4,045,9,50
3,855,035
203,400
654,951
48,300
2,151,7:54
16,350
6,412,574
17,574,145
~3,298
6,656,066
800
3,614,619
• 200
3,276,606
3,900
7,505,251
23,717,300
28,287,500
14,702,543 ,
20,776,800
14,431,-350
41,861,710
18,142,900
529,692,481
98,098,922
181,086,635
774,583,362
384,793,665
1,080,805,897
1,456,649,-159
591,785,660
595,900,534
514,094,370
455,090,471
558,279,011
516,832,146
583,783,439
115,460,526- •78,359,939
8,331,827
117.775,308
2,992,989
12,716,821
3,857,276
6,589,548
+2,971,188
+7:128,097
-6,860,878
+ 1,677,532
13,659,317
14,808,736
12,479,708
1,877,181
+8,343,605
+7,008,748
+ 12,141,895
-9,281,270
-7,538,349
-375,100
+23,276,331
+8,218,327
+ 15,783,921
+390,915
-451,551
-2,105,454
-8,396,224
-17,570,847
-6,855,266
-3,614,419
-3,272,706
+ 16,212,049
+ 13,584,957
+8,345,450
+23,718,810
+ 433,595,539
+593,498,727
+698,012,232
+884,863,499
+81,806,164
-103,107,050
-88,210,923
• -38,334,867
-108,657,321
•
> See page 488 for public debt expenditures chargeable against ordinary receipts.
+ 1,720,502
-2,876,371
-607,332
-6,571,832
-2,72cS,576
-7,087,602
-6,517,597
-9,064,637
-9,841,025
-9,442,215
-14,790,795
-17,067,748
-1,239,747
-5,974,412
-328
5,000,324
~
28,872,399
• 21,256,700
28,588,750
4,045,950
203,400
48,300
18,350
3,298
800
200
3,900
23,717,300
.28,287,500
20,776,800
41,881,710
529,692,461
774,583,382
1,080,805,897
- 1,456,649,159
595,900,534
455,171,961
$81,490740,370
517,572,516
-77,-12.5,659
785,-720- .
9,117,987
786 160
19,573,704
20,232,428
20,540,668
24,381,213
28,840,858
25,260,434
22,986,364
24,763,630
24,827,627
24,844,118
28,526,821
31,885,561
33,948,427
21,791,936
35,430,087
50,828,798
27,947,142
39,019,383
35,340,025
25,089,663
30,519,477
34,784,934
20,782,410
31,198,555
29,970,106
29,699,967
55,388,188
58,992,479
59,796,898
47,649,389
52,762,704
49,893,116
61,603,404
73,803,639
65,351,375
74,058,899
68,969,213
70,372,668
81,773,965
76,841,408
83,371,641
581,679,917
887,280,853
1,345,432,688
1,790,36.3,784
1,153,933,154
945,805,971
923,210,599
448,089,408
420,373,464
19,090,575
17,676,591
15,314,172
31,898,540
23,585,805
24,103,399
22,658,765
25,459,480
25,044,358
24,585,281
30,038,446
34,358,698
24,257,299
24,601,981
17,573,141
30,868,164
37,265,319
39,455,783
37,817,282
28,229,595
31,881,585
33,007,751
12,198,088
33,498,022
30,473,757
28,142,025
82,877,480
58,415,599
57,856,486
. 43,198,527
48,383,968
48,348,673
54,598,885
75,819,007
66,398,734
73,185,845
71,072,314
.81,690,521
83,773,520
77,581,948
84,889,545
570,858,741
895,827,300
1,250,118,307
1,889,340,884
1,034,903,797
915,821,886
961,123,724
438,325,804
427,428,889
+483,129
+2,555,837
+5,228,494
-7,517,327
+3,255,053
+1.157,035
+309,599
-695,850
-218,731
+258,835
-1,511,625
-2,491,137
+9,691,128
-2,810,045
+ 17,858,948
+ 19,958,632
-9,318,177
438,400 '
-2,277,257
-3,159,932
-1,362,108
+ 1,777,183
+8,586,322
-2,297,487
-503,651
+ 1,557,942
-7,509,312
-1,423,120
+ 1,940,407
+4,450,862
+4,398,738
+3,548,443
+7,008,719
-1,815,388
-1,047,359
+871,254
-2,103,101
-11,317,855
• -1.999,555
-720,540
-1,317,904
+ 10,821,178
-8,548,707
+95,318,381
-98,977,120
+119,029,387
+29,984,285
-37,913,125
+9,743,602
- J , 055,405
Ul
N
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Kl
0
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TABLE K.—Receipts and expenditures of the United States Government by fiscal years from 1791 to 1925—Continued
to
P u b l i c d e b t e x p e n d i t u r e s chargeable a g a i n s t
public d e b t receipts and surplus revenue»
Fiscal year
1871
1872
1873
1874
1875
1878
1877
1878
1879
1880
.
1881
1882- . .
1883
1884
1885.
1886
1887. . .
1888
1889
1890.
1891...;.
1892
1893
1894
1895..
1898
1897
1898
1899
1900
....
.
.....
Public debt
retirements,
exclusive of
retirements
chargeable
a g a i n s t ordin a r y receipts
Public debt receipts
Total public
d e b t retireDeposits to
PubUc debt
Redemption
m e n t s charge- receipts, p r o - retire n a t i o n a l
of n a t i o n a l
able against
ceeds of b o n d s , b a n k a n d F e d bank and Fedpublic d e b t
eral reserve
and other
eral reserve
receipts a n d
b a n k notes
securities
b a n k notes
surplus revenue
Total pubUc
d e b t receipts
S u r p l u s ( + ) or R e c a p i t u l a t i o n of t o t a l r e c e i p t s a n d e x p e n d i tures
deficit ( - )
public debt
receipts compared with
public debt
expenditures
T o t a l o r d i n a r y S u r p l u s ( + ) or
(exclusive of T o t a l o r d i n a r y
a n d public
deficit ( - ) of
and pubhc
public debt
debt expendiall receipts
d e b t receipts
expenditures
tures
chargeable
a g a i n s t ordin a r y receipts)
$177,323,434
254,334,004
61,822,216
138,070,505
114,537,836
137,752,615
151,239,525
143,997,994
479,882,228
280,434,937
$1,307,527
3,374,1.54
3,241,778
1,374,500
10,912,666
24,324,687
25,050,755
12,009, S76
8,058,701
6,401,916
8178,630,961
257,708,218
65,063,994
137,445,005
125,450,502
182,077,302
176,290,250
156,007,870
487,938,927
286,838,853
$61,249,107
142,173,811
3,950,180
142,882,880
98,505,700
104,553,050
141,1,34,650
198,850,250
617,578,010
73,065,540
$3,017,071
3,473,104
2,333,321
3,284,510
25,288,721
32,093,381
12,069,755
8,816,027
9,855,249
14,143,478
$84,268,178
145,646,915
6,283,501
148,167,390
121,794,421
136,848,431
153,204,405
207,688,277
827,433,2.59
87,209,018
-$114,364,783
-112,061,303
-58,780,493
+8,722,385
-3,656,081
-25,430,871
-23,085,875
+51,658,407
+ 1.39,494,332
-199,627,837
$447,590,123
519,753,783
340,021,708
451,146,148
409,794,472
430,742,296
434,610,824
465,430,156
901,260,444
420,7.35,627
$470,808,149
535,228,181
355,409.239
440,078,878
400,073,895
427,178,387
417,824,755
392,972,197
754,886,811
554,479,811
-$23,218,026
-15,472,398
-15,387,5.33
+11,087,268
+9,720,577
+3,563.909
+16,986,069
+72,457,959
+148,373,633
-133,744,184
86,110,581
166,505,256
438,430,757
101,266,335
46,042,635
44,583,843
127,959,388
74,862,213
121,288,788
104,663,800
12,344,799
16,808,607
23,552,280
26,857,690
28,462,225
29, .557,588
37,368,289
50,163,957
46,388,122
33,633,889
98,455,380
183,313,-883
481,983,037
128,124,025
74,504,860
74,141,431
165,327,657
125,026,170
167,674,910
138,297,689
878,200
225,300
304,372,8.50
1,404,650
58,150
39,850
40,900
48,650
24,350
21,650
26,154,037
20,718,477
22,653,481
30,067,900
27,690,436
51,209,962
75,112,501
44.123,883
32,4S4,415
11,202,112
28,832,237
20,943,777
327,028,311
31,472,550
27,748,586
51,249,812
75,153,401
44,172,533
32,508,765
11,223,782
-71,823,143
-162,370,086
-134,958,726
—98,651,475
-48,756,274
-22,891,619
-90,174,258
-80,853,637
-135,168,145
-127,073,927
.387,614,530
424,469,027
725,313,893
379,992,420
351,439,292
3S7,689,538
446,558,678
423,4.3.S,608
419,558,824
414,304,746
359,168,268
441,295,303
727,391,175
372,250,289
3.34,731,795
316,624,570
433,259,838
392,950,971
466,963,888
456,338,400
+28,448,282
— 18,826,278
-2,077,282
+7,742,151
+ 18,707,497
+71,084,988
+ 13,298,840
+30,487,637
-47,405,054
-42,033,654
101,003,058
24,348,087
709,903
258,447
2,494,550
7,294,103
11,378,502
29,942,062
14,622,363
. 22,790,058
25,329,028
16,232,721
9,037,652
10,929,536
13,068,369
11,223,150
11,092,356
15,990,460
18,649,276
17,909,793
126,332,084
40,5.s0,808
9,747,555
11,185,983
15,582,919
18,517,253
22,470,858
45,932,522
31,271,839
40,699,851
13,750
15,250
22,900
50,014,250
81,165,050
131,168,S00
3,250
5,950
199,201,210
117,770
9,728,060
2,977,838
2,937,580
16,637,784
12,056,173
5,985,8.^4
15,448,970
22,024,970
21,973,510
17,240,290
9,741,810
2,993,088
2,980,480
66,652,034
93,221,223
137,134,484
15,452,220
22,030,920"
221,174,720
17,358,060
-116,590,274
-37,587,720
-6,787,075
+55,468,051
+77,658,304
+ 118,617,231
-7,018,638
-23,901,602
+ 189,903,081
-23,341,791
402,354,257
357.930,872
.3.S8;780,109
373,007,350
417,950,642
475,278,931
363,17.3,925
427,352,255
737,135,341
584,598,912
492,105,988
385,604,139
393,225,508
378,711,284
371,758,217
370,696,899
388,24.5,017
489,301,105
636,343,818
561,560,898
-89,751,731
-27,873,267
-4,44.5,399
-5,703,914
+ 4 6 192 425
+ 104,580,232
-25,071,092
-81,948,850
+ 100,791,523
+23,038,214
'
o
o
w
>^
»—I
>
o
CQ
1901
1902
1903
1904
1905
1906
1907,
1908
1909
1910
86,112,799
58,223,918
18,608,833
18,628,731
80.5,231
244,712
30,373,043
34,358,750
15,434,887
760,925
18,628,438
20,085,275
26,272,088
30,936,971
25,857,368
24,724,135
25,454,255
39,535,157
89,562,083
32,288,771
64,739,237
78,309,193
42,880,919
49,559,702
26,462,599
24,968,84.7
55,827,298
73,891,907
104,998,770
33,049,896
3,700
2,370
2,050
2,000
2,750
2,050
30,005,100
40,068,4S0
30,000,000
1911
1912,
1913
1914,
1915,
1916,
1917,
1918,
1919,
1920,
248,498
120,616
102,575
109,127
47,533
35,903
638,980,687
7,885,287,850
15,813,848,117
17,013,020,107
34,978,840
28,627,712
24,089,038
26,852,200
17,205,958
24,633,011
40,564,118
21,611,225
23,717,893
23,424,165
35,223,336
28,648,328
24,191,811
26,961,327
17,253,491
24,868,914
677,544,7X3
7,706,879,075
15,837,566,010
17,038,444,272
17,641,634
32,817.648
1,929,840
3,118,940
933,540
1,803,500
2,390,724,755
16,964,809,560
29,053,331,758
15,835,273,962
40,232,555
20,078,365
21,471,010
19,902,283
21,553,415
56,848,903
37,293,045
10,279,650
22,644,758
17,071,988
57,874,189
52,898,011
23,400,8.50
23,021,223
22,488,955
58,4.52,403
2,428,017,800
16,974,889,210
29,075,978,516
15,852,345,950
+22,850,853
+24,247,8.^3
-790,781
-3,940,104
+5,233,484
+33,783,489
+ 1,750,473,017
+9,288,010,135
+ 13,238,410,506
-1,184,098,322
1921.
1922.
1923
1924.
1925.
8,721,751,533
6,500,584,843
7,486,747,508
2,814,718,038
3,351, 798,909
37,480,031
107,251,870
• 74,414,.564
33,084,377
68,974,392
8,824,738,839
5,910,931,278
7,259,180.899
2.178.875,627
3, 047,015,791
40,186,945
107,088,827
90,547,571
28,453,5.57
105,447,372
8,884,925,784
6,018,017,903
7.349,728,470
2.207,129.184
3,152, 463,163
+ 105,713,620
-5.S9,8i8,810
-211,433,600
-640.673.231
-268,310,138
8,759,212.164
6,607,838,513
7,561.162,070
2,847,802.415
3,420, 773, 301
12,882,869
32,735,435
24,270,925
26,410,205
22,557,928
35, 1.32,072
30,477,420
64,333,137
45,624,240
31,874,293
12,8.86,569
32,737,805
24,272,975
26,412,805
22,560,678
.35, 134,722
60,4S2,520
104,401,617
75,624,240
31,874,293
-41,852,668
-43,571,388
-18,607,944
-23,146,897
" -3,901,921
+ 10.165,875
+ 4,6.55,222
+30,509,710
-29,372,530
-1,375,403
579,3.56,162
581,543,442
559,887,048
633,219,602
593,741,513
595,171,125
634,956,140
733,088,227
798,740,6.55
726,666,781
+21,215,745
+33,672,596
+26,288,651
-65,719,712
-26,908,150
+34,948,043
+91,386,766
-26,824,703
-118,795,917
-19,480,753
726,424,848
759, 707,100
718,529,062
745, 505,215
747, 512,0X0
748,703,574'
757, 694,390
762,042,758
720, 397,782
777,840,293
840,986,951
766,665,641
3,552, 342, .595 2,763,586,887
21,155,314,368 21,498,786,970
33,730, 357,415 34,789,707,1.90
22,556, 760,387 23,178,189,512
+ 3 3 , 282,252
+ 2 6 , 975,553
- 1 , 191,494
348,388
- 5 7 , 442,511
+ 74, 321,310
+788, 755,70S
- 3 4 3 , 472,604
-1,059, 349,775
- 6 2 1 , 429,125
13,850,487,483
10,225,874,310
11,208,809,919
6,252,097.482
6, 351, 480, 281
+798, 955,348
- 1 0 4 , 259,878
035,766
- 1 6 0 ;927.150
-f408, 627,046
600,571,907
595,218,038
586,153,697
567,499, 890
566,835,363
830,119,188
726,342,908
708,263, .524
679,944,738
707,180,008
14,449,442,829
10,121,614,434
11,196,774,153
6,091.i;0.328
6, 760,107, 327
Ul
Q
•H
>
I See.page 488 for p u b l i c d e b t e x p e n d i t u r e s chargeable a g a i n s t o r d i n a r y r e c e i p t s .
CQ
CD
CO
494
]REP6RT ON T H E FIJSTANCES
TABLE L.—Postal receipts and expenditures for the fiscal years 1791 to 1925
Receipts
Fiscal year
1791
1792
1793
1794
1795
1798
1797
1798
1799...
1800
1321
1822
1823
1824
1825
1828
1827
1828
1829
1830
320, 445
326, 832
359, 952
389, 711
422,129
446, 520
484,134
480, 718
508, 834
551, 755
. 248,142
275,857
3.18,312
333,977
388,115
413, 814
418,916
446,915
505,116
550,991
72,303
50,975
43, 840
55,734
38,014
32, 708
65, 218
13, 803
1, 518
784
587,287
649,151
703, 221
• 730,953
1, 043, 022
961, 718
1,022,973
1,130,203
1, 204, 737
1, 111, 760
517, 921
552, 472
635, 4 .2
726,375
743, 756
807,875
917,129
1, 031,799
1,114, 032
1,183,191
69. 346
98,879
67,809
4,578
299, 288
153, 843
85, 844
98,404
90,705
1, 058,302
' 1,117, 555
1,130, 214
1,197, 299
1, 306, 253
1, 447, 860
1, 524,602
;.
1, 680, 278
1, 778,472
1, 919,314
1,177,528
1,187, 359
1,158,777
1,190, 478
1, 238,912
1, .395, 7991,481,620
1, 879, 316
1, 872, 705
1, 950,118
...1
- .
..
..
.
i
.
.
'
.
.
2,105,722
2, 258, 570
2, 617, 012
2, 823, 749
2,993,557
3, 408,323
4,945,688
4, 238,733
4,484,858
4, 543, 522
:
-
,
..
1
.
.
..
:
.. .
.
-
2,008,743
2,288,171
2, 930,415
2, 910,605
2, 757, 350
2, 841, 708
3, 288,319
4, 430,882
4,638, 538
4, 718,238
4, 407, 728
4, 548, 850
4, 298, 225
4, 237, 288
4, 289, 842
3,487,199
3, 880,309
4, 555, 211
4, 705,178
5,499,984
.
1841
18^
1843 .
1844
1845 .
1846
1847 .. - 1848
1849
1850
Excess of ex.
penditures
$4,182
16,402
29,722
33, 788
38,758
58,404
57, 405
47, 837
80,015
73,670
.
'
1831
1832
1833
1834
1835.
1836
1837
1838
1839
1840
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
$87,114
78,588
74,161
95,398
125, 039
136,639
158, 588
185,308
184,835
207,138
'
.
.
Excess of
receipts
$71,296
92,988
103,883
129,186
163, 795
195, 043
213, 993
233,145
284, 850
280,806
1801
1802
1803
1804
1805
1808
1807..:
1S08
1809
1810
1811
1812
1813
1814... .
1815
1816
1817.
1818
1819
1820
Expenditures I
4, 907,184
5, 728, 449
4,398, 058
4, 298, 513
4, 320,732
4, 886,288
4, 515, 841
4,349, 072
4, 479, 049
5, 212,953
6,410,604
5,184,526
5,240,725
6, 255,588
6,842,138
6,920,822
7,353,952
7,488,793
7,988,484
8,518,087
6,278,401
8,149,894
7,394,475
9, 482,932
9,720,950
10,119,940
10,970,835
12,235,716
12,777,042
18, 407,613
$51,431
119, 224
49, 804
28, 583
•
8,821
67,341
51. 861
42,982
19, 040
94, 233
30,802
98,979*
7,601
313,403
88,856
238,207
568, 557
1, 857, 349
191,929
151,880
174,714
499, 458
1,181, 599
99, 831
59, 225
30, 890
1, 399, 069
635, 532
206,139
226,127
287,031
132,203
2,985,388
2,-153,750
3,207,346
3,078,814
3,199,118
3,816,883
4,748,923
4,808,558
9,889,646
»Exclusive of departmental expenditures in Washington b y the oflSce of the Postmaster General
during the fiscal years 1791 to 1922, inclusive.
SECRETARY OF THE TEEASUEY
495
TABLE L.—Postal receipts and expenditures for the fiscal years 1791 to 1925—Gontimied
Receipts
Fiscalyear
1881
1882
1863
1864
1865
1866
1867
1888
1869
1870.
$8,349,298
8,299,820
11,163,790
12,438,254
14,558,159
14,436,986
15,297,027
16,292,600
18,344,511
19,772,221
Expenditures i
Excess of
receipts
Excess of expenditures
$13,520,191
11,861,549
11,913,104
13,438,234
14,806,159
14,436,988
18,813,694
20, 345,792
23,740,021
24,616,800
$5,170,895
3,581,729
749,314
999,980
250,000
1871
1872
1873
1874
1875.
1878
1877
1878
1879
1880
20,037,045
25,168,295
21,915,426
27,090,428
22,998,742
28,487,217
28,471,072
31,185,117
28,791,381
34,003,007
28,644,198 . 33,736,738
27,531,585
33,701,924
29,277,517
3.5,030,911
30,041,983
34,815,507
33,315, 479
38,386,479
5,131,250
5,176,000
5,490,476
4,714,045
7,211,646
6,092,540
6,170,339
5,753,394
4 773 524
3,071,000
1881
1882..
1883
1884..
1885..
1888
1887
1888
1889
1890
38,785,398
41,878,410
45,508,893
43,325,959
42, 580,843
43,948, 423
48,837,609
52,895,177
58,175,611
60,882,098
4^, 881,037
41,876,410
45,583,198
43,325,959
47,102,454
62,142,075
55.338.858
5.5,751,214
60,044,531
87,757,135
3,895,639
1891i
1892
1893
1894
1895
1898
1897
1898
1899
1900
65,"931,788
70,930, 470
75, 896,993
75,080,479
76,983,128
82,499,208
82,685,463
89,012,819
95,021,384
102,354,579
70,673, 558
74,981,968
81,843, 788
83,330, 479
87,999,870
91,799,208
93,814,689
99.516.859
103.232.954
109,585,358
4,741,772
4,051,490
5,946,795
8,250,000
11,016,542
9,300,000
11,149,206
10,504, 040
8,211,570
7,230,779
111, 831,193
121, 848,047
134,224,443
143,582,824
152,828,585"
187,932,783
183,585,005
191,478,863
203,582,383
224,128,658
118.585.955
124,250,200
138,993,362
150,085,155
187,891,842
180,608,077
191,214,388
204.388.704
223,083,445
232,624,270
4,954,782
2,402,153
2,788,919
8,502,531
15,065,257
12 873 294
7,829,383
12,888,041
19,501,082
8,495,612
1915
1916.
1917...
1918
1919
1920
237,879,823
248,744,0.18
266, 819,528
287,934,568
287,248,165
312,057,889
329,728,118
344,475,962
364,847,126
437,150,212
237.880.705
248,312,211
283,136,244
283, 558,103
293,884,758
311,728,453
319,889,904
327,070, 282
362,847,785
418,722,295
1921..
1922
1923
1924-.1925
463,491,275
484,853,541
532,827, 925
572,948,778
599, 591, 478
593,784,120
645,868,941
556,893,129
587,412,755
639, 336, 505
,
.^
.....:
1901
1902
1903
1904
1905
1906.
1907
1908
1909...
1910
1911..
1912
1913
.
:
3,516,667
4,053,192
5,395,510
4,844,679
. 74,503
4,541,811
8,193 852
6,501,247
3,056,037
3,868,920
6,875,037
$219,118
1,588,195
3,483,282
4,376,483
8,638,593
329,238
9,838,212
17,405,680
1,999,341
18, 427,917
130,272,846
60,815,400
24,085,204
14,463,977
39, 745, 027
^ Exclusive of departmental expenditures in Washington by the office of the Postmaster General
during the fiscal years 1791 to 1922, inclusive. Includes moneys transferred to retirement fund and
expenditures from postal balances.
TABLE M.—Source* of internal revenue, 1863 to 1925
Fiscal year
Spirits»
1^
[On basis of reports of collections)»
Gi
Fermented
liquors«
Tobacco«
Income and
profits 8
Legacies,
successions,
inheritances
Estates
Manufactures
and products «<
>
Banks and
bankers
1863
1864
1865
1866
1867
1868
1869
1870
$5,176,530.50
30,329,149.53
18,731,422.45
33,268,171.82
33,642,951.72
18,655,830.90
45,071,230. 86
65,606,094.15
$1,628,933.82
2,290,009.14
3,734,928.08
5,220,652.72
6,057,500.83
6,955,888.92
6,099,879.54
6,319,126.90
$3,097,620.47
8,592,098.98
11,401,37.3.10
16,531,007.83
19,765,148.41
18,730,095.32
23,430,707.57
31,350,707.88
$2,741,858.25
20,294,731.74
60,979,32a 48
72,982,159.03
68,014,429.34
41,455,598.36
34,791,855.84
• 37,775,873.62
$56,592.61
311,161.02
648,703.17
1,170,978. 85
1,885,315.15
2,823,411.24
2,434,693.23
3,091,825.50
$16,524,989.24
38,222,716.67
73,318,450.37
127,230,608.66
91,531,331.31
61,649,902.58
3,345,362.95
3,017,027.70
$2,837,719.82
4,940,870.90
3,483,988.05
2,046,662.48
1,868,745.55
2,198,054.17
3,020,083.61
1871
1872
1873
1874
1875
1878
1877
1878
1879
1880
46,281,848.10
49,475,516.36
62,099,371.78
49,444,089.85
52,081,991.12
58,428,365.13
67,469,429.72
60,420,815.80
62,570,284.69
61,185,508.79
7,389,601.82
8,258,498.46
9,324,937.84
9,304,679.72
9,144,004. 41
9,571,280.86
9,480,789.17
9,937,051.78
10,729,320.08
12,829,802.84
33,578,907.18
33,738,170.52
34,386,30.3.09
33,242,875.82
37,303,481.88
39,795,339.91
41,106,548.92
40,091,754.67
40,135,002.65
38,870,140.08
19,162,650.75
14,436,861. 78
5,082,311.62
139,472. 09
232.64
588.27
97.79
2,505,087.13
3,631,518.10
4,618,144.75
1,287,470.38
625,408.05
863,851.48
509,042.82
238,182. 76
429,658.71
299,094. 00
228,027.73
3,644,241.53
4,628,229.14
3,771,031.48
3,387,180.67
4,097,248.12
4,008,698.03
3,829,729.33
3,492,031.85
3,198,883.69
3,350,985.28
1881
1882
1883
1884
1885.. .
1888
1887.
.
1888
1889
1890
67,153,974.88
69,873,408.18
74,368,775.20
76,905,385.26
67,511,208.63
69,092,288.00
65,829,321.71
69,308,168.41
74,312,208.33
81,687,375.09
13,700,241.21
16,153,920.42
16,900,615.81
18,084,954.11
18,230,782.03
19,676,731.29
21,922,187.49
23,324,218.48
23,723,835.26
26,008,634.74
42,854,991.31
47,391,988.91
42,104,249. 79
28,062,399.98
26,407,088.48
27,907,382.53
30,108,087.13
30,682,431.52
31,866,880.42
33,958,991.06
3,021.92
149,140.98
81,559.00
71,852.43
24,345.01
22,730.26
24,199.94
21,506.41
9,745.05
6,083.98
9,204.66
3,762,208107
5,253,458.47
3,748.994.60
2,391.67
25,000.00
83,335,963.64
91,309,983.66
94,720,260.65
85,259,252.25
79,882,627.41
80,670,070.77
82,008,542,92
92,646,999.77
99,283,534.16
109,888 817.18
28,565,129.92
30,037,452.77
32,548,983.07
31,414,788.04
31,640,617.54
33,784,235.26.
32,472,182.07
39,515,421.14
68,844,558.45
73.550,754.49
32,796,270.97
31,000,493.07
31,889,711.74
28,617,898.62
29,704,907.63
30,711,629.11
30,710,297.42
36 2.30 522.37
62,493,207.64
59,356.084.27
Gross receipts
1891..
1892
1893
1894
1895..
1898
1897
1898
1899
1900
..
..
55,627.64
77,130.90
1,2.35,435.25
2,884,491.55
3,880.95
2,198.15
6,908.24
1,572.84
376.04
526.38
9,119.01
1,060.78
4,716.97
2,921.80
$1,681,273.51
3,426,448.32
9,853,377.12
11,262,429.82
7,444,719.00
6,280,069.34
6,300,998.82
6,894,799.99
2,800,563.44
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Ul
4,288.37
4,202.55
6,213.91
89.90
2.28
134.85
85.38
1,180.00
1,460.50
643,446.41
1,079.405.14
1901,
1902,
1903,
1904,
1905,
1908,
1907,
1908,
1909.
1910.
116,027,979.56
121,138,013.13
131,953,472.39
135,810, 015.42
135,958,513.12
143,394,055.12
158,336,901.89
140,158,807.15
134,868,034.12
148,029,311.54
1911.
1912.
1913.
1914,
1915.
1916.
1917.
1918.
1919.
1920.
155,279,858.25
158,391,487.77
163,879,342.54
159,098, 177.31
144,819,699.37
158,682,439.53
192,111,318.81
317,553,687.33
365,211, 252.28
97,905, 275.71
1921.
1922.
1923
1924.
1925.
82,598,065.01
« 45.563,350.47
« 30,3.54,006. 88
5 27.580.380.64
8 25,902,820. 28
5,211,898.68
4,842,968.52
5,358,774.90
2,072,132. 12
774,354. 59
142,148.22
49.515. 29
75,669,907.65
71,988,902.39
47,547, 858.08
49,083,458. 77
60,360,553.18
55,641, 858.58
59,567,818.18
69,807, 816.81
57,458, 411.42
60,572, 288.54
62, 481,907.
51, 937,925.
43, 514,810.
44. 655,808.
45, 659,910.
48, 422,997.
61, 811,069.
49, 862,754.
51, 887,178.
68, 118,457.
64,367, 777.65
63,268, 770.51
66,286, 989.80
67,081, 512.45
79,328,946. 72
88,771, 103.99
91,897, 193. 81
128,285, 857.65
117,8.39,602.21
41,965, 874.09
67, 005,950.
70, 590,151,
76, 789,424,
79, 988,6:-!9.
79, 957,37;i
88, 063,947.
103, 201,592.
158, 188,659.
206, 00;^, 091.
2^5,
1,355.
33, 511, 525.
28, 583, 259.
35, 006, 299.
71, 381 274.
80, 201 758.
124, 937, 252.
3.S7, 382, 34:^.
2,852, 324. 885.
2,600, 783, 902.
3,956, 938, 003.
255,219,385.49
270,759,384.44
309,015. 492. 98
325.fi38.931.14
345,247, 210 96
3,228.137.67.3.75
2.086,918,484.85
1.691.089, .5.34. .58
1.841.7.59..'^16..<?0
1,761,659,049. 51
?5, •'^63.82
48,086.00
4,078. 75
5,327.73
1, 954. 44
1,493.94
1,918.00
227.50
899.50
1,027,294.99
730,378.50
50.10
'ioo.'66'
'i74.*85'
20,959,783.74
Ul
O
$6,078. .575.28
47,452.879.78
82,029.983.13
103,835,583.24
38, .570.478. 37
75, .598.2.57.17
218,230,348. 67
154.043,280. .39
139,418,846.04
128.70.5,208. ,55
102.988.781.68
6 108,939,896.62
177,802,191.37
14.S,942,311.65
183.981.3.50.30
177,531,7-IP. 14
130,382,390. 60
1 T h e figures concerning internal-revenue receipts as given in t h i s s t a t e m e n t differ from t h e figures carried in other T r e a s u r y s t a t e m e n t s showing t h e financial condition of t h e
G o v e r n m e n t , because t h e former represent collections by internal-revenue officers t h r o u g h o u t t h e c o u n t r y , ineiudiug deposits by p o s t m a s t e r s of a m o u n t s received from sale of i n t e r n a l r e v e n u e s t a m p s a n d deposits of internal r e v e n u e collected through c u s t o m s offices, while t h e l a t t e r represent t h e deposiis of these collections in t h e T r e a s u r y or depositaries d u r i n g
t h e fiscal year concerned, t h e differences being d u e to t h e fact t h a t s o m e of t h e collections in t h e latter p a r t of tho fiscal year can not be deposited, or are n o t reported to t h e T r e a s u r y as deposited until after J u n e 30, t h u s carrying t h e m into t h e foUowing fiscal year as recorded in i h e s t a t e m e n t s showing t h e condition of t h e T r e a s u r y .
2 I n c l u d i n g special t a x e s relating to m a n u f a c t u r e a n d sale.
3 I n c l u d i n g receipts from excise t a x on corporations as follows: Fiscal y e a r 1910, $20,969,783.74; 1911, $33,511,525.00; 1912, $28,583,259.81; 1913, $35,008,299.84; a n d 1914, $10,671,077.22;
also m u n i t i o n s m a n u f a c t u r e r s ' t a x for 1917, $27,683,939:63; a n d 1918, $13,296,927.32..
i n c l u d i n g receipts from t h e ' t a x on raw c o t t o n as foUows: Fiscal year 1863, ,$351,311.48; 1884, $1,268,412.68; 1885, $1,772,983.48; 1866, $18,409,6.54.90; 1887, $23,789,078.80, a n d 1868,
$22,600,947.77.
& I n c l u d e s t a x on distilled spirits fn on beverage) a m o u n t i n g t o $42,259,351.63 for 1922, $27,710,453.29 for 1923, $24,825,033.46 for 1924. a n d $23,178,840.84 for 1925.
6 I n c l u d e s gift t a x a m o u n t i n g to $7,618,129.32
H
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TABLE M.—Sources of internal revenue, 1863 to 1925—Continued
Sales (consiuners' or
dealers')
Fiscal year
Stamps«
Playing cards
Freight
transportation
Express
transportation
Transportation Telegraph and
Passenger
transportation of oil by pipe
telephone
lines
O
00
Insurance
Beverages
(nonalcohohc),
soft drinks, etc.
1863
1864
1865
1866
1867
1868
1869
1870
$64,003.87
141,231.58
4,082,243.54
4,002,282.91
3,999,360.31
4,595,909.04
8,208,839.03
8,837,394.97
$4,140,175.29
5,714,774.88
10,888,727.50
14,257,837.14
15,239,181.78
14,046,613.33
15,505,492.58
15,611,003.43
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
3,649,642.08
14,529,885.32
15,296,470.77
7,130,933.57
5,6.83,114.64
6,083,590.42
6,049,496.92
6,004,476.15
5,9.36,843.01
6,237,538.57
7,133,696.30
c
7, .37.5,255.72
7,569,108.70
7,053,053.46
165,792.14
1,630.49
7,887.23
7,777.08
23.82
14.50
7,508.50
o
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1800
..
..
. . ..
o
w
H
H
Ul
231.96
658.60
. . ..
794,417.60
43,837,818.66
40,964,365.30
$382,402. 50
259,853.76
251,306.52
261,080.66
271,128.84
331,010.66
1901
1902
1903
1904
1905
1908
1907
1908
1909.
1910
1911
1912
1913
1914
1915
1918
1917
1918
1919
1920
1921
1922
1923
1924
1925
f 39,241,036.32 (
13,442,792.69
317,269.74
364,677.72
422,580.32
378, 408.34
426,575.44
489,347. 28
572, 714.48
459, 880.12
502, 252.58
585,524.34
2,301,989.95
45,310,351.30
23,4.55,965.34
42,198,443.48
8,928,310.30
21,874, 734. 47
45,251,358.97
87,887,246. 55
581,840.78
618, 233. 80
655, 283.10
714,307. 20
873,847. 54
819,854. 20
820,897. 26
1,278, 505. 42 $30,002,183.38
2,091,790.82 118,345,978.85
• 3,088,462.02 130, 785,810. 57
45,794,878.32
28,128, 719. 27
21,135,707.75
23,389,972.43
10, 494, 934. 67
75,884,840. 52
T 58,224,528.05
61,490,1.51.98
58,528,017.06
46, 068, 399. 26
2,803,941.42 140,019, 200.14
2,787,920.72
85,385,186.27
3,385,228.83
3,731,530.90
3,183,384. 92
$28,543,050.02
8.3,087,811.52
104,881,192. 22
$1,433,324.81
5,601,893. 80
8,426, 405. 88
$8, 299,017.18
17,902,388.84
27,877,041.19
S6,492,025. 48
14,508,881.31
18,421,754.01
$2, 215,181.03
7,182,219. 25
57,460,958.04
17,093,935.58 KlO.5,988,991.94
12,475,870.18
64,033,854.34
9,989,873. 62
7,823,818. 51
28,44.2,4-12.48
29,271,521.79
30,380,783.93
34,662,428.90
18,992,094.45
10,855,403.81
58,875,972. 88
33,504,284. 01
10,131,898.94
10,418,866.08
$8,458,994.82
14,301,901.49
17,597,837.89
8 Including sales by postmasters of documentary stamps as follows: Fiscal year 1918, $4,336,182.21; 1919, $10,199,466.51; 1920, $24,437,893.75; 1921, $20,880,868.86; 1922,
$14,616,958.05; 1923, $11,843,403.64; 1924, $12,418,180 28; and 1925, $7,737,895.47.
^ Includes consumers' or dealers' excise tax on perfumes, cosmetics ,and medicinal articles amounting to $2,305,482.25
m
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^
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TABLE M.—Sources of internal revenue, 1863 to 1925—Continued
Fiscal year
Oleomargarine»
Opium and
narcotics «
Corporation
capital stock
Occupational
(special t a x e s )
Admissions
Dues
Receipts u n d e r
the national
p r o h i b i t i o n act
Ot
o
o
P e n a l t i e s , etc.« Miscellaneous i"
$4,799,195.73
5,205,508.94
9,806,914.25
14,144,418.05
13,627,90.3.25
11,889,549.09
9,940,917.02
11,020,787.78
1871
1872
1873
1874
1875
1876
1877....
1878
. . .
1879
1880
$27,170.14
193,600.48
520,362.70
1,142,853.20
1,459,170.80
1,258,881.59
877,088.79
827,904.72
5,002,452.85
1863
1864
1865
1866
1867
1868
1869
1870
636,980.35
442,205.12
461,653.08
364,218.34
281,107.81
409,284.48
419,999.41
346,007. 55
279,497.80
383,755.08
*
1881
1882
1883
1884
1885
1888
1887
1888
1889
1890
1,077,924.14
1,268,328.00
1,670,643.50
1,723,479. 90
1,409,211.18
1,219,432.48
1,034,129. 80
1,315,780.54
1,9.58,618.58
2,543. 785.18
385,085.45
216,027.34
$41,003,192.93
116,985,578.28
210,855,884.53
310,120,448.13
265,064,938.43
190,374,925.59
159,124,126.86
184,302,828.34
143,198,322.10
130,890,098.90
113,604,012.80
102,191,016.98
110,071,515.00
118,768,096. 22
118,549,230.25
110,854,183 37
113,449,821.38
123,981,916.10
231,078. 21
199,830.04
305,803. 57
289,144.12
222,681.19
194,422. 45
220,204. 83
155,547.61
84,991.89
136,720.90
$723,948.04
884,139. 88
894,247.91
786,291.72
1891
1892
1893
1894
1895
1898
1897
1898
1899
1900
81,084,849.50
1,408,429.16.
2,071,161.91
5,443,160.05
2,471,384.27
1,168,650.35
923,108.46
930,198.09
Total
$700.00
125. 00
410.00
22.50
114.90
46,973.66
145.25
4,921,593.21
4,515,640.85
135,229,912.30
146.523.273 72
144,553,344.86
121,590,039.-83
112,421, l 2 l . 07
116,902,889.44
118,837,301.08
124,328,475.32
130,894,434.20
142,594,898.57
258,214.39
239,732. 21
168,357. 57
151,045. 79
188,804.55
184, 710.57
114,9.58.17
138,750.07
166,576. 25
193,721.48
146,035,415.97
•153,857,544.35
181,004,989.67
147,188,449.70
143,246,077.75
148,830,815.68
148,819,593.47
170,888,819.38
273,484,573.44
295,316,107.57
18,992.38
16,518.55
25,939.04
24,503.94
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1901
1902
1903
1904:
1905
x908
1907
1908
1909
1910
2,518,101.44
2,944,492.46
. 736,783.31
i M , 097.45
60.5,478.81
570,037.93
887,641.31
954,304.96
902,197.31
1,099,502.84
1911
1912
1913
1914
1915
1918
1917
1918
1919
1920
1,000,214.79
1,128, 707.25
1,259,987-67
1,325,219.13
1,695, 256.95
1,485,970.72
1,995,720.02
2,338,907.00
2,791,831.08
3,728,278.05
738.00
250,474.74
245,072.07
277,165.03
185,358.93
-726,136.79
1,514,229.50
1921
1922
1923
1924
1925
2,986,465.35
2,121,079.88
2,254,531.23
2,814,104.14
3,038,927. 84
1.170.318.32
1. 289, 089.90
i; 013,736.26
1.057.341.33
1,090,932. 73
.
:
185,867.83
208,209.05
148,414.07
206,958.55
228, .594.73
283,991.82
253,852.43
241,880.16
411, 987. 53
434,705.95
4,165,735.14
4,262,902.32
*
,
847.00
'k
$10,471,688.90
24,996,204.54
28,775.749.66
93,020,420.50
81, 525,852.88
80, 812, 239. 80
81,.567,739.32
87,471.691.52
90, 002, 594. 56
.
4,967,179.18
8,908,108.21
5,237,043.97
2,891,586.87
4,721,298.18
9,913,280.85
8, 585, 540.11
8.662,759.89
8,03.5,583.49
7,814,413.92
5,811, 558. 04
$28,357,338.80
50,919,608.42
76,720, 555.43
89,730,832.94
73.384,9.55. 61
70,175,147.11
77. 712.523. 80
30,907,809. 09
$2,259,058.57
4,072,548.59
5,198,001.3i ""$84i,'629.'34'
•6,159,817.69
6,61.5.83.3.92
7,170,730.81
8,009.861.49
8, 690, 588. 35
2,152,387.45
1, 979. 588.94
729.244.23
856,395.37
560,888. 07
597,418.58
856,407.83
' 401,910.28
N 284,501.61
379,-288.98
458,772.77
871,800.22
985,219.88
21,259.00
6,604.78
1,059,334.41
214,901.68
173,998.00
158,251.81
184,709.58
180,826.58
184,658.22
177, 471.33
306,871,669.42
271,867,990.25
230,740,925.22
232,903,781.08
234,187,976.37
249,102, 738.00
289,884,022.85
251,885,950.04
240,212,719.22
289,957,220.18
322, 528,299.73
181,069.12
180,876.32
321,815,894.69
165,216.09
344,424,453.85
138,523. 78 380,008,893.96
151,232.64
415,881, 023.86
1.54,522.88
512,723,287.77
124,184.74
809,393.640.44
172,723.03 3,698,955,820.93
1,501,004.15 3,850,150, 078.58
3,045,182.81 5,407,580,251.81
111,975,968.07 4,595,357,061.95
1 3, 866,190.88 3,197,451,083.00
1
113,125,077.87 2,821,745 227.57
114,232,837.19 2.798 179.257.08
1 12,158, 929. 402, 684,140, 288. 24
1
8 Including special taxes relating to manufacture and sale.
• After the fiscal year 1918, all penalties are included with other receipts from the respective taxes to which they relate.
10 Including for fiscal year 1903 receipts from sundry taxes repealed by the actof Apr. 12, 1902 (war revenue repeal act), and for 1919, 1920, and 1921 receipts which remained
unclassified at the time the statistical tables were compiled.
11 Includes internal revenue collected through customs offices as follows: Fiscal year 1921, $356,296.21; 1922. .$495,559.43; 1923, $109,291.01; 1924, $29,036.37; and 1925, $51,054.05;
also delinquent taxes collected under repealed law for 1923. $2,797,208.18; 1924, $4,115,678.68, and 1925. $12,088,035.76.
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TABLE N.^—Internal-revenue receipts, by States and Territories, for the fiscal years 1924 and 1925
'Ol '
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[On basis of reports of collections]!
Miscellaneous internal revenue'
I n c o m e tax
Total
P e r cent
increase
( + ) or decrease (—)
States a n d Territories
1926
Alabama
Alaska..
Arizona
Arkansas
Cahfornia
Colorado
Connecticut...
Delaware
District of C o l u m b i a
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa.:
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
. Missouri
Montana
_.
Nebraska
Nevada
,.
New Hampshire
N e w Jersey
N e w Mcxicr*
New Y o r k . .
N o r t h CaroliL-a
North Dakota.
Ohio
Oklahoma
Oregon
$7,984, 248. 70
190, 228.03
1, 591, 687.27
5,431, 632.83
92,401, 441.98
11,543, 618.03
26,901, 779.90
3 9,127, 303.62
< 24,184, 324. 01
8,005, 449.14
13,869, 531.55
5,021, 422.53
1, 271, 318. 63
161,072, 008. 68
28, 384, 368.37
12,854, 337.96
17,323, 184.44
14,284, 640.29
13,400, 178.10
8,978, 879. 87
25,562, 203. 85
109,857, 344. 01
104,378, 390 00
. 23,855, 584. 21
4, 008, 798*72
44,116, 410.10
2,060, 349. 38
7,458, 788.40
681, 492.18
4,038. 467.4869,620, 079. 55
890, 835.06
506,593, 933. 70
158. 85
18,173, 387.02
771, 405.37
95,412, 491. 98
11,028, 145. 27
8,242,
$8,288, 275. 40
194, 373. 20
1,416; 794.43
4, 692,973. 75
92, 884,521. 21
11, 740,667. 75
26, 565.636.88
6, 583.730. 62
12,480, 5.34.83
12,118, 724. 67
12, 813,731. 66
6,087, 186. 25
1.437, 069.46
159,415, 517.68
838.24
. 23, 702,
10,718, 799.85
1,5,140, 741.11
14,324, 935. 92
12,398, 172.35
7, 682,797.60
25,110, 811.82
99,444, 237. 57
100,868, 402.20
22,426, 721. 53
3,483, 069.12
42,467, 573. 63
1,885, 190.42
5.681, 388. 67
451, 905. 66
3,221, 556. 83
86,137, 027.83
733 076. 51
496,709! 727. 73
15,877, 646. 25
667, 994.23
95,526, 111.67
9,820, 419.90
. 6,784,101.67
1924
$1. 816,722.23
39, 672. 78
539, 561. 58
1,105. 003.04
36, 625,011.87
3,684,421. 22
10,104, 752. 62
1, 677,798. 06
3,378, 203.19
7,814, 378. 84
5,311, 914. 67
775, 355.92
704, 785. 65
. 53,768,713.46
19, 383,239.38
6,091, 868.11
3,412,098.19
14,290, 274. 26
7,027, 204.69
4,967, 022. 87
8.787, 014.42
28,824. 310 72
117,001, 815.15
7,731, 049.38
940, 438.01
24, 678,077. 82
897, 689. 70
827.21
3, 332,
180, 007.46
878.86
1, 766,
42,639, 987.41
240, 488.82
183.821, 491.37
139,800, 237.10
511, 451. 89
68,112. 427.39
2,492, 071.16
2.268, 092.21
1926
$1,151, 810 61
23, 704.73
290, 718. 73
649, 291.81
28, 893, 000.99
2,474, 496. 36
10,385, 817.95
1, 753, 257.17
1,949, 880.39
8, 705, 006. 08
2, 586, 995. 62
682, 623.11
312, 487. 67
42,416, 402. 81
14,743, 591. 01
2,837, 444.13
2, 238, 783.38
13,889, 384.82
4,836, 389. 21
1, 243, 408. 95
5,948, 803.34
19.464, 848. 85
94.858, 092. 63
5, 556, 493.97
526, 718.09
18,993, 604. 70
564, 377. 73
1,803, 698.84
165, 763.04
1,238, 823. 02
679.23
44,062, 436.40
121, 254.48
161,878, 228.90
151, 085, 841.80
256, 972. .54
48, 970, 375.26
1,801. 739.60
1.439,
1924
$9,800, 970.93
229, 900. 81
2,131. 228. 85
6. 538,635. 87
129,026, 453. 86
15,228, 037. 25
37,006, 532. 52
10,805, 101. 88
27, 542,527. 20
1.5,819, 827.98
19,181,446. 22
5, 798,778.45
1, 976,084.28
214, 840,722.14
45, 767,807. 75
17,946, 204.07
20, 735,282. 63
28, 574,914.55
20,427, 382. 79
13,945, 902. 74
34,349, 218. 27
138,681, 654.73
221,380, 005.15
31, 586,633. 59
4,949, 238. 73
88, 794,487. 92
2, 958.039. 08
10, 791,81.5. 61
761, 499.64
6,805, 346. 34
112, 260,04G. 96
1,131, 323. 68
690,415, 425. 07
157,973, 393. 95
1,282, 838. 91
153,524, 832.76
13,520. 683.14
10, 500,237.48
$9,440, 086.01
218, 077.93
1. 707,513.16
5,342. 266. 56
121, 777,522. 20
14, 215,164.11
36,951, 448. 63
8,316,987. 79
14,430, 215. 22
20,823, 730. 75
16,200, 727.18
6, 749,809. 38
1, 749,557.13
201,831, 920.47
38,448, 429. 25
13, 564,243.98
17,379, 524.49
28, 214,320. 74
17, 232,581. 56
8, 926,208. 66
31,059, 415.16
118,909,084.22
195, 726,494.83
27,983, 215. 50
4,009, 777. 21
61,461, 178. 33
2,449, 588.15
7,485,085. 51
617, 668. 70
4,458, 379. 85
110,199, 707.06
854 512.91
868, 585!982.21
186, 962,875.15
924, 835.83
142,497, 084. 21
11, 821,795.16
841.27
8, 223,
-4
-5
-20
-18
-23
-48
-F32
-21
-1
-11
' -8
-18
-24
-16
-1
-16
-36
-10
-14
-12
-11
-19
-11
-17
-31
-19
-23
-2
-24
-5
-f-6
-28
-7
-14
-22
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont...
Virginia
Washington
West Virginia
Wisconsin
Wj'oming
Philippine Islands.
Total
198,270, 944.16
16, 241, 809.18
7, .544. 042. 97
1,169, 750. 72
11, 943, 033: 92
28, 295, 285.81
2,937, 172. 54
2,935, 562.31
16, 048, 299. 83
14,723, 370 45
14,388, 962. 07
27,215, 717. 70
1,595, 540 08
1, 841,759,316.1
189,164, 203. 75
14.234, 137. 95
5, 787,515.35
858, 943. 34
11,770, 201. 37
28,885, 747. 79
3,385, 994. 71
3. 001,889.45
15,303, 807. 61
12, 334,154.38
12, 044,165.99
26, 697,560.11
1, 450,159. 93
•71,417, 675.45
3,997, 544. 56
1, 394,235. 99
781. 498. 23
6, 690,612.20
8, 588,472. 23
1,150, 014.42
685, 265.49
29,943, 587.15
4,282, 638. 34
5, 508,505.14
13, 233,004.99
492, 813.19
759, 956. 38
.57,427,951. 81
2,130, 784. 82
835, 875. 20
340, 204.13
5,176, 469. 94
5, 787,795.. 29
761, 242.45
338, 949. 38
33, 324,469. 37
2,606, 472. 24
4,430, 949. 35
9,482, 874. 69
240, 388. 86
818, 746.05
1, 761, 659,049. 51
954,419,940.26
822,481,218. 73
269,888, 619. 61
20,239, 353. 73
8,938, 278. 98
1, 951,248. 95
18, 633,646.12.
36,863, 758. 04
4, 087,186. 96
3, 6C0,827. 80
45, 991,886. 98
19, 006,008. 79
19,895,467.21
40,448,722. 69
2,088,353. 27
759, 956. 38
2, 796,179, 267.06
246,592,155.56
16,364,922. 67
390. 55
6, 623,
1,199,147.47
16,946,671.31
34,673,543. 08
4,147,237.16
3,340,638. 83
48, 628,276. 98
U4,940, 826. 62
18,475,115.34
38,180,434.80
1, 890,548.59
818, 746. 05
-19
-26
-39
-fl
-7
-1-8
-21
-17
-11
-19
-f8
2, 584,140,268.24
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1 The i3gures concerning internal-revenue receipts as given in this statement differ from such figures carried in other Treasury statements showing the financial condition of the
Government because the former represent collections by internal-revenue ofiicers throughout the country, including deposits by postmasters of amounts received from sale of internalrevenue stamps and deposits of internal revenue collected through customs offices, while the latter represent the deposits of these collections in the Treasury or depositaries during
the fiscal year concerned, the differences being due to the fact that some of the collections in the latter part of the fiscal year can not be deposited or are not reported to the Treasury
as deposited until after June 30, thus carrying them into the following fiscal year as recorded in the statements showing the condition of the Treasury.
2 Includes $29,036.37 internal revenue collected through customs offices for 1924 and $51,054.05 for 1925.
3 Includes over .$3,000,000 from payments of income tax for prior years.
< Includes over .$9,000,000 back taxes on alien property held in trust by the United States.
NOTE.—Internal-re venue stamp sales by postmasters for Alaska are included in amc^^it reported for the State of Washington, and for the District of Columbia in amount reported
for the State of Maryland.
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TABLE O.—Merchandise imported and customs duties collected from 1890 to 1924. and recapitulation from 1867 to 1924
O
[ B y schedules of t h e r e s p e c t i v e tariffs in force from 1890 t o 1924]
ScHEDtJLE A.—Chemicals, oils, a n d
paints
ScHEDXTLE B . — F a r t h s . e a r t h e n w a r e ,
a n d glassware
SCHEDULE C—Metals and manufactures of
SCHEDULE D.—Wood and manufactures of
Year e n d e d Values
Average
ad valorem rates
Values
D u t i e s collected
Average
ad valorem rates
$21,865,347
20,052,010
18,980,722
20,973,252
13,951,923
18,823,919
19,897,087
19,003,838
19,513.037
21,570.816
J u n e 30:
1890
1891
1892
1893
1894
1895
1898
1897
1898
1899
1900
1901.....
1902
1803
1904
1905
1906
1907
1908
1909
D u t i e s collected
:.
1910
1911
1912
1913
1914
1915
1916
1917
1918
Dec.31:
1918 (6 m o n t h s )
1919
1920
1921
1922
1923
1924
$7,006,211
6,088,113
5,959,770
8,429,758
4,849,309
5,575,075
5,819,239
5,440,024
8,148,884
7,009.895
P e r cent
32.04
30.35
31.40
30.36
33.32
29.94
28.53
28.83
31.50
32.50
$14,362,557
22,716,823
23,734,881
23,838,492
18,877,498
22,285,374
22,871,938
21,168,515
15,192,178
17,244,220
$8,221,583
10,948,381
12,131,725
12,438,327
8,933,326
8,324,735
8,065,292
7,805,169
7,387,433
8,863,349
P e r cent
57.24
48.19
51.11
52.18
52.93
37.38
35.28
35.93
48.83
51.40
28,955,991
28,414,360
29,991,974
31,249.644
30,808.543
31,010,996
33,481,921
40,248,137
39,127,306
. 42,936,600
8,184,044
7,415,496
8,499,709
8,980,873
8,813,982
8,845,176
9,684,910
11,124,088
10,530,174
11,217,784
30.36
28.07
28.34
28.74
28.61
28.52
28.87
27.64
26.91
26.13
20,090,172
20,166,399
21,424,011
25,73.5,483
24,704,388
23,128,296
26,589,979
31,306,009
28,224,241
21,148,142
10,108, ,541
10,301,488
11,38.5,381
13,320.181
13,183,2.58
12,193,548
13,749,020
15,350,019
13.250,5.58
10,641,672
42,021,558
48,889,382
47,235,841
49,388,892
60,314,179
64,098,081
52,808,178
65,813,701
85,762,304
11.072,239
12:583,788
12,239,742
13,017,094
13,099,883
11,221,795
9,309,151
12,056,119
10,507,121
26.41
25.71
25.91
26.36
21.72
20.74
17.83
18.37
15.98
24,774,251
24,495,258
21,994,285
23,001,873
25,222,093
18,141,905
13,023,527
13,530,965
13,444,272
27,215,615
108,150,728
120,319,609
64,753,030
88.470,851
90,122.792
77,014,565
4,307,849
13,922,389
15,335,010
14.143,735
22,101,592
28,988,715
24,491,672
15.83
12.87
12.75
21.84
24.98
29.95
31. 80
5,782,586
14,932,638
30,2.58,846
28,591,088
40,525.991
60,181,810
54,480,638
Values
D u t i e s collected
A verage
ad valorem rates
Values
D u t i e s collected
Average
a d valorem rates
$48,460,028
68.788,174
42,449.094
47,.558,583
30,271,453
33,188.037
34,8.53,090
23,803,885
18,847,123,
18,152,727
$17,131,406
23,109,252
21,507,930
27,248,271
17.791,784
14,929,3.58
13,232,182
8,955,1.32
8,454,289
7,809.281
P e r cent
35.35
33.59
50.67
57.30
68.77
45.01
37.97
37.94
44.86
43.02
$9,873,887
12,074,128
11,753,821
'12,245,089
9,393,008
3,218,450
1,794,888
1,485,479
5,341,083
7,568,420
$1,858,577
2,052,592
1,942,175
1,759,942
1,289,544
679,907
412,644
339,974
1,205,278
1,871,048
P e r cent
16.07
17.00
18.52
14.37
13.73
21.13
22.99
22.88
22.57
22.08
50.31
51.08
63.05
51.78
53. 28
52.73
51.71
49.03
60.53
50.32
29,089,333
28,831,743
38,870,207
65,184,750
40,011,304
36,327,218
60,917,147
67,148,983
45,279,789
41,103,417
11,280,853
10,922.077
14,973,244
22,388,210
15,882,484
14,448,873
18,769,616
21,882,145
18,003,780
15,858,102
38.78
38.15
38.52
34.33
39.20
39.77
38.86
32.59
35.34
38.09
11,711.448
10,835,183
14,558,287
16,859,208
14,449,585
16,707,735
22,760.9.<«
24.472.483
23,349,688
23,285,388
2,351,940
2,049,457
2,572,527
2,814,734
2,463,948
2,750,017
3.650,271
3,701,201
3,301,2.58
3,140,844
20.08
19.27
17.67
16.90
17.05
18.46
16.04
16.12
14.14
13.49
12,487,509
12,869,182
11,158,221
11,385,195
10,187,128
6,804,909
4,678,615
4,613,852
4,706,908
50.33
51.72
50.72
49.50
40.39
37.51
35.91
34.10
35.01
08,980,781
58.757,341
50,491,870
84,299,772
60,742,814
31,835,773
33,244,883
33,913,977
33,227,040
22,333,344
18,889,321
17,348,221
20,513,874
12,190,222
6,990,064
6,308,588
7,038,419
6,813,480
33.35
32.11
34.35
31.90
24.02
21.96
18.98
20.75
20.61
27,489,155
24,709,532
24,414,943
27,851,295
12,181,772
4,458,848
4,583,289
6,207,285
4,411,540
3,184,897
2,959,889
3,042,834
3,408,227
1,818,723
708,531
659,795
758,236
635,840
11.59
11.98
12.46
12.24
13.29
15.90
14.40
14.52
14.41
2,064,738
5,009,458
9.240,533
9.884,043
14.000,551
23,625,814
22,098,238
35.71
33.55
30.54
34.50
34.55
39.09
40.56
16,621,837
43,185,823
83,337,492
62,792,649
82.104,529
103,300,811
96,767,691
3,450,648
8,871,858
18,876,983
13,671,791
20,487,706
35,013,1.36
47,722,283
20.78
20.08
20.01
21.77
24.93
33.89
• 49.32
1,674.878
8,090,259
13,388,877
9,894,212
13,173,-567
18,2.30,233
18,116,413
217,514
851,797
1,978,931
1,546,231
2,373,128
4,001,188
4,161,158
12.99
13.99
14.80
15.63
18.01
21.95
22.97
c
p:
1-3
o
W
teJ
l-H-
Q
Ul
S C H E D U L E E . — S u g a r , molasses, a n d
m a n u f a c t u r e s of
SCHEDULE F.—Tobacco and manufactures of
SCHEDULE G.—Agricultural products
a n d provisions
SCHEDULE H.—Spirits, wines, and
other beverages
Year ended—- '
Values
D u t i e s collected
Average
ad valorem rates
Values
D u t i e s collected
Average
ad valorem rates
Values
D u t i e s collected
Average
ad valorem rates
Values
D u t i e s collected
Average
ad valorem rates
Tune 30:
.1890
1891
1892
1893
1894
1895
1896
1897
1898...
1899
$87,613,335
43,057,639
659,153
1,32.R,999
1,95.5,380
39,228,918
73,084,318
98,2&3,489
3S, 330,580
81,227,498
$55,188,658
32,511,298
128,900
193,294
273.764
15,600,529
29,910,008
41, .348,400
29,69.5,301
81,880,942
P e r cent,
82.97
75.51
19.56
14.54
14.00
39.77
40.94
42.07
77.47
75.91
$18,626,045
21,065,863
10,1.50.633
12,589,004
11,289,510
13,672,484
13,825,272
18,782,759
8,225,482
9,371,597
$13,317,367
18,172,277
10,285,087
14,831,9.?9
13,888,908
14,918,305
14,859,117
20,971,882
9,918,183
10,827,399
P e r cent
80.10
78.77
101.13
117.82
121.08
109.10
109:0s
111.86
120. 55
113.40
$37,29S, 471
48.580.858
34,579,483
3S,427,051
28,422,078
37,733,091
34,175,778
33,718,958
29,853,286
32,505,238
$10,847,678
14,275,401
11,083,118
12,735,144
9,562,098
9,925,557
-7,721,677
8,613,987
11,608,121
12,743,785
P e r cent
28.55
30.88
31.99
33.14
33.64
28.30
22.59
25.55
38.88
39.21
$12,499,327
1.3,572,388
12,717,443
13,921,428
10,180,219
11,285,788
11,287,894
11,880,430
9,319,848.
11,072,774
$8,568,503
9,547,548
8,838,353
9,435,283
7,063,170
7,088,178
8,859,390
8,138,014
8,026,607
7,490,074
P e r cent
68. ?4
70.35
69.50
87.77
89.52
82.83
60.77
68.48
64.88
67.64
1900
1901
1902
1903
.1904
1905
-1908
1907
1.908
1909
80,890,937
87.079.079
81,116,387
85.959.080
77,898,029
91,577,274
88,133,491
92,784,081
83,828,884
93,478,807
57,823,285
83,0S9,412
53,040,877
83,825,731
58,152,347
61,442,112
52,848,888
80,338,523
50,188,155
58,414,434
71.48
72.45
86.79
98.48
74.85
58.17
81.12
85.03
• 59.99
60.35
13,597,182
15,055,501
16,331.538
18,298,780
17,87.5,683
20.725,297
22,917,352
29,959,051
26.495,243
27,332,038
14,382,305
18,855,744
18,756,035
21,891,887
21,178,293
22,889,611
2.3,927,700
26.125,037
22,160,0S9
23,289,458
105.77
110.83
114.85
119.83
118.46
109.48
104.41
87.20
83.64
85.14
35,762,588
38,588,704
43,682,481
48,221,428
49,013,792
47,570,418
53,888,948
63,720,855
69,809,535
71,719, 009
13,183,635
13,043,820
18,012,839
18,282,144
16,890,988
15,418,334
18,128,575
19,203,886
21,818,5.59
23,833,333
36.86
33.82
36.88
35.23
34.48
32.41
33.85
30.14
31.08
32.95
12,897,508
14,099,924
15,367,757
18,784.808
17,120,014
17,912,332
19,889,398
23,083,420
21,419,770
23,381,943
8,828,680
9,533,524
10,582,022
11,848,532
12,105,788
12,547,900
14,009,518
16,318,120
15,213,085
18,144,031
88.45
67.61
68.73
89.39
70.71
70.05
71.22
70. 89
71.02
69.05
101, .588,708
97,877,483
105,744,519
91,447,551
108,255,115
157,570,801
205,512,242
243,354,335
240,380,144
53,105,357
52,809,371
50,951,199
53,481,801
81,870,457
49,807,651
55,875,639
6.5,471,384
49,092,779
52. 28
63.95
48.18
58.48
67:15
31.48'
27.19
22.79
20.42
29,581,489
29,788,180
31,118,052
32,437,743
32,332,220
29,499,102
30,195,472
37,299,651
31,983,105
24,124,239
28,159,615
25; 571,508
28,748,124
28,892,273
24,875,246
27,580,595
29,837,013
21,960,646
81.55
87.82
82.18
82.48
83.17
84.33
91.34
79.99
68.76
84,872,747
105,974,044
117,711,156
99, 798,484
122,304,972
87,872,9.55
94,834,995
132,717,948
125,359,740
25,180,516
28,744,295
34,148,071
27,7.54,576
24,817,322
18,035,830
18,164,123
17,916,075
14,594,871
29.64
27.12
29.01
27.81
20.29
20.57
17.08
13.50
11.64
25,315,878
20,354, .501
20,731,233
22,372,478
21,763,934
14,392,843
17,330,417
18,811,977
10,583,410
18,113.512
17,298,858
17,409,815
19,475,582
19,674,992
13,404,931
15,550,682
13,588,271
7,038,123
71. 55
84.99
83.98
87.05
90.40
93.14
89.73
73.00
66.83
87,179,747
387,282,529
928,487,270
2.33,451,028
232,940,7.55
353,872.621
337,862,439
18,249,994
68,808,819
79,538,137
71,325,054
147,989.113
128,084,475
135,908,273
20.93
17.72
8.68
30 55
63. .52
36.19
40.23
20,308,823
51,809,315
63,815,739
68,814.395
'62,414,780
64.881,310
67,529,922
12,289,9.^4
27,582, .571
33,69.5,003
35,949,905
31,788,741
35,830,692
33,941,280
60.42
53.41
62.80
53.97
50.93
65.22
50.26
49,322,271
161,188,393
253,589,428
158,498,923
199.478,617
238,978,025
235,197,884
5,546,942
15,802,5,53
24,521, .305
28,206,159
42,.505,421
81,577.650
80,093.479
11.25
9.80
9.67
16.75
21.31
25.98
25.65
3,109,079
2,338,327
2,542,570
3,197,179
2,657,321
1,371,353
1,084,729
1,628,191
1,194,499
1,157,483
1,514,804
1,111,481
812,575
431,384
52.37
51.08
45.52
47.37
41.83
44.67
40.52
1910
1911
1912
1913
1914
1915....::
1916
1917
1918
Dec.31:
1918 (8 m o n t h s )
1919....:
1920
1921
1922
1923
1924...
O
o
>
Ul
S
cn
O
01
TABLB O.—Merchandise imported and customs duties collected from 1890 to 1924, «ic.—Continued
Ol
o
Gi
SCHEDULE I.—Cotton manufactures
Year e n d e d Values
Average
ad
valorem
rates
Duties
collected
SCHEDULE J.—Flax, h e m p , and Jute,
a n d m a n u f a c t u r e s of
Values
Duties
collected
Average
ad
valorem
rates
SCHEDULE K.—Wool and manufact u r e s of
Values
Duties
collected
Average
ad
valorem
rates
S C H E D U L E L . — S i l k a n d silk goods
Values
Duties
collected
Average
ad
valorem
rates
J u n e 30:
1890....°
1891
1892
1893
1894
1895
1896
1897
1898
1899
$29,312,028
20,197,123
17,052,525
20,510,438
13,724,012
19,828,096
21,276,405
22,650,234
14,683,418
17,002,789
$11,891,611
9,892,223
9,468,347
11,333,805
7,448,758
8,908,189
9,311,340
9,903,895
7,500,252
8,934,913
P e r cent
39.89
48.98
55.52
55.26
54.26
4.5.37
43.76
. 43.73
51.15
52.65
$48,325,898
38,784,280
40,028,471
43,493,657
28,080,445
34,874,867
29,758,618
34,852,448
33,704,889
44; 412,454
$12,219,838
15,034,934
17,380,296
18.989,344
12,174,473
14,080,098
12,018,082
14,110,685
15,712,121
20,892,285
P e r cent
25.29
38.77
43.37
43.68
43.39
40.32
40.39
40.49
48.62
47.04
$70,375,815
60,308,714
53,498,833
55,410,291
24,798,231
37,014,081
48,352,585
48,902,888
18,360,631
22,342,090
$42,918,998
41,410,189
42,098,021
44.808,120
21; 200,263
20,922,958
23,127,589
22,702,726
13,057,184
17,230,152
P e r cent
60.99
68.67
78.69
80.51
85.49
56.53
47.83
48.42
71.12
77.12
$38,246,787
37,300,387
31,442,180
37,919,948
24,160,529
31,023,148
28,627,731
28,517,092
22,639,597
25,028,604
$18,945,959
19,388,764
16,985,637
20,310,258
12,824,084
14,739,550
12,504,006
12,421,970
12,231,681
13,506,312
P e r cent
49.54
51.93
53.96
53.66
53.08
47.51
48.96
46.85
54.03
53.97
1900
1901
1902
1903
1904
1905
1908
1907
1908...
1909.....
1910
20,684,578
19,688,242
21,129,139
25,332,216
23.442,254
22,027,367
28,858,386
.31,857,017
31,577,132
26,228,434
28,310,523
10,585,582
9,715,747
10,422,930
11,944,300
11,035,018
10,409,188
12,292,898
14,284,828
13,878,022
11,668,308
13,819,191
51.08
49.65
49.33
47.15
47.07
47.26
46.12
'44.84
43.95
44.48
48.11
64,732,531
57,889,270
68,133,003
71,297,682
71,480,-148
73,284,154
92,0.55,209
114,124,372
98,177,445
91,209,598
108,374,854
25> 701,451
26,218,982
30,694,804
33,190,848
32,898,495
33,788,719
41,777,068
49, 890,953
41,921.732
42,144; 980
49,735,027
48.96
45.46
45.05
48.55
48.04
46.08
45.38
43.72
43.59
48.21
48.75
30,658,717
30,727,683
35,383,788
40, .580,037
39,982,848
53,485,490
6.3,265,115
82,831,801
45,822,498
52,814,238
70,745,2.52
21,837,428
21,575,104
28,398,923
29,195,7.38
27,2.52,492
33,077,578
37,988,895
36,581,217
28,845,245
33,385,318
41,904,850
70.58
70. 21
74. 84
71.98
68.19
81.87
8 0 02
58.19
82.95
as. 17
59.23
30,358,771
28,838.267
32,242,228
36,047,873
31,4&3,007
31,822,655
32,591,910
38,818,839
31,755,212
31,001,307
32,295,926
15,771,795
14,245,893
17,293,290
19, 278,548
18,810,210
17,010,130
17,351,095
20,313,708
16,493,078
16,284,117
17,023,622
51.95
53.12
53.84
63.47
52.78
53.45
53.24
52.33
51.94
52.53
52.71
28,204,150
24,358,360
25,057,288
32,529,134
24,085,209
24,244,523
38,417,492
30,946,831
12,325,584
11,085,150
11,081,514
9,280,408
6,442,047
5,968,827
8,259,958
6,871,748
47.04
45.51
44.14
28.47
28.31
24.62
22.68
22.21
99,401,935
108,898,102
118,587,298
58,470,796
30,051,243
.30,943,574
29,130,379
28,587,130
47,053,000
49,082,348
48,911,742
19,913,016
8,794,588
8,619,140
8,208,910
7,199,925
47.34
45.14
41.95
35.26
29.27
27.85
28.19
27. OS
48,395,408
48, .38i; 374
45,335,818
39,284,823
30,437,555
18,352,988
21,184,027
27,047,898
28,982,553
27,072,118
25,833:028
18,957', 341
9.911,837
8; 128. .587
7,080,908
8^ 958,449
59.89
55.98
58.98
43.19
32.58
33.39
. 33.43
33.11
30,993,662
26,571,510
29,224,018
34,039,755
23,098,187
28,304,619
35,123,949
24,473,809
16,053,261
13,695,239
14,811,561
15,378,702
9, 810,495
11,927,952
14,854,890
10,086,714
51.80
51.54
50.88
45.17
42.47
42.14
41.72
41.13
13,622,237
33,219,952
89,274,578
58,413,927
73,334,5.30
68,206,717
59,981,349
3,105,547
7,715,788
21,185,002
15.242,215
20,048,723
21,945,801
: 18,082,820 .
22.80
23.23
23.73
26.09
27.34
32.18
30.15
10,873,228
27,187,093
52,925,870
38,827,738
83,505.1.51
121.128.239
117,216,203
2,882,414
6,5.52,591
13,382,385
10,118,185
15.999,377
24.832 043
26,120,771
24.67
24.10
25. 25
27.47
2.5.19
20.34
22.28
2,982,190
5,895,227
18,720', 378
18,307,296
48,225,260
91,485,593
62, 581,628
30.14
31.42
33. 57
34.93
80.31
58.45
6 0 51
10,748,947
49,684,244
55,793,487
45.054.936
36,6.52,874
40,793,607
33.233.937
4,307,698
20, 278,171
21,772,950
18,575,772
18,821,550
21.892,353
17,629,072
40.08
40.81
39.02
41.23
45.35
53 18
53.05
1911
1912
1913
.1914
1915
1918
1917.
1918
Dec. 31:
1918 (8 m o n t h s )
1919
1920
1921
1922
1923
1924
9,828,501
18,127,8-=^
49,800,180
52,410.182
79,955.7.54
162,015.968
"123,904,028
Pi
O
pi
o
"^
K
o
Ul
SCHEDULE M.—Pulp, paper, and
books
Tea
SCHEDULE N.—Sundries
Year ended—
Values
J u n e 30:
1890
1891
1892
1893...
1894
1895
1896.
1897
1898
1899
:
..
.
.
.
.
.
.
.
.
Duties
collected
Average
a d valor e m rates
P e r cent
24.85.
25.09
28.44
25.22
27.31
23.36
23.46
25.04
24.75
24.50
22.93
24.25
23. .56.
22.28
22.09
21.09
21.31
20.67
19.75
19.39
77,801,134
76,193,074
88,667,841
98,422,646
78,680,617
92,512,767
119,840,r48
133,092,951
94,818,374
113,882,410
18,773,587
17,912,848
20,180,984
20.843,433
18,787,420
20,771,250
28,600,778
29,892,107
24,475,066
28,387,081
24.13
23.51
23.29
21.18
23.85
22.45
22.23
22.45
25.87
23.17
.5,285,103
5,645, .302
4,886,671
5,091,232
3,114,380
1,988,769
1,257,726
1,681,647
1,184,752
21.28
21.62
21.41
20.45
22.25
21.19
19.38
20.92
18.60
120,594,291
109,049,988
108.952,769
128,017,638
144,587,674
100,818,786
123,485,312
134,557,532
108,803,244
29,133,889
27,448,145
26,931,900
30,758,685
48,538,937
37,158,600
39,495,871
40,288,383
30,667,547
24.16
25.17
24. 72
24.03
33.57
38.86
31.98
29.94
28.62
460,009
1,105,951
1,749,489
1,871,847
2,775,724
4,887,233
4,813,188
16.87
16.27
18.88
18.78
21.67
24.29
25.70
44,034,747
208,447,070
233,907,615
185,192,437
197,512,567
226,318,858
216,845,978
12,853,317
54,433,012
68,703,615
54,222,384
65,369,922
88,646,712
86,695,074
Values
Duties
collected
Average
ad valorem rates
P e r cent
28.73
26.37
29.37
32.82
33.10
38.29
40.17
1,704,834
1,702,778
1.898,458
2,220,756
2,379,354
2,525,898
3,020,980
4,135,029
4,414,633
4,412,020
24,832,827
28,110,975
22,828,121
24,899,335
13,999,054
9,385,878
6,491,285
8,036,289
6,368,356
.
P e r cent
19.33
22.85
25.18
23.85
24.34
23.10
22.28
22.58
25.67
25.84
Values
$16,179,088
13,693,067
13,581,172
15,990,103
10,802,196
10,995,435
11,203,210
10,031,293
14,073,599
16,272,012
$1,445,625
1,690,869
1,809,181
2,070,034
1,402,193
1,257,348
1,280,884
1,200,043
1,202,328
1,349,675
7,695,417
7,021,206
8,047,824
9,907,819
10,771,269
11,974,859
14,173,917
20,005,025
22,335,007
22,764,740
..
Average
a d valorem rates
$85,232,530
54,580,110
51,290,808
63,390,176
38,819,967
47,072,378
47,748,388
41,184,008
58,888,214
66,420,324
$7,480,109
7,398,716
7.191,118
8,880,133
5,781,472
5,443,425
5,864,593
5,319,055
4,684,291
5,223,898
1900
1901
1902
1903
1904
1905
1908
1907
1908
1909
1910....
1911
1912
1913
1914 . . .
1915
1916
1917
1918
Dec. 31:
1918 (6 m o n t h s )
1919
1920
1921
1922
1923.
1924
Duties
collected
2,759,314
6,797,212
10,487,814
8,901,536
12,806,269
19,217,2.35
18, 728,945
Ul
o
pi
$76,240
6,631,988
$4i,322
4,812,607
54.20
12. bl
10,835,047
10,005,430
10,327,118
3,028,168
8,008,638
8,259,353
7,882,807
2,178,278
73.91
82.55
78.33
71.93
pi
y<
O
H
t
Ul
O
TABLE O.—Merchandise imported.and custorns duties collected from 1890 to 192 4i etc,—Continued
cn
O
00
[Recapitulation of merchandise imported and duties collected from 1867 to 1924]
Values
Amount of duties collected
Average ad valorem
rate of duty o n -
Year endedFree
Dutiable
Total
Free
Ordinary
$168,603,750
160,309,941
176,114,904
191,221,789
June 30:
1867,
1888.
1869,
1870,
$17,033,130
15,147,818
21,692,532
20,214,105
$361,125,553
329,681,302
372,756,642
408,131,905
$378,158,683
344,808,920
394,449,174
426,346,010
Per cent
4.50
4.39
5.60
4.74
1871
1872
1873
1874
1875
1878
1877
1878
1879
1880
40, 619,084
47, 883, 747
178, 399,798
151, 694,834
146, 485,483
140, 561,381
140, 840,149
141, 339,059
142, 550,159
208, 049,180
459,597,058
512,735,287
484,746,861
415,748,693
379,795,113
324,024,926
298,989,240
297,083,409
298,742,215
419,508,091
500,218,122
580,419,034
683,148,857
567,443, 527
526,260,578
484, 586,307
439,829,389
438,422,488
439,292,374
627,555,271
8.12
8.51
28.90
26.73
27.83
30.28
32.02
32.24
32.45
33.15
1881
1882
1883
1884
1885
1888
1887
1888
1889
1890
202, .5.57,412
210, 721,981
208, 913,289
211, 280,285
192, 912,234
211, 530,750
233, 093,859
244, 104,852
258, 574,830
268, 103,048
448,031,587
505,491,987
493,918,384
456,29,5,124
388,6o7,820
413,778,055
450,325,322
488,143,774
484,858,788
507,571,764
650,618,999
716,213,948
700,829,673
687,575, 389
579,580,054
625,308,814
683,418,981
712,248,626
741,431,398
773,674,812
1891
1892
1893
1894
1895
1898
1897
1898
1899
1900
388,084,404
458,074,804
444,172,084
378,968,717
378,890,100
388,897,523
381,902,414
291,534,005
299,868,977
366,769,922
854,519,577
813,601,345
844,454, 583
636,814, 420
731,182,090
759,694,084
789,251,030
587,1.53,700
685,441,892
830,519,252
486,455,173
355,526,741
400,282,519
. 257,64.5,703
354,271,990
390, 798, 581
407,348,616
295,619,695
385,772,915
483,759,330
Additional
Total
Free and
Dutiable dutiable
$222,838
442,680
292,205
$168,503,750
160,532, 779
176,557,584
191,513,974
Per cent
46.88
48.63
47.25
47.08
Per cent
44.56
46.58
44.76
44.92
201,985,575
212,030,727
184, 556,045
160,185,383
154,271,808
144,982,442
128, 223, 207
127,015,185
133,1.59,025
182, 415,182
481,098
588,378
372,997
338,902
283,177
198,161
205,138
179,974
238,411
332,492
202,448,873
212,619,105
184,929,042
160,522, 285
154,554,983
145,178, 803
128,428, 343
127,195,159
133,395,438
182,747,854
43.95
41.35
38.07
38.53
40.62
44.74
42.89
42.75
44.87
43.48
40.47
37.94
27.89
28.29
29.37
31.25
29.20
29.01
30.37
29.12
31.13
29.42
29.52
31. 65
3.3.28
33.83
34.11
34.27
34.81
34.39
193,561, Oil
215,817,889
209,659,699
189,844,995
177,319,550
188,379,397
212,032, 424
213, .509,802
218,701,774
225,317,078
239,889
521,247
977,594
437,841
832,051
1,031,051
2,189,888
2,532,454
1,875,215
1,222,981
193,800,880
218,138,916
210,637, 293
190, 282,836
178,151,801
189,410, 448
214,222,310
216,042, 258
220, 578,989
228,540,037
4.3.20
42.68
42.45
41.81
45.88
45. 53
47.08
45.81
45.11
44.39
29.79
30.18
30.06
28.50
30.74
30.29
31.35
30.33
29.75
29.28
45.41
58.30
62.60
59.53
51.55
48.58
48. 39
49.85
43.72
44.18
215,790,686
173,097 870
198,373,452
128,881,888
147,901,218
158,104,598
171, 779, 194
144, 258,583
200,873,429
228,364,558
1,095,015
1,028,600
770,226
677,024
1,549,390
908; 908
981,187
1,179,822
1,198,821
996,215
218,885,701
174,124,270
199. 143,878
129; 558,892
149,450,808
157,013, 508
172,780,381
145,438,385
202,072,050
229,380,771
48.28
48.69
49.58
50.02
41.75
39.95
42.17
48.80
52.07
49.24
25.38
21.40
23.58
20.35
20.44
20.87
21.89
24.77
29.48
27.62
o
w
H
o
d
•Ul
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910.
,
1911
1912
,
1913.....
,
1914
,
1915
,
1918
,
1917
,
,
1918
Dec. 31:
1918 (6 months)
1919
1920
1921
1922
1923
1924
093,255
642,233
437, 290,728
454, 153,100
517,073,277
548, 695,764
641,953,451
525, 704,745
599,375,868
761,353,117
488,670,045
603,251,521
570,689,382
527,681,459
- 570,044,856
864,721,88.5
773,448,834
657,415,920
682,265,887
785,758,020
807,763,301
899)793,754
1,007,960,110
981,834,559
1,087,118,133
1,213,417,649
1,415,402,285
1,183,120,685
1,281,641,735
1,547,109,137
41.98
44.07
43.38
46.28
47.56
45.22
45.35
44.43
46.77
49.21
232,641,499
250,550,428
279,779,487
257,392,055
257,898,130
293,557,984
329,121,859
282,273,432
294,377,360
328,283,095
914,610
902,727
972,828
830,188
528,165
352,412
358,389
309,482
289,894
298,588
233,556,109
251,453,155
280,752,415
258,222,243
258,426,295
293,910,398
329,480,048
282, 582,894
294,667,054
328,581,683
49.64
49.79
49.03
48.78
45. 24
44.18
.42.55
42.94
43.15
41.52
27.95
27.85
28.30
23.77
24.22
23.28
23.88
22.99
21.11
776,963,955
881, 512,987
986,972,333
152,392,059
032, 863,558
495,881,357
852, 530,536
117,655,366
750,981,697
759,209,915
779,717,079
754,008,335
'615,522,722
683,153,244
814,689,485
747,338,621
1,527,945,652
1,840,722,902
1,788,689,412
1,905,400,394
1,848,386,280
2,179,034,601
2,887,220,021
2,884,893,987
50.85
53.73
55.87
80.45
62.66
68.85
69.48
73.91
309,581,944
304,597,035
312,252,215
283,511,584
205,755,073
209,523,151
221,447,743
180,198,879
383,748
302,331
257,731
207,517
191,789
202,850
211,323
392,955
309,985,892
304,899,368
312,509,946
283,719,081
205,946,842
209,725,801
221,859,068
18,0,589,834
41.22
40.12
40.05
37.80
33.43
30.87
27.18
24.11
20.29
18.58
. 17.89
14.88
12.49
9.82
8.31
8.30
149,881,796
7il,462,069
115,958,238
564, 278,455
888,240,127
186, 148,317
118, 167,861
303,079,210
1,118, 221,362
1,985,865,155
992,591,258
1,185,533,136
1,688,821,499
1,456,943,421
1,452,981,008
3,827,883,431
5,101,823,393
2,5.58,889,711
3,073,773,263
3,731,789,816
3, 676, 111, 282
79.14
70.84
81.08
61.18
61.43
58.02
59.25
73,907,033
237,402,680
325,835,175
292,359,221
451,.358,289
566,683,978
544, 768,198
21,037
54,000
10,390
37,531
73,928,070
237,458,880
325,645,565
292,398,752
451,3.56,289
588,683,978
544, 788,198
24.39
21.27
18.40
29.45
. 38.07
38.17
37.39
5.09
6.20
6.38
11.44
14.68
15. IS
15.24
:s.9i
a
o
W
>
Ul
' O
CD
TABLE P.—Customs statistics, by districts, for the fiscal year 1925
cn
O
. District
Value of
imports
Vessels clearing
from ports
Payments
Receipts
Value of
exports
Expenses
Duties
Tonnage
tax
H e a d ta.v
All other
Total
Excess
deposits
refunded
Drawback
paid
Cost to
DoDocollect For- mes- meseign
tic
one
tic
for
for
dollar
for
doforforeign eign mesports ports tic
ports
$52.159.90
$464.00 .$12, 740.06
$533,000
Alaska ( N o . 31)
$99.00 $51,300.94 $0.983
$306.38
$1,340,000
$38,326.70 $2,629.14
9,404.01
548,705.06
10,764,000
108,732.48 .1952
19,280.00
1,911.90
518,021.05
12,786,000
Arizona ( N o . 28)
47,502.92 4,429,229.76 34, 774.34
4,423.52
75,300,000 185,089,000 • 4,377,303.32
Buffalo ( N o . 9)
4,704.57 288,140.82 .0648
44, 928. 70 15,820,195. 71 279,827.94
47,877,000
Chicago ( N o . 39)
37,228.87 472,151.73 .0298
16.0(
391.12
29,485,000 15,774,859.89
579.98
193,003.92
812,000
18, 687.27 .088
192,423.94
1,389.23
Colorado ( N o . 47)
813,898.02
7,412,000
60,380.00 .0741
789,790.59
C o n n e c t i c u t ( N o . 6)
2,892. 28
2, 718. 74
593. 58
176,000
8.00 23,503.85
15,887.38
703,581.83 17,557.84
23,243,000
86,157.64 .122
687,894.47
2,970.44
D a k o t a ( N o . 34)
35,496,000
D u l u t h a n d Superior
10, 237.04
447, 701.03
100.92
437,363.07
72,513,000
( N o . 36)
1, 937.08
17,059,000
66, 291. 74 -.145
283,918. 87
103, 752.00 28,382.32
E l P a s o ( N o . 24)
882.41
151, 784.35
15,424,000
163,446.74 .575
6,795,000
73,223,000 2,617,797.98 53,485.62 28, 792.00 99,033.18 2, 799,108. 78 11,893.31
25,555,000
Florida (No. 1 8 ) 2,380.74 200,805.22 .07209
2,160.00 49,473.50 10,064,780.11 43,156.80
42,259,000 719,449,000 9,910,221.25 102,925.38
17,698.31 145,839. 20 .0144
Galveston ( N o . 22)
70.490.11 .0099
40.00 14, 738. 82 7,107,699. 71
22, 541,000
Georgia ( N o . 17)
6, 798.61
76,370,000 7,073, 966.35 18,954.54
136,345. 24
10,299,000
H a w a i i ( N o . 32)
1,465,000 1, 773,108. 91 38,856.08 20,240.00 22,200.88 1,854,403.87 35,872. 62
439.49 130,721.58 .0704
678. 76
644, 732. 51
20, 345.07 .0315
2.052.89
644,053. 75
1,629,000
I n d i a n a ( N o . 40)
684.25
118.775.86
11,541.21 .097
118,091.81
Iowa (No. 4 4 ) . .
1,664.30
264,000
4,575.62
481,060.87
16,321.94 .0339
K e n t u c k y ( N o . 42)
478,485. 25
550,000
81,607,000 4,375, 968. 75 119, 964.82 11, 736.00 88,378.94 4, 596,048. 51 100,310.44
39, 790,000
Los Angeles ( N o . 2 7 ) . . .
5,999.52 321,492.99 .069
Maine and New H a m p 808.00 47,402.83
shire ( N o . 1)
755, 798.92 22,753.30
14,795,000
826,763.05
9,439. 91
27,638,000
2,072. 75 261, 772. 21 -.316
1,232.00 70, 222. 91 14,624, 742. 79 137,3.50.92
100,072,000 116,711,000 14,487,737.64 65,550. 24
M a r y l a n d ( N o . 13)
153,024.95 469, 684.75 .0321
M a s s a c h u s e t t s ( N o . 4 ) . 301,447,000
50,894,000 44,220, 738.84 149,875.20 80,776.00 240,179.10 44,691.566.94 598,893.84
253, 738. 59 1,327,149.83 .0296
60,960.16 4,128,670. 76 41,467.03
83, 255,000 212, 507,000 4,087, 534.66
M i c h i g a n ( N o . 38)
175.94
48,046.23 395,018.77 .096
7,074.53 1,444,054.83 14,912. 87
8, 536,000
1,438,980.10
M i n n e s o t a ( N o . 35)
53,077.15 .0367
911.69
302,996.81
7,464,000
256.00 25, 721. 96
M o b i l e ( N o . 19)
255, 569.41 21,449.44
44,927,000
2,418.28
48, 929. 28 .181 .
10,880.00
Montana and Idaho
208,061.87
2,252,000
8.109.55
214,171.42 13,544.78
6,324,000
( N o . 33)
54,771.89 .255
N e w Orleans ( N o . 2 0 ) . . 220,929,000 448,182,000 30,620, 714.34 186.271.08 18.056.00 122,423.71 30.926,485.11 111,807.00
431.660.42 661,381.42 .0181
N e w Y o r k ( N o . 1 0 ) . - . . 1,803,116,000 1,728, 288,000 303, 286, 029. 79 696,60O 78 1,648,752.00 2,032,990.11307.664,372 66 4,782,008.16 11,431, 883. 09 6,946, 237. 59 . 0239
8.00
15,142,000 6. 087. 395. 48
9,477.52 6.103,330 24 11,275.02
6.449. 24
12, 236,000
N o r t h Carolina ( N o . 15)
29,060. 98 .0047
28,175,000 4.138. 189. 99! 2. 057. 58!
27, 601. 77 4,185,849. 32 43,155. 55
18,115,000
Ohio ( N o . 41)
34,574. 42 160, 380. 97 .038 .
1 12, 248. 30 .0476
254,853. 331 .....
2. 048.84
256,90O 17
1,696,000
1,687.20
O m a h a ( N o 46)
1
212
268 2,228
995
60
177 2,682
136 4,- 734
119
587 5,691
483 1,550
629
186
69
834
330
58
102
757 1,178 1,967
1,383
940
385
231 1,841
329
379 1,518
677
1,120 2,125 6,577
371
186
238
672
1,313
826
3; 418 1,814 3,460
17
11
78
757 2,891 6,463
Oregon ( N o . 29)
P h i l a d e l p h i a ( N o . 11).
Pittsburgh (No. 1 2 ) . . .
P o r t o Rico ( N o . 4 9 ) . . .
R h o d e Island ( N o . 6 ) - .
Rochester ( N o . 8)
i.
S a b i n e ( N o . 21)
San Antonio (No. 2 3 ) : .
S a n Francisco ( N o . 28).
S o u t h Carolina N o . 16)
St. L a w r e n c e ( N o . 7 ) . _ .
St. Louis ( N o . 45)
T e n n e s s e e ( N o . 43)
Utah and Nevada (No.
48).-..
V e r m o n t ( N o . 2)
,
Virginia ( N o . 14).
Washington (No. 30)..
Wisconsin ( N o . 37)
Parcel post
Total.
10,498,000
205, 283,000
8,431,000
11,15.5,000
9, 334,000
7,107, 000
5, 216, 000
3, 532, 000
165, 554, 000
19, 944,000
137, 899, 000
12, 530, 000
626, 000
139, 000
41, 987, 000
18, 542,000
255,193, 000
4,852, 000
48,007,000 1,144, 272. 88
122,422,000 50, 728, 360 80
4,044, 624. 00
7, 574, 000 1, 643, 543.16
93, 000
708, 520. 48
7,13.5,000 1,725, 102. 35
85, 351,000
• 25,784. 43
49, 087,000
448, 278. 51
170,785,000 12,012, 301. 71
24, 611, 000
74, 858. 02
63,129, 000 1,743, 077. 98
3. 377, 638.17
141, 835. 41
43, 246. 000
168, 684,000
116, 515,000
5,428,000
23,478,000
56.470. 55
1, 799, 832. 52
2, 833, 229. 90
5, 059, 191.11
1, 099, 981.10
26, 571.74
99, 817. 22
13, 810 58
8, 998. 04
458. 20
45, 693. 56
299. 64
64, 528. 72
18,438. 78
3, 688. 22
747. 74 15,169. 73
1,433. 77
48.00 25, 855.12 1,
•5,080.03 139, 637. 65 50, 972, 895. 67 377,181. 38 2,327,253. 23
9, 715. 85 4, 054, 339. 85 21,198. 66
789.23
7,488. 00 51,154. 57 1, 715, 998. 29 20,868.14
3, 088. 50
18,376. 00 17,372. 20
753, 266. 72
3, 717. 34
455. 30
10,195. 32 1, 735, 753. 87 17,211.75
1,070. 99
80 00 19, 213. 61
90, 771. 80
21.48
755. 25
137, 928. 00 36,193. 97
622, 700.12
6, 333. 98
341. 06
48,736. 00 182,331. 92 12,305, 948. 35 177,750 23 . 288, 418.16
895. 51
5, 558. 73
7,187. 32
1,821. 45
40 00
57,148. 98 1,803, 915.18
8,404. 50
444. 58
12.051.79 3, 389,
78, 619. 88
38, 435. 39
743.45
56.00
1, 735. 01
143, 670. 42
13.00
44.70
76, 388.13
344. 00 78, 560 72
80,821. 80
97,928. 68 173, 91.2. 00 474, 883. 29
56.12
5, 029. 32
66,483. 65
1,878,063.35
2,972, 956. 42
5,815, 913. 08
1,105, 086. 64
206. 61
8,352. 92
6, 714. 02
57, 899.17
24, 270. 85
1, 802. 68
38,678. 34
105. 798. 82
925', 257.13
52,343. 95
176,852. 62
47, 548. 78
77,098.19
25, 940 36
162,80O 60
822,894. 70
. 17, 478. 57
224, 693. 83
110, 902. 98
18,086. 24
7,023. 00
247, 595. 89
137, 875.18
493, 598. 72
50, 694. 26
3,824,140,000 4,864,831,000 546,804, 021. 32 1,799,846.82,2,318,920.00 4,279,083.79 555, 201,871. 93 7,118,774.00 16,277,108. 00 18,073,964.76
498
.01815
.0129
468
.103
.0631
44
.0444 1,177
245
.2857
1.
396
.176
39
1,440 .
.124
.0358 i
. 1259
.124
.1319
.0463
229 1,105
703
64
131
212
530
164
212
165
237 2,507
120
119
730 795
169-.
2
1,375
352 1,752
3,020 2,817| 2,815
13
128,12,681
Ul
o
.02895 21,12918,98162,971
I
1
O
N O T E . — P o r t o Rico figures n o t i n c l u d e d in totals, excepting those relating to v a l u e s of i m p o r t s a n d exports.
T h e d u t i e s a n d t o n n a g e covered i n t o t h e T r e a s u r y b y w a r r a n t s d u r i n g t h e fiscal y e a r 1925 a m o u n t e d to $548,521,794.63. T h i s s u m r e p r e s e n t s t h e official " c u s t o m s r e c e i p t s " for
1925. T h e figures in t h e a b o v e s t a t e m e n t are based on r e p o r t s b y collectors of receipts from all sources a n d i n c l u d e e s t i m a t e d d u t i e s , d u t i e s , a n d fines on m a i l i m p o r t a t i o n s , increased
a n d a d d i t i o n a l d u t i e s , fines, penalties a n d forfeitures, a n d s u n d r y miscellaneous receipts, as well as collections for t h e D e p a r t m e n t s of C o m m e r c e a n d L a b o r .
SUMMARY
T o t a l expenses p a i d from c u s t o m s a p p r o p r i a t i o n d u r i n g t h e fiscal y e a r 1925, as r e p o r t e d b y collectors
-
$16,073,964.76
Ul .
I t e m s not included i n above table
Salaries a n d expenses of t h e B o a r d of U n i t e d S t a t e s G e n e r a l A p p r a i s e r s
Salaries a n d expenses of t h e Special A g e n c y Service
T r a v e l , t r a n s p o r t a t i o n , a n d miscellaneous expenses n o t r e p o r t e d b y collectors
—
..^
a
$210,819.98
788.501.02
216,017.66
1,212,338.56
T o t a l expenses p a i d from t h e c u s t o m s a p p r o p r i a t i o n , i n c l u d i n g expenses i n c u r r e d on a c c o u n t of enforcement of t h e n a v i g a t i o n l a w s
R e f u n d s to t h e c u s t o m s a p p r o p r i a t i o n on a c c o u n t of r e i m b u r s a b l e e x p e n d i t u r e s
17,288,303.32
810,841.86
C o s t to collect one dollar (based o n total receipts from all sources a n d total e x p e n d i t u r e s , except r e i m b u r s a b l e )
16,876,461.46
0.0300
TABLE Q.—Stock of money in the United States, classified by kind, at the end of each fiscal year from 1860 to 1889 '
Gold coin a n d
bullion'
Fiscal year
Silver dollars
Subsidiary
silver
United States
notes
$214,000,000
270,000,000
283,000,000
280,000,000
203,000,000
189,000,000
187,000,000
188,000,000
180,000,000
173,000,000
$21,000,000
16,000.000
13,000,000
11,000,000
10,000,000
9,500,000
9,000,000
8,000,000
8,000,000
7,000,000
$98,620,000
387,848,589
447,300,203
431,086,428
400,780,308
371,783.597
358,ooo; 000
356,000,000
1870
1871
1872
1873
1874
1.S75
1876
1877
1878.
1879
189,500,000
183,500,000
148,000,000
13.5,000,000
147,379,493
121,134,908
130,056,907
187,501,472
213,199,977
245,741,837
4 $1,149,305
4 1, .592,261
* 2,742,548
4 3,997,258
4 4,628,921
18,269,079
41,276,3.56
10,000,000
13,000,000
14,000,000
17,000,000
19,500,000
28,000,000
32,418,734
45,837,508
85,778,828
70,249,985
3.56,000,000
356,000,000
357,500,000
356,000,000
382,000,000
375,771,580
^ 369,772,284
359,764,332
348.881,016
348,681,016
1880
1881
1882
1883
1884.
1885
1888..
1887
1888
1889
351,841.206
478,484,538
508,757,715
542,732,083
545,500,797
588,897,038
590,774,481
654,520,335
705,818,855
680.063,505
69,680,408
95,297,083
122,788,544
152,047,885
180,306,814
208,538,987
237,191,908
277,44.5,787
310,186,459
343,947,093
72,882,270
74,087,061
74,428,580
74,960,300
75,281,528
74,939,820
75,080,937
75,547,799
78,406,376
78,601,838
346,681,016
348,681,016
346,881,016
348,681,016
346,681,016
346,881,018
348,681,018
348,881,018
348,881,018
346,681,016
1860
1861
1862 .
1883
1864
1865
1868
1887
1888..
1869
. . . .
1
...
.
Fractional
currency ^
Other United
States
currency
$20,192,453
22,894,877
2.5,005,829
27,070,877
28,307, .524
32,828,952
32,114,637
$53,040,000
93,230,495
189,252,449
238, .587,393
182,738,532
123,726,542
28,859,025
3,342,921
39,878,684
40,582,875
40,855,83o
44,799,385
45,881,296
42,129,424
34,448,595
20,403,137
16,547,769
2,507,438
1,063, .578
849,338
701,473
619,568
550,873
500,383
456.318
427,703
State-bank
notes
National-bank
notes
$207,102,477
202,005,767
183,792,079
23S,677,218
179,1.57,717
142,919,838
19,998,163
4,484,112
3,163,771
2,5.58.874
2,222,793
1,968,058
1,700,935
1, 399,184 .
1,182, 453
964,497
1, 047, 335
909, 272
806,108
Total
' Or
to
Percentage
of gold t o
total
money
$31,235,270
148.137.880
281^479,908
298,625,379
299,762,8.55
299,742,475
$442,102,477
488,005,787
829,452,079
1,010,748,758
1,062,840,516
1,180,197,148
1,088,085,7.S6
1,020,927,154
888,412.803
873,758,907
48.41
5.5.33
44.98
25.72
19.10
18.01
15.84
18.22
18.01
19.80
299,788,984
318,281,241
337,684,795
347,287,081
351,981,032
354,408,008
332,998,338
317,048,872
324,514,284
329,891,697
899,875,899
894,375,752
900, .570,903
903, 318, 388
950,116.103
925, 701,836
905, 237,832
916. 647, 830
984, 224, 782
1,033,840,891
21.06
18.28
18.43
14. 94
15.51
13. 09
14.37
l.S. 28
2L86
23.77
344,505,427
355,042,875
3.58, 742,034
356, 073, 281
339,499, KS3
318,576,711
311,699,454
279,i17,788
252,368,321
211,378,963
1,185,550,327
1,349,592,373
1,409,397,889
1.472,494,345
i ; 487,249.838
1, .537,433. 550
1,561, 407. 774
1.833,412,705
1,691,441,027 1
1,658,672,413
29. 88
35.45
35.98
38.88
38. 88
38.29
37.84
40.07
41.73
41.00
1 The figures in this table have been revised from the best data available in annual reports of the Secretary of the Treasury. But the older records, especially during the Civil
War period and the early 70's, are not complete and the figures for gold and silver in those years are only estimates.
2 Does not include gold bullion and foreign coin outside of the vaults of the Treasury.
> Although notes of all kinds have been outstanding in small amounts, they were not in actual circulation to any extent after 1878.
< Silver bullion in Treasury
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TABLE R.—Stock of money in the United States, classified by hind, at the end of each fiscal year from 1890 to 1925 ^
Fiscal year
Gold coin and
bullion *
Silver dollars
Subsidiary
silver
United States
notes
^ 1890..
^ 1891..
M 1892..
^ 1893..
c^ 1894..
-M895..
1898..
1897..
c^ 1898..
C 1899..
O
1900..
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
$895,583,029
648,582,852
684,275,335
597,897,685
627,293,201
638,256,023
599,597,984
898,239,018
861,514,780
963,498,384
$380,083,304
438,753,502
491,057,518
538,300,778
548,000,032
547,777,049
551,723,999
558,590,184
581,350,859
583,697,082
$76,825.305
77,848,700
77,521,478
77,415,123
76,249,925
78,954,434
75,971,507
75,818,389
76,127,810
74,888,552
588,131,027
588,182,941
570,135,200
573,643,228
572,889,605
588,228,885
568,251,530
568,249,982
588,259,812
588,276,719
1910..
1911..
1912..
1913..
1914..
1915..
1916..
1917..
1918..
1919..
1,638,043,478
1,753, 196,722
1,818, 188,417
1,870, 761,835
1,890. 658,791
1,985, 539,172
2,449,739,010
3,019, 146,563
3,075,788,838
3,113, 168,661
588,277,508
588,279,387
568,278,020
588,273,283
588,272,478
668,271,855
568,270,319
588,289,513
499,515,930
308,145,759
82,883,742
89,822,771
97,183,762
102,034,567
107,062,021
114,824,189
118,224,920
130,452,218
147,355,783
159,408,546
155,158,748
159,607,364
170,588,205
175,195,998
182,008,687
185,430,250
188,858,483
198,274,719
231,858,580
242,870,438
1920..
1921..
1922..
1923-.
1924..
1925..
2,709,483,700
3,297,729,834
3,784,651,712
4,049,563,748
4,490,807,303
4,386,195,841
288,857,494
288,788,378
381,174,404
491,886,769
503,754,851
522,081,078
258,855,239
271,314,375
271,210,888
269,186,084
277,614,378
283,471,971
346,681,016
346,681,016
346,881,016
346,681,016
348,881,016
346,681,016
Federal
reserve notes
Federal reserve
bank notes
$348,681,018
348,881,018
348,681,016
346,881,016
348.881,018
348,881,016
348,881,018
348,681,018
348,881,018
346,681,018
1,034,384,444
1,124,839,082
1,192,694,689
1,248,681,528
1,327,656,398
1,357,855,988
1,475,708,785
1,488,389,101
1,618, 133,492
1,642,041,999
Fractional
currency ^
National-bank
notes
Total
Percentage
of gold to
total
money
$1,685, 123,429
2,677,794,044
1,752,219,197
1,738, 808,472
1,805, 078.981
1,819, 359,557
1,799,975,033
1,906,770,271
2,073, 574,442
2,190,093,905
348,881,018
348,681,016
348,881,016
348,881,018
348,681,016
346,681,016
348,881,016
348,681,016
348,681,016
346,681,018
$185,970,775
187,927,974
172,683,850
178,713,872
=^206,854,787
211,891,035
228,000,547
231,441,888
227,900,177
241,350,871
309,640,444
353,742,187
356,872,091
413,870,050
449,235,095
495,719,808
581,112,380
803,788,690
898,333,917
889,920,074
2,339,700,873
2,483,087,977
2,583,268,658
2,684,710,987
2,803, 504,135
2,883, 109,884
3,089, 978,591
3,115, 581,007
3,378,784,020
3,406, 328,354
44.21
45.29
46.53
48.51
47.35
47.09
48.07
47.08
47.89
48.21
o
348 681,016
348; 681,016
346! 881,018
348; 681,016
348; 681,016
348,681,016
348,681,016
346, 681,016
.348,681,016
346, 681,016
713,430,733
728,194,508
745,134,992
759,157,908
750,671,899
819,273,593
744,174,680
715,420,010
724,205,485
719,276,732
3,419, 591,483
3,555, 958,977
3,848, 870,650
3,720,070,018
3,738, 288,871
3,989, 456,186
4,482,891,938
5,407,990,026
8,741, 072,294
7,805, 368,571
47.84
49.30
49.83
50.28
50.58
49.77
54.65
55.83
45.63
40.93
Ul
719,037,730
743,290,374
758,202,027
747,439,719
778,011,77.9
733,368,074
7,909,998,099
8,099,008,237
8,177,477,105
8,603,732,716
8,746,513,.527
8,221,191,543
34.25
40. 72
48. 28
47.07
61.34
53.35
$84,280,500
178,188,450
.547,407,980
1,847,580,445
2,687,558,985
3,405,877,120
3,000,429,880
2,555,061,680
2,876,902,380
2,339,048,030
1,942,239,530
$9,000,000
12,790,245
15,444,000
187,688,980
201,225,800
150,772,400
80,495,400
22,083,000
10,596,170
7,176,033
41.28
38.54
37.91
34.37
34.75
34.97
33.31
38.51
41.55
43.99 N
»The stock of money in the country from 1919 to 1921, inclusive, has been revised to include gold bullion and foreign gold coin held by the Federal reserve banks. • This table has
been compiled on the basis of revised figures for June 30 of each year and therefore differs slightly from the monthly circulation statements.
« Does not include gold bullion and foreign coin outside of the vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
* There has been no fractional currency in circulation since 1878.
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TABLE S.—Stock of money, money in circulation, and amount of circulation per capita in the United States from 1860 to 1925
Money outside of t h e T r e a s u r y .
M o n e y held i n t h e T r e a s u r y .
Date
Stock of
money in the
United S t a t e s '
July 1 1880
1881 3
1882 3
1863 3.
1864 3.
1885 3.
1886 3.
1887 3
1868 3
1869 3
Total 2
P o p u l a t i o n of
continental
U n i t e d States
(estimated)
I n circulation
All other
money
Total 2
Held by
F e d e r a l reserve
banks and
agents
Amount
Per capita
$10,505,220
18,678,110
17, 643,380
29, 955, 960
$8,895,225
3, 600, 000
23,754,335
83,735,922
55, 225, 536
96,658,634
128,387,673
161, 588,865
118, 528, 220
133,117,886
$435, 407, 252
484,405,787
805,697, 744
927,010,836
1, 007, 614,980
1, 083,540, 514
939,678,113
859,360, 289
771, 884, 383
740, 641,021
$435, 407,252
484,405, 787
605,697,744
927,010,836
1,007,814,980
1, 081,540, 514
939,678.113
859,380,289
771,884,383
740, 641.021
$13.85
15.11
18.52
27.78
29.60
31.18
26. 49
23.73
20.88
19.82
31,443,321
32, 084,000
32, 704, 000
33, 385, 000
34, 048, 000
34, 748,000
35, 489, 000
38, 211, 000
36, 973, 000
37, 758, 000
158,994,322
118, 009, 599
97,773, 428
99,315, 843
104,525,145
109,481,182
122,288, 758
134,758,357
189,125, 825
230,703, 398
32, 084, 800
.17,789,880
28, 411, 880
34, 251,320
18, 015,380
17, 548, 800
24,174,980
32, 298, 040
24, 904, 780
15, 694,300
$100, 000, 000
124,909, 522
100, 219, 919
71.381, 768
85,084, 323
88, 509, 765
91,912, 382
98,113,778
102,458, 317
164,220,865
115, 009, 098
774,988,377
794,15.5, 833
829, 209,137
838, 252,085
863, 606,338
833, 789,454
807,124,054
814, 089, 513
820,003,897
818,631, 793
774,988, 377
794,155, 833
829, 209,137
838,252, 065
883, 806, 338
833, 789, 454
807,124, 054
814,089, 513
820,003, 897
818, 631, 793
20.10
20.08
20.43
2 0 11
2 0 18
18.97
17.88
17. 56
17.23
16.75
38, 558, 371
39, 555, 000
40, 598, 000
41, 877, 000
42, 798, 000
43,951, 000
45,137, 000
48, 353, 000
47, 598, 000
48,888, 000
225,921, 588
2S0, 224, 503
294,642, 580
374, 616, 705
410, 897, 520
473,125,811
472, 867,849
549, 217, 016
641,124,464
652, 596, 558
13, 753,489
44, 870, 249
59, 535,110
132, 428, 056
187, 573,651
228, 280, 678
184,160,600
233,343, 454
321, 854, 307
374, '^b, 794
100, 000, 000
100, 000, 000
100,000, coo
100, 000, 000
100, 000, 000
100, 000, 000
100, 000, 000
100, 000, 000
100,000,000
100,000,000
112,188, 099
135, 354, 254
135,107, 470
142,188, 849
143, 323, 889
144, 884, 935
208, 707, 249
215, 873, 582
219, 270,157
178, 310, 784
973, 382, 228
1,114, 238,119
1,174, 290, 419
1, 230, 305, 896
1, 243, 925, 989
1, 292, 588, 815
1, 252, 700, 525
1, 317, 539,143
1, 372,170, 870
1, 380, 361, 849
973,382,228
1,114, 238,119
1,174, 290, 419
1, 230, 305, 698
1, 243, 925, 969
1, 292, 588,615
1, 252, 700, 525
1, 317, 539,143
1,372,170,870
1,380,381,649
19.41
21. 71
22. 37
22.91
22.65
23.02
21.82
22. 45
22.88
22.52
50,155, 783
51, 318, 000
52, 495, 000
53, 693, 000
54, 911, 000
58,148, 000
57, 404, 000
58, 880, 000
59, 974, 000
61,289,000
$442,102,477 ^
488,005, 767
829,452, 079
1, 010, 748, 758
1, 082, 840,516
1,180,197,148
1, 088, 085,788
1, 020,927,154
888.412,603
873, 758,907
$6, 895, 225
3,600,000
23,754,335
83, 735, 922
55, 225, 538
98,656,834
138,892, 893
180, 244,975
134,171, 600
163, 073, 846
1870 3
1871 3
1872 3
1873 3
1874 3.
1875 3
1876 3
1877 3
1878 3
1879
899, 875,899
894, 375, 752
900, 570,903
903,316,388
950,116,103
925, 701,836
905,237,832
918,547,830
984,224, 762
1, 033,640,891
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889. . 1
1,185, 550,327
1, 349,592, 373
1,409,397,889
1,472,494,345
1.487.249,838
1,637,433,550
1,681,407,774
1,833,412,705
1,691,441,027
1,858,672,413
A m o u n t held
Reserve
in t r u s t
H e l d for
against
against gold U n i t e d States
F e d e r a l reserve
a n d silver
notes ( a n d
banks and
certificates ( a n d
Treasury
agents
T r e a s u r y notes notes of 1890)
of 1890)
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1890..
1891..
1892..
1893 .
1894..
1895..
1896..
1897..
1898..
1899..
1,685,123, 429
1,677, 794,044
1, 752, 219,197
1,738, 808, 472
1,805,078,981
1, 819, 359, 557
1, 799,975, 033
1,908, 770, 271
2, 073, 574, 442
2,190,093, 905
684,259,256
648,001,078
716, 917, 786
702,428,878
872,282,267
701,338, 503
761,440,624
744,391, 268
759, 959, 083
813,376,324
1900..
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
2,339, 700,673
2,483, 067,977
2,563, 288, 858
2, 884,710, 987
2,803,504,135
2,883,109, 864
3,069,976, 591
3,115, 561, 007
3,378,764, 020
3,408, 328, 354
989, 052,210
1,031, 980,175
1,098,635, 554
1,188, 087, 038
1,224,057,129
1, 244, 574,688
1,328, 749,186
1,418, 883,611
1,593,967, 388
1,597, 013, 885
1910..
1911..
1912- .
1913. .
1914. .
1915..
1916. 1917. .
1918. .
1919 4.
3, 419,591, 483
958, 977
3, 555,
3, 648,870, 650
3, 720,070, 018
3, 738,288, 871
3,989, 458,188
4, 482,891, 938
5, 407,990, 028
6, 741,072, 294
388, 571
7, 805,
1920 4.
1921 4.
1922..
1923 ..
1924..
1925-.
7, 909, 998, 099
8, 099, 008, 237
8,177, 477,105
8,603,732,716
8,746.513,527
8,221,191,543
100, 000,000
100, 000, 000
100, 000, 000
96,519,833
64,976,622
100, 000,000
100,000,000
100, 000, 000
100, 000, 000
100,000,000
155,872,159
80,353,337
50,872,010
45,587,394
79,293,631
117,391, 084
193,640, 087
165, 787, ioo
135, 714, 547
186,022,024
1,429, 251,270
1, 497,
440,687
1, 601,
347,187
1, 596,701, 245
1, 680,
808, 708
1, 601,
988,473
1,506, 434,988
1,840, 983,171
1, 837,
859,895
1,904 071,881
1, 4 ^ , 251, 270
1, 497, 440,707
1,601, 347,187
1, 598, 701, 245
1, 660, 808, 708
1,601, 968, 473
1, 506, 434, 968
1,640,983,171
1, 837, 859, 895
1,904,071,881
22.82
23.45
24.60
24.07
24.58
23.24
2L44
22.92
25.19
25.62
62,622,250
63, 844, 000
65, 088, 000
88, 349, 000
67,632,000
68,934, 000
70,254,000
71, 592, 000
72, 947, 000
74,318,000
684, 502,535
724, 220,160
782, 759,447
851, 088,220
939, 695,854
949, 347,475
995, 419,223
259,059
1, 076,
1,253, 218,854
928,188
1, 296,
150, 000,000
150, 000,000
150, 000, 000
150, 000, 000
150, 000, 000
150, 000,000
150, 000, 000
150, 000,000
150, 000,000
150, 000, 000
134, 549,675
157,760,015
183,876,107
187,018,818
134,381, 275
145, 227, 211
183,329,963
192,604, 552
190, 748,532
150, 087,697
2, 055,160,998
2,175,307,982
2, 249,390,551
2, 387,692,189
2, 519,142,880
2, 587, 882,653
2, 736,646,828
2, 772,958,455
3, 038, 015,488
3,106, 240,657
2, 055, 150,998
2,175, 307, 962
2,249, 390, 551
2, 367, 692,189
2,519, 142, 880
2,587, 882,653
2, 738, 848,628
2, 772, 956, 455
3, 038, 015,488
3,106, 240, 657
26.93
27.98
28.43
29.42
30.77
31.08
32.32.
32.22
34.72
34.93
76,303, 387
77,754,000
79,117, 000
80, 487, 000
81, 867, 000
83, 260, 000
84, 682,000
88, 074, 000
87, 496, 000
88,928, 000
1,602, 249, 840
1, 729,105, 262
1, 779,933,144
1,832, 114, 538
1,843, 452, 323
1,964, 853, 949
2,355, 830, 762
2,858, 121, 673
2,973, 118, 008
2,906, 918, 873
1, 285, 013,962
1, 387,148,881
1, 415, 575, 588
1, 475, 782,971
1, 507,178,879
1, 819, 428, 701
2, 057, 409, 391
2, 083, 390, 829
1, 407, 694, 251
906, 872, 947
150, 000, 000
150, 000, 000
150, 000, 000
150, 000, 000
150, 000, 000
152, 977, 037
152, 979, 026
152, 979, 028
152, 979, 026
152, 979, 026
187, 235,878
191,956,381
214, 357, 556
206, 331, 567
188, 273, 444
192, 448, 211
145, 242, 345
$520, 295, 000 115, 456, 818
1, 205, 082, 010 207,362, 719
1, 416, 088, 099 431,180, 801
3,102, 355,605
3, 214,002, 598
3, 2S4,513, 094
3,363, 738, 449
3, 402,015, 427
3,644, 030,938
4,184, 870, 587
4, 613,259,182
5,175, 648, 539
5, 605,120; 845
3,102,355, 605
3, 214, 002, 598
3, 284, 513, 094
3, 383, 738, 449
3,402, 015, 427
3, 281, 068,123
3,591,331, 724
3,849,398,888
4,338, 005, 794
4, 794, 719, 887
34.33
34. 20
34.34
34.58
34.35
32.38
35.08
36.96
40.98
45.18
90,383, 000
93,983, 000
95, 658, 000
97, 337, 000
99, 027, 000
100, 725, 000
102, 431, 000
104,145, 000
105, 889, 000
106,136, 000
2,378,586, 783
2,918,698, 736
3,511,962,891
3,818,882,894
4,245,699,033
4,174,598, 940
704, 837, 755
. 919,643,388
1, 000, 577, 805
1,150,167,965
1,828,138,695
2,059,798,696
152, 979, 028
152, 979, 026
152, 979, 028
152,979,026
152,979,026
153, 620, 986
1,184. 275, 552
1, 537, 856, 895
2,108,888,911
2,2&5,189,646
2,260,891,035
1, 752, 744,435
5,332,141, 477
4,842,584,404
4,374, 015, 037
4,729,378,516
4,754,772,754
4, 736,484, 237
5011
44.80
39.88
42.50
42.19
41.51
106, 414, 000
108,087, 000
109, 743, 000
111,268,000
112,688,000
114,104, 000
428,387,097
487.647. 739
566; 045. 776
560,321,651
528, 012,014
483,947,419
467,900,557
478,604,168
524, 244,538
527,354,300
336, 694,450
308, 217, 429
249, 519,149
2.30, .566,257
203,690,-277
208,434,823
$382,964, 815
593, 338, 843
783,882, 294
839, 642, 745
810, 400, 758
903,907, 594
8, 236, 049, 071
8, 099, 952, 887 1,257,388,483
5, 868, 092, 019 1, 292, 078, 982
1,205,639,271
5,935,017,787
1,374,180,435
8,128,953,189
1, 389,927, 082
6,106,391, 299
Ul
o
o
w
>
1 The form of circulation statement was revised beginning July 1, 1922, so as to exclude from money in circulation all forms of money held by the Federal reserve agents and
Federal reserve banks whether as reserve against Federal reserve notes or otherwise. This change did not afi'ect figures for money in circulation prior to the estabhshment of the
Federal reserve system. For the sake of comparability the figures for 1915 to 1921, inclusive, as sho^vn on this statement, have been compiled on the revised basis.
2 The amount of money held in trust against gold andsilver certificates and Treasury notes of 1890 should be deducted from these totals before combining them with total money
outside of the Treasury to arrive at the stock of money in the United States.
3 Revised figures: See footnote (i) on p . 512.
4 R(»vised figures: See footnote (i) on p . 513
C71
APPENDIX TO REPORT ON THE
FINANCES
517
APPENDIX
R E P O R T S OF H E A D S O F BUREAUS
REPORT OF THE TREASURER
TREASURY DEPARTMENT,
OFFICE OF THE TREASURER,
Washington, Octoier 12, 1925,
SIR: In compliance with the provisions of section 305, Revised
Statutes of the United States, I have the honor to submit herewith a
report covering the transactions of the Treasury of the United
-States for the fiscal year ended June 30, 1925.
•
The ordinary receipts and expenditures, by warrants drawn,
classified for the past two years and adjusted to the basis of the
daily Treasury Statements, revised, are compared in the following
table:
•'Ordinary receipts and expenditures for the fiscal years 1924 and 1925 {on basis of
warrants drawn, adjusted to basis of daily Treasury Statements, revised)
Increase
Account
Decrease
RECEIPTS
"Customs
Internal revenue:
Income and excess profits taxes
Miscellaneous
Sale of public lands
Miscellaneous
Receipts of the District of Columbia
-Panama Canal tolls, etc
$545,012,115.13
$548, 521,794. 63 $3,509,679. 60
1,841,759,318.80 1,761,659,049. 51
$80,100, 267. 29
952, 630,788.41 827,786, 837.92
124,743,930.49
622,222.93
,
623,633.84
101,310.91
499, 022,089.11 423,971,646.30
75,060,443.81
19,130, 812.48
22, 536,496. 08 "3,'405,'683."65"
.,
26,074,613.33
22,663,732.44
•"3,"520,"780."89
Total
, 3,884,051,838.17 3, 807,653,089. 70
Deduct moneys covered by warrant in
the year subsequent to the deposit
thereof
,
17,562.91
28, 259.13
7,016,674.01 283,416,422. 48
10, 696. 22
Total
3,884,023, 579. 04 3, 807,635, 528.79 7,016, 674. 01 283,404,728. 26
.Add moneys .received-.in the,,fis.cal.year.
• but hot covered by warrant
8, 637.17
17,582.91
8,925.74
Add receipts credited direct to appropriations (see note):
Proceeds of railroad securities
94, 340, 205. 52 143,926, 830.98 49, 686,425.48
owned by the Government
29, 518,845. 50
29, 765,158. 08
Receipts from miscellaneous sources,
246,512.58
Total ordinary receipts
4,007,899, 992.97 3, 781,335,953.02
226, 584,039.95
EXPENDITURES
"Pay warrants drawn (net):
Legislative..
:
Executive ojBBce
Independent oflices
Department of Agriculture
Department of Commerce
...
"Department of the Interior
Department of Justice
Judicial
.-Department of Labor
TSTavy Department
...
Post Office Department (payable
from general fund of<he Treasury
postal'deficiencies, etb.)^......
Department of State
1 Excess of repayments, deduct.
14,472, 175. 48
448, 324. 80
458,113, 159. 49
143, 853, 183.79
21,511, 953.53
324, 260, 896.86
4,822, 901. 41
18,168, 962. 42
8,970, 874. 20
324,129, 997. 88
12; 788, 091.36
14, 209, 798. 27
14,143, 243.03
429, 852.97
770. 43
1 32,784,
159,727, 804.30
25,943, 928.28
306,888, 277. 54
774.13
4, 251,
19,145, 333. 77
8,748, 408. 09
326,366, 486. 85
328,932.46
18, 471. 83
1490,897,929. 92
16,074, 820. 51
A, 431,974. 73
17,374,819.32
571,127. 28
2, 978,371.35
1,777,533.89
2, 235,488.99
23,313,725.41 10,545,634.06
16,885,905. 44 1, 676,107.17
519
520
REPORT OE^ THE FINANCES
Ordinary receipts and expenditures for the fiscal years 1924 and 1925 (on basis of
warrants drawn, adjusted to basis of daily Treasury Statements, revised)—Contd. )
Account
1924
1926
Increase
Decrease
EXPENDITURES—continued
P a y warrants drawn (net)—Continued.
Treasury Department
$277,659,177. 67
341,464,521.21
War Department
P a n a m a Canal, maintenance and
operation
7,141,711. 97
District of Coluinbia . .
26,091, 775.10
Subscriptions to capital stock of
12,000,000.00
Federal i n t e r m e d i a t e credit b a n k s 938, 740, 771. 79
Interest on t h e p u b l i c d e b t .
P r e m i u m on p u b l i c d e b t
1,772, 689. 94
$317,984,148. 35 $40, 324,970. 68
7, 442,389.15
348,906,910.38
9,050,509.73
33,797,089.13
1,908, 797. 76
7, 705, 294. 03
$12,000.000.00
66,726,821.76
1,414,363.95
882,014,950.03
358, 336.01
Total
2, 946, 400, 968. 75 2, 464,188 872 77
D e d u c t r e p a y m e n t s received in fiscal year b u t not covered b y warrants
6.35
97 099.182. 31 579, 331, 256. 29'
Total
2,946,400,986.75 2,484,188, 886. 42
A d d r e p a y m e n t s covered b y warr a n t in fiscal year s u b s e q u e n t to
t h e deposit thereof
97,099,162.31 579,331, 262. 64
T o t a l o r d i n a r y w a r r a n t expenditures
2, 948, 400, 968. 75 2,464,168,866. 42
A d j u s t m e n t s to t h e general f u n d Decrease u n d e r act of J u n e 3,
1922, for correction of t h e general account of J o h n B u r k e ,
former Treasurer of t h e U n i t e d
States, on account of u n a v a i l able items
^.^
60 00
196. 00
Decrease in a m o u n t of u n p a i d
w a r r a n t s at close of fiscal year
u n d e r previous fiscal year
209, 733. 87
Increase in a m o u n t of u n p a i d
w a r r a n t s at close of fiscal year
1,169,173. 49
over previous fiscal year
6.35
482, 232,100.33*'
136.00
209,733.87'
1,189,173.49'
Total
2,948, 610, 760. 82 2,462, 999,888. 93
483,610,871.69*
Decrease in book credits of disbursing officers a n d agencies
w i t h Treasurer of U n i t e d
States d u r i n g fiscal year ( a d d ) .
427,848,096.85 427,846,096.85
Increase- in book credits of disbursing officers a n d agencies
w i t h Treasurer of t h e U n i t e d
States d u r i n g
fiscal
year
(deduct)
29,279,648.39
29, 279, 648. 39
A d d credits against expenditures (see
note):
Proceeds of railroad securities owned
b y the Government
_..
94, 340,205. 52
143,926, 630. 98 49, 586,425. 48
246,612. 68
29,518,645. 50
29,765,158.08
Miscellaneous credits
•
3,041,189,963. 25 3,084,537, 774.84
T o t a l o r d i n a r y expenditures
P u b l i c d e b t retirements chargeable
against o r d i n a r y receipts:
Sinking fund
Purchases from foreign r e p a y m e n t s
Received from foreign G o v e r n m e n t s
under debts settlements
Receipts from estate taxes
Purchases from franchise tax receipts (Federal reserve b a n k s , etc.)
Forfeitures, gifts, etc
23, 347,811.69
295,987,350 00
38,609,150 00
306,308, 400. 00
388, IOO 00
10,321,060.00
110, 878, 450 00
8,791,400.X)0
168, 793, 500. 00
47, 550.00
47,915,050.00
.3, 634, 550.00
93, 200.00
794,159. 88
208,403. 96
115,203. 96
457,894, IOO 00
•486,538,113. 83
8, 844,013.83
T o t a l expenditures chargeable against o r d i n a r y re3,499,084,063.26 3,531,075,888. 67
ceipts
31,991,825.42
Total
.-
Excess of o r d i n a r y receipts over expenditures
chargeable
against
o r d i n a r y receipts
508,816,929.72
250, 260,084.35
38,123,060.00'
i
8,743,860.00'
2,840,390.12
-
. NOTE.—Items of this character represent cash receipts which are credited against the expenditure, shown
on a warrant basis. It is necessary, therefore, to add back the amounts to expenditures by warrants in
order to adjust to an actual cash basis. -
521
TREASUEER
PAY WARRANT TRANSACTIONS
During the fiscal year 1925, funds requisitioned and advanced to
United States disbursing officers by accountable warrants aggre•gated $2,293,650,842.59, and Treasurer's checks issued on settlement warrants in payment of claims settled by the Comptroller
General'of the United States, General Accounting Office, aggregated
$113,670,367.39, which latter amount included claims settled in
foreign currencies paid by cable and drafts purchased at a total cost
'of $90,184.43. Accountable warrants aggregating $4,773,966,971.21
were also issued to reimburse the Treasurer for public debt principal
and interest payments, and $641,959.88 on account of transfer to
the gold reserve. Statements of the foregoing are as follows:
Accountable warrants
Class
Number
Amount
T r e a s u r e r ' s checks
issued on s e t t l e m e n t
warrants
Number
_.
2,160
2,220
I 2,166
1,336
210, 778
6,090
$397,973,457. 29
318, 372,747.47
39, 581, 631. 95
289, 398, 043.12
928, 650, 530. 02
319, 774,432. 74
24, 729
1
62
2,293,650,842.59
641,959. 88
4, 773,966,971. 21
113, 246 •113,670,367.39
'Cold reserve
;Public d e b t , principal a n d interest
1
2.12
24,792
7,068,259,773. 68
113,247
113, 670, 369. 51
War
^7avy
:Indians
Interior
Miscellaneous series
'Treasury
Total
.
-
Foreign currency
•Sterling
Francs (Belgian)
-Francs (French)
'Francs (Swiss)
'.
Lire
•Canadian currency
Dinars (Yugoslavia)
Drachma
'^Guilders...
Kroner (Danish).
Kroner (Norwegian)
Kroner (Swedish)-;--. - . .
Crowns (Czechoslovakian).
!Mexicaii currency
Yen
25, 686
9,498
3,874
6,752
43,209
24,227
Amount
$12, 796,165. 09
20,189,827.49
2,077, 502. 24
11, 289,346. 61
59, 668, 883. 70
7, 748,842. 36
Amount
Cost
£10,457/11/4
76
8,961. 95
4, 535. 50
13,887. 25
28, 669.11
200
5,520
4,120 43
147. 92
102. 40
105
2,900
19,187. 91
211
$47,197.65
3.87
473. 87
871.48
688.47
28, 473. 26
2.60
92.42
1, 638. 23
25.83
17.32
28.12
85.99
10, 601. 32
84.40
3 90,184.43
Total.
1 Includes 1 warrant for $2,000 paid by Treasurer's check.
2 Includes 5,469 warrants for $2,774,311.97 paid by Treasurer's checks.
3 Included in the amount of settlement warrants given above.
The balances on the books of the Treasurer on June 30, 1925, to
the credit of disbursing officers and agencies, subject to their check,
^amounted to $373,856,110.53, in 3,551 accounts. During the fiscal
year 1925 the credits entered in the Treasurer's account by Federal
reserve banks. National bank depositaries. Federal land banks, foreign depositaries, and Treasury ofiices nimabered 525,028 and
amounted to $22,545,024,389.93, and charges were entered therein
to the amount of $22,623,559,740.03, which charges included checks
drawn on the Treasurer of the United States to the number of
60501—FI 1925t
34
522
REPORT ON T H E
FINANCES
31,267,000, which were cleared at an average rate of more than 102,000 checks daily.
Checks, certified and otherwise, are used in commercial transactions; in fact it is asserted that more than 85 per cent of the amount
involved in all business transactions is effected by the use of checks..
In order to facilitate the transactions of governmental business and
to be in accord with public usage checks are received in making payments into the Treasury, subject to the condition that credit therefor will not be given until they are actually collected and paid.
The number and amount of checks and postal money orders^
involved in the transactions of the Treasury in Washington during,
the fiscal year 1925 are shown by the following statement:
Class ' '
Number
"
Amount
Total.
Less unpaid checks returned
-.
-
-..
_
.
_
Net
-- _.
$310,881,478.33..
797,062. 62'
40,309,411.28>
3,543, 564
13, 214
.
-
523,443
136,181
2,883,960
351,987,952.13
446,857. 69'
3,530, 350
Miscellaneous checks
Postal money orders
Veteran Bureau checks
361,541,294. 64.
PANAMA CANAL
The amount expended for maintenance and operation of t h e
Panama Canal during the fiscal year 1925 was $9,050,509.73, whilethe receipts from tolls, etc., were $22,553,732.44.
The total amount expended on account of the canal, the receiptsfrom tolls, etc., and the proceeds of sales of bonds to the close of
fiscal year 1925 are stated in Table No. 37, page 572.
RECEIPTS
AND DISBURSEMENTS ON ACCOUNT
DEPARTMENT
OF THE
POST
OFFICE.
The Postmaster General has exclusive control of the receipts and
disbursements of the Post Office Department. The postal receipts,
deposited in the Treasury and credited to the Post Office Department during the fiscal year 1925 were $652,324,423.34; other receiptsto the amount of $497,594,357.33 were received and disbursed
directly by postmasters without being deposited in the TreasurySuch disbursements are authorized by existing law and are accounted
for under the provisions of section 406 of the Revised Statutes of theUnited States. All Post Office Department warrants are issued by
the Postmaster General on the Treasurer of the United States, and
under Treasury Department regulations may be cashed by any Federal reserve bank or general national-bank depositary of the United
States.
The transactions relating to the account with the Treasury during
the fiscal year 1925 are recorded in the following statement:
523
TKBASUBEB
Fiscal year 1925
Balance J u n e
30,1925
Balance Jiine
30,1924
Receipts
Washington
R e c e i p t s a n d d i s b u r s e m e n t s b y postm a s t e r s d u r i n g q u a r t e r ended—
Sept. 30, 1924
D e c . 31, 1924
M a r . 31, 1925
J u n e 30,1925
Total
$14;955,578.28
1 $852,324,423. 34 $659,243,172.10
115,753,502. 34
119,721,978. 31
130,039,707.83
132,079,188. 85
14, 965,676.26
Disbursements
$8,036,827. 50
115,..753,.502.34
119,721,978. 31
130,039, 707. 83
132,079,168. 85
1,149,918,780. 67 1,158,837,529.43
8, 038,827.60
J Including deficiency appropriation of $23,218,783.68.
TRANSACTIONS IN THE PUBLIC .DEBT
The receipts and expenditures on account of the principal of the
public debt for the fiscal years 1924 and 1925 are compared in the
following statement:
;
1924
Account
•
1925
Increase
Decrease
RECEIPTS
$2,014,892,500. 00 $1,876,578, 600. 00
Certificates ofdndebtedness
T r e a s u r y notes a n d certificates of
i n d e b t e d n e s s (adjusted service
series)
100,000, OOO 00 $100,000, OOO 00
T r e a s u r y notes .
209,750 00
1, 047,088,50O 00 1,047,088, 500. 00
Treasury bonds
163,539,818. 71
23, 248, 870 38
T r e a s u r y savings securities
J.
P o s t a l savings b o n d s
102,120. 00
68,580. 00
33, 560 00
D e p o s i t s for r e t i r e m e n t of national
b a n k notes a n d Federal reserve
b a n k notes (acts of J u l y 14,1890,
a n d D e c . 23,1923).
28,453,557. 50
78,993,816. 00
105,447,372.50
2,207,129,184. 21
Total
3,152,483,182. 88
$138,314, OOO 00
209,750. 00
140,293,146. 33
945,333,978. 87
EXPENDITURES
Certificates of i n d e b t e d n e s s
2,238,167,000. 00 2,152,954, 500. 00
T r e a s u r y notes a n d certificates of
i n d e b t e d n e s s (adjusted service
4,600, OOO 00
4,-600, OOO 00
series)
358,973,000. 00 1,373,391,80O 00 1,018,418,800. 00
Treasury n o t e s . . . . .
Treasury bonds
6, 000. 00,
21,656,666.49
W a r savings securities
54,043, 728. 98
29,203,952. 20
T r e a s u r y savings securities
33,390,722.10
5,100. 00
First Liberty bonds .
.
239, 450 00
Second L i b e r t y b o n d s
28,400. 00
94,449, 650. 00
Third Liberty bonds
111, 822,600 00
410,687,30O 00
F o u r t h Liberty bonds
14,350 00
4,070, IOO 00
V i c t o r y notes .
._.
6,941,850 00
80, 839,850 00
117, 051,150 00
L o a n of 1925
117,051,150 00
45,338.64
621, 317. 66
Other debt items
666, 654. 29
N a t i o n a l b a n k notes a n d F e d e r a l
68,974,392. 00
35,890,014. 50
33,084,377. 50
reserve b a n k notes
Total. _
.
Excess of expenditures
3, 305,696,516. 22
3,887,311,414.98
1,098,567,331.01
85,212,500 00
8, 000.00
32,387,082. 49
4,186,769.90
234,350 00
94,421,250. 00
298,764,700.00
4,055,750. 00
73,698,000.00
734,848,262.10
681,614,899.76
PUBLIC DEBT RETIREMENTS FROM PAYMENTS RECEIVED FROM FOREIGN
GOVERNMENTS ON THEIR OBLIGATIONS HELD BY THE UNITED STATES
During the fiscal year $386,100 face amount of obligations bf the
United States were redeemed from receipts on the above account and
$158,793,500 face amount of retirements were made through payments by foreign governments under approved debt settlements, in
obligations of the United States issued since April 6, 1917.
524
REPORT ON T H E
CUMULATIVE
FINANCES
SINKING
FUND
Purchases and redemptions of interest-bearing obligations of the
United States during the fiscal year 1925 for account of the cumulative sinking fund established by section 6a of the Victory Liberty
loan act, approved March 3, 1919, as amended, were as follows:
Amount paid
for principal
Loan
Third Liberty loan . . .
Treasury noteS
_
Total
.
Par amount
purchased
• Accrued
interest
paid
$18, 731,927. 23 $18,374, O O 00 $272,840.51
O
287,934, 40O 00 287, 934,400. 00
306, 666, 327. 23 308,308,400 00
272,840.51
INTEREST-BEARING BONDS, NOTES, THRIFT STAMPS, AND CERTIFICATES
R E T I R E D ON MISCELLANEOUS ACCOUNTS
The retirements of United States bonds, notes, certificates, and
thrift stamps during the fiscal year 1925 on account of estate taxes,
forfeitures to the Imited States, and on miscellaneous accounts, are
shown in the following statement:
Principal retired on account of—
Loan
Estate or Forfeitures
to the
inheritance
United
taxes
States
First Liberty l o a n . . . :
Second Liberty loan...
Third Liberty loan
Fourth Liberty loan
Victory notes
Treasury notes
:.,
Treasury savings certificates..
Thrift stamps
$46,600.00
1,050.00
47, 550.00
Total.
$5,100.00
12,900.00
122, 550 00
13,300. 00
3,300. 00
30,000. 00
85.20
• 18.75
187, 253. 95
Miscellaneous
$15, 500. 00
6,150.00
500.00
21,150. 00
REDEMPTION OF THE 4 PER CENT BONDS OF THE LOAN OF 1925
The Secretary of the Treasury, on October 15, 1924, called for
redemption and payment on February 2, 1925, of the United States
4 per cent bonds oi the loan of 1925, dated February 1, 1895. The
amount of such bonds outstanding on the date of the call was
$118,489,900, of which there were pledged with the Treasurer of the
United States $77,537,050 to secure national bank circulation and
$143,500 to secure public deposits in depositary banks. The total
amount of the bonds redeemed and retired to the close of the fiscal
year 1925 was $117,051,150, leaving $1,458,750 outstanding.
PAYMENT
OF INTEREST
ON T H E R E G I S T E R E D
THE UNITED STATES
BONDS AND NOTES
OF
W Checks are prepared and mailed from the office of the Secretary of
the Treasury in payment of the interest on registered bonds of the
United States. Such checks.indicate the title of the loan for which
TBEASUKER
525
they are drawn and the rate of interest it bears per annum. These
checks are drawn on the Treasurer of the United States, but may be
cashed by any FederaLreserve bank or general national-bank depositary of the United States. The amount so disbursed is included in
the requisition for" reimbursement made by the Treasurer at the end
of each irionth. The paid checks are sent to the General Accounting
Office, Civil Division. There were 3,953,229 checks drawn during
the fiscal year 1925, amounting to $171,079,670.30, while the paid
checks numbered 3,996,834, of the total value of $171,220,698.42.
(See Table No. 23, page 564, for details of loans.)
PAYMENT OF COUPONS FROM UNITED STATES BONDS AND INTEREST
...NOTES
The coupons cut froin United States bonds, and interest notes,
and paid during the fiscal year 1925, numbered 46,588,420, of the
total value of $681,789,660.86.
THE RESERVE FUND
The reserve fund received an increment of $641,959.88 during the
fiscal year 1925, being the amount of franchise tax receipts paid into
the Treasury by the Federal reserve banks and Federal intermediate
credit banks, on account of earnings in the calendar year 1924. The
Secretary of the Treasury, exercising the discretion given him by
provisions of existing law, directed that the aggregate of these franchise-tax payments be applied to supplement the gold reserve against
United States notes and Treasury notes of 1890 established by the
act March 14, 1900.
There were no redemptions of United States notes from the reserve fund during the fiscal year 1925.
STATEMENT OF THE TREASURY OF THE UNITED STATES
The total assets arid liabilities of the Treasury from the revised
figures at the close of the fiscal year 1925, are set apart in the several
accounts, as follows:
RESERVE FUND
Gold coin and bullion..
$163,620,986.61
TRUST FUNDS
[Held for redemption of the notes and certificates for which they are respectively pledged]
Gold coin and bullion...
$1,609,687,619.00
Gold certificates outstanding
$2,096,695,459.00
Silver dollars
448, 724,195.00
Less amount in the Treasury
487,007,840.00
Silver doUars of 1890
1,388,882.00
Net.
Silver certificates outstanding
Less amount in the Treasury
Net..
Treasury njotes (1890) outstanding
Less amount in the Treasury
1,609,687,819.00
453,238,773.00
4,512,578.00
448,724,195.00
1,391,882.00
5,000.00
Net-.
Total
2,059, 798,898.00
1,388,882.00
Total
2,059, 798, 696.00
GOLD FUND, FEDERAL RESERVE BOARD
Gold coin and bullion
$1,762,744,436.12
526
REPORT ON T H E FINANCES
GENERAL FUND
The items composing the general fund are subdivided; the first
part shows the amount of eacn kind of available cash actually held
m the vaults of Treasury offices, after setting out from the assets the
appropriate kinds of money to meet the requirements of the reserve
fund, trust funds, and gold fund, followed by the amounts of pubhc
moneys in Federal reserve banks, national banks, and other depositaries to the credit of the Treasurer of the United States and oi disbursing officers; the second part shows the current demands against
the same, and finally the net balance in the general fund.
In Treasury oflaces:
Gold coin
standard silver dollars
United States notes
Federal reserve notes
Federal reserve bank notes
National banknotes
Subsidiary silver coins
Minor coins
Silver bullion (atcost)
Unclassified (collections, etc.)
$176,147,160.94
2,399,135.00
2,193,375.00
248,920.00
87,890.00
44,261.00
7,537,767.75
1,782,609.74
16,387,894.52
3,285,897.20
:
$209,112i 611.16
.•
In Federal reserve banks:
To credit of Treasurer of United States
In transit
'.
^
In special depositaries: Account of sales of certificates of indebtedness
In national bank depositaries:
To credit of Treasurer of United States
To credit of other Government officers
In transit
25,434,368.63
20,701,960.10
:
46,138,328.63
150,716,672.04
. 8,809,288. 69
22,002,977.91
2,821,710.99
31, 833,957. 59
In foreign depositaries:
To credit of Treasurer of United States
To credit of other Government officers
In transit...
J
85,129.01
172,842.97
250.00
258,221.98
In treasury of Philippine Islands:
To credit of Treasurer of United States
In transit
896,150.92
80.43
896, 231.35
438, 753,922.74
Deduct current liabilities:
Federal reserve note 6 per cent fund (gold)
Less notes in process ofredemption
^_.
;
:
$161,594,875. 70
1,227,342.60
National bank note 6 per cent fund
26,993,625.27
Less notes in process of redemption
19,550,970.00
Treasurer's checks outstanding
Post Office Department balances
Board of trustees. Postal Savings System, balance
Balance to credit of postmasters, etc
Undistributed assets of insolvent national banks....:
Retirement of additional circulating notes (act of May 30,1908)
Uncollected items, exchanges, etc
-.-...i..
...1
•
•
160,367,333.20
7,. 442, 655.27
1,277,980.18
8,036,827. 50
7,043,441.20
30,687,874.74
2, 574.41
4,740.00
3,911,176.42
218,774,481.92
\
Balance in Treasury, June 30,1925
219,979,440.82
The net excess of all disbursements over all receipts during the
fiscal year 1925, including public debt transactions, was $18,050,073.92, and this sum deducted from $238,029,514.74, the balance in
the Treasury June 30, 1924, leaves $219,979,440.82, the balance in
the Treasury June 30, 1925.
The balance in the Treasury at the end of each month from July,
1922, is stated in Table No. 6, page 34,,and for June 30 in each year
since 1914 in the statement following:
TKJEASURER
527
Available cash balance (exclusive of the reserve fund) on the dates named
Available cash
balance, general
fundi
Date
June 30—
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
.—
-
-
$161,612, 615.53
104,170,105.78
178, 491,415. 68
967, 247,123.48
1,684,929,680. 21
-- 1,226,164,935.26
359,947,020. 33
632,898, 329.77
264,126,935.85
389,886,818. 03
——... 238,029, 514.74
219,979, 440.82
1 Beginning with thefiscalyear 1918 the balances include credits to disbursing officers and agencies of the
'Government.
GOLD IN THE TREASURY
The gold in the Treasury at the beginning of the fiscal year 1925
^amounted to $3,786,060,988.98. There was a steady growth in such
holdings during the first five months of the year, and on December 5
the Treasury holdings of the precious metal attained a maximum
•at $3,867,985,280.28. Thereafter the gold holdings steadily declined
and at the close of the year on June 30, 1925, amounted to $3,691,200,200.57.
The imports of gold during the fiscal year 1925 were $134,145,136,
the exports, $248,729,698, and the net excess of exports $114,584,562.
The total amount of gold in the Treasury on July 1 in each year
from 1914, set apart for the respective uses, is shown in the statement following:
Gold in the Treasury
Date
J u l y 1—
1914
1915
1916
1917
1918
1919
1920
H921
1922
1923
1924
1925
Reserve
For certificates
in circulation
$160,000,000 00 $1,028,149,139.00
162,977, 036. 63 1,135, 213,619.00
162,979, 026. 63 1,665, 400, 289.00
162,979,025.63
1,584, 235,909.00
152,979,025. 63 1,028,631,689.00
735,779,49L00152,979, 025. 63
152,979,025. 83
584,723, 645. 00
718, 532,989.00
152,979,025. 63
895,000, 469. 00
152,979,025.63
737,014,159. 00
162,979,025. 63
152,979, 025.63 1,218, 350,659.00
153,620,985. 51 1, 809, 887,619. 00
Gold fund,
Federal Reserve Board
General fund
(including gold
redemption
fund for Federal
reserve notes)
Total
$102,962,970.70 $1, 279,112,109.70
94,789,333. 55 1, 382,959,989.18
85,114,618. 20 1,803, 493,932. 83
81,962,101. 24 2,325, 472,036. 87
$526, 295,000.00
1, 205,082, 010. 00
95, 262,262.48 2, 479,954,967.09
1,416,086,099.10
211,596,388.87
2,618, 441, 004. 60
1,184, 275,551.87
249,981,700. 36 2,171,969,922.86
1, 537,856,895. 46 283,015,170.02 2,870, 384,080.10
2,108,888,911.43
200,336,149.90 3,157, 202,666.96
2, 285,189, 645.65
188, 577,114.45 3, 363,739,944. 73
2, 260, 891,035.12
153,840, 269. 23 3,786,080,988.98
1,752,744,435.12
175,147,180 94 3,691, 200, 200.67
SECURITIES HELD I N TRUST
The Treasurer is custodian of the United States bonds pledged
as security for the circulating notes of banks, of securities pledged
for the safe-keeping of public deposits in the depositary banks, and
of the obligations held as security for postal savings funds deposited
in designated depositaries.
528
REPORT ON T H E FINANCES
The kinds of securities held and the changes therein during thefiscal year 1925 are recorded in the following tables:
Securities held for national banks J u n e 30, 1924, and J u n e SO, 1925, and changesduring 1925
T r a n s a c t i o n s d u r i n g 1925
K i n d of securities
Rate
Held
J i m e 30,
1924
Deposited
Withdrawn
H e l d J u n e 30,..
1925
TO SECURE CIRCULATION
United
United
United
United
States
States
Statess
States
loan of 1925. _
consols of 1930
P a n a m a C a n a l 1916-1936
P a n a m a C a n a l 1918-1938.
Per cent
4
2
2
2
$6,489,000 $93,887,450
54,878,450 52,843,900
5, 892,180 6,147,840
3, 281,920 3,219,960
$5,000s
591,157,950'>
48,128,060v
25,770,320
750,858,930
Total
$87,423,450
589,123,400
48,583, 720
25, 728, 360
70,301, 550 156,099,150
666,081,330-
36,050
1, 752,350
2, 829, 050
236, 000
6, 784,000
277, 250
161, 450
2, 008,100
2,185,000
903,000
1,285,000
168, 500
3, 049, 600
3,509, 250
395,750^
6,309,000'
11,463,100^
778, 700*
5, 519,000-.
1, 505.050
600^
11,000,950 •
118,000
1,433, 600
190,100
708,500
267,000
297,800
10,000
254,000
45,500'
100
459,100'
597,000311, OOO^'
996,100'
TO SECURE PUBLIC DEPOSITS
H e l d b y t h e Treasurer of t h e U n i t e d States:
F i r s t L i b e r t y loan of 1932-1947
T h i r d L i b e r t y loan of 1928
F o u r t h L i b e r t y loan of 1933-1938
T r e a s u r y b o n d s , 1947-1952
T r e a s u r y b o n d s , 1944-1954
F i r s t L i b e r t y loan, converted
F i r s t L i b e r t y loan, second converted
Second L i b e r t y loan, converted
Treasury n o t e s Series B-1924
Series A-1925
Series B-1925
Series C - 1 9 2 5 . .
Series A-1926
Series B-1928.Series A-1927
Series B-1927
Certificates of i n d e b t e d n e s s Series TM-1925.J
Series TS-1925
Series TD-1925
Series TJ-1926
U n i t e d States loan of 1925.U n i t e d States consols of 1930
U n i t e d States P a n a m a C a n a l 1916-1936...
U n i t e d States P a n a m a C a n a l 1918-1938...
U n i t e d States P a n a m a C a n a l of 1981
U n i t e d States conversion b o n d s
F e d e r a l farm loan b o n d s
P h i l i p p i n e loans
P o r t o Rico loans
D i s t r i c t of C o l u m b i a . .
^
H a w a i i loans . .
.
.
''
Total
» Viarious.
..
521,150
5,562,750
11,019,050
1,445, 700
4
4^
43I
4^
4^
4H
4M
4M
4H
4^ ,
4
2M
3
3
4
2
2
2
3
3
0)
(1)
(•)
3.65
0)
1, 398,300
500
11,480,800
118,000
1, 288, 600
235, 600
503, 800
695, 500
720,300
306,000
669,100
145,000
205,000
30,800
174, 500
15,000
681,000
120,000
148, 500
1,025,000
43,000
43, 000
3, 436, 500
631,000
842,500
2, 209,000
323,000
40,000
638,300
45,242, 660
170,000
50,000
5,000
10,000
3,000 •
105,000
30,000
678,000
396,000
30,000
103,000
120, 000
76,000
158,600
594,600
4,000
20,000
397, 600
136,000
149,000
254,000
15,000
40,000
41,000
17,496,400 15,481,800
95,000
60,000'
6, OOO^
433, 500^
39,000'
23,000'
3,144,000'^
625,000'
1,171, 5001
2,351,000.^
338,000'
700,300s
47,266,160*'
529
TBEASUBEB
Securities held to secure postal savings funds J u n e 30, 1924, and J u n e 30, 1925,
and changes during 1925
,
Transactions during 1925
Kind of securities
Rate
United States first Liberty loan
United States second Liberty loan
United States third Liberty loan
United States fourth Liberty loan
United States Victory Liberty loan
Treasury bonds, 1947-1952
Treasury bonds, 1944-1954
United States 43^ per cent first Liberty
loan, converted
United States 4M per cent second Liberty
loan, converted
United States 4 per cent first Liberty
loan, converted
United States 4M per cent first Liberty
loan, second converted
Treasury notes:
Series B-1924
Series A-1925
Series B-1925-.
Series C-1925
Series A-1926
Series B-1926
Series A-1927
..Series B-1927
United States certificates of.indebtedness:
Series TD-1924
Series TD2-1924
. Series TM-1925.
Series TS-1925
Series TD-1925
Series TJ-1926
United States loan of 1925
United States consols of 1930...
United States Canal loan of 1961
United States Canal loan of 1916-1938
United States Canal loan of 1918-1938
United States conversions
Philippine loans
,
Porto Rico loans
District .of Columbia
Territory of Hawaii
State loans
Municipal loans
County loans
,
Miscellaneous
•..-.
Federal farm loan bonds
Joint stock land bank bonds
,
Total
Held June
30, 1924
Deposited
Withdrawn
Held June
30, 1925
P e r cent
4
4M
4M
4M
4M
4
4M
4M
$932,550
$254,550 00
5, OOO 00
2,350
17, 755,800 5,968,90O 00
21,788,550 11,093,700 00
3,000
2, 682,000
549,000. 00
7,010,80O 00
$435,150
7,350
10,027,100
6,987,300
3,000
854,500
447,000
$751,950.00
13,6^5, 600.00
25,89!2, 950 00
"2,"37^,"506."00
6,5831,800.00
1,098,950 00
484,700
3,860,|75O 00
18,830,850 12, 672, 850 00
5,093,100
2,1,Woo
640
3,036, 500
4
15, 650
5H
48,000
804,100
226, 300
299,400
3, 217,400
2,005,900
1,051,000
2,809,100
10,000
10,000
4M
! - •
m
4H
4^
4M
4M
4H
4M
4M
2^
4
2M
3
3
4
2
3
2
2
3
(0
(0
3.85
0)
0)
(0
0)
(})
0)
0)
2, 660 00
5,000. 00
20,000. 00
123. IOO 00
228,400. 00
543, 600 00
414,000. 00
393,40O 00
25,000
33,000
97,000
203,700
1,741,000
33,000
9,500
130,000
2,421,000
808,000
57,500
625,000
9,307, 550
24,182, 243
6, 690,490
4,828, 600
1,247,600
632,000
1,000, OOO 00
25, OOO 00
1, 516, OOO 00
130, OOO 00
255, OOO 00
2, OOO 00
20, 500. 00
110, OOO 00
2,000. 00
20, OOO 00
797,000. 00
78,000. 00
103,000 00
1, 762,50O 00
2, 065,227. 88
1, 153,800 00
877, 50O 00
2,283, 500. 00
1, 676, OOO 00
128,386,533 54,068,627.86
5,000
48,000
609,100
72,900
418,800
2, 654,900
760,400
282,000
142, 500
. 25,000
1,000,000
58,000
1,466,000
99,000
54,000
217,000
1,000
s.moo".
173,4001 00
3,70O\p0
790,900. (00
1, 789,100. QO
1,183,000 0-0
3,060,000. OO'
50, OOO 00
130, OOO 00
255, OOO 00
170, 20O 00
1, 634; 000. 00
34, OOO 00
9,500 00
150,000. 00
2,951,000 00
797,000 00
267,000
87,000
57, 500
631, OOO 00
97,000
1,603, 750 9,468,30O 00
4, 240, 626 22,006,846. 88
1, 200,000 6, 644, 290 00
4,844,300.00
661,800
485, 500 3,085, 50O 00
2,159, OOO 00
149,000
41,091,975 141,353,185
1 Various.
SPECIAL TRUST
FUNDS
The Treasurer of the United States is custodian, under provisions
of law or by direction of the Secretary of the Treasury, of several
special trusts, consisting of bonds and other obligations-
530
REPORT ON T H E FINANCES
The kinds of bonds or obligations held on each account and transactions therein during the fiscal year 1925 are set out in the following
statement:
V
i^:ccount and kinds
Fiscal year 1925
Held June 30,
1924
Deposited
Withdrawn
Held June 30,
1925
State bo'nds belonging to the United
Statesi:
Loiliisiana State bonds .
$37,000.00
$37,000 00
Ndrth Carolina State bonds
58,000.00
58,000. 00
Tennessee State bonds
335, 686. 86%
335, 866 66K
Held for the District of Columbia:
U/nited States securities for ac[count District of Columbia
$2,398, 200.00
J sinking fund
1 2, 398, 200.00
Chesapeake & Ohio Canal
i bonds
84, 285.00
84,285.00
20,134.72
Board of audit certificates
20,134. 72
Help for the board of trustees, Postpil Savings System:
' United States bonds
36,181, 530 00
36, 429, 690.00
$248,160.00
Held for the Secretary of War:
/ Captured bonds of the State of
Louisiana
645,480 00
545,480.00
/ Obligations belonging to the
/
Lincoln Farm Association
46, 000. 00
46,000 00
Meld for the Secretary of the Treasury:
3,247,332.11
Panama R. R. notes
3, 247, 332.11
Loans to foreign governments,
acts approved Apr. 24, 1917,
and Sept. 24, 1917, as amend139,338. 31 5,309,813,831.87
ed and supplemented
Bonds of foreign governments 5,309, 963,170.18
received under debt settlements, acts approved Feb. 9,
1922, Feb. 28, 1923, Mar. 12,
4,687, 908,542. 50 178, 589, 013. 00 23, 054, 672. 50 4,743,442,883.00
1924, and May 23, 1924
Bonds received from the Secretary of War on account of
sales of surplus War Department property sold by
United States Liquidation
Commission (act July 9,
77, 448,016. 21 615, 081, 317.03
692,629,332. 24
1918)
Obligations received from Secretary of Navy on account of
sales of surplus Navy Department property (act July 9,
2, 538,085.03
1918)
2,638,066.03
Obligations received
from
American Relief Administration and United States
Grain Corporation, acts approved Feb. 25, 1919, and
75,984,283.73
55,000,740. 53
130, 985,004. 26
• Mar. 30,'1920'
Obligations received
from
United
States
Shipping
Board-Emergency Fleet Cor3,921,143.91
3,921,143.91
poration
Capital stock of the War Fi1,000,000. 00
1,000,000.00 500, 000,000 00
600,000, O O 00
O
M nance Corporation
825.00
25.00
25. 00
625.00
Donations to the Government..
Bonds held to secure Government funds in Federal land
banks1,000,000 00
1,000,000 00
Notes
1,000,000.00
Collateral
Federal farm loan bonds pur1, 000,000.00
chased under act approved
88,885,000.00
101,885, O O 00
O
Jan, 18,1918
Bonds and certificates held in
13,000,000.00
trust for the Alien Property
Custodian40,000,000.00
20,876,60O 00
60,876, 500 00
Investment account
1,405,135.06
14, 289,610.99
1,038, 400.00
14, 638,346. 04
Trust account
:
Capital stock of Federal land
1,613,045.00
'472,466.00
1, 985, 50O 00
banks
Stock certificates of Federal intermediate credit banks acquired under agricultural
24,000,000.00
'24,000,00000
credits act of 1923
1 $1,492,500 4K per cent United States certificates of indebtedness, series TM2-1924, erroneously reported
In balance held June 30,1924. These certificates matured and were redeemed March 16,1924.
531
TBEASUKER
Fiscal year 1925
Account and kinds
H e l d J u n e 30,
1924
H e l d J u n e 30,
1925
Deposited
H e l d for t h e Secretary of t h e T r e a s ury—Continued
Coos B a y wagon road g r a n t
fund
Obligations held in c u s t o d y for
Secretary of t h e N a v y Notes
Collateral
T r a n s p o r t a t i o n act of 1920—
Notes
Collateral
A c c o u n t Director General of
RailroadsNotes
-Collateral
U n i t e d States G o v e r n m e n t life
insurance fund
Miscellaneous obligations
H e l d for account of Secretary of Interior:
C u s t o d y account of Secretary
of Interior
I n d i a n t r u s t funds
D i s t r i c t of C o l u m b i a teachers'
r e t i r e m e n t fund
H e l d for account of Comptroller of
the Currency:
Securing funds of insolvent n a tional b a n k s
Miscellaneous securities
H e l d for account of C o m p t r o l l e r
• General of t h e U n i t e d States
H e l d for account of E m p l o y e e s '
• C o m p e n s a t i o n Commission
H e l d for account J o h n Ericsson
M e m o r i a l Commission
L i b e r t y b o n d s held in lieu of s u r e t y
b o n d s , u n d e r provisions of Treasu r y D e p a r t m e n t Circular N o . 154:
F o r contracts performed u n d e r
internal-revenue act, 1918
F o r use of alcohol for nonbeverage purposes
F o r internal-revenue taxes
F o r contracts w i t h General
Supply Committee
F o r Secretary of L a b o r D e p a r t ment
F o r Chemical Warfare Service..
F o r Commissioner of I n d i a n
Affairs
Total.
Withdrawn
$20,000.00
$20, OOO 00
4,441, 729.18
121,242.14
$1, 420, 914.45
272,951,105. 08
89,827, 342. 23
12,439. 57
1, 830, 50O 00
50, 665,000. 00
125,920, 650 00
18,819, 000. 00
6,875,000.00
23,230,000 00
131, 538, 850 00
48,054, 000. 00
1, 257, 000.00
34, 350, OOO 00
2, 500, 000. 00
1,091.41
31,850,000. 00
1,091.41
983,050. 00
c7,729,450. 00
3, 265, 000. 00
9, 291,350. 00
477,050. 00
2, 884, 300.00
3, 771, OOO 00
14,138, 500.00
888,400. 00
250,790. 00
295, 500. 00
18, 371, 50O 00
716,750. 00
2,182. 82
$1,911, 975.02
78, 248, 879. 571
29,952, 580. 43!
3,950, 868. 61
121, 242.14
194,718,865. 08
41,305, 281. 80
1,139,190.00
3, 349, OOO 00
90,000 00
2,136, 000.00
15,318, 000. 00
. 628,750.00
2,136, 000. 00
10,000.00
10,000.00
25, 000. 00
25, 000. 00
1, 099,800. 00
101, 750 00
192,800 00,
1,008, 950. 00
28, 050. 00
10,450 00
500.00
1,30O oo;
27, 250.00
10, 450. 00
38, 250 00
13,000.00
7,600.00
28, 500. 00
11, 500. 00
171, 000.00
5,393,350 00
12,943,400.00
34, 50O 00
18,750 00:
19, 000. 00
199,60O 00
4,967,450. 00
13, 389,30O 00
11,851,414, 615.17M 356,100,785.93 1,022,204,720.17 11,186, 310,880.93%
The State of North Carolina has authorized and appointed commissioners to take under consideration a plan for settling the indebtedness of that State to the United States, but Congress postponed
action on a measure providing for representatives on the part of the
Government.
Commissioners representing the Government and the State of
Tennessee, under provisions of law, have had under consideration a
lan for settling with that State. It is apparent that some progress
as been made toward a settlement with the two States named in
the foregoing for tne unpaid matured bonds of those States belonging to the United States.
The special trust held lor the District of Columbia represents obligations that belong to the District of Columbia.
E
532
REPORT ON T H E FINANCES
The special trust held for the board of trustees, Postal Savings
System, consists of postal savings bonds and Liberty loan bonds,
representing investments made by said board.
Recommendation has been made to Congress for authority to
return to the State of Louisiana the bonds of that vState captured
at Shreveport by the Union forces during the War of the Rebellion,
now held as a special deposit by the Secretary of War,
The special trusts held for the Secretary of the Treasury are composed of notes of the Panama Railroad Co., drawing 4 per cent
interest, payable to the United States, and is security for money
advanced for the equipment and construction of said Tailroad; and
interest-bearing obligations of foreign governments payable to the
United States, acquired under acts of Congress approved April 24,
1917, and September 24, 1917, as amended and supplemented, July
9, 1918, February 25, 1919, March 30, 1920, February 9, 1922, February 28, 1923, March 12, 1924, and May 23, 1924.
POSTAL SAVINGS BONDS AND INVESTMENTS THEREIN
Under a general authority in the postal savings law (act of June 25,
1910), the trustees of the Postal Savings System have arranged to
take over at par any of the postal savings bonds that depositors may
wish to turn back.
Under the arrangement made by the trustees they have taken over
at par all of the bonds offered by the depositors, and at the close of the
fiscal year 1925 the Treasurer of the United States held $9,752,940
of such bonds, which ai'e registered in the name of the board of
trustees.
WITHDRAWAL OF BONDS TO SECURE CIRCULATION
National banks did not file with the Treasurer of the United States
any applications to sell for their account United States bonds securing
circulation during the fiscal year 1925 under the provisions of section
18 of the Federal reserve act.
LAWFUL MONEY DEPOSITED IN THE TREASURY DURING THE FISCAL
YEAR 1925 FOR THE REDEMPTION OF NATIONAL-BANK NOTES
The lawful money deposited in the Treasury each month of the
fiscal year 1925 for the redemption of notes of banks insolvent, in
liquidation, and reducing their circulation is shown in Table 25,
page 564.
DEPOSITARIES OF THE UNITED STATES
The Secretary of the Treasury determines the number of such
depositaries and the amount of public money required in each for
the transaction of the public business, fixes the amount of balances
they may hold, and requires the banks thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, tor the safe-keeping and prompt payment of the public money
deposited with them and for^the faithful performance of their duties as
financial agents of the Government. All of the depositaries, except
the Federal reserve banks, are required to pay interest at the rate
533
TREASURER
of 2 per cent per annum on the average monthly amount of public
deposit held.
The number of depositary banks holding balances at the close of the
fiscal years 1924 and 1925 are here stated:
J u n e 30,
1924
Federal reserve banks
'General national-bank depositaries
Limited national-bank depositaries
Insular depositaries (including Philippine Islands)
"Foreign depositaries
•Special depositaries (under Liberty loan acts)
J u n e 30,
1925
12
312
886
6
8
823
2,047
Total..
12
304
873
8
7
1,181
2,383
PUBLIC MONEYS IN DEPOSITARY BANKS
. At the close of the fiscal years 1924 and 1925 the depositary banks
held public moneys, as follows:
Depositaries
June 30i 1924
June 30, 1925
Deposits in Federal reserve banks and branches
Deposits in special depositaries
T)eposits in foreign depositaries:
To credit of Treasurer of the United States
To credit of other Government officers
-Deposits in national-bank depositaries:
To credit of Treasurer of the United States
To credit of other Government officers
"Deposits in insular depositaries:
To credit of the Treasurer of the United States
:
To credit of other Government officers
."Deposits in Philippine treasury to credit of Treasurer of the United
States
$43,250, 228. 28
182, 091, 572. 40
$25,434, •388. 53
150, 718, 572.04
135, 907.47
244, 349. 32
85,129. 01
172,842.97
6, 505, 70K.29
18,876, 958 49
8, 514, 728. 01
20, 795,022. 80
318,128. 83
1,145, 748. 78
•294,540.68
1,207,955.11
Total
732,487. 25
896,150. 92
233, 299, 077.89
208,117,310 07
Whenever balances to the credit of the Treasurer of the United
States in general national-bank and insular depositaries or the
Treasury oi the Philippine Islands are reduced below the amounts
£xed by the Secretary of the Treasury, by the cashing of Govern:ment checks and warrants, restorations are immediately made by
telegraph directing the appropriate Federal reserve bank or branch
to credit the depositary bank s reserve account or to make payment
to its correspondent. During the fiscal year 1925 such restorations
•numbered 3,734 and aggregated $126,139,206.
y
UNITED STATES PAPER CURRENCY ISSUED AND REDEEMED
The paper currency issued under the direct authority of the
Government and outstanding at the close of the fiscal year 1925
.amounted to $2,898,005,130, of which $415,680,401 was in $1 bills,
as against $373,510,957 of like denomination outstanding at the close
of the fiscal year 1924. This growth hardly keeps pace.with the
demand for $1 notes, which under present conditions can be supplied
only by the Government through its issues of United States notes
and silver certificates.
534
REPORT ON T H E FINANCES
The amount of each kind of paper currency issued and redeemed
during the fiscal year 1925 is recorded in the following statement:
T r u s t - f u n d obligations
United
States
notes
Total
Treasury
notes of
1890
Gold certificates
Silver certificates
$346, 881,018
285, 560,000
$1,429, 828
...
$1, 672, 541,159
828, 350,000
R e d e e m e d d u r i n g fiscal year 1925.
632, 241,016
285, 560,000
1, 429, 628
37, 744
2, 500, 891,159
404,195, 700
942, 079, 823
488, 842, 860
4, 078, 841,424
1,178, 836, 294
O u t s t a n d i n g J u n e 30, 1925
Less a m o u n t held in T r e a s u r y . . .
346, 881, 018
2,193,375
1,391,882 1 2,098,895,459
5,000 1
487,007,840
453, 238, 773
, 4, 512, 578
2, 898, 005,130'
493, 718, 793.
344,487, 841
1,388,882
448, 724,195
2, 404, 288, 3 3 r
O u t s t a n d i n g June, 30, 1924
Issued d u r i n g fiscal yearl925
Net
1.809:887.819
$410, 607, 623 $2,431,259,424531, 472, 000 1, 845, 382,000^
In a study of the foregoing table it will be observed that the UnitedStates notes issued and credited in the general account as a receipt
are offset by an equal amount of worn or unfit notes in kind withdrawn therefrom, canceled, and retired, which is in accordance with
the provisions of the act of May 31, 1878. In explanation of themanner of issuing and redeeming gold certificates, silver certificates,,
and Treasury notes of 1890, it may be said that for certificates issued
and credited in the general account an equal amount of the respectivekinds of money held in the general account is transferred therefrom,
to, and retained in, the trust funds for their redemption; for gold,
certificates, silver certificates, and Treasury notes withdrawn from
the general f ^ d , canceled, and retired, a like amount of the respective coins is released from the trust funds and brought into t h e
general fund in their stead.
PAPER
CURRENCY
PREPARED
FOR ISSUE
AND AMOUNT
ISSUED
The total amount of United States paper currency outstanding
at the close of the fiscal year 1925 was $2,898,005,130, consisting of
571,741,964 pieces. The Treasury has to maintain this great number of pieces and also to provide for the annual growth of such denominations as may be in demand. Heretofore it has taxed the full
capacity of the force engaged in the preparation of new^ currency to*
meet the demands, b u t with increased facilities recently authorized
and installed it is believed the output will be sufficient to provide
for the accumulation of a reserve of such denominations as may be
required.
The paper currency prepared for issue and the amount issued
during each fiscal year from 1918 appears from the following statement:
P r e p a r e d for issue
Fiscal year
1918
1919
1920
1921
1922
1923
1924
1925
N u m b e r of |
notes a n d |
certificates
T o t a l value
352, 523, 000
287, 284,000
280,448,000
311,320,000
483,872,000
618,900,000
699,840,000
642, 678,000
$1,028, 488,000
348,824,000
371,112,000
400,420,000
1, 236,048,000
980,378.000
1,498,692,000
1, 661,644,000
P a p e r currency issued
Average
value
$2.917
1.305
1.323
1.286
2.554
1.889
2.498
2.430
N u m b e r of
notes a n d
certificates
Total value
364,619,271
260,333,387
284,853, 221
318,842,004
483,884,678
649,143,803
588, 719,005
839, 517,305
$753,124,000
350,138,000
398,018,000
557,276,000
944,044,000
1,068,186,000
1,436,888,000
1,645,382,000
Average
value
$2.125
1.345
1.397
1. 747
2.035
1.945
2. 440
2.573
535
TREASURER
The number of pieces and amount of paper currency issued directly
by the Government monthly for the fiscal years 1924 and 1925 are
recorded in the following statement:
United States paper currency issued during the fiscal years 1924 and 1925
Fiscal year 1925
Fiscal year 1924
Month
N u m b e r of
notes a n d
certificates
T o t a l value
$105,114 000
108, 228,000
84,052 000
128, 212 000
122,004 000.
124, 044 000
131,762 000
108,140 000
134, 800 000
149,290 000
144,842 000
100, 390, 000
July
August
September
October.
November.
.. .
December
January
February .
March
April
May
June.
... . . .
43,550,300
50,888,000
44,173, 000
58,837,000
52, 344,000
51,120, 600
50, 231,000
42,036,000
47,393 700
51, 908, 200
52,872, 200
45, 365,005
Total
P e r cent of increase
over preceding year
588,719,005
1,436, 888,000
7.2
Average
value,
N u n i b e r of
notes a n d
certificates
Total value
Average
value
$2.413
2.116
1,902
2. 220
2.330
2.428
2.822
2.524
2.840
2.878
2.739
2.212
51,878, 200
63,409,000
63, 782 000
67,838 100
52,489 900
68,924 102
50, 870 700
41,396 000
53,024 400
49,708 500
61,378 003
55,084,400
$154,182,000
120, 560,000
142,118,000
141,554 000
141, 828 000
188, 544 000
107, 742 000
100,880 000
132, 848 000
132, 770 000
124,774 000
157,804,000
$2.971
2. 257
2.843
2.447
2.703
2.735
2.128
2.436
2.601
2.871
2.428
2.865
2.440
639,517,306
1,845,382,000
2.573
8.6
14.5
34.4
REDEMPTIONS OF PAPER CURRENCY
The pieces of United States paper currency redeemed during the
fiscal year 1925 numbered 566,652,962, of the total value of $1,178,636,294. ^The pieces redeemed were 72,864,343 less than those issued
and the amount was $466,745,706 less than the amount issued
during the year.
The transactions, by months, for the fiscal years 1924 and 1925
are compared in the annexed table:
United States paper currency redeemed during the fiscal years 1924 and 1925
Fiscal year 1924
Month
July
August
.•
September...
October
November
December
January
February
March
April
May
June
Total
Per cent of increase over preceding year
Fiscal year 1925
United States!
United States]
notes. Treasnotes. Treasury notes of
ury notes of
1890, and gold] Total value 1890, and gold Total value
and silver
and silver
certificates
. certificates
41, 982,959
39,629,815
41,385,694
52, 554,819
45, 283,444
42, 520,874
48,983, 858
43, 528, 670
48, 416, 573
47,993, 757
63, 353, 930
36,363,690
541,937, 883
13.7
$84, 813,150
83, 208, 700
88,808,048
85,821, 750
78, 885,450
72,899,451
87, 784, 800
71,314,150
88, 372, 050
92, 518, 850
104,831,050
81, 844,400
958,497,447
27.1
51,009,009
48,312,431
40, 758, 007
48, 579, 378
42, 590, 065
47, 677, 873
50, 582,053
43, 990, 081
51, 008,831
45, 771, 033
47, 307, 080
51,189, 323
$97,909,100
95,156,450
88,750,300
93,826, 660
84,359,249
93,885,600
107,839,050
89,432,800
102, 589,950
106,150,230
105,893,300
114,083,715
686, 852, 962 1,178,836,294
4.8
23.0
536
REPORT ON T H E FINANCES
PIECES OF UNITED STATES PAPER CURRENCY OUTSTANDING
The number of pieces of United States notes. Treasury notes of
1890, and gold and silver certificates outstanding and their total
value at the close of each month for the fiscal years 1924 and 1925
are shown in the following statement:
Fiscal 5"ear 1925
Fiscal year 1924
Month
Number of
pieces
July
August
September
October...
November.
December,
January...
February..
March
April
May
June
Total value
453, 682, 937 $1,994, 589, 721
2,039, 611,021
464,920, 225
487, 728, 630 2,054, 864,975
2,095, 245, 225
472,010, 711
2,138, 563,775
479,091,987
2,189, 708, 324
487,691, 893
2, 233,675, 724
488,959,035
2, 288,501, 674
487,468,868
2, 316,729, 524
488,443,493
2, 373,602,874
490,357,935
489,878, 205 2,413, 513,824
2,432, 269,424
498,877, 620
Number of
pieces
Total value
499, 748,810 $2,488, 532,324
2, 613,935,874
504,843,389
2, 567,301, 574
517,849,373
2, 615,028,924
629,108,098
2, 872,497,675
538,985,932
560, 332, 361 2, 767,178,175
2, 787,079,125
560,421,008
557,828, 928 2, 778,506,325
2,808, 564,375
559,842,497
583, 777,984 2,838, 184,145
2, 855,284,845
687,848,888
2,899, 005,130
571,741,964
The distribution of the paper currency embraced in the foregoing
statement is compared here:
Total
outstanding
Fiscal year
1924
1925
$2,431,259,424
2,898,005,130
Increase
_ .
466, 745, 706
Amount held
in Treasury
Amount
outside of
Treasury
$460, 700, 260 $1, 970, 559,164
493, 718, 793 2,404, 286,337
33,018, 633
433, 727,173
The total amount of paper currency of each kind and denomination outstanding at the close of the fiscal years 1924 and 1925 is
shown in the following statement:
JUNE 30, 1924
UnitedStates
notes
Denominations
One dollar. _
.
Two dollars
Five dollars.Ten dollars
Twenty dollars
.
Fifty dollars
One hundred dollars
Five hundred dollars
One thousand dollars
Five thousand dollars
Ten thousand dollars
. . . . . . .
...,
.
47, 000
347, 681, 018
1, 429, 628
1, 000, 000
4, 260, 547
7,000
©
Federal reserve Federal
reserve
notes
bank notes
$508, 983,820
509, 989,860
738, 911, 200
208, 677,950
214,160,700
41,989, 500
102,485,000
5,320,000
10, 570,000
2, 339, 048, 030
$4, 826,333
2, 359,442
1, 930,955
538,960
892,480
48,000
10, 596,170
1,422, 626
1,139, 915
193,898
494,817,077
44, 629, 977
297, 790,492
Net....
$310,458
190,400
374,198
321,180
124, 790
5,000
56, 600
10,000.
Total
:
Deduct:
Unknown, destroyed.
Held in Treasury
Held by Federal reserve banks and Federal
reserve agents.. . .
1 ..
•
$96, 886, 589
38,446,474
34,137,075
158,483,091
15, 918, 002
983, 725
1,175,000
902,000
2, 739, 000
Treasury
notes of
1890
335,924
1,843,091,038
10, 066,348
537
TREASURER
J U N E 30, 1924—Continued
Denominations
One dollar. _
Two dollars
^..
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five himdred dollars...
One thousand dollars..
Five thousand dollars..
Ten thousand dollars..
Fractional parts
Total
Deduct:
Unknown, destroyed
Held in Treasury.
Held by Federal reserve banks and Federal reserve agents
Redeemed but not assorted by denominations
Net.
National
bank notes
Gold
certificates
$341,447
162,894
150, 770, 250
326, 717, 600
249,428,650
' 27,952,960
27,. 195,600
87, 500
21,000
$276,313,910
$378, 678, 737
28,079, 584
85, 238, 794
99, 284, 353
793, 480, 851
2,895,141 1, 264,927, 727
$268,001, 995
402,334,484
2,628,130 1,410, 237,796
94,494,680
3, 204v 986
335, 387,190
121,823,100
364, 587, 620
176,620
31,104, 600
74, 093, 600
10,000
80, 282,500
15,000
186, 649, 500
80,880,000
88, 000, 000
595,840,000
608, 420,000
61,088
61,088
Silver
certificates
Total
782,738,879
1,672, 541,159
410,607,623
5, 664,642,503
18,291,051
454,190,500
2, 242,213
1,000,000
480,325,124
26,886,690
416,969,840
43,951,198
1,028,589,706
4,727,100
4,727,100
801,380,819
733,835,038
364,414, 212 4,062,000,673
JUNE 30. 1926
United States Treasury , Federal reserve Federal •
notes of
reserve
notes
notes
bank notes
1890
Denominations
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars...
Five hundred dollars...
One thousand dollars..
Five thousand dollars^.
Ten thousand dollars..
$59,189, 234
44,148,654
64,488,190
154,196,381
18, 653,882
2,456, 775
1,121,000
870,000
$308,642
188,912
367,848
308, 270
117,310
3,900
63,000
2, 687,000
44,000
Total.
Deduct:
Unknown, destroyed
f.
Held in Treasury
Held by Federal reserve banks and Federal
reserve agents...
347,681,016
1,391,882
1,000,000
4, 828,476
5,000
10,000
1,445,666
1,222,785
373,940
578,440
33,000
1,942,239, 530
7,178,033
1,388,882
1,390, 239
87,890
304,667,198
. 61,909,990
279,942,661
Net.
$3,622,202
$463, 328,200
376, 078,590
578, 324,740
179, 109,800
. 196,006,400
35, 861,000
'678,000
' 93,'
515,000
. 6,
14, 350,000
167,286
1,636,192, 095
8,920,867
Silver
certificates
National
bank notes
Gold
certificates
One dollar.
Two dollars
Five dollars
Ten dollars
^....
Twenty dollars
,
Fifty dollars
One hundred dollars..
Five hundred dollars...
One thousand dollars..
Five thousand dollars..
Ten thousand dollars..
Fractional parts
$341,447
162,894
139,375, 710
307, 500, 210
238,328,350
28, 083, 750
25, 582,300
87, 500
21,000
$356,182, 525 $419, 544,050
67, 364,360
21,418,334
737, 356, 581
88, 593,828
$482,156,855
2, 650, 601 1,303, 184,847
587,844,124
2,097, 730 1,425, 744,576
120,359,180
330, 245,740
2,199,536
142,008,300
383, 920,220
169, 220
31,010, 500
87, 829,000
10,000
74, 361, 600
170, 884, 600
15,000
82,385,000
88, 900,000
598,770,000
611, 130,000
61,113
Total
Deduct:
Unknown, destroyed
Held in Treasury
Held by Federal reserve banks and Federal reserve agents
Redeemed but not assorted by denominations
737, 624, 274
2,096, 695,469
453, 236, 773
5, 685,944,967
19, 695, 231
488, 545,840
7,496,686
1,000,000
521,949, 261
32,081, 966
604,864,317
66,943,944
1,069,604,688
1,003,285,302
379,796,243
3,989,232.818
Denominations
Net.
61,113
4,168, 200
4,168, 200
681,708,888
Total
538
REPORT ON T H E FINANCES
INTEREST ON PUBLIC MONEYS HELD BY DEPOSITARY BilNKS
Interest is collected semiannually from depositaries of public
moneys (except Federal reserve banks) at the rate of 2 per cent per
annum on the basis of 181 days to the half year from January 1 to
June 30 (first half of leap year, 182 days) and 184 days from July 1 to
December 31. Each depositary is required to render to the Treasurer
semiannually (January 1 and July 1) an interest report showing daily
balances held by such bank for the prior six months and the amount
of interest due and paid thereon. These reports are checked with
the ledgers of this office.
Interest was first collected by the department under the provisions
of the act of May 30, 1908, on all special and additional deposits in
general depositaries and on all deposits in limited depositaries at the
rate of 1 per cent per annum. In accordance with instructions contained in letter of the Secretary of the Treasury, dated April 22, 1912,
the rate of interest was increased from 1 per cent to 2 per cent per
annum, beginning July 1, 1912. Beginning June 1, 1913, interest at
rate of 2 per cent per annum has been collected on all Government
deposits.
During the fiscal year 1925 the interest accrued on ordinary balances held was $533,896.35, and on balances arising from sales of
bonds, notes, and certificates of indebtedness, was $3,863,624.89,
making a total of $4,397,521.24. The total amount of interest collected on depositary balances since M a y 30, 1908, m a y be studied
from the revised statement following:
Interest on balances arising fiom—
* Fiscal year
Ordinary
accounts
T o t a l t o J u n e 30—
1913
1914
1915..
1916
1917
1918
1919
1920. .
•1921....
1922
1923
1924
1925
Aggregate
.1
-.
-
GOLD
FUND,
Total
$810,826! 15
1,409,426.07
1, 222, 706. 93
791, 071.45
703, 771. 76
1,134, 569. 09
• 5,507,742.43
1,885; 975. 78
•2, 580;'748.-84
865,848. 30
584,192.96
570, 338. 05
533,898. 35
..
_
Sales of bonds,
notes, and
certificates
•
$358, 221. 43
10, 568, 658. 03
20,.998,209..01
11,458,978. 89
3, 512, 308. 02
5, 957, 918. 35
4,835,879; 74
3, 901,872. 51
3,883, 824. 89
$810, 626.15
1,409,426. 07
1, 222,708.93
791,671.45
1,081,993.19
11, 701,227.12
- 26,-503,>951. 44
13, 324; 952. 85
6, 093, 054.86
6,823, 788. 65
5,420,072. 70
4, 532,208. 66
4,397, 521. 24
18, 581, 510 14
85, 511, 688. 87
84,093,179. 01
FEDERAL RESERVE
BOARD
The balance to the credit of the gold fund of the Federal Reserve
Board on June 30, 1924, was $2,260,891,035.12. During the fiscal
year 1925 deposits amounted to $913,791,000 and withdrawals
$1,421,937,600, leaving a balance to the credit of the fund on June
30, 1925, of $1,752,744,435.12.
TREASURER
539
SUPPLY OF UNITED STATES PAPER CURRENCY HELD IN RESERVE
The number of pieces and amount of each denomination of United
States paper currency held in reserve vault at the close of the fiscal
years 1924 and 1925 are compared in the following statement:
H e l d J u n e 30, 1924
H e l d J u n e 30, 1925
Denomination
N u m b e r of
pieces
One dollar
T w o dollars
,
F i v e dollars
T e n dollars
T w e n t y dollars.
Fifty dollars
One h u n d r e d d o l l a r s . .
F i v e h u n d r e d dollars..
O n e t h o u s a n d dollars.
F i v e t h o u s a n d dollars.
TenSthousand dollars.
Order gold certificates.
T o t a l vaule
N u m b e r of
Total value
$3, 720,000
144,000
15,940,000
60,600,000
136, 040,000
18,600,000
40,800,000
2,500,000
8,700,000
95, 500,000
558,000,000
708, 270,000
12,020,000
4,128,000
4,376,000
1,178,000
952,000
248,000
684,000
17,000
44,000
18,700
55, 600
70,822
$12,020,000
8,258,000
21,880,000
11, 780,000
19,040,000
12,400,000
88,400,000
8,500,000
44,000,000
93, 500,000
658, 000,000
708, 220,000
20,731,427
Total
3,720,000
72,000
3,188,000
6,060,000
6,752,000
372,000
408,000
5,000
8,700
19,100
56,800
70,827
1,647,814,000
23, 790,122
1,583,978, 000
RATIO OF SMALL DENOMINATIONS TO ALL PAPER CURRENCY
OUTSTANDING
The variation in percentage of denominations of $20 and less to
the total paper currency, by fiscal years, since July 1, 1918, may be
studied from the following statement:
Denominations of $20 and less
Date
Total paper
currency
$1
July 1—
1918
1919.
1920
1921.
1922
1923
1924
1925
$5,132,048,035
5,702,970,230
6,184,236,896
5, 247, 560, 859
5, 037, 248, 518
5,405,131,870
5, 584, 842, 503
6, 685,944. 987
$2
$6
$10
$20
Total
Per cent Per cent Per cent Per cent Per cent Per cent
1.67
4.99
13.73
25.48
21.57
67.46
1.74
5.80
13.52
23.70
25.68
70. 47
1.63
5.41
12.78
23 62 27.67
71.04
1.84
72.11
8.49
14.20
22.42
27.27
1.50
6.75
13.89
22.98
24.57
. 69. 88
1.35
70.32
6.5414.38
22.27
25.77
1.17
6.80
14.25
22.73
25. 34
70 31
1.20
7.51
13.20
23. 33
25. 63
70.77
THE METALLIC STOCK OF MONEY IN THE UNITED STATES
Gold coin and 'bullion.—The estimated amount of gold coin and
bullion included in the general stock of money in the United States
on June 30, 1925, was $4,386,195,841, of which there was held in the
Treasury $3,691,200,201, and the balance outside of the Treasury
was $694,995,640.
Standard silver dollars.—The stock of standard silver dollars at the
close of the fiscal year 1925 was $522,061;078, of which $452,510,212
was held in the Treasury and the balance outside of the Treasury^
was $66,550,866.
Subsidiary silver coin.—The stock of subsidiary silver coin at the
close of the fiscal.year. 1925 was^ $283,471,971, of which $7^537,768
was held in the Treasury, and thebalarfce outside of the Treasury was
$275,934,203.
540
REPORT ON T H E FINANCES
Minor coin.—The current minor coins are the bronze 1-cent pieces
and the nickel 5-cent pieces, and though not included in the stated
stock of money in the country they are in great demand in all sections. The amount of each denomination of the current coins outstanding at the close of the fiscal year 1925 was as follows:
Bronze 1-cent pieces
^'ickel 5-cent pieces
$43,619,843.26
59,050,414. 25
ISSUE, EXCHANGE, AND REDEMPTION OF MONEY
The distribution of available supplies of United States paper
currency and coin, exchanges and replacements thereof, and payments on account of redemptions of currency and coin will, so far as
Eracticable, be eft'ected through the Federal reserve banks and
ranches. Federal reserve banks and branches have been instructed
by the Treasury to make an equitable and impartial distribution of
available supplies of United States paper currency and coin in all
cases, and applications therefor should be made to the Federal
reserve bank or branch, of such bank located in the same district
with the applicant. Distribution of new gold, silver, and minor
coin will not be made by the Treasury so long as there are available
suflicient stocks of circulated coins in the Federal reserve banks and
branches or in the Treasury offices.
I.—^ISSUE OF UNITED STATES PAPER CURRENCY
1. All current issues of new United States paper currency are made
by the Treasurer of the United States in the form of United States
notes (greenbacks), gold certificates, and silver certificates.
- 2. United States notes are issued in Value equal to the unfit notesdestroyed in order not to reduce the amount outstanding below the
figure fixed by law.
.
3; Gold certificates are issued against deposits of gold coin with
the Treasurer or with the Federal reserve banks and branches, deposits of gold bullion or foreign gold coin with the mints and assay
offices, or against available gold in the general fund of the Treasury.
Gold certificates may also be obtained in payment of obligations of
the United States payable in gold, in payment of checks issued by
the mints and assay offices of the United States for deposits of gold
bullion and foreign gold coin, in exchange for other forms of United
States paper currency, or in the ordinary course of Government payments when paid out by the Treasurer or the Federal reserve banks.
4. Silver certificates are issued against deposits of standard silver
dollars or available silver dollars in the general fund of the Treasury,
and may be obtained in exchange for other forms of United Statespaper currency or in the ordinary course of Government payments,,
when available.
I I . — I S S U E OF GOLD COIN
5. Gold coin is issued for deposits of gold bullion, gold certificates,
United States notes, or Treasury notes of 1890, and in payment of
other obligations of the United States payable in gold.
TREASUREE
541
IIl.^—ISSUE OF STANDARD SILVER DOLLARS, SUBSIDIARY SILVER COIN,
AND MINOR COIN
6. Standard silver dollars are issued in redemption of silver certificates or Treasury notes of 1890. Subsidiary silver coin (halves,
quarters, and dimes) and minor coin (1-cent bronze and 5-cent nickel)
are issued against other forms of payments therefor in equal amounts.
IV. REDEMPTION OF PAPER CURRENCY
7. United States notes and gold certificates are redeemable in
gold coin; Treasury notes of 1890 in gold coin or standard silver
dollars; and silver certificates in standard silver dollars.
8. National-bank notes and Federal reserve bank notes are redeemable in lawful money of the United States by the Treasurer,
but payments therefor in lawful money may be effected through the
Federal reserve banks and branches. Federal reserve banks and
branches will also receive national-bank notes and Federal reserve
bank notes UD£t for further circulation, and will make payment
therefor by credit or in other forms of money.
9. Federal reserve notes are redeemable in gold by the Treasurer
and in gold or lawful money by the Federal reserve banks.
10. United States notes. Treasury notes of 1890, fractional currency notes, gold certificates, silver certificates, national-bank notes,
Federal reserve notes, and Federal reserve bank notes, when not
mutilated so that less than three-fifths of the original proportions
remain, will be redeemed at their face value in new currency. When
iriutilated so that less than three-fifths, but clearly more than twofifths of the original proportions remain, ;are redeemable by the
Treasurer only, at one-half the face value of the whole note or certificate. Fragments not clearly more than two-fifths are not redeemed, unless accompanied by the evidence required in paragraph
11.
11. Fragments less than three-fifths are redeemed at the face
value of the whole note, by the Treasurer only, when accompanied
by an affidavit of the owner or other person having knowledge of
the facts that the missing portions have been totally destroyed.
The affidavit must state the cause and manner of mutilation, and
must be subscribed and sworn to before an officer qualified to administer oaths, who must affix his official seal thereto, and the character of the affiant must be certified to be good by such officer or
some one having an official seal. Signatures by mark (X) must be
witnessed by two persons who can write, and who must give their
places of residence. The Treasurer wiU exercise such discretion
under this regulation as may seem to him needful to protect the
United States from fraud. Blank forms for affidavits are not furnished. The department can not make reimbursement for currency.
totally destroyed.
V.—REDEMPTION, EXCHANGE, AND PURCHASE OF UNITED STATES COIN
12. Gold coins and standard silver dollars of the United States,
if of legal weight and not defaced or niutilated as below defined, are
full legal tender, and, being such, are not redeemable, but may be
542
REPORT ON THE FINANCES
exchanged for other forms of money, particularly for gold certificates
and silver certificates, respectively. Gold coins, when not mutilated
but reduced in weight by natural abrasion below the limit of tolerance
fixed by law, will be accepted by the Federal reserve banks and
branches and the Treasurer of the United States, at bullion value;
the abrasion loss being determined by deduction from the face value
of each coin at the rate of 2 cents for each half grain below standard
weight. Before the return of any light-weight gold coin to the owner
at his request, it should be stamped with the letter ^^L^' or other distinguishing mark. Standard silver dollars, when defaced, but not
mutilated as below defined, will be accepted at face value. Subsidiary silver coins (halves, quarters, and dimes) and minor coinsr
(1-cent bronze, and 5-cent nickel) will, upon demand, be redeemed in
lawful money or exchanged for other forms of money. If shipped to
the Treasurer of the United States for redemption, subsidiary silver
and minor coins should be assorted by denominations into packages in
sums of multiples of $20, which apply to subsidiary silver and minor
coins separately. Such coins should be shipped loose in cloth bags.
Shipments put up in wrappers, envelopes, or rolls of paper will not be
received. Not more than $1,000 in silver coin, $300 in 5-cent pieces,
or $100 in cents should be shipped in one bag or package.
13. No foreign or mutilated coins will be received for redemption
at face value. Coin is mutilated when punched, clipped, chipped, or
otherwise appreciably reduced in weight by any means other than
natural abrasion; that upon which any name, advertisement, or other
unauthorized impression has been made; that to which paper or any
other substance is attached; or that which has otherwise been so
defaced as to be not readily and clearly identified as to genuineness
and denomination. Mutilated silver coin will be stamped by the
receiving officer with a distinguishing mark before it is returned to
the depositor. Mutilated gold coins of any denomination will be
received at any of the mints or assay offices of the United States, and
the value of the fine gold contained will be paid to the depositor at
the rate of $20.67+ per ounce, fuie (1.000); or $18.60+ per ounce,
standard (0.900). Mutilated silver coins will be purchased at the
mints in Philadelphia, San Francisco, and Denver, at the price fixed
from time to time by the Director of the Mint, for silver contained in
gold deposits. Mutilated gold and silver coins should be transmitted
to the mints by registered mail or by express (charges prepaid) and
upon receipt, the value thereof, when so forwarded, will be returned
in the same manner at the seller^s expense and risk, or by check on
the Treasurer of the United States.
14. Minor coin that is so defaced as not to be readily identified,
or that is punched or clipped, will not be redeemed. Pieces that are
stamped, bent, or twisted out of shape, or otherwise imperfect, but
showing no material loss of metal, will be redeemed at face value.
15. Mutilated minor coins will be purchased at the mints in
Philadelphia, San Francisco, and Denver, in lots of not less than one
)Ound of each kind, at a price (the approximate value as metal) fixed
rom time to time by the Director of the Mint.
The coinage mints are located in Philadelphia, Pa.; San Francisco,
C^lif.; and Denver, Colo. The assay offices are located in New York,
{
TREASURER
543
N. Y.; New Orleans, La.; Carson City, Nev.; Boise, Idaho; Helena,
Mont.; Deadwood, S. Dak.; Seattle, Wash.; and Salt Lake City,
Utah.
VI.—GENERAL INFORMATION
16. By reason of the facilities provided at the Federal reserve
banks and branches for the distribution, replacement, exchange, and
redemption of paper currency and coin, applicants are enabled to
obtain such accommodations earlier and at a lower cost for transportation charges, as a general rule, then would be possible through the
Treasurer of the United States at Washington. So far as practicable,
therefore, such transactions should be handled through the Federal
reserve banks and branches. I n the event that shipments on this
account are made to the Treasurer, all shipping costs thereon should
be prepaid.
The Federal reserve banks and branches are located in Boston,
Mass.; New York, N. Y.; Buffalo, N. Y.; Philadelphia, Pa.; Cleveland, Ohio; Cincinnati, Ohio; Pittsburgh, Pa.; Richmond, Va.; Baltimore, Md.; Atlanta, Ga.; New Orleans, La.; Jacksonville, Fla.; Birmingham, Ala.; Nashville, Tenn.; Chicago, 111.; Detroit, Mich.;
St. Louis, Mo.; Louisville, Ky.; Memphis, Tenn.; Little Rock, Ark.;
Minneapolis, Minn.; Helena, Mont.; Kansas City, Mo.; Omaha,
Nebr.; Denver, Colo.; Oldahoma City, Okla.; Dallas, Tex.; El Paso,
Tex.; Houston, Tex.; San Francisco, Calif.; Los Angeles, Calif.; Portland, Oreg.; Salt Lake City, Utah; Seattle, Wash.; and Spokane,
Wash.
17. The act of June 30, 1876 (19 Stat. 64) requires that all United
States officers charged with the receipt or disbursement of public
moneys, and all officers of national banks, shall stamp or write in
plain letters the word ^^counterfeit,'' ^'altered," or ^^worthless" upon
all fraudulent notes issued in the form of and intended to circulate as
money which shall be presented at their places of business; and if
such officers shall wrongfully stamp any genuine note of the United
States or of the national banks, they shall, upon presentation, redeem such notes at their face value.
18. All counterfeit notes and coins found in remittances are canceled°and delivered to the Secret Service Division of the Treasury
Department or to the nearest local office of that division, a receipt for
the s«.me being returned to the sender, who may communicate with
the chief of that division if it is desired to have such notes or coins
submitted for reclamation.
During the fiscal year 1925 the Treasurer's office authorized and
directed shipments of current gold, silver, and minor coins between
the Treasury, Washington, United States mints, and Federal reserve
banks and branches, for use in public disbursements and exchanges
and also for special purposes, aggregating $116,157,000, and shipments of uncurrent gold, silver, and minor coins to United States
mints from the Treasury, Washington, and Federal reserve banks
544
REPORT ON T H E FINANCES
and branches, to the amount of $7,145,604.94.
foregoing are as follows:
Treasury, Washington
Mints, United States
Shipped to
Shipped. Received assay office.
Received
• to
from
from
New York,
Federal Federal
Treasury,
Treasury, Washington,
reserve
reserve Washington,
Federal
banks
banks
Federal
and
and
reserve banks reserve banks
branches branches and branches and branches
Kind
Gold:
Double eagles
Eagles
Half eagles
Quarter eagles.
Silver:
standard dollars
Half dollars
Quarter dollars...
Dimes
Minor coin:
Nickels . . .
Cents
Miscellaneous
Shipments
between
Federalreserve
banks
and
branches
$88,650,000
1,326,000
13,400,000
2 62,500
$465,000
20,000
$176,000
40,000
110,000
3,000
Total
Uncurrent coins:
Gold..
standard dollars
Subsidiary silver
. Minor
Statements of the
598,000
_
$300,000
25,000
$500,000
5,281,000
537,000
3,334,000
3,338,000
300,000
10,000
1,560,000
2,070,000
938,000
767,000
6,000
1,455,500
1,007, 500
216,000
.
Total
108,390,500
356,000
123,600
635,000
6,318,600
3 1,870,296. 60
1,804,113.00
3,147,887.11
323,309.23
7,145, 604. 94
1 Includes $2,000,000 transferred from the assay offiice. New York.
2 Includes $20,000 transferred from the assay office. New York.
3 Including light-weight at bullion value.
REDEMPTION OF FEDERAL RESERVE AND NATIONAL CURRENCY
The proceeds of currency counted into its cash by the National
Bank Redemption Agency during the fiscal year amounted to
$574,891,707.83. Of this sum $554,750,045 was in national-bank
notes, $3,314,629 in Federal reserve bank notes, $16,728,852.50 in
Federal reserve notes, and $98,181.33 in United States currency.
Comparative figures as to total redemptions in this and previous
years are contained in Table No. 26, page 565.
o
Payments for currency redeemed were made,as follows: In Treasurer's checks, $419,909.79; by credits to Treasury offices as transfers
of funds, $23,139,709; by credits to Federal reserve banks and
branches in general account as transfers of funds, for direct remittances $548,727,008.31, for remittances by member banks $2,603,471.73; by credits in other accounts $1,609.
The notes of all issues counted and assorted amounted to $1,869,091,049.50, and were disposed of as follows:
545
TKEAStTKEB
Amount
National-bank notes:
Fit for use returned to banks of issue
.•
_
Unfit for use delivered to the Comptroller of the Currency for—
Destruction and reissue
Destruction and retirement
Per cent
0.28
87.87
11.86
553, 309, 062. 50
Federal reserve bank notes:
Fitfor use-returned to banks
.
.
__ "
Unfit forus'e delivered to the Comptroller of the Currency for—
• £iestructioii'and "reissue... i j i . . .
_
Destruction'and retirement
..
.
$1,538,000.00
486, 212,802. 50
65, 558, 260. 00
100. 00
j
100. 00
3,420,137. 00
100. 00
851, 800. 00
15, 088,000. 00
5.34
94.66
15, 939,800. 00
Federal reserve notes:
Fit for use returned to banks
.
.
• Unfit for use delivered to the Comptroller of the Currency for destr ubtion,.
3, 420,137. 00
100. 00
Federal reserve notes, canceled and uncanceled, forwarded by Federal reserve
banks and branches:
Delivered to the Comptroller of the Currency for credit of Federal reserve
agents
1,298,422.050. 00
Canceled and uncanceled Federal reserve notes amounting to
$1,296,422,050 were received from Federal reserve banks and branch
Federal reserve banks for credit of Federal reserve agents. Such
notes are settled for between the Federal reserve banks and Federal
reserve agents either direct or by adjustments in their redemption
funds, and are therefore not taken into the cash of the National
Bank Redemption Agency.
The number of notes counted, sorted, and delivered by the agency
during the fiscal year was 205,823,149, detail of which is shown in
Table No. 35, page 570.
The amount of expenses of the agency for the fiscal year, including
salaries, transportation, and contingent expenses, is set forth in
Table No. 31, page 568.
SHIPMENTS OF CURRENCY FROM WASHINGTON
The shipments of United States currency from the Treasury in
Washington to Treasury offices and to Federal reserve banks and
other banks during the fiscal year 1925 amounted to $1,595,316,976,
an increase of $246,427,099 as compared with that of the fiscal year
1924.
The shipments for the past two fiscal years are compared in the
foUowing statement:
Fiscal year 1924
Fiscal year 1926
Number
Number
of pack- Total amount of pack- Total amount
ages
ages
110
145,814
Aggregate
60501—FI i925t-
35
$27,050
1, 348,862,827
• 345
157,459
$87,875
1, 595, 259,101
145.924
Total by express
Total by registered mail..
1, 348, 889, 877
157,804
1, 595, 316,978
546
REPORT ON T H E FINANCES
DEPOSITS OF GOLD BULLION AT MINTS AND ASSAY OFFICES
The deposits of gold bullion at the mints and assay offices during
the fiscal years 1923, 1924, and 1925 are compared in the following
statement:
Offices
Philadelphia
. .
S a n Francisco
Denver .
.
.
New York'......:
N e w Orleans
. . _.
Carson
Helena
•
Ju
Boise,
Deadwood
Seattle
Salt L a k e C i t y
1923
1924
1925
$8, 599,799.36
43,183,297. 56
9, 515,298.36
273,564,881. 00
.
2,039, 646. 64
98,145. 68
145,825. 74
174,721.28
1,887.38
3,604,882. 84
12,727. 64
$9,900,575.42
44,193,465.68
10,318,975. 55
420,079,497. 50
1,299,000. 54
244,045. 33
342,951.78
277,251. 98
7,370. 99
4,724,701.89
54,601. 58
$10,453,302.36
34, 357, 634.18
10,082,984.65
•137,327,679.27
> 559,014. 04
202,545. 72
318,878.59
223,411.74
1,271. 03
5,765,478.90
110,127.95
338,940,811.26
491,442,438.24
199,372,228.43
.
•
._'.
_"
•
'
.•-
Total
DISTRICT OF COLUMBIA
The 3.65 per cent bonds of the District of Columbia matured
August 1, 1924, and on June 30, 1925, there remained outstanding
bonds in the amount of $105,800.
The investments for account of the sinking fund were liquidated
to meet the maturity of the bonded debt, and on June 30, 1925,
there was a cash balance of $245,520.71 to meet outstanding bonds
and matured interest due.
There has been no change in the old securities of the District of
Columbia held in the care and custody of the Treasurer, and they are
as follows: Chesapeake & Ohio Canal bonds, $84,285, and board of
audit certificates, $20,134.72; while in the District of Columbia
contractors' guaranty fund there is also a cash balance of $132.51.
RECOINAGE IN THE FISCAL YEAR 1925
The amounts of uncurrent gold, silver, and minor coins remelted
and the loss thereon during the fiscal years 1924 and 1925 were as
here stated:
Fiscal year 1924
Fiscal y e a r 1925
Denomination
Face v a l u e
D o u b l e eagles
Eagles
Half eagles
Three-dollar pieces
Q u a r t e r eagles
Dollars
$325,780.00
437,590.00
713,130.00
54.00
4,220. 00
46.00
•
-
-
-.
Loss reimbursed
_ _
.
T o t a l gold
1,481,120. 00
Half dollars
Q u a r t e r dollars .
..
T w e n t y - c e n t pieces
Dimes
..
Half dimes
Three-cent pieces
.
..'
.
-
Loss reimbursed
$456,270.00
.. .560,.870...00 .
696,730.00
• 16.00
6,520. 00
66.00
$2,360.80
1,427,160.60
1,479; 135. 2552.00
694,324.80
241.00
39.00
. _
Face value
1,709,281.00
1,038,662. 50
1,121,067.50
16.60
442,512.10
655. 66
38.13
2,802,852. 38 •
$2,984.6»
—.
T o t a l silver..•.._.-._^.i._:.-i.-^-;-.-^-.-.~r=.^-....;.-.- 3,500,942. 56
236,374.42
153,809. 33
7,'499.76
186,912.12
9,990.21
6,136,871.88
245,224.98
4,499,026. 60
224,734.74
M i n o r coins
..
Aggregate
..
.-
211,769.94-
TREASURER
547
GENERAL ACCOUNT OF THE TREASURER OF THE UNITED STATES
The Treasurer receives and keeps the moneys of the United States
and disburses the same upon warrants drawn by the Secretary of the
Treasury, countersigned by the Comptroller General, and not otherwise. He takes receipts for all moneys paid by him and gives receipts
for all moneys received by him; and all receipts for moneys received
by him are indorsed upon warrants signed by the Secretary of the
Treasury, without which warrant, so signed, no acknowledgment
for money received into the Public Treasury is valid. He renders his
accounts quarterly, or oftener if required, and at all times submits
to the Secretary of the Treasury and the Comptroller General, or
either of them, the inspection of the moneys in his hands.
As a matter of information, it may be said that all public moneys
paid into any treasury office, national-bank depositary, or other
depositary are placed to the.credit of the Treasurer of the United
States and held subject to his draft. The public moneys in the hands
of any depositary of public moneys may be transferred to the Treasury
of the United States or may be transferred from one depositary to
any other depositary as the safety of the public moneys and the
convenience of the public service shall require.
The Treasurer is redemption agent for Federal reserve and nationalbank notes; is trustee for Donds held to secure bank circulation, public
deposits in depositary banks, and bonds held to secure postal savings
in banks; is custodian of miscellaneous trust funds; is fiscal agent
for the issue and redemption of the United States paper currency,
for the payment of the interest on the public debt and the redemption
of matured obligations of the Government, for collecting the interest
on public deposits held by banks, and for the collection of semiannual duty on bank circulation; is fiscal agent for paying principal
and interest of the land-purchase bonds of the Philippine Islands;
is treasurer of the board of trustees of the Postal Savings System;
and is ex officio commissioner of the sinking fund of the District of
Columbia.
The financial transactions of the Treasury, which have been related,
impose on the Treasurer's office the keeping of many accounts with
great responsibilities, which has tested the capacity, the fidelity, and
efficiency of the staff, the chiefs of divisions, the clerks, and every
person employed. They have met well every requirement. The
volume of work done has been large and its excellence notable.
The Treasurer feels that it is a privilege as well as a duty to recognize and to commend the merits in character and work of the force
every member of which deserves so well.
Respectfully,
FRANK
WHITE,
Treasurer^
Hon.
A. W. M E L L O N ,
Secretary of the Treasury.
TABLES
No. 1.- -GeneraL distribution of the assets and liabilities of the Treasury^ June 30y
1925
Treasury
offices
Mints and
assay offices
Designated"
depositaries
of t h e U n i t e d
States
In transit
Total
ASSETS
$3,935, 585. 70 $611,008,725.45
Gold coins
$614,944,311.16
3, 076,255,889.42
Gold b u l l i o n .
3, 078, 255,889. 42
46, 589, 729. 00 405,940,483. 00
s t a n d a r d silver d o l l a r s .
452, 510, 212. 00
7, 229,258. 08
298, 509. 87
S u b s i d i a r y silver coins
$10,000. 00
7, 537, 767. 76
16, 387, 694. 52
Silver bullion
16, 387, 694. 52
1, 298,875. 00
United Statesnotes...
894, 600. 00
2,193,375.00
5,000. 00
T r e a s u r y notes of 1890
5, 000. 00
47,066,570.00
8,498,170. 00
Gold certificates (active)
6,843,100. 00
61, 207, 840. 00
425,800, 000. 00
Gold-certificates ( i n a c t i v e ) . . .
425,800, 000. 00
2, 221, 256. 00
1,484.00
Silver certificates
2, 289,858. 00
4, 512, 578. 00
Federal reserve notes
. _ . 1, 227,342. 50
241, 820. 00
5,300. 00
1,474, 282. 50
87,890. 00
Federal reserve b a n k notes
87, 890. 00
19, 550,970. 00
National-bank notes. '
44, 281. 00
19, 595, 231. 00
3, 917. 55
Unclassified (collections, e t c . ) . . 1, 078,721. 88
2,205, 257. 97
3,285,897. 20
38,770.47
1, 733, 739. 27
M i n o r coin
1, 782, b ^ . 74
10, 000. 00
Deposits i n Federal reserve
banks
$25,434,388. 53
25,434, 368. 53
Deposits i n special depositaries
(act A p r . 24,1917)
..:
160, 718, 572. 04
150, 718, 572. 04
Deposits in national banks, etc.
29,966,369. 60
29, 966, 369. 50
P u b l i c m o n e y s i n t r a n s i t bet w e e n Federal reserve b a n k s
a n d t o a n d from depository
banks
. .
23, 524,001. 52
23, 524, 001. 52
^
"
^
84,808, 820. 02 4, 591, 669, 361. 29 208,117,310. 07 34, 828, 278.49 4, 917, 221, 769. 87
T o t a l available assets
Balance
with
Treasurer
' UnitedStates
208, 280.48
208,280.48
C h e c k s p a i d b u t not c l e a r e d . . .
163, 353. 55
163, 353. 56
Aggregate
LIABILITIES
84,808,820. 02 4, 591,877, 841. 77 206,117,310. 07 34, 789,832. 04 4,917, 593,403. 90
_
,
O u t s t a n d i n g T r e a s u r e r ' s checks
D i s b u r s i n g officers' balances
on books of Treasurer a n d
depositary bank"^
P o s t Office D e p a r t m e n t account
Uncollected i t e m s , exchanges,
etc •
. . . ......
B o a r d of trustees, P o s t a l . S a v ings S y s t e m
R e d e m p t i o n fund: .
Federal reserve notes (gold)
N a t i o n a l - b a n k notes
R e t i r e m e n t of additional circulating notes (act M a y 30,
J908)
Assets of insolvent national
banks
_
T o t a l agency a c c o u n t s . .
Balance to credit of m i n t s a n d
assay offices
•.
Balance to credit of gold fund,
Federal Reserve B o a r d
Balance t o credit of t r u s t funds
(act M a r . 14,1900)
Balance i n general fund, including t h e gold reserve K : . .
Aggregate
..
1,441,313.73
30,687, 874. 74
8,038, 827. 60
3, 911,175. 42
7,043,441. 20
161, 594. 675. 70
28, 993, 525. 27
4,740. 00
2, 574. 41
239,718,147.97
208,280.48
1, 752, 744,435.12
2, 551,324,114. CO
373,800,428. 33
4,917,693,403. 90
' Including credits to disbursing officers.
549
550
KEPORT ON T H E FINANCES
No. 2.—Available assets and liabilities of the Treasury at the close of June, 1924
and 1925
•
June 30, 1924
June 30, 1925
ASSETS
Gold:
Coin
Bullion.
. ^
Total
Silver:
Dollars
Subsidiary coin
Bullion
$459, 971,195. 04
3, 326,089, 793. 94
3, 786,060,988.98
...:
3, 691, 200, 200. 67
427, 694, 079. 00
8, 073, 620. 73
31, 072, 996. 78
. .
..
:.
.
.
Total
Other:
Minor coin
Deposits in Federal reserve banks.
_
Deposits in Federal land banks
Deposits in national banks, special and foreign depositaries
Public moneys in transit between Federal reserve banks and to
and from depositary banks
Public debt interest, etc., paid but not reimbursed by warrant..
2,193, 375. 00
5,000. 00
1, 474, 262. 50
87, 890.00
19, 595, 231. 00
487, 007,840. 00
4, 512, 578. 00
3, 285, 897. 20
514, 652, 223. 30
Total
Paper:
United States notes .
Treasury notes of 1890
' Federal reserve notes
Federal reserve bank notes.
National-bank notes
Gold certificates
Silver certificates
Unclassified (collections, etc.)
476, 435, 674. 27
4, 260, 547. 00
7,000.00
1,124, 848. 00
193, 898. 00
18, 291. 051. 50
454,190, 500. 00
2, 242, 213. 00
34, 342,165. 80
_
-.
452, 510, 212. 00
7, 537, 767. 75
16, 387, 894. 52
468, 840, 698. 51
.' .
518,162,073. 70
2, 738, 648. 76
43, 250, 226. 26
1, 000, 000.00
190, 048, 851. 63
1, 782, 509. 74
25, 434, 388. 53
180, 682, 941. 54
6, 575, 378. 94
128, 949. 12
23, 524,001. 52
231,423,821.33
243, 740, 054. 71
Total
Aggregate.. . .
$614, 944, 311. 15
3,076, 255, 889. 42
. . . . . . .
4,917, 221, 789.87
5,011,293,983.50
LIABILITIES
General account:
Gold certificates
,
Silver certificates
.
Treasury notes of 1890
Gold fund. Federal Reserve Board
Reserve fund
Balance * .
.
Total
Aggregate. .
..
:
:
* Including credits to disbursing officers.
1, 441, 313. 73
30, 687, 874. 74
8,038, 827. 50
3, 911,175. 42
7, 043, 441. 20
141, 046, 727. 99
161, 594, 675. 70
30, 314,179. 01
8, 745. 00
5,151, 852. 94
28,993, 525. 27
4,740. 00
2, 574. 41
275, 006,988.07
190,988. 06
239, 718,147. 97
183, 353. 55
239, 552, 794. 42
1, 672, 541,159. 00
410, 807, 623. 00
1, 429, 828. 00
2, 280, 891,035.12
152, 979, 025. 83
238, 029, 514. 74
2, 098, 895, 459. 00
453, 238, 773. 00
1, 391, 882.00
1, 752, 744, 435.12
153, 620,985. 51
219,979, 440. 82
: 4, 736, 477, 983. 49
Total
1, 458,186. 71
36,844, 728. 78
14,955, 578. 26
37, 359,742. 51
7, 867; 446. 87
274, 815, 980. 01
Outstanding Treasurer's checks .
Disbursing officers' balance on books of Treasurer and depositary
banks
.
.
. .
Post Office Department account
Uncollected items, exchanges, etc
Board of trustees. Postal Savings System
Redemption fund:
Federal reserve notes (gold)
Federal reserve bank notes
National-bank notes
Retirement of additional circulating notes (act of May 30, 1908)
Assets of insolvent national banks . .
....
Total agency accounts
_
_
Less checks paid but not'cleared
4, 677, 668, 975. 45
4. 917, 221. 769. 87
5, Oil, 293, 983. 50
1
mEASXJHER
551
'^
No. 3.—Distribution of the General Treasury balance, June 30, 1925
WashingtonM i n t s a n d assay offices:
Philadelphia
Denver
San Francisco..
Carson C i t y . .
N e w Orleans
New York.
Boise
Deadwood
Helena
Salt L a k e C i t y
• Seattle
F e d e r a l reserve b a n k s
Special d e p o s i t a r i e s . N a t i o n a l b a n k s a n d insular depositaries
Foreign d e p o s i t a r i e s . . .
T r e a s u r y of P h i l i p p i n e I s l a n d s . . .
In t r a n s i t . . . . . . . . . . . : . . . - . .
$84,804,834.11
-1.
i
:
..—
-
-
Total.-...--..
Deduct:'
A g e n c y accounts on books of T r e a s u r e r of t h e U n i t e d States
Gold fund. Federal Reserve B o a r d
488,814,503.11
388,795,131.47
852,888, 537.91
17, 579. 75
6,859,094.84
3,056,075,085.39
8,725.16
684.12
38,418.84
45,312.68
552,988.24
25,434,368.53
150,718,572.04
8,809,268.89
85,129.01
898,150.92
34,789,832.04
4,895,407,994.85
._•_
$217,739,019.40
1,752,744,436.12
—1,970,483,454.52
General account
D e d u c t : T r u s t funds, act M a r . 14, 1900
.•
2,924,924,540.33
. . . . 2, 551,324,114.00
B a l a n c e , including gold reserve
373,800,428.33
No. 4.—Assets of the Treasury other than gold, silver, notes, and certificates at the
end of each month, from July, 1922
' Month
M i n o r coin
1922—July
August....
September
October...
November,
December.
1923—January..February..
March
April
May.
June
July.......
August—
September
October...
November.
December.
1924^Jaiauaty...
February..
March
April
May.
June
July
August
September
October...
November.
December.
1925—January...
February.,
March...,
April
May
June
845,088
828,947
804, 582
679,907
412, 822
812,183
881, 784
846,370
815,378
830,497
952,118
982, 881
880, 341
410,085
684, 397
357,227
772,138
198,392
607, 324
781, 874
040,160
250,990
839, 511
738, 849
791,181
780, 820
781, 738
501, 014
874, 804
138, 545
309,235
380,982
580, 413
838,484
705,194
782, 610
Unassorted
currenc3^
• etc.
D e p o s i t s in
Federal
reserve a n d
national
banks
$5,239,195 $208, 538, 833
4,033,111
298, 589,395
8,823,488
228,007, 282
374, 545,884
15, 770, 521
305, 445,097
1,827, 771
535, 317, 518
3,045, 874
295,498, 518
"4, 833,171
213, 244,813
4,242, 809
545,922,452
2,221,081
404, 842,742
8,177,491
323,277, 745
2, 380,138
371, 482,892
4,817,147
272,059,043
3, 543,087
235, 593, 330
2, 900,819
403,819, 718
3.045; 057
204,051,334
15,089, 599
139,889,702
2, 279, 714
321,112,389
5, 743, 878
257, 530,880
9, 065,408
239,443,180
3,188,950
448,088,986
2, 854,440
339,895,739
2, 843, 742
207,693, 577
1,839,890
240,141,147
34, 342,168
217,000,220
•4,048,928
1, 989,821 202, 571, 508
2, 871, 558 398,333, 958
3, 214,870 318, 705,800
3,182, 512 239, 353, 784
3, 572, 774 330,189, 402
4, 513, 507 275,172,050
3,372, 770 228,809,200
2, 757, 455 509,374, 591
2, 930, 722 339,389, 524
7, 770, 085 280,058,448
3, 285,897 228,745,081
D e p o s i t s in B o n d s a n d
t r e a s u r y of
interest
Philippine
paid
Islands
$4,296,
1,961,
1,483,
1,091,
1, 288,
1,083,
798,
1,141,
917,
1, 321,
1, 217,
988,
1,051,
1,005,
1,010,
1,043,
1,034,
1, 212,
647,
1,079,
92i,
1, 233,
1,094,
733,
1,059,
991,
1,412,
931,
1,375,
310,
1,252,
1,085,
689,
1,185,
1,031,
$179,258
128,949
Total
$219,917,902
308, 393, 386
238, 098, 421
395,088, 205
311,972,074
542,259,270
303, 790,027
221,475, 820
551,878, 231
414, 972, 382
329,827, 582
380,228, 970
279,334,299
241, 909, 248
409, 359, 590
221,521,180
144,955,981
329, 284, 509
288,850, 756
245,473,678
451, 888, 328
346, 224,373
213,287, 576
278, 082, 220
224,900,187
208, 333,183
403,400,112
325, 353,038
245, 588, 352
335,189, 849
282,248,890
232, 848,801
514,382, 238
345,124, 671
270, 583, 592
234, 709, 719
552
R E P O R T ON THE FINANCES
No. 5.—Assets of the Treasury at the end of each month, from July, 1922
Month
1922—July
August
September
October...
November.
December.
1923—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
1924—January...
February..
March
April.
May
June
July.
August
September.
October...
November.
December.
1925—January
February..
March
April
• May
June
Gold
Silver
Notes
$3,195, 980, 335 $380,723,175
3,229, 634,195 387,334,092
3,247, 510, 704 396, 723, 282
3, 268, 108,496 402, 534,198
3, 278, 383,311 407, 538, 222
3, 284, 424,975 413,977,399
3, 292, 918, 279 421, 811,059
3, 297, 944,616 429, 822, 020
3, 292, 182,465 437, 879,999
3, 303, 924,949 447, 838,117
3, 348, 099,009 458,067, 845
3, 383, 739,945 487, 943, 584
3, 393, 713,608 472, 226, 237
3,424, 847,782 473, 333,682
3,447, 039,372 473,722, 699
3,477, 852, 285 474,197, 767
3, 518, 227,882 463, 654, 668
3, 553, 932, 238 481,863, 349
3, 597, 911, 259 483,125, 344
3, 832, 214, 533 484, 225, 882
3, 870, 783, 680 484,874, 870
3, 721, 208, 884 465,492, 770
3, 781, 594,075 468, 081,843
3, 788, 080,989 468, 840, 897
3,812, 551, 074 488, 570, 786
3,824, 277, 745 478,800, 264
3,828, 111,933 479,112, 055
3, 845, 132, 281 478,721,418
3, 865, 099,833 478, 589, 895
3, 834, 818,888 472,040, 200
3, 755, 209,823 473,445, 339
3, 709, 537, 613 475,188, 111
3, 685, 720,985 475,423,421
3, 681, 231, 805 478, 029,432
3, 690, 339,479 478, 277, 625
3, 891, 200, 201 476,435,674
Certificates
Other
$23,892, 222
17,182, 241
23, 057, 938
29,117, 336
25,399,820
25, 238, 723
23, 931, 598
23,891,455
20, 242, 862
20, 077,662
18, 764,180
18, 018,724
21, 719, ^26
21, 358, 638
20, 775,410
21, 988, 224
22, 890, 847
22,477,448
18, 224,181
17, 509, 933
17, 941, 388
20, 094,028
21,104, 095
23, 877, 345
22, 359, 207
19, 501, 045
18, 842,814
21, 865, 518
20, 880, 242
20, 318,173
22,182, 674
22,498, 824
20, 747, 573
23, 376, 328
22,163,155
23, 355, 758
$295, 092,157
330,128, 738
358, 749, 798
386,128, 201
419, 260,192
429, 789, 950
451, 070, 532
465,824, 650
470, 722,490
463, 915, 380
453,443, 541
458, 227,890
448, 560, 036
455, 218, 966
454, 509, 617
481, 543,460
487,382,4.19
452, 879, 538
473, 787. 232
475,190, 568
474, 705,487
472,459, 236
471, 874,499
458,432, 713
483,117, 749
467,495,335
463, 810, 981
481,898,318
474, 586, 059
471,498, 868
483, 910, 049
488, 720, 081
490, 884,108
493, 273, 603
488, 233, .963
491, 520,418
$219, 917,902
308,393,388
238, 098,421
395, 088, 205
311,972,074
542, 259, 270
303, 790,027
221,475, 620
551, 876, 231
414,972,382
329,827; 582
380,228,970
279,334,299
241, 909, 246
409, 359, 590
221, 521,180
144, 955,981
329, 284, 509
288,850, 756
246,473, 578
451,886, 328
348, 224, 373
213, 267, 578
278,082, 220
224,900,187
208,333,183
403,400,112
325, 353, 038
245, 586, 352
335,189, 849
282, 248,890
232, 848, 801
514, 382, 238
345,124, 871
270, 583, 592
234, 709, 719
Total
$4,115, 405, 791
4, 272,550, 652
4, 283,140,123
4,480, 974,435
551, 819
• 4,440,
4,695, 890,317
4,493, 519,493
4,438, 758, 361
4, 772,703,847
.4,850, 528,450
,
4,604;'
;'201,957-4, 888,159,113
4,813, 554,104
4,818, 888, 312
408,888
> 4,805,
4, 857,082,-896
,4,815, 111,375
4,'820, 017, 082
4,821,•898,772
4,834, 814,492
5, 079,991, 513
5, 026,479,091
4,933,722, 088
5, Oil,293, 964
4,991,.498,983
4,998, 407,552
5,192, 877,876
5,152, 770, 571
5, 082,722,181
5,133, 685,776
5, 018,974, 775
4, 928,589,410
5,188, 958, 303
5, 019,035,837
4, 947,567,814
4, 917,221,770^
No. 6.—Liabilities of the Treasury at the end of each month, from July, 1922, to
June, 1925
Month
Gold a n d silver
certificates
and Treasury
notes
1922—July
• August
September
October...
November.
December.
1923—January...
February..
March
April
May
•..
June
July..
August
September
October...
November.
December.
1924—January...
February..
March
April
May
June
July
August
September.
October..November.
December.
1925—January...
February..
March
April
May
June
299,221,816
338, 775,945
383, 289, 545
397, 870, 545
439,057, 345
483, 898,855
515, 884, 305
527,979, 955
541,619, 905
655,183,255
688,188, 755
806,407,855
646, 902, 705
691,921,005
707,167, 959
747, 579,209
789,108,109
840,454, 358
879, 897,958
921,888, 308
983, 594, 058
020,985,208
067, 853, 608
084, 578,408
134,487,908
188,188,758
213,958, 908
288,514,358
324, 385,159
420, 203, 709
422, 350, 909
432, 732, 909
458,167, 959
490, 982, 629
509, 080, 779
551, 324,114
Gold fund,
redemption
funds, etc.
Gold
reserve
N e t balance
in general
fund
Total
$2,410, 827, 807 $152, 979, 028 $252, 377, 343 $4,115, 405, 791
338, 511, 204 4; 272,650,652
152, 979,026
2,444, 284,477
258,839, 729 4, 283,140,123
152,979,026
2,490, 051, 823
412,345, 540 4,480,'974,435
152,979,026
2, 517,979,324
338, 910, 280 4,440, 651, 619
152, 979,026
2, 509,804, 968
537, 881,122 4, 695,890,317
152,979,026
2, 521,153,314
254, 546,388 4,493, 619,493 •
152, 979,028
2, 570,309, 774
192, 250,473 4,438, 758,381
152,979, 026
2, 565,548,907
152, 979, 026 630,124,298 4, 772,703, 847
2,547, 980, 818
152, 979, 026 393,122, 954 4, 650,528,450
2, 649,241, 215
301,883,908 4, 604,201,957
152,979,028
2, 663,152, 269
152, 979, 028 389, 886, 816 4, 888,159,113
2, 556,885, 418
282,853, 795 4, 813,554,104
162, 979,028
2,530, 818, 578
162, 979,028 252, 456, 238 4, 818,888, 312
2, 519,312, 043
152, 979, 026 422, 747, 512 4,. 805,408, 888
2, 522,512,191
223,042, 962 4, 857,082,896
152, 979,028
2, 533,481,899
155, 773,847 4, 815,111, 375
152, 979,028
2, 517,250,393
152, 979, 026 324, 907, 061 4,820, 017,082
2, 501,876, 637
240, 935, 448 4, 821,898, 772
152,979,028
2, 548,286, 340
152, 979, 028 228,425, 031 4, 834,814,492
2, 531,322,127
444, 520, 597 5, 079,991, 613
152, 979,028
2, 518,897,832
331, 725,402 5,025, 479,091
152, 979,028
2, 519,789, 455
198,837, 515 4, 933,722,088
152, 979,026
2, 518,051, 939
238, 029, 515 5, Oil,293, 984
152,979, 026
2, 535,707,015
228, 808,022 4,991 498,983
152, 979,026
2,477, 224,027
214, 793, 771 4, 998,407, 552
152,979,026
2,482, 447,997
152, 979, 028 412, 583,-888 5,192, 877,875
2,413, 356,055
152, 979, 028 335,129, 874 5,152, 770, 571
2,396, 147, 513
152, 979, 028 247, 833,178 5, 082,722,181
2, 357,744, 818
329,078, 887 5,133, 885, 776
152, 979,028
2, 231,404,174
288,900, 301
2,154, 744, 539
974, 775
152, 979, 028 223, 333, 548 5, 018,589,410
2,118,901, 967
153, 620, 988 490, 733, 898 4,928, 958, 303
2, 088,435, 860
153, 820, 986 329, 324, 999. 5,188, 035.837
2, 045,107; 223
153, 620, 986 248,067,423 ...5, 019,587, 814
2,038, 818, 628
153, 620, 986 219,979,441 4, 947,221, 770
1, 992,297, 229
153, 620, 986
4, 917,
553
TIUSASUE.EB
N o . 7.— United States notes of each denomination issued, redeemed, and outstanding
at the close of the fiscal years, 1922, 1923, 1924, and 1925
Issued d u r ing year
T o t a l issued
Redeemed
d u r i n g year
One dollar
. . : . $113,236, 000
50)792,000
T w o dollars
37, 920, 000
F i v e dollars
.
105,120, 000
Ten dollars......^
31, 680, 000
T w e n t y dollars..
^..
800, 000
F i f t y dollars
One h u n d r e d dollars
Five hundred dollars. . .
One t h o u s a n d dollars
Five thousand dollars.
T e n t h o u s a n d dollars
$882, 692,160
456, 387, 048
1, 980, 371, 760
1,805, 671, 240
'591,802,400
150, 615, 200
197,104, 000
228, 278, 000
467, 628, 000
20, 000. 000
40, 000, 000
$190,240,820
65, 850,870
46, 746, 070
33,452, 650
12,390, 540
138, 250
128,800
79,000
323, 000
Total
1..
U n k n o w n , destroyed ' .
339, 348, 000
6, 818, 547, 808
339, 348, 000
8, 470,886, 792. 00
1, 000, 000. 00
347, 681, 016. 00
1, 000, 000. 00
339,348,000
6, 818, 547,808
339, 348, 000
6,471, 888, 792. 00
346, 881, 016. 00
160, 412, 000
46, 464, 000
28, 580, 000
65, 320, 000
13, 200, 000
1, 043,104,160
502,851, 048
2, 008, 951, 760
1,870,991, 240
605, 002,400
150, 615, 200
197,104, 000
226, 278, 000
487, 628, 000
20, 000, 000
40, 000, 000
133, 753, 447
49, 285, 498
45, 945, 305
84,757, 480
16, 702, 420
211, 250
78, 600
41, 000
3, 203, 000
920, 592, 707. 80
460, 080,122. 20
1,965,181,430.00
1, 788, 903,849. 00
578, 755, 258. 00
149,448, 225. 00
195,881, 200. 00
225, 325, 000. 00
464,705, 000. 0020, 000, 000. 00
39,990,000. 00
122, 511, 452. 20
42, 770, 925. 80
43, 770, 330. 00
104, 087, 391. 00
28, 247,142. 00
1 166,975.00
1, 242, 800. 00
951, 000. 00
2, 923, OUO. 00
347,681,018.00
1, 000, 000. 00
Denomination
T o t a l redeemed
Outstanding
1922
-
Net
$786,839, 260.80
$95,852,899. 20
410, 794,624. 20 - 45,592,423.80
1, 919, 236,125. 00
81,135,835. 00
1, 702,146, 369. 00
103, 524, 871. 00
560,052,838.0031,749,582.00
149, 238,975. 00
1, 378, 225. 00
195, 784, 800. 00
1, 319,400. 00
225, 284, 000. 00
992 000 00
6,128, 000. 00
461, 502, 000. 00
20, 000. 00
39, 990, 000. 00
10, 000. 00
1923
O n e dollar
T w o dollars .
. .
Five dollars...
Ten dollars....
T w e n t y dollars. ^
Fifty dollars .
One h u n d r e d dollars
Five hundred dollars. .
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
10, C«0. 00
313, 978, 000
7,132, 523,808
313,976, 000
6,784.^^42,792.00
1.0(0,000.00
313, 976, 000
7,132, 523, 808
313, 978, 000
8, 785,842, 792. 00
348, 681; 016. 00
One dollar
T w o dollars
F i v e dollars
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars . .
One thousand dollars:...
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
110, 552, 000
47, 368, 000
18, 680, 000
127, 520, 000
1,153, 658,180
550, 219, 048
2, 027, 631, 760
1,998, 511, 240
805, 002, 400
150, 615, 200
197,104, 000
228, 276, 000
467, 828, 000
20, 000, 000
40, 000, 000
138,178, 863
53, 692,452
28, 313, 255
73,124, 300
12, 329, 080
183, 250
87,800
49, 000
184, 000
1, 058, 789, 570. 80
513, 772, 574. 20
1,993,494, 885. 00
1,840, 028,149. 00
589, 084, 338. 00
149, 831, 475. 00
195,929, 000. 00
225, 374, 000. 00
484,889, 000. 00
20, 000, 000. 00
39, 990, 000. 00
. 98,886,589.20
38,448, 473. 80
34,137, 075. 00
158,483, 091. 00
15,918, 082. 00
983, 725. 00
1,175, 000. 00
902, 000. 00
2, 739, 000. 00
Total
U n k n o w n , destroyed
304,120, 000
7,438, 643, 808
304,120, 000
7, 088,962, 792. 00
1, 000, 000. 00
347, 881, 016. 00
1, 000, 000. 00
304,120, 000
7, 438, 643, 808
304,120, 000
7, 089, 962, 792. 00
348, 881, 016. 00
82,168, 000
49,632, 000
54, 640, 000
108,160, 000
9, 360, 000
1, 800, 000
1, 215, 824,180 ' 99, 885, 355
41,929,920
599,851, 048
24, 308,885
2, 082, 271, 780
112,448,710
2,106, 671, 240
6, 824,180
614, 362, 400
128, 950
152, 215, 200
54, 000
197,104, 000
32, 000
228, 276, 000
172, 000
467, 628, 000
20, 000, 000
40, 000, 000
1,158, 834,925. 80
555,702, 494. 20
2, 017, 803, 570. 00
1,952,474, 859. 00
595, 708, 518, 00
149, 758,425, 00
195,983, 000. 00
225,406, 000, 00
485, 081, 000, 00
20, 000, 000, 00
39,990, 000, 00
59,189,234.20
44,148, 553. 80
84,468,190. 00
154,198, 381. 00
18,853, 882. 00
2,458, 775. 00
1,121, 000. 00
870, 000. 00
2, 587, 000. 00
Net
1924
Net.
10, COO. 00
1925
One dollar
T w o dollars
F i v e dollars
T e n dollars
..
T w e n t y dollars.. _
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net..........
....
_
10, 000. 00
285, 560, 000
7, 722, 203,808
285, 560, 000 ! 7. 374. 522. 792. 00
1, 000, 000, 00
347, 881, 018. 00
1, 000, 000. 00
285, 560,
7, 722, 203,808
285, 560, 000 1 7.375. 522. 792. 00
348, 681, 018. 00
60501—FI 1925t
36
554
REPORT ON T H E FINANCES
No. 8.—Treasury notes of 1890 of each denomination redeemed and outstandinglat .
the close of the fiscal years, 1922, 1923, 1924, and 1925
Denomination
1922
Total issue
Total
redeemed
Outstanding
_
. . __.
—.
_—
'.
Total
One dollar..
Two dollars
Five doUars
Ten dollars
Twenty dollars
Fifty dollars..
One hundred dollars
One thousand dollars
1923
_
,
.
$64,389, 741
49,614,694
•
120,362, 882
104,329,000
36,617, 910 :
1,167, 950
17,935, 600
62, 617,000
66,641
445,924,467
1,610,643
64,391,797
49,616,218
120,359,132
104,343,240
36,824,930
1,168,600
17,937,700
62, 620,000
312,203
191,782
380,868
336,760
136,070
6,400
62,300
48,000
2,056
1,524
8,470
. . 14, 240
7,020
660
2,200
3,000
$314,269
193,306
387,338
361,000
142)090
7,060
64, 600
61,000
447,436, 000
1924
.
.
...
... .
....
. .
Total..
1926
One dollar..
Two dollars
'
^
Five dollars
Ten dollars
Twenty dollars..
Fifty dollars.
One hundred dollars . .
One thousand dollars
Total
.
.
-_„_
37,160
446,961,617
1,473,383
64,704,000
49,808,000
120, 740,000
104,680,000
36,760,000
1,176,000
18,000,000
62, 688,000
1,746
1,382
6, .670
15, 680
,10,280
1,400
6,700
1,000
64,393,642
49,617,600
120,365,802
104,358,820
35,835,210
1,170,000
17,943,400
52, 621,000
310,468
190,400
374,198
321,180
124,790
6,000
66,600
47,000
447,436,000
.
One dollar..
Two dollars
Five dollars _
Ten dollars
Twenty dollars
Fifty dollars
One hundred dollars
One thousand dollars
$2,992
2,394
11,136
24,000
16, 620
600
6,000
3,000
84, 704,000
49,808,000
120,740,000
104,680,000
36, 780,000
1,175,000
18,000,000
62,688,000
_
.
_
$64,704,000
49,808,000
120,740,000
104,680,000
36,760,000
1,176,000
18,000,000
62, 668,000
447,436,000
One dollar _.
Two dollars
Five dollars
Ten dollars
Twenty dollars. _
Fifty dollars
One hundred dollars
One thousand dollars..
Total
Redeemed
during year
43,767
446,006,374
1,429,626
64,704,000
49,808,000
120,740,000
104,680,000
36,780,000
1,176,000
18,000,000
52,588,000
1,816
1,488
6,350
12,910
7,480
1,100
3,800
3,000
64,395,358
49,819,088
120,372,152
104,371,730
35, 642,890
1,171,100
17, 947,000
62, 624,000
308,642
188,912
367,848
308,270
117,310
3,900
63,000
44,000
447,435,000
37, 744
446,043,118
1,391,882
555
TKEASUKEE
No. 9.—Gold certificates of each denomination issued, redeemed, and outstanding at
the close of the fiscal years 1922, 1923, 1924, and 1925
Issued during year
Denomination
1922
Ten dollars..
T w e n t y dollars
Fifty, dollars
^....
One h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
T o t a l issued
Redeemed
d u r i n g year
Total
redeemed
Outstanding
$440, 000
14,800,000
2,600,000
3,600,000
1,000, 000
2, 200, 000
10, 000, 000
191, 780, 000
$10, 014,770
10,928,780
2,197,750
2,545,000
586,500
1,464, 000
1, 090, 000
8, 280, 000
$1,243,430,026
1, 261,464,176
266,607, 270
, 367,182,200
131, 907, 000
436, 618, 500
820,106, 000
3, 705,070, 000
$74,277, 976
83,975,824
28,192, 730
44,452,100
13,687, 000
83,182, 600
79,935, 000
597,480,000
228,420, 000
9, 207,447,300
37,105,800
8,222, 284,171
985,163,129
33, 600, 000
161, 200, 000
29,600, 000
36, 000, 000
100, 000
3, 200, 000
1, 000, 000
2, 030, 000
1, 351, 308, 000
1, 496, 640, 000
324,400, 000
447,634, 300
145,694, 000
502,881, 000
901, 040, 000
4,304,580,000
14,842, 280
30,726,740
4,637,800
6,014,100
357, 500
977, 000
130, 000
3, 040, 000
1, 258, 272, 306
1, 282,190, 916
271, 245, 070
373,196, 300
132,264, 500
437,495, 500
820, 235, 000
3, 708,110, 000
93, 035,696
214,449, 084
53,154,930
74,438, 000
13,429, 500
85, 385, 500
80,805,000
596, 470, 000
288,730, 000
9, 474,177, 300
60, 726,420
8, 283, 009, 591
1,191,187,709
234,960, 000
288,800, 000
58, 400, 000
59, 800, 000
20, 650, 000
22,300, 000
1, 050, 000
1, 588, 268, 000
1, 765,440, 000
380,800, 000
507, 234,300
166, 344, 000
525,181, 000
901, 040, 000
4, 305,630, 000
61,993, 700
80,914, 600
15,060, 350
12, 214, 900
2,975, 000
7,423,000
125, 000
1, 680, 000
1,320, 268, 005
1,383,105, 618
288,305,420
385,411,200
135, 239, 500
444, 918, 500
• 820, 380, 000'
3, 709, 790, 000
663, 760, 000
Total
$1,317, 708, 000
1,335,440,000
294,800, 000
411, 634, 300
145, 594, 000
499,681, 000
900, 040, 000
4, 302, 550, 000
10,137, 937, 300
182,388, 550
1923
T e n dollars
T w e n t y dollars.
F i f t y dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d d o l l a r s . . . . . .
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
1924
T e n dollarsT w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
:...
Total
1925
T e n dollars
T w e n t y dollars
F i f t y dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total.
.....
....
266, 001, 995
402,334,484
• 94,494, 580
121,823,100
31,104, 500
80, 262, 500
80, 880, 000
595,840, 000
8,465,396,141
1,672, 541,159
349,880, 000
356, 320, 000
65; 800, 000
43, 800, 000
4, 000, 000
4, 700, 000
2, 000, 000
2, 050, 000
-.1
1,936,148, 000
2,121, 760, 000
448, 600, 000
550, 834, 300
. 170,344,000
529, 881, 000
903, 040, 000
4, 307, 680, 000
153, 725,140
171, 010, 360
39, 935, 400
23,414,800
4,094, 000
10,601, 000
295, 000
1,120, 000
1,473, 991,145
1, 534,115,876
326, 240,820
408,828, 000
139, 333, 500
455, 519, 500
820,855, 000
3, 710, 910, 000
462,158,855
587, 844,124
120, 359,180
142, 008, 300
31, 010, 500
74, 381, 500
82, 385, 000
596, 770, 000
828, 350, 000
10, 966, 287, 300
404,196,700
8,889, 591,841
2, 098,696,469
,556
R E P O R T O N T H E FINANCES
No. 10.—Silver certificates of each denomination issued, redeemed, and outstanding
at the close of the fiscal years, 1922, 1923, 1924, and 1925
Issued during year
Denomination
Total issued
Redeemed
during year
Total
redeemed
Outstanding
1922
One dollar
$284,438, 000 $3, 339, 787, 800 $161,826,889 $3,138,122,932. 90 $201, 884, 687.10
Two dollars
-.
6,360,000
1,107,868,000
11, 548,411 1, 097, 590, 287. 80 10, 277, 712. 40
Five dollars
77,194, 717. 60
O
84,440,000 3,041,670, O O 84, 618, 460 2, 984,476, 282. 50
Ten dollars
670, 932,489. 00
5, 821, 611.00
678, 664, 000
7,358,200
Twenty dollars
332, 271, 050. 00
338,148, 000
6, 602, 780
6, 874, 950.00
3,040, 000
123,455, 915. 00
Fifty dollars
4, 794, 085. 00
128, 250, 000
3,330,000
One hundred dollars
81, 339, 980. 00
81, 540, 000
13, 800
200, 020. 00
.Five hundred dollars
18, 839, 500, 00
" 10, 500. 00
18, 850, 000
3,000
32, 475, 000.00
vOne thousand dollars.
32, 490, 000
15,000.00
Total
378, 276, 000
8, 7.82, 955, 600
276, 201, 620 8, 467, 302, 437.00
305, 853,163.00
289, 680,000
37, 840,000
158, 360,000
40, 000
160,000
1, 800, 000
3, 829, 467, 600
1,145, 608,000
3, 200, 030, 000
676, 594, 000
338,308,000
129, 850, 000
81, 540, 000
16, 650, 000
32,490, 000
270, 743, 243 3,408,888,176. 90
22, 647, 622 1,120,137, 909. 60
79,872,105 3,044, 347, 387. 60
2,135, 900
673, 088,389. 00
2, 338, 280
334, 807, 330. 00
1, 721,860
126,177, 785.00
8,900
81, 348, 880. 00
16, 640, 000. 00
500
32,475,000. 00
220, 801, 424.10
25, 370, 090. 40
155, 882, 612. 50
3, 525, 811. 00
3, 898, 670. 00
4, 672, 235. 00
191,120. 00
10,000.00
16, 000.00
487,480,000
9, 250,435, 600
379,366,400
8,836, 888,837. 00
413, 788, 763, 00
373,828,000
22, 040,000
73,120,000
4,003,095, 600
1,187, 548,000
3,273,160,000
676, 594,000
338,308,000
129, 850,000
81, 640,000
16, 650,000
32,490,000
317, 916, 614 3,726,781,689.90
21,330, 606 1,141, 488, 415. 80
129, 618,260 3,173, 885, 847. 50
873, 898,869.00
630,470
335, 877, 870. 00
1,070, 640
128, 646, 015. 00
1,487, 250
81,383,480.00
14, 600
16, 640,000. 00
32,476,000.00
276,313,910.10
26,079, 584. 40
99, 284, 352. 50
2, 895,141. 00
2, 628,130, 00
3, 204,985.00
178, 520,00
10, 000.00
15, 000.00
468,788,000
9, 719, 223, 600
471,947,140
9,308, 616, 977. 00
410, 607, 623. 00
454, 788, 000
18, 704,000
68,000,000
4,467,863, 800
1,186, 252,000
3, 331,150, 000
. 676,594,000
338, 306,000
129, 850, 000
81, 640, 000
16, 850, 000
32,490, 000
374,899, 385 4,101, 681,074. 90
23, 365, 250 1,184,833, 886. 60
88, 690, 526 3, 282, 558,172. 50
674,043, 399. 00
344, 640
630, 400
338, 208, 270.00
127, 650, 466. 00
1, 005, 450
7,300
81,370, 780. 00
16, 640, 000. 00
32,476,000. 00
356,182, 526.10
21, 418,334. 40
88, 593, 827. 50
2, 550, 801. 00
2,097, 730. 00
2,199, 535.00
189, 220. 00
10, 000. 00
15, 000.00
531,472,000
10, 260, 695, 800
488,842,850
1923
One dollar
Two dollars
Five dollars.
Ten dollars
Twenty dollars.
Fifty dollars
One hundred dollars _.
Five hundred dollars
One thousand dollars
Total
1924
One dollar
Two dollars
Five dollars
Ten dollars
Twenty dollars
Fifty dollars.One hundred dollars
Five hundred dollars
One thousand dollars
'
'
Total
:
-.
1925
One dollar
Two dollars
Five dollars
Ten dollars.
Twenty dollars
Fifty dollars
-.
One hundred dollars
Five hundred dollars
One thousand dollars
Total .
9, 797, 458, 827. 00 453, 238, 773. 00
657
TUEASTJEEB
No. 11.—Amount of United States notes, Treasury notes, gold and silver certificates
of each denomination issued, redeemed, and outstanding at the close of each fiscal
year from 1922
Denomination
Issued
d u r i n g year
T o t a l issued
Redeemed
diuing year
T o t a l redeemed
Outstanding
1922
$397, 872, 000
O n e dollar . . .
57,152, 000
T w o dollars
122, 380, 000
F i v e dollars
105, 580,000
T e n dollars . .
49, 520, 000
T w e n t y dollars
3,200, 000
Fifty dollars
3, 600, 000
O n e h u n d r e d dollars
1,000,000
F i v e h u n d r e d dollars
2,200,000
O n e t h o u s a n d dollars
10, 000,000
F i v e t h o u s a n d d o l l a r s . _.
191, 780, 000
T e n t h o u s a n d dollars
Total
........
U n k n o w n , destroyed
944, 044, 000
$4, 287,183, 760 $352,070,701 $3,989,361,934.70 $297, 831, 825. 30
56, 063, 442. 20
1, 614, 063, 048 • 67,401,675 1,557,999,605.80
5,142, 781, 760
131,376,665 5, 004, 084, 069. 50
138, 717, 690 50
3.904,613,240
50, 849, 820 3, 720, 837, 883. 00
183, 775, 357. 00
29, 838, 800 2,179, 405, 974. 00
121, 742, 426. 00
2, 301,148, 400
34, 372. 090. 00
5, 888, 600
540,468,110.00
574, 840, 200
2, 690, 600
682, 242, 280. O
O
46, 036, 020. 00
708, 278, 300
687, 500
373, 830, 500. 00
14, 689, 500. 00
388, 520, 000
1,790,000
983, 012, 500. 00
69, 354, 500. OO
1, 052, 367, 000
1,090, 000
79, 935, 000. 00
920, 040, 000
840,105,000. 00
8, 280,000 3, 745, 080,000. 00
597,490, OOO OO
4, 342, 550, 000
25,236, 385, 708
851, 720, 981 23, 598, 377, 857. 00 1, 640, 007,851. OO'
1,000,000.00
1, 000, 000. OO
944, 044, O O ',25,;236,-386/,708. .. 651,.720,-981, 23, 597,..377, 857. 0 0 . .r,.83.9,00,7,.851,0().
Ov
"• • N e t i . —
1923
One dollar
T w o dollars .
F i v e dollars
Ten dollars.. . .
Twenty dollars...
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One thousand dollars....
F i v e t h o u s a n d d o l l a r s . _.
T e n t h o u s a n d dollars
TotaL
U n k n o w n , destroyed
Net
•
450,092, 000
84,104, 000
188, 940,000
98, 980, 000
174, 580, 000
31, 200, 000
38, 000, 000
100, 000
3, 200, 000
1, 000,000
2, 030, 000
4, 737, 275, 760
1, 698,167, 048
5, 329, 721, 760
4,003, 573, 240
2,475, 708, 400
806, 040, 200
744, 278, 300
388,820,000
1, 055, 587,000
921, 040,000
4,344,;580,000
1, 088,188,000
26, 304, 571, 708
764,104, 980 24, 350,482, 837. 00 1,954, 088, 871. 00
1,000, 000. 00
1,000, 000.00
1, 088,188, 000
26,304,571,708
754,104, 980 24, 351,-482,837..00 1,953, 088, 871 OO
404,498, 740
71,834, 644
125,823,880
81, 749, 900
49, 772, 460
6,571,550
6,101, 800
399, 000
4,183,000
130, 000
3,040,000
4, 393, 850, 680. 70
343, 425, 079. 30
1, 829, 834, 249. 80
68, 332, 798. 20
5,129, 887, 949. 50
199, 833, 810. 50
200, 985, 457.00
3, 802, 587, 783. 00
2, 229,178, 434. 00
246, 529, 966. 00
59, 000, 540. OO
547, 039, 660. 00
668, 344, 080. 00 . 75,934,220.00
374, 229, 500. 00
14, 390, 500. 00
987,195, 500. 00
68, 371, 500. 00
840, 236,000. 00
80, 805, OOO 00
596,480, OOO 00
3, 748,100, 000.00
•
•.. " ; r
•
•- ' v ^ . v . ,
•
1924
One dollar..
T w o dollars.
F i v e dollars
Ten dollars....
T w e n t y dollars..
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
F i v e t h o u s a n d dollars
T e n t h o u s a n d dollars
Total
U n k n o w n , destroyed
Net
•-...
484,180, 000
69, 408.000
91, 800, 000
382,480, 000
288.800, 000
58, 400,000
59, 600,000
20, 650, 000
22, 300, 000
464,094,122
75, 024, 340
157, 838,185
135, 784, 050
94, 324, 500
18, 712, 250
12, 303,000
3, 024,000
7, 608, 000
125, 000
1, 680, 000
1, 050, 000
5,221,,455,780
1, 767„575, 048
5, 421, 521, 760
4, 366, 053, 240
2,744,508,400
682, 440,200
803,878, 300
409, 270,000
1,077, 867, 000
921, 040,000
4, 345, 830, 000
1,438, 688,000
27, 741,239, 708
958,497,447 25, 308, 980, 284. O 2,432,259,424 OO
O
1, 000, 000; 00
1,000,000 00
1, 436, 668, 000
27, 741, 239, 708
958,497, 447 25, 309, 980, 284. 00 2, 431, 259, 424. GO
4, 847, 944, 802. 70
1, 704, 858, 589. 80
5,287,720,134.50
3, 938, 351, 833. 00
2, 323, 502, 934. 00
563, 751, 910, 00
680,647,080.00
377, 253, 500. 00
994, 803, 500. 00
840, 360, 000, 00
3, 749, 780, 000. 00
373, 510, 957. 30
62, 716, 458. 20
133, 795, 625. 50
427, 701, 407. 00
421,005,466.00
98, 688, 290. OO
123, 231, 220 00>
32, 016, 500. 00
83, 063, 500 00
80, 680,000. 00
595, 850, OOO OO
1926
O n e dollar'..
T w o dollars...
F i v e dollars
T e n dollars
T w e n t y dollars
Fifty dollars
One h u n d r e d dollars
F i v e h u n d r e d dollars
One t h o u s a n d dollars
Five thousand dollars. . .
T e n t h o u s a n d dollars
Total
Unknown, destroyed.
Net...
516, 936,^000
5, 738, 391, 760
68, 338, 000
1,835,911,048
112, 640,000
5, 534,161, 760 '
458, 040, 000
4, 824, 093, 240
385, 680, 000 . 3,110,188,400
67, 400, 000
729, 840, 200
43, 600, 000
847,478, 300
4,000, 000
413, 270, 000
4, 700, 000
1, 082, 567, 000
2, 000, 000
923, 040, 000
2,050, 000
4, 347,680,000 :
474,.76p,:556o
66, 296, 658:
113,005,760
.288, 529, 300
178,172, 420
41, 068, 900
23,479, 700
4,126, 000
10, 776,000
295, 000
1,120,000
•5,322,711,358.70
1, 770,155,247. 80
5, 400, 731,894. 50
4, 204, 881,133. 00
2, 501, 675,354. 00
604,820,810. 00
704,126, 780. 00
381, 379, 500. 00
1, 005, 579, 500. 00
840, 655, 000. 00
3, 750, 900, 000. 00
415, 680,401..3O
65, 755; 800. 20'
133, 429, 865.. 50
619,212,107.00
608, 513/046. 00
125, 019 390 GO
143, 351, 520. 0&
31, 890, 500. GO
76, .987, 500. 00
82, 385, 000. 00
596, 780, 000. OO
1, 645,382, 000
29, 386, 621, 708 1,178,638,294
1, 645,382, 000
29, 386, 621, 708 1,178, 638, 294 26,488, 616, 578. 00 2,898.005, 130.. 00
26, 487, 616, 578. 00 2, 899, 005,130 OO
1,000,000.00
1,000,000 00
558
R E P O R T ON THE FINANCES
No. 12.—Old demand notes of each denomination issued, redeemed, and outstanding
June 30, 1925
Denomination
T o t a l issued
Redeemed
d u r i n g year
Total
redeemed
Outstanding
$21,800,000. 00
20,030,000 00
18,200,000 00
...•
Total
$21, 778, 752. 50
20, 010,355.00
18,187,880 00
$21,247. 60
19,645 00
12,120 00
60,030,000 00
F i v e dollars
T e n dollars
T w e n t y dollars
59,976,987 50
53 012 60
No. 13.- -Fractional currency of each denomination issued, redeemed, and outstanding
June 30, 1925
Denomination
T o t a l issued
T h r e e cents
...--..--.
F i v e cents
T e n cents
._
Fifteen cents .
" . . .
T w e n t y - f i v e cents
F i f t y cents
.'
• Total
•....^.:'I.-1--'.^:
U n k n o w n , d e s t r o y e d . . . i : , ' . -V.
Total
redeemed
Outstanding
$3.00
10.03
120. 60
16.00
276.13
360. 76
$511,753 9 8 '
3, 838,467. 29
77,145,978.18
6,066, 792. 20
134, 771, 852 77
132,146,813. 96
.'—.. .'368,624,079 45.
1....,
774. 41
363,478, 648. 37
32, 000. 00
16,245,431.08
32,000.00
; Net..-:
. . ; ; : : . ^ ; . . " : : L . - . . ^ : i . . • 36,8,724,079 46
E s t i m a t e d a m o u n t :lbst: ,or, d e s t r o y e d ,
while in circulatioii,:......-.
.,.:..,
774 41
353, 510, 648 37
16,213,431.08
• Balance... :..X.:llii:..'
$801,923. 90
6, 694, 717.85
82,198,456 80
5,306, 688 40
139,031,482 00
,13,5,891,930 50
Redeemed
d u r i n g year
$90,189.92
1,858, 260. 56
5,052,478. 62
239,776. 20
4, 259, 629. 23
3, 746,116. 66
13,218,000.46
1,996,430.63
J^^.j
No. 14i.-^Compdufid''interest' notes of each denomination issued, redeemed, and
outstanding June SO, 1925
Denomination
T e h dollars
.i^l.u^^...^..^
T w e n t y dollars
^
Fifty d o l l a r s . . . : . . . : ' . ^ . . i - . . . . . J
One h u n d r e d dcilliars'''' i . : . . '
F i v e hiindi/ed d o l l a r s l . ! . . . 1 . . .
O n e t h o u s a n d dollars" • ' .
Total
.:.-^-...^-J:.^
T o t a l issued
.^^.^
•''
.
I....
. .:'
..:.
R e d e e m e d during year
$20
Total
redeemed
Outstanding
$23,286,200
30,126,840
60,824,000
46,094,40067,846,000
39,420,000
200
$23,266,410
30,094,830
60,763, 200
46, 082,800
67,836,000
39,416,000
$18,790
31,010
60,800
31,600
11,000
4,000
266,696,440
220
266,438, 240
167,200
No. 15.^—One and two year notes of each denomination issued, redeemed, and outstanding June SO, 1925
Denomination
R e d e e m e d during year
Total
redeemed
Outstanding
•..
Total
U n k n o w n , destroved
.'..--^
^...:u..
..•
.
.
.
.::._
$6,200,000
16,440,000
20,946,600
37,804,400
40,302,000
89,308,000
$10
20
$6,194,130
16,427,960
20,932,350
37,788,700
40,300,600
89,289,000
$6,870
12,04O
13,260
16,700
1,600
19,000
^-
T e n dollars
'Tweinty dollars
F i f t y dollars
O n e h u n d r e d dollars
F i v e h u n d r e d dollars
O n e t h o u s a n d dollars
- Net
T o t a l issued
211,000,000
30
210,932,640
10,690
67,360
10,690
211,000,000
30
210,943,230
66,770
TREASURER
559
No. 16.—Seven-thirty notes redeemed and outstanding June SO, 1925
Total issued
Issued
Redeemed during year
Total retired
to June 30,
1926
Outstanding
.[.'.
$139,999, 750
299, 992, 500
331,000,000
199,000.000
:
Total
$139,990,460
299,947,200'
330,970, 200
198,966,800
$9,300
45,300
29,800
44,400
969, 992, 250
July 17, 1881
August 16, 1884
June 16, 1886
July 16, 1866.1
969,863,450
128,800
No. IT.—Refunding certificates, act of February 26, 1879, redeemed and outstanding
June 30, 1925
How payable
To order. '
To bearer
' •
-.^
. - . . .;..
Total..;
Total issued
Redeemed during year
Total
redeemed
Outstanding
$58,500
39,954, 260
$80
$68,480
. 39,944,740
" $20
9,610
40,012,760
^.
^
80
40,003,220
9,630
No. l^.-r-F.ederal reserve banks {with branches)^ and national banks, designated as
''''''• depositaries of public moneys, with the balance held June^30, 1925
F E D E R A L RESERVE BANKS
. Title of bank
..'.:....
Federal reserve bank, Boston, Mass
Federal reserve bank. New York, N . Y . . . .
Federal reserve branch .bank.of New York, Buffalo, N . Y
Federal reserve bank, Philadelphia, Pa
Federal reserve bank, Cleveland^ O h i o . . .
Federal reserve branch bank of Cleveland, Pittsburgh, P a . . i
Federal reserve branch bank of Cleveland, Cincinnati, O h i o . . . .
,
Federal reserve bank, Richmond, Va
Federal reserve branch bank of Richmond, Baltimore, M d . . .
Federal reserve bank, Atlanta, Ga
...i....
..
Federal reserve branch bank of Atlanta, New Orleans, La
Federal reserve branch bank of Atlanta, Jacksonville, Fla
Federal reserve branch bank of Atlanta, Birmingham, Ala
Federal reserve branch bank of Atlanta, Nashville, Tenn,..^
Federal reserve bank, Chicago, I l L . ^ . _ i . .
-.
.—ti..
Federal reserve branch bank of Chicago, Detroit, Mich..
,
Federal reserve bank, St. Louis, Mo
:
Federal reserve branch bank of St. Louis, Louisville, Ky
Federal reserve branch bank of St. LouiSj Little Rock, A r k . . . .
Federal reserve branch bank of St. Louis, Memphis, T e n n . .
Federal reserve bank, Minneapolis, Minn.^
.
,
Federal reserve branch bank of Minneapolis, Helena, Mont
Fede'rail reserve bank, Kansas City, Moi
Federal reserve branch bank of Kansas City, Denver, Colo..
Federal reserve branch bank of Kansas City, Omaha, Nebr
Federal reserve branch bank of Kansas City, Oklahoma City, Okla...
Federal reserve bank, Dallas, Tex...
.
;..
Federal reser.ve branch bank of Dallas, El Paso, Tex
Federal reserve branch bank of Dallas, Houston, Tex
.•
Federal reserve bank of San Francisco, Calif.
^...
Federal reserve branch bank of San Francisco, Los Angeles, CaUf
Federal reserve branch bank of San Francisco, Seattle, W a s h . . .
Federal reserve branch bank of San Francisco, Portland, Oreg
Federal reserve branch bank of San Francisco, Spokane, W a s h . .
Federal reserve branch bank of San Francisco, Salt Lake City, U t a h .
Total..
To the credit
of the Treasurer of the
United States,
collected funds
$659,361. 76
2,673,891. 81
862,473.44
868,897.61
3,450, 673.17
44,860.66
2,319,987.01
2,943,783.29
20.00
1,448,127.44
1,292,183.10
• 188,978.60
2,310,897. 68
259,437. 69
• 196,673.20
3,000.00
1,499,290. 36
16,083,31
460,374. 50
2,394,897,88
102,998, 05
1, 058,157. 24
217,305, 61
201,289, 98
72,857. 57
25,434, 368. 63
560
REPORT
ON
THE
FINANCES
No. 18.—Federal reserve banks (with branches) and national banks designated as
depositaries of public moneys, with the balance held June 30, 1925—Continued
SPECIAL D E P O S I T A R I E S
Total balances in special depositaries in each Federal reserve district arising from sales
certificates of indebtedness reported to fiscal agents of the United States
To the credit
of the Treasurer of the
United States,
collected funds
FISCAL AGENTS
Federal reserve bank, Boston, M a s s . . .
Federal reserve bank, New York, N . Y
Federal reserve bank, Philadelphia, Pa
Federal reserve bank, Cleveland, Ohio
Federal reserve bank, Richmond, Va
Federal reserve bank, Atlanta, Ga
Federal reserve branch bank of Atlanta, New Orleans, La.
Federal reserve bank, Chicago, III
Federal reserve bank, St. Louis, Mo
Federal reserve bank, Minneapolis, Minn
Federal reserve bank, Kansas City, Mo
Federal reserve ba^k, Dallas, Tex
Federal reserve bank, San Francisco, Calif
Total
$12, 619,136.00
24, 633,760. 00
19, 477,353.09
20, 685, OOO 00
6, 327,738.71
3, 878,160.17
5,881,259.70
29, 248,.426..33.
5,883,'377.-43.,"
3,900,014. 28
2, 173,050.00
5,364,881. 33
10, 784,426.00
L:
160, 716, 672. 04
No. 18.—Federal reserve banks (with branches) and national banks designated as
depositaries of public moneys, with the balance held June 30, 1925—Continued
NATIONAL BANKS AND INSULAR D E P O S I T A R I E S
G E N E R A L AND LIMITED
State
Alabama
Alaska
Arizona.. .
._
Arkansas
California
.
Colorado
Connecticut
Delaware
D i s t r i c t of C o l u m b i a
Florida
Georgia
Hawaii
. . .
Idaho
1
Illinois
Indiana
Iowa
Kansas
Kentucky..
. . . . .
Louisiana
Maine
Maryland
Massachusetts. Michigan
Minnesota
Mississippi. .
Missouri
Montana
Nebraska
A m o u n t of
publi
N u m b e r m o n e y sco n
of dedeposit,
positaries
collected
funds
19 $341, 324. 23
413,998.08
3
119,911.82
6
268,127.36
13
983,417. 02
38
219, 066. 90
20
410,932.82
16
88, 377. 33
3
134,419. 99
6
358,279.40
18
411, 467.4«
16
2 1,461,951. 65
139,170. 63
10
64 1,189, 508. 50
722,933.10
52
994.987.40
46
846,120. 40
30
186, 783.12
21
222, 552. 86
7
235, 297. 86
9
150, 846. 92
10
636.407.41
38
943,203.47
34
492, 690. 91
28
333, 582.19
13
378,895.67
20
141,638. 84
10
426, 648, 60
29
93,101, 73
1
State
New Hampshire . ,
N e w Jersey
N e w Mexico .
New York
N o r t h Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
.
Rhode Island
S o u t h Carolina
South D a k o t a
Tennessee .
Texas
Utah . . .
Vermont.,
Virginia " 1
Washington
W e s t Virginfia..
..
Wisconsin
Wyoming
I n s u l a r depositaries (including P h i l i p p i n e Islands) :
C a n a l Zone
Panama
P o r t o Rico
Phihppine Islands...
Total
A m o u n t of
public
N u m b e r m o n e y s on
of dedeposit,
p o s i t a r i e s collected
fund
14.
47
6
70
23
13
68
30
16
90
3
9
16
20
62
2
6
38
21
19
43
9
$239, 273. 70
1, 662,128. 48
134,888. 26
2,104, 694. 94
672,419. 34
187,420.62
818,192.21
458, 636. 87
197,041. 70
1, 346,634.49
311,086.16
429, 313. 93
191,053.96
373,170.14
1, 666,467.86
46,424. 46
106i012.31
1,649; 902.98
693,'034i36
689, 961. 47
. '742, 216.88
. 99,487.40
60,336.
1
2 1, 390, 796.
61, 363.
2
1
896,160.
82
23
74
92
1,183 29,708,397.62
561
TEEASXJEEE
No. 18.—Federal reserve banks {with branches) and national banks designated as
depositaries of public moneys, with the balance held June 30, 1925—Continued
i'OREIGN
DEPOSITARIES
To the
credit of
t h e Treasurer of t h e
United
States a n d
United
States disbursing
officers
To the
credit of 1
the Treas
urer of t h e
United
States a n d
United
States disbursing
officers
T i t l e of b a n k
S h a n g h a i b r a n c h of t h e I n t e r n a t i o n a l
B a n k i n g Corporation of N e w Y o r k
City, Shanghai, C h i n a .
. .
L o n d o n b r a n c h of t h e F a r m e r s ' L o a n
& T r u s t C o . of N e w Y o r k C i t y , London,-'England.-,. .-t^-.--.. ^ . . ^ •..^..•^..........
L o n d o n b r a n c h of t h e G u a r a n t y T r u s t
C o . of N e w Y o r k C i t y , L o n d o n ,
England.
P a r i s b r a n c h of t h e B a n k e r s ' T r u s t C o .
. of N e w Y o r k C i t y , Paris, F r a n c e . . . .
T i t l e of b a n k
$81,495. 64
P a r i s b r a n c h of t h e G u a r a n t y T r u s t
Co. of N e w Y o r k C i t y , Paris, F r a n c e .
B a n q u e N a t i o n a l e d e la R e p u b l i q u e ,
P o r t a u Prince, H a i t i
Genoa b r a n c h of t h e N a t i o n a l C i t y
B a n k of N e w Y o r k , Genoa, I t a l y . . . .
61,141,73
Total
$37,176.02
49, 536. 63
36,061.84
267,971. 98
649,18
22, Oil. 99
RECAPITULATION
Federal reserve banks
Special depositaries: Federal reserve banks, fiscal agents
National bank and insular depositaries, general and limited
Foreign depositaries
_-.Total
$25,434,368.63
160,716,672.04
29,708,397.62
267,97L98
'
206,117,310.07
No. 19.—Number of banks with semiannual duty levied, by fiscal years, and number
of depositaries with bonds as security at close of each fiscal year from 1915
Fiscal year
1915..
1916
1917
1918
1919...
1920
1921
1922
1923
1924
1925
Number
of b a n k s
17,603
7,412
7,383
7,388
7,416
7, 381
7,422
7,420
7,374
7,332
6,982
B o n d s held
t o secure
circulation
Semiannual
d u t y levied
$738,024.190
690, 440,930
671,333,080
708,680,900
888,387, 750
984,488, 600
953, 503, 840
818, 765, 000
749,648, 890
750,858,930
666, 081,330
$3,901,641.18
3,744,967.77
3, 633,631. 28
3,866,896. 34
• 4,090,248,78
4, 730, 246. 91
4, 753,995. 02
4, 387,405.18
4,143,764. 66
4,068,699.20
4, 052,849. 78
Number
of depositaries' .
1,491
1,381
1,368
1,388
1,399
671
718
1,186
1,257
1,254
1,221
B o n d s held
t o secure
deposits
$54,854,619
42, 674,350
43,054,350
60,344, 700
63,720,400
37,637,500
40,352,800
41, 669,989
46,071,650
46, 242, 650
47,256,160
1 Number of banks having bonds on deposit with Treasurer from and after this date.
Total bonds
held..
$790,878,809
733,116,280
714,387,410
759,025, 600
942,108,160
1,022,128,100
993,856, 240
860,334,989
795,720,340
798,101,480
712,317,480
562
REPORT ON THE FINANCES
No. 20.—Checks issued by the Treasurer for interest on registered bonds during the
fiscal year 1925
T i t l e of loan
P h i l i p p i n e loan of—
1914-1934 ( L . P.)
1916-1935 ( P . L B.)
1916-1936 ( M . S. & W.)
1916-1938 ( P . L B.)
1917-1937 ( M . S . & W . )
1918-1938 ( M l S. & W.)
-1919-1939 ( P . I . B.)
1921-1941 ( C e b u )
1926-1946 ( L o a n 1918)
1930-1950 ( M . P . & I , )
C i t y of M a n i l a (1920-1930-1950).
P o r t o R i c a n gold loan of—
1920-1927
1933-1943..
:
1944
1946
1946
1947
. . . .
1948
1949
1960
1961
.
Number
Amount
2,389
934
293
299
466
320
639
90
983
1,319
4
$280,000
100,000
40,000
,40,000
80.,000
40,000
60,000
5,000
180,000
330,000
161, 260
28
98
30
28
30
2
46
29
32
24
6,400
40,000
•\, 000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
Number
T i t l e of loan
P o r t o R i c a n gold loan of—Con.
1952
1963
1964
. _
1925-1939
R e f u n d i n g , 1914
Refunding, m u n i c i p a l
Irrigation, 1915
I n s u l a r , refunding
1916 p u b l i c i m p r o v e m e n t
1918 p u b l i c i m p r o v e m e n t . . . . . . .
Irrigation, 1918
1920 house c o n s t r u c t i o n
P u b l i c i m p r o v e m e n t , 1937-1940.
P u b l i c i m p r o v e m e n t of 1 9 2 2 . . . . .
P u b l i c i m p r o v e m e n t of 1923
Irrigation of 1922
Irrigation of 1923
Irrigation of 1924
W o r k i n g m e n ' s house construction, 1941-42
24
62
14
224
168
11
83
78
486
27
40
80
131
113
116
20
84
1
Amount
$4,000
4,000
4,000
40,000
21,400
4,200
24, 000
7,340
20, OOC
20, OOC
. 8,000
11,260
46,000
60,000
60,000
12, 600
43, 876
13, 500
4
1,170
9,794
Total
1, 748,886
No. 21.—Interest on 3.65 per cent bonds of the District of Columbia paid during the
fiscal year 1925
Coupons
Checks
Total-.-.
:
:
1
1
..-
$6,308.76
60,703.73
66,012.49
563
TKEASUBER
No. 22.—Coupons from United States bonds and interest notes paid during the
fiscal year 1925^ classified by loans
Number
T i t l e of loans
"First L i b e r t y loan zy^ per cent b o n d s , 1932-1947
F i r s t L i b e r t y loan converted, 4 per cent, 1932-1947
F i r s t L i b e r t y loan converted,'4M per cent, 1932-1947
F i r s t L i b e r t y loan second converted, 43^ per cent, 1932-1947 . . .
F i r s t L i b e r t y loan, 3 H per cent, 1932-1947, converted a c c o u n t . .
S e c o n d L i b e r t y loan, 4 per cent, 1927-1942
._
Second L i b e r t y loan converted, 4M"per cent, 1927-1942
T h i r d L i b e r t y loan, 43^ per cent, 1928
F o u r t h L i b e r t y loan, 4 ^ per cent, 1933-1938
434 per cent loan of 1947-1952
\ % per cent Victory notes, 1922-23
2>% per cent Victory notes, 1922-23
L o a n of 1925, 4 per cent
Consols of 1930, 2 per c e n t . . . i
^
:..
.,..
P a n a m a Canal loan, 1918-1938, 2 per cent
P a n a m a C a n a l loan, 1918-1938, 2 per cent
.,
'
P a n a m a C a n a l loan of 1981, 3 per cent
3 per cent loan of 1908-1918..-.
.....
3 per cent conversion loan
T.
23^ per cent postal savings loan, c o n s o l i d a t e d — - . . - .
2 H per cent postal savings loan, second series '..'.
^Yz per cent-postal savings loan, t h i r d series
. lYi, per cent postal savings loan, fourth series
2y2 per cent postal savings loan, fifth series
,
—
2 H per cent postal savings loan, sixth series. _
,.—
' 2 % per cent certificates of indebtedness
.:
1
.3 per cent certificates of indebtedness
_
354 per cent certificates of indebtedness
..^
4 per cent certificates of indebtedness
4J4 per cent certificates of i n d e b t e d n e s s . . . . • : : - . : . . - . . • . - . . • - : - . . • . . :
43^ per cent certificates of i n d e b t e d n e s s
'•A% per cent certificates of i n d e b t e d n e s s . . . .
...:
:..
6 ^ per cent certificates of indebtedness
63^ per cent certificates of i n d e b t e d n e s s
.1
. 6 ^ per cent certificates of indebtedness...„.....-_..._---,-..-,..,...,,
'6 per cent certificates of i n d e b t e d n e s s . . . . ! . . 1 1 1 . . . .
1
.654 per cent U . S. T r e a s u r y notes, series A-1924..6H per cent U . S. T r e a s u r y notes, series B-1924:..
4M per cent U . S. T r e a s u r y notes, series -\-19254 H per cent U . S. T r e a s u r y notes, series B-1925_
--.—
Ay2 per cent U . S. T r e a s u r y notes, series C-1925-_
-.
4M per cent U . S. T r e a s u r y notes, series A-1928
4 ^ per cent U . S . ' T r e a s u r y notes, series B-1926•43^ per cent U . S. T r e a s u r y notes, series A-1927
.,
. 4% per cent U . S. T r e a s u r y notes, series B-1927
4 per cent loan of 1944-1954
4 per cent funded loan of 1907
A \ i per cent funded loan of 1891
,
Consols of 1865, 6 per c e n t - ,
.5 per cent loan of 1904
...-.
Total-
.'
_
186,576
61,148
322, 284
11,157
237, 081
,'447; 768
, 416, 246
, 753, 728
498, 331
196,903
278
32, 819
4, 357
256,
59
25,760
2,387
71, 432
5,136
48
8
3
2
1
26,862
18,106
49
62,948
• 30/781
942
3
12
31
10.
19
21, 080
87, 942
156,927
134, 271
302, 927
259, 659
158, 888
211,099
664, 533
183,475
133
2
2
1
46,688,420
Amount
$34, 888, 038. 98
112, 897. 23
18, 678, 598. 57
101, 827. 23
823. 82
521, 643. 00
104,036, 196.36
98,255, 556. 64
201, 418, 789. 89
23, 397, 997. 75
413. 338.14
8, 611. 02
258, 848. 00
13, .448. 50
32.10
27.90
188, 838. 75
2, 608. 20
525, 770 40
7, 422.00
45.00
10.00
.75
2.60
1.26
5,886, 613. 99
1,686, 927. 60
468. 76
12, 623, 013. 01
4,343, 736. 20
30, 783.16
35.62
210. 00
667. 91
1.72.40
485. 00
602, 211.22
10, 587, 169. 25
20, 796, 546. 65
13,143, 592. 98
18,708, 021. 00
29,171, 211. 97
17, 663, 151.86
18, 098, 256. 31
31,598, 480 36
18, 259, 822. 00
142. 50
2.24
3.00
1.25
681, 789,660.1
564
REPORT ON T H E FINANCES
No. 23.—Checks drawn by the Secretary and paid by the Treasurer for interest on
registered bonds of the United States during the fiscal year 1925
Rate
of
interest
T i t l e of loan
Checks d r a w n b y t h e
Secretary of t h e T r e a s u r y
Number
F u n d e d loan of 1907
. ..
L o a n of 1925.
L o a n of 1908-1918
Consols of 1930
P a n a m a C a n a l loan of 1961
P a n a m a C a n a l loan of 1916-1936
P a n a m a Canal loan of 1918-1938
Postal savings
Conversion.
F i r s t L i b e r t y loan
F i r s t L i b e r t y loan, converted
F i r s t L i b e r t y loan, converted
F i r s t L i b e r t y loan, second c o n v e r t e d .
Second'Liberty'loan.:. . . . . . . . . l l . .
Second L i b e r t y loan, converted
Third Liberty l o a n . .
F o u r t h L i b e r t y loan
,
V i c t o r y loan
Victory loan
T r e a s u r y b o n d s of 1947-1962
T r e a s u r y b o n d s of 1944-1964 '
Total
.
-
.
Per cent
4
4
3
2
3
2
2
23^
3
33^
4
4^
4^
4
4M
4M
4K
354
454
4^
4
Checks paid b y the Treasurer of t h e U n i t e d States
Amount
Number
9,043,468. 86
1,716,236.00
3,963,217
.
29,491
5,209
28
4,967
738
29, 202
4,566
3,603
2,912
6,223
476
46,041
28,944
211,138
2,334.
104,983
679,900
1,263,234
1, 673,696
8
3,070
26, 796
4,988
171,079,652.02
3,996,834
4,889
$2,240,973.00
30,297
6,196
3,811
2,198
6,256
412
41,415
25,867
203,629
2,017
105,005
613,052
1,191,946
1,681, 527
,
11,982,219.00
1,329,450.00
979,064. 00
518,923. 80
290,389. 76
340,782. 00
14,232,366. 76
196, 697.00
6,086,130.82
47,189, 07
695,577.00 •
26,501,359.00
26,824,176. 6768,055,750. 50
Amount
$407, 50'
2,309,108,48.
2,061.86<
12,014,755. 25.
1,331,481 00'
970,613.10'
518,182. 99
290,009.16<
339,934. 50
14,297,888 62207,371. 91
6,184,356. 9848,737. 04
697,811. 00
26,497, 581. 32'
26,805,379. 83'67,997,344. 67
7.50'
15,756 67
9, 048, 471.14
1,663,480 00171,220,698 42'
No. 24.—Coupon interest on United States bonds paid by check during the fiscal
year 1925
C h e c k s p a i d b y theT r e a s u r e r of the^
United States
T i t l e of loan
Number
434 per cent t h i r d L i b e r t y loan
434 per cent fourth L i b e r t y l o a n . .
Amount
8
6
_
Total
$17. 05'
21.23
12
._
38.28-
No. 25.—Money deposited in the Treasury each month of the fiscal year 1925 for
the redemption of national bank notes
R e t i r e m e n t account
Month
6 per cent
account
Total
Insolvent and
liquidating
Reducing
1924—July
August
September
October...
November
December.
1926—January...
FebruaryMarch
April
May
June
$44,726, 564.28
^3,589, 071. 84
42,809, 186. 20
41, 292, 088,10
37,489, 300. 97
40, 390, 724. 62
48,123, 908. 33
35, 525, 990, 61
39, 336, 087. 40
37, 670, 425.14
41,198, 148, 60
41,620, 212.15
$1, 595, 660. 00
324,640.00
93, 200. 00
407,492. 50
821, 742. 50
38, 525. 00
1,438,146.00
414, 650.00
526,397. 50
168, 250. 00
749,940. 00
890, 750. 00
$3,955, 450. 00
5, 896, 047. 50
1, 784, 047. 50
1,907, 297. 60
3,143, 485.00
7,674, 726. 00
6,138, 387. 50
60, 322, 272. 50
3,149, 492. 50
2,119, 990, 00
1,189, 847. 50
1,935, 147. 50
$50, 277; 664. 2849, 608, 659. 34
44,668, 433. 7043, 606, 878.10
41,434, 628. 47'
48,101, 974. 82
62, 698, 438. 83-98,262, 813.11
43,009, 977. 40'
39,846, 665.14
43,136, 938.10'
44, 448, 109. 66-
Total.
491,648, 706. 24
1 7,454,182. 60 2 97,993,190.00
697,096, 078, 74
1 I n c l u d e s $200,600, proceeds of 4 per cent b o n d s , loan of 1925, called for r e d e m p t i o n as of F e b . 2, 1926.
•2 I n c l u d e s $69,051,572.50, proceeds of 4 per cent b o n d s , loan of 1925, called for r e d e m p t i o n as of F e b . 2,.
1926.
N o . 26.—Amount of currency counted into the cash of the National Bank Redemption Agency and redeemed notes delivered, by fiscal year^,
from 1916 to 1924, and 'Sy months during the fiscal, year 1925
Delivered from T r e a s u r y
N a t i o n a l - b a n k notes
Fiscal
year
C o u n t e d into
cash
F o r ret u r n to
b a n k s of
issue
1916
1917
1918
1919
1920
19^21
1922
1923
1924
For destruction and
retirement
Bond
secured
Emergency
F o r ret u r n to
b a n k s of
issue
For
destruction
F e d e r a l reserve b a n k notes
F o r ret u r n to
b a n k s of
issue
For
destruction a n d
reissue
F o r destruction
a n d retirement
Total
United
States
currency
deposited in
Treasury
Balance
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars .
Dollars
Dollars
Dollars
Dollars
559,978,130 90 88,938, 900 351,812,44.5. 00 24,633,010. 50 61, 518, 352. 50 14,410,600 24, 758; 450. 00
564, 071,758. 00
867,242. 00 23/978,217.10
457,447,298. 37 50, 855, 650 313,857,970.00 39, 409, 340 50 3,808, 850. 00 12,430, 300 41, 582. 885. 00
613, 219. 00 18,030, 293. 97
54,900 1,154,775 482, 782,000. 50
27, 550
393,429,111.18 45,462,100 256,911,175.00 19, 877, 000. 00 1,465, 990 00 15,893, 550 46,810, 780 00
681, 351. 50 21, 570, 283. 83
972, 620 1, 934, 225 389, 207,790 00
80,350
803, 914, 828. 55 28, 599, 350 257, 543,020. 00 22,835, 072 50
882, 820 524,485,382. 50 . 857,979,50 100,181, 530 18
818,495. 00 37,297,650 141, 033, 275. 00 2, 888,700 32, 987,000
289, 780 978, 008,184. 50 7, 524, 353. 50 26, 043, 520 92
390, 750 228, 090,000
911,414,508.74 3, 373, 500 449, 229, 862. 50 23, 134, 384. 50
138, 240 00 30,780, 650 242, 582, 997. 50
232, 250 229, 483,400 19,158,000 1, 012,954, 808. 50 11,829, 277. 00 16,817,228.98
1, 015. 557,593. 58 18,248,000 488, 931, 357. 50 18,-302,631.00
71, 370 00 30,719,100 209,810, 500. 00
68, 679,100. 00
88, 273, 000 90, 720, 000 849,932,132. 50 2,681, 730 50 17, 249,720 13
853, 028, 354. 15 8, 006, 740 597, 684, 942. 50 16, 531, 870 00
36,480 00
51, 218, 745. 00
5,472, 300 521, 085, 337. 50 16,527,480 00
6,373,316 57,887, 084 864,438,882. 50 18,691, 855. 00 15,452, 930 16
679, 331, 727. 53
12, 600 00 5,860, 000
302, 500 11,304,330 600,757; 995; 00 12, 795,845. 00 .18,589,697.20
9, 735. 00 7,988, 000 32, 259, 980 00
616, 890, 807. 04 7, 447, 200 519, 688, 222. 50 21, 780, 047. 50
..-1924
July
Aug
Sept
Oct
Nbv'
Dec
50, 057, 732. 02
45,124,133. 21
44,835,973. 01
45, 323,411. 02
38, 591, 030. 34
48, 084, 955. 98
' 1925
Jan
Feb
Mar
Apr
May
June
55, 223, 730 88
43, 655, 881. 04
50,132, 965. 25
51,163, 272. 64
52, 614,150. 89
52,104,491.19
Total
F o r destruction a n d
reissue
F e d e r a l reserve notes
45, 069, 210. 00
41, 841, 595. 00
41, 298,140. 00
40,073, 230.00
38,809, 530 00
41,402,150. 00
2, 070, 920. 00
2, 354, 800. 00
2, 789, 700: 00
2,904,085.00
2, 491i 040. 00
2, 942, 650.00
400 00
700. 00
500. 00
700. 00
400.00
400. 00
48, 621,470. 00
34,150,485.00
39,213,850.00
37, 881,097. 50
41,172,440.00
40, 881,625. 00
3, 747, 070. 00
7,952, 290. 00
10, 839,850 00
9, 671, 090. 00
9,838, 770. 00
8,154,190 00
574,891, 707. 83 1, 538,000 488, 212,802. 50 85, 554, 255. 00
4, 005. 00
418,900
329,100
103,800
ioo. 00
851,800
1,439,000
1,229,400
878,000
587, 200
1,129, 200
2,059, 700
370, 000
432,000
346,000
314,000
212,977
382,000
49,888, 230. 00
48, 894,445. 00
45,945,390.001
43,861,115. 00
40, 643,147. 00
48,788,900. 00
11,837. 00
7, 491. 00
9,878.00|
7, 557. 00
9,169, 00
2, 979. 00
284,000
273,000
179,000
170,000
208,000
289,180
52, 663,140. Oo|
43, 550,180. 00
61, 533, 500. 00
49,128,487. 50
52,541,810:00
49, 574, 875. 00
10, 099. 00
10, 915.00
4, 558, 00
9, 786, 00
11, 233, 00
3,923, 50
17,411,489.22
17, 508, 275. 28
18,101,184.51
18,128, 203. 85
18,187, 311. 34
20, 713, 204. 03
15, 088, 000
3,420,137
572, 688,999. 50
99, 201. 50
ft)
18, 769, 382. 22
17.191. 559. 43
18.072.487.04
17, 527, 208. 08
15,465, 920 40
14, 760, 997. 38
1,910,100
1,174,100
1, 500,800
1,408,300
1, 324,600
489, 800
500. 00
305.00
497, 800
507, 050
531, 250
1,900
>
Ul
or
cn
566
REPORT ON THE FINANCES
No. 27.—Currency received for redemption by the National Bank Redemption
Agency from the principal cities and other places, by fiscal years, from 1916, in
thousands
Fiscal
year
Boston
Philadelphia
Baltimore
Chicago
Cincinnati
St.
Louis
$211,696
149,447
104,072
163,647
174,302
143,062
161,928
130,414
93,161
101,836
1916
1917
1918
1919
1920
1921
1922
1923
1924
1926
New
York
$46,694
33,462
23,171
34,082
43, 886
47,236
49,176
46,222
41,183
43,186
$34,314
30,240
25,281
46,682
84,456
90,028
73,846
32,706
61,272
47,397
$13,836
8,944
9,855
8,483
12.208
13,376
12,498
19,276
14.209
10,702
$77,998
58,043
39,257
60,360
80,763
90,646
72,232
66,722
68,806
62,721
$16,991
14,892
18,021
49,669
61,672
47,449
20,432
18, 706
15,738
14,294
$36,334
34,497
25,720
29,207
33.966
29,940
30,930
19,186
17,328
13.967
New
Orleans
Other
places
Total
$7,847 $120,368 $584,877
6,467 126,463
462,446
4,783 148,150
398,310
8,298 237,632
616,84a
9,831 407,350
908,022
9,679 546,338 1,016,76a
10,114 421,904
853,059
8,106 339,038
679,376'
5,648 299,420
616,763
6,676 274,263
674,920
No. 28.—Mode of payment for currency redeemed at the National Bank Redemption
Agency, by fiscal years, from 1916
Fiscal
year
U n i t e d States
currency
Treasurer's
checks
$34,137,302.62 $418,381,908.13
94,416,416.22 273,284,891.03
41,098,909.60 101,362, 222. 83
18,418,873.20 173,265,442. 78
46,418,429.73
40,630,246.32
21,685,963.87
2,997,601.43
446,282. 01
603,190.00
364,690.94
263,647.46
419,909.79
1916
1917
1918
1919
1920
1921
1922
1923
1924
1926
Gold, silver,
,and m i n o r
coin
C r e d i t in general account
$19,60O 60 $104,343,158.40
21,799.90
87,044,474. 76
249,350,634.39
410,481,696. 25
823,041,581. 41
989,478,454. 43
851,481.806. 29
678,864,343.39
616,416, 511.49
674,470,189. 04
Credit in
redemption
account
Total
$3,094,283,35 $559,976,130.90
2,699,715. 46
457,447, 296. 37
1, 617,444. 34
393, 429, 111. 16
1, 748, 918. 32
603,914, 628. 56
2,424, 252. 28
911,414,508. 74
1,495,683,83 1,015,657,593. 58
853,026,354.15
698,076, 86
679, 331, 727. 5a
112, 693. 20
10, 648.10
616,690, 607.04
574,891,707. 83
1, 609.00
No. 29.—Deposits, redemptions, assessments for expenses, and transfers and repayments on account of the 5 per cent redemption fund of national and Federal
reserve banks, by fiscal years, from 1916
Fiscal year
1916-.
1917
1918
1919
1920
1921
1922
.
1923
1924.
1926
.
.
Deposits
$441,182,576.-23
368,714,326: 63
444,389,017.14
934,977,257.23
1,772,280,-776. 57
2,041,796,421.11
1,866,252,022.45
1,053,910,471.84
1,447,130,072. 50
1, 316,600,769.16
Redemptions
Assessments
Transfers a n d
repayments
$438,761,345.00
364,396,070.00
366,130, 576. 00
500,128,996. 00
954,447,760.00
976,422,607. 60
742,643,782.60
690,009,698. 60
667,663,882.60
603,690,602.60
$601,119.09
438,261:36
417,333. 50
409,138.94
636,201. 43
976,467. 83
1,113,761. 64
987,614.91
771,616.17
768,012.81
$3,243,633.86
2,320, 704. 57
18,888,159. 51
323,245,697. 09
773,734,755,98
1,048,642.184, 48
1,193,172,412.12
472,687,471.78
914,041,328. 57
793,906,012.43
Balance
$24,220,193.11
26, 779,483. 71
113,459,699.13
224,653,226.33
268,218,284. 61
288,972,465.81
216, 294, 522. 00
208,520,308. 66
171,173, 663. 91
188,419,695.33
NOTE.—Federal reserve notes not included until fiscal year 1918. Federal reserve rote balance June 30,
1917, was $28,727,268.29.
567
TREASURER
No. 30.- -Deposits and redemptions on account of the retirement of circulation, by
fiscal years, from 1916
NATIONAL-BANK NOTES
"
Deposits
Fiscal year
1916 J
1917
1918
1919
1920
1921
1922
1923
1924-_
1926
Insolvent and
liquidating
....
Redemptions
Reducing
Balance
Total
$9,996,466.00 $47,436, 911.96 $67,431,366.96 $86,161,363.00
33,376, 642. 60 43,217,990.60
6,270,282. 60 27,106,280.00
21,142,990.00
4,160, 762. 60
6,090,327. 60 10,251,090.00
22, 673,317. 60 23,463,687 60
2,397,900.00 .20,276,417 60
6,474,810.00
11,336,677 60 16,810, 387. 60 23,270, 624. 60
19,267,016.00
18,374,001.00
8,318. 280.00
10,948, 736.00
11,670,627. 60 16,668,360.00
6,368, 765.00
6,211,872. 60
19, 269, 787. 60 16,640,080.00
6,689,637. 60
12,670,250.00
13,383,062. 60 13,128, 706.00 26, 611, 767 60 21,789,782.60
7,454,182. 50 .97,993,190.00 105,447,372. 60 66, 668,260.00
$67,690,976,00
47,749,627.00
36,867,627.00
36,077,377 O
O
29,716,140.00
30, 610,164.00
26,612,431.60
28,232,139.00
32,964,114.00
72,843,226. 60
1 Emergency currency included.
F E D E R A L RESERVE BANK NOTES
Fiscalyear
1916
1917 . . .
1918
1919
1920
1921
19221923
1924
1925
Deposits
-
—
-
.-
.
—
-
.
.
.
$4,000,000
261, 600
20, 920,000
95, 516,000
71,287, 784
1, 941, 800
Redemptions
$1,154,776
1,934,226
882,820
289,780
19,168,000
90,720,000
67,887,084
11,304,330
^ 3,420,137
Balance
$2,846,226
911,000
28,180
1,762,000
6,568,000
19,968,700
10, 596,170
7,176 033
No. 31.—Expenses incurred in the redemption of national and Federal reserve
currency, by fiscal years, from 1916
Fiscal year
1918
1917
1918
1919
.1920
1921
1922..
1923
.:
1924
1925.....—.......
Charges for
transportation
$177,243, 42
154,315. 56
169,408,20.
229,039, 24
326,112. 76
319,995, 66
265,809. 00
197,664, 61
189,101.40
143,992. 03
Office of Treasurer of the
United States
Office of Comptroller of
the Currency
Total
Salaries
$216,476.96
214,716147
196, 241. 31
239,738.42
. 499, 385. 61
696,9,63.82
667, 518. 28
469,828.06
441, 040. 43
383,178:17
Contingent
expenses
Salaries
$13,332.13
7,639.20
11,670. 29
13,248,62
63,888, 26.
74,335, 21
31, 687 36
14,967 31
18,890,01
• 11,069.42 -
$42,658.70.
42,930. 86
46, 023. 67
46,065, 22
91,871.24
117,18a 19
117,129. 68
78,885. 64
73,112, 04
^67,903:99
Contingent
expenses
$439.01
669.33
644.46
344.74
1,247. 67
6,668.27
3, 111. 61
1, 627.89
1,693.64
2,262. 41
$450,160. 22
420,160.42
412, 786,92
628,424. 24
982,603. 44
1,115,146,16
986,266. 83
762,973, 41
723,837. 62
608,406.02
568
REPORT ON THE FINANCES
No. 31.—Expenses incurred in the redemption of National and Federal reserve
currency, by fiscal years, from 1916—Continued
R a t e of expense per $1,000
N a t i o n a l - b a n k notes
Fiscal
year
$0.81722
1916-.
1917
98360
1918.1......
84876
1919
72976
1920
84823
1921
81738
1922..:
78670
1923
85319
1924
88838
1925
84488
Unfit
for use
$1.11822
^ 1.18380
.94490
1. 04644
.96382
. 95675
.97308
.85690
Federal reserve notes
Active
Active
Fitfor
use
Federal reserve b a n k notes
Retirement
F i t for
use
$0, 75066 $0.98350
.72881
. 78946
1.10802
.92882
. 78864 . .95741
.77429
. 81,171
.71244
. 71938
.71887
. 64582
Unfit
for use
$0.98350
.78946
.92882
1.15854
.97863
. 91759
.82494
.97450
F r o m other sources
Retirement
From
b a n k s of
issue
$0.75068
. 78948
.92882
1.15854
. 97883
. 91759
. 82494
.97450
1. 33362
$0 19623
. 21470
. 17295
. 10314
. 09437
. 12009
. 10082
.11326
.11123
. 10546
F i t for
use
$0.41880
. 26587
. 67248
.58390
.64137
. 64583
. 63719
. 68642
. 63672
Unfit
for use
$0 41880
. 34754
. 43992
. 37080
.38637
. 47018
.45312
. 47807
.49402
. 44968
NOTE,—For 1916 the rate for national-bank notes was the same for both active and retirement. For
1917 only, a rate of $0.80183 was established for the District of Columbia banks for active notes, both fit
and unfit for use, to adjust transportation charges.
No. 32.—General cash account of the National Bank Redemption Agency for the
fiscal year 1925, and from July 1, 1874
For fiscal year From July 1,1874
DR.
Balance from previous year
Currency received for redemption..
* Overs"
*
$18,689, 697. 20
674,919, 798.02 $16,937,322, 258.00
4,405.01
2, 768, 669. 09
693, 613,900. 23 16, 940, 080, 927.09
TotalCR.
National-bank notes returned to banks of issue
National-bank notes delivered to Comptroller of the Currency
Federal reserve bank notes returned to banks of issue
Federal reserve bank notes delivered to Comptroller of the Currency.
Federal reserve notes returned to banks of issue
Federal reserve notes delivered to Comptroller of the Currency
Money deposited in Treasury
Packages referred and moneys returned
Express charges deducted
Counterfeit notes returned
Uncurrent notes returned or discounted
*'Shorts"
Cash balance June 30,1926
Total.
1,638,000.00, 2,984,091, 186.00
651,771,082.60 10,870,976, 806. 60
3, 419, 800.00
3,420,137 00:
763, 267, 887.00
861,800.00
168, 209, 860. 00
16,088,000.00
873, 824, 672. 60
99, 201. 60
198, 643, 159. 23
10.60
76,434, 159.90
130. 23
144, 032. 69
• 209. 26
112, 198. 36
26,360. 77
483, 637. 62
6, 784. 45
1, 761, 836. 27
20, 713, 204. 03
20, 713, 204.03
693,613,900. 23 16, 940, 080,927. 09
569
TKEASUKEE
No. 33.—Average amount of national bank notes outstanding and the redemptions
by fiscal years, from 1875 {the first year of the agency)
Redemptions
Year
Redemptions
Average out^
standing
Amount
1876
$364, 238,291
1878
344,483, 798
1877
321, 828,139
1878.....
320,626,047
1879
324,244, 286
1880
339,630, 923
1881
346,314,471
1882
359, 736,060
1883
359,868, 624
1884
347, 746,363
1885
327, 022, 283
1888
314,815,970
1887
293,742, 052
1888-1
265,622,892
1889
230, 648,247
1890
198, 248,499
1891
175,911,373
1892...
. . . 172,113,311
174,755,366
1893
1894...
205,322,-804
207,860,409
1895.
217,133,390
1896 .
1897...
232, 888,449
1898 .
. . 228,170, 874
1899
239,287,673
1900
280, 293, 748
Average outstanding
Year
$156, 620, 880
209, 038,865
242,886,375
213,161,468
167, 656, 645
61,586,676
69, 850,259
76,089,327
102, 699, 677
128,152, 672
160,209,129
130,296, 607
87, 689,687
99,152, 364
88, 932,059
70,258,947
67, 460, 819
69, 825, 046
75,846,225
105,330,844
86, 709,133
108,260, 978
113, 573,776
97, 111, 687
90,838, 301
96, 982,608
P e r cent
•
4 a 90
80. 68
76.47
66.48
48.62
18.13
17 22
2L16
28.63
36.27
46. 93
41.38
29.86
37 32
38.66
35.80
38.34
40.45
4 a 40
51. 30
41.71
49.85
48.76
42.56
3 7 96
37 25
Amount
1901
1902
1903
.
1904..
1906 .
1906
1907
1908
1909
1910
1911
.
1912
1913
1914
1916
1916
1917
1918...
1919
19201921
1922
1923.
1924
1926
.
$339,884, 257
358,173,941
383.173.195
428,886,482
468,285,476
638,066,426
680,446, 699
662,473,664
680,666,307
707,919,327
724, 911, 069
739, 940,744
760,906,777
765,698,369
943,887, 620
770, 698,260
724,306,232
719,159,694
722,276,127
722, 934, 617
729, 728,404
748, 385, 215
°762,185, 655
773, 696, 367
763.321.196
$147,488, 678
171,889,258
196,429,621.
282,141,930
308, 298,760
296,292,885
240,314, 681
349, 634,341
461, 522,202
602,498,994
661, 631, 598
649,964, 710
676,889,000
706, 766, 602
782, 633, 567
522,923,441
406, 462,419
331, 507,154
371, 381,153.
425, 741, 823
617,041, 611
624, 341, 433
641,924,488
652, 752, 622
664;778,136
P e r cent
4 a 39
4 7 98
61. 26
61.12
65.84
66.07
40.77
62.78
6 7 80
70.98
76.08
8 7 84
90.01
93.64
• 82.92
6 7 86
66.12
46.10
51.42
58.89
70.86
8 a 43
71.10
71.45
72.68
No. 34.—Federal reserve notes, canceled and uncanceled, forwarded by Federal
reserve banks and branches, counted and delivered to the Comptroller of the Currency for credit of Federal reserve agents
Fiscal year:
1916
1917
1918
1919
1920....
1921
1922
1923
1924
1925
....-
-
$24,486,000.00
65,042,725.00
213, 730, 775. 00
701,857,330.00
1, 722, 882, 472. 50
1, 781, 881,480. 00
2,127, 408,150. 00
1.. 1,475,743,935.00
-.,. 1, 466, 673, 540. 00
-.. 1, 296, 422 050. 00
-.
...
,
-
No. 35.—Number of notes of each kind of currency and denomination redeemed and aetivered by the National Bank Redemption Agency during
the fiscal year 1925
O
N u m b e r of notes of each d e n o m i n a t i o n
K i n d of c u r r e n c y
I's
National-bank notes:
1924—July
August...
September
October
November
December
1925—January
February.March
April.
May
June
.
2's
'
lOO's
60's
600's
1,000's
6,000's ^
10,000's
Total
697,906
670,362
674,987
646,438
600,668
651,056
657,223
:629,765
648,056
623,782
682,303
650,281
19,981
16,784
17,909
18,281
13,470
14,329
18,349
16, 826
16,920
17,626
17,778
17,929
29, 210,997
24,730,488
7,132,806
203,181
20,400
17,800
10,800
13,800
12,834
13,400
16,600
8,200
9,000
2,600
2,000
700
800
2,102
1,700
1,600
800
900
2,660
1,960
800
850
1,602
1,800
1,300
800
900
40
11,000
8,800
2,100
1,400
700
2,450
20
179,690
243,760
228,320
193,490
89,192
208,940
148,420
173,800
90,820
136,000
107,800
137,035
141,634
16,602
16, 702
300
1,935,157
7,289,970
7,299, 280
6,769,380
6,896,970
6,853, 664
7,398,280
2,961,840
2,496,176
2,366,836
2,364, 350
2,380,917
2,884,616
1,761,180
1, 584, 385
1,470,190
1,479,660
1,489,628
1,678,040
169.182
142,224
119,781
139.183
124,264
142,664
:
T o t a l F e d e r a l reserve b a n k
notes
20's
2,126,236
1,961,996
1,961,339
1,918,370
1, 724, 223
1,997,961
2, 288, 216
1, 858,271
2, 242, 544
2,166, 012
2,302,697
2,203, 726
.
Federal reserve b a n k n o t e s :
1924—July
August-.
-.1..
September
October .
November
December..
1925—January
;
February
March
April
May
June
lO's
2, 636,226
2,466,691
2,426,642
2, 303, 299
2,173, 596
2,426,168
2, 559, 238
2, 323,980
2, 610, 286
2,381,696
2;669,268
2,466, 017
T o t a l nationals
Federal reserve n o t e s :
1924—July
August
September
October . .
November
December
6's
120,000
160,000
164,000
138,000
52,561
144,000
92,000
120, 000
64,000
102,000
70,000
87, 670
34,000
62,000
62,000
40,000
20,093
48,000
36,000
44,000
26,000
34,000
24,000
36,796
1,304,131
456,888
.
.
7,377
6,641
5,813
6,369
6,039
4,972
6,288
6,139
6,697
6,370
6,620
6,216
6, 287, 724
6,002,373
4,976, 590
4,789, 767
4,418,996
4,994,485
5,629,313
4,732,980
6,623,603
5,194,466
5,688,456
6,333,168
71,340
81,348,811
20
40
100
40
20
20
40,892
41,877
36,972
36,968
33,697
40,280
1,241
' 1,764
. .1,074
944
1,353
1,896
1,043
1,667
1,364
1,064
1,480
1,492
1
' 3
1
6
5
6
3
6
1.
3
12
4
12,186,352
11, 567, 260
10, 744, 688
10,919,138
10,884,910
12,147,166
o
i
t2|
o
Ul
1926—January
February
March
April
May .
June
8,126,060
7,133, 080
8, 057,740
7, 864,770
8,107,600
8, 525,710
_
.
T o t a l F e d e r a l reserve notes
U n i t e d States c u r r e n c y :
1924—July
AugustSeptember
October
November
December
1926—January
February..
March _.
April...
_
May
June
-..
..-.
-..
_
T o t a l U n i t e d States c u r r e n c y .
Aggregate
3,453,695
2,092,360
2,612,756
2, 563,405
2, 355, 750
2,434,960
2,048,926
1,326,276
1,561,486
1, 568,130
1, 832,265
1, 581,930
172,639
144,773
162, 689
136,858
158, 052
156, 239
53,154
41,207
44,738
61,693
61, 006
47, 704
2,666
90, 092,384
.
.
.,
30,947, 857
19,172,083
1, 748, 308
519,178
19,986
1
2
1
897
598
1,032
445
678
316
1,067
1,246
787
614
834
868
85
44
72
121
28
64
16
56
67
41
77
13
908
719
810
466
481
161
644
354
345
652
581
222
344
201
289
316
428
90
367
442
122
393
486
96
134
66
73
29
81
24
43
101
r23
109
119
36
6
1
3
7
21
1
4
2
3
9,271
653
6,243
3,672
827
61
56, 698,219
28, 321, 417
1,961,840
690, 644
2,090
2,114
1,648
1,639
6
12
3
6
2
9
9
1
4
6
1
13,859,143
10, 742,262
12,433,'030
11,978,375
12, 308,309
12, 749, 015
18,836.
60
57
142, 618, 538
26
457, 541 119, 451,258
2,432
1,991
1,870
1,624
1,241
1,313, 402
2, 350
1,619
2, 277
1,388
1, 597
680
2,153
2,221
1,337
1,713
2,099
1, 229
1
6
2
i
3
2
1
20,643
19,985
18,836
60
57
205, 823,149
d
cn
572
REPORT ON T H E FINANCES
N o . 36.—Amount of money outside of the Treasury, the amount held by Federal
reserve banks and agents, and the amount in circulation, the per capita, and the
estimated population of the United States, on the 1st day of each month f r o m '
J u l y , 1923
[For details as to the general stock and kinds of money see Annual Report of the Secretary of the Treasury
for 1925, Tables R, S, and TJ
Money outside of the Treasury
Date
Held by Federal reserve
banks and
agents
Total
July 1, 1923.
Aug. 1, 1923.
Sept. 1,1923
Oct. 1, 1923.
Nov. 1,1923,
Dec. 1, 1923.
Jan. 1,1924.
Feb. 1,1924.
Mar. 1,1924.
Apr. 1, 1924.
May 1,1924.
June 1, 1924.
July 1, 1924.
Aug. 1, 1924.
Sept. 1, 1924
Oct. 1, 1924.
•Nov. 1, 1924,
Dec. 1, 1924.
Jan. 1, 1925.
Feb. 1,1925.
Mar. 1, 1925
Apr. 1, 1925.
May 1, 1»S25.
J u n e l , 1925.
July 1, 1925.
Aug. 1, 1926.
Sept. 1, 1925
Oct. 1, 1925.
$6,935, 017, 787
6,996, 392,861
6,058, 585,019
6,118,587,083
8,140, 318,291
6,189,517,988
6,380, 177,897
6,159,201,299
6,182, 582,381
6,125,437,231
8,149,820,172
6,128, 870,123
8,128, 953,189
6,103,269,184
8,085,879,430
6,148, 770,932
6,198, 912,293
8, 250,089, 502
6, 359,700,002
8,178, 902, 521
6,154,289,478
6.139, 921, 528
8.140, 829, 844
8,123,021,107
8,108, 391,299
6,105,403,920
8,138, 123, 347
6,182,464, 788
Population
of continental
United
States
(estimated)
In circulation
Amount
$1,206, 839,271
1,299,623,736
1,280, 878,208
1,286, 645,924
1,305, 065,344
1,268, 380,217
1,409, 092, 514
1,477,493, 516
1,354, 784, 635
1,312, 578,189
1,389, 708,613
1,313, 268, 868
1,374, 180,436
1,438, 081,896
1,312, 001,158
1,342, 404,392
1,319,218,708
1,258, 499,050
1,"" 789,180
1,427; 384,872
1,350, 080,656
1,383, 754,386
1,415,€38,939
1,348, 708, 508
1,~"" 927,062
886,409
1, 385',
1,354, 098,802
1, 355,459,464
$4,729, 378, 616
4,696, 769,126
4, 777,906,811
4,849, 921,139
4,835, 252,947
4,923, 157, 751
4,961, 086,383
4, 681,707,784
4.807, 777, 748
4,812, 881,042
4,760, 113, 659
4,815,401,455
4, 754,772, 754
4, 685, 187,288
4,773,878, 272
4.808. 368, 640
4,879, 693, 585
4,993, 570,452
4,992, 930,842
4, 751,537, 649
4,804, 208,822
4, 778,187,142
4, 752,190, 705
4, 774,312,599
4, 736,484,237
4, 719,518, 611
4, 784,024, 545
4,827, 005,324
Per
capita
$42. 50
42.16
42.85
4 a 45
4a 27
44.01
44.22
41.77
42.85
42.85
42.33
42.78
42.19
41.36
42.28
42.52
4a 12
44.08
44.03
41.86
42.28
41.99
41.50
41.89
41.51
41.31
41.84
42.17
111,268,000
111,388,000
111,505,000
111, 622,000
111, 740,000
111, 858,000
111, 977, OOO
112,095,000
112,213,000
112,331,000
112,449,000
112, 568,000
112, 688, OOO,
112, 804,000
112,922, OOO
113,040, OOO
113,158,000
113,276,000
113, 395,000
113,513,000
113, 631,000
113, 749, OOO
113,867, OOO
113,985,000
114.104, OOO
114,222,000
114, 340, OOO
114,458,000
N o . 37.—Total amount expended on account of the P a n a m a Canal, the receipts
covered into the Treasury, and the proceeds of sales of bonds to the close of the
fiscal year 1925
Construction,,
maintenance,
a n d operation
Fortifications
I n t e r e s t paid
on P a n a m a
C a n a l loans
T o t a l disbursements
D e d u c t receipts covered
into the
Treasury
Balance
T o J u n e 30,1914. $346,790,839.60 $6, 267, 092. 00 $14, 883,449, 64 $367,941, 381.14 $16,443, 42a 90 $351, 497,967 24
Fiscal year—
24,427,107. 29 4, 767, 605. 38 3,199, 385. 05 32,394,097 72 4,130, 241. 27 28, 263, 856. 46
1916
14, 638,194. 78 2,888,341.97 3,189,024. 79 20, 696, 661. 64 2,889,996. 28 17, 826, 666. 26
1916
15.949.282.47 3, 313, 532. 55 3,103, 250. 67 22.366, 045. 69 6,150, 668. 59 16, 215, 377 10
1917
13,299, 782. 58 7,487,862.36 2,976, 476. 56 23, 764,101. 47 6,414, 570. 25 17, 349, 531. 22
1918
10, 704,409. 74 1, 561, 384. 74 2,984, 888. 33 15, 250, 682. 81 6, 777, 046. 55
8, 473, 816. 26
1919
3,488, 258. 48
6, 031,483. 72 3,433, 592. 82 3, 040, 872. 89 12, 606,929. 43 9.039, 870.95
1920
9, 398, 81 a 79
16, 230, 390. 79 2, 088, 007. 66 2,994, 776. 66 21, 313,175.11 11,914, 381. 32
1921
2, 791, 035. 40
898, 327 45 2,996, 398. 41
6, 682, 781. 28 12, 049, 660, 85 1 5, 366, 899, 39
1922
3, 620, 503. 37
960,189. 20 2,997,904. 81
7, 568, 597. 38 17, 889,986. 25 1 10, 301, 387 87
1923
7,141, 711.97
393,98a 37 2,992,481.19 10, 528,136. 53 26, 074, 513. 33 1 16, 646, 376, 8(
1924....
2.988.918.80 12, 622, 286. 60 22,553,732.44 1 9,931, 468, 84
9, 050, 509. 73
582,837. 07
1925
Total
470, 676,191. 42 34, 810, 718, 57 48, 346, 807. 89 663, 632, 716. 68 142, 287, 869. 78 411,344,846,90
D e d u c t proceeds
138, 600. 869. 02
of b o n d s s o l d . .
N e t balance
expended
o u t of t h e
general
fund of t h e
Treasury
1 Net receipts in excess of disbursements.
272, 743,976. 88
REPOET OF TEE DIEECTOR OF THE MINT
TREA:SURY DEPARTMENT,
B U R E A U OF THE M I N T ,
Washington, D. C, September 15, 1925.
SIR: In compliance with .the provisions of section 345, Revised
Statutes of the United States, I have the honor to submit herewith
a report covering the operations of the mints and assay offices of the
United States for the fiscal year ended June 30, 1925, being the
fifty-third annual report of the Director of the Mint. There is also
submitted for publication in connection therewith the annual report
of this bureau upon the production and consumption of the precious
metals in the United States for the calendar year 1924.
OPERATION OF THE M I N T S AND ASSAY OFFICES
INSTITUTIONS OF THE MINT SERVICE
Eleven mint service institutions operated throughout the fiscal
year ended June 30, 1925: Coinage mints at Philadelphia, San
Francisco, and Denver; assay office at New York, which makes
large sales of fine gold bars; mints at New Orleans and Carson City
conducted as assay offices; and assay offices at Boise, Helena, Deadwood, Seattle, and Salt Lake City. The seven last-named institutions are, in effect, bullion-purchasing agencies for the large institutions, and also serve the public by making, at nominal charge,
assays of ores and bullion. Electrolytic refineries are operated at
the New York, Denver, and San Francisco institutions. '
COINAGE
During the past fiscal year the output of domestic coin totaled
190,443,558 pieces, as compared with 262,178,080 pieces during the
prior fiscal year. The requirement for coins below the dollar was
materially less, permitting increase of the stock of gold double
eagles as well as a larger coinage of silver dollars from bullion purchased under the act of April 23, 1918. Gold coins were made at
all three of the coinage mints, Philadelphia, San Francisco, and
Denver, to a total value of $250,335,000. Silver dollars were made
at Philadelphia and San Francisco to a total value of $18,308,000.
The value of the subsidiary silver coin executed totaled $8,221,404,
and minor coin $1,746,540, giving a total value of domestic coinage
executed of $278,610,944, as compared with $180,088,460 for the
prior fiscal year. Coin for foreign governments made at the Philadelphia Mint totaled 8,223,000 pieces for the Governments of Poland,
Peru, Guatemala, and Venezuela, and at the San Francisco Mint
673
674
REPORT ON THE
FIN'ANCES
4,500,000, pieces for Salvador, giving a total number of pieces for
foreign governments of 12,723,000. The grand total of pieces
executed during the year was 203,166,558, which compares with the
total during the prior fiscal year of 271,810,276 pieces.
GOLD OPERATIONS
Gold acquired by the Government at the several mint service
institutions during the fiscal year 1925 totaled $211,053,392.16.
United States gold coin received by the mints for recoinage amounted
to $1,812,397.95; transfers of gold between mint offices totaled
$12,815,552.16; and the aggregate amount of gold received by t h e
several mint service institutions during the fiscal year 1925 was
$225,681,342.27.
SILVER OPERATIONS
Receipts of purchased silver during the fiscal year 1925 totaled
3,325,201.78 fine ounces, of which 298,159.77 fine ounces were
Pittman Act silver, costing $1 per ounce. The average cost of
other purchased silver was 68 cents per ounce, total cost being
$2,058,520.67 for 3,027,042.01 fine ounces. Silver received in
exchange for bars bearing the Government stamp totaled 1,481,747.75
fine ounces; United States silver coin received for recoinage totaled
1,764,223.72 fine ounces, the recoinage value being $2,438,452.07;
silver deposited in trust by other governments totaled 2,515,635.23
fine ounces; and transfers between mint service offices totaled
1,334,103.53 fine ounces, making the aggregate quantity of silver
received by the several mint service offices during the fiscal year
10,420,912.01 fine ounces.
Deliveries of silver purchased under the act of April 23, 1918,.
were completed on or before October 1, 1924. Approximately
18,000,000 silver dollars remain to be coined from the silver purchased under this act.
The New York market price of silver during the fiscal year ended
June 30, 19^5, averaged $0.68813; the lowest price was $0.66125, on
July 1, 1924; and the highest price $0.72375, on October 9, 1924.
REFINERIES
The three refineries—at New York, San Francisco, and Denver—
were in operation throughout the year, reducing the large quantitiesof unparted and unrefined bars into usable gold and silver bullion.
. Production of electrolytically refined gold totaled during the past
fiscal year 3,319,076 ounces, as compared with 3,925,962 ounces dur-^
ing the fiscal year 1924. Electrolytically refined silver totaled
5,293,985 ounces, as compared with 6,616,817 ounces during the fiscal
year 1924.
COMMEMORATIVE COINS AND MEDALS
The last session of Congress authorized the issue of six commemorative coins—one quarter eagle and five silver half dollars. The issue
of a commemorative silver medal was also authorized. Since 1914
the authorizations of commemorative coins have included 6 gold coin^
1. MEMORIAL HALF DOLLAR—STONE MOUNTAIN
2. MEMORIAL HALF DOLLA R—LEX I NGTON-CONCORD SESQUICENTENNIAL
3. MEMORIAL M EDAL—NO RSE-AM ERICAN CENTENNIAL
DIRECTOR OF THE M I N T
575
and 15 silver half dollars. Commemorative coins have become so
numerous that the interest of the general public in them appears to
be comparatively small. The quantities authorized by Congress are
seldom made, and of those actually made considerable quantities are
returned to the mints for melting because the organizations having
in charge their distribution are unable to dispose of them. Numerous
issues of commemorative or ^'souvenir^' coins also have a tendency
to add to the difficulties of maintaining the integrity of the circulating
medium.
Two commemorative coins and one medal were issued during the
year under review, as follows:
The Stone Mountain half dollar was issued in commemoration of
the commencement of the work of carving on Stone Mountain, in the
State of Georgia, a monument to the valor of the soldiers of the South.
The obverse of the coin shows equestrian figures of Gen. Robert E.
Lee and Gen. Thomas J. (Stonewall) Jackson reviewing the Confederate armies. The motto, ^'In God We Trust'' appears at the
top of the coin, and to the left the legend '^Stone Mountain, 1925.''
The reverse bears an eagle, emblematic of liberty, poised on a
mountain crag, with a background of stars dimly visible, together
with the inscriptions ^'United States of America," ^^E Pluribus
Unum," and the denomination of the coin. Five millions of these
pieces were authorized. The design is the work of Gutzon Borglum.
The Lexington-Concord half dollar was issued in commemoration
of the one hundred and fiftieth anniversary of the Battle of Lexington
and Concord. The obverse of the coin shows a figure of the Minute
Man. The motto ^'In God We T r u s t " with other usual legends
appears on the obverse. At the base of the obverse of the coin the
words ^'Patriot Half Dollar" appear. The device used on the reverse
is a representation of the old belfry at Lexington, with the inscription
''Lexington-Concord Sesquicentennial, 1775-1925." Three hundred
thousand of these pieces were authorized. The designs were executed
by Chester Beach.
^ The Norse-American medal, issued in lieu of a coin, is commemorative of the arrival in the United States of the first shipload of Norse
immigrants. The obverse bears the figure of«a Norseman stepping
ashore on the American Continent. In the background appears a
Viking ship, and above the inscription ''Norse-American Centennial
1825-1925." The reverse shows a viking'ship in full sail. Above
the inscription '^ Authorized by Congress of the United States
of America" appears, and below the inscription ''A. D. 1000," which
is the year in which the Norsemen are supposed to have landed on
the mainland of America. The medal is executed in silver and is
octagonal in form. The issue of 40,000 medals was authorized by
Congress. The design was executed by James E. Eraser.
STOCK OF COIN AND MONETARY BULLION IN THE UNITED STATES
On June 30, 1925, the estimated stock of doniestic coin in the
United States was $2,025,682,976, of which $1,220,149,927 was gold,
$522,061,078 standard silver dollars, and $283,471,971 subsidiary
silver coin.
576
REPORT ON T H E
FINANCES
The stock of gold bullion in the mints, assay offices, and Federal
reserve banks on the same date was valued at $3,166,045,914, a
reduction during the year of $241,707,562; the stock of silver bullion
wasl7,620,761.18 fine ounces, a reduction of 15,034,311.06 fine ounces.
PRODUCTION OF GOLD AND SILVER
Domestic gold production during the calendar year 1924 exceeded
that of the four prior years, the total being $52,277,000, as compared
with451,734^000 in .1923. The,output continues at• approximately
half of that for the record year 1915, when the total was $101,035,700.
Silver of domestic production during 1924 totaled 65,407,186 fine
ounces, valued at $43,822,814; this compares with 73,335,170 fine
ounces, valued at $60,134,839, for 1923, and with the record production of 1915, 74,961,075 fine ounces, valued at $37,397,300.
INDUSTRIAL CONSUMPTION OF GOLD AND SILVER
Gold consumed in the industrial arts during the calendar year 1924
is estimated at $65,887,851, of which $37,913,310 was new material.
Silver used in the arts is estimated at 33,594,816 fine ounces, of
which 24,664,236 fine ounces was new material.
As compared with the prior year, gold consumption decreased about
$3,400,000 and silver consumption decreased about 3,200,000 ounces.
IMPORT AND EXPORT OF DOMESTIC GOLD COIN
The net export of domestic gold coin during the fiscal year ended
June 30, 1925, was $107,910,658; during the prior fiscal year there
was net import of $19,183,640. During the 11 fiscal years 19151925, since the opening of the World War, there has been a net
export of $889,103,715. Since 1870 the net export of domestic gold
coin has been $1,766,752,779 as per tabulation Dy fiscal years, which
may be found in another section of this publication.
APPROPRIATIONS, EXPENSES, AND INCOME
Appropriations available for mint service during the fiscal year
1925 totled $1,692,853 and reimbursements to appropriations for
services rendered amounted to $165,954.39, malting a total of
$1,858,807.39.
Expenses amounted to $1,846,646.36, of which $1,815,611.13 were
chargeable to appropriations and $31,035.23 chargeable to income.
The income realized by the Treasury from, the mint service aggregated $9,108,120.73, of which $8,168,849.96 was seigniorage. The
seigniorage included $4,142,765.86 on the coinage of silver dollars,
which amount offsets an equal loss which was incurred when the
silver dollars were melted and sold under terms of the Pittman Act.
The seigniorage on subsidiary silver coin was $2,897,262.31; on nickel
coin, $392,103.39; and on bronze coin, $736,718.40.
Summary of appropriations, expenses, and balances, fiscal year 1925
Items
Appropriations
Earnings credited to appropriations.
Total available.
Expenses
Unexpended balances..
Salaries
Wages
Contingent Freight
expenses on bullion
Total
$307,660. 00 $1,054,203.00 $325,990. 00
120,005.20 45,949.19
$5,000. 00 $1, 692,853. 00
165,954. 39
1,174,208.20 371, 939.19
1,156,566.64 357,351. 54
5, 000. 00 1,858,807. 39
4,872. 59 1,815,611.13
307,660. 00
296,820. 36
10,839. 64
17,641. 56
14, 587. 65
43,196.26
577
DIRECTOR OF T H E M I N T
DEPOSITS OF GOLD AND SILVER, INCOME, EXPENSES, AND EMPLOYEES,
BY INSTITUTIONS, FISCAL YEAR 1925
The number and value of deposits, transfers, gross income, and expenses for the fiscal year 1925, and the number of employees on June
30, 1925, at each institution, are shown in the following table:
Institutions
Number of
deposits of
gold
and
silver
Number of
m i n t Coining v a l u e
serv- of gold a n d silice
ver received i
transfers
Gross
income
EmExcess of in- ployees
come ( + ) or
ofexpenses(—) J u n e
30,
1925
. Gross
expense
969
698
450
572
1
Total
field..-. 42,955
M i n t bureau
2,692
219, 935, 306.48
9,108,120. 73
1,808,380.66
38, 265. 70
+7,299,740.07
- 3 8 , 265. 70
752
14
G r a n d t o t a l . . 42,955
62, 255
Fiscal y e a r 1924
2,692
3,103
219, 935, 306. 48
525, 512,344. 02
9,108,120. 73
8,616,444. 37
1,846,646. 36
1,848,461.41
+7,261,474. 37
+6,767,982.96
766
762
2
$13,826, 055. 71 $6,909,063.97
36,236, 267. 04
1, 009, 524. 52
12, 084, 518.11
655,906. 05
150,447, 596. 73
523,918.25
563.17
568,127.78
667. 22
160, 211.41
^ 4,109. 66
265,171. 02
941.86
393,568.42.
12, 533.10
448.17
5,826,817. 57
2, 276. 67
114,439. 59
701.19
$862,173. 00 +$6, 046,890.97
317,138.00
+692,386.52
222,134.68
+433,771. 37
339,510. 34
+184,407.91
12,160. 34
-11,697.17
5,602.66
-4,935.44
•7,338.46
- 3 , 2 2 8 . 80
6,872.14
-5,930.28
5,604.16
- 5 , 1 5 5 . 99
25, 541. 71
- 2 3 , 2 6 5 . 04
4, 305.17
-3,603.98
9,231
PhUadelphia
10,224
S a n Francisco
Denver
_. 3,341
New York
16,625
New O r l e a n s . . . . . . .
379
Carson City
304
524
Boise
507
Helena
16
Deadwood
1,658
Seattle
146
Salt L a k e C i t y
373
132
87
128
6
3
4
3
3
11
2
1 Gold valued at $20.67 per fine ounce; silver for,standard dollars valued at $1.29 per fine ounce; and silver
• or subsidiary coin at $1.38 per fine ounce.
COINAGE
Details of the coinage executed during the fiscal year ended June
30, 1925, are given below:
Domestic coinage of the United States mints during the fiscal year 1925
Total
Philadelphia
Denominations
S a n Francisco
Denver
Value
Pieces
0
GOLD
$85, 535, 000.00 $89,910,000.00 $74, 890,00b. 00 $260,336,000.00
D o u b l e eagles
12,516,760
18, 308,000.00
1,167, 354. 60
18, 308,000
2, 314,709
SILVER
S t a n d a r d dollars
Half dollars, Stone M o u n t a i n
Half dollars, Lexington-Concord
Q u a r t e r dollars
Dimes
16,580,000.00
1,157, 354,50
1,728,000.00
715,000.00
116,000.00.
778,000.00
641, 000.00
81,049.60
3,971, 000.00
3,012,000.00
162 099
15,884,000
30,120,000
22, 551, 404.00
2,559,000.00
1,419,000.00
26, 629,404.00
66,788,808
689, 200. 00
830,630.00
T o t a l silver
81,049.50
2,478,000.00
2, 255,000. 00
71,850.00
60,960.00
32,900.00
61, 000. 00
793,960.00
• 952,590.00
15,879,000
95, 269,000
111, 138,000
MINOR
5-cent nickels
1-cent bronze
T o t a l minor
..
T o t a l value
T o t a l nieces
.
. .
.
1,519,830.00
132,810. 00
93,900.00
1,746, 640.00
109, 606, 234.00
152,642,658
92, 601,810. 00
17,776,600
76, 402,900.00
20,024,600
278, 610,944.00
Prior fiscal year, total v a l u e . . $72,901, 660.00 $39, 391,900.00 $67,795,000.00 $180,088,460.00
8, 376, 260
Prior fiscal year, total pieces
214, 328,830
39, 473,000
60501—FI 1925t
37
190, 443,658
262,178,080
578
KEPORT ON THE FINANCES
Coinage for other countries by the United States mints, fiscal year 1925
Struck at Philadelphia Mint:
Poland, 2 zlote, silver
Peru, un sol, silver
Guatemala, 1 quetzal, silver
Venezuela, 5 centimo, nickel^
Venezuela, 123^ centimo, nickel
Struck at San Francisco Mint:
San Salvador, 5 centavos, nickel
San Salvador, 10 centavos, nickel
,
_._
_.
Pieces
5, 160, 000
253, 000
10, 000
2, 000, 000
800, 000
3, 000, 000
1, 500, 000
Total foreign
_... 12,723,000
ISSUE OF FINE GOLD BARS FOR GOLD COIN AND GOLD BULLION
'
The value of the fine gold bars issued in exchange for gold coin
and bullion monthly by the United States mints at Philadelphia,
San Francisco, and Denver, and the assay office at New York, during
the fiscal year 1925 was as follows:
E X C H A N G E D FOR GOLD COIN OR GOLD CERTIFICATES
Months
Philadelphia
1924
July..
August
September.-.
October
November
D ecemb er
'.
1925 •
January
February
March
April.......
May
June
$75,426.15
159,489.97
604, 531. 96
207,498. 79
152,434. 84
564, 079. 21
-.
Total
Prior fiscal year 1
San Francisco
$15,
25,
230,
25,
30,
230,
Denver
N e w York
Total
263. 69
290. 92
052. 70
005. 78
012. 43
348.44
$2,820,310.17
5, 563, 264. 74
6,928, 259. 55
5, 532, 525. 05
7, 547, 359. 86
• 21,337,273.58
$2,911,000,01
5, 748, 045. 63
7, 762,844. 21
5, 765, 029. 62
7, 729,807.13
22,131, 701. 23
4, 627,946. 27
3, 258, 249. 31
70,315. 69
176, 251. 79
• 100,559.63
95, 505.15
14, 763, 631.17
14,968,138. 46
2, 393, 328. 02
1,045,191.11
35,071.12
10, 014. 20
50, 391, 942. 72
26, 680, 763. 22
5, 308, 050. 34
6,838, 939. 72
6,142, 793.12
4, 310, 026.16
69, 783, 520.16
44, 897,145. 99
7, 771, 694. 05
8, 060,382. 62
6, 278,423. 87
4, 415, 545. 51
10, 092, 288. 76
734,186. 34
33, 761, 343. 04
432, 007. 39
149,401,508.23
55,874.167. 00
193, 255,140. 03
57, 040, 350. 73
E X C H A N G E D FOR GOLD BULLION
Months
1924
July
August
September
0 ctober _ .
November
D ecember
Philadelphia
San Francisco
Denver
$42,153. 62
53,710. 05
39, 625. 49
45, 072. 92
53, 069.80
58, 594. 59
$7,896. 70
6, 257. 35
5, 678. 99
6, 576. 88
4, 652. 95
4, 295. 98
$10, 548. 43
10, 324. 52
9, 515. 82
9, 692. 37
11, 687. 00
11,208.62
72, 628. 08
33, 874; 91
54, 030. 49
42, 751. 57
52,160. 11
35, 114. 61
5, 360. 06
5, 860. 92
6,484. 28
9, 439. 97
3, 466. 99
1, 223. 42
16, 207. 72
10, 490. 50
12, 330. 78
12, 252. 65
10, 077. 04
11, 393. 93
582, 686. 24
1,136, 449. 40
67,194. 49
78, 023. 44
135, 729. 38
86,290.42
. N e w York
Total
$440, 595. 07
318, 405. 54
349, 345. 26
436,118.38
429,073. 05
430, 347. 07
$501,193. 82
388,697. 46
404,065. 56.
497,460. 55
498, 482. 80
504,446. 2&
447,933.10
329, 615. 47
434,951.42
379, 635. 29
368, 505. 64
328,616.88
542,128. 96
379,841. 80
507, 796, 97
444, 079. 48
434, 209. 78
376, 348. 84
4, 693,142.17
4, 647, 359. 38
5,478,752.28
5, 948,122. 64
1925
January
February
March
April
May.June
Total-...
Prior fiscal y e a r . .
.
DIRECTOR
RECEIPTS
AND
OF
DISBURSEMENTS
ON
OF
THE
579
MINT
GOLD
BULLION
AND
BALANCES
HAND
Receipts and disbursements of gold bullion during the fiscal year
1925 and balance on hand on June 30, 1925, as compared with June
30, 1924, are shown in the following table:
Balance on J u n e
30, 1924
Institutions
Receipts d u r ing fiscal year
1925 (details
below)
Total
Disbursements
d u r i n g fiscal
Balance on J u n e
year 1925
30, 1925
(details below)
$138, 659, 572. 00
$228, 951, 946. 62 $10, 453,302. 36 $239,405, 248. 98 $100, 745, 676. 98
Philadelphia
494, 628,130. 31 123, 764, 717. 04
40, 627, 994. 52
454, 000,135. 79
370, 863.413. 27
S a n Francisco
151,815,056. 28
75,039, 061. 92
12,119,114. 80
139, 695, 941. 48
76, 775, 994. 36
Denver
2,501,414,467.53 141,816, 227. 41 2, 643, 230, 694. 94 154,151,433. 54 2,489, 079, 261. 40
New York
1,992,099. 67
559,014. 04
1,756,694.99.
235, 404. 68
1, 433, 085. 63
N e w Orleans
202, 545, 72
260, 858. 88
244,173. 66
58, 313.16
16, 685. 22
Carson C i t y
223,4n.74
249, 276. 71
242, 763. 72
25,864. 97
6, 512, 99
Boise
349,102. 23
314, 784. 84
318, 981. 95
30,120. 28
34, 317. 39
Helena
1, 271. 03
3,416. 01
2, 758.11
2,144.98
657. 90
Deadwood
6,189, 601. 27
6, 755,892. 34
6, 637, 344. 09
433, 708. 93
552, 257.18
Seattle
167,690.07
122, 961. 80
110,127. 95
57, 662.12
44, 728. 27
Salt L a k e C i t y . . .
T o t a l . . . . . . . 3, 326,103, 291. 49
212,187, 883. 86 3, 538, 291,175. 35 462, 022, 370. 69
3,076, 268,804. 66
DETAILED RECEIPTS OF GOLD BULLION
Institutions
Deposits,
including
United States
uncurrent coin
$10, 451,486.13
34, 348,522. 47
10,061, 009. 33
137, 317,043. 56
558, 836. 74
202, 479. 07
223, 069. 27
318, 803.16
1,266. 56
209. 27
5, 755,
110, 079. 74
Philadelphia...
San Francisco..
Denver...
New York
New Orleans...
Carson City....
Boise
Helena
Deadwood
Seattle
Salt Lake City.
Surplus
bullion
recovered
(including
shipment
gains)
$1,816. 23
9, OIL 71
1, 975. 32
10, 635. 71
177. 30
66.66
342. 47
75,43
4,47
269. 63
48.21
199, 347, 805. 30 24,423.13
Total.-...
Transfers from
mints and
assay offices
$6, 270,460. 34
2,056,130.16
4,488, 548.14
103. 36
'41T44
TotaJ
$10, 453,302. 36
40, 627,994. 62
12,119,114. 80
141,816,227. 41
659, 014. 04
202, 646. 72
223, 411. 74
318, 981. 95
1,271. 03
5,755,892. 34
110, 127. 95
12, 815, 655. 43 212,187,883. 86
DETAILED DISBURSEMENTS OF GOLD BULLION
Transfers t o
mints and
assay offices
Sold i n
sweeps,
manufactures, etc.
Manufactured
i n t o coin
Wastage
and shipment
losses
$10, 676,046.18 $4,494, 232.89
Philadelphia
San F r a n c i s c o . - . 33,828, 537. 53
135, 729. 38
Denver . . . .
154,094, 650. 40
New York
1, 756, 694. 99
N e w Orleans
244,173, 66
Carson C i t y
242, 763. 72
Boise
314, 784. 84
Helena
2, 746. 26
Deadwood..
6, 637, 317. 89
Seattle...
122, 941.18
Salt L a k e C i t y
$29, 593. 43
25, 258. 44
13, 332. 54
66, 783.14
$86, 635, 000. 00
89,910,000. 00
74, 890, 000. 00
$10,805.48
921. 07
198, 734, 962. 49 12, 816, 655. 43
124, 967. 66
Institutions
Total
Bars p a i d t o
depositors a n d
issued in exchange for coin
Total
. n.85
26.20
20.62
$100, 745,676.98
123, 764,717. 04
75,039,061. 92
154,151,433.54
1, 756, 694. 99
244,173.66
242, 763. 72
314, 784. 84
2, 758.11
5, 637,344.09
122,961. 80
11, 785. 22
462,022,370.69
!
^
260, 335,000. 00
580
REPORT ON' T H E FINANCES
PURCHASE OF MINOR COINAGE METAL FOR USE IN DOMESTIC COINAGE
During the fiscal year 1925 there were purchased at the mint at
Philadelphia 10,451,878.49 troy ounces of minor coinage metals at a
cost of $170,953.59, which includes 2,635,871.88 troy ounces in nickel
blanks'prepared for stamping, costing $91,605.63.
^^:There were also purchased during the same period at the mint at
San Francisco 1,857,763.51 troy ounces of minor coinage metals at a
cost of $22,755.69. The Denver Mint purchased 1,166,725 troy
ounces of copper for use in minor coinage, costing $12,740.64.
MINOR COIN DISTRIBUTION COSTS
The minor coinage distribution costs paid during the fiscal year
1925 from the profits on minor coinage amounted to $30,161.63.
MINOR COINS OUTSTANDING
The following statement shows the coinage of minor coins, by
denominations, the amount on hand, issued, melted, and outstanding
June 30, 1925. Minor coins were first manufactured at the Philadelphia Mint in 1793; at the San Francisco Mint in 1908; at the
Denver Mint in 1911.
Denominations
Coined
Philadelphia:
Copper cents
• Copper half cents i
Copper nickel cents.:...
Bronze 1-cent pieces
Bronze 2-cent pieces
Nickel 3-cent pieces
Nickel 6-cent pieces
$1,562,887. 44
39,926.11
2,007,720.00
38,279,726.83
912,020.00
941,349.48
58, 713,018.10
$313,301.00
102,456,.647.96
3,460,460.00
2,790,400.00
60,349.09
62,924. 60
6,250,860.00
3,207,300.00
4,186,816. 00
Total.
San Francisco:
Bronze 1-cent pieces
Nickel 6-cent pieces
Total.
Denver:
Bronze 1-cent pieces
Nickel 5-cent pieces
7,394,115.00
Total
Grand total.
116,101,622.96
On hand
Issued (net)
Melted
Amount
issued and
outstanding
June 30,1926
742, 289.00
$1,562,887. 44 $382,658.17
39,926.11
807,285. 54
2,007,720.00
880,469. 32
37,966,426.83
342,836.10
912,020.00
286,403. 60
941,349.48
6, 542,586. 20
67,970,729.10
$1,180,329.27
39,926.11
1,200,434.46
37,08.5.966.51
669,183.90
664,945.98
52,428,142.90
1,056,590.,00
101,401,057. 96 8, 242,128.83
, 158,929.13
3,400,110.91
2, 727,476. 60
16,086.17
74,336.66
3,384,024.74
2,663,139.85
123,273. 59
6,127,586.41
90,421. 82
6,037,164.69 '
48,619.16
106,760.00
3,158,680.84
4,180,065.00
9,028.83
110,923. 60
3,149,652. 01
3,969,131.60
155; 379.16
. 7,238,735.-84
119,952,33
7,118,783.61
1, 334, 242.76 114,767,380. 21 8,462, 602.98
106,314,877. 23
Deduct $5.05 copper cents, $12.70 two-cent pieces, and $76.29 three-cent nickel pieces
melted at San Francisco Mint, coined at Philadelphia....i
$88.99
Deduct $12,32 bronze two-cent pieces and $1.38 nickel three-cent pieces melted at
Denver Mint, coined.at Philadelphia
.-,...
13.70
102.69
Total amount outstanding.
106.314,774.54
i There is no record of the melting of the old copper half cents, but it is believed that few, if any, are
now in circulation.
OPERATIONS OF THE ASSAY DEPARTMENTS
The principal work of the assay departments of the coinage mints
and the assay office at New York during the fiscal year 1925 is summarized as follows:
i
581
DIEECTOR OP T H E M I N T
Philadelphia.
Items
San Francisco
Samples
Silver purchases ( P i t t m a n A c t ) .
D e p o s i t s a n d other purchases
Redeposits:
Gold ingots
Silver ingots
Refinery
M e l t i n g a n d refining d e p a r t m e n t
Coining d e p a r t m e n t
Assayers' bars
Proof gold a n d silver
A n n u a l assay w o r k
Special assays of b u l h o n a n d ores
Polish silver ingots (750 fine)
G u a t e m a l a n silver ingots (720 fine)
P e r u v i a n silver b a r s a n d coin (500 fine).
O t h e r foreign fine silver
M a s s melts
Miscellaneous...
Assays
Reports
Samples
Assays
Reports
Number
280
• 15,186
Number
296
61,617
Number
280
8,242
18,171
2,063
8,601
374
63
811
128
270
28
Number
14
92,234
4,230
13,702
2,090
13, 777
6,152
307
297
Number
6,189
17,212
36
136
87
5,088
28
364
2,359
382
18
172
217
153
243
6,321
32
398
2,399
1,291
81
505
17
136
87
2,651
17
182
2,359
92
13
138
Number
3
23,134
1,680
10,165
1,912
•7,365
1,542
69
73
2
10,827
594
179
60
7,276
532
24
10
310
404
20
109
1,283
126
276
18
60
Total
47,963
99,905
23,421
46,624
133,798
19,689
P r i o r fiscal y e a r .
63,113
102, 359
32,086
46, 263
133,918
25, 748
Denver
N e w York
Items
Samples
D e p o s i t s a n d other purchases
Redeposits
Gold ingots
—
Silver ingots
Refinery
M e l t i n g a n d refining d e p a r t m e n t
Coining d e p a r t m e n t
Assayers' b a r s
Special assays of bullion a n d ores.
Platinum and palladium
M a s s melts
Sweeps
—.
Miscellaneous
Total..
,
Prior fiscal year
Assays
Reports
Number
10,138
894
4,605
1,413
3,210
44
44
90
82
8
2
27
364
Number
48,244
4,238
23, 736
2,850
18, 268
212
210
307
374
69
9
1,053
1,096
Number
3,331
415
918
468
1,179
22
22
45
.47
8
1
21
195
20,921 I 100,666
6,672
53, 903
162,402
19,126
17,857
6,675
63, 313
179, 522
21,985
PROOF BULLION
61,366
Assays
Reports
Number
47,271
Number
144,053
Number
,16,371
5,404
12,891
2,106
615
49
52
94
418
3,091
89
147
479
1,662
328
10
12
37
262
(1.000 F I N E )
In order to estabhsh uniformity in assay of bulhon in the offices
of the mint service all proof gold and proof silver is made at the mint
at Philadelphia and furnished to other offices when required.
The anaount made during the fiscal year 1925 was: Gold, 678
ounces; silver, 600 ounces.
OPERATIONS OF T ^ E MELTING AND REFINING AND OF THE COINING
DEPARTMENTS, FISCAL YEAR 1925
The aggregate quantity of metals operated upon in the abovementioned departments of the coinage mints and assay office at New
York during the fiscal year ended June 30, 1925, was 64.82 million
fine ounces of gold and 96.49 million fine ounces of silver. There
were also operated upon at the coinage mints 38.81 million ounces of
minor coinage metal. The figures in the table following are based
on the figures obtained at the settlements of the accounts.
Legal limits of wastage on the whole amount delivered by the
superintendent to operative officers, as prescribed in section 3542,
Eevised Statutes, are as follows: Melter and refiner—gold, 0.001;
silver, 0.0015; coiner—gold, 0.0005; silver, O.OQl.
582
REPORT ON T H E FINANCES
GOLD B U L L I O N
Legal
amount
Surof
plus
Wastwastage
reage
on
covered
amount
received
Amount
returned
Amount
operated
u p o n , including
reworked
metal
. Fine
ounces
12, 351,875
11, 143, 523
Fine
ounces
12,351,380
11,143, 496
Fine
ounces
12, 753,565
11,132,090
Fine
oimces
12,352
5,572
Fine
ounces
9, 962,082
8, 275, 950
9, 962, 441
8, 275, 906
10, 893,820
8, 060, 625
9,962
4,138
5, 962, 262
5, 506, 029
6,962, 666
5, 506, 024
6, 411, 082
5, 216, 307
5,962
2, 753
403
11,946,377
14, 946, 390
10, 358, 622
11, 946
13
T o t a l melting a n d refining. 40, 222, 596
T o t a l coining
24, 925, 502
40, 222, 876
24, 925, 426
40, 416, 989
24, 409, 022
40, 222
12, 463
775
495
76
G r a n d total
65,148, 302
64,826,011
52, 686
776
571
Fine
ounces
58, 313
37, 747
Fine
ounces
11,861
Fine
ounces
Wast-
359
Amount
received
Institution and department
ounces
operated
upon
•
Philadelphia Mint:
M e l t i n g a n d refining
Coining
San Francisco M i n t :
M e l t i n g a n d refining
Coining--.
Denver Mint:
M e l t i n g a n d refining
Coining.:.
N e w Y o r k assay oflice:
M e l t i n g a n d refining
...
.
65,148, 098
Fine
ounces
495
27
^ine
ounces
0.039
.002
44
.005
5
.001
V
SILVER BULLION
Fine
ounces
38, 875, 766
37, 747, 220
Fine
ounces
38,887, 627
37, 744, 443'
Fine
ounces
40,127, 356
37, 693,115
11,145, 782
3, 809, 472
11,146,195
3,809, 039
6, 052,173
3, 406,939
16, 718
3,809
6,123, 986
1,828, 612
Philadelphia M i n t :
M e l t i n g a n d refining..
Coining
•_.
S a n Francisco M i n t :
M e l t i n g a n d refining..
• Coining.Denver Mint:
' M e l t i n g a n d refining..
Coining-N e w Y o r k assay office:
M e l t i n g a n d refining..
6,123, 014
1, 828,483
3, 336, 765
1, 673,802
9,186
1,829
Fine
ounces
2,777
0.074
433
.127
972
129
.291
413
6,515
4, 502, 615
4, 509,130
3, 530, 712
Total melting a n d refining. 60, 648,149
T o t a l coining
43,385, 304
60, 665, 966
43, 381,965
53, 047, 006
42, 673, 856
90, 971 18,789
43,385
972
3, 339
104,033,453 104, 047, 931
95, 720, 862
134, 356 18,789
4,311
Grand total-
6,754
NICKEL COINAGE METAL
Gross
ounces
5,107
3,333
Gross
ounces
4.933
2.411
2, 321,035
1, 610, 652
1,982
1,994
.854
L238
1, 240,121
215, 083
215, 849
152, 636
338
65
1.571
.427
5, 924, 034
7, 379, 310
6,916, 607
7, 373, 918
3, 571,957
3,145, 946
7,427
5,392
13, 303,344
13, 290, 625
6, 717,902
12,819
Gross
Gross
ounces
• ounces
2,362, 640
2.357, 433
5, 466, 649
5,463,316
Gross
ounces
1,035,073
1,382.667
2, 321. 035
1, 697, 513
2, 319,053
1, 695, 519
^.
1, 240, 469
215,148
T o t a l melting a n d refining.
T o t a l coining
Philadelphia Mint:
M e l t i n g a n d refining .
Coining _
San Francisco M i n t :
M e l t i n g a n d refining
Coinins
Denver Mint:
M e l t i n g a n d refining..
Coining--
G r a n d total
Gross
ounces
Gross
ounces
BRONZE COINAGE METAL
Gross
ounces
15,401,465
15,739,777
Gross
ounces
16, 352, 426
15, 737, 784
Gross
ounces
14, 056, 518
13, 713, 266
1,694,937
925, 030
1, 694,116
924, 210
1, 285, 352
859, 730
Gross
ounces
49,039
1,993
Gross
ounces
3.488
.145
1, 694, 937
924, 626
821
820
' . 485
.887
1, 282,194
858. 929
849, 263
859, 730
3,168
801
3.719
.931
T o t a l melting a n d refining 18, 381, 754
T o t a l coining
. . . •17, 524, 537
18, 328, 736
17, 520, 923
16, 600, 718
16,497, 621
53,018
3,614
35,906, 291
35,849, 659
32, 098,339
56, 632
Philadelphia Mint:
M e l t i n g and refining
Coining
San Francisco M i n t : A
M e l t i n g a n d refining .
Coining Denver Mint:
f M e l t i n g a n d refining
Coinins
Grand total.
--
Gross
ounces
Gross
ounces
'583
DIBECTOE OF T H E M I N T
REFINING
OPERATIONS
The net product of electrolytically refined gold and silver of the
mint service dui-ing the fiscal year 1925 was 8,613,061.003 fine ounces;
other electrolytic output included the equivalent of the refined metals
used for aiding the processes, 1,625,735.323 fine ounces; the product
of melting operations (only) totaled 2,379,086.064 ounces, making the
total output of the refineries 12,617,882.39 fine ounces. Details are
shown in the following table:
San Francisco
Denver
Items
Gold
_
Total
1
'.
Silver
Fine ounces
2,137, 975. 03
F i n e ounces
985, 679. 318
8, 200. 731
F i n e ounces
1, 230,495. 37
7,065. 01
10, 707. 46
149, 797. 76
12,302. 840
8Y, 509. 525
239, 667. 33
107, 745. 37
2, 298, 480, 25
1, 093, 692. 414
1,584,973.08
109, 008, 940
-
Bullion obtained from processes:
Unrefined
.
.
Output 0,999+ fineUsed to aid processes
Electrolytic product
Other product
Apparent loss
F i n e ounces
905, 955. 056
Gold
2, 581,822, 947
Bullion placed in processes:
Crude, with charges
Crude, without charges-_
0.999 and over (fire process only)
0.992 and over, to aid processes
Retreated, unrefined
.
. . .
Apparent gain
Total
Silver
131,862.96
118. 564. 892
124, 569. 88
12,302.840
962, 724. 847
239, 667. 33
1, 218,188. 03
1,196, 358, 377 '
368, 716. 081
110, 617. 503
175, 930
368, 716. 081
907, 739, 549
. 1,196,358. 377
1,331. 04
--
10, 707.46
2,154, 578. 79
99. 835
2, 547. 84
2, 581,822, 947
2,298,480. 25
1,093, 692. 414
1, 584,973. 08
New York
Total
Items
Gold
Bullion placed in processes:
C r u d e , w i t h charges '.
C r u d e , w i t h o u t charges
.*
0.999 a n d over (fire process only)
0.900 s t a n d a r d (copper base, for b a r m a k i n g only)
0.992 a n d over, t o aid processes
R e t r e a t e d , unrefined
I
A p p a r e n t gain
TotalBullion obtained from processes:
Unrefined
O u t p u t 0.999+
fineUsed t o aid processes
Electrol^'tic p r o d u c t
Other p r o d u c t
Apparent loss....
Total.
Fine ounces
1, 705,151. 367
Silver
Fine ounces
1, 761, 243. 34
Gold
Silver
Fine ounces
3, 596, 786. 731
8, 200. 731
2,191,119.914
Fine ounces
5,119,713. 74
7,065. 01
409, 268. 00
597,627. 72
6, 512. 24
187,966.150
966,092. 533
983,877. 516
175. 930
669, 642. 79
855,170. 85
6, 512. 24
4, 258, 703.143
2, 764, 651. 30
7, 934, 218. 504
6, 648,104. 63
1, 042, 257. 980
434,165. 47
1, 269,831. 812
690, 598. 31
585, 073. 612
1, 448, 611. 957
1,182, 727. 687
31. 907
409, 268.00
1, 921,217. 83
966, 092, 533
3,319, 076. 353
2, 379,086. 064
131. 742
659, 642. 79
5,293,984. 65
4, 258, 703,143
2,764,651. 30
7,934,218. 504
6,648,104. 63
994, 761. 637
187,966.150
585,073. 612
785, 750.487
3,878. 88
584
REPORT ON T H E FINANCES
INGOT MELTS
MADE
The following statement shows the number of melts made for domestic ingots and the weight of metal involved during the fiscal year
1925:
Weight
Melts
Mints
Passed
ConRefirst
melting melted demned
Passed
Melted
Per cent
passed
1,914
1,984
915
Total
92.64
97.01
99.68
164
46
25,885,984. 658 24, 720, 276. 211
95.49
20
0
3
5 40,035,701. 20
4 3, 751,140. 37
0 1,717,830.98
39,203,546.71
3,721,186.44
1,706,781.05
97.92
99.20
99.35
9,984
Total
Silver:
Philadelphia - .
San Francisco
Denver
Fine ounces
Fine ounces
16 12,363,334.439 11,441,853.321
29 8,310,364.821 8,062, 552.602
0. 6, 232. 285.298 5, 215, 870. 288
8,676
943
465
._
133
18
3
4,813
Gold:
Philadelphia..
San Francisco
Denver
23
9
45, 604, 672. 65
44,631,514. 20
98.08
Gross ounces
1,035,073.16
1, 646, 663. 80
215,147.70
100.00
99.65
100.00
292
639
67
0
0
0
Gross ounces
0 ' 1,035,073.16
0 1,662,427. 70
0
216,147. 70
998
0
0
2,902,648.66
2,896,884. 66
99.80
3,980
. 222
247
0
0
0'
0 14,056, 618. 64
860,264.30
0
845,705. 40
0
14,056,618. 54
848,279.00
845,705. 40
100.00
99.76
100.00
4,449
0
0
15, 752,478. 24
15, 750, 502. 94
99.98
Nickel:
' Philadelphia
San Francisco
Denver
>
Total
Bronze:
Philadelphia
San Francisco
Denver
i...
Total
F I N E N E S S O F M E L T S F O R GOLD AND S I L V E R
INGOTS
The statement following shows the number of gold and silver ingot
melts made, also their reported fineness, during the fiscal year 1925:
Silver ingot melts
Gold ingot melts
For United States coin
For United States coin •
Ingot
fineness
,
899.6
899.7
899.8
899.9
900.0
900.1
900.2
900 3
Phila- San Fran- Denver
cisco
delphia
20
114
333
328
740
219
120
40
1,914
7
20
62
751
1,118
33
4
1,985
17
409
437
54
1
918
Ingot
fineness
898.00
898.25
898. 60
898. 60
898. 70
898. 75
898.80.
898.90
899.00
899.10
899. 20
899. 25
899.30
899. 50
899. 60
899.75
899.80
900.00
900. 25
For foreign coin
Phila- San Fran- Denver
delphia
cisco
10
22
1,154
5,402
1,277
315
52
7
1
8,576
Philadelphia
Peruvian
500.0 1
52
336
Ingot
fineness
.50
76
72
87
85
86
45
20
247
261
268
.
16
2
2
33
10
943
468
Polish
760.0
145
2,551
Guatemalan
720.0 1
17
1
585
DIRECTOR OF THE M I N T
COMMERCIAL AND CERTIFICATE BARS MANUFACTURED
During the fiscal year 1925 the coinage mints aiid the assay oflB.ce
at New York manufactured 147,030 gold and 7,044 silver bars,
valued at $173,852,741.22, as shown by the following table:
Silver bars
Gold bars
Institutions
Number
Philadelphia
San Francisco
Denver--New York
-.
12,523
7,762
710
126,036
Fine ounces
518,022,142 $10,708,468.05
920,624, 616 19,030,999.78
163, 222.92
7,896,909
6,870,947,697 142,035,094.39
147,030 8,317,490,364
183,628 23,623,078,668
Total
Prior fiscal year
Number
Value
171,937,785.14
486, 265,191.79
Fine ounces
Value
921
452
68
6,603
187,788.69 $259,600.75
44,907. 22
30,426.70
2,530.36
1,690. 30
2,062,996.04 1,623,238.33
7,044
10,713
2,298,222.31 1,914,956.08
2,949, 111. 31 2,419,044.93
INGOTS OPERATED U P O N BY COINING DEPARTMENTS A N D i PERCENTAGE OF COIN
PRODUCED
Philadelphia
Items
San Francisco
Denver ,
Total
DOMESTIC COINAGE
Gold:
Ingots operated upon (ounces) Percentage of good coin produced--.
Silver dollars:
Ingots operated upon (ounces) Percentage of good coin produced
Subsidiary silver:
Ingots operated upon (ounces).Percentage of good coin produced.-_
Nickel:
Ingots operated upon (ounces)
Percentage of good coin produced.-Bronze:
Ingots operated upon (ounces)
Percentage of good coin produced.-.
11,132,090.37
38.95
8,060,624.91
64.03
23,944,041.69
53.76
2,478,783.37
64.10
8,028,610.66
67.17
928,156.73
64.81
1,573,801.78
65.22
10,530,668.16
69.04
746,367.29
69.33
364,266.20
65.13
152,636.20
69.35
1,263,269.69
62.19
13,713, 265. 71
64.18
924,625. 60
66.09
869,729.80
70.95
15,497,621.01
64.67
6,216,307.39
69.45
24,404,022.67
64.49
26,422,826.06
53.41
FOREIGN COINAGE
Silver:
Ingots operated upon (ounces)
Percentage of good coin produced
Nickel:
Ingots opyerated upon (ounces)
Percentage of good coin produced
5,720,463.20
38.17
636,300.00
49.84
5,720,463.20
38.17
1,266,385.60
65.28
1,892,686.60
60.07
PERCENTAGE OP GOOD COIN PRODUCED TO PIECES STRUCK
Philadelphia
Denomination
Double eagles:
Blank struck (number)
i
Percentage of good coin produced..Silver dollars:
Blanks struck (number)
..
Percentage of good coin produced
Subsidiary silver:
Blanks struck (number) .
Percentage of good coin produced..Nickel:
Blanks struck (number)'
Percentage of good coin produced...
Bronze:
Blanks struck (number)
Percentage of good coin produced...
San Francisco
Denver
Total
4,839, 784
92.60
4, 629,449
99.24
18, 606, 020
89.41
2,019,100
85.53
35,366,767
98.82
4,083, 295
98.46
9,678,760
99.40
48,928,812
99.98
13,889,402
99.24
1,461,882
98.97
^ 666,318
98.76
16,007,602
98.67
83,439,290
99:56
6,185,070
98.66
6,171,894
98.83
96,796,268
99.43
3,884,794
96.38
13,254,027
95.97
20,625,120
89.03
FOREIGN COINAGE
Silver:
Blanks struck (number)
Percentage of good coin produced....
Nickel:
Blanks struck (number)
Percentage of good coin produced
60501—FI 1925t
38
8,784,667
83.77
8,784,667
83.77
3,082,446
96.80
4,760,460
94.72
7,832,906
96.64
586
EEPORT ON T H E FINANCES
SWEEP CELLAR OPERATIONS, FISCAL YEAR 1925
Material
Metal content
Quantity
Bars recovered
Tailings,
Institutions
Source
Net
avoirBags Bar- dupois
rels
pounds
Melting department. _ 547
do
-. .
262
117
do
664
Refinery
852
do
1,577
do
Coining department. _ 71
do
10
Deposit melting room.
11 " 1 2 "
do...
13
do
132
do......
418
Philadelphia a-San FranciscoDenver. • _
San Francisco
Denver
New York
Philadelphia...
Denver
Philadelphia...
San Francisco..
Denver
New York
84,074
19,762
10,622
52,623
70,463
130,602
10,982
612
6,747
807
10,638
29. 965
Silver
Gold
Gold
Silver
Ounces
Ounces
103.262 ' 12, 721.83
324. 949
284.67
924. 514
72.136
60. 041
Ounces
Ounces
981. 235 8,054.82
341.969
686 30
114. 027
182. 27
1, 722.15
807. 630 1,771. 66
792. 599 3, 012. 75
3, 591.189 7, 313. 30
128. 523 1,426. 57
46.78
48.476
88.46
122. 036
180. 67
62.00
16. 200
61.77
98. 311
182.60
1, 245. 728
980 39
BULLION GAINS AND LOSSES
The net gains from operations on gold and silver bullion during
the fiscal year 1925 amounted to $278,508.08, as follows: .
Mint at—
Item
Philadelphia
San Francisco
Denver
Assay office
at
New York
$7,758.13
$8,341.13
$4,415. 06
2, 034.17
3, 377.83
50, 985. 03
Minor
assay
offices
Total
Recovered from refining and
coining operations
$10,841. 25
Recovered incident to receipt
of deposits
1,882.03
Net gain on shipments to
Government refineries
Gain on lightweight and mutilated coin purchased for re49.01
coinage
Receipts from sale of by-products
50. 43
201. 64
45, 304. 75
5, 573. 20 164, 957. 90
215, 835.85
12,772. 29
55,151. 86
17, 339. 55 220. 408. 42
Total gains
Wasted in refining and coining operations
_
Loss on assay value of operative sweeps sold .
Total losses
Net gains
Net losses
.-.
$31,355. 57
47.39
59,127. 77
187. 99
64.81
$848. 71
187 99
1, 036. 70
306, 708.82
13, 468. 58'
1,314.57
842. 34
3,846. 64
1, 670. 30
3, 219. 74
3, 838. 67
12, 675. 25
17, 315. 22
2,984. 87
4,062.08
3,838. 57
28,200. 74
52,166. 99
13, 277.47
216, 669. 85'
4, 542. 93
15 625 49
1, 036. 70
278, 508. 08
W A S T A G E AND LOSS ON SALE OF SWEEPS
The value of metals wasted in the operative departments during
the fiscal year ended June 30, 1925, was $16,539.45. A loss of
$12,575.25 occurred from the difference between the assay value of
the bullion contained in sweeps sold and the amount received for
the same. Details are given in the table following.
587
DIBECTOK OF THE M I N T
Mint at—
Items
Gold wastage:
Melting and refining
Coining department
Silver wastage:
Melting and refining
Coining department
Nickel wastage:
Melting and refining
Coining department
Bronze wastage:
Melting and refining
Coining department
Loss on sale of sweeps
San Francisco
Philadelphia
Denver
Assay
office at
New York
Total
$10, 246. 22
559. 26
$921. 07
$106.81
$10, 246. 22
1, 587. 14
2, 663.10
393. 50
649. 51
86.02
649. 51
3,142. 62
department
107.18
84. 41
3L82
3L99
9.72
L03
148. 72
117.43
department
561. 28
22. 82
3,846. 64
8.66
8.64
1, 670. 30
18,090.91
3, 065. 98
department
department
Total wastage and loss
Reimbursernents:
Nickel and bronze wastage, from
minor coinage profits.
other wastage and loss on sweeps, from
contingent appropriation
Total reimbursements
_
__.
37.03
9.38
3, 219. 74
$3,838.57
606. 97
40.84
12, 675. 25
4,119.24
3,838. 57
29,114. 70
•
57.16
81.11
775. 69
913. 96
17,315.22 .
2, 984. 87
4, 062. 08
•3,838.57
28, 200. 74
18, 090. 91
3, 065. 98
4,119. 24
3, 838. 57
29.114. 70
ENGRAVING DEPARTMENT
Mr. George T. Morgan, connected with the engraving department
of the mint service since 1876, and who was commissioned engraver
in 1917, died January 4, 1925, and has been succeeded by Mr. John
R. Sinnock.
During the fiscal year ended June 30, 1925, the engraving department made 2,903 working dies for domestic coinage, including those
for the half dollars issued in commemoration of the Stone Mountain
memorial and of the Battle of Lexington and Concord.^ Master
dies, hubs, and working dies were made for Philippine, Polish, Venezuelan, Guatemalan, Peruvian, and Salvadorean coinage.
DIES MANUFACTURED
Issued to mint at—
Items
Unused
Philadelphia
Domestic coinage:
Number Number
390
20
Regular gold coinage
765
Regular silver coinage
_
110
693
Regular minor coinage.
...
66
Memorial—
80
Stone Mountain
_.._
26
Le.x;ington-Concord__
Philippine coinage
30
30
Peruvian coinage
20
290
Polish coinage. .
.
5
Venezuelan coinage
80
20
Guatemalan coinage.-._.
10
Salvadorean coinage
_.
Total coinage working dies
2,364
271
Master dies and hubs manufactured for:
United States coinage
Philippine coinage
Polish coinage
j
j
Salvadorean coinage
_
Guatemalan coinage
_
!
Venezuelan coinage
_
'
Peruvian coinage
other dies and hubs manufactured for:
Stamped envelopes embossing dies
Interior Department seals.
Presidential medals
Other medals and military insignia . . .
Dominican campaign medal
. Grand total
San
Francisco Denver
Number
205
125
120
Number
76
145
82
Manila,
P.I.
Number
24.
135
685
303
24
Total
Number
691
1,145
961
80
'26
54
50
295
100
10
135
3,547
27
10
8
4
18
6
2
206
9
12
54
• 56
3,959
588
REPORT ON THE FINANCES
MEDALS SOLD
Medals manufactured at the mint at Philadelphia were sold during
the fiscal year as follows:
Items
Gold medals..
Silver medals
Bronze medals
Pieces
_
_.
-
^
Value
$11, 242. 39
18, 378. 69
6, 716. 60
1378
1 40,237
10,937
_
Total, fiscal year 1925
51, 562
36,337.68
Prior fiscal year
19,348 '
23,873. 03
. . .
.1 Includes 39,850 Norse-American medals authorized by act of Mai'ch 2,1925.
EMPLOYEES
The total number of officers and employees of the mint service on
June 30, 1925, was 766, as follows:
"
Established
under act
of-
Institutions
Bureau of the Mint
Philadelphia........
San Francisco . .
Denver..
New York
New Orleans i
Carson City i
Boise.
Helena
....
Deadwood.
Seattle
Salt Lake City
Feb.
Apr.
July
Apr.
Mar.
Mar.
Mar.
Feb.
May
Feb.
May
May
12,1873
2,1792
3,1862
21,1862
3,1853
3,1835
3,1863
19,1869
12,1874
19,1897
21,1898
30,1908
General
Engrav- Assailing Coining Melting
and
ing
• refining
|l47
^68
38
74
6
3
4
3
3
11
2
9
360
360
Total, 1925
Total, 1924
Total
Departments
9
9
•
3
14
13
, -7
20
0
57
67
•
140
28
17
63
33
25
34
186
176
165
150
1925
14
373
132
87
128
6
3
4
3
3
11
2
766
1924
14
350
134
89
133
6
. 3
4
3
3
11
2
752
1 Conducted as assay offices.
W O R K O F T H E MINOR ASSAY
OFFICES
The following tables exhibit the principal work of the minor assay
offices during the fiscal year 1925:
Items
New
Orleans
Carson
City
Boise
Helena
Deadwood
Seattle
Salt
Lake
City
146
524
16
304
507
377
1,660
Deposits received
^
number..
656
187
222
447
238
836
Fineness, average gold...thousandths..
450
367
658
741
327
645
124
Fineness, average silver.
do
266
9,648
Weight before melting
ounces..
61,110 23, 034 48, 287 83,444 8, 503 336,867
9,574
Weight after melting
do
60,143 21,879 46, 970 82, 072 8,367 334,141
372
1,317
74
1,155
36
2,716
Loss in melting
do
967
L52
0. 027
0.077
5.01
0.44
0.806
Loss in melting
per cent..
L68
524
510
307
159
22
1,669
Melts of bullion made
number..
380
12
•
7
7
8
2
76
Melts, mass of bullion, made
do....
33
4
4
3
3
1
4
Melts of D. M. R. grains..
do
4
4
3
7
2
2
49
Melts of assayers' c h i p s . . . .
do
1
1,266 , 769,892 110,128
Value of deposits, gold...
dollars.. 558,803 202,479 223, 513 318,878
5,429 20, 675 37,120 . 5, 550
2,116
28, 303
Value of deposits, silver, at cost..do
10, 776
Bullion shipped
gross ounces.. 149, 878 28, 565 48,691 82,771 13,368 324, 237 13, 383
Value of gold shipped
dollars.. 1,-756, 696 244,173 242, 763 214,785 2,746 , 637, 318 122, 962
4,881
27,421
Value, cost, ofsilver shipped
do
20, 511 .8, 082 21,188 37, 576 8,607
61
23
25
253
Quartation silver made
.ounces..
25
22
26
30
191
17
Quartation silver used
do
5
20
Proof gold received
do
2
13,^
Proof gold used
^
..do
1^
2H
12
Proof silver used
..do
1
2,600
1,900
4,203
3,500
2,605
Cupels made
..number..
600
1,940
3,152
1,669
2,588
1,915
Cupels used
do
600'
508
43
34
15
Crucibles used
do
589
DIRECTOR OF THE M I N T
ASSAYS
On bullion deposits
MADE
On miscellaneous
mint service metal
On nonmint bullion and ores
Institutions
Sam- As- Re- Sam- As- Re- Sam- As- Reples says ports ples . says ports ples says ports
• Metals determined in
ores tested
Num- Num- Num- Num- Num- Num- Num- Num- Number
ber
ber
ber
ber
ber
ber
ber
ber
6 Gold, silver, copper.
38
6
13
76 186
378
756 1,701
31 219 313 219 Gold, silver, copper, lead,
67 150
305
540 1,214
zinc, tin, iron, tungsten.
14 675 781 675 Gold, silver, copper, lead.
^4
624
854 1,817
38
23
48 140
1,014 2,464 ,507
9 383 393 383 Gold, silver, copper, lead.
72
9
32
16
88
zinc, tin, iron.
4,312 11,121 1,668
430 1, 209 128 142 676 142 Gold, silver, copper, lead,
Seattle
zinc, tin, iron, tungsten.
146 982 146
78 410 881 280
78
78
Do.
Salt Lake C i t y . . . .
New Orleans
Carson City
Boise
Helena .
.Deadwood
GOLD HECEIPTS AT SEATTLE
Statement of gold deposits at the Seattle assay office from the
opening of the institution on July 15, 1898, to the close of business
June 30, 1925:
Number of deposits...
Troy ounces..-_._.......
Avoirdupois tons
.
.
Coining value
.
-_....
^
._
_--_J_._..._-_
:
.
72, 766
16, 853, 877. 87
577
$288, 676, 336. 54
Origin of th^ foregoing
Alfliskfl *
Circle-.-.
.
.
Cook Inlet
.I
Copper River
JEagle-.-_-...
Iditarod
Koyukuk...i
Kuskokwim.
Nome
_Southeastern Alaska
Tanana
.
-.
Unclassified
Canada:
British Columbia
Yukon Territory..
All other sources
Total
.--.
.
.
. . . . _ $1, Oil, 580. 95
4,632,683.06 .
6, 242, 513. 74
1, 158, 200. 23
. . . . 15,321,923.09
2,130,284.03 .
493, 28L 44
70,922,862.32
9, 386, 317. 95
50, 597, 158. 06
2,767,506.28
— $164,564,311.15
.
.
.....
_-
.
23,992,955. 43
92,304,090. 28
7, 814, 979. 68
288,676,336. 54
LABORATORY, BUREAU OF THE MINT
From the domestic coinage of the calendar year 1924 the assayer
of this bureau tested 462 gold coins and 502 silver coins, all of which
were found within the legal requirements as to weight' and fineness.
The greatest deviation in fineness of gold coins from standard (the
limit of tolerance being one one-thousandth above or below) was 0.6
one-thousandth above and 0.5 one-thousandth below.
The greatest deviation in fineness of silver coins above standard
(the limit of tolerance being 3 one-thousandths above or below) was
0.7 one-thousandth, while the greatest deviation below was 0.9 onethousandth.
590
R E P O R T OlSr T H E
FIISTAlSrCES
The following table summarizes results of fineness tests on domestic
coin:
N u m b e r of silver coins
N u m b e r of gold coins
Fineness
(tiiousandths)
Philadelphia
899.1.
899.3
899.5
899.6
899.7
899.8
899.9
900.0.
900.1
900.2
900.4
900.6....
900.7
Total.^
Average fineness
Denver
San F r a n cisco
3
10
38
56
28
6
2
1
11
31
59
51
8
1
4
21
51
50
24
4
2
Total
4
14
70
138
137
81
14
3
Philadelphia
San Fran- Denver
cisco
Total
4
19
47
4
10
2
5
4
25
62
101
44
23
168
111
1
32
13
43
11
18
5
5
165
1
55
18
1
160
899.909
144
899.801
158
899. 859
1
462
899. 854
2
126
899. 924
4
2
330
899. 856
46
899.837
502
899. 871
Average weights of domestic coins tested as compared with standard weights
STANDARD
Double eagle
Silver doUar
Half dollar
Quarter dollar
Dime
.
Philadelphia:
160 double eagles
184 standard silver dollars
• 6 half dollars
.
60 quarters
80 dimes
.
San Francisco:
158 double eagles
.....
42 standard silver doUars
34 q u a r t e r s - . . . . . . .
50 dimes
._-L
Denver:
144 double e a g l e s . . . . . ^
18 quarters
28 dimes
WEIGHTS
grains.. 516.000
do
412. 500
do
192. 900
do
96. 450
do
38. 580
o
.
.
grains.. 516. 010
do
412. 418
.do
193.120
do
96. 344
...do
38. 545
.-.
.
do
do
do
do
516. 000
412. 463
96. 419
38. 593
do
515. 977
do
96. 396
do.__. 38. 639
Summary of work of mint bureau laboratory
Items
Gold assays made
Silver assays made..
Miscellaneous assays made
:
Total assays
Certificate bar samples (71 melts). San Francisco
Certificate bar samples (636 melts), New York...
Counterfeit coins examined..
Double eagles examined
Standard silver dollars examined
.._..
Half dollars examined
Quarter dollars examined
Dimes examined
Cupels made
Cupels used
Proof gold used....
Proof silver used
Inquartation silver used
Number
601
38
5,737
774
1,931
15
462
226
6
112
158
6,404
5,984
Ounces
24.30
4.00
182. 80
591
DIRECTOR OF THE M I N T
ASSAY COMMISSION S ANNUAL TEST OF COIN
Section 3547 of the Revised Statutes provides for an annual test
of the domestic coinage executed during the prior year, by a commission of whom part are ex officio members, the others being
appointed, without compensation, by the President. The purpose
is to secure a due conformity in the gold and silver coins to their
respective standards of fineness and weight.^' The commission,
which met at the Philadelphia Mint February 11 and 12, 1925,
reported the following results of their examination:
Your committee on counting respectfully reports that the packages containing
the pieces reserved from the coinage made during the calendar year 1924 by
the several mints for the trial of coins, in accordance with section 3539 of the
Revised Statutes of the United States, were delivered to us by the superintendent of the mint at Philadelphia, and upon comparison with the transcripts
kept by the Director of the Mint were found to be correct as to date, number
of delivery, number of pieces, and donomination.
The verification of the packages being completed, they were delivered to the
committees on weighing and assaying.
The committee on weighing have to report that they have weighed the coins
shown in an appended list and have found them to be standard within the legal
tolerances. The coins were selected at random from those reserved by the
mints at Philadelphia, San Francisco, and Denver.
The coins were directly weighed against a set of sealed coin-weights which
were accompanied by a certificate signed by the Director of the Bureau of
Standards, Department of Commerce, and which gave the value of the weights
in terms of United States standard. The weighings were made on a Troemner
balance supplied by the Philadelphia Mint, which was tested by your committee
.as to the equality of the arms and as to its sensibility, which were entirely
satisfactory.
The committee on assaying respectfully reports that it has completed the
assays of coin selected from the residues representing all denominations coined
by the mints at Philadelphia, San Francisco, and Denver during the year 1924.
The coinage laws provide for variations in the fineness of individual coins of
one one-thousandth for gold and three one-thousandths for silver, and as shown
by the schedules which follow, the coinage of the three mints has been within
the legal limits allowed.
The assay balances and materials used in assaying and examined by the committee were found to be satisfactory; the c(5mmittee, therefore, considers the
assays to be accurate.
Assays of individual gold coins selected
Highest
assay
Mint
Philadelphia
^an Francisco
Denver
..:.
__
Lowest
assay
Fineness Fineness
899.8
900.4
899.9
900.4
899.7
900.5
Assays of individual silver coins selected
•
Philadelphia
San Francisco
Denver
..
.
..
Highest
assay
Mint
'
.. .
.
..
.
...
Lowest
assay
Fineness Fineness
898.4
900.0
900.2
898.6
900.7
898.4
592
REPORT G'N T H E
FINANCES
Assays of coins melted in mass
Gold
coins
Mint
Silver
coins
Fineness Fineness
900.1
899.5
900.1
899.5
Philadelphia..
San Francisco:.
Denver
The foregoing report, covering the operations of the mints and
assay offices of the United States for the fiscal year ended June 30,
1925, is respectfully submitted,
R.
J.
GRANT,
Director of the Mint.
Hon.
ANDREW W .
MELLON,
Secretary of the Treasury.
594
KEPOKT ON T H E FINANCES
TABLES FROM THE REPORT OF
Deposits and purchases of gold during
Philadelphia
PURCHASES
F i n e ounces
201.038
2.212
12.322
Alaska
Arizona
California
Colorado
Oeorgia
Idaho
...£
Montana
Nevada
N e w Mexico
North Carolina..
Oregon. .
South Dakota
^.
Utah...
Virginia
Washington..
Wyoming.__
_
P h i l i p p i n e Islands
P o r t o Rico
Other
. . .
Grains,
deposit
melting .
room
T o t a l unrefined
Domestic refinery bullion:
Less t h a n 0.992 fine
Over 0.992 fine
102. 775
24.228
.736
, 1.062
969. 713
San
Francisco
Denver
New York
New
Orleans
F i n e ounces
6,364.759
23,116.092
158,447. 684
4.272
F i n e ounces
58.364
72.668
73.018
52, 543. 254
F i n e ounces
641.872
F i n e ounces
18. 980
72. 926
6, 999.362
229.831
98. 812
127.113
• 351.903
12,170.173
3,248.157
Source a n d description
6.110
1.300
34.959
:::::::::::::r:
88.875
91. 915
25.369
297, 704.043
8.925
3.984
5.417
4. 552
25,331.954
45. 221
16.452
i
87, 544
77.344
13.021
499.046
8.577
1,427.007
223,915.345
65, 560.664
299,096.341
8. 577
226,187. 200
2,887.167
1,477,483.588
291, 747. 864
173, 587. 592
12, 730.124
546.084
1, 779,467.096
1,370,322.560
1,300,353.875
2,300, 927. 998
42,148.424. i, 184,104.753
T o t a l domestic p u r c h a s e s .
Foreign coin
Foreign bullion, crude
Foreign bullion, r e f i n e d . .
Jewelers* bars, dental scrap,
etc.
43,575.431
96,227.257
187,485.005
1,408,020.098
13,541.945
156,864.095
20, 548. 275
159,314.294
33,200.932
17,123.469
416,927.422
5,334.428
T o t a l deposit p u r c h a s e s .
486,601.987
1,632,175.345
495, 735.133
7,167, 998. 951
26,417. 205
100.302
5, 900. 747
145.330
5, 987. 947
625.072
189.728
66.125
358.598
82. 535
82,015. 744
'
13.017
8.577
11,284. 968
9, 789. 232
REDEPOSITS PURCHASED
D o m e s t i c coin
Bars s t a m p e d b y U . S. Government...
Surplus (recoveries)
T o t a l redeposits
chased
pur-
T o t a l purchases
290.030
6,325.470
227.865
88,016. 708
625.072
486,892.017
1,638, 500.815
495, 962. 998
7,256,015.659
27,042.277
39, 757.048
653.062
23,544.893
10, 957.887
303,183.520
150.000
29,395.007
69, 970. 293
100.000
326,878.413
110,423.187
217,133.516
1,965,379. 228
606,386.185
7,473,149.175
REDEPOSITS T R A N S F E R R E D
Domestic coin from T r e a s u r y .
D o m e s t i c assay coins
Refined bars
Unrefined b a r s .
Proof bullion
T o t a l redeposits transferred..
G r a n d total, fine o u n c e s .
40,410.110527,302.127
216,'933.516
200.000
27,042.277
Value of:
$10,064,951.25 $33,870,817.87 $10, 252,465.07 $149, 995,155.70 $559,013.48
Purchases
U . S. coin transferred
226, 519.63
821,851.12
486, 716.13
from T r e a s u r y
4,488,548.13
2,056,130. 23
13,499.99
6, 270,460.36
O t h e r transfers
10, 900,302.36
40,627,994.36
12, 535,114. 93
154,483,703.83
559,013.48
N u m b e r of: i
Deposits, gold a n d silver.
Redeposits p u r c h a s e d
Redeposits t r a n s f e r r e d . . .
Deposits i n t r u s t
6,789
60
969
2,382
10,206
18
698
3,336
5
450
16, 607
18
572
379
T o t a l gold a n d s i l v e r . . .
10, 200
10,922
3,791
17,197
380
T o t a l value
1 By number is meant the total number of assay reports on the metal received.
1
595
DIRECTOR OF THE M I N T
THE DIRECTOR OF THE MINT
the fiscal year ended J u n e 30, 19Z6
Carson
Boise
Helena
Deadwood
Seattle
Salt L a k e C i t y
F i n e ounces
Fine ounces
103.102
Fine ounces
Fine ounces
F i n e ounces
223, 608. 714
Fine ounces
141.050
2.040
249.621
7,054.007
•o.
4,017.792
14.871
1,601.370
119.096
15.150
4,762. 374
9.857
35. 627
217.990
104. 522
6.868
14, 458. 656
4,693.865
A7.345
70. 065
19.996
358. 267
J
3.224
1
7.306.852
9.109
10,508.618
3.649
14,827. 440
_
.216
47. 561
13. 043
2. 332.
224,023. 611
4,929. 636
503.078
21,066.100
7,306.852
1 .
10, 508. 618
14,827.440
47. 561
245, 592. 789
38.090
27,211. 400
1,672. 628
Total
Fine ounces
230,977.^49
23,190.972
1.59,012. 570
52, 641. 481
102 775
4, 295. 633
14,724. 243
16, 250.737
12, 401.066
969. 713
12,715. 028
297 752 688
105.024
8 925
29. 397
4 552
25, 331.954
« 46 221
374 719
.
717.105
851, 651.652
229, 577. 445
2, 724,802. 865
4,929.636
3,806,031.962
1,665,002. 412
1,694, 433.731
2, 323, 694.985
34.714
291.476
597.874
13.924
4, 581. 614
397.824
637, 817.971
7, 341. 566
10,800. 094
15, 425. 314
61. 485
279,096.621
5, 327. 460
10,126,981.061
2.016
.447
12,761. 861
82,271.597
455 191
1.041
1.041
7,341. 566
15, 425.761
'
.447
10,801.135
61. 485
2.016
279,098. 637
95, 488. 649
5,327. 160
74, 259.828
653 062
• 29,395.007
590,087. 329
470.000
•
20.000
20,000
1
10, 222, 469.710
694,865. 226
7,341.566
10, 801.135
15,425. 761
61. 485
279,118. 537
6, 327.460
10,917, 334.936
$151,763.64
$223,279. 28
$318,878.78
$1,271.00
$6,769, 478.80
$110,128, 37
$211, 317, 203. 24
1, 635, 086. 88
12,829,052.15
413. 44
1
151,763.64
.223, 279. 28
318,878. 78
1,271.00
5,769,892. 24
304
524
507
16
1,654
4
2
:L46
40,468
105
2,692
2,382
607
16
1,660
:i46
46, 647
::::::::::::::i::::::::::::::
304
524
110,128. 37
225, 681, 342. 27
596
REPORT ON T H E FINANCES
Deposits and purchases of silver during
Source and description
Philadelphia
PURCHASES
Fine ounces
31.20
.84
1.95
Alaska
Arizona
..
California
Colorado. . .
.
Georgia
'='
Idaho . . . . .
Michigan
Montana .
Nevada
New Mexico
North Carolina
Oregon..
. . .
South Dakota
Utah
Virginia
Washington.
Philippine Islands
Porto Rico
Other
Grains, deposit melting room
Total unrefined
Domestic refinery bullion:
Less than 0.992 fine
OverO 992 fine
....
'..
„_.
4.89
3.34
9,006. 27
.22
.30
124. 69
9.35
107.10
Total domestic purchases
Foreign coin
:
Foreign bullion, crude
Foreign bullion, refined
Jewelers' bars
Total deposit purchases.......
Denver
Fine ounces Fine ounces
8.09
1,145.17
1,979.41
12,704.90
6.40
V 31,383.85
^
1.36 25,297.02
4.30
174.33
701. 78
35.02
5,451. 28
125,404. 89
19. 60 696, 474. 76
New York
New. .
Orleans
Fine ounces Fine ounces
44.10
14.58
36. 82
1,164.68
17.76
9,297.65
621. 74
1.12
.75
5.53
.70
8,330. 80'
1.69
95.'67"
1.68
22.70
• . 390.95.
6.19
630,126.43
85.329.17
6.19
27,115. 93
7.50
'
San
Francisco
107,726.94
237, 870. 97
179,643.00 657, 242. 36
6, 407. 39
910, 521. 67 203, 089. 80
430,927.08
53,115.10
676, 750. 03
204,330. 78
469,421.45
179,643.00
288,710.47
298,008.12
122, 741. 45
17, 477; 78
• 211,388.61
170, 690. 06
9, 627.31
83, 620. 92
39.36
. 820,306. 02 1,300,902. 84 869,959. 47 1, 630, 213. 66
6.19
1.41
7, ,846. 87
8, 086. 62
15,939.99
REDEPOSITS PURCHASED
Domestic coin
Bars stamped by U. S. Government.
Surplus (recoveries)
-. . .
Total redeposits purchased
Total purchases
2,264.34
589. 47
842. 43
11,861.10
412. 72
887.41
6,712.38
6,515.32
1,002.19
1,729. 84
13, 227. 70
14,125. 44
834,431.46
1,301, 905. 03 871, 689. 31 1, 643,441. 36
15,939.99
REDEPOSITS T R A N S F E R R E D
Domestic coin from Treasury
Refined bars.
Unrefined bars
Proof bullion
..
.
Domestic assay coins
Total redeposits transferred .
1,315, 361.12
958,899.71
308.35
2,274,559.18
151, 747.08
94, 060. 76
26.00
245,832.84
293,120. 93
95,457.04
185,391.02
250. 00
388,577. 97
185,641. 02
'
IDEPOSITED IN TRUST BY OTHER
GOVERNMENTS
tJ.oS. Government bars
Domestic refined bullion
Foreign refined bullion
47. 07
2,316,142. 54
199,445. 62
Total deposited in trust
2, 515, 635. 23
Grand total, fine ounces...
5, 624, 625.87
Value:
Cost of purchases
Cost of bullion transferred
Coining value of standard dollar
bullion purchased
Coining value of subsidiary bullion purchased
cSubsidiary coining value of purchased and transferred domestic coin
$666,108.17
2, 737, 213. 78
384,783.89
738,981.62
1,821,483. 27
1,547, 737.87 1,260,267.28
1,829,082.38
16,939.99
$885,115. 26 $594,189. 27 $1, 016, 384.15 1 $10. 779.69
273,481.19 469, 815. 59
185,654.40
716.61
1, 798,185.00 1,203,866.43 2,271,907.88
210, 591. 35 406, 377. 45
22, 036.58
)97
DIEECTOR OF THE M I N T
the fiscal year ende^ J u n e 30, 1925
Carson
Boise
Helena
Deadwood
Seattle
Salt L a k e (3ity
Fine ounces
Fineounces
•
• • 12.79
F i n e ounces
F i n e ounces
F i n e ounces
33,691.18
F i n e ounces
7. 20
404.71
2.54
.44
2. 36
2. 21
F i n e ounces .
34,932. 53
14,685.15
31,797.96
25,335. 80
4.89
2, 317. 70
10,170. 95
53,904.47
161,430; 78
596,494. 66
124. 69
5, 657. 60
. 83, 634. 00
676. 69
7.50
6.50
8,330. 80
39. 36
416. 74
639. 08
30,222. 53
53, 514.69
12. 77
33,755.61
2,646. 31
1,030,605. 84
20.37
.60
370. s i
2,118. 07
2.24
13. 27
2 15
1.42
23,529.23
5,674. 06
63,106. 20
2.62
68.53
1,353.34
• 21.00
559.92
. .•4,553.82
12 33
670.16
4.21
6.72
1
• 6,061.59
•
Total
2.32
134, 845.19
' 526,681.44
. 59.33
86.75
620. 74
8,133.96
4,725.13
472.(12
1, 692,032.47
182, 265. 35
1, 818,710. 69
211,388. 61
.876,153. 64
6,110.92
.30,309.28
54,035.43
8,146. 72
41, 607. 50
3,118.113
4, 780, 550. 76
6,051.59
30,222. 53
63,514. 69
• 12.77
33, 767.83
2,646.:;i
3,024. 64
1
.01
3,696. 25
6, 712.38
19,686. 38
9.83
9.83
6,110. 92
rOl
30,319.11
. 54,.036.44
30,095.01
8,146.72
41,507. 50
3,118.93
20. 00
20.0(1
4,810, 645. 77
1,760,219.13
958,899.71
374,908.82
295.00
308. 35
3,094, 631.01
47.07
2,316,142. 64
199,445. 62
2,516,636. 23
1
6,110.92
30.319.11
64,036.44
8,146. 72
41,607.50
3,138.93,
10,420,912.01
$4,122.81
$20,686.63
$37,120. 20
$5, 550 03
$28,303.16
$2,102. 67
$3,270,462.18
3,666,064.96
8,447. 79
41,913.41
74,699.07
11. 262.10
67,380. 34
4,311. 64
6,232,990. 86
386,499. 50
.01
2,438,452. 08
598
REPORT ON THE FINANCES
Deposits of gold at United States mints and assay ofiices^since 1873
. Character of gold deposited
Fiscal year ended
June 30—
Domestic
bullion,
including
domestic
refinery
product
from foreign
Ores, etc.
Domestic
coin
$28, 868, 570 $27,116,948
6, 275, 367
29, 736, 388
34, 266,126
1, 714, 311
417,947
37, 590, 529
447, 340
43, 478,104
301, 022
"48,075,124
198,083
38, 649,706
209, 329
36,821, 706
440, 777
35,815,037
699, 357
31, 298, 612
374,129
32, 481, 642
263,117
29,079,596
326, 210
31, 584, 437
393, 545
32, 456, 494
516,986
32,973, 027
492, 513
32, 406, 307
586, 067
31, 440,779
655, 475
30, 474,900
583,847
31, 556,117
667, 968
31, 961, 546
792, 470
33, 286,168
2, 093,615
38,696,951
1,188, 258
44, 371, 950
1, 670,006
53, 910,957
1, 015, 314
60,618,240
1,187, 683
69,881,121
1,158, 308
76, 252, 487
i; 389, 097
87, 458,836
1,116,180
92,929, 696
1, 488, 448
94, 622, 079
96, 514, 298
960,908
87, 745, 627
2,159,818
3, 404,967
101, 618, 315
103,838, 268
1, 614, 291
114, 217, 462
2, 754, 283
111, 735, 878
3,989, 773
119, 727, 439
3, 432. 288
104, 974, 559
3, 603,140
120,910, 247
2,949,199
119, 338,150
3, 496, 769
1, 846,880
118, 504,963
113. 278,967
4, 719, 876
4,209,612
119, 217, 239
2, 622, 290
120, 722,169
204, 355, 339
1, 906, 126
101, 416, 485
6, 431, 236
83, 350, 336 24, 521, 645
5,079, 373
106, 416,689
1,887,929
72, 714, 480
69, 746, 328
2, 491,089
74,102, 007
2, 340, 594
81, 777,074
3, 008, 442
78, 677, 663
1, 812, 398
18731874..
1875..
1876..
1877..
1878..
1879-.
1880..
1881..
1882-.
18831884..
1885.1886..
1887..
18881889..
189018911892-.
1893..
1894-.
18961896-.
18971898..
1899-.
1900..
190119021903-.
1904-.
19061906..
1907-.
19081909..
19101911'..
1912..
19131914..
1916..
1916..
1917..
191819191920..
1921..
1922..
19231924..
1925..
Total.
Foreign
bullion
$426,108
3,162, 520
739, 440
1,141,906
1,931,163
2, 068,679
1,069,797
21, 200,997
37,771, 472
12,783,- 807
4,727,143
6,023,736
11, 221,847
4, 317, 068
22,671, 329
21, 741, 042
2,136, 517
2, 691, 932
4,054,823
10, 935,166
2, 247, 731
15,614,118
14,108, 436
6, 572, 390
9, 371, 621
26, 477, 370
30, 336, 560
22, 720,160
27,^89, 659
18,189, 417
16, 331, 059
36,802, 224
17,645, 627
36,317,865
36, 656, 646
71,774, 351
16, 021, 521
16,761,852
35, 673,116
20,914, 227
31, 985, 879
18,978, 572
22,881, 854
91, 099, 419
571, 448, 086
153, 405, 687
34, 568, 599
78,021,266
509, 493, 374
346, 479, 206
192,071, 404
276, 706,141
83, 062,092
3,756,842, 082 146, 610,642 3,059,643,699
Foreign
coin
$518, 542
9, 313, 882
1, 111, 792
2, 111, 084
2,093, 261
1, 316, 461
1, 498,820
40, 426, 560
55, 462, 386
20, 304,811
6,903,084
9, 095, 462
7,893,218
5,673, 665
9,896, 612
14,696,885
4, 447, 476
6, 298, 774
8, 256, 304
14,040,188
6, 293, 296
12, 386, 407
2, 278, 614
3, 227, 409
13,188, 014
47, 210,078
32,785,152
18, 834, 496
27,906, 489
13,996,162
8, 950, 695
46,162, 784
15,141, 678
• .6,648,512
17, 221, 252
13,684, 426
1, 034,378
406, 226
10, 066,643
2,155, 233
2,732, 439
3, 261,967
15, 420, 256
271, 541,705
124,111,619
40,422,147
15, 268
29,003,844
76,813,705
123,967, 764
48, 033, 348
116, 698, 431
34,418,655
Surplus
bullion,
grains,
jewelers'
bars, old
plate, etc.
$774, 218
654, 354
724, 626
681,819
837,911
907,932
937,751
1,176, 506
1, 343, 431
1.770.166
1,858,108
1,864, 769
1,869,363
2,069, 077
2, 265, 220
2,988, 761
3,526, 697
3, 542, 014
4,036, 710
3, 636, 603
3,830,176
3,118, 422
3, 213, 809
3, 388, 622
2,810, 249
2,936,943
2, 964, 684
3, 517, 641
3,959, 657
4, 284, 724
4, 247, 683
4, 892,931
6, 568, 483
4, 790, 558
6, 731,112
6, 231, 547
5, 341, 604
5, 626, 331
5, 783, 886
6, 025, 502
6,061,727
6,067,184
6, 748,959
6, 330, 201
8, 046,828
7.812.167
8,907, 516
10,989, 866
12, 798,620
14, 300,128
12,834, 532
13, 242, 796
13,194, 277
1, 407,040,059 262.064,090
Total
$67,704,386
49,142,611
38,656,294
41,943,285'
48, 787,779
52,669,218-•
42, 254,167
98, 835,097
130,833,103.
66, 756,66a
46, 347,106
46, 326,679
62,894,07544,909,749
68, 223,073
72, 225,498
42,136,436
42,663,095
48, 485,801
61,131,460'
46, 449,841
71,909. 51 a
65,161,067
68,769,384
87,003,338
147,693, 195
143, 497,191
133,920,120
153,101,681
132, 580,830'
127,004,443.
177, 763,384
143, 378,970
153,109,
176, 580,494
207, 415,655
975
145, 557,230'
130, 371,108
176, 383,091
151,929, 881
161,131,878
146, 296,556
167, 477,920
492, 216,774
909,867, 998
309,487, 722
151, 363,364
229, 511,038
673,708, 108
666,984, 516
330,151, 885
491, 432,
211,165,
1,622.190, 572
DIRECTOR OF THE MINT
599
Deposits of silver at the United States minis and assay ofiices since 1873
C h a r a c t e r of silver deposited
Fiscal y e a r
ended J u n e
30—
1873..
1874..
1875..
1876..
1877..
18781879..
1880..
1881..
18821883..
1884..
1886..
1886..
1887..
1888..
1889..
1890..
1891..
1892..
1893..
1894..
1895..
1896-.
1897..
1898..
1899..
1900..
1901..
1902..
1903•.
1904..
1906..
1906-.
1907-.
1908..
1909-.
1910-.
1911..
1912-.
1913..
1914..
1915..
1916..
1917..
1918..
1919..
1920..
1921..
1922..
1923..
1924..
1926..
Domestic
bullion,
including
domestic
refinery
product
from
foreign
ores, etc.
Fine
ounces
6,619,104
8,370,649
11, 729,014
18, 686, 953
20, 967, 567
22, 271, 284
20,832, 329
24,852, 680
22,025, 226
23, 942, 987
25, 336, 643
24, 334, 762
24, 943, 394
25,101, 639
29, 293, 372
28, 921, 649
29, 606,387
29,187,135
60, 667,116
56, 817, 548
56,976, 082
15, 296, 815
6,809, 626
4,420, 770
3,914, 985
2,116, 690
5, 684,912
4, 977, 978
2,466, 749
1, 425,060
12, 623, 630
9,991,187
4, 923, 665
2,398,871
20,388,163
16,114, 563
5, 376, 389
1, 547,146
3, 220, 236
5, 635, 613
3,104, 347
9, 762, 614
7, 250, 205
9, 346, 085
7, 556, 359
21,155,924
2, 669, 447
6, 336,184
63, 640,066
51, 994, 780
68, 903, 846
17, 690, 587
1, 692, 032
Foreign coin
D o m e s t i c coin
Foreign
bullion
United
States
Philippines
Hawaiian
Other
F o r recoinage
Fine
ounces
37,956
45,287
10,984
3,753
795, 375
4,930
8,205
30,395
5,652
98, 669
492, 668
117, 689
678, 741
216, 015
6, 848, 585
1,202,177
394,346
466, 302
637, 652
6, 036, 246
5, 346, 912
6, 012,060
3, 015, 905
3,170, 768
2, 208, 953
1, 243, 060
6, 060, 986
3,687,992
2, 613, 570
2, 275,090
2,050, 225
1, 923, 609
1, 333, 596
969, 568
770, 269
786,086
659, 935
548, 821
393,906
458, 694
280, 688
589, 972
491,028
569, 510
6, 240, 994
8,176, 334
456, 283
541,117
607, 894
1, 734, 696
2, 367,425
1,492, 359
1, 764', 224
T o t a l . 960,606, 901 85,764,043
' Spanish-Filipino coins.
Fine
ounces
461,686
148,788
3,647
3,896
447
62.
"ioo'
Fine
Fine
ounces
ounces
59,877
89,474
399, 240
269, 835
2, 284, 732
4, 824, 919
829,836
892, 826
1, 014, 862
1,103,408
1,414, 767
1, 962, 731
1, 627, 619
1,145, 017
1,127, 213
1, 290, 390
1,063,900
1,862,166
1, 767, 908
1, 556, 618
1, 738, 711
994, 901
1, 362,141
680, 757
626,085
209,987
716, 077
1,088,019
1,306,149
1,162,023
1,110, 463
1, 361, 701 12,667,137
1, 906, 410 7,703, 766
3,162, 507
1 61,333
2, 652,003 4, 680, 791
2, 963, 399 8,870,033
2, 326, 847 7,320, 312
1,162, 240 1,391, 587
•799,106
621, 800
957, 233
227, 295
624, 215
342, 289
527, 233
143, 873
2,130,138
136, 247
1, 860,420
138,067
2, 327, 785
149,198
6, 780, Oil 1, 911, 376
1, 670, 071
618, 531
2, 205, 066
225
2,158, 717
1, 705,424
1, 522, 320
3, 296, 980
2, 030,099
Fine
ounces
216,171
163,748
124,285
109,246
189, 968
266, 541
640, 349
823, 516
568, 038
' 665,803
979, 758
1,534, 782
867,856
628, 646
271,166
67, 649
328, 276
961,162
1, 970, 912
349, 652
505,171
622,726
15, 291
.150,942
101,157
6,808
19, 382
44,704
4, 260,196
29, 265
21, 869
1,471, 963
92. 996
1, 287, 668
282, 612
134, 974
21, 917
13, 295
6,040
7,934
17, 010
85,141
383,439
204,470
816, 725
7,145, 336
4,801,019
4, 413, 248
763,075
5, 219, 623
198,834
113, 765
182, 265
Surplus
bi'Ilion,
grains,
jevelers'
bars, old
plate,
etc.
Fine
ounces
141,235
iil3, 524
] 66,104
] 38,096
c 15, 364
157,356
] 61,347
192,866
i;01, 251
i;69,825
i;92, 680
£06,310
c36, 981
c 61, 316
396,656
i85,190
i 02, 223
f 26, 270
(33,073
^72,661
f 82, 728
4 67,968
tSO, 126
e04, 386 ^v
4:73,755
5 49, 468
484,751
667,831
667, 647
£76, 430
e27,108
652, 015
739,'311
632,544
636,722
648,007
620, 716
460,936
495,013
640,117
577,423
£72, 687
£36,887
698,026
S82,893
964, 626
1,146,067
1, 274, 743
E30, 570
746, 708
768,369
.880,430
^£96,840
Total
Fine
ounces
^
7,074,342
8, 882, 682
12,429, 627
19, 206,882
24, 562, 996
27, 624, 030
22, 372, 066
26, 792, 282
23,815,028
26,080, 692
28, 516, 516
28, 246,164
28, 454, 691
27, 452, 532
36, 936,992
31,966,965
31,895,132
32,983,024
55, 676, 661
64, 332, 725
65,149, 604
22,194, 469
11, 783,088
9, 027, 623
7, 324, 935
3, 826,003
12,866,108
10,256,'524
11, 204,311
5, 456, 868
16,794,981
18,116,400
16,703, 379
8, 506, 376
29,310; 560
29, 517,061
16, 225,115
6,124, 023
6, 536,100
7, 827, 233
4,945,972
11, 671, 420
10,927,944
12, 816, 677
17,974,016
46,133, 607
11,360, 518
13,770, 583
67,800,311
6i, 401, 231
73,760,784
23, 474, 111
6, 564, 460 •
618,724 83,682,564 36,883,860 44,847,069 128,541,143 1,240,544,294
600
REPORT ON T H E FINANCES
Authority for United States coinage,, by denominations, with standard weight and
fineness, and total coined
GOLD COINAGE
Authorizing acts
Denominations
60-dollar piece, memorial:
Panama-Pacific International Exposition—
Octagonal
Round
Double eagle ($20)
Jan. 16, 1915..
do..
Mar. 3, 1849..
Feb. 12; 1873.
Eagle ($10)Apr. 2, 1792..
June 28, 1834.
.,
Jan. 18, 1837..
Feb. 12, 1873..
Half eagle ($5).
Apr. 2, 1792.June 28, 1834.
Jan. 18, 1837-.
Feb. 12, 1873-,
Quarter eagle ($2.60).- Apr. 2, 1792..
June 28, 1834.
Jan. 18, 1837-.
Feb. 12, 1873.
Quarter eagle ($2.50),
memorial:
Panama-Pacific In- Jan. 16, 19151.
ternational Exposition.
3-dollar piece
Feb. 21, 1853 (discontinued,
act Sept. 26, 1890).
Feb. 12, 1873
1 dollar..
Mar. 3, 1849 (discontinued,
actSept. 26, 1890).
Feb. 12, 1873
1 dollar, memorial:
Louisiana Purchase June 28, 1902.
Exposition.
Lewis and Clark Ex- Apr. 13, 1904,
position.
Panama-Pacific In- Jan. 16, 1915..
ternational Exposition.
McKinley
Feb. 23, 1916.
Grant..
. . i . . . Feb. 2, 1922..
Standard Standard
weight fineness
Grains
1,200
1,290
516
516
270
258
258
258
135
129
129
129
67.5
64.5
64.5
64.5
Thou^
sandths
900
900
900
900
916%
899. 225
900
900
916M
899. 225
900
900
899. 225
900
900
Total coined to June 30,1925
Value
Pieces
1,609
1,610
$75,450 00
76,500 00
148,476,106 2,969,502,120.00
51, 797,986
517,979, 850 00
78,249,869
391,249,345.00
17,866,590
44,641,475.00
10,017
25,042. 50
539, 792
1,619,376.00
), 499,337
19,499,337.00
64.6
900
77.4
900
77.4
26.8
900
900
25.8
900
25.8
900
260,268
250,258.00
25.8
900
60,069
60,069.00
25.8
900
26,034
25,03'i. 00
25.8
25.8
900
900
30,040
10,016
30,040 00
10,016.00
Total gold..
316,807,132 3,945,042,912.60
SILVER COINAGE
Dollar..
Apr. 2, 1792.
Jan. 18, 1837 (discontinued,
act Feb. 12, 1873).
Feb. 28, 1878
July 14, 1890
Mar. 3, 1891
Apr. 23, 1918
- .
416
412M
892 4
900
412H
412H
412^^
412M
900
900
900
900
830,628,321 I $830,628^ 321.00
1 Silver-dollar coinage:
Act Apr. 2, 1792—
From 1792 to 1805
During 1836
From 1839 to Feb. 12, 1873
$1,439,517
1,000
6,690,721
$8,031,238
378,166,793
Act Feb. 28, 1878.....
Act July 14, 1890, to Oct. 31, 1893, date of repeal of purchasing clause of
Sherman Act
Act Nov. 1, 1893, to June 12, 1898
Act June 13,1898, war revenue bill
36,087,285
.42,139,872
108,800,188
Act Mar. 1,1891, trade dollar conversion....
Act Apr. 23,1918, Pittman Act replacementOld design
Peace dollar
86,730,000
165,594,473
..i
187,027,346
6,078,472
252,324,473
830,628,321
NOTE.—Silver dollar coinage suspended 1805 to 1837 and 1874 to 1878. The bullion value of the dollar
was greater than its coin value prior to 1878.
601
DIRECTOR OF THE M I N T
Authority for United States coinage, by denominations, with standard weight and
fineness, and total coined—Continued
SILVER
COINAGE—Continued
T o t a l coir ed t o J u n e 30,1926
Denominations
A u t h o r i z i n g acts
Standard Standard
weight
fineness
Pieces
T r a d e , dollar 2
Dollar, m e m o r i a l :
Lafayette
Half dollar
—.
Half dollar, memorial:
C o l u m b i a n Exposition.
Paiiama-Pacific International Exposition.
Illinois C e n t e n n i a l . . .
Maine Centennial...
L a n d i n g of Pilgrims
Tercentennial.
A l a b a m a Centennial.
Missouri C e n t e n n i a l .
Grant-Monroe Doctrine
Centennial.
H u g u e n o t - W a l l o o n -.
Stone Mountain,
Commemorative.
Battle LexingtonConcord.
Q u a r t e r dollar
-.
Q u a r t e r dollar, m e m o rial:
C o l u m b i a n Exposition.
20-cent piece
Dime-
Half d i m e -
^-cent piece
Grains
420
Thousandths
900
M a r . 3, 1899..
Apr. 2,1792..
Jan. 18,1837Feb.21,1863.
F e b . 12,1873.
412>^
208
206^
192
8192.9
900
892.4
900
900
900
F e b . 12, 1873 (discontinued,
act M a r . 3,1887).
Value
35,966,924
$36,966,924.00
60,026
60,026.00
445,596,312
222,797,666.00
A u g . 5, 1892..
192.9
900
5,002,135
2,501,052.60
J a n . 16,1915..
192.9
900
60,030
30,015.00
J u n e l , 1918...
M a y 10,1920-.
M a y 12,1920-.
192.9
192.9
192.9
900
900
900
100,058
50,028
300, lo6
60,029.00
26,014.00
160,082,60
M a y 10,1920-.
M a r . 4, 1921...
F e b . 2, 1922...
J a n . 24, 1923...
192.9
192.9
192. 9
192.9
900
900
900
900
70,014
50,028
100,051
274,077
35,022.00
26,014.00
50,030 60
137,038.60
F e b . 26,1923..
M a r . 17, 1924 j .
192.9
192.9
900
900
142,080
2,314, 709
162,0i)9
81,049.50
680,074,3'U
145,018,585.25
J a n . 14, 1926...
192.9
900
Apr.
Jan.
Feb.
Feb.
104
103H.
892.4
900
900
900
2, 1792...
18,1837...
21, 1853..
12,1873-.
M a r . 3,1893..
M a r . 3, 1875 (discontinued,
act M a y 2,1878).
A p r . 2, 1792
J a n . 18,1837
F e b . 21,1853
F e b . 12,1873
A p r . 2, 1792
J a n . 18,1837
•.
F e b . 21, 1863 (discontinued,
act F e b . 12,1873).
M a r . 3,1851*.
M a r . 3, 1853 (discontinued,
act F e b . 12,1873).
T o t a l silver..
71,040 001,167,354.60
96.45
900
40,013
10,005.76
8 77.16
900
1,366,0<I0
271,000.00
41. 6
41M
38.4
6 38.58
20 8
205^
19.2
892.4
900
900
900
892.4
900
900
1,201,718,7117
120,171,879.70
97,604,3518
4,880,219.40
I 42,736,2(:0
1,282,087.20
12H
11.52
760
900
3,244,393,8116 1,366,388,446.30
2 Coinage l i m i t e d t o export d e m a n d b y joint resolution J u l y 22,1876. R e d e e m e d $7,6^9,036 a t face v a l u e
u n d e r act M a r . 3, 1887, w h i c h were converted i n t o 6,078,472 s t a n d a r d dollars a n d $ii,889,011 s u b s i d i a r y
silver coin.
812H g r a m s , or 192.9 grains.
< 6M g r a m s , or 96.46 grains.
«5 g r a m s , or 77.16 grains.
« 2J^ g r a m s , or 38.68 grains.
602
REPORT ON THE FINANCES
Authority for United States coinage, by denominations, with standard weight and
fineness, and total coined—Continued
MINOR COINAGE
Total coined to June 30, 1925
Denominations
6-cent (nickel)
3-cent (nickel)
2-cent (bronze)
Cent (copper)
Authorizing acts
May 16, 1866
\
Feb. 12,1873—
Mar. 3, 1865 (discontinued,
act Sept. 26, 1890).
Feb. 12,1873
Apr. 22, 1864 (discontinued,
act Feb. 12,1873).
Apr. 2, 1792--.
Jan. 14, 1793
Jan. 26,1796 < (discontinued,
>
act Feb. 21,1867).
Jan. 18,1837.-.
Feb. 21, 1857 (discontinued,
act Apr. 22,1864).
Apr. 22, 1864
Feb. 12,1873
Apr. 2, 1792...
Jan. 14,1793
Jan. 25,1796 8 (discontinued,
act Feb. 21,1867).
Jan. 18,1837
Standard Standard
weight fineness
Grains
77.16
30
30
96
Pieces
Value
Thousandths
(0
1,313,804,662
(*)
(«)
(*)
264
208
168
$65,690,233.10
31,378,316
941,349.48
45,601,000
912,020.00
• 156, 288, 744
1,662, 887.44
200, 772,000
2,007, 720.00
}4,494,748,683
44,947,486.83
7,985, 222
39,926.11
Total minor..-.
6, 250,578,627
116,101,622.96
Total coinage
9,811,779,615 6,426,632,981.76
Cent (nickel)
Cent (bronze)
Half cent (copper).
168
72
48
48 .
132
104
84
(0
84
• Composed of 75 per cent copper and 25 per cent nickel.
• Composed of 95 per cent copper and 5 per cent tin and zinc.
• By proclamation of the President, in conformity with act of Mar, 3,1795.
' Composed of 88 per cent copper and 12 per cent nickel.
Coinage of each mint, by value, since its organization to close of business December 31, 1924-
Gold:
50 dollars
D o u b l e eagles
Eagles _ . . . .
Half eagles
3 dollars.
Q u a r t e r eagles
Dollars
. . .
.
_
_ .
Total minor
Total coinage.-
$990,072,640.00
287, 654,320. 00
206, 538,105. 00
1. 357,716. 00
37,468,322.60
18,673,821.00
$150,950.00
1,682, 710,520 00 $188,040,000.00 $16,375, 500.00
144, 624,06O 00
59,092, 80O 00
23, 610,890 00
26,463,30O 00 . 4, 618, 625. 00
140,140,040.00
186, 300. 00
72, 000.00
1,886, 297. .50
1, 259, 20O 00
3, 023,157. 50
115,266.00
1, 004, 000.00
Carson,
1870-1893
..
...
. .
Charlotte,
1838-1861
Dahlonega,
1838-1861
1,869,813,433. 60
274,856, 300. 00
48, 704,172. 50
23, 829,425.00
407,882, 416.00
5,107, 624. 00
124, 066,337.00
93, 661, 308. 75
11,342.00
80,187, 379, 40
3,948, 791.90
1,260,487.20
169,441,073. 00
26, 647, OOO 00
45, 853,445. 60
19, 218, 634. 26
231, OOO 00
18, 550, 218.90
119, IOO 00
42,219,000. 00
187, 111, 629. 00
13,180, 560 00
14,398. 80O 00
40,117, 338.00
15,085, 7.50. 00
12, 429,180. 00
6, 807, 990. 60
812, 327. 50
21, 600 00
280,060 371.65
82, 225, 540. 00
58.144, 318.10
941, 349. 48
912,020.00
41, 518, 684. 27
39,926.11
2,790,400. 00
5,069,188.00
6,106, 669.00
3,770,022,912. .50
$4,406,135. 00
4,186,815. 00
3,447, 660 00
$5, 536,055.00
3, 360. 00
494, 625.00
72, 529.00
$150,950.00
2 794, 482,120.00
. 617,979,850.00
391, 249,345. 00
1, 619,376.00
44, 666,617.50
19,874,764.00
13, 881, 329. 00
4, 211, 40O 00
2,664,313.50
2, 579,198.00
28, 658.00
2,090,110. 80
3,171, 500.00
101, 556, 297.96
6,238,060. 00
2,156,111,865:15
364,439.155. 00
820, 535,347.00
35,965,924.00
226, 871,994.00
144, 941, 591.00
271,000. 00
120,064, 879. 70
4,880, 219. 40
1, 282,087. 20
O
H
O
O
>^
H
W
1,353,813,042. 30
25, 445,009. 30
65,121, 533.10
941,349.48
912,02O 00
48,137,844. 27
39,926.11
116,152, 672.96
7,358,315. 00
2,369,336, 708. 71
249,956, 535.10
Total
644,916.00
109,138. 00
$17, 283, 560 00
2,997, 780.00
3, 548,085.00
716,125, 586. 25
..
T o t a l silver
Minor:
5 cents
3 cents
2 cents
1 cent. . . . .
Half cent
N e w Orleans,
1838-1861;
1879-1909
San Francisco,
1864-1924
1,541,-654,824.50
T o t a l gold
SUver:
Dollars
T r a d e dollars
Half dollars .1
Q u a r t e r dollars
20 cent5
Dimes
Half d i m e s . . .
3 cents
Denver,
1906-1924
Philadelphia,
1793-1924
Denomination
298, 660, 707. 60
49. 274, 434. 30
5, 059,188.00
6,106,569. 00
5, 238, 988, 627.76
05
o
05
Coinage of each mint during the past 10 calendar years
O
BY VALUE AND D E N O M I N A T I O N
1915
Mints
1916
1917
1918
1919
1920
1921
1922
1923
1924
Total
PHILADELPHIA
Gold: D o u b l e e a g l e s .
Eagles
TTftlf P.fl,glft.s
Q u a r t e r eagles
Dollars
T o t a l gold
Silver: Dollars
Half dollars
Quarter d o l l a r s . . .
Dimes
T o t a l silver
M i n o r : F i v e cents
One cent
Total minor
$20,026.00
$10, 014. 00
$4,565,000 00 $10,570,000 00 $27, 510, OOO 00$11,320,000.00 $86,470, OOO 00 $143,476,000. 00
3, 510,750.00
2,940,375. 00
1, 615,250.00
10,016. 00
40,066.00
20,026.00
10, 014. 00
4,665, OOO 00 10, 570, OOO 00 27, 520,016.00 11,320, OOO 00 86,470,000. 00 151,482,431.00
. . $3,041,000.00
3,510,760 00
2,940, 376.00
1, 515, 250 00
11,007,375. 00
304, OOO 00 6,146, 000.00 $3, 367,029.00 $481, OOO 00 3,311,070. 00
69, 225. 00
460, OOO 00 6, 655, OOO 00 3, 560, OOO 00 2, 831, OOO 00 6,965,000. 00
870,112 60
662,045. 00 4,067,000.00 6, 523, OOO 00 2, 668,000.00 3, 574,000. 00 5,903, OOO 00
46, 696,473. 00 51, 737, OOO 00 30,800,000. 00 11,811, 000. 00 140,044,473.00
233,062. 60
71, 04O 00 14,032,457.00
50,030 60
479, OOO 00
2,429, OOO 00 2,730,000. 00 26,979 112 60
123,000 00
6, 013, OOO 00 2,401, 000. 00 29,834,045.00
1,601,382 60 4,831, 000.00 17, 324,000.00 . 9, 596,029. 00 6, 886, OOO 0016,179, 07O 00 46, 631,535. 60 51, 787,030. 60 38, 242,000.00 17,013,04O 00 209,890,087. 50
1,049,363. 60 3,174,903. 30 2, 571, 201.46 1, 604,315. 70 3, 043,400.00 3,164, 650 00
O
290,921. 20 1,318,336.77 1, 964, 297.85 2,881,046. 34 3, 920, 210. G 3,101, 650 00
533,160 00
391, 570 00
1, 785, 750 00
747,230 00
1,081, OOO 00
761, 780 00
924,720. 00
2, 532,980 00
1,832, 780 00
33, 364,776.11
o
17,997,733. 95
16,367,042.16
1,340, 284. 70 4,493, 240 07 4, 636,499.30 4,486, 362. 04 6, 963,610 00 6, 256, 300. 00
o
w
T o t a l v a l u e . . . . 13,849,042.20 9,344,266.07 21,869,513.30|l4,080,391.04 13,849, 610 00 27,000, 370. 00 58,026, 255. 50 79, 307,046. 60 52, 094,980 00|l05,315,820 00 394,737,294.61
SAN FRANCISCO
G o l d : F i f t y dollars
D o u b l e eagles
Eagles '
Half eagles
.
Q u a r t e r eagles
Dollars
T o t a l gold
Silver: Dollars .
Half dollars
Q u a r t e r dollars
Dimes
150,950 00
11,350, OOO 00 15,920, OOO 00
590, OOO 00 1,385,000 00
820, OOO 00 1,200,000.00
25,042.60
25,034.00
53,160,000. 00
53,160, OOO 00
21,695, OOO 00 17,476,000. 00
274, 000. 00
776, OOO 00 2,312, 000. 00
459, OOO 00 1, 595, OOO 00
885, OOO 00 1, 382, 000. 00
12,426,000. 00
12,961,026. 60 18, 505,000.00
264, OOO 00
832,015. 00
176, OOO 00
96, OOO 00 i, 627,000.00
1,104,016. 00 1,881,000. 00
T o t a l silver
M i n o r ' F i v e cents
593,000.00
76, 250 00
226, IOO 00
48.330 00
O n e cent
818, IOO 00
123, 680 00
Total m i n o r . . .
T o t a l v a l u e . . - . 14,188, 621. 50|21, 204, IOO 00
11,160, OOO 00
1,266, OOO 00
3, 263,000. 00 5,141, OOO 00
1,876, OOO 00 2, 768,000. 00
2,733,000 00 1, 930, 000. 00
7,862,000.00 9,839, 000. 00
244, IOO 00
209, 650.00
346,800. 00
326,200. 00
690,90O 00
536,860 00
8,397,860 00 10, 429,900. oo;
2,120,000. 00 5, 289,000. 00 21,969, 000. 00 17, 476, OOO 00
484,450 00
77, 850 00
376,05O 00
462, 200.00
162, 740 00
1,397, 600. 00
946, 650 00
230, 690. 00
1, 773, 650 00
3,893, 650 00 18, 660, 650 00 22,199, 690 00 70,635, 000. 00
150,960. 00
58, 650,000.00 150,140,000 00
3, 240, GOO. 00
2,020,000. 00
25, 042. 60
.25,034. 00
68, 550, OOO 00 155, 601, 026. 60
19, 020,000. 00 1, 728, OOO 00 59,918,000. 00
1, 226,038. 50
14,068,053. 60
7,929, OOO 00
340,000. 00
715, 000. 00
644, 000. 00
712, 000.00 10, 009, 000. 00
21, 230,038. 50 • 3,166,000 00 91,924,053. 50
307, IOO 00
2,439,300. 00
71,850 00
87,000. 00
3,162,930 00
116, 960 00
394,100 00
5, 602, 230 00
188,810 CO
21, 624,138. 50 61,893,810 00 263,127,310 00
CQ
DENVER
Gold: Double e a g l e s . . . .
Eagles
Half eagles
.-.
Q u a r t e r eagles
34,045,000.00 60,990, 000. 00
34,045, 000.00 60,990,000. 00
T o t a l gold
Silver: D o l l a r s . - - . . . : .
, Half dollars
Quarter d o l l a r s . . .
Dimes
T o t a l silver
Minor: Five cents.
One cent
•
•
586, 200. 00
507, 200. 00 1,352,700.00 1,926,520 00
923,600 00 1, 635, 200. 00 1,933,40O 00 1,845, OOO 00
, 26,400. 00
940,20O G 2, 267,480 00
O
20, 345, OOO 00 15,063, 000. 00
582, 500. 00
775, 600. 00
104, OOO 00
,486,000 00
896, 600. 00
993,900. 00 1, 917, IOO 00
108,000 00
1, 608,70O 00 2,168,80O 00 4, 226,300. 00 6, 039, OOO 00 2, 062,400. 00 3, 589, 20O 00 20, 567, 000. G 15, 063, 000. 00
O
...
^.._
Total m i n o r . . .
378,476. 00
220, 600. 00
666,650 00
359, 560 00
495, 540 00
551, 20O 00
598,975. 00 1,026,210 00 1,046,740 00
95,035. 000. 00
96,035,000.00
778, 000. 00
681, OCO 00
42,219,000 00
6,833, 620. 00
8,497, 700. 00
6,934,08O 00
6,811, OOO G 1,459,000.00
O
63,484,400. 00
6,811,000 00
400,300. 00
418, IOO 00
478, 30O 00 . 571,540 00
470, 900. 00
492,800. 00
71, 600. 00
262, 900. 00
25, 200. CO
896, 400. 00
963, 70O 00
71, 600. 00
288,100. 00
971,840 00
5, 575,465. 00
288,100. 00
5,863, 665. 00
T o t a l v a l u e . . . . 2,107, 676. 00 3,195, OIO 00 6,273,040 00 6,935,400.00 3,034, 240. 00 4, 562,900. 00 20, 667,000.00 15,134,600.00 40,866, OOO 00 62, 737,100. 00 164,382,965. 00
ALL MINTS
G r a n d total v a l u e . . 30,145,338.70 33,743, 376. 07 35,540,403.30 31,445,691. 04 20,777,500.00 50,213,920.00 100,782,845. 60 166,076, 646. 50 114,575,118. 50 229,946,730 00 812,247,569.61
San F r a n c i s c o : Gold
Silver
Minor
Total-_
Denver: GoldSilvPT
Minor
._.
Total—.......
All m i n t s : G r a n d total
pieces
1,697,300
9,239,350
60,079,390
10,014
20,026
43,118,000 . 90,142,000
196,331, 743 247,863,814
47, 654,068
320,190,948
48,026, 000
452,889, 000
228,250
93, 612,140
373, 268,000
628, 500
49, 308, 598
49,820, 000
1,386, 516
51,837, 061
666,000
90,646, 000
110, 438,000
4, 323, 600
46,883,080
96, 798,000
8, 769,106
570, 366, 287
1, 896, 658, 895
61,016,040
238,469, 769
338,005,828
367,846,006
600, 915,000
466,998, 390
99, 657, 098
53, 222, 677
201,650, OCO
148, 004, 680
O
*^
2, 475, 784, 288
828, 570
3,328, 030
6,338,000
Total-!-
H
O
H
BY N U M B E R OF P I E C E S
Philadelphia: G o l d . . . . . .
Sil ver . . . . . .
Minor..--.
o
1,174, 500
16, 778, 000
34, 370,000
41,340,000
36,813,000
40, 664,000
39, 562,000
12, 238,000
147, 281,000
684, 500
24, 824,000
65,909,000
22, 243, 000
16,831,000
29, 272, 077
14,842, 000
2, 927, 600
11, 708,000
13,133,000
8, 273, 070
219,860,107
366,079,000
10,494, 600
52, 322, 600
78,163,000
80,216,000
159,519,000
81, 417, 500
39,074,000
20,133,000
44,114,077
27, 768, 500
693,212,177
-X, «JS4, 4 U G
ly, 841, 000
65,030,800
33,907,840 . 13,048,000
56,192,000
66,160,000
24, 308,400
58, 698,000
21, 633, 000
15, 063,000
7,160,000
1,702, 250
6,811, G O
O
29, 619, 600
• 7, oiy, 200
49, 289, 000
3, 049, 500
9, 922,000
7, 778,000
4,751,750
157, 217,840
338,927,300
34, 483, 900
57,108,200
84,871, 800
90,099,840
78, 208, 000
83,006, 400
21, 633,000
22, 223, 000
8, 613, 250
20, 749, 500
600, 896,890
105,994, 540
347,900, 469
501, 030,628
638,160,846
738,642,000
631, 422, 290
160, 364,098
96, 578, 677
264,277,327
196, 622, 680
3, 569,893,365
2, 658, 000
17,476,000
"4
O
606
REPORT ON THE FINANCES
Combined gold coinage of the mints of the United States, by denominations and
calendar years, since their organization
Calendar year
1793-1795
1796
1797
1798
1799
1800.:
1801
1802
1803...:.1804
1806
1806
1807
1808
1809.1810
1811
1812
1813
1814
1815
1816
1817-.1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
.
1830
1831
1832
1833
1834
1835
1836
1837 ..
1838
.
:
1839
1840
1841
1842
1843
'
1844 ..
1845
1846
1847
1848
1849
1850
1851
1852
1853 ..
1854
1855
1866
1857 ..
18581
1869
'
1860
1861
1862
1863 ...
1864
1866 ..
1866
1867 .
1868 ... ^
'
1869
1870 ..
1871
1872 ...
1873
Double
eagles
60 dollars
Eagles
..
.
.
.
.
.
$27,960
60,800
91, 770
79, 740
174,830
259,650
292, 540
150,900
89, 790
97, 950
'
.
::::::::::::::
Quarter
eagles
Half eagles 3 dollars
$43,535
16,995
32,030
124,335
37, 25558,110
130,030
265,880
167, 530
162,375
165,915
320,465
420,465
277, 890
169,375
601,435
497, 905
290, 435
477,140
77,270
3,175
Dollars
$166.00
4,390 00
1,636.00
1,20O 00
6,530 00
1,067. 50
8, 317. 50
4,452. 60
4,040. 00
17,03O 00
6, 775. 00
' • " •
>
:.
-...
•
....
Total:
1793-1873
16,120 00
,
6, 500. 00
11,085. 00
1, 900. 00
7,000. CO
8, 507. 50
11,350 00
11,30O 00
11, OOO 00
10,4C0 00
293,425.00
328, 505.00
1,369, 965.00
112, 70O 00
137,345. 00
191,622. 50
163,672.60
54, 602. 60
85,007. 60
1,327,132. 50
89,345.00
276,277. 50
279, 272. 50
482,060. 00
98, 612. 50
111, 147. 50
895, 647. 60
3,867,337. 60
3.283,827. 50
3, 519,616. CO
1,896,397. 50
600, 700. 00
1,213,117.50
796,235.00
144,082. 60
142,220.00
164,360. CO
3,^41,295.00
300,882. 50
27,075.00
7,185.00
62,302. 60
105,175. 00
78,125.00
94,062. 60
84, 612. 50
51,387. 50
68,376. CO
62,575. 00
612, 562. 60
$26,225,220
48,043,100
44,860, 520
26, 646,620
18,052,340
25,046,820
30, 437, 560
28,797,600
21,873,480
13, 782,840
22, 584,400
74,989,060
18,926,120
22,187,200
19,968,900
27,874,000
30,820, 500
23,436,300
18,722,000
17,238,100
22,819, 480
20,466, 740
21,230, 600
55,456, 700
72,000
382,480
473,380
666,310
1,089,070
2,506,240
1,250, 610
736,530
1,018,750
14, 337, 580
1,813,340
6,775,180
3,489, 510
4,393,280
2,811,060
2,522,630
2,305, 760
1,487,010
1, 429,900
481,060
343, 210
263,930
278,830
1,287,330
234,950
112,480
60,800
207,050
237,800
121,400
241, 550
82,850
164,430
264,650
244,500
173,680
680,466,000
66, 666,940 68,889,385 1,169,883 26, 750,302. 50 19,181,927
•
..
:..
242,940
258, 615
1,319,030
173, 205
88,980
72,425
86, 700
145, 300
90,345
124, 565
140,145
287,210
631,756
702, 970
787,436
968,160
3, 660,845
1,857,670
2, 765, 735
1,036,606
1, 600, 420
802,745
1,048, 530
380,945
655,330
4,275,425
4,087, 716
2, 743,640
2, 736,165
5,382,685
1,863, 660
1,184, 645
860,160
2,661,955
3,680, 635
2,305,095
1, 613, 236 $491,214
171,466
1,267,090
181, 530
1,806,665
1,232,970
104,673
439,770
6,399
361,236
46,914
362,365
42,465
. 3,332,130
18,216
60,826
17,356
97,360
16,117
40, 540
8,040
144, 536
3,496
263,200
12,090
179,600
7,950
14, 625
288,626
163,926
7,675
10, 605
143, 650
3,990
245,000
275, 350
6,090
754,605
75
$936,789
511,301
3,658,820
2,201,145
4,384,149
1,657,016
824,883
1,788,996
801,602
131,472
193,431
51,234
627,499
1,326,865
6,250
5,950
3,725
7,180
6,250
10,625
5,925
9,336
3,930
3,530
126,126
607
DIBECTOE OF THE M I N T
Combined gold coinage of the mints of the United States, by denominations and
calendar years, since their organization—Continued
50 dollars
Calendar year
18741875_.
1876
1877-.
187818791880_.
18811882.
1883--1884
.
1886._.
1886._-.
1887.
1888
18891890 1891
1892._
1893
1894__
1895
1896-_
1897
1898__
1899
1900-_
19011902.
1903-_
1904.1905
1906-_
1907_.
1908__
1909..
1910__
1911 1912__
1913.1914
1915191619171918-1919-_
1920
1921..
1922
1923-1924
-.._
-
•0
'
i
1
|3$150,950
,
1
1
1
Eagles
$33,917,700
32, 737,820
46,386, 920
43,504,700
45, 916,500
28,889,260
17,749,120
14,585, 200
23,295,400
24,980,040
19,944,200 .
13, 875, 560
22,120
5,662,420
21, 717,320
16, 995,120
19,399,080
25,891,340
19, 238, 760
27,178,320
48,350, 800
45,163,120
43,931,760
57,070, 220
54,912, 900
73,593,680
86, 681,680
34,150,520
35,697,'580
24, 828, 560
227,819,440
37,440,220
55,113,800
98,656,620
109,263, 200
59, 774,140
60, 788,340
36, 392,000
2,996,480
11, 926, 7G0
40, 926,400
14,391,000
15, 920,000
$799,270
78,350
104,280
211,490
1,031,440
6,120,320
21,715,160
48, 796,250
24, 740,640
2,595,400
2,110,800
4,815, 270
10.621,600
8, 706,800
8,030,310
4,298,850
755,430
1,956,000
9,817,400
20,132,450
26,032, 780
7,148, 260
2.000,980
12, 774,090
12, 857, 970
21,403,520
3, 749,600
46,036,160
5, 520,130
7,766,970
2, 709,880
6, 703.280
16, 903,920
26,838,790
14,813,360
5, 987, 530
34,863,440
5,866,950
7,050,830
5,080,710
7,025.500
4,100, 750
1,385,000
15, 725,000
10,570,000
80,670,000
45,366,000
206,010, poo
:... — .
_
Double
eagles
Half eagles 3 dollars
$203,530
105,240
61,820
182, 660
1,427,470
3,727,166
22.831, 765
33,458,430
17,831,886
1,647, 990
1, 922, 250
9,065,030
18,282,160
9,560,435
1, 560, 980
37,826
290,640
1,347,065
5, 724, 700
9,610, 985
5,152, 275
7, 289,680
1,072,315
6,109,415
10,164,475
16, 278,645
8, 673,650
21,320,200
5, 657,810
10,410,120
2,445,680
5, 915,040
• 6,334,100
7, 570, 960
6,149,430
21,910,490
7,840, 250
12,018,195
5, 910,720
6, 620,495
3, 785,625
3,760,375
1,200,000
Quarter
eagles
$9,850.00
30,050.00
23,062.60
92,630.00
1,160,660.CO
331,225.00
7,490 00
1, 700. CO
10,100.00
4,900.CO
4, 982. 50
2, 217.50
10, 220. CO
15, 705.00
40, 246.00
44,120.00
22,032. 50
27,600.00
6,362. 50
75,265.00
10,305.00
15,297.50
48,005.00
74,760.CO
60,412.50
68,375.00
168,012.50
228,307. 50
334,332. 50
• 503,142.50
402,400.00
644,860.00
441,225.00
841,120 00
1,412,642.50
1,104, 747.50
1,231,705.00
1,899,677. 50
1,540,492. 50
1,805,412.60
1, 720, 292.50
% 540, 292.50
Dollars
1,265,000
,
$125,460
60
135
4,464
246, 972
9.090
3,108
1,650
4,620
2,820
3,318
2,730
3,426
18,480
15,873
7,287
$198,820
420
3,245
3,920
3,020
3,030
1,636
7,660
5,040
10,840
6,206
12, 205
6,016
8,643
16,080
30,729
175,080
1 175,178
2 25,030
2 36,039
^
•^j
3 25,034
8 20,026
»10,014
6 10,016
Total:
1874-1924
1793-1873---
692,827
449,493 17,916,215.00
150, 950 2,114,016,120 462,322,910 322,359, 960
680,466,000 55,656, 940 68,889,385 1,169,883 26/ 750,302. 50 19,181,927
G r a n d total
150,950 2, 794,482,120 517,979,850 391,249,345 1,619,376 44,666,617.60 19,874,7.W
1 Louisiana Purchase Exposition.
2 Lewis and Clark Exposition.
3 Panama-Pacific International Exposition coins.
* Includes $25,042.50 Panama-Pacific International Exposition coins.
'McKinley memorial coins.
^ Grant memorial coins.
608
REPORT ON T H E FINANCES
Combined silver coinage ^ of ihe mints of the United Siaies, by denominations and
calendar years, since their organization
Trade
dollars
C a l e n d a r year
1793-1795-1796-1797-1798--...^
1799
18001801
1802--.
1803
18041805-1806-1807 - .
1808
1809 - .
1810
1811-_
1812-18131814
1816.1816
1817-.
1818-1819.1820.1821-1822
1823
1824-1825
182618271828-1829
1830-183f.
1832
1833-1834 _
1835
1836
18371838
1839
1840
-. .
1841
:
1842-1843
.'
1844
1845
1846
18471848.1849
I86018611852
1853-1854-1865
...
18561857
1858
1859-1860--....
1861
18621863 18641865 . . .
1866
1867-1868—
1869
1870
1871-1872---.
1873
Dollars
$204,791
72,920
7,776
327, 636
423, 515
220,920
54, 454
41,650
66, 064
19,670
321
1.
-
1,000
300
61,005
173, 000
184, 618
166,100
20, 000
24, 600
169, 600
140,750
15,000
62,600
47, 500
1,300
1,100
46,110
33,140
26,000
63, 500
94,000
...
—
636,500
733,930
78, 600
12, 090
27, 660
-—
31,170
47,000
49, 625
60, 325
182, 700
424. 300
—.
.445, 462
1,117,136
1,118, 600
$1,225,000
.296, 600
Total:
1793-1873..
$1,473.50
63.00
1,959. CO
15,144. 50
• 14,945.00
15, 857. 50
78, 259. 50
105,861. 00
419,788.00
625, 788. 00
684, 300. 00
702,905. 00
638,138.00
601,822 00
814, 029. 50
620,951. 60
619, 537. 50
1, 637, 6 0 0 00
1 , 8 5 6 , 0 7 8 . CO
2, 382, 400. 00
2 , 9 3 6 , 8 3 0 CO
2 , 3 9 8 , 5 0 0 . CO
2 , 6 0 3 , OCO CO
3, 2 0 6 , 0 0 2 . 00
2, 6 7 6 , 0 0 3 . 00
3, 273, IOO 00
1 , 8 1 4 , 9 1 0 00
1,773,000.00
1, 7 4 8 , 7 6 8 . 00
1 , 1 4 5 , 054. CO
355, 50O CO
1 , 4 8 4 , 8 8 2 . CO
3 , 0 5 6 , OOO 00
1 , 8 8 5 , 60O CO
1, 3 4 1 , 50O 00
2, 257, OCO 00
1,870, OCO 00
1 , 8 8 0 , 0 0 0 . 00
1 , 7 8 1 , 0 0 0 . 00
1, 3 4 1 , 50O CO
3 0 1 , 375. 00
110, 565. 00
2 , 4 3 0 , 354. 00
4, 111, COO 00
2, 288,725.00
1,903, 500. CO
1,482, OOO 00
5,998, OOO CO
2,074,000. 00
1,032, 860 00
2, 078,960. Ot)
802,175. 00
709, 830. 00
518,785. 00
693, 450 CO
899, 812 60
810,162. 60
769,100. 00
725, 960. 00
829, 758. 50
1, 741, 655. 00
866, 775. CO
1, 693, 780. CO
1,684.50
30,348.50
51, 631. 00
66,160. 75
• $2,213.50
2,626.10
2,756.00
3 cents
$4,320.80
511.50
2, 226. 35
1, 2C0 C
O
1, 695. 50
650 50
1,892. 50
2,176.00
3,464.00
1, 097. 50
3, 304. CO
826. 50
12,078.00
780 CO
16, 500. 00
4, 471.00
635. 60
6, 518. 00
42,150 00
17, 308.00
5, OOO 75
.
90, 293. 50
36, COO 00
31,861. CO
54, 212. 75
16,020. 00
4, 450. 00
94,
118,
10,
44,
258.
651.
000.
000.
70
20
00
00
42, OOO 00
61, OOO 00
1,000 00
25, 500. CO
121, 6C0 O
Q
12, 50O CO
'
77, OOO 00
5 1 , OOO 00
77,135. 00
52, 2 5 0 00
48, 500. 00
63, 50O 00
141, OOO CO
119, OOO 00
104, 200. 00
239, 493. 40
2 2 9 , 6 3 8 . 70
253, 358. 00
363, COO 00
3 9 0 , 7 5 0 00
152, OOO 00
7, 2 5 0 00
198, 500. CO
6 1 , 5 C 0 00
99,'500.^60
80,000. CO
39, OCO 00
71, 6C0 00
488,000. CO
118, OOO CO
63, IOO CO
208, 000. 00
122, 786. 50
153,331.75
143, 000. 00
214, 250 00
403, 400. CO
290, 30O 00
230, 500. 00
127, 500. 00
3,130 00
276, 600. 00
24, 5C0 00
36, 5C0 00
45,150. 00
85, OOO 00
113,900 00
150,700. CO
244,150. 00
142, 6 5 0 00
62, OOO 00
196, 6 5 0 CO
68, 265. 00
4,146, 655. 00 1, 327, 3 0 1 . 00
6 2 4 , 0 0 0 . 00
3,466,000 00
207, 500. 00
867, 350. 00
703, 000. 00
2,129, 500. 00
712, OOO 00
2,726, 50O 00
189, OOO 00
2,002, 250.00
97, COO CO
421, OOO CO
78, 700. 00
312, 350 00
209, 650 00
1, 237, 650 CO
102,830.00
249, 887. 60
48, 016. 00
17,196. 00
28, 517. 50
26,907. CO
18, 560 00
25, 075. C
O
14, 372 60
11, 381. 25
14, 662. 50
17,156. 25
72, 625. 00
31, 5C0 00
70, 660 00
23,150. 00
52,150 00
23,935. CO
109, 371. 00
63, 265. 60
261, 045. 00
68, 762 50
443, 329.10
414,190. 60
1, 225, 000 8,031, 238 100, 541, 253. CO 22, 288,021. 50
Half d i m e s
Dimes
$161,672.00
23, 675. 00
607,783. 50
980,161.00
1,104,000. CO
375, 561. 00
652,898. 50
779,786. 50
847,100. 00
1,752,477. 00
1, 471, 683. 00
2,002,090 00
2,746,700. 00
-
Quarter
dollars
Half dollars
62, OOO 00
62,135. 00
48, 260. 00
68,500 00
74, OOO CO
138, COO CO
95, OOO 00
113,80O 00
112, 760 00
108, 285. 00
113,954. 26
98, 250. C
O
58, 250 CO
58, 250 00
32, 500. CO
78, 200. CO
1, 350 CO
63,70O 00
63, 400. C
O
72, 450 00
82, 250 00
82,050 00 $185, 022 00
63,025. CO 559, 905.00
785, 251. 00 342, OOO 00
365, 000. 00
20,130 CO
117, 50O 00
4 170 CO
299, COO 00
43,740 00
433, 000. 00
31, 260 00
258, OOO 00
48,120. 00
46, COO 00
10,950 00
92,950 00
8,610 CO
164, 06O 00
14,940 00
74, 627. 60
10,906. 50
5,923. CO
643. 80
4, 523. 60
14.10
6, 676.00
255. 00
6, 536. 25
681. 75
6, 431. 25
138. 75
18, 295. CO
123. CO
21,930 00
153. 00
26, 830. 00
120 00
82, 493. CO
127. 80
189, 247. 60
68.60
51,830 00
18 00
9, 242,079. 20 4,880, 219. 40 1, 282,087; 20
609
DIEECTOR OP T H E M I N T
Combined silver coinage ^ of the mints of the United States, by denominations and
calendar years, since their organization—Continued
Calendar
year
1874
1875 1
18761
18771....:..-.
18781
1879
1880
1881
1882..
1883
—
1884
1885
1886
1887
„1888
1889
1890
1891
1892
—.1893
1894
1895
189ft
1897
1898
1899...
. .
1900
1901.
. ..
1902
1903
1904
1906
1906
.•..
1907
1908
1909
1910
1911
1912
1913 1914
—
1915
1916
1917
1918
1919
1920
1921
19221923
1924
---
Trade
dollars
Dollars
Half dollars
Quarter
dollars
$215,976. CO
$1,406,660 00
$4,910,000
6,117,750 00 1,278,375.00
6,279,600
7,451,576.00 7,839,287. 50
6,192,150
7,540,266. 00 6,024,927.60
13,092,710
726, 20O 00
849,200.00
4,259,900 $22,496,550
3, 676.00
2,960.00
27,660,100
4.877.60
27-397,356
3, 738. 76
6,487. 60
27,927,976
3,243.75
1,987
• 2, 750 G
O
4,075. CO
960 27,574,100
4,519. 60
28,470,039
3, 869. 76
1,097
2, 637. 60
2,218. 75
979 28,136,876
3, 065. 00
28,697, 767
3,632. 60
2,943.00
31,423, 886
1, 471.50
2,855.00
33, 611, 710
2,'677. 50
6,416. 50
31,990, 833
306, 708. 25
6,356. 60
34,651,811
3,177.75
6,295.00
38,043,004
20,147. 60
23,562, 735
100,30O 00 1,551,160 G
O
6,333,246 2 1,652,136. 50 2,960,331.00
1,456, 792 3 4,003,948.50 i 2,583,843.25
3,093,972 3,667,831.00 2.233,448.25
862,880 2,354,652.00 2,255,390 25
19,876,762 1,507,856. 00 1,386,70O 25
12,651,731 2,023,315.50 2,624,440 00
14,426,735 3,094,642. 50 3,497,331. 75
15,182,846 4,474, 628. 50 3,994, 211.60
525,010,938 6,033,617. 00 3,822,874. 25
22,566, 813 3,119.928.50 2,644,369. 26
18,160,777 4.464, 723.60 4, 617,589.00
10,343,765 3,149, 763. 60 3,551,516.00
8,812, 650 2,331, 654. 00 3,011,203.25
1,830,863.50 2,020,562. 50
5,426,414.50 2,248,108.75
6,825, 587. 50 3,899,143. 75
6,819, 686. 60 4, 262,136. 25
2, 529,025. 00 4,110, 662. 50
1,183, 275. 50
936,137. 76
1,686,811. 50 1,410, 635. 75
2, 610,750 00 1, 277,175. CO
663, 313. 50
493, 853. 25
558,305. CO 2,388, 652. 60
6 1,486,440 00 1,969,612.50
1,065,20O 00 2,095, 20O CO
10,751,700 00 9,464,400.00
710,434,549.00 8,173, COO 00
1,839, 600.00 3, 776, OCO 00
8 6, 398, 670 00 9,456, 60O 00
9 87,736,473 10 611,062. 60
479,000.00
84, 275, 000
11 50, 03O 50
56, 631, 000 12 1,226, 038. 50 2,769, OOO 00
13, 639, 000
13 71,04O 00 4,223, OOO 00
um
Dimes
Half d i m e s
3 cents
$319,151.70
2,406,570 00
3,016,115.00
1,735,061.00
187,880.00
1, 610 00
3, 735.60
3,497.60
391,110 00
767, 671. 20
393,134.90
257,711.70
658,409.40
1,573,838.90
721,648. 70
835,338. 90
1,133, 461. 70
2,304,671.60
1, 695, 365.50
769,219.30
206,099. 60
225,088.00
318,581.80
1,287,810 80
2,015,324.20
2,409,833.90
2,477,918. 20
2,507,360 00
2, 795,077.70
2,829,405.50
1,540,102.70
2,480,764.90
2,976,604.60
3, 453,704. 50
2,309,954.50
1,448,165. CO
1,625,055.10
3,359, 954.30
3, 453,07O 00
2,027, 062. 20
3,136, 865.50
658,045.00
5,720,400 00
9,196,2C0 00
6,866,480 00
5.462,900 00
9, 202, ICO CO
231,000 00
5,657,000 00
3, 794, OOO 00
Total:
1874-1924 34,740,924 812, 504,109 125,330,741.00 122, 653,669.50 110,822,800 50
1793-1873 - 1,225,000 8, 431, 238 100,641,253. CO 22,288,021.50 9,242,079. 20 $4,880,219.40 $1, 282,087. 20
G r a n d total 35,965,924 820,536, 347 225,871, 994. CO 144, 941, 591.00 120,064,879. 70 4,880,219.40 1, 282, 087. 20
,1 Twenty cents silver coinage, 1875, $265,598; 1876, $5,180; 1877, $102; 1878, $120; total, $271,000.
2 Includes $475,000 in Columbian coins.
3 Includes. $2,026,052.50 in Columbian coins.
* Includes $10,005.75 in Columbian coins.
5 Includes $50,026 Lafayette souvenir coins.
6 Includes $30,015 in Panama-Pacific International Exposition coins.
7 Includes $50,029 Illinois Centennial coins.
8 Includes $25,014 Maine Centennial and $100,056 Landing of Pilgrims coins.
9 Includes $1,006,473 "Peace" coins.
1 Includes $50,026.50 Landing of Pilgrims, $25,014 Missouri Centennial, and $35,022 Alabama Centennial
0
coins.
11 Grant memorial coins.
1 Includes $137,038.60 Monroe Doctrine commemorative coins.
2
13 Huguenot-Walloon commemorative coins.
NOTE.—The silver dollar coins executed subsequent to 1920 represent an equivalent number of dollar-s
converted to bullion under the act of Apr. 23,1918—269,121.564 for export to India and 11,111,168 for domestic
subsidiary coin.
60501—FI 1925t-
-39
610
REPORT ON THE FINANCES
Combined, minor coinage of the mints of the United States, by denoniinations and
calendar years, since their organization
.
C a l e n d a r year
5 cents
1793-1795
1796
1797
1798
1799.. '
18001/.
1801..
. ..
1802..:
1803
.
1804
1805.- . . . . .
.'.
1806...
1807
18C8-.'
1809 •.•
'
1810....
1
1811. ..•. . 1812
1813.:
:.
1814
..:::.:...:
1815 .
-.
'
. . .
1816
-.....:....:
1817.
1818...:
::
1819
'
'
.._.•1820.... . . : ' . — . : - - : - - — —
1821.•
. .
- -1822...:
...:
1823...........:_•..............
1824
.......:
1825.
.
.....
1826
..:..
1827
•
1828....-1829
.
.
1830. _ . : _ . . .
1831
1832
1833
1834
:
1835
1836
1837
1838....I.....
:.:
1839
1840
1841
1842
1843......
1844
1845.
1846
1847.--.
.1848
...
1849
1850..
1851
1854
1855..
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870:
1871
1872
1873
.
3 cents
" " ' •
"
"
"
"
"
"
'
•
"
:
-
...
""""i2,'620"00'
14, 611. 00
315"00
" 15,174. 25
1,170! 00
.23,577.32
22, 606. 24 ""'"3,"530."00
14,145. 00
2,435. 00
17,115. 00
• 33, 592. 60
23, 620 00
27, 390 00
""770." 55
18, 551. 00
600.00
38, 784. 00
705 CO
21,110 00
1,990! 00
55, 683. 00
63, 702. 00
31,286. 61
24, 627.00
15,973.67
23, 833.90
24, 283. 20
23,987.52
38, 948.04
41,208. GO
61,836.69
6 4 157.99
41,785. G
O
i99"32
'44,268.44
199.06
98,897.07
738.36
60,630 94
648"47
. 66,411.31
42,361. 56
276. 79
15, 748. 29
282.50
26,904.63
202.15
177,834. 56
176.90
24-6,000.00
364, OOO CO
2,05, 660. 00
101, OOO 00
280, 750. 00
4;98,4CO00
""$396i'950"00'
529, 737.14
272,800. CO
354,292 86
63,540 00
98, 265. 00
58,776. CO
98, 210 00
56, 075.00
102, 665. CO
30,930 00
64,200. CO
17,225. 00
52, 750 CO
14,425. 00
39, 295. CO
1,30O CO
40,420 00
116, 766.00
...-_-._
-
T o t a l , 1793-1873
28^209'82"
39,484.00
31, 670 00',
26, 710 00
44, 075. 50
3, 890 00
' 20,723.39
""'
.
-
H a l f cents
P .•
-
-
Cents
$10, 660 33
• $712.67
9, 747.00
577.40
8, 976.10
536. 24
- 9, 7,97. 00
60l83
, 9,045.85 " .
28, 221. 75
1,057. 65
13, 628. 37
34,351.00 " " " " 7 1 . 8 3
24, 713. 53
489. 60
7, 568.38
6, 276. 56
9, 411.16
4,072 32
, ' 3,480 00
1,780 00
7, 272. 21
2,380 CO
11, C90 00
2,000 00
2, 228. 67
5, 772. 86
' 14, 585. 00
1,075.00
2,180 25
315. 70
10, 755. 00
4,180. 00
3, 578.30
;..
-
2 cents
- . . . . """$737;"i25."00"
:....
1, 645, 476. 00
1,440,850. CO
819, 750 00
240,300 00
28,050. CO
301,800.00
227,50O 00
6,340,850.00
"$34i,"460'00'
144,030. 00
117,460 00
97,560.00
48,120 00
40,05O CO
18,120 CO
25,860 CO
36,190 00
867,840 00 _ 912,02O 00
4,929,807. 44
39,926.11
611
DIRECTOR OF T H E M I N T
Combined minor coinage of the mints of the United States, by denominations' and
, calendar years, since their organization—Continued
5 cents
1874
1875-1876
1877 1878 • •
,1879 _
1880--.
1881
1882-_
1883
1884_1885 1886_.
1887 1888
1889 _
1890
1891 - _
1892
1893-.
1894
.'
.
1897 1898
1900-_:
1901*
19C2__.
1904-1906
1906__
1909
1910-_
1911
1912-1913
1914 . . .
1917
1918-1921...
1922
.
_
3 cents
$176,900. 00
104,850 00
126, 5C0 00
Calendar year
2 cents
$23, 700.00
.6,840 00
4,860 00
$141,875. 00
135, 280 00
79,440. 00
8, 525. 00
57, 998. 50
162, 312. 00
389, 649. 55
392,115.75
385,811. 00
455,981. 09
232, 617. 42
117, 653. 84
176, 542 90
452, 264. 83
374,944.14
488, 693. 61
571, 828. 54
• -470,723.50
376,498.32
466,421. 95
167, 521. 32
383,436. 36
390, 572 93
504, 663. 30
498, 230. 79
536, OOO 31
668,337.64
796,111.43
873, 767. 22
850, 944. 93
613, 280 15
807,191.63
960, 222. 55
1, 081,386.18
334,429. 87
1,176, 862 63
li 628,462 18
1,178, 757. 87
829, 950. 60
984,373.52
805, 684. 32
559, 751. 20
1,902, 996. 77
2, 841, 697. 85
3, 706,146. 34
5,889, 350. CO
4,056, 650. 00
544, 310 00
71, 600. 00
834, 230. 00
893,940. 00
-
117. 50
1,465.00
997. 75
3,618.75
. .
573, 830. 00
1,148,471. 05
563, 697.10
73, 824. 50
166, 514. 50
763„182 60
536, 024.15 .
794,068. 05
•' 812,963.60
841,717. 60
584, 982.10
668, 509. 75
270, 656. 60
498,994. 20
442,146. 00
1, 021,436. 75
626, 604. 35
1,301,451.55
-....1,362,799.75"
• 1, 324, OIO 65
1, 574,028. 95
1,400, 336. 25
1,070, 249. 20
. 1,491,363.80
1,930, 686. 25
1,960, 740. 00
1,134, 308. 85
579, 526. 30
1, 508,467. 65
1,977,968.60
1, 747,435. 70
3, 682,961. 95
_
1,402,386-90
1, 503,088. 50
4,434, 553. 30
3, 276, 391. 45
2, 266, 515. 70
3,819, 750 00
4,110, 000. CO
611, OCO. 00
70 50
1, 236. CO
748. 65
32,417. 25
759. 00
318. 27169. 26
143. 70
128. 70
238. 83
1, 232.49
646. 83
_.
_
2, 092,850. 00
1, 415, 760 00
Total:
. 1874-1924
Grand total. - - :
Cents
Half cents
^.
59, 780, 683.10
5, 340, 850. 00
73, 509. 48
867, 840. CO
912, C20 00
.43, 208, 036. 83
4, 929,807. 44
39.926.11
65,121, 533.10
941,349.48
912, 020. 00
48,137,844. 27
39, 926.11
612
REPORT ON THE FINANCES
Total gold, silver, and minor coinage of the United States, by calendar years
1793-1796
1796
1797
1798
1799
1800
1801
-, . . :
1802
'.
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
:...
1814
1815
_.
1816
1817
1818
1819
—-1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1833
1834
1836
1836
1837
1838..
1839
1840
—1841
1842 .
.
1843
...
— ..
1844
1845
1846
1847
1848
1849
1850
-.
1851
1852
1853
1854
ju...
1855
1866
1857
1858
1859
-.
I860
1861
1862
1863
'
1864
1865
1866
1867
1868
1869
-—
1870
1871
1872
1
1873
T o t a l , 1793-1873
Silver
Gold
C a l e n d a r years
•
$71,485. CO
77,960 00
128,190 00
205, 610 00
213, 285. 00
317, 760 00
422, 570 00
423, 310 00
258,377.60
258, 642 60
170, 367. 50
324, 505. CO
437,495. 00
284, 665. 00
169, 375. 00
601, 435. 00
497,905. 00
290,435. 00
477,140 00
77, 2 / 0 00
3,175. G
O
242,940 00
258, 615.00
1, 319, C30 CO
189, 326. 00
88,980 00
72,425. 00
93, 200. 00
156, 385. 00
92, 245. 00
131, 666. 00
140,145. CO
295,717. 60
643,105. 00
714, 270 00
798,436. 00
978, 560 00
3,954, 270 00
2,186,175. 00
4,135, 700. 00
1,148, 305. CO
1,809, 765. 00
1,376,847. 50
1, 675,482 50
1, 091,857. 50
1,829, 407. 50
8,108, 797. 50
6,427, 670 00
3, 756,447. 60
4, 034,177. 60
20, 202, 325. 00
3, 775, 612 50
9,007, 761. 50
31,981, 738. 60
62, 614,492. 50
56,846,187. 50
39, 377, 909. 00
25, 915, 962. 50
29,387,968.00
36,867, 768. 50
32, 214, C40 00
22,938,413. 60
14, 780. 570 00
23,473,654.00
83, 395, 530 00
20,875, 997. 60
22,445,482. 00
20,081,416. 00
28, 295,107. 60 I
31,435,945.00 1
23,828, 625.00
19,371,387. 50
17, 682,987.50
23.198,787.50
21,032, 685.00
21,812, 645. 00
57,022, 747.50
852,114,437. 60
/'
$370, 683.80
77,118. 50
14, 650 46
330,291.00
423, 515.. 00
224, 296. 00
74; 758. 00
58, 343. 00
87,118. 00
100, 340 50
149,388.60
471,319. 00
697, 448. 75
684, 300. 00
707, 376. CO
638,773. 50
608, 340 CO
814,029. 50
620, 951. 50
561, 687. 50
17,308.00
28, 575. 75
607, 783. 50
1,070,464. 50
1,140, OOO 00
601, 680 70
826,762.45
805,806. 60
895,650 00
1,762,477.00
1,664,683.00
2,002,090 00
2,869, 20O 00
1, 575, 600. 00
1,994,578. CO
2,495,400. CO
3,176, 600 00
2, 579,000. 00
2, 759, OOO CO
3, 416, 002. 00
3,443,003. 00
3,606,100 00
2,096, OIO 00
2, 333, 243. 40
2, 209, 778. 20
1, 726, 703. CO
1,132, 760 00
2, 332,760 00
- 3,834,760 00
" 2, 235, 550 00
1,873,20O 00
2, 558,680 00
2, 374,460 00
2,040, C50 00
2,114,960 00
1,866, IOO 00
744,397. 00
999,410 00
9,077,571.00
8,619,270 00
3,501,245.00
6,142, 240 00
5,478, 760 CO
8,495,370 00
3, 284,450 00
2,259,390 00
, 3,783,740 00
1,252, 516. 50
809,267. 80
• 609,917.10
691,005. 00
982,409. 25
908,876.25
1,074,343.00
1, 266,143.00
1, 378,265. 50
3,104, 038. 30
2, 504,488. 50
4,024,747.60
147, 489,898. 30
Minor
$11,373.80
10,324.40
9, 510 34
9, 797. 00
9,106. 68
29, 279. 40
13, 628. 37
34,422 83
25, 203. 03
12, 844. 94
13, 483. 48
5, 260 CO
9, 652. 21
13,090 00
8, 001. 63
15, 660 00
2,495. 95
10, 755. CO
4,180 00
3, 678. 30
28, 209. 82
39,484. CO
31, 670 00
26, 710 00
44,075. 50
3,890 00
20, 723. 39
12,620 00
14,926. 00
16, 344. 26
23,577. 32
25,636. 24
16, 580 00
17,115. 00
33, 603. 60
23, 620 00
28,160 00
19,151. 00
39,489. 00
23, ICO CO
55, 583. 00
63, 702. CO
31,286. 61
24,627.00
15, 973. 67
23,833. 90
24, 283. 20
23, 987. 62
38,948. 04
41, 208.00
61,836. 69
64,157. 99
41,984. 32
44,467. 60
99,635.43
50, 630 94
67,059.78
42,638.35
16, 03O 79
27,106. 78
. 178,010 46
246,000. 00
364,000 00
205, 660 00
101, OOO 00
280,750 00
498,400 00
926, 687.14
968,562 86 |
1,042,960 00
1,819,910 00
1,697,150 00
963, OOO 00
350,326. 00
99,890 00
369,380 00
379,455,00
12,090, 443. 65
T o t a l value
$453, 641.80
165,402 90
152, 250 79
545, 698. CO
645, 906. 68
571, 335. 40
610, .956. 37
516, 076. 83
370, 698. 53
371,827. 94
333, 239. 48
801. 084. 00
1, 044, 695. 96
982, 055. CO'
884, 752 63
1,155, 868. 50
1,108,740 95
1,115, 219: 60
1,102,271.60
642, 535. 80
20, 483. CO
56, 785. 57
647, 267. 50
1,345,064. 60
1,425,325. CO
1,864, 786. 20
1,018,977. 45
915, 609. 89967, 975. CO'
1,868, 297. CO
1,735,894. G
O
2,110, 679. 25
3, 024,342. 32
1, 741, 381. 24
2, 306,875. 50
3,165, 620 00
3,923, 473. 60
3,401,056. 00
3, 765, 710 00
7, 388, 423. CO
5, 668, 667. 00
7, 764,900. 00
3, 299,898. 00
4,206, 710 40
3, 617,912. 31
3,426,812. 50
2, 240, 581.17
4,185,991. 40
11,967,830 70
7, 687, 207. 52
5, 668, 695. 50
6, 633,965. 54
22, 638, 611. 69
5,879,720 49
11,164, 695. 82
33,892, 306. CO
63,488, 624.93
67,896, 228. 44
48,522,539. 78
34, 577,870 85
32,'905, 243. 79
42,027,115.28
37,870,810 46
31, 679,783. 60
18,429,020.00
25,938, 704. CO
87, 280, 270 00
22,409, 264. 00
23, 763,149. 80
21, 618, 019. 24
29, 954, 665. 36
33.461, 314. 26
26, 557,411. 26
22,142,880 50
19,812,130 50
24,927,368. 00
24, 236, 613. 30
24, 686, 513. 50
61,426,950 10
1, Oil, 694,779. 36
DIRECTOR OF THE M I N T
613
Total gold, silver, and minor coinage of the United States, by calendar years—Con,
Gold
Calendar years
$36, 254, 630 00
32, 951,940 00
46, 679,462. 60
43, 999,864. GO
49, 786,052.00
39; !080, cso.'dd
62, 308,279.00
96, 850,890 00
66, 887,685. 00
29, 241, 990 00
23, 991, 756. 60
27, 773,012. 50
28, 945,542. 00
23, 972,383. 00
31, 380,808. 00
21, 413, 931. 00
20, 467,182. 50
29, 222,005. 00
34, 787, 222. 60
66, 997, 020. 00
79, 546,160 00
59, 616,357. .50
47, 053,066.00
76, 028,485. 00
77, 985, 757. 60
111, 344, 220 00
99, 272, 942. 60
101, 736,187. 50
47, 184, 932. 50
43, 683,880. 50
233, 402,430. 00
49, 638,439. 00
78, 793,045. 00
131, 907,490 00
131, 638, 632 50
88, 776, 907.50
104, 723, 735.00
56, 176,822 50
17, 498,522. 50
25, 433,377. 50
53, 467, 817. 50
23, 968, 401. 60
18, 525,026. 00
10,014. 00
1874..
1875..
1876-.
1877-.
1878-.
1879:.
1880-.
1881..
1882..
1883.,
1884.,
1885.,
1886..
1887..
1888-.
1889-.
1890-.
1891-.
1892..
1893..
1894-.
1896..
1896J.
1897..
1898-.
1899..
1900-.
1901..
1902-.
1903..
1904..
1905..
1906..
1907-.
1908-.
1909..
melon..
1912..
1913.1914..
1915..
1916..
1917-.
1918..
1919..
1920..
1921..
1922..
19231924..
16, 990, 000. 00
10, 670, 000. 00
80, 680,016. 00
45, 365, OOO 00
206, 010, OOO 00
Silver
$6,851, 776. 70
15,347, 893.00
24,503, 307. 50
28,393, 045. 50
28,518, 850 00,
27,569, 776. 00
27, 411, 693. 75
27, 940, 163. 75
27,973, 132 00
29,246, 968.45
28, 534, 866.15
28,962, 176. 20
32,086, 709. 90
35,191, 081. 40
33,026, 606. 45
35,496, 683.15
39,202, 908. 20
27, 618, 856. 60
12, 641, 078.00
8,802, 803.06
9,200, 350 86
.5, 698, CIO 25
23,089, 899.05
18,487, 297.30
23,034, 033.45
26, 061, 519. 90
36, 345, 347. 45
30,838, 460. 75
30, 028, 167. 20
19,874, 440 00
15,695, 609. 95
6,332, 180 90
10, 651, 027. 85
13,178, 435. 75
12,391, 777. 25
8, 087, 852 50
3, 744, 468.35
6, 457, 301. 55
7,340, 995. 00
3,184, 228. 95
6,083, 823. 00
4,114, 097. 50
8,880, 800. 00
29, 412, 300.00
25, 473, 029. 00
11, 068, 400. 00
25, 057, 270 CO
89, 057, 635. 50
84, 325, 030. 50
66, 283, 038. 50
21, 627, 040. 00
Minor
$342,475.00
246,970 CO
210,800 00
8,626.00
58,186.50
166,003.00
391,396.96
428,151. 75
960,400. 00
1, 604,770 41
796,483.78
191,622.04
343,186.10
1, 215, 686. 26
912,200. 78
1, 283,408.49
1,384,792 14
1,312, 441. CO
961,480.42
1,134, 931. 70
438,177. 92
882,430 56
832,718.93
1, 526, IOO 05
1,124,835.14
1, 837, 451.86
2,031,137.39
2,120,122 08
2, 447, 796.17
2, 251, 281.18
1, 683, 529.35
2, 298, 555.43
2,890, 908.80
3,042,126.18
1, 468, 738. 72
1, 756,388.93
3,036, 929.83
3,166, 726. 47
2, 577, 386. 30
4, 667, 335. 47
2, 208, 071. 22
2, 062, 839. 70
6, 337, 550 07
6,118, 089. 30
5, 972, 662 04
9, 709, IOO 00
8,166, 650 00
1,155, 310 CO
71, 60O 00
2,927, 080. CO
2,309, 690.00
Total value
$42,448, 881.70
48,646, 803.00
71,293, 560.00
72,401, 434. 50
78,.363,v
1-088.50
66,814, 859.00
90, 111, 368.70
126, 219, 206. 60
94,821, 217.00
60,093, 728.86
63,323, 106.43
56,926, 810 74
61,376, 438.00
60, 379, 150 66
65,318, 616.23
68,194, 022.64
61,054, 882.84
68,053, 302. 60
48,389, 780. 92
66,934, 764. 75
89,184, 688.77
66,196, 798..31
70,975, 677.-9'8
96, 041,.882 35
102,144, 626. 09
139, 243, 191. 76
137,649, 427. 34
134,693, 770. 33
79, 660, 895. 87
65,809, 607. 68
250, 781, 569. 30
68, 269, 175. 33
92,334, 981. 65
148,128, 051. 93
146,499, 148. 47
98,621, 148. 93
111, 505, 133.18
65, 790, 850 52
27,416, 903.80
33, 284, 941.92
61, 749, 711.72
30,145, 338.70
33, 743, 376.07
35, 640, 403. 30
31,445, 691. 04
20, 777, 500. 00
50,213, 920 00
100, 782, 845. 50
165, 076, 646. 50
114,575, 118. 50
229, 946, 730 CO
Total:
1874-1924..
1793-1873..
2, 917, 908,475. CO
852,114, 437. 50
1, 206,323,144. 00
147,489,898.30
103, 062, 229. 41
12,090,443. 55
4, 227, 293,848. 41
1, Oil, 694, 779.35
Grand total...
3,770,022,912. 50
1,353,813,042.30
116,152,672.96
5, 238, 988, 627. 76
614
REPORT ON T H E FINANCES
STOCK OF MONEY IN THE UNITED. STATES DECEMBER 3 1 , 1924
On December 31, 1924, the stock of domestic coin in the United
States was $1,934,047,888, as shown by the following table:
Stock of domestic coin in the United States December 3 1 , 1924
Item
Gold
E s t i m a t e d stock of coin in U n i t e d States D e c . 31,1923
Coinage executed, calendar year 1924
N e t i m p o r t s U n i t e d States coin, calendar year'1924
.Total
Silver •
Total
Total .
$775, 396,191
21, 627, 040
402, 558
$1,719,160,130
227,637,040
402, 558
1,149, 773,939
..
Less:
'• N e t exports U n i t e d States coin, calendar year 1924
U n i t e d States coin w i t h d r a w n from m o n e t a r y use,
calendar year 1924, face value
_ ^ . . . '..
U n i t e d States coin used i n i n d u s t r i a l a r t s , e s t i m a t e d ,
calendar year 1924 _ _
$943, 763,939
206,010,000
797, 426, 789
• 1,947,199,728
4,011,947
4,011,947
2, 842, 240
2, 697, 653
5, 539,893
3,600,000
100, 000
3. 600. 000
10, 354,187
•
E s t i m a t e d stock'of coin in U n i t e d States D e c . 31,1924
2, 797, 653
13,151,840
1,139,419, 752
794. 628,136
1, 934, 047,888
NOTE.—The number of standard silver dollars coined to Dec, 31,. 1924, was 812,454,083, which added to
the Hawaiian dollar coinage, 500,000, plus the number imported from the Philippine Islands,, 150,000, and
the number returned in Government transports, 496,859, equals 813,600,942. Since July 1,1898, the number
of standard silver dollars exported in transports has been 2,495,000, the net export fropi November,. 1919,
to .July, 1920, in the movement due to the high price of silver, was 28,287,142, the number melted under the
terms of the Pittman Act of Apr. ;23, 1918, was 270,232,722,tthe number otherNvise melted (mutilated, etc,),
since 1883 was 211,723, and the number of.Hawaiian doll'ars melted to Dec. 31, 1923, was 455,329, a total
disposition of 301,681,916, leaving in the United States on Dec. 31, 1924, 511,919,026 standard silver dollars
and 282,709,110 dollars in subsidiary silver coin.
STOCK OF MONEY IN THE UNITED STATES JUNE 30, 1925
. On June 30, 1925, the stock of domestic coin in the United States
was $2,025,682,976, as shown by the following table:
Stock of domestic coin in the United States J u n e 30, 1925
Item
Gold
Total
".
Less:
N e t exports U n i t e d States coin, fiscal year 1925
U n i t e d States coin w i t h d r a w n from m o n e t a r y use,
face value, fiscal year 1925.
•'.
U n i t e d States coin used in industrial arts, e s t i m a t e d ,
fiscal year 1925
.
Total
.--
E s t i m a t e d stock of coin in U n i t e d States J u n e 3 0 , 1 9 2 5 . . . .
Silver
$1, 083,053,827
250, 335, 000
$781, 369, 229
26, 529,404
384, 972
$1,864,423, 056
276, 864,404
384, 972
1, 333,388, 827
E s t i m a t e d stock of coin in U n i t e d States J u n e 30, 1924
Coinage executed, fiscal vear 1925.
N e t i m p o r t s . U n i t e d States coin, fiscal year 1925-.'.
808, 283, 605
2,141, 672,432
" Total
107, 910, 658
107, 910, 658
• 1,828,212
, 2, 650, 556
3; 500, 000
100,000
•
4, 478, 798
3,600,000
113,238,900
2, 750, 556
115, 989,456
1, 220,149, 927
805,533, 049
2,025, 682,976
NOTE.—The number of standard silver dollars coined to June 30, 1925, was 822,597,083, which added to
the Hawaiian dollar coinage, 500,000, plus the number imported from the Philippine Islands, 150,000,
and the number returned in Government transports, 496,859, equals 823,743,942. Since July 1, 1898, the
number of standard silver dollars exported in transports has been 2,495,000, the net export from November, 1919, to July, 1920, in movement due to the high price of silver, was 28,287,142, those melted under
the terms of the Pittman Act of Apr. 23, 1918, totaled 270,232,722, those melted otherwise (mutilated, etc.)
since 1883 numbered 212,671, and the number of Hawaiian dollars melted to June 30, 1925, was 455,329,
a total.disposition of 301,682,861, leaving in the United States on June 30, 1925, 522,061,078 standard silver
dollars and 283,471,971 dollars in subsidiary silver coin.
Bullion in mints and assay ofiices J u n e 30, 1925
Bullion
Value
Gold...
Silver (cost value)
$3, 076, 740, 296. 29
, 16,484,237.00
Total
3, 093, 224, 633. 29
Location, ownership, and per capita circulation of monetary stock June 30, 1925
M o n e y o u t s i d e of t h e T r e a s u r y
M o n e y held i n t h e T r e a s u r y
K i n d of m o n e y
Gold coin a n d b u l l i o n . .
Gold certificates
S t a n d a r d silver dollars
Silver certificates
T r e a s u r y notes of 1890
S u b s i d i a r y silverr
United Statesnotes
F e d e r a l reserve notes
F e d e r a l reserve b a n k n o t e s .
N a t i o n a l - b a n k notes
T o t a l J u n e 30, 1925Comparative totals:
J u n e 30, 1924
N o v . 1, 1920.-- ...
J u l y 1, 1914
J a n . 1, 1879
Stock of .'
money 1
Total
A m o u n t , held
Reserve
• in trust
against
^-Held for
against gold U n i t e d States Federal reserve
a n d silver
notes ( a n d
banks and
certificates
Treasury
-agents
(and T r e a s u r y •. notes of
notes of 1890)
1890) -
4 $4, 386,195, 841 $3, 691, 200, 201 $1, 609, 687, 619
5 (1,609, 687,619)
622,061,078
450, 111, 077
452, 510,212,
5 (448,724,195)
5 (1, 386,882)
• 7, 537, 768
283,471, 971
2,193,375
346,681,016
1,474, 263
1, 942,239, 530
87,890
7,176,033
733,366,074
19, 695, 231
• 8,221,191.543 6 4,174, 598; 940
2, 059,798,696
8,746,513,-527 6 4, 245, 699,033
8,326,338,267 6 2,406,801,772
3,738,288/871 6 1 , 843, 452, 323
1, 007, 084, 483
6 212, 420, 402
i; 628,138, 695
696, 854, 226
1, 507,178, 879
21, 602, 640
$153,620,986- $1,762,744,435
I n circulation
Another
money
$175,147,161
2,399,135
153,620,986
1, 752, 744,435
' 152, 979,026
162, 979,026
150, 000,000
• 100, 000, 000
2,260,891,035'
1,206, 341,990
7,537,768
2,193,3761, 474, 263
87,890
19,595,231
7 208,434, 823
Total
Held b y Federal reserve
banks and
agents
Amount
Per
capita 3
$694, 996,640 $271,135,134 $423,860,506
$3.71
1,609,687,619
604,864,317 1,004,823,302
8.81
64, 288, 630
16,262,236
.48
69; 550.866
66,-943,944
382,780,251
448, 724; 195
3.35
1,386,882
1,386,882
.01
262,009,199
13,925,004
276,934,203
2.30
282, 577, 651
344, 487, 641
61,909,990
,2.48
14.34
1,940, 765, 267
304, 657,196 1, 636,108,071
6, 920,857
7,088,143
.06
. . 167,286
681, 708,888
5.97
713,770,843
.32,061, 956
6,106, 391, 299 1,369,927,062 4, .736, 464, 237 . 41.61
42.19.
203, 690, 277 6,128; 953,189 1,374,180,436 4,'754,772,754
350, 626,630 6, 616, 390, 721 987,962,989 5, 628,427,732 . 52.36
3,402,015,427 . 34.35
186, 273,444 3, 402,015, 427
16.92
816, 266,721
816,266,721
90, 817, 762
1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. Does not include silver
bullion (a potential monetary asset) to the value of $16,484,237^ nor nickel and bronze coin, the value of which depends almost exclusively on the Government impression rather
than intrinsic metallic value or a specific reserve.
. '
"
•'•'•'••'...
•
. •
2 Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta.
3 Population of continental United States (estimated) June 30, 1925, 114,104,000; June 30,1924.112,686,000; Nov. 1,1920,107,491,000; July 1,1914, 99,027,000; Jan. 1,1879,48,231,000.
* Does not include gold bullion or foreign coin outside of the vaults of-the Treasury,. Federal reserve' banks,; and Federal reserve agents.
5 These amounts are not included in the total, since the mo.ney held in trust against gol'd and- silver certificates and Treasury notes of 1890 is included under gold coin and
bulhon and standard silver dollars, respectively.
•
"
. .
• . ; . . .
• -.
•
6 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money
outsideoftheTreasury to arrive at the stock; of money in the'United States.
* • :
7 This total includes $20,778,312 of notes in process bf redemption, $160,367,334 of gold deposited for redemption of Federal reserve notes, $7,442,556 deposited for^redemption of
national-bank notes, $4,740 deposited for retirement-of additional circulation (act of May 30, 1908), and $6,640,B40 deposited as'.a reserve against postal savings deposits.
NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars
held in the Treasury for their redemption; United States notes are secured by a gold reserve of $163,620,986 held in the Treasury. This reserve fund may also be used for the
redemption of Treasury notes of 1890, whichare also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United
States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold
or of gold and such discounted or purchased.paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a ^old reserve of at least 40 per
cent, including the gold redemption fimd which must be deposited with the United States Treasurer against Federal reserve notes in actual circulation. Lawful money has been
deposited with the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National-bank notes are secured by United States bonds, except
where lawful money has been deposited with the Treasurer of the United States for their retirement. A 6 per cent fund is also maintained in lawful money with the Treasurer of
the United States for the redemption of national-bank notes secured by Government bonds.
I
a
H
o
o
CR
616
REPORT ON THE FINANCES
Estimated monetary stock of gold and silver in the United States and the amount
per capita at the close of each fiscal year since 1873
Total stock of coin and
bullion
Fiscal year ended June 30—
Gold
1873..
1874..
1876..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885..
1886..
1887..
1888..
1889..
1890..
1891..
1892..
1893..
1894..
1896..
1896..
1897..
1898..
1899..
1900..
1901..
1902..
1903..
1904..
1905..
1906..
1907..
1908..
1909..
1910..
1911..
1912..
1913-.
1914..
1916..
1916..
1917..
1918..
1919..
1920..
1921..
1922..
1923..
1924..
1925..
Per capita
Population
41,677,000
42,796,000
43,961,000
46,137,000
46, 353,000
47,698,000
48,866,000
60,166,783
61,316,000
62, 495,000
63,693, 000
54,911,000
66,148, 000
67,404,000
68,680,000
59,974,000
61, 289, 000
62, 622, 260
63,976, 000
65, 520, 000
66,946, 000
68, 397, 000
69, 878, 000
71, 390,000
72, 937,000
74, 522,000
76,148,000
76, 891,000
77,754,000
79,117,000
80,847,000
81,867,000
83, 259,000
84,662, 000
86,074,000
87, 496,000
88,926,000
90,363,000
93,983,000
96,656,000
97, 337,000
99,027,000
100,725,000
102,431,000
104,146,000
105,869,000
107,600,000
105,768,000
108,087,000
109,743,000
111, 268,000
112, 686,000
114,104,000
Silver
$135,000,000 : $6,149,306
10,365, 478
147, 379,493
19,3.67,996
121,134,906
36,416,992
130,056,907
66, 464, 427
167, 501, 472
88,047,907
213,199,977
117,526, 341
246,741,837
351,841, 206 148,622,678
478, 484,638 176, 384,144
606, 757, 715 203,217,124
642, 732, 063 233,007,985
266,568,142
646,600,797
' 588,697,036 283, 478,788
690, 774, 461 312, 262,844
352,993,566
664,620,336
706, 818,856 386,611,108
680,063,505 420,648,929
696, 663,029 463, 211,919
646, 682,852 522, 277, 740
664, 275, 335 670, 313, 644
697, 697, 686 616,861, 484
627, 293, 201 624,347, 767
636, 229,825 625,854,949
599,697,964 628,728,071
696, 270, 642 634,509,781
861, 514, 780 637, 672,743
639, 286, 743
962,866,606
1,034, 439, 264 647,371,030
1,124, 662,818 661, 205, 403
1,192, 395, 607 670, 540,105
1, 249, 552, 766 677,448,933
1, 327, 672,672 682, 383,277
1, 367,881,186 686,401,168
1,472,996, 209 687,968,920
1, 466,066, 632 706, 330,224
1, 615,140, 675 > 723,594,596
1, 640,567,131 733, 250,073
1,635, 424, 513 727,078,304
1,763,134,114 732,002, 448
1,812,856, 241 741,184,095
1,866, 619,157 745, 685,964
1,871,611,723 753, 563,709
1,973, 330, 201 758,039, 421
2,460,616,328 763,218,469
3,018,964, 392 772,908,391
3, 076, 339,748 745, 747,094
3,112,320,647 668, 329, 597
2,707,866, 274 648,938, 429
3, 294,909,763 619,726,982
3,784, 661,712 696,719, 352
4,049, 553,748 792, 041,763
4,490,807, 303 812,449, 277
4, 386,195,841 822,017, 286
Gold
$3.23 \
3.44.
2.76 1
2.28
3.61
4.47
6.02
7.01
9.32
9.65
10 10
9.93
10 48
10 29
11.15
11.76
11.09
11.10
10 10
1015
8.93
9.18
9.10
8.40
9.66
11.66
12.64
13.45
14.47
16.07
15.45
16.22
16.31
17.40
17.03
18.46
18.45
18.10
18.66
18.96
19.17
18.90
19; 59
23.92
28.99
29.05
28.92
25.60
30 48
34.49
36.39
39.85
38.44
Silver
$015
.24
.44
.81
1.21
1.85
2.40
2.96
3.41
3.87
4.34
4.65
5.06
5.44
6.00
6.44
6.86.
7.39
8.16
8.70
9.20
9.13
8.97
8.81
8.70
8.66
8.40
8.42
8.60
8.48
8,''38
8^^3
8.24
8.12
8.20
8.27
8.25
8.05
7.79
7.75
7.66
7.61
7.63
7.46
7.42
7.04
6.28
6.19
6.73
6.36
7.12
7.21
7.20
Total
metallic
$3.38
3.68
3.19
3.69
4.82
6.32
7.42
9.97
12.73
13.62
14.44
14.58
15.63
16.73
17.16
18.20
17.95
18.49
18:-26
18.86
18.13
18.31
18.07
17.21
18.25
20.12
21.04
, 21.87
22.97
23.65
23.83
24.65
24.55
26.62
25.23
26.73
26.70
26.15
26.44
26.70
26.83
26.51
27.12
31.37
36.41
36.09
34.20
.3079.
36.21
40 84
43.51
47.06
45.64
Location, ownership, and per capita circulation of monetary stock December 31, 1924
M o n e y outside of t h e T r e a s u r y
M o n e y held i n t h e T r e a s u r y
i
-I
K i n d of m o n e y
Stock of
money i
Total
M
A m o u n t held
Reserve
in trust
against
against gold U n i t e d States
a n d silver
notes (and
certificates
Treasury
(and T r e a s u r y
notes of
notes of 1890)
1890)
i $4, .547,407. 014 $3,834,618,886
"^ Gold coin a n d b u l l i o n .
T Gold'certificates...
5(1, 508,993, 659)
441,469,677
511,919,851
S t a n d a r d silver d o l l a r s . .
. .
1 Silver certificates.
5 (438,299,305)
5(1,404,877)
*- T r e a s u r y notes of 1890
_
7,329,352
^ S u b s i d i a r y silver
283,156,178
3,751,109
346, 681,016
U n i t e d States notes
1, 214,786
F e d e r a l reserve n o t e s . . .
2,244,961,180
157,072
Federal reserve b a n k notes
8, 559,193
15,188,206
N a t i o n a l - b a n k notes
772, 046,817
$1, 608,993, 659
6 4, 303,729,088
1,948, 697, 841
152,979,026
8,977,466,356. 8 4, 006,063,279
8, 326,338, 267 6 2, 406,801,772
3, 738, 288,871 81,843,462,323
1-, 007, 084,483
6 212,420,402
1,387, 774,820
696, 854, 226
1,507,178,879
21,602,640
152,979,026
152,979,026
150,000,000
100,000,000
T o t a l D e c . 31, 1924
C o m p a r a t i v e totals:
D e c . 31, 1923
N O V . 1, 1920
J u l y 1, 1914....
J a n . 1, 1879
8,714,731, 249
.
$152,979,026
I n circulation
H e l d for
Federal
reserve
banks and
agents
All other
money
$1,987,359, 635
$185, 286,666
Total
Held b y
Federal
reserve
banks and
agents»
Amount
Per
capita 3
$712,788,128 $254, 581,797 $468,206,331
970, 564, 239
1, 508,993,669
638,429,420
57,383,998
70,450,174
13, 066,176
438,299,305
388, 539,997
49,759,308
1,404,877
1,404,877
276,826,826
266, 297,665
9, 529,161
342,929,907
295, 232, 566
47, 697,342
2, 243,746,394 . 402,125,020 1,841,621,374
8,402,121
8,238,131
163,990
756,858,611
705,441, 665
51,416,946
$4.04
8.56
.61
3.43
.01
2.35
2.60
16.24
.07
6. 22
1,987,359, 535
7 214,692, 686 6, 359,700,002 1,366,769,160 4,992,930,842
44.03
2,219,982,005
1,206,341,990
244,327,42« 6,360,177,897 1,409,092, 514 4,951,085,383
987,962,989 5,628,427,732
350,626, 530 6,616,390,721
3,402,016,427
186, 273,444 3,402,015,427
816, 266, 721
816,266,721
90,817,762
44.22
52. 36
34.35
16.92
439,704,182
1,765,495
7,329,352
3,751,109
1, 214,786
157,072
16,188, 206
1 Includes United States paper cmrency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. Does not include silver
bullion (a potential monetary asset) to the value of $23,632,946, nor nickel and bronze coin, the value of which depends almost exclusively on the Government impression rather
than intrinsic metallic value or a specific reserve.
2 Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta.
3 Population of continental United States (estimated) Dec. 31,1924,113,395,000; Jan. 1,1924,111,977,000; Nov. 1,1920,107,491,000; July 1,1914, 99,027,000; Jan. 1,1879, 48,231,000.
* Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
* These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion
and standard silver dollars, respectively.
6 The amount of money held in trust against gold and silver certificates nnd Treasury notes of 1890 should be deducted from this total before combining it with total money
outside of the Treasury to arrive at the stock of money in the^United States.
^ This total includes $16,989,900 of notes in process of redemption, $155,316,526 of gold deposited for redemption of Federal reserve notes, $16,928,895 deposited for redemption of
national-bank notes, $5,646 deposited for retirement of additional circulation (act of May 30,1908), and $6,624,106 deposited as a reserve against postal savings deposits.
NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars
held in the Treasury for their redemption; United States notes are secured by a gold reserve of $162,979,025.63 held in the Treasury. This reserve fund may also be used for the
redemption of Treasury notes of 1890, whieh are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal reserve notes are obligations of the United
States and a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of a like amount of gold or
of gold and such discounted or purchased paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent,
including the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Federal reserve bank notes
and national-bank notes are secured by United States Government obligations, and a 5 per cent fund for their redemption is required to be maintained with the Treasurer of the
United States in gold or lawful money.
S
O
H
O
pi
O
^
H
Oi
618
REPORT ON T.HE FINANCES
Monetary stock- of gold in the United States since 1873
End of year
Coin in
Treasury
Bullion in
Treasury i
Coin in national
banks, comptroller's report i
Coin in
circulation
Total stock
of gold
Fiscal year June 30:
1873-.
1874
1875
1876..
.1877-...
1878
1879
C a l e n d a r year:
1879.
1880
1881
1882
1883-.-.
1884............
1885.-1
.1886
' 1887.J....:....
1888..
1889.
'1890
1891
1892.............
1893
18941
1895
1896...
1897
.:-..
1898
:.
• 1899..1900....:.
1901..'..
1902............
1903
1904
1905
1906.1
1907
1908
1909.1.....'...:
1910--- — : - —
1911
1912....
1913..
1914
1...-.
1915-1
—
1916.
1917
1918............
1919-..:
1920
1921...........
1922
.:..
• 1923
1924
$55, 518, 667
60, 972,107
45,382„484
41,912,168
76,661,703
122,136,831
129, 920, 099
$15, 669,981
9, 539, 738
8,268,706
9, 589, 324
10, 962,169
6,323,372
5,316, 376
$3,818,086
6, 536, 086
3, 710, 682
3, 225, 707
5,306, 263
8,19i;952
21, 630,846
$30,000,000
39,607,488
31,696,660
44, 533, 218
39,058,592
39, 767, 529
63, 601, 228
$106,006, 634
116, 655,419
89,047, 532
99, 260,417
131,988,727
176,419, 684
210, 368, 549
95, 790,430
61, 481,246
84, 639,866
119, 523,136
152, 608,393
171, 553, 205
. 76,
434,379
187, 196, 596
182, 618,'963
. 227,
854,'212
246, 401, 951
226, 220,-604
196, 634,061
156, 662,452
, 73, 624, 284
.
91, 781,176
83, 186,960
121, 745,884
152, 488,113
141, 070, 022
257, 306, 366
328, 453, 044
417, 343,064
159,776
• 458,
478, 970, 232
647, 261, 358
662, 153, 801
737, 677, 337
788, 467,689
924,•316, 981
934, 803, 233
982, 686,379
1,001, 413,292
• 995,209,422
987, 678,101
880, 954,878
1, 042,818,106
906, 491, 238
697, 301,630
775, 502, 510
547, 210,009
237, 030,:307
752,204
, 2G4,
309, 443, 631
332, 607,-366
507,
. 509, 670
61. 999,892
93, 789, 622
88, 726,016
61, 501,110
667,190
. •65,
63, 162, 982
- 72,938,221
81, 431, 262
123, 145,136
97, 456,2b9
67, 265,944
645,
. 67, 934
83, 575, 643
81, 826, 630
84, 631,966
106,966
• 47,
29, 443,956
54, 648, 743
46, 279,029
140, 049,456
143, 078,146
153, 094, 872
123, 735, 775
159, 971,402
209, 436, 811
49, 187, 017
101, 183, 778
156, 542, 687
162, 937,136
111, 041,339
97, 347, 289
120, 726, 077
183, 088, 870
258, ,857, 946
303, 586, 254
304, 354, 958
643, 424,187
•1, 294,802, 847
1,688, 745,498
1,855, 416, 512
1, 810,807, 589
2,141,230, 971
2,842,042, 979
3, 037,304, 758
3,302, 669,150
3,407, 221, 820
98,104, 792
92,184,943
101,115,387
75,326, 033
73,447,061
76,170,911
96, 741, 747
97, 781,406
99,162,377
78, 224,188
84,416,468
• 80,361,784
91,889, 590
100, 991,328
151, 233, 989
151,117,047
147,308,401
161,828, 050
187, 608, 644
263,888, 745
203, 700, 570
199, 350, 080
190,172, 340
• 178,147,097
170, 547, 268
195, 111, 219
196, 680, 998
188, 096, 624
203, 289,045
209,185, 761
213, 990, 955
227, 977, 678
235,184,404
240,452, 237
232,798,904
168, 660, 282
118,415,762
120, 396,000
61, 560,000
64, 963,144
69,030,951
90,466; 187
141, 269; 718
176, 689,047
214, 773, 928
191, 839,193
46,843,"424
150.085.864
210, 775,833
234,205, 711
228, 296, 821
215, 813,129
313,346, 322
223.199.865
' 245,145, 579
246,218,193
•236,434,571
274,055,833
253, 765,288
242, 621,832
281, 940, 012
248, 787,867
242,644, 697
251, 010,816
252,419, 033
286,891,678
293,387, 672
307, 870,474
• 318,388,468
324,252,498
332, 730, 989
325,261, 922
327, 549, 686
376, 006, 767
457, 995,462
411, 605,432,
392, 507, 842
378, 745, 080
379, 941, 280
385, 717, 711
380, 631,886
451,128, 764
494, 796,127
• 545, 275,456
612, 913,452
469,344,056
•281,813; 828
473; 321, 604
412, 513, 973
410,138,179
39'7,160,417
438, 838, 331
302, 738, 638
397, 541,664
485, 257,101
480, 555,990
520, 019,465
626, 700,227
558, 460, 669
689, 609,128
650, 072,055
649, 752,882
633, 518,934
648, 284,166
625, 864,682
682, 102, 242
691, 430,261
638, 793,056
502, 684.013
689, 233,493
637, 794,819
831, 899,801
897, 472,754
988, 768,470
1,049, 639, 647
1,120, 530, 773
1,191, 685,290
.1,216, 821,516
1,287, 668, 263
1,458, 323,415
1, 612,689,332
1, 656,149, 513
1,638, 649,319
i, 710,035, 214
1, 799,627,846
1, 880,237,316
ly 904,694,145
1,805, 098,882
2, 299,454,182
2,866, 965, 541
3,042, 620, 680
3,165, 226, 222
2, 708,862,377
2,942, 048,019
3, 660,568,874
3,933, 476, 615
4,247, 200,861
4, 547,407.014
1 Includes Federal reserve bank holdings for 1918 and following years:
619
DIRECTOR OF THE M I N T
Highest, lowest, and average price of silver in New York, per fine ounce, since 1875,
being the asked price to and including 1917, thereafter taken at the mean of the
bid and asked prices
Quotations
Quotations
C a l e n d a r year
1875
1876
1877
1878 •
'
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893 .
1894
1895
1896
1897
1898
1899.-
. .
C a l e n d a r year
Highest
Lowest
$1. 26125 $1. 21000
1. 03500
1. 26000
1.16000
1. 26000
1.08500
1. 20750
1. 06500
1.16750
1.11250
1.15000
1.11000
1.14500
1. 09000
1.15000
1.09500
1.11760
1. 08000
1.13250
1. 02750
1. 09500
.92500
1. 03500
. 95000
1. 03500
.92000
.97760
. 92500
. 97250
.95750
1. 20500
1. 0750O - . 94750
. 83000
.96250
.65000
.85000
. 59500.
.70000
. 60000
.69000
. 65625
. 70250
. 52750
. 66125
. 55125
. 62250
. 58625
. 64750
Highest
Average
$1. 23883
1.14950
1.19408
1. 15429
1.12088
1.13931
1.12823
1.13855
1. 08727..
1.11161
1. 06428
. 99880
.97899
. .94300
. 93634
1. 05329
. 99033
. 87552
. • . 78219
. 64043
. 66268
. 68195
.60774
. 59064
. 60507
1900
1901
1902
1903
1904-.
1905
19061907
1908-..
1909
1910..
1911
1912
1913
1914
1915
1916
1917
1918—
19191920
1921
1922
1923
1924
'
Lowest
Average
1 — - $0 65750 $0 59760 r $ 0 62066
. 54750 is .59703
. 64500
. 47375 ^ ' 62815
. 56875
. 47500
. 62375
. 64208
. 53376
. 62500
. 57843
. 56626
. 66500
. 61008
. 63125
. 72375
. 67379
. 62750
. 71000
. 65978
. 48250
.58875
_
. 53496
. 50750
.54500
. 52163
. 50750
. 57626
. 54245
. 52126
. 57500
.54002
. 55250
. 65626
. 62006
. . 58000
. 65125
. 61241
. 49000
. 60875
. 66331
..47750
.51062
. 58000
. 57250
. 79125
.67151
. 73126
1.16500
.84000
. 89376
1. 02500
. 98445
1. 01750
1. 38750
1. 12086
. 60750
1. 36750
1. 01940
. 53188
. .73813
.63117
. 62875
. 74188
. 67934
. 62875
. 69000
. 65239
. 63000
. 72375
.67111
—
Highest, lowest, and average price of bar silver in London, per ounce British standard
{0.925), since 1833, and ihe equivalent in United States gold coin, of an ounce
l.OOO fine, taken at the average price and par of exchange
. Calendar
year
HighLowest
est
quota- • quotation
tion
Average
quotation
Fence
Pence
Fence
1833
- • 59J^
59^
58%
1834
59^1
60^
59%
1835
59H
60
59%
1836
60
603^
59H
1837
59
1838
59H
1839
60^
60
60^
1840
..-60^
60H
60H
1841
6CH
59%
60A
1842.- - • . 60
59%
59,^
1843
69
59^
1844
59% . 59tV
59%
59H
1845
583^
593/8
59%
1846
59
..
60H
1847.
583^
1848
58H
. 60'^
59^
1849 .
59H
59%
60
59H
1850
6CA
61H
60
1851
61
61^^
59J^
1852
603^
01%
60^
1853
OVA
1854
OV/i
ooy^
OVA
61^
1855
60
OVA
61^
1856
603^
62M
61%
1857
61
62^
61A
1858..
60%
OVA
62^
1859
61%
62M
1850
62H
61%
1861
OVA
OOA
1862
61
61T^
1863
61
OVA
1864
• .62M
605^
OVA
1865
60H
61^8
61^
1866
OOVz
62K
613^
1867
OVA
60^
,60^
1868
OVA
603^
60H
1869
61
60
60j^
1870
60%
60%
6CA
1871
61
603^
59%
1872
6lH
60^
hVA
1873
59M
1874
58A
57%
59H
1875
553^
57^
46%
1876
58H
54f|
1877
53%
•58%
52A
1878
49H
55%
t%
"^
Sll
ovX
V a l u e of a
fine ounce
at average
quotation
Dollars
L297
1.313
1. 308
1. 315
1.305
1. 304
L323
L323
L316
L303
1.297
1.304
1.298
1.300
1.308
1.304
1.309
1.316
1. 337
L326
L348
1.348
1.344
L344
.1.353
1.344
1. 360
L352 .
1.333
1.346
1.345
1.345
1.338
L339
1.328
1.326
1.325
1.328
1.326
1.322
1. 29769
1. 27883
1. 24233
1.16414
1. 20189
1.153.58
Calendar
year
Highest
quotation
Lowest
quota. tion
Average
quotation
Pence
Pence
Pence
51%
53%
1879
oSA
52%
52U
5VA
1880-.
51H
52J^
50^
1881
51^
52^
1882
50
50^
50i^
1883
5CH
493/2
1884
46^8
1885
60
42
47
1886
43%
1887
47%8
1888
•
^VA
44,^
42H
1889
41H
443^ •
47%
1890:
1.
435^
54H
45A
1891
43H
• 48%
39%
37>g
1892
43%
303^
38%
35i^
1893
27
31%
28H
1894
313^
29^
27i^
1895
31g
30^
29%
1896
27A
23^
1897..
26H
25
28^
1898
27^
29
1899
26^
28^
30%
27
1900
27A
1901.
.... .
1902
1903
21H
1904
24f,
1905.
1.
26,^
2m
30%
1906
-.
29
1907
-..
24%
2A^
1908
22
33k
23-1
1909
23i^
24^i
1910.-23^
24H
1911
23H
243/8
28-V
1912
26% • '2bA
27^
1913
26fo
263^
25%
1914
--.:.22%
291^
23%
1915
22A
29^
31%
1916.
•- '
261^
27%
40M
1917.........
35H
27%
47'H
1918
-..
423^
37H
57^
1919
47%
55
1920
38^
493^
1921.
305^
79K8
36f
1922
30%
893^
U¥
303^
1923
43H
31H
1924
313^
37H '
331^
33^
36,V
SS
Hi
om
Value of a
fine ounce
at average
quotation
Dollars
1.12392
1.14507
1.13229
1.13562
1.10874
1.11068
1. 06510
.99467
.97946
.93974
.93611
1.04634
. 98800
. 87145
. 78030
. 63479
. 65406
. 67566
.60438
.59010
. 60164
. 62007
. 59595
. 52796
. 54257
.57876
. 61027
. 67689
.66162
.53490
. 52016
. 54077
. 53928
.61470
. 60458
.55312
.51892
. 68647
. 89525
1. 04171
1. 25047
1. 34649
.80522
.75403
. 70028
.74456
\
620
REPORT ON THE FINANCES
Average price of an ounce of gold in London, and United States equivalent, since 187'
E q u i v a l e n t in U n i t e d
P e r cent
States value of Lon- p r e m i u m of
Average L o n d o n
d o n price 2
average
price per s t a n d price a b o v e
ard ounce to 1918,
B a n k of
inclusive, a n d F o r British
England's
F o r a fine m i n i m u m
per fine ounce . s t a n d a r d
ounce
thereafter»
buying
ounce
(1.000)
rate
(0.916M)
C a l e n d a r year
1870..-1871
1872
1873 1874.1
1875
.
1876..
1877
1878
1879
1880..
1881
. .
1882
1883
1884
1886
1886
1887
1888
1889
1890
1891
i892
1893
1894
1895
1896
1897 . . . . ^ . . . 1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917.,
.. -,
1918
1919
1920
1921
1922
1923
1924
*
. -
1
.
-.
. -
.
-
-
-,-.
...1
-
.
...
..
.
.
d. .
9.01
9.01
9.24
9.28
9,00
9.23
9,30
9,42
9,41
9.11
9,159,35
9,43
9.18
9.32
9.17
9.10
9.01
9,21
9,04
9.44
10 29
1017
10 57
9.33
9,03
10.16
n,23
10 46
9.27
9,91
9.83
9.55
10 06
9.94
9,42
9.82
9,95
10 19
9.18
9.03
9.00
9.00
9.00
9.04
9.00
9.00
9.00
9.>0C
$20 6389
$18.9190
20 6389
18.9190
20 6440
18.9237
20,6449
18. 9245
20 6387
18. 9188
20 6438
18. 9235
20 6463
18. 9249
20. 6480
18. 9273
20 6477
18.9271
20 6411
18. 9210
20 6420
18. 9218
20. 6464
18. 9269
20 6482
18. 9275
20 6426
18. 9224
20 6458
18. 9253
20 6424
18.9222
20 6409
18, 9208
20 6389
18. 9190
20 6434
18. 9231
20 6396
18. 9196
20 6484
18. 9277
20. 6673
18. 9450
20. 6645
18. 9425
20 6734
18. 9506
20 6460
18. 9255
26. 6393
.18. 9194
2 0 6643
18. 9423
2O."6880
18.9640
20 6710
18.9484
20 6447
18. 9243
20 6589
18.9373
20 6670
18.9356
20 6609
18. 9300
20 6621
18. 9403
20 6595
18. 9379
20 6480
18. 9273
20 6568
18. 9364
20 6597
18. 9381
20 6650
18. 9429
2 0 6426
18. 9224
20 6393
18. 9194
20 6387
18. 9188
20 6387
18. 9188
20 6387
18. 9188
20 6396
18. 9196
20 6387
18.9188
20 6387
18. 9188
20. 6387
18.9188
206387
,18.9188. -
0 00107
. 00107
. 02572.
. 03001
.,
.02466
. 03216
.04502
. 04394
.01179'
.01608
.03751
.04609
. 01929
. 03430
. 01822
101072
. 00107
. 02251
. 00429
. 04716
. 13826
.12540
.16827
. 03637
.00322
•. 12433
. 23901
. 15648
. 02894
. 09753
. 08896
.05895
. 11361
.10075
. 04602
. 08789
. 10182
. 12765
. 01920
. 00322
. 00429
...
.
£ s.
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
3 17
.
. . .
M i n t price per s t a n d a r d ounce (0916%)
E q u i v a l e n t per fine ounce
...
B a n k r a t e ner s t a n d a r d ounce (0 916?^)
E q u i v a l e n t per fine ounce
..
..
10
1.03
12 11.52
7
.50
13-3.80
10
2.90
13 ' 8 . 3
20 0937
26.1958
23. 8758
20 8144
20 1284
20 8980
3
4
3
4
17
4
17
4
21. 9204
27. 4863
26. 0463
22. 7066
21. 9583
22. 7978
6. 21033
33.17876
26,20109
10 01952
6. 39381
10 46141
20 6718
4
6
5
4
4
4
.16077
.16077
18. 9492
10 60
11.45-19.00
9.82-
18. 9188
20 6387
1 London quotations on gold were changed in September, 1919, from the standard ounce to a fine ounet^
basis.
* Conversions on basis of legal monetary parity: exchange not a factor.
621
DIRECTOE OF THE MINT
Average commercial ratio of silver to gold each calendar year since 1687, with gold
considered as of legal monetary value
Years
1687-..
.1688
1689—
1690.-..
1691....
1692
1693....
1694....
.1695....
1696....
.1697—.
1698-..
1699....
1700....
1701
1702-..
1703....
1704....
1705
1706....
1707....;
1708....
1709—1710....
1711....
1712....
.1713—.
1714
1715....
1716
1717-..
1718.....
1719....
1720....
1721....
.1722....
1723....
1724
1726....
1726.... .
Ratio
Years
14. 94 1 7 2 7 . . - .
14. 94 1 7 2 8 . . . .
16.02
1729..15, 02 1730-,...
14,98
1731....
14.92
1732..14.83
1733...:
14.87
1734
16.02
1735—
15.00
1736....
16.20 •1737- —
15.07
1738—
14. 94 1 7 3 9 —
14.81
1740-.-.
15.07
1741....
15.62
1742i...
15.17
1743-'—
15.22 1 7 4 4 - . - :
16.11
1745—
16. 27 • ••1746-.-.
15. 44 ''1747....
16. 41 1748..,..
16.31
1749....
16. 22 1 7 5 0 - 16.29
1751—..
16.31 ' 1 7 5 2 - . .
16.24
1753—
15.13
1754....15.11
1755....
16. 09 1 7 5 6 - . .
15.13 1 1 7 6 7 — .
16.11 1 1 7 6 8 . . 15.09 1769—1
15. 04 1 7 6 0 —
15. 06 1761—J
15.17
1762.—
15, 20 1763....15.11
1764....•
15,-11 1 7 6 6 — .
15.15 1 7 6 6 . . . .
Ratio
Years
15.24
1767....
15.11
1768,....
14. 92 1 7 6 9 . . . .
14,81
1770
14. 94 1 7 7 1 . . . .
15,09
1772....
15,18
1773....
1-6. 39 1 7 7 4 . . . .
15, 41 1 7 7 5 . . . .
15,18
1776....
15.02
1777....
14.91
1778....
14.91
1779...:
14.94
1780....
14.92
1781..-.
14.86
1782..-.
14. 85 1 7 8 3 —
14.87
1784....
14. 98 1 7 8 5 — .
16.13. . . 1 7 8 6 - . .
15. 26 1 7 8 7 . . . .
15.11
1788....
14.80
1789....
14. 66 1 7 9 0 . . . .
14.39
1791
14.50 1 1 7 9 2 . . . :
14.54 1 1 7 9 3 . . . .
14.48
1794....
14.68 1 7 9 5 . . . , :
14.94
17.9.6....
14.87
1797...J
14.86 1 7 9 8 - . . . '
1799.....
14.15
14.14 • 1 ' 8 0 0 —
14. 54 1 8 0 1 . . . . ;
15.27
1802...:
14. 99 1 1 8 0 3 . . . . '
14. 70 1 1 8 0 4 . . . .
14.83
1806....
14.,80 11806-..-.-
Ratio
Years
1807....
14.85
14.80
1808....
14.72
1809....
14.62
1810....
14.66
1811....
1.4. 62 1812-.-.
14. 62 1 1 8 1 3 . . . .
14.62
1814.,...
14, 72 1 8 1 6 . . 14. .65 1 8 1 6 . . . .
14.64 1 8 1 7 . . 14. .68 1 1 8 1 8 . - . .
1819...14.80
14.72
1820—14.78
1821....
14.42
1822-.14.48
1823..14.70
1824...:
14,92
1825....
14..96
1826....
14.92
1827
14,65
1828-14, 75 1 8 2 9 . . . .
16. 04 1 8 3 0 . . . .
15. 05 1 8 3 1 . . . .
16,17 , 1 1 8 3 2 . - .
15. 00 i 1 8 3 3 . . . .
16. 37 i 1834..,..
15, 55 1 8 3 5 . - .
15, 66 1 8 3 6 . . . .
16,41
1837.-.
16, 69 1 8 3 8 . . . .
15, 74 1 8 3 9 . —
1'6. 68 1 1 8 4 0 - . . :
16, 46 i 1 8 4 1 . . . :
16. 26 1842...J
1'5.41 1 8 4 3 . . . .
15,41
1844....
15, 79 1845.,...
15, 62. .1846..-J
Ratio
Years
Ratio
Years
1 8 4 7 . . . 16,80
15,43
1887—
16.08
1 8 4 8 . . . 15,86
1888...
1849... 15. 78 1889...
16,;96
15, 77 1850... 15, 70 1890...
16. 53 1 8 5 1 . . . 15,46
1891...
16,11
1852... 16,59
1892...
16.25
1 8 5 3 . . . 16. ,33 1 8 9 3 . . .
15. 04 1 8 5 4 . . . 16. ,33 1 8 9 4 . . .
16,26
1 8 5 5 . . . 15.38
1896...'
15.28
1856... 15. 38 1896.:.16.11
1867— 16. 27 1897...
15,35
1 8 6 8 . . . 16, 38 1 8 9 8 . . .
15,33 1 8 5 9 . . . 15,19
1899...
16.62
1 8 6 0 . . . 15.29
1900...
15.95
1 8 6 1 . . . 15.50
1901-.
15,80
1862.... 15.36
1902...
16.. 84 1863— 16.37
1903...
16,82
1864--. 16.37
1904...
15.70
1 8 6 5 . . . 15.44
1905...
15.;76 1 8 6 6 - . , 16. 43 1 9 0 6 . . .
15. 74 ' 18'67... • 16, "67 •
"1907J.1
15.78
1 8 6 8 . . . 15. 69 1 9 0 8 . . .
15,78
1869... 15, 60 1909...
16. 82 1870... 15. 67 1 9 1 0 - .
15.72
1 8 7 1 . . . 15. 67 1 9 1 1 . . .
16. 73 , 1 8 7 2 . . : 15. 63 ' 1912...
l'5.-93 1 8 7 3 . . . 15.93
1913—
16. 73 1 8 7 4 . . . 16.16
1914-1'6.'80 1 8 7 5 . . . 16. 64 1915—
16. 72 1 8 7 6 . . . 17, 7 5 ' 1916-.1-5. 83 1 8 7 7 . 17. 20 1 9 1 7 - .
1-6.-85 1 8 7 8 . . . 17.92- 1918—
15, 62 1 8 7 9 . 18, 39 1919...
15. 62 1880... 18.06
1920...
15.70
1 8 8 1 . . . • 18.25 1 9 2 1 . . .
1'5.87 1 8 8 2 . . . 18, 20 1922...
16.93
1 8 8 3 . . . 18, 64 1 9 2 3 . . .
1884.1924...
15.-86
18.61
15. 92 1885..- 19.41
.15.'90 .1836— • .'20 78
Ratio
2L10
22.00
22.10
19.75
20 92
23.72
26.49
32.56
3L60
3 0 59
34.20
35.03
34.36
33.33
34.68
39.15
38.10
36,70
33,87
3 0 54
'31':*24
38. 64
'39. 74
38. 22
38.33
33.62
34.19
37.37
39.84
3011
23.09
19.84
16.53
16.31
25.60
27.41
29.-52
27.76
NOTE.—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer, from 1833 to 1878 from Pixley and
Abell's tables, from 1879 to 1896 from daily cabled prices from London to the -Bureau of the Mint, and
since from daily London quotations.
RATIO OF SILVER TO GOLD, AS A F F E C T E D BY WORLD-WAR
.During the period December, 1916, .to June, 1920, it is probafcle
that the world^s basic silver price was that of New York rather than
that of London. The normal relationship between the two prices—
New York a fraction of a cent below tne London quotation with
^exchange considered—did not prevail during this period, when .the
average monthly New YoTk price varied oetween a,pproximately
3 cents above and 6 cents below the London price. This period
appears to have been initiated by enormous coinages t o meet wartime needs, and large silver shipments from the United States to the
Orient. I t s close was coincident with the removal of the product of
United States mines from the world market, purchases under the
Pittman Act of April 23, 1918, having begun in June, 1920.
The ratio of silver to gold, based on the New York price, was for
this period: Calendar year 1917, 24.85; 1918,21; 1919,18.44; 1920,
20.27.
With the partial release during the first half of 1919 of British
governmental control of gold export, the London price of exportable
gold advanced above its monetary par. The ratio of silver to this
gold, based on the average London price of both metals, follows:
622
REPORT ON T H E FUSTANQES
1919, 17.53; 1920, 20.41; 1921, 32.34; 1922, 30.11; 1923, 31.35;
1924, 30.62.
Final release of British governmental control of gold export became effective April 28, 1925, when the Chancellor or the Exchequer
of Great Britain announced that the restrictions authorized by the
old and silver (export control) act of 1920 on export of gold would
e discontinued from that date. This had the effect of restoring the
gold standard to the United Kingdom. The example of Great
Britain was followed by Australia, New Zealand, Netherlands, and
the Dutch East Indies, and on June 1 by South' Africa. On April
29, 1925, the London quotation on gold dropped more than 1' shilling
tb'84s. l i d . per fine ounce, as compared with 84s. 11.45d., mint par.
The quotation has since fluctuated between 84s. lOj^d. and 84s.
i r ^ d . .;
,
: : . "
f
Bullion value of the silver dollar [371}4 grains of pure silver] at the annual average
. • price ofsilver each calendar year since 1837
:
Year,
' Value:
Year ,
Value
1855---'-- $1.039
1837.
$1.009
L'039
1838....-.: .1:008
1856...:1839:
.
1.023
1857
- . 1.046
1.039
L023
1858..:....
1840
1841.
1.018
1859...... .1.052
1842
L046
1.007
I860......
1843..- — .•L003
1861...... .1.031
1.041
1844-.-..-1862
1,008
1,004 :1863....- . 1.040
1845-.--.:1864
; 1. 040
1846.^.....
1.005
1.035
1847.• 1,011 1866
'
1.008' 1866....1.036
1848.1,027
1849
1867
1,013
L025
1850.
1,018
1868.
1.024
1,034
1869
1851
1852: L027
1.026
1870.
L042
1871...-2
1.025
1853
1.022
1872
1854
1.042
Year ;
Value
1873
. $1.00368
1874....... .98909
1875
. 96086
1876....... .90039
1877....... .92958
1878...... .89222
187.9.
. .86928
1880...... .88564
1881...:;.. . 87675
1882...... . 87833
1883.-... - .85754
• .85904
1884
.82379
1886
1886
- .76931
1887
.75756
. 72683"
1888
1889.72326
.80927
1890
Year
Value.
1891..:.- $ 0 76416
1892
. 67401.
.60351
1893
.49097.
.1894
1895....- .50587
. 62257
1896
.46745
1897
1898
.45640
1899
: .46525
.47958
1900
. 46093
1901
1902...... . 40835
1903
. 41960
1904....... ' . 44763
. 47200
1905
1906
.52353
1907
. 51164
.41371
1908
Year
Value
1 9 0 9 - . — $ 0 40231
1910
. 41825
1911
.41709
1912..:... . 47543
1913...:.. . 46760
1914..-.. . 42780
1915
. 40135
. 63094
1916
1917...... .69242
. 76142
1918
. 86692"
1919.
.78844
1920
1921
.48817
1922
. 52643
1923
. 50468
1924
. 51906
VALUES OF FOREIGN COINS, OCTOBER 1, 1925
In pursuance of the provisions of section 25 of the act of August 27, 1894, as
amended by section 403, Title IV, of the act of May 27,^ 1921, and reenacted by
section 522, Title IV, act of September 21, 1922, I hereby proclaim the foUowing
estimate by the Director of the Mint of the values of pure metal contents of foreign coins to be the values of such coins;in terms of the money of account of the
United States, to be followed in estimating the value of all foreign merchandise
exported to the.United States during the quarter beginning October 1, 1925,
expressed in any such metallic currencies; provided, however, that if no such
value has been proclaimed, or if the value so proclaimed varies by 5 per centum6T more from, a value measured by the buying rate in the New York, market, at
noon on the day of exportation, conversion ^hall be made at a value, measured
•by such buying rate, as determined by the Federal Reserve Bank of New York
:and published by me as certified J y said bank pursuant to the provisions of
D
said*section 25 as amended.
- ' . ' •
...
; . '
•
A. W.
MELLON,
Secretary of the Treasury.
623
DIRECTOE OF THE M I N T
Country
Argentine Republic.
Austria.Belgium Bolivia .
Brazil
British colonies in
Australasia and
Africa.
British Honduras
Bulgaria.
..::
Canada
Chile
China
Legal
standard
Monetary unit
Gold
Peso
- L J_
...do
Gold and
silver,
•Gold
-do --
SchilliL g
Franc
...do
-
Bolivia n o . . . - .
Milieis
Dollar.
: Lev...
Dollar.
Peso -
,
. - d o . — -'. Peso.
--do'.
Krone— d o - - . . Dollar.
. . . d o . . - . . Sucre...do!..
Pound (100 piasters).
Esthonia.. _....•... . . . d o ' . - - . .
.
F i n l a n d . . . . . - . . - . - ...do
France -.
Gold and
silver.
Germany.Gold
Great Britain...'.. —do
Greece
Gold and
silver.
Guatemala........ Gold....Haiti.-,....^....... ...do.__..
Kroon.
Markk a
Franc-
can decree of Nov. 13,1918,"are of silver
content approximately 41 per cent less
than the dollar here quoted; and those
issued under decree of Oct. 27, 1919,
=.. contain about 61 per cent less silver. •
. 9733. CJurrehcy: CJovernihent paper and silver.
. 4653 * Lawj establishing conversion office fixes
. ratio 4 colpns=$l United States.
• LOCOO
. 2680"
1. O O United States money is principal circuOO
. lating medium.
: 4867
4.9431 • The actual standard is the British pound
; sterling, which is legal tender for 973^
„ piasters.
.2680
. 1930.
.1930 • Member Latin Union.
.2382
4.8665'
. 1930 .
Quetza
Gourde/---
1. O O
OO
. 2000 Currency: National bank notes redeem-
Silver.'... •Peso..
...do
The values of other taels are based on
,7884
their relation to the value of the Haik.8166 \ wan tael.
The Yuan silver dollar of 100 cents is the
.8339
.7902 . monetary unit of the Chinese Republic; it is equivalent to .644+ of the
.8102
Haikwan tael.
.•8215
,7697"
.7784
.8480 j • •
• . - • • •
•
•
.8166
. 6461
.5542
, 6583 Mexican silver pesos issued under Mexi-
Reichs]cnark
Pound sterling......
Drachr na
India (British).... / G o l d . . . . . Sbverei gn
\Silver.... RupeePiaster
Indo-China
...do
Lira...
Italy
Gold
Japan
Yen
...do
Latvia..
. . . d o . . _ . . Lat
Liberia
...do
Dollar.
Lithuania
I2y2 bolivianos equal 1 pound sterling..
Currency: Government paper, a part of
which is legally convertible at 16 pence
(=$0.3244) per milreis; now inconvertible.
4. 8665
(customs).
Hankow
Tael.. Kiaochdw.-- ..
Nankin.
Niuchwang.. .
Ningpo
Peking
Shanghai:.'.: •
Silver-..|
Swatow
•^Takau.
..
Tientsin
Yuan........
Dollar. Hongkong... }
British
Mexican
•
Honduras.. _
.•3893
. 5462
1. O O
OO
.1930,
1. O O
OO
,3650 CuiTency: Inconvertible paper.
Amoy..
.8427
Canton
'
..8401
Cheefoo
. 8060
Chin Kiang.
.8232
Fuchau:
. .. 7795 The tael is a unit of weight,^ hot a coin;
Haikwan
,8674
The customs unit is the Haikwan tael.
Colombia.. J 1 . . .
Gold.."... Peso. Costa R i c a . . . . . . . . . . . d o . . - . . Colon
Cuba.-.......^...
Denmark.-_^._..
Dominican ;o Republic.
Ecuador-Egypt
.......
.Remarks
$0. 9648 Currency: Paper, normally convertible.
at 44 per cent of face value; now inconvertible.
.1407
.1930 Member Latin Union.
Pound sterling......
-.-do
—do
do
—do
...
Value in
terms of
United
States
money
Litas..
'
•
Do.
•
,
.
•
able on demand in American dollars.
Currency,-bank notes.
[The British sovereign and half spvereign
4.8666 1 are legal tender in India at 10 rupees
.2443 j pel: sovereign; actual exchange rates
I approximate 16 rupees.
. 6140
.6651
.1930 Member Latin Union.
.4985
.1930
1. COCO Currency: Depreciated
.1000
silver token
coins. Customs duties are collected
in gold.
Currency: Notes of the bank of Lithuania, not now convertible.
624
EEPOET ON T H E FINANCES
Legal
standard
Country
Mexico
Netherlands
Newfoundland..
Nicaragua
Norway
Panama
Paraguay
Persia
.
Gold.....
...do
...do
.-do
...do
...do
...do
Monetary unit
Peso
Guilder (florin)
Dollar
Cordoba
Krone
Balboa
Peso (Argentine)
Remarks
$0 4986
.4020
Dollar......
1. O O
OO
, LOCOO
.2680
1. O O
OO
.9648 C u r r e n c y : D e p r e c i a t e d P a r a g u a y a n paper c u r r e n c y .
. 0946 C u r r e n c y : Silver circulating a b o v e its
metallic v a l u e . Gold coin is a comm o d i t y only, n o r m a l l y w o r t h double
t h e silver.
4. 8665
.6000
.1930
1.0806 C u r r e n c y : I n c o n v e r t i b l e p a p e r .
.1930
.5146
.5000
.3709
.1930 V a l u a t i o n is for gold peseta; c u r r e n c y is
notes of t h e b a n k of S p a i n .
.5678
Krona
FrancPiaster
Peso . .
Bolivar.Dinar...
.2680
.1930
.0440
1. 0342
.1930
.1930
<
. . Silver.... Kran
Peru
Gold
Philippine Islands . . . d o
.do
Poland..
...do
Portugal
...do
Rumania
...do
Russia
...do
Salvador..
Siam
...do
Spain
. . . . Gold and
silver.
S t r a i t s S e t t l e - Gold
ments.
Sweden. . . .
...do
...do
Switzerland
...do
Turkey
...do
Uruguay
Venezuela.-- . . . . . d o
...do
Yugoslavia
Value in
terms of
United
States
money
Libra
Peso
Zloty
Escudo
Leu
liuble...
Colon
Tical •
Peseta..
....
*
Member Latin Union.
(100 piasters e q u a l t o t h e T u r k i s h p o u n d .
Currency: Inconvertible paper.
Changes in value of foreign coins during 1925
Value ,1926
Country
Monetary unit
Jan. 1
China
Do
Do —
Do
Do Do
Do
Do
Do
Do
Do .
Do
Do Do
Do
Do
Do
Do..-.
Do
Do Guatemala
Do
Honduras
India (British)
Indo-China
Persia..
Silver tael, Amoy . . . - .
Silver tael, Canton
Silver tael, Chefoo
Silver tael, Chinkiang
Silver tael, Fuchau
Silver tael, Haikwan (customs)
Silver tael, Hankow
Silver tael, Kiaochow...
Silver tael. Nankin ' . . Silver tael, Niuchwang
Silver tael, Ningpo
Silver tael, Pekmg
Silver tael, Shanghai
Silver tael, Swatow
Silver tael, Takau . . .
Silver tael, Tientsin
Silver dollar (Yuan)...^
Silver dollar, HongKong
Silver dollar, British
Silver dollar, Mexican...
Silver peso
Gold quetzal
.
. . Silver peso
Silver rupee
Silver plaster
Silver kran
Apr. 1
Julyl
$0.8517
.8491
.8146
.8320
.7878
.8666
.7969
.8253
.8428
.7987
.8188
.8303
.7779
.7867
.8671
.8253
;.'5519
$0.8184
.8169
.7827
.7994
.7670
.8327
.7657
.7930
.8098
.7674
.7868
.7978
. 7475
.7669
.8235
.7930
.6303
. .6382
.5422
$0.8427
.8401
.8060
.8232
.7795
.8674
.7884
.8166
.8339
.7902
.8102
.8215
. 7697
. 7784
.8480
.8166
. 6461
.6642
.5683
. 1
LOOOO
.4992
.2372
.6391
.0919
1.0000
.6140
.2443
.6551
.0046
:-5602
.6643
.5195
..
$0.8356
.8331
.7992
.8163
.7730
.8503
.7819
.8098
.8269
.7837
.8034
.8147
.7633
.7719
.8409
.8098
. 6415
.5496
.6537
.6097
.6196
.2469
.5611
.0956
.6097
.2422
.5605
.0938
..
Oct.l
DIRECTOR OF T H E
625
MINT
COINAGE OF NATIONS
CALENDAR YEAR 1924
Silver
Gold
Monetary
unit
Country
UnitedStates
Austria _
Brazil
British Empire:
British India
British East Africa'
Ceylon
Great Britain
Travancore
Chile
China: ^.
Canton
Foochow-^-..^
Yunnan
*
.
Costa Rica
Danzig, Free City of
Egypt
French colonies:
Indo-China
Tunis
Germany.-_
Japan
Latvia*
Liechtenstein
Mexico
Netherlands
Peru
Poland
Russia*
Siam.Sweden
.—
Switzerland. . .
.
Venezuela
—
Value in
monetary
units
named
Value in
United
States
money
Value in ^ Value of
Fine
monetary
flme
ounces
units
ounces
consumed
consumed i
named
Dollar
206,010,000 $206,010,000 21,627,040 $12,152,899
409,481 «27,261,846 3,762,075
Schilling
2,910,316
Milreis......
18,294,000
1,761,697
16,322, 266
6,052,760
2,362,661
2,867,311
45,104,464
655,806
2,090,203
350,000
1,748,073
733,867
2,098,936
167,848
2,360,381
11,197
188,301
986,638
2,819,029
225,433
3,170,169
16,039
262,902
11,021,800^
12,000,000
8,400,000
686,096
6,704,260
60,000
4,960,M07
6,400,323
3,062,640
126,260
612,048
139,639
6,661;j796
7,263,040
4,113,355
169,677
687,719
187,646
3,392,851 1,893,726
1,811
181
261,564,021 16,653,402
189,430 36,161,909 8,181,765
10,000,000 ,
999,416
260,000
26,569
10,952,045 33,060,000 9,496,747
194,642 8,000,000 1,378,607
931,630
311.320
20,397,876
1,831,074
20,000,000 8,616,620
626,000
122,631
292,658
2,037,648
19,410,175 2,090,849
719,026
7,000,000
2,643,417
243
21,023,694
10,988,712
1,342,291
34,341
12,764,846
1,861,573
1,261,116
2,469,270
11,571,426
164,568
393,062
2,808,167
066,706
Rupee - - - .
Shilling
Rupee
Pound
.- Fanam
Peso
Dollar-do
. . . do
Colon
Gulden
Pound
-.
10,500
Piaster
Franc
1,290
Reichsmark.
Yen
380,000
, Lat
Franc.
Peso
21,970,000
Florin
484,185
Pound
Zloty
-. Ruble
1 Tical
Krona
Franc
Bolivar. . .
Total
61,901
249
217,807,748
89,660,908
120,421,338
1 At the average price of a fine ounce of silver in London, $0.74456 in 1924.
* Including 4,065,100 Maria Theresia thalers, equivalent to 16,175,846 schillings, on the basis of the 1924
average price of silver in London.
8 Includes Kenya Colony coinage.
• * Only that executed by the British mint.
WORLD'S MONETARY STOCKS OF GOLD, SILVER, AND PAPER MONEY AT THE CLOSE OF THE YEARS 1923 AND 1924
to
The following compilations have been made from such data as are iavailable—avowedly incomplete..-. The amount of gold and silver
in circulation in many countries is not obtainable, and in some countries that held by private banks can not be given.
For the United States the figures given cover all domestic gold and silver coin, but only such bullion and foreign coins as owned by
the Government and Federal reserve banks. All foreign coin which comes into possession of the Government is converted into bullion.
05
Monetary stock of principal countries of the world, end of calendar year 1923
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
G o l d stock .
Monetary unit
Country
Monetary
standard
United
States
equivalent
Name
Metallic
stock
unclassified
In banks
and public
treasuries
I n circulation
• Per capita
P a p e r circul a t i o n in
monetary
u n i t of issu• ing c o u n t r y
Silver
stock
Total
Population
Unclassified
stock
Gold
Silver
o
Paper
o
N o r t h America:
Gold—
United States...do
Canada
Mexico
-. . . . d O - - —do
British Honduras
- . . d o _Costa R i c a
.
...do _ Cuba
Dominican
Re- . . . d o _ - public,
Silver.Guatemala
Gold.—
Haiti
...do_ ..
Newfoundland
...do
Nicaragua
Panama
...do
Salvador
...do_-..
Virgin I s l a n d s
. . . d o . -British West Indies:
Barbados
...do
Jamaica.._
—do
Trinidad
...do
D u t c h West Indies.- . . . d o _ - . French West Indies:
Guadeloupe
...do
Martinique
...do- —
South America:
—do-_Argentina
Bolivia
. . . . . . —do-_.Brazil
_
— —do-...
Dollar
—do
Peso
Dollar
Colon
Peso
Dollar
-
$LCO
LOO
.4985 1 $236,503
LOO
.26
LOO
LOO
Peso
Gourde-- _
Dollarl.-Cordoba-Balboa-Colon
Dollar
^ 90
334
8,033
114
.20
LOO
LOO
LOO
.50
.965
—do
.
Pound
Dollar-—
Guilder.--
$4,247, 201
227,292
1.0138
4.8666
1. 0138
.402
Franc
--doPeso-....Boliviano.
Milreis—
U8
300
6 1, 000
(3)
.193
.193
.9648
.3893
.5462
400
3, 337
86;
;.
$4,247, 201
227,292
$'29,072
V6,C00
.. — ..6
$809,028
. 27,964
5, 342,770
428,920
.
90
• '
334
• 37,105
; 114
190
417
16,368
247
318
19,132
2 331,821
1, 276
'
4 6, 018
300
. 1,000
101
101
324
- 324
:
472,161
8,225
61,684
-472,161.
8,-225
51,684
59
• 7 53
937
644
179
94
4 714
i
!!,.
'850,537
' 6 9,600
6 2,000
17,388
10,166
2,500
6 2,300
1315
325
440
3,337
•
90
.':
<2,987
110, 922
$38. 29
8,967
26,35
14, 463 "$i6.'35"
45
2.00
486
,69
2,899
12.80
• 897
.13
:-
2,005
-. 1,631
-265
638
434
1,526
25
7 21
243
. 2,167
1,198
156
858
391
166
42,806
* 20,400
1,362,564.
41,944
2, 704,140
230
240 " " 2 . ' 9 8 "
'
8,699
2,890
30,636
3.00
.18
3.77
$7.29
3.12
4,22
.86
5.65
.28
.1-40
'"Tes"
.49
.75
48 17
47 S3
7
39
114
1
07
82
46
42
424 "^O
5.89
• 7 55
11. 55
LCI
2.19
3.60
"'zso'
.61
,34
L09
L65
- 1,08
13
.28
5 47
7 21
L41
.41
186 11
85. 00
54.27
2.86
L69
'""'.'61"
6. 66
100 00
156. 63
14 51
88,27
o
CQ
Chile-...do__..
Colombia
—do
Ecuador.—do.—.
Guiana:
do
British
Dutch-.
—do__do
French--_P a r a g u a y 8. - -do _ . Peru
—do
Uruguay
—d0_-.- do
Venezuela
.
:ur6pe:
Austria
- do - .
• B e l g i u m 10-- —
—do
Bulgaria "
—do
Czechoslovakia—-(12)
D a n z i g 13
Gold....
Denmark
. -do
Esthonial
--Finland
Gold..„
• Francei*
db
Germany-_-..
—do__.Gibraltar:.— . . -do
Great B r i t a i n "
—d6_--Greece l O —
- —do--.Huiigary:
..__ — d o
Iceland.:
.'—.. — d o . . - .
I r i s h F r e e S t a t e 19... - . . d o . . _ _..do
Italy . . .
. . .
Latvia..
—do--_
Lithuania.- —do..-do. Malta
Netherlands
-. —do — _
Norway—do.-Poland
Portugal
- .
Gold-...
R u m a n i a lo
do
R u s s i a 20
—do—_
do
Spain
Sweden
—do-.-l
Peso
.-do--.Sucre__-
.365
. 9733
.4867
Pound-.
Guilder.
FrancPeso---.
Pound-Peso
Bblivar-
4.8665
.402
. 193.
.9648
4.8665
1. 0342
.193
Kjone
Franc
Ley
Krone
Gulden.Krone
Mark-—.
—doFranc
Mark
Pound....
do--..
Drachma.
Krone
-do
Pound
LiraLat
Litas
Pound
Guilder-..
Krone
Mark
Escudo....
Leu
Ruble
Peseta
Krona
1, 657
81
.
8 331
12, 732
2,006
676
378
4 656
. 2026
.193
.193
i57, i 2 i
.. 2026
.195
.268^
.193
.193
.193
.2382
4.8665
4.8665 18120,000
.193
.2026
.268
4. 8666
.193
.193
.10
4. 8665
.402
.268
.2382
1.0805
.193
.5146
.193
.268
.
3,181
< 22,143
57,380
915, 440
.
.
<730
.
2
56,171
2,326
8,331
709,479
119,300
5
56,171
2,326.
8,331
709,479
119,30,0
3
759,174
6,938
4,614
603
51,037
99,667
3,667
88
759,174
6, 938
4,614
603
51,037
99, 567
3,667
88
233,876
39,472
12,622
10,483
26, 207
45,043
472,551
73,166
3,-181
22,873
57,380
-15, 440
1,430
52, 204
7,635
1,430
52,204
7,635
1 O c t o b e r - N o v e m b e r , 1923.
:
.
« All notes of A m e r i c a n origin, as t h e C u b a n G o v e r n m e n t does n o t issue paper m o n e y .
3 F l u c t u a t e s w i t h price of silver.
.
- .
< L a s t y e a r ' s figures.
8 Exclusive of $1,200,000 U n i t e d States c u r r e n c y .
6 E s t i m a t e d o n basis of d a t a considered.fairly reliable.
7 Stock held b y one of t h e t h r e e b a n k s .
8 I n Banco d e Chile.
9 O n J u l y 31, 1924, a n d p a p e r circulation on D e c . 31,1923.
10 Stock in N a t i o n a l B a n k .
11 O n J a n . 14, 1924,
12 M o n e t a r y s t a n d a r d n o t established.
41,873
4,301
6,339
81
41,873
4,301
4,682
,
233,876
39,472
12, 622
10,483
26,207
46,043
472, 651
73,166
< 4,725
'3,463
6 9,071
2,000
2,340
* 9, 200
220,'46'1
5,713
68,970 :
6 39,000
176 7,125,755,190
. 14,494
7, 637,191
3, 266
4,156,205 .
9, 578,903
1,947
13a 14, 239
472,625
.. 1,706
3,978,344 •:
•' 202
1, 352,352
57,229
37,905,434
(16)
••
15 17,111
.
,750
425,075
301,723
268
4, 681,200
121
931, 337,335
•'4
6, 549
8,472
17,005
94, 771
21,208,971
23, doc
21
60,074
700
1,108,035
43,326
6,673
395,800
4,986 125,371,955;000
19,012
1, 297, 248
1,011
17,728, 686
(21)
571
125, 202
4,352, 663
576,390
22 3, 530 1
10. 96
.68
2.31
2^8
108
26
1,000
7,300
1,529
2,412
"
6,423
7,466
4,861
13,611
400
3,290
1, 111
3,403
39, 210
59,856
\ . 25
47, 262
5, 950
7, 951
•
96
4,380
38,835
1,851
4,651
184
6,977
2, 632
27,179
6,041
16, 262
131, 299
21,338
5,988
7L02
3.77
8.00
.75
2. 27
3.50
.65
2.26
3.76
6.71
21.67
353. 80
220. 46
.78
45.11
16.17
25.23
.
.09
2.02
.97
3.18
3.13
37.53
6.40
3,819
6,300
2,000
271,252
23,752
16,119
,22
6.99
1, 57
1L54
.01
17.07
2.09
2.45
18.09
L99
2.54
•
16.06
L17
.58
6.28
1L65
2.56
L98
.01
33.52
15.00
.46,
L79
L61
.34
22.14
12.22
.03 1,109,412.29
1, 009. 54
2. 07
855.00
.67
705. 23
4.87
35.60
143, 60
.52
3, 580, 86
397, 40
.06
966. 73
1.46
(16)
.29
6.00
9.00
6.38
786. 76
.05
.02 117,134; 62
68. 21
.04
3.88
L93
504. 95
2.44
12. 43
12.91
3.80
158.81
6.21
150. 38
2,54
.18 14,612,824.43
214, 74
3.14
1,090.18
.06
o
H
O
pi
O
(21)
5.87
.59
203. 98
96.26
.13 F e b . 29,1924.
i3« O n M a r . 31,1924.
i< O n D e c . 27, 1923, in Bank.of F r a n c e .
15 24,434,000 fine ounces, m o s t l y deposited a b r o a d .
16 496,507,425,000,000,000 (000 o m i t t e d ) .
17 O n D e c . 26, 1923.
- .
.
18 E s t i m a t e d holdings of Scotch b a n k s .
18 I n J u n e , 1923.
20 O n J a n . 1, 1924.
"168,500,200,500,000 (000 o m i t t e d ) r u b l e notes; per c a p i t a , 1,283,331,940.89; see text
or chervonetz notes a n d metallic cover.
22 I n c l u d e s copper-nickel coin.^
. .
to
Monetary stock of principal countries of the world, end of calendar year 1923—Continued
to
00
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
G o l d stock
Monetary unit
Country
Monetary
standard
Europe—Continued.
Switzerland
Gold....
Turkey
do .
Yugoslavia lo.
...do...
Asia:
Brit. North Borneo. . . . d o . . _ Ceylon
...do...C h i n a 23 . .
Silver...
Gold....
C yprus Island
Fed. Malay States.. . . . d o — ..-do.._I n d i a , British
Indo-China, French- Silver...
Japan (including
Chosen, Kwantung, Taiwan)
Gold—
Netherlands East
Indies
-..do......do....
• Palestine.-..
Persia 2s
Silver.Phihppine Islands... G o l d . . . .
do
Sarawak
...do
Siam
Straits S e t t l e m e n t s . . . d o . . - Syria
...do...
Africa:
Silver...
Abyssinia....•
Algeria
. Gold—.
Belgian Congo '^ . . . . d o
...do..-Egypt
Gambia
—do
Gold Coast
...do
K e n y a Colony a n d
U g a n d a 28
, ...do
Madagascar
do
Morocco, F r e n c h . . . - . d o . . _ _
Nigeria.. .
do.
...do
Nyasaland^....
Name
Franc
Piaster
Dinar
Dollar..-Rupee....
Dollar
Pound
Dollar...Rupee
Piaster
Yen
Guilder...
Pound
Kran
_
Peso......
Dollar
Tical
Dollar
Pound
United
States
equivalent
$0,193
.044
.193
Metallic
stock
unclassi- I n b a n k s
I n cira n d piiblic culation
fied
treasuries
$103,669
1 $254,997
610
.5678
.3244
292
4. 8665
.5678
.4867
Q)
Silver
stock
Total
$142, 269
$43,182
13,286
13,286
14
8,250
(«)
.4986
$38,600
Per capita
3,334
982,709
16,1412,000
5,78|, 930
9,247
118,730
710
9
429,217
17,937
2,292
42, 707
220,242
410
3,968
1,834,114
91,369
14
8,250
292
602,188
602,188
2 172,626
<
1,893,936
78, 676
62,869
40
3,931
3,931
L624
1,624
168,919
<72
18,664
18,907
95
46,935
11,487
302,067
U,000
51,296
26103,477
. 167
105,998
99,096
9,776
47,204
700
9,500
10,906
600
9,322
935
2,140
.193
.193
4.9431
4.8665
4.8666
«336
396
3,883
36,222
215
1,014, 527
39,868
36,468
109
1,093
8,000
5,806
15,000
13,561
210
2,299
ShiUing...
Franc
...do
Pound
...do
.2433
.193
.193
4. 8665
4. 8665
25,033
111, 000
239,926
75
2,529
3,382
6,000
18,588
1,176
13, 703
(3)
16,063
396
1,178
3,474
9,653
521
5§1
9,323
870
Silver
Paper
$11.11
.28
252.88
1,109 49
481. 40
2.05
.28
2.24
.06
L35
.94
8.88
9.48
61
1.29
3.12
6.75
4.81
7.66
2.19
24.13
L33
.06
3.58
.10
L96
L73
.16
6.03
12.28
6.40
1.43
6.39
9.49
26
11.36
106 99
4.57
.04
268
4,604
431,480
317
1,390
318, 942
18,982
62,869
MO
25,000
Unclassified
stock
.03
174. 74
2 66
2.69
.52
.48
Gold
3,886
$36.61
14,549 '$i7.'53"
.05
1.11
12,017
114,891
(3)
Thalafi.-Fraiic--...
...do
Pound
—do
—do
Population
.
114,891
.402
4.9431
.50
.5678
.3709
.6678
3.860
P a p e r circulation in
monetary
u n i t of issuing c o u n t r y
.02
.92
.36
.32
.36
"l.lo"
L74
2.59
.26
.03 ""2."67'
.47
L03
1.59
.44
.60
.74
9.90
32 82
39.99
-
V
.
o
o
1-3
W
o
Portuguese East
Africa.
Portuguese West
Africa.
Reunion Island
Rhodesia
_.
Sierre Leone
Somaliland:
British .
Italian
Tanganyika
Tunis
U n i o n of S o u t h
Africa.17
West Africa, French
Zanzibar
Oceania:
Australia...
New Zealand
Fiji Islands.
Society Islands
—do
Escudo.--
. . . d o . - - - ...do
.193
4.8665
4. 8665
410
49
1.0805
Franc
do
—do — _ Pound
do
do
Rupee
do
-..do..__ - . d o . . - - - — d o . . . - Shilling...
do
Franc
. . . d o . - - Pound
78
950
6 960
.3244
.3244
.2433
.193
4. 8665
6 3^ 074
58,051
.193
.3244
4. 8665
4.8665
4. 8665
.193
107,402
38, 289
do
Franc
Total
1 October-November, 1923.
3 Fluctuates with the price of silver.
«Last year's figures.
6 Estimated on basis of data considered fairly reliable.
•• Stock in National Bank.
" O n Dec. 26, 1923.
174
1,867
1,541
292
* 1,019
6,180
6 781
23, 612
* 190,600
4,604
11,464
197
121, 576
494
984, 603
121, 576
494
756
9,138,399
2,749,639
9,061,922
76,477
28.28
.05
.25
187. 35
5.36
.25
.85
2.26
.72
.37
3.41
.87
2.30
1.72
82.36
3.20
4.06
16.63
23. 37
2.82
1L09
344
LOCO
7, 200
2,094
6,929
6 90
387
.02
4,000
« 32, 600
610,000
380
300
2,300
12,433
•6 172,457
22,144
* 2,972
Pound
do
3,074
58,051
.13
3,120
801
* 1,930
. . . d o . - - - Franc
do
Rupee
do
do
do
do
88,224
11,300
332
1.0805
52,388
6,644
430
12,842
.51
1.47
8.38
.26
5, 635"
1,266
164
28
19.06
30.24
1, 772,663
.56
2L67
3.01
4.60
6.15
9,26
5.25
2.62
454.64
L55
2 Incomplete.
8
2* Bullion only.
26 On Dec. 20,1923.
26 Exclusive of Pl,267,891 United States bank notes.
27 On Nov. 30, 1923.
« On June 30,1923.
O
H
O
H
w
• NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Statistical Abstract of the United
^
S,tates, 1923. Blanks indicate no figures available, rather than no stock. Gold held abroad as follows, not included in the above figures (presumably reported by the country haviiig actual possession): Canada, $13,045,889: Brazil, $737,370; Colombia, $5,242,914; Japan, $221,832,500; Straits Settlements, $3,763,686; Egypt, $16,507,858; Philippine Islands, $51,113.171; Czchoslovakia, $52,206,500; Esthonia, $4,528,864; Bank of France, $359,813,953; Germany, $5,100,000; Lithuania, $1,556,665; Kenya Colony, $205,045 (silver); Greece, $4,825,000;
Italy, $83,155,980.
to
CD
Monetary stock of principal countries of the world, end of calendar year 1924
CO
O
[Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
Monetary unit
Country
Monetary
standard
North America:
Gold—
U n i t e d States
Canada
—do
Mexico
—do--British Honduras L . — d o
Costa R i c a . . .
—do
Cubai
...do..-Dominican Republic i
--. ...do--Guatemala 2
....do
Haiti
_. . . . d o . . . .
Silver...
Honduras
-Newfoundland"
Gold —
.-do
Nicaragua
...do
Panama i
...do--..
• Salvador..
...do..Virgin I s l a n d s
B r i t i s h W e s t Indies—
- Barbados 8
...do_-...do
Jamaica
...do---Trinidad
D u t c h West Indies.. . . . d o
F r e n c h West I n d i e s Guadeloupe
...do
Martinique..... ...do_-.South America:
—do
Argentina
Bolivia
...do
Brazil
...do
...do
Chile...do__.Colombia
Ecuador 1
...do
GuianaBritish
...do
...do--..
Dutch
French 6
...do....
...do-...
Paraguay
Name
Dollar... 1
...do
Peso
Dollars....
Colon
Peso
Dollar....
Quetzal...
Gourde.-.
Peso
Dollar
Cordoba..
Balboa
Colon
Dollar
...do..--..
Pound
Dollar
Guilder...
United
States
equivalent
Gold stock
Metallic
stock
unclassified
$1.00'
LOO
.4985 1 $236,503
LOO
.25
LOO
LOO
LOO
.20
(0
.193
.193
Peso
BolivianoMilreis
Peso
...doSucre
4.8665
.402
.193
9648 1
90
684
8,033
Silver
stock
Total
$4, 647,407
192, 504
40
5,320,946
426, 985
90
684
37,105
190
247
16, 368
318
20, 554
331, 821
114
208
1300
30
1,000
$29,072
$818, 609
1 27, 964
247
3 32
L276
25, 339
11, 776
81, 250
2,000
3, 268
440
• 3,369
86
12, 048
7 2,600
• 22
2'23
9 2, 602
L480
156
858
391166
36.000
6 20, 000
109
1 324
1324
194
453,176
8,226
54,498
10 34,108
453,175
8,225
54,498
34,108
7,617
6,339
2,957
• 119,519
2,006
79
79
12 31
333
» 3,181
' 3,181
4,682
11 7, 617
1,657
600
Unclassified
stock
17
1, 319, 798
41,944
3, 007,874
I 271, 252
II 29,121
16,119
1,633
2,400
9,000
13 262,707
Gold
110,922
$41.00
8,967
2L47
14,463 "$i6."35"
•
45
2.00
485
L41
2,899
12.80
75
420
2,300
315
325
951
888
654
242
6 700
Population
897
2,005
L631
662
265
638
434
L626
25
i09
.9648
.3893
.6462
.365
.9733
.4867
Pound
Guilder..Franc
Peso
I n circulation
$4, 547,407
192, 504
400
3,369
86
1. 0138
4.8666
1.0138
.402
Franc
...do
,
In banks
and public
treasuries
114
208
1300.
30
1,000
LOO
LOO
LOO
.60
.965
Per capita
P a p e r circulation in
monetary
u n i t of issuing c o u n t r y
230
240 " ' 2 . " 9 2 '
8,699
2,890
30, 636
3,819
6,300
2,000
Paper
$7.32
3.19
47.97
47.62
4.22
.61
6,66
'""""f.'of
42.38
114.46
.13
.28
.10
.02
.18
.05 " " . ' 6 3 "
8.68
3.77
.49
.76
LOl
2.21
3.44 "Too"
• .66
6.10'
L03
L67
L46
.14
.26
6.65
8.92
L41
.41
"^162.17
83.33
o
o
7."89
100.00
52.10
2.85
L79
8.94
L21
3.17
9Q«
108
26 ""23."08"
1,000
Silver
.73
3.18
""'"."oi"
.'77'
L51
LOO
.10
3.08
L42
7.22
L89
7.55
5.12
151. 72
14.61
98.18
7LC3
4.62
8.06
6.47
22.22
346.15
262. 71
H
W
a
i< 20,337
4.8666
—do-Pound-..
Peru.-...
57,002
1. 0342
...do.Peso
Uruguay
15,000
...do-Bolivar..
.193
Venezuela 6
Europe:.
L558
.1407
Schilling.
.-do-_
Austria i*
52, 543
...do-.193
Franc
Belgium i*
7,662
.-do.193
Lev-j
Bulgaria
. 2026
Krone
160,115
Czechoslovakia
'.. G o l d Gulden
.195
Danzig
.
56,145
.268
Krone..
Denmark
. . . . . ...do-...do-.
.268
Kroon
L 390
Esthonia 18,.
...do-.193
Mark
• 8,379- Finland
.
...do-• 710, 394
.193
Franc.
France 1
9
...do-.2382
145,692
ReichsGermany
mark.
Great Britain and
173,235
760,874
Irish Free State... ..do4. 8665
Pound....
-7,720
.193
Greece i«
:. ..doDrachma..2026
-do..
5,000
Hungary
Krone......do..
603
.268
Iceland..
...do
..do.,
.193
Italy.....
83,608Lira„...-.
.-do.,
Latvia
3, 026
.193
Lat.:.—
-do..
114
.10 .
Lithuania...
Litas....do.,
4. 8665
Malta..,
Pound
.do..
202,854
.402
Guilder:..
Netherlands...39,456
.268
Krone.-.:.
Norway
_. ..do:.
..do.,
19,956
Zloty.i.:.:
Poland 2
1
.193
.-do.,
L0805
10,483
Portugal
Escudo
26, 020
.193
Leu._
-Rumania
:. .-do.,
-do.,
73, 047
5.1455
Chervonetz
Russia
-do-,
Spain
."
489,164
.193
Peseta
-do-,
63,741
^ Sweden
.268
Krona
-do-,
96,319
.193
52,066
Switzerland
Franc...
.044
Turkey 2
^
._.-... -do.,
345, 526
Piaster....
-do:.
• 894
Dinar
13,965 ...
. 193
(Ti Yugoslavi a.
...
Asia:.
.5678
Dollar....
Brit. North Borneo. -do.,
.3244
14
Ceylon
Rupee
-do..
1 Last year's figures.
2 Gold standard established November 26,1924.
3 Stock in banks.
< Fluctuates with the price of silver.
6 Stated in United States dollars, and including $800,000 in United States bills.
6 Estimated on basis of data considered fairly reliable.
7 Stated in francs.
8 Stock held by one of three banks.
9 Including amount held in banks.
1 At the mint.
0
11 In circulation on June 30, 1924.
.
.•
.. .
1 Amount in circulation.
2
20,337
57,002
15,000
1, 568
52, 543
7,652
84
1614, 289
3,281
66,146
L390
• -8,379
710,394
145, 692
»5;838
68, 500
40,000
2,950
9,000
L947
5,569
16
193
59,008
62,483
7,300
L629
2,412
L93
3.73
.24
7:08
L57
.01
LOl
.67
17.07
L25
2.46
18.12
2.43
838, 777
7, 674, 216
4,400,000
8,810,400
3L912
478,-256
35, 627
1, 249,946
40,603,965
6, 356,743
2.79
37.28
6.22
4.87
L69
.01
.06
L60
L04
11. 78
.80
44.80
16.58
130. 59
1,027. 89
905.16
647.29
79.78
145. 37
32.07
367. 31
1,035. 55
106. 20
•
760,874
7,720
5,000603
- 83,608
3, 026.
114
302,368
-
202,-864
39,456
19,956
10,483
26,-020
73,047
489,164
63,741
148, 385 •
345,526
13, 965
14
116,-831
61020 219
49;282
3,611
5,308
4,941
22-2,651
23 34, 604
125,691
1,098
33,838
73, 548
3,369
481, 517
4,866, 000
|4, 513, 989, 561
8,988
20,614, 200
5,930
92,982
750
970,026
391,300
675,800
1, 762,625
19,356,438
62,406
4,646, 668
537, 293
913,912
2* 158, 749
6, 001, 504
io.687 1
1,889
47,994
47; 2625,950
7,961
96
38,835
1,851
4,651.
184
6,977
2,632
27,179
6,041
16,262
131,299
21,338
6,988
•3,886
14,549
12,017
3.66
16.10
L30
.63
6.28
2.15
L63
.02
29.07
14.99
.72
L73
L62
.56
22.92
, 10.64
38.18
23.75
.07
L16
6.40
.13
L18
7.06
L33
.19
.82
.16
.26
5.89
.18
8.71
5.06
.28
10.19
817. 82
557,726:02
93.62
' 528,23
3,20
19.99
4.07
139.06
148. 67
24.38
291.78
• 1,190.29
.48
213. 08
89.73
235.18
10.91
4Q9. 42
,
2.37
7.32
10.66
3.01
268
1 In October, 1924.
3
1* At the end of January, 1926.
1 Stock in National Bank.
6
1 Including minor coins.
6
" Monetary standard not established.
1 Gold standard established June 20,1924. •
8
1 In Bank of France on Dec. 24. 1924.
9
20 Including bronze coins.
21 Gold standard established July 1, 1924.
22 Including other coin.
23 On Dec. 1, 1924.
.
'
;
2 On Jan. 31. 1924. Paper circulation stated in Turkish poa.ids ($4.3966).
<
u
M
fel
o
H
o
^
§
3
M
g
t2{
CO
Monetary stock of principal countries of the world, end of calendar year 1924—Continued
CO
(Stated in United States money (000 omitted), except paper stock, which is stated in monetary unit of issuing country (000 omitted)]
Monetary unit
Country
Monetary
standard
China 25
Silver...
Gold....
Cyprus Island-.
Fed. Malay States.- -'-do
India, British
—do
Indo-China, French Silver... Japan
(including Gold....
Taiwan).
Netherlands. East . . . d o . . . . .
Indies.
Palestine
.-do
Persia i
• . Silver-..
Phihppine Islands.. Gold....
Sarawak
—do
—do.....
Siam
Straits Settlements . . . . d o
Syria.
. . . . ...do
Africa:
Silver...
Abyssinia o
Gold....
Algeria
...do
Belgian Congo
do
Egypt 1
6
—do
Eritrea
Gambia
do
--do
Gold Coast
Kenya Colony and - . d o
Uganda.
—do
Madagascar
Morocco, French . . ...do
...do
Nigeria
Nyasaland
-. . . . d o
Portuguese
East . . . d o . . . . .
Africa.i
Portuguese, West . . . d o
Africa.i
...do
Reunion Island 6
Rhodesia
...do
Name
United
States
equivalent
Dollar
Pound-.::.
Dollar
Rupee....
Piaster
Yen
$4.8666
.6678
.4867
Guilder...
.402
Pound
Kran
Peso
Dollar
Tical
DollarPound
Per capita
G o l d stock
Metallic
stock
unclassified
SUver
stock
4.9431
Thalari....
Franc
.-do
Pound
Lira
do
—do
Shilling...
Franc
...do
Pound
—do
Escudo....
...do
Franc
Pound
(•)
(*)
.4985,
In banks
and public
treasuries
I n circulation
Total
$292
$292
$136,967
711
67
399,231
16,495
585,738
53,667
168,272
319,934
3,^406
494
18,664
19,007
1,682
1,682
44,710
11, 603
1,250
61,296
26167,193
166
114,387
104,916
7,930
13,857
%z
18,197
rs*.
1,747
16,608
340
16,508
119
1,309
1,194
8,000
5,806
16,000
13, 661
450
210
2,299
2,529
395
332
$78
395
410
6,621
422
49
1,900
W122
6 830
6 830
690
88,224
3,382
6,000
18,688
1,176
3,120
174
L867
SUver
261,000
280,100
294
Paper
$0.32
2.24
.06
L25
.87
0.23
L66
3.00
5.62
3.47
22 21
L14
3.56
6 78
.31
.71
L95
L73
L80
4.78
12.30
L79
6.39
14.34
.26
12.27
112.20
3.71
.34
$0.19
7.45
.04
.03
189.40
7.33
3.10
3.31
.13
i.22
"""3."76'
.96
.57
.47
3.73
4,000
33,000
6 10,000
Gold
$0.92
700
9,600
10,906
600
9,322
935
2,140 " " 6 . " 4 8 '
11,300
13,703
8,631
L0805
.193
4.8665
226
1,099,684
26a 109,960
42, 000
1,692
9,422
Unclassified
stock
47,204
108,609
585,738
3,406
.50
.5678
.3709
.6678
3.860
.193
.193
4.8665
4. 8665
L0806
431,480
317
1,390
318,942
18,982
78,575
63,667
$15,000
Population
100,949
526
4,174
1,792, 087
66,872
1,745,357
108,609
(0
.193
4.9431
.193
4.8665
•'i. 8665
.2433
P a p e r circulation in
monetary
i m i t of issuing c o u n t r y
4.06
L42
.34
.13
.36
.36
.02
9
77.17
46.68
.02
28.28
2.83
10.89
.07
.44
.06
189.64
6.36
Senegal
Sierra L e o n e . . _
SomalUand—
British
French
Italian
Tanganyika
Tunis 6
U n i o n of S o u t h Africa.28
West
Africa,
French.6
Zanzibar . .
Oceania:
Australia
N e w Zealand
Fiji I s l a n d s 1
Society I s l a n d s
...do
...do.....
Franc
Pound
...do
—do
—do
-..do—
—do
...do
Rupee
Franc
Rupee
Shilling-Franc
Pound
.3244
.193
.3244
.2433
.193
4. 8666
...do-...
Franc-
.193
Rupee-—.
150
.3244
. do
. do.
...do
—do
-.do
Pound
...do
...do
Franc
4.8665
4. 8665
4. 8665
.193
Total
33
33
3,000
62,437
3,000
52,437
183,107
66
300
6,593
2,000
9,269
175,000
11,456
344
206
1,000
7,200
2,094
6,929
3,000
"" ":
"
945
107,928
37, 581
121, 218
121, 218
494
779,910
494
766
9,669,359
2,668,317
9, 578,829
90, 530
.10
1,226
1, 541
292
241
L863
3,628
800
243
.193
4.8665
•
.16
L43
7.57
190,000
11,464
4,854
5,635
L266
164
28
19.15
29.60
1,770, 701
.44
.86
L17
L86
.49
.38
.03
.87
32.00
2.00
L29
83.57
L65
• 16.67
197
67,094
6, 760
430
19,723
149.48
.04
.26
4.80
2L51
3.01
4.60
5.46
24.64
10.13
5.33
2.62
704.39
L61
O
1 Last year's figures.
* Fluctuates with the price of silver.
6 Estimated on basis of data considered fairly reliable
1 Stock in National Bank.
8
2 Incomplete.
6
26 Exclusive of 2,614,688 pesos in United States Federal reserve bank notes.
26a Oct. 31,1924.
27 stock of gold and silver in Northern Rhodesia.
28 On Dec. 27, in South African reserve bank.
NOTE.—Figures given represent each country's stock at the end of the year, except when otherwise indicated. Population figures are from the Statistical Abstract of the
United States, 1923. Blanks indicate no figures available, rather than no stock, ^ o l d held abroad as foUows, not included in the above figures .(presumably reported by the
country having actual possession): Canada, $12,640,714; BrazU, $2,433,250; Peru, $5,158,490; Czechoslovakia, $52,716,520 (including sUver); Esthonia, $142,708,487; France, $359,813,953; Germany, $49,334,078; Latvia, $1,529,139; Lithuania,; $2,963,802; Rumania, $82,630,958; Spain, $6,370,970; Switzerland, $1,322,986; Japan. $156,529,000; PhUippine Islands,
$62,528,097; Straits Settlements, $3,763,686.
O
O
M
l-H
CO
CO
WORID PRODUCTION OF GOLD AND SILVER
CO
World production of gold and silver, 1923 and 1924
[The production figures given below are based upon the preceding data and those published in prior issues of the report of the Director of the Mint]
C a l e n d a r year 1924
C a l e n d a r year 1923
Gold
Country
Kilos, fine
Ounces,
fine
SUver
•
•
Value
N o r t h America:
2,426,495 $50,160,103
75, 474
United States..
.
...
38, 059
1,223, 601 26, 294, 078
Canada
.
24,313
781, 663 16,158,408
Mexico
-137, 846
4,431, 759 91,612, 589
Total
.-3,009
C e n t r a l America a n d W e s t I n d i e s 2
96, 760
2, 000,000
South America:
120
3,870
Argentine 2
80,000
Bolivia
-.
13
407
8,413
4,500
144, 675
Brazil
-2, 990,697
• 2,003
64,397
1,331,208
' Chile
'---.
4 8,577
276, 738
Colombia...'.
6, 700,000
Ecuador
..'.
42,466
L320
4 877,646
Guiana254
British
8,170
168,900
396
I^Dutch.:
.
12,731
263,173
L388
44, 624
922,460
French
3,744
120, 372
2,488,310
Peru.-11
227
Uruguay
-. -. .4540
17,361
358,883
Venezuela
734, 812 15,189,917
22, 855
Total
—
— —
Europe;
. ,
23
. 739
. 15, 276
Austria
.. .-.
104
3,344
69,126
Czechoslovakia
-.
527
16,943
350,243
France
'.:
-_.
200
6,430
Germany
-- •
132,-920
Great Britain
4 13.
418
8,641
G r e e c e - - - _.
. 38
L22i
26,240
Italy ._--•.—:
Norway
.
.
Poland
1, 500
48, 225
996, 899
Rumania
:
7,797
6,18L87C
250, 673
Russia
..
28
4 18, 692
904
Spain
Sweden
L446
29,891
445
Turkey
.--191
126,925
6,140
Yugoslavia
336,483
6, 955,723
Total—
—
10,466
Kilos, fine
Ounces,
'
fine
Gold
Value
($0.70028. KUos, fine
per ounce) 1
2,279,808 73,295,810 $51,327,690
652,246 17,764, 706 12,'433, 265
2,826,099 90,859,083 63, 626, 728
5, 658,153 181,909, 599 127,387, 653
2, 500,000
77,760
1,750, 700
162,141
890
103,810
4 98
2,333
.
6,212,826
28,613
3,337,491
^
3,160
4 76,000
3, 650,-438
20,037
2,337,178
2,206
52,521
680,242
f
4 8, 500
5,952 \
I
18,654, 793 13,063,6.78.
84
849,862
4 2, 700
L891
27,323,073 . 19,133; 801
264
441
2L844
- 6, 626
116, 734
1,077
4 5, 727
12, OOC
9,267
4.637
2,000
4 6,000
4 86,414
18
4 250
764
• 269, 799
14,178
702,285
213,025
3, 752,998
34,625
184,123
385,800
297,934
20,479
64,300
192,900
2, 778,210
578
8,037
24,662
8, 674,034
9,929
491,796
149,177
2, 628,149
24,247
128,938
270,168
208, 637
14,341
•45,028
135,084
1, 945, 525
405
5,628
17,200
6, 074,252
76,091.
47,446
24, 797
148,334
2, 708
Ounces,
fine
SUver
Value
Kilos, fine
2,446,338 $50, 670,294
1, 526,380 31, 532,403
797, 223 16,480,062
4, 768,941 98, 682, 759
87,076
1,800,000
120
30
4,500
2,107
8,276
L204
3,870
964
144, 676
67, 725
266,063
38, 700
3 80,000
19,928
2,990,697
4 1,400,000
45,500,000
4 800,000
197
322
1,975
3,744
4540
* 23,015
6,337
10; 352
63,496
«120, 372
12
• 17,361
739, 927
61
3 104
616
3 200
1, 961
3,344
19,804
6,430
40, 537
69,126
409,385
132,920
4 12
640
386
17, 361
7,979
358,884
L311
17,850
30
42,149
673, 877
967
29
243
20, 996
932
7,812
675, 023
.131,000
213,996
1,312, 678
2,488,310.V
248
358,883
15,295,639. •
Ounces,
fine
Value
($0.74466
per ounce) 1
2,033,183 66,366,840
613,882 19,736,323
2,845,603 91,486,136
5,492,668 176,689, 299
2,686,150
83,550
$48, 669,534
14, 694,877
68,116,917
131,481,328
141,051
890
•104,438
90
2,177
4,534,781
28,613
3,357, 688
4 2,900
4 70,000
3,376,417
21,304
4 2, 500,000
2,159
52,119
271
2,000, OCO
4 8, 700
6,478
580,242 318,^654, 793.;
2,010
19,850,100
O
H
w
13, 889,613
84
829,243
•n
o
w
4 2,700
26,660,175-
871,297
11, 863,088
4 20,000
892
3 21,844
4,599
3116, 734
969
4 5,000
13,300
13,200
11,631
2,246
• 6,221
89,579
.
28,678
702,285
147,858
3, 752, 998
31,153
160, 750
427, 595
424,380
373, 937
72,209..
4 200,000
2,879,966
.21,362
622,893
110, 089
2, 794,332
23,195
119.'688
318,370
315,976
278,418
53,764
148,912
2,144,307
19,266
16L488
13, 953,970
-6,840
972
294,027
219,906
31,250
9,452,965
163, 733
23,267
7, 038,296
Q
w
Asia:^
13,136
British India
China
2,784
3,777
Chosen (Korea)
..
East I n d i e s 902
British . .
-_
- 3,594
Dutch
. 286
F e d e r a t e d M a l a y States
193
Indo-China
_.7,691
Japan
_.
•
.
2,537
P h i l i p p i n e Islands
31.
Sarawak
...
4 683
Taiwan...
.-
422, 307
89, 500
121,433
8, 729, 858
1, 850,129
2, 510, 243
. 29,025
• 115, 547
9,193
6,205
247, 270
81, 564
L007
21,"958
4 600, 000
2,388,568
190,036
128, 267
5, 111, 647
1,(386,078
20, 817
453, 912
35, 614
1,145,016
23, 669, 555
Total
.
Oceania:
AustraliaN e w South Wales. Northern Territory
Queensland
South Australia
. . - -Victoria
'
-.- . . .
West Australia
' Tasmania...
Papua .N e w Zealand
Total
Africa:
Abyssinia
Belgian Congo
• B r i t i s h W e s t Africa (Gold
Coast, A s h a n t i , Nigeria)
Egypt
F r e n c h W e s t Africa (Guinea,
Ivory
Coast,
Sudan,
Senegal)
Madagascar. P o r t u g u e s e E a s t Africa
Rhodesia-TNorthern
Southern
.
Tanganyika
T r a n s v a a l , C a p e Colony, a n d
Natal-....
TotalJ
-T o t a l for world
-
889,256
389, 313
13,478
1, 834,129
' 19,638
.1, 972,155
10,429,168
76,155
249,902
3, 398, 614
18, 382, 552
622
2,840
4 20, 000
91, 306
413, 436
1,887,462-
6,238
15
200, 565
482
4,146, 047
9,964
544
619
327
17, 489
16, 686
10,513
1,591
647,491
1,326
32, 889
13, 384, 827
27, 411
586
20
2,760
29
"2,968
15,-692
115
376
5,114
27, 660
18, 833
652
88, 726
960
95,403
504, 511
3,684
4 12, 089
164, 408
•
3,405, 507
70,028
27,608
49,113
1, 578, 983
1,105,-730
. I l l , 893
1,175
3, 597, 351
• 37,776
2, 519,153
26,454
12,328
3,337
3,733
•
396,349
107,300
120,000
165,138
3,421
L555
5,309, 203
4.110,000
50,000
3, 953, 020
81,902
37,228
64,799
2,083,256
1 551 109
109, 952
1,255
3, 534, 943
• 40,346
2, 631 977
30,-.040
4 729
23, 437
16,412
318,504
10, 239,894
7,170, 792
35, 228
•1,132, 588
375, 364
12,067,954
8,450,947
14,597
1
196
• 3,391
19, 863
469, 302
43
6,304
109,005
638, 602
328,643
30.
4,414
76, 334
447,200
16,407
527,491
369, 391
429,819
13, 818,701
9,676,969
581
7
3,074
25
.• 2,089
15,087
144
373
4,040
: 25,420
18, 685
224
98, 841
787
67,167
• 485,035
• 4,625
4 12, 000
5 129,900
817, 264
622
3,674
4 20,000
118,119
413,436
2, 441,736,
7,276
29.
233,910
934
4, 835,348
19, 307
132
336
165
•
4,244
10,802
5,321
87, 731
223, 297
110,000
39
19, 625
244
1, 245
627,729
7,863
26, 736
12, 976, 307
162, 643
7, 303
5,178
23
234,805
166,472
. .
733
174, 826
123,948
546
43, 634
66,038
1, 399, 626
1, 801, 636
1, 042,105
1, 341,425
7, 436,026 239, 068,295
178,000, 686
272
8,745
2
6 66
6,12446
24,187
124,388
14, 960
6,205
.3 247,276
82,562
858
8,503
8,193, 259
2,218,087
2,480, 620
752
3,869
465
3 193
7,691
2,568
27
265
4 500, 000"
2, 571,327
309, 250
128, 267
5, 111, 647
1,706, 707
17,736
175,772
342
11,008
8,196
23, .412, 672
346,462
11,138,756f
' 8,293,472
386, 253
4,630
2,043, 224
16, 269
1, 388,465
10,026, 561
95, 607 • ;
248,062
2, 685, 271
16, 894, 342
287,921
9, 256,671
, 6,892,145
8,605
276, 651
205,983
i
131
2,773
19,974
4,216
• 89,146642,158
3,139
66,-376
478,126
o
195
4,828
6,282
165, 210
4,399
108, 690
1, 373,930
1, 544, 233
962,136
297,826
1,081,395
329,868
9,675,101 197, 934,904
10,605, 268 219, 230, 345
7, 651, 929 246, 009, 534 172, 275, 662
585,669
18,826,086 389,169, 727
284, 575
9,149,073 189,128,124
42, 735
315,910
10,156, 522 209,953,943
48, 032
553,360
17,790, 597 367, 764, 279
1 Average price per fijie ounce in London.
* Estimate based on other years' production.
" 4,863,066
4.100,000
39, 281
361, 530
344, 930
217, 323
49
20,140
41
15L262
3,110
1,222
2 Estimate based on United States imports of ore and base bullion.
8 Amount exported in 1924.
14,634
334,038
6 470,472
10,'739, 314
350, 296
7,996. 064
o
s
»Last year's figures.
«Production of Nigeria.
CO
C7X
05
Production of gold and silver in the world since the discovery of America
CO
[From 1493 to 1885 is from a table of averages for certain periods, coinpiled by Dr. Adolph Soetbeer; for the years since, the production is the annual estimate of the Bureau of the Mint]
Gold
A n n u a l average for period
SUver
T o t a l for period
A n n u a l average for period
P e r c e n t a g e of p r o d u c t i o n
T o t a l for period
B y weight
Period
F i n e ounces
1493-1520
1521-1544
1646-1660
1661-1580
1581-1600
1601-1620
1621-1640
1641-1660
1661-1680
1681-1700
1701-1720
1721-1740
1741-1760
1761-1780
1781-1800
1801-1810
1811-1820
1821-1830
1831-1840
1841-1850
1851-1855
1856-1860
1861-1865—1866-1870
1871-1875
1876-1880
1881-1886
1886-1890
1891-1896
1896-1900
1901-1905
1906
1907
1908
1909
186,470
230,194
273,596
219,906
237,267
273, 918
266,845
281,956
297,709
346,095
412,163
613,422
791,211
665,666
671,948
571,563
367,967
467,044
652,291
L 760,502
6,410,324
6,486,262
5,949, 582
. 6,270,086
5, 591,014
5,643,110
4, 794, 765
5, 461, 282
7,882,665
12,446,939
15, 606,730
Value
$3, 855, 000
4, 759,000
5, 656,000
4, 546,000
4, 905,000
5,662,000
5,516,000
6,828,000
6,154,000
7,154,000
8,520,000
12, 681,000
16,366,000
13,76L00O
11,823,000
11,815,000
7,606,000
9,448,000
13,484,000
36,393,000
132, 513,000
134,083,000
122,989,000
129, 614,000
115, 577,000
114,586,000
99,116,000
112,895,000
162,947,000
257,301,100
322,619,800
F i n e ounces
5,221,160
6, 524,. 656
4,377, 544
4, 398,1-20
4, 745,340
5,478,-360
6,336,900
5,639,110
5,954,180
6,921,895
8, 243, 260
12,268,440
15,824, 230
13, 313,315
11,438,970
5, 715, 627
. 3,679, 668
4, 570, 444
6,622,913
17, 605,018
32,061, 621
32, 431,312
29, 747, 913
31, 350, 430
27, 955,068
27, 715, 550
23,973, 773
27,306,411
39, 412,823
62, 234, 698
78,033,: 650
19,471, d'80
19,977, 260
21,422, 244
2L 965, 111
Value
$107,931,000
114,205,000
90,492,000
90,917,000
98,095,000
.113,248,000
110,324,000
116,571,000
123,084,000
* 143,088,000
170,403,000
253,611,000
327,116,000
276,211,000
236,464,000
118,152,000
76,063,000
94,479,000
134,841,000
363,928,000
662, 566,000
670, 415,000
614,944,000
648,071,000
577,883,000
572,931,000
495,^582,000
564, 474,000
814,736,000
1,286, 505,400
L 613,099,100
402, 503,000
412,966,600
442,837,000
454,059.100
F i n e ounces
1,511,060
2,899,930
10,017,940
9, 628,925
13,467, 635
13, 596,235
12, 654, 240
11,776,545
10,834, 560
10,992,085
11,432, 540
13,863,080
17,140, 612
20,985, 591
28,261, 779
28, 746,922
17,386, 766
14,807,004
19,175,867
25,090,342
.28,488,697
29,095,428
35,401,972
43,06L583
63,317,014
78,775,602
92,003,944
108,911,431
167,681,331
165, 693,304
167,995, 408
Coining value
$1,964,000
3, 740,000
12,952,000
12,450,000
17,413,000
17, 679,000
16,361, 000
16, 226,000
14,008,000
14,212,000
14, 781,000
17,924,000
22,162,000
27,133,000
36, 540,000
37,168,000
22,479,000
19,144,000
24, 793,000
32,440,000
36,824,000
37, 618,000
45, 772,000
55, 633, 000
81,864,000
101,851,000
118,955,000
140,816,000
203, 742,000
214, 229, 700
217, 206, 200
F i n e ounces
Coining value
in s t a n d a r d
sUver doUars
Gold
42,309,400
69, 598,320
160,287,040
192, 678, 600
269,352, 700
271,924,700
253,084,800
235, 630,900
216, 691,000
219,841, 700
228,650,800
. 277,261,600
34,2,812,235
419,711,820
565, 236, 680
287,469,225
173,867, 666
148,070,040
191, 758,676
250, 903,422
142,442,986
145, 477,142
177,009,862
215, 257,914
316,586,069
393,878,009
460,019, 722
544, 657,155
787,906,666
828, 466, 522
839,977,042
165,064,497
184 206 984
203,131,404
. 212.149,023
$54,703,000
89,986,000
207,240,000
248,990,000
348,264,000
351, 679,000
327,221,000
304,625,000
280,166,000
284,240,000
295,629,000
368,480,000
443,232,000
542,658,000
730,810,000
371,677,000
224, 786,000
191,444,000
247,930,000
324,400,000
184,169,000
188,092,000
228,861,000
278,313,000
409,322,000
509,256,000
594, 773,000
704,074,000
L 018,708,000
1,071,148,400
1,086,030,900
213,403,800
238,166, 600
262,634, 500
274,293,700
11
7.4
2.7
2.2
L7
2
2.1
2.3
2.7
3.1
3.5
4.2
4.4
3.1
2
L9
2.1
3
3.3
6.6
18.4
. 18.2
14.4.
12.7
8.1
6.6
6
4.8
4.8
7
8.5
10 5
9.8
9 5
9.4
SUver
89
92.6
97.3
97.8
98.3
98
97.9
97.7
97.3
96.9
96.5
96.8
96.6
96.9
98
98.1
97.9
97
96.7
93.4
8L6
8L8
85.6
87.3
91.9
93.4
95
96.2
95.2
93
9L5
89 5
90.2
90 6
90,6
B y value
Gold
66.4
55.9
30.4
26.7
22
24.4
25.2
27.7
30.5
33.6
36.6
4L4
42.6
33.7
24.4
24.1
25.3
33
35.2
52.9
78.3
78.1
72.9
70
6a5
53
45.6
44.5
44.4
64.6
69.8
65 3
63.4
62.8
6?, 3
SUver
33.6
44.1
69.6
73.3
78
76.6
74.8
72.3
69.5
66.5
73.4
58.6
57.6
66.3
76.6
75.9
74.7
67
64.8
47.1
2L7
2L9
27.1
30
4L6
47
54.5
55.6
65.6
45.4
40.2
34. 7
36.6
37.2
37.7
O
o
w
a
1910
1911
1912.
1913
1914 .
1915
1916
1917
1918
1919
1920
1921- .
1922
1923
1924
" •
-
Total
22,022,180
22,397,136
22,606,068
22,264,983
21,301,836
22,737, 520
22,031,094
20, 345, 528
18, 614,039
17, 698,184
16,130,110
15,974,962
15,451,945
17, 790, 697
18,826,086
455,239,100
462,989,761
467,288,203
460,051,329
440,348,027
470,026,251
455,423,136
420, 579,351
384, 786,306
365,853,933
333,423,975
330,231, 792
319,420,063
367, 764, 279
389,169,727
221,715,673
226,192,923
230,904,241
210,013,423
172, 263, 696
173,000, 507
180,801,919
186,125,017
203,159, 431
179,849,940
173, 296,382
171,285, 542
209,815, 448
246,009, 534
239,068, 295
944,009,262
19, 614,390,433
13, 466, 551,870
9
9
8:9
9:5
11
1L6
10.8
9:8
8.3
8.9
8.5
8.-4
6:.8
6.7
7.3
17,398,370,082
91
91
9L1
90.6
89
88.4
89.2
90.2
9L7
9L1
9L5
91.6
93.2
93.3
92.7
6L4
6L2
61
62.8
66.4
67.7
66.1
63.6
69.4
6L1
59.7
59.8
54.9
53.6
55.7
38.6
38.8
39
37.2
33.6
32.3
33.9
36.4
40.0
38.9
40.3
40.1
45.1
46.4
44.3
6.5
286,662, 700
292,451,600
298, 642,842
271,532,506
222, 724,649
223, 677,423
233,764,096
240, 646,486
262,670,779
232, 533,256
224,059,968
221,460,095
271, 276, 538
318,072,933
309,098,401
93.5
52.5
47.5
•
a
H
pi
O
H
K
CO
-3
638
REPORT ON T H E
FINANCES
Production of gold a n d silver i n the world since 1860
[The a n n u a l production of 1860 to 1872 is o b t a i n e d from 5-year period e s t i m a t e s compiled b y D r . AdolphSoetbeer. Since 1872 t h e estimates are those of t h e B u r e a u of t h e M i n t ]
Gold
Silver
C a l e n d a r years
F i n e ounces
1860
1861
1862
1863 . .
1864
1865
1866
1867
1868
1869
1870
1871
1972
..
....:
•.
Total
1873
1874
1875..
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887...
1888...
1889
1890
1891
1892..
1893 . .
1894
1895 .
1896
1897
1898
1899 .
1900
1901...1902
1903
.
1904
1905
1906
1907
1908.
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921.
1922
1923
1924..
r.
_
.
.
. . .
_
.
.
-
„
!..
:
.
-
-
-
-
-.- .
.29, 095,428
35,401, 972
35,401,972
35,401, 972
35,401,972
35,401, 972
43,051,583
43,051, 583
43,051,583
43,051, 583 •
43, 051, 583
63,317,014
63, 317, 014
Commercial
value 1
$39, 337,000
46,191,000
47, 651, 000
47, 616 000
47, 616,000
47, 368,000
57, 646, 000
• 57,173,000
57, 086,000
57,043, 000
57,173, 000
83, 958, 000
83, 705, 000
1, 628, 252,000
547, 997, 231
729, 563, OCO
4, 653, 675
4, 390, 023
4, 716, 563
5, 016,488
5, 512,196
5, 761,114
6,262,174
5,148,880
4, 983, 742
4, 934,086
4, 614, 588
4, 921,169
5, 245, 572
5,135, 679
5,116, 851
5, 330, 775
5,973, 790
5, 749, 306
6, 320,194
7, 094, 266
7,618,811
8, 764, 362
9, 616,190
9, 783, 914
11,420, 068
13, 877,806
14,837, 775
12, 315,135
12, 625, 527
14, 354, 680
15,852, 620
16,804,372
18, 396,451
19,471,080
19,977, 260
21,422, 244
21,965, 111
22,022,180
22,397,136
22, 605, 068
22,254, 983
21, 301,836
22, 737, 520
22,031, 094
20, 345, 528
18, 614,039
17,'698,184
16,130,110
15,974,962
16,4.51, 945
17, 790, 597
18,826,086
96, 200,000
90,750, O O
C
97, 500,000
103, 700, 000
113, 947,200
119, 092,800
108, 778, 800
106,436,800
103,023,100
101,996, 600
95, 392,000
101, 729, 600
108,435, 600
106,163,900
105,774,900
110,196, 900
123,489, 200
118, 848, 700
130, 650,000
146, 651, 500
157; 494, 800
181,175, 600
198, 763, 600
202, 251, 600
236, 073, 700
286, 879, 700
306, 724,100254, 576, 300
260, 992, 900
296, 737, 600
327, 702, 700
347, 377, 200
380, 288, 300
402, 503, 000
412, 966, 600
442, 837,000
454, 059,100
455, 239,100
462, 989, 761
467, 288, 203
460, 051, 329
440, 348, 027
470,026, 251
455,423,136
420, 579, 351
384, 786, 306
365,863,933
332,823, 934
330,231,792
319,420,063
367, 764, 279
389,169, 727
63, 267,187
56, 300, 781
62, 261, 719
67, 753,126
62, 679, 916
73, 385,461
74, 383, 495
74, 795, 273
79,020,872
86, 472,091
89,175,023'
81, 567,801
91, 609, 959
93, 297, 290
96,123, 586
108,827, 606
120, 213, 611
126, 095, 062
137,170,000
153,151, 762
165,472, 621
164, 610, 394
167, 500,960
157,061, 370
160,421,082
169,055, 253
168, 337,452
173, 591, 364
173,011,283
162, 763,483
167, 689, 322
164,195, 266
172, 317, 688
165, 054, 497
184, 206,984
' 203,131,404
212,149, 023
221, 715, 763
226, i92, 923
230, 904, 241
210,013,423
; 172, 263, 596
173,000, 507
180, 801, 919
. 186,125,017
203,169,431
179, 849, 940
174,423,975
171, 285,-542
209, 815,448
246,009, 534
239,068,295
82,120 800
70,674,400
77, 578,100
78, 322, 600
75, 278, 600
84, 540,000
83, 532, 700
85, 640, 600
89, 925, 700
98, 232,300
98,984,300
' 90,785,000
97, 518, 800
92, 793, 500
94, 031,000
102,185,900
112,414,100
131, 937,000
135, 500,200
133, 404,400
129,119,900
104,493, 000
109, 545, 600
105, 859, 300
96, 252, 700
99, 742, 600
101, 002, 600
107, 626,400
103,806, 700
86, 264, 700
90, 552, 20C
95, 233, 300
105,113, 70C
111, 721,100
121, 577,100
108, 655,100
110, 364, 400
119,727,000
122,143,800
141, 972, 220
126,848,107
95,261,76^
89, 911, 664
' 124, Oil, 387
166, 240, 686
200, 002,^35
201, 588,402
176, 658, 331
108,110, 295
142, 536, 023
172, 275, 552
178,000,685
651,164,815
Total
G r a n d total
$134,083,000
122,989,000
122, 989,000
122, 989, 000
122, 989,000
122,989,000
129, 614,000
129, 614, C O
O
129,614,000
129, 614, O O
C
129, 614,000
115, 577, O O
C
115, 577,000
F i n e ounces
78, 766, 630
-
. .
6,486, 262
5, 949, 682
5, 949, 582
6,949, 582^
5,949, 582
5, 949, 582
6, 270,086
6, 270,086
6, 270,086
6, 270,086
6,270,086
5, 591,014
5, 591, 014
Value
-
>
13,460,156, 592
7, 751, 750, 610
5, 867, 618, 556
729,931,446
15,088,408,592
8,299,747,841
6, 697,181,556
1 At the average par price of a fine ounce of silver in London, excepting the years 1918 to 1922, inclusive,
for which the mean of the New York bid and asked prices was used.
.
.
REPOET OF THE EEGISTER OF THE TREASURY
TREASURY DEPARTMENT,
. OFFICE OF THE RE(>ISTER OF THE TREASURY",
, :•
Washington, Octoier 1, 1925.
• SIR : I have the honor to submit the following report of the ofiice
of the Register of the Treasury for the fiscal 3^ear ended June 30, 1925.
During the fiscal year 1925 the total amount of securities received
amounted tO'llO,118, 051,829.84^^ face value, representing 68,656',877
pieces. Bearer securities handled reached $7,386,709,369.62^, or
62,462,579 pieces, while registered securities amounted to $2,731,342,460.22, or 6,194,298 pieces. All amounts appearing in the tabular
matter following are final audit figures with the exception of the May
and June settlement months on redeemed interest coupons, which are
received figures inserted for reconcilement purposes with other offices
connected with the Public Debt Service. . All tables shown represent
securities actually audited and, delivered to the files for safe-keeping.
These tabulations are in agreement with the records of the forwarding
offices, except where necessary deductions have been made and securities returned for correction or. repayment.
FEDEKAL; RESERVE BANKS AS- FISCAL AGENTS
Due to the wide scope of its activities the Treasury Department has
found it advisable to delegate certain duties to the various Federal
reserve banks. Located in the different centers of population and
finance, they can serve the public more efficiently and economically.
^ Ordinary transactions, such as exchanges, conversions, etc., are
Vhandled direct by the banks, they being chargeable with all securities
allotted to them for this purpose and credit given them for securities
distributed and unissued stock returned to the department. These
securities are returned to the,department under two principal groups,
edeemed and canceled, a synopsis of which follows:
RETIRED
SECURITIES CANCELED ON ACCOUNT OF
PRINCIPAL OF THE PUBLIC DEBT
REDUCTION
OF
All United States securities issued and subsequently redeemed, including bonds, notes, certificates of indebtedness. Treasury (war)
savings securities, and interest coupons, are not finally paid until
they reach the register's office and receive appropriate examination.
All redeemed securities, whether paid by the Treasurer of the United
States direct or through Federal"reserve banks, are charged against
the Treasurer's account and the amounts are included in his monthly
statement covering payments on the public debt. After examination of the securities the register executes a certificate setting forth
the classes and amount thereof and forwards it to the Comptroller
639
640
itEPORT ON THE FINANCES
General of the United States for use in settling the Treasurer's public
debt account. Securities so retired (except interest coupons) effect
a reduction in the principal of the public debt and may be divided
into nine general classes, viz:
(a) Those which have matured and are payable on presentation.
(6) Those which have been called for redemption by the Secretary
of the Treasury prior to maturity and are payable on presentation.
(c) Those presented prior to maturity or call at the option of
hol(ier,,by direction of the Secretary of the Treasury.
(d) Those payable before the designated maturity date at the option of the holder, as in the case of Treasury (war) savings securities.
(e) Those which have been purchased by the Secretary of the Treasury under provisions of law for the sinking fund or other retirement
account.
(/) Those received on account of estate and inheritance taxes
under the provisions of the act of Congress approved September 24,
1917, as amended.
(g) Those received in payment of income and profits taxes by
direction of the Secretary of the Treasury.
(h) Those received in payment of the principal and interest of
foreign debt.
(i) Those surrendered for the benefit of the United States, as in
cases where United States bonds, etc., are received by the department as donations, contributions on account of conscience, or canceled on account of forfeiture to the United States.
CANCELED SECURITIES RECEIVED FOR CREDIT
Retired canceled securities do not represent a reduction in the
principal of the public debt. This turnover of securities covers
various exchanges such as denominational exchange, representing the
exchange of bearer securities of one denomination for those of
another, the surrender of bearer securities received for conversion
purposes whether for exchange into coupon or registered bonds, as
well as registered bonds received by them for transfer of titles, etc.
These securities are received for credit direct from the Division of
Loans and Currency or the Federal reserve banks. Treasury (war)
savings securities are received, not .only through the Federal reserve
banks and the Division of Loans and Currency but from the various
post offices throughout the country. All stock is chargeable to the
Federal reserve banks or the Division of Loans and Currency to be
used for a specific transaction and stock not required for that purpose
is returned, for credit. Coupons upon maturing are detached from
all stock on hand and after cancellation are forwarded to the register's
office. Unlike the Federal reserve banks the Division of Loans and
Currency maintains but one stock which is used for all purposes.
Maturing coupons on these securities are detached only prior to
issue and not at the time of maturing as in the case of the banks.
FINAL AUDIT
All securities, whether redeemed or canceled, are received for final
audit in the register's office. Two audits are made, the first in the
division of canceled securities and the final audit in the division of
destruction. After final audit has been made securities are sealed
and filed in the division of destruction.
REGISTER OF T H E TREASURY
641
RECORDS OF ISSUE
In compliance with the present law, the register's office maintains
records on all securities printed by the Bureau of Engraving and
Printing and delivered to the Division of Loans and Currency covering both bearer and registered securities, and also keeps records
covering registered securities issued by the Division of Loans and
Currency. The total securities printed during the fiscal year 1925
amounted to $5,514,404,440, an increase of $1,659,743,221 over the
fiscal year 1924. Of this amount $1,882,269,120 was issued to the
public,
NUMERICAL RECORDS
To facilitate the answering of inquiries, the detection of lost and
stolen securities surrendered, the proving of claims, and irregularities
in printing, as well as for general accounting purposes, records are
mamtained showing the disposition of each individual security
printed with the exception of Treasury (war) savings securities.
Each secmity printed by the Bureau of Engraving and Printing
bears a serial number. Upon retirement all appropriate data concerning its retirement is placed opposite the corresponding number in
these registers. Since this method of recording securities by serial
number "has'^been in practice more than 168,000,000 entries have
been made.
FUNCTIONAL APPORTIONMENT
Division of accounts,—Keeps controlling accounts of pieces and
amounts of all the various securities handled by the register's office,
in addition to accounts of United States securities delivered by the
Bureau of Engraving and Printing for issue and of registered securities issued; prepares, or checks after preparation, all consolidated
reports emanating from the register's office, including semimonthly
balance sheets, etc.; authorizes all adjustments on completed audits
in ofii(3e or divisional accounts in the register's office; either prepares,
consolidates, or checks all statements appearing in the annual reports;
makes check periodically with other Treasury bureaus and offices
having to do with the public debt; prepares all ©orrespondence
relative to completed audits, etc.
Division of canceled securities.—^Audits all securities, coupon and
registered, including bonds, notes, certificates of indebtedness, and
Treasury (war) savings securities, received for credit to fiscal agency
and United States Treasurer's accounts, and keeps detailed records
of the same.
Division of cliief cleric.—Requisitions and receives supplies; distributes same upon requisition to the divisions; keeps cost of all supplies and ren(lers monthly statement of distribution to each division
chief; handles time reports and pay rolls of all employees; prepares
correspondence relating to the personnel matters and keeps general
correspondence files for entire ofnce; receives and distributes incoming
mail and collects for dispatch outgoing mail; compiles all data relative to office efficienc}^; Keeps and prepares all information relative
to budget requirements for the entire office; maintains control over
all matters pertaining to the reclassification of employees under the
direction of the Personnel Classification Board. Covers relief room
and industrial medical service activities and keeps a record reference
library.
60501—FI 1925t
41
642
REPORT ON T H E FINANCES
Division of destruction —Examines and audits all securities to be
destroyed and delivers them to the destruction committee of the
department; keeps detailed records of securities audited and destroyed, and during the suspension of destruction files all securities
with the exception of war-savings stamps, which are (ielivered to the
destruction committee; keeps a control of all securities audited and
on hand; furnishes information on inquiries and fills requisitions
made by the division of inquiries; gives notification of any discrepancies so that proper adjustment may be made.
Division of inquiries..—Controls requisitions and records attendant
. thereto on all securities or photostats withdrawn for examination
or investigation; handles records and correspondence on validations
and reduction authorizations; investigates various discrepancies;
makes miscellaneous adjustments; compiles confidential memoranda
pertinent to securities under investigation by the Treasury and other
departmental investigating agencies, and prepares correspondence
relative to all classes of retired securities which have been the subject
of inquiry.' This division has received inquiries on more than 772,900
items since its inception March 1, 1920, including 81,899 for the
fiscal year ended June 30, 1925.
Division of interest coupons.—^Audits by dividend date all interest
coupons, whether redeemed or received for credit to fiscal agency
accounts; stamps all redeemed coupons with an identification mark
of bank and date paid; ^vithdraws and arranges in numerical sequence
registers in numerical registers, and files all coupons detached from
temporary Liberty loans and Victory notes; audits by dividend
dates, stamps, and files by settlement months, all coupons detached
from permanent Liberty bonds. Treasury notes. Treasury bonds,
certificates of indebtedness, and old loans; keeps detailed records of
all coupons received, audited, and filed by bank, loan, denomination,
and dividend date.
Division of numerical records.—Maintains numerical records of all
bearer securities retired representing the principal of the public debt,
except Treasury (war) savings securities. A record is made opposite
the appropriate serial number on the numerical ledgers of every Dond,
note, or certificate of indebtedness received. Tins record is coded
to show the agency from which the .security was received and the
transaction involved, such as redemption, exchange, conversion, etc.
Division of security files.—Receives all incoming securities from the
Federal reserve banks and the Division of Loans and Currency, and
delivers them to the auditing divisions; recieives all securities after
audit, both bearer and registered with the exception of interest
coupons, arid is responsible for their safe-keeping until withdrawn,
for destruction. Registered bonds and notes are arranged and filed
numerically according to loans and denominations and registered
Trea:sury (war) savings securities numerically by the year of issue,
while bearer securities of all classes are filed by lot number only.
Keeps appropriate records of securities received, delivered, and on
file.
INDUSTRIAL MEI)ICAL SERVICE
Visits are made by representatives of this service to the sick and
to the unexplained absent employees; advice is also given in regard
to medical attention. During the fiscal year ended June 30, 1924,
the total amount of sick leave taken by 1,130 employees was 8,692
643-
REGISTER OF T H E TREASURY
days, an average of 7.6 days per person; during the succeeding fiscal
year ended June 30, 1925, the total amount of sick leave taken by
807 employees was 5,722 days, an average of 7.09 days per person.
Comparison shows a reduction in the number of days used. During:
the fiscal year 1924, 80 per cent of the personnel used sick leave,,
and during the fiscal year 1925, 72 per cent used sick leave, showing a
reduction of 8 per cent in the latter period.
MEDICAL-RELIEF ROOM SERVICE
The medical-relief room service is maintained for first-aid care of
sick and injured employees in line of duty. The object is to promote
efficiency and to minimize interruption of office routine. In the
fiscal year 1924, with an average of 1,061 employees, the relief room
gave 8,485 first-aid treatments, while in the fiscal year 1925 therewere 5,579, of which .1,038 were to men and 4,541 were to women..
Of these 1,923 were surgical, 24 contagious contact cases, and 21
were compensation cases.
LIBRARY SERVICE
The library contains about 1,500 volumes of loan records, covering
the period from 1842 to date, and numerous closed ffle records of
official activities. The loan records are arranged and catalogued for
easy access in obtaining information relative to issue andxetirem^nt
of securities.
GENERAL CONDITION
The number of employees on the pay roU as of June 30,1925,
amounted to 669 or a reduction of 225 from the previous fiscal year.
Salary expenses amounted to $1,048,640.05 and expenditures covering rental, equipment, maintenance, supplies, etc., amounted to
$64,759.55, making a total of $1,113,399.60. Employees have contributed their best efforts at all times to the performance of their
tasks and have kept the work on a current basis. The following is a summary of securities received, examined, and
retired in the register's office during the fiscal year ended June 30,
1925:
Class of securities
Redeemed:
BearerUnited States securitiesPre-war loans
:
Liberty loans
--..
Treasury notes
.._
Certificates of indebtedness
Treasury (war) savings securities
Interest coupons
Securities not affecting public d e b t District of Columbia loans
District of Columbia interest coupons.
District of Columbia interest c h e c k s Total .
Pieces
9,761
103,605
290,189
79,086
3,817, 770.
46, 587, 776
Amount
137,240.00
105, 851, 650.00
1, 373, 391,800. 00
1,011, 454, 500.00
14, 175,366.37
681, 785,438. 36
582
1,417
171,750. 00
5,308.75^
33.38
50,890,189
3,195,972,986.86^
RegisteredUnited States securitiesPre-war loans.,
no, 471 ^ 4 9 , 931678.36
12, 960, 750.00
Liberty loans.
'.
...-._..
10,072
Certificates of indebtedness
79 1,146, 100,000.00
Treasury (war) savings securities2,030,195
46, 849,108.31
Interest checks (Liberty loans)
12
.38.28
' In adjustment of previous figmres a transfer from the redeemed to the canceled is made.
644
REPORT
O N TT-IE
FINANCES
Class of .securities
Pieces
Redeemed—Continued.
Rearer—Continued.
Registered—Continued.
Securities not affecting public debt—
district of Cqlumbia lortns
.-.
District of Columbia interest checks..
960
119
Total.
Amount
$3,332.000.00
61, 921.10
2,020, 966
Total redeemed.
Retired on account of exchanges for other securities, etc.:
Bearer-^'
United States securitiesPre-war loans
_
Liberty loans
:
Treasury bonds...
Treasury notes
Interim certificates (Liberty loans)
Certificates of indebtedness
- Treasury (war) savings securities
Interest coupons
_
Securities not affecting public debt-^
Insular possessions loansl
District of Columbia loans...
Total.
Registered—
• : United States securities—
Pre-war loans
: Liberty'Tftans.L
Treasury bonds
_
. Certificates of indebtedness
Treasury (war) savings securities..
Securities not affecting public d e b t Insular possessions loans
District of Columbia loans
Total..
_
Total retired accoiint exchanges, etc.
1,059, 369,139. 34
52, 911,155
4,255,342,126.20^
90, 645
3,492, 379
106, 886
731, 322
178
143, 923
271, 534
6, 734, 277
66, 388,190.00
1,187, 683,400.00
270, 524, 500.00
1,493, 257,100.00
16,600.00
836,146,000.00
1,355, 937.00
334,161,905. 76
1,164
82
1,164,000. 00
38, 750.00
11, 572, 390
4,190, 736, 382. 76
100, 625
419, 399
3,390
14
3, 643, 228
965, 602,895.88
345,392, 500.00
19,446, 700.00
No value.
327,443, 225.00
4,803
1,873
8,079,000.00
6,009,000.00
4,173, 332
1,671,973,320.88
15,745,722
5,862, 709, 703. 64
100,406
3,595, 984
106,886
1,021, 511
178
223,009
4,089,304
53,322; 053
75, 525,430.00
1,293,534,950.00
RECAPITULATION
Bearer:
United States securitiesPre-war loans
_
. Liberty loans
. Treasury bonds
^
' Treasury notes
..Interim-certificates (Liberty loans)....
Certificates of indebtedness. 1
Treasury (war) savings securities
Interest coupons
SecuritiCvS not affecting public d e b t Insular possessions loans
District of Columbia loans
District of Columbia interest coupons.
District of Columbia interest checks..
Total
Registered:
United States securities—
Pre-war loans
Liberty loans
J
Treasury bonds
Certificates of in debtedness
—
Treasury (war) savings securities
Interest checks (Liberty loans)
Securitie.s not affecting public d e b t Insular possessions loans
District.of Columbia loans
District of Columbia interest checks..
270, 624, 600.00
2,866,648,900.00
16,600.00
1,847,600,500.00
15,531,303.37
1,015,947,344.12
1,164
664
1,417
3
1,164,000.00
210,600.00
5.308.76K
33.38
62,462,579
7,386,709,369. 62M
80,164
429,471
8,079,000.00
9,341,000.00
61,921.10
2,731,342,460.22
68,656,877
Grand total
4,803
2,833
119
6,194,298
TotaL....
12
815,668,217. 53
358,353,250.00
19,446,700.00
1,146,100,000.00
374,292,333.31
38.28
10,118,051,829.84^
.3,390
93
6,673,423
Respectfully,
H A R L E Y V.
SPEELMAN,
Register of the Treasury.
Hon.
A.
W.
MELLON,
Secretary of the Treasury,
STATISTICAL SECTION
N o . 1.—Interest-bearing
debt of,fh^,. United States and debt on lohich inif/resi has
ceased, J u n e 30, 1925
Amount issued
Interest rate
T i t l e of loan
Amovmt retired
Amount out. standing
INTEREST-BEARING DEBT
P r e w a r loans:
Consols of 1930
P a n a m a Canal l o a n Series of 1906-1936
Series of 1908-1938
Series of 1911-1961
Conversion b o n d s Series of 1916-1946
Series of 1917-1947
. Postal, savings b o n d s —
' l^'irst series
._ . . .
Second series
T h i r d series
F o u r t h series
Fifth series
Sixth series
Seventh series
E i g h t h series
. . _
N i n t h series
T e n t h series
Eleventh series...
Twelfth series
T h i r t e e n t h series.
F o u r t e e n t h series
Fifteenth series _
Sixteenth series
S e v e n t e e n t h series
E i g h t e e n t h series
N i n e t e e n t h series
T w e n t i e t h series
Twenty-first series
..
T w e n t y - s e c o n d series
T w e n t y - t h i r d series
T w e n t y - f o u r t h series
Twenty-fifth series
Tweiify-si^th s e r i e s . . _•::..
T w e n t y - s e v e n t h series
T w e n t y - e i g h t h series. . -
Per cent
2
$646,250,150.00"
$46, 526, ] 00. 00
'$699,724,060.00
2
2
3
54,631,980. 00
30,000, 000. 00
50, 000, 000. 00
5, 677,800. 00
4,052,600. 00
200, 000. 00
48,964,180. 00
26,947,400. 00
49,800,000. 00
^
j
3
3
15, 761,000. 00
13, 133, 500. 00
2)4
2Vi
2H
2yi
^...
2H
2H
. .-.
2yi
1
:-."
2K
Wi
2H
2H
2K
2H
2K
2H
2H
2H
2H
-
-
21^
_.
2H
2H.
2H
W2
2yi
•2m
2% .
2M
..
.
.
Total-L i b e r t y loans:
F i r s t ; 1932-1947
3M
4
First, converted, 1932-1947
i}4
First, converted, 1932-1947
First, second, converted 1932- 4 i |
1947.
Second, 1927-1942..
4
' Second, converted, 1927-1942. _ 4K
-A}4
T h i r d , 1928
F o u r t h , 1933-1938
4K
Total J
Total--
41,900.00
417,380.00
854,860. 00
1,074,980. 00
1,116,880. 00
1,129,820.00
872,240.00
933, 540. 00
865,500. 00
938,000.00
. 906,700.00
887,960.00
718,800. 00
302,140. 00
198,180. 00
91,080/00
103,140. 00
86, 260. 00
72,800. 00
106,080.00
55, 780. 00
56,'420:'00
20, 560. 00
9, 200. 00
X7., 700. 00
- i " : ].$;'860..oo
•9,320. 00
92,800. 00
41,900.00
417,380.00
864,860.00
1,074,98a 00
1,116,830.00
1,129,820.00
872, 240. 00
...933,640.00
,865,600.00
936,000.00
.906,700.00
887,960. 00
718,800.00
302,140.00
198,180. 00
. 91,08a 00
103,14a 00
86,26a 00
821, 772, 510. 00
1,515,538,300.00
568,318, 450. 00
555,125, 600. 00
3,492,150. 00
•
.
..
.
.,
,
•
.
-
-
.
-
:. .72,8oaoo
106,.08a 00
• .56, 78a 00
. ,56, .420.. 00
.20,. 56a 00
9,2oaoo
17,.70a.QO
. vJ6,f86a00
'•'.'-9,32a 00
.: • . 92,.80a00
'- ---.56,456,500.00'
105,542,350.00
563, 075,100. 00
22,337,400.00
: • 766,316,,0ia00
1,409, 995,95a 00
5,243, 36a 00
532, 788, 20a 00
3,492.16a 00
434:
4
' 3,807, 865,000. 00
3, 707,691, 950. 00
4,175, 650, 050. 00
6,964, 581,100. 00
21,091, 600. 00
3, 786, 773,400. 00
624, 224, 800. 00 ,3, 083,467,15a 00
1, 290,272, 700. 00 ' 2,886,377,36a 00
6,324,481, 20a 00
640, 099, 900. 00
21,298, 262, 600. 00
.---
Treasury bonds:
Series, 1947-1952
Series, 1944-] 954
-- -
1.5, 761, 000. 00
13,133,600.00
7,032,325, 650. 00
14, 266,936,96a 00
763,962, 300. 00
1,047, 088, 500. 00
14, 000. 00:
. 763,948,300.00
1,047,088, 60a 00
1,811,050,800.00
K 000. 00
1,811,036,-800.00
1 Figures on issues and retirements include securities issued and retired on conversion accounts.
• '• '
645'.
646
REPORT
O N THE,
FINANCES
N o . 1.—Interest-bearing debt of the United States and debt on which interest has
ceased,'June 30, 1925—Continued
Title of loan
Interest rate
Amount issued
Amount retired
Amount outstanding
INTEREST-BEARING DEBT—Coutd.
Per cent
T r e a s u r y notes:
Series B , 1925
Series A,.1926
S e r i e s B , 1926".
vSeries A , 1927
Series B.. 1927
Adjusted service series^
m—
4H-4^..4
2, 525, 034, 000. 00
•Total.
Certificates of i n d e b t e d n e s s :
Sept. 15, 1924, series T S - 1 9 2 5 . .
M a r . 16, 1925, series T D - 1 9 2 5 . .
J u n e 15, 1925, series T J - 1 9 2 6 - .
Adjusted service series
$335,141, 30a 00
617, 769, 70a 00
486, 940,100. 00
366,981,50a00
668, 201,400. 00
60, 000, OOa 00
2%.
3...
3...
4...
Total.
T r e a s u r y (war) savings securities 2.
T o t a l interest-bearing d e b t . .
$35,481,400. 00
2,091,80a 00
72, 017,80a 00
ll,'201,60a00
$299,659,90a 00
615, 677,90a 00
"414,922,30a 00
355,779,90a 00
668, 201,400. 00
50, 000, OOa 00
120, 792, 600. 00 2,404, 241, 400.00
391, 369, 50a 00
219, 462, 000. 00
124, 247, OOa 00
50, 000, 000. 00
161, 793, 500. 00
40, 000, 000. 00
785, 078, 50a 00
206, 393, 500. 00
678, 685, ooa 00
481, 318,174.81
95, 628, 083. 46
385, 690, 091. 35
4,600, ooa 00
229, 576, ooa 00
179, 462, ooa 00
124, 247, ooa 00
45, 400, 000. 00
27, 722, 516. 584. 81 7. 511, 6ia 333. 46 20, 210,906, 251. 35
DEBT ON.WHICH- INTEREST HAS
CEASED
Pre-war loans:
• : Stock of 1790
.'^ . Deferred stock of 1790
-. :.Stock of 1790-Navy stock..'.
L o a n of 1800...
Sixteen million loan of 1813...
Ten.:million loan of 1814
• 'Mississippi stock
None.
7
• Stock of 1 8 1 5 . . . .
T r e a s u r y note stock of 1815
^ o f l•to•6uT r e a s u r y notes prior to 184.6.
lV of 1 to b %
• ^Treasury notes of 1846
5% a n d 6 . . . T r e a s u r y notes of 1847
3to6
. . T r e a s u r y notes of 1857
.' B o u n t y l a n d s c r i p t . . .
• . Mexican i n d e m n i t y s t o c k . . .
: L o a n of 1847
•: T e x a n i n d e m n i t y stock
•.-Loan of 1858.:
. . . L o a n of F e b r u a r y , 1861
' . T r e a s u r y notes of 1S61
;•" Oregon war d e b t
L o a n of J u l y a n d ' A u g u s t , 1861.
, L o a n o f J u l y a n d A u g u s t , 1861, 3M.
continued.
. S e v e n - t h i r t i e s of 1861
7A....
Five-twenties of 1862
6
T e m p o r a r y loan of F e b r u a r y , 4, .5, 6 .
1862.
Certificates of i n d e b t e d n e s s ,
. : .. 1862-1863.
•Loanof 1863...::
•..
• Loan of 1863, continued
..One-year n o t e of 1863
6...
Two-year notes of 1863
,
-Compound interest n o t e s . . : . 6 . . .
Ten-forties of 1864.^
: 5...
Five-twenties of 1864
6...
• Seven-thirties of 1864-1866
Five-twenties of 1865.
6...
Consols of 1 8 6 5 . . . : . . .
Consols of 1867
Consols of 1868
Certificates, acts of M a r . 2,
1867, a n d J u l y 25, 1868.
F u n d e d loan of 1 8 8 1 . . .
1 5.,...
F u n d e d "'.loan of 1881, con- 3Mtinued.
30, 088,397. 75
14, 649,328. 76
19, 719,237. 39
. 711,
70a 00
1,481, 700. 00
18,109, 377. 43
9, 919,476. 25
4, 282,036. 92
9, 070,386. 00
352.18
1, 605,
47, 002,900. 00
800. 00
7, 687,
26,122, lOa 00
52, 778,poa 00
233, 075. 00
303, 573. 92
28, 230.35a 00
5, ooo; 000. 00
20, ooa000. 00
18, 415,000. 00
35, 364,45a 00
1. 090,
86a 00
189, 321,350. 00
127, 597,200. 00
30, 06a 627. 98
14, 635,393. 86
19, 705,284. 26
711, 600. 00
1,481, 200. 00
18,109, 331. 04
187. 27
9, 919,
4, 281,19a 14
9, 07a353. 48
284.65.
1, 505,
46, 920,484. 65
900. 00
7, 681,
26.121, 15a 00
52; 778,200. 00
230, 175. 00
302, 469. 01
28, 229,40a 00
4,981, ooa 00
19,998, ooa 00
18, 4ia ooa 00
35, 362,150.00
1, 088,
600. 00
189, 306,3oa 00
127, 596,.6oa 00
27,869. 77
13, 934. 90
13, 953.13
lOa 00
50a 00
46.39
288. 98
846. 78
32.52
67.53
82,415. 35
5, 900. 00
95a 00
70a 00
2,90a 00
1,104. 91
950. 00
19, OCO. 00
2,000. 00
' 5 , ooa 00
2,300. 00
2, 250. 00
15, 05a 00
600.00
139, 999, 750. 00
514, 771, 60a 00
716, 099, 247.16
139, 990,450. 00
514,666, 35a 00
716, 096, 397. 16
9, 30a 00
105, 25a 00
2,850. 00
561, 753, 241. 65
561, 750, 241. 65
75, 000, ooa 00
50,457, 950. 00
44, 520, ooa 00
166,480, 000. 00
266, 595, 440. 00
196,118, 3oa 00
125, 561, 300. 00
829, 992, 5oa 00
203, 327, 250. 00
332,998, 950. 00
379, 618, 000. 00
42, 539, 930. 00
85,155, 000. 00
74, 996, 900.
50,457, 850.
44,489, 93a
166, 453, 30a
266, 438, 24a
196,099, 950.
125, 547, 350.
829,872, 500.
203, 307, 400.
332, 943, 600.
379, 533, 96a
42, 536, 13a
85,150, 000.
00
00
00
00
00
00
00
00
00
00
00
00
00
3,10a 00
10a 00
30, 070. 00
26, 700. 00
157, 20a 00
18, 35a 00
13,95a 00
120, ooa 00
19,85a 00
55, 350,00
84, 050. 00
3,800. 00
5, 000. 00
517,.994, IsaOO
401, 504, 900. 00
517, 971, 75a 00
401, 504,850. 00
22, 40a 00
3, ooa 00
saoo
3 Total retirements include redemptions,-the payment of which is charged to the principal of the public
debt and not such redemptions as are charged as interest payments. Matured 1918; 1919 and 1920 series
outstanding is charged as outstanding interest on the public debt and is not shown in the above tabulation, which covers outstanding principal only.
647
REGISTER OF THE TREASURY
No. 1.—Interest-bearing debt of the United States and debt on which interest has
ceased, June 30, 1925—Continued
Title of loan
Interest rate
Amount issued
A m o u n t retired
A m o u n t outstanding
DEBT ON WHICH INTEREST HAS
CEASED—continued
Pre-war l o a n s — C o n t i n u e d .
L o a n of J u l y 12, 1882 _
F u n d e d loan of 1891
F u n d e d loan of 1891, continued.'
L o a n of 1904
F u n d e d loan of 1907 3
Refunding,certificates of 1879..
L o a n of 1908-1918L o a n of 1925
3
Per cent
.*....
5
4
4
3
4
99, 986, 950
74a 579, 350
. 40, 003,, 220
198, 547, 840
160, 876, 650
100, 000, 000 00
74a 938,100 G
O
40, 012, 750 00
:...198. 792, 660 00
. . . 1 . 162, 315, 400 00
..•
00
00
00
00.
00
$200. 00
18,80a G
O
1, 000. 00
13,0.5a 00
358, 750. 00
9, 530. 00
244, 820. 00
1,438, 75a 00
8,142, 224,410 41
Total
T r e a s u r y notes:
Series A, 1924
P ' Series B , 1924
f
Series A, 1925
Series C, 1925
..
4, 321,'128,400 G
O
1, 097, 211, 550 00
6, 728,400. 00
40, 300. 00
5,418, 339, 950 00
6, 768,70a 00
311,191, 600 00
390, 706,100 G
O
601, 599, 500 00
469, 213, 200 00
310,836, 300 00
390, 274,100 G
O
599, 651, 200 00
452,150,100 00
355, 30a 00
432, GOD. 00
1,948, 300. 00
17, 063,100. 00
1, 772, 7 i a 400 00
1, 752, 911, 70a G
O
19, 798, 70a 00
b%
5H
43^
4H
,
2, 964j 030. 26
5,425,108,650 00
A%
3M
8,139, 260, 380 15
4, 327, 856, 800 00
1, 097, 251, 850 00
Total
L i b e r t y loans:
Victory, 1922-23
Victory, 1922-23
. Total
$305, 581, 050 00
249,981,200 00
25,411, 200 00
$305, 581, 250 00
250, GOO, 000 00
25,412, 200 00
4H
2
.-
Certificates of i n d e b t e d n e s s :
M a r . 20, 1918
, 4 H .-.4H...:
J u n e 25, 1918, series 4-A
J u l y 9, 1918, series 4 - B
4H
J u l y 23,1918, series 4 - C
4H
4H
A u g . 6^ 1918, series 4 - D
4...
-.
A u g . 20, 1918, series T .
S e p t . 15, 1919, series T-10
4^2
D e c . 15, 1919, series T J - 1 9 2 0 . . . ^Yi
J a n . 2, 1920, series TD-1920- . . 4M
-.....M a r . 15,1920, series T M - 1 9 2 1 . . 434
A p r . 15, 1920, series G-1920
5M
J u n e 15, 1920, series T J - 1 9 2 1 . . . 6
J u l y 15, 1920, series T M 2 - 1 9 2 1 . 5M
A u g . 16, 1920, series C - 1 9 2 1 . . . . 6
S e p t . 15, 1920, series T S - 1 9 2 1 . . 6D e c . 15, 1920, series T D - 1 9 2 1 . . • 6 . .
J a n . 15, 1921, series E-1921
5H
J a n . 15, 1921, series F-1921
5M
F e b . 15, 1921, series G-1921 . . 5 ^
M a r . 15,1921, series TS-2-1921 6 H
M"ar."l5,1921, -series T M - 1 9 2 2 . . 6 ^ . . . • . - .
A p r . 15, 1921, series H-1921
\ bYi
M a y 16, 1921, series A-1922
53^
J u n e 15, 1921, series TJ-1922 . by2
A u g . 1, 1921, series T M 2 - 1 9 2 2 . . 5M
Aug. 1, 1921, series B-1922 .... bYi ._
S e p t . 15, 1921,' series T S - 1 9 2 2 . . 5 1 ^
.'
N o v . 1, 1921, series TS2-1922.. 4J^
D e c . 15, 1921, series T D - 1 9 2 2 . . 43^
M a r . 15,1922, series T M - 1 9 2 3
4M
J u n e 15, 1922, series T J - 1 9 2 3 . - . 3 ^
Sept. 15, 1922, series TS~1923.. 3M
D e c . 15, 1922, series T D - 1 9 2 3 . . 4
Mar.. 15,1923, series T M - 1 9 2 4 . . 4 H
J u n e 15,1923, series T D - 2 - 1 9 2 3 - 4
Sept. 15, 1923, series T M - 2 - 43^ •-.•...
1924.
D e c . 15, 1923, series T J - 1 9 2 4 . . . 4
Dec. 15, 1923, series T D - 1 9 2 4 . . 4 ^ . . . ,
1
M a r . 15,1924, series T M - 1 9 2 5 - . 4
J u n e 16, 1924, series TD-2-1924 23^
543, 032, 500 G
O
839,646, 500 00
753; 938, 000. G
O
584, 750, 500. 00
575,706, 50a G
O
157, 552, 50a 00
657,469, ooa 00
728,130, 000. G
O
703, 026, 000. 00
201, 370, 500. 00
17a633,5Ga00
242, 517, GOO. 00
74, 278, 000. G
O
157, 654, 500. G
O
341, 969, 50a 00
401, 557, 5Ga G
O
118,660, ooa 00
192, 026, 500. 00
132, 886, 500. 00
193, 302, GGG. 00
288, 601, 000. 00
190, 511, 500. G
O
256,170, GGG. G
O
314,184, ooa 00
116,891, ooa 00
259,471, 50a 00
182,871,000. G
O
179, 691, 50a 00
243, 544,000. 00
266, 250, 000. 00
,273, 000, 000. 00
227,000, 000. 00
197,233, 500. 00
321,196, ooa G 1
O
189,833, 500. G
O
249, 750, 500. 00
543,032, 000 00
839, 646, 000 00
753,937, 000 00
584, 75a 000 00
575. 703, 000 00
157, 532, 000 00
657,458, 000 00
728,127, 000 00
703, 023, 500 G
O
201, 37a 000 00
170,632, 600 00
242, 512, 500 00
74, 271, 500 G
O
157,644, 000 00
341,959, 500 00
401, 55a 000 00
118, 668, 500 00
192, 021, 000. 00
132, 883. 500. G
O
193, 301, 60a 00
288,494, 500. 00
190, 510, 000 00
256,164, 500 G
O
314,176, 500 00
116,883, ooa G
O
259,461, 500. G
O
182, 860, 000. 00
179, 682, 500. 00
243, 532, ooa 00
266, 243, 500. G
O
272.997, 000. 00
226.998, 000. 00
197, 219, ooa 00
321,120, 000. G
O
189,831, 500. G
O
249,727, 60a 00
135,128, 50a 00
214,149. 000. 00
400. 299, GGG. 00
193,065, 50a 00
135,126, 000. G
O
214, 045, 500. 00
399, 99a 000. 00
193, 061, 500. 00
500. 00
500. 00
1, 000. 00
500. 00
3, 500. 00
20, 5oaoo
11, ooa 00
3, 000. 00
2, 50a 00
500. 00
1, ooa 00
4,5oa do
6,'500. 00
10, 500. 00
10, 000. 00
7,5oaoo
1, 500. 00
5, 500. G
O
3,000.00
1, ooa 00
6, 500.00
1,500.00
5, 500. G
O
7, 500. 00
8, 000. 00
10,000. 00
11, ooa 00
9,000. 00
12, ooa 00
• 6,500.00
3, ooa 00
2, 000.00
14, 500. 00
76,000. 00
2,000. 00
23, 000. 00
2, 500. 00
103, 500. 00
309, 000. 00
4,000. 00
Total..
12,468,848, OOa 00 12, 468,136, 500. 00
711, 50a 00
Total debt on'' which' interest has ceased.
27,808,891, 460. 41 27,778, 648, 53a 15
30, 242, 930. 26
Grand total .&
65, 531,408, 045. 22 |35,290, 258,863. 61
20, 241,149,181. 61
«Issues and retirements corrected in adjustment of previous figures.
No. 2.- -United States bonds, notes, and certiflcdtes of indebtedness, in bearer form, redeemed, canceled, and retired during the fiscal year ended
June 30, 1925, grouped according to'accounts credited
Interest
rate
T i t l e of loan
:NTEREST-BEAEING SECURITIES
.
P r e - w a r loans: L o a n of 1925
L i b e r t y loans:
F i r s t , 1932-1947
F i r s t , c o n v e r t e d , 1932-1947, p e r m a nent
.
Second, c o n v e r t e d , 1927-1942, permanent
T h i r d , 1928, t e m p o r a r y
T h i r d , 1928, p e r m a n e n t .
....:
P'ourth, 1933-1938, t e m p o r a r y
F o u r t h , 1933-1938, p e r m a n e n t
:
Received
for
Federal
estate
taxes
foreign
governments
Exchanges
for
At maturity
Treasury
or call 2
bonds
Pieces
Forfeitures 1
•
$5,948,850
4K
2, 050
$5, 948,850
3, 050
8
2, 050
O
28,400
50
7, 650 $81,352,900
150
13,150
278
1
42,147
3
39
28,400
50
99, 856, 050
150
14,200
O
12a 000
2,550
54, 500! 81, 352," 900
42, 487
99, 903,950
i
276, 888, 300 . 82,309
220, 648, 700 86, 439
3
301, 033, 500 109, 624
377, 249,100
595, 377, 600
30, 000
388, 967, 900
' 274 551,400
7Q.S h l ( \ .F^nCi
-.••
1,050
5^
.
i
$100, 000, 000 $162, 200
100, 000, 000
$208, 600
177,500
4M
43/2
274. 551, 400
3 a 000
87, 934,400
Total
_
7. 430
$120, 000
$1,500
43^
Amount
11
$3,050
4M
4K
4M $18, 374, 000
4M
4M
00
Total
3M
18, 374, 000
..
Net
earnReceived
ings
in p a y m e n t R e d e m p of interest tions from Federal D o n a b y foreign
sinking
tions
interfund
governmediate
ments
credit
banks
Perci.
4
Total
T r e a s u r y notes:
S e p t . 15, 1921, series B-1924
F e b . 1, 1922, series A-1S25
M a r . 15, 1922, scries A-1926
D e c . 15, 1922, series C-1925
Purchases
from
sinking
fund
Received
in p a y m.ent of
principal
287, 934,400 152, 200
386,100
3 a 000
278, 375 1, 361, 624, 600
O
Ul
Certificates of i n d e b t e d n e s s :
D e c . 15, 1923, series TD-1924
M a r . 15, 1924, SPries T M - 1 9 2 5 . .
J u n e 16, 1924, series TD2-1924
S e p t . 15, 1924, series T S - i 9 2 5 . . . . : . .
M a r . 16, 1925, series TD-1925
695, 000
4H
k
$2,075,000
3
Total
22, 823, 000 135, 970, 500
T o t a l interest-bearing s e c u r i t i e s . .
•
1. 689. 000
5, 041, 000
20, .439; 000 128,854,500
18,374,000
-
2,550 23, 209,100 135,97a 500 287,9.34,400 152, 200 150, 000
'::
j
164, 594, 500
r:":::'""'
! 164, 594,500
211, 275, 500
235, 395, 500
186, 331, 500
12,500,000
40, 000; 000
25, 709
36, 590
l a 996
3,795
409
214, 045, 600
399, 990, 000
193, 061, 500
161, 793, 500
40, 000, 000
685, 502, 500 . 77,499 1,008,890, 500
54, 500i 520, 498, 800 1,490,021,850 405, 791 2, 476, 367, 900
NONINTEREST-BEARING SECURITIES
P r e - w a r loans:
. .
One-year n o t e s of 1863
C o m p o u n d - i n t e r e s t notes
FRASERn d e d loan of 1907
Fu
Digitized for
' .
4
30
220
100
2
6
1
30
220
100
Tc^tal
o
g
3
4
•
L i b e r t y loans:
Victory, 1922-1923
Victory, 1922-1923
SO
10,960
8
67
80
10, 860
. 117390
74
11,390
3,800
6,857, 4o0
86, 350
61, 058
60
5,861, 260
86, 350
3,800
5, 943,800
61,118
5,947, 600
11, 767, 200
11,814
11, 767,200
2,000
5, 000
1,000
2,000
4,500
600
500
2, 500
2,600
1,500
1,000
18,500
1,000
1,500
9,500
6,600
2,000
2,000
4,500
5, 500
26,500
2,500
63,000
12,000
82,500
845,000
4,000
482,000
974, 500
2
1
1
2
5
1
1
3
5
3
1
10
2
3
10
8
4
3
7
6
9
3
29
17
42
645
4
260
600
2,000
. 6,000
1,000
2,000
4,500
500
500
2, 600
2,500
1,500
1,000
18,500
1,000
1,600
9, 600
5,600
2,000
2,000
4,600
5,600
25, 600
2,600
63,000
12,000
82, 500
845,000
4,000
482,000
974, 500
2,564,000
1,687
2,564,000
20,286,390
74,593
2 a 290,190
4
3
Reftmding certificates
Loiaii of 190&-1918
•
,
,
.
..._
4^
3M
Total
•
M T r e a s u r y notes: J u n e 15, 1921, series
<^
A-1924
.
5H
•^ Certificates of i n d e b t e d n e s s :
4
-^
J a n . 2, 1918
. .
1
J u l y 23, 1918 series 4-'c
43^
A u g . 20, 1918, serins T
. 4
J.
J u l y 15 1919, series T - 8
4H
to
J a n . 2, 1920, series TD-1920 . .
434
M a r . 15, 1920,series TM-19'2l
..
4M
M a v 17, 1920, series H-1920
..
53/2
A u g . 16, 1920, series C-1921
6
Sept. 15, 1920. series TS-1921 . .
6
Oct. 16, 192a series TM4-1921
N o v . 15, 1920, series D-1921
D e c . 16, 1920, series TD-1921
J a n . 15, 1921, series F-1921 .
5^
M a r . 15, 1921, series T M - 1 9 2 2
5M
M a y 16, 1921, series A-1922.
53^
J u n e 15, 1921, series T J - 1 9 2 2 .
53^
A u g . 1,1921, series B-1922
S e p t . 15, 1921, series TS-1922
N o v . 1, 1921, series TS2-1922
D e c . 15, 1921, series T D - 1 9 2 2 . . .
M a r . 15, 1922, series T M - 1 9 2 3 . . . . . .
J u n e 15,1922, series TJ-1923
S e p t . 16, 1922, .series TS-1923
4
D e c . 16, 1922, series T D - 1 9 2 3 . . .
M a r . 15,1923, series TS2-1923
4M
M a r . 15, 1923, series T M - 1 9 2 4 . .
43^
4
J u n e 16, 1923, series TD2-1923
Sept. 16, 1923, series T M 2 - 1 9 2 4 .
4K
D e c . 15,1923, series TJ-1924
4
....
P
in
ti
.
•
•
Total
•
T o t a l noninterest-bearing
curities
G r a n d total
.
se18,374,000
'
1 Includes returns from miscellaneous sources.
3,800
2,550! 23.209.100 135,970, 500 287,934,400 "152,200 150,000
Q
I
h-l
w
o
Ul
58,300 620,498,800'1. 5 i a 308.240 480,384 2,496, 658,090
C5.
'Includes claim, mutilation, and optional redemptions.
CO
N o . 3 . — United States bonds, notes, and certificates of indebtedness, in bearer form, redeemed, canceled, and retired during the fiscal year ended
J u n e SO, 1925, showing loans, denominations, pieces, and total amount
^
.
•
Interest
rate
T i t l e of loans
$10
INTEREST-BEARING
$100
$500
291
434
4M
4M
43^
4>€
1,003
604
1
1
208
1
7,387
3
14
4
3M
5
5
45
5
1
23
$10,000
$ioaooo
1
2
7, 737
3,310
14, 728
Pieces
Amount
1, 504
10
5
10
7,802
3,344
14, 741
1, .504
7,481
15, 201
12, 387
37, 209
38,153
7. 538
9,003
3,050
2,050
28,400
50
99, 856,050
150
14, 200
n
42, 487
7,481
$5, 948, 850
11
. 8
278
1
42,147
3
39
99, 903, 950
o
377, 249,100
595, 37'7, 600
30, 000
388, 967, 900
43^
1
29, 089
1
Certificates of i n d e b t e d n e s s :
Dec. 15, 1923, series TD-1924
M a r 15 1924 series T M - 1 9 2 5
J u n e 16, 1924, series TD-2-1924
Sept. 15, 1924, series TS-1925
M a r . 16, 1925, series TD-1925
19,224
43, 427
S, 334
2,066
82, 309
80,439
3
109, 624
46,812
118, 789
22. 935
35, 214
7,479
278, 375
O
1, 361, 624, 600
3,623
4,108
475
23
..
'
:. 1.....
11, 030
14. 696
3
9,485
47, 146
•
53^
Total.-
ia829
14, 541
3, 314
887
- 3. 851
.\ 013
1.640
231
•6,205.
ia383^
4,171
1,174
10
1, 201
2,545
1,396
1,:480
399
25, 709
36, 590
10, 996
3,795
409
214,045, 500
399, 990, 000
193, 061, 600
161, 793, 500
40, 000, 000
'
4K
4
2H
2H
3
1,835
3,579
' 8, 229
Total
T o t a l interest-bearing securities
Pre-war loans:
One-year notes of 1863..
C o m p o u n d interest n o t e s .
F u n d e d loan of 1907...
7,430
H
notes:
15, 1921, series B-1924
1, 1922, series A-1925
15 1922 series A-1926
15, 1922, series C-1925
NONINTEREST-BEARING
5,532
9,496
8,561
7,615
Total
$5,000
$1,000
SECURITIES
P r e - w a r loans: L o a n of 1925
L i b e r t y loans:
F n s t , 1932-1947
• F i r s t , converted, 1932-1947, p e r m a n e n t
Second, converted, 1927-1942, p e r m a n e n t
T h i r d 1928 t e m o o r a r v
T h i r d , 1928, p e r m a n e n t
F o u r t h 1933-1938 t e m o o r a r v
F o u r t h , 1933-1938, p e r m a n e n t
Treasury
Sept
Feb.
Mar
Dec.
Total
D e n o m i n a t i o n s b y n u m b e r of pieces
$50
$20
p^
§
7,906
55, 951
29, 571
ia735
21, 943
7, 021
77, 499
1, 008, 890, 500
58, 989
168, 633
35,174
64, 638
14, 500
405, 791
2,476,367,900
2
6
1
•30
220
10b
SECURITIES
5
.....
•
•6
4
1
1
"4
1
a
Refunding certificates
L o a n of 1908-1918.
1
!
!
4
1
9
13
3
19,483
16
1, 384
2
1, 019
18
19, 499
1, 386
1, 037
22
20
2,957
1 ^
^
.
Certificates of i n d e b t e d n e s s :
J a n . 2, 1918
J u l y 23, 1918, series 4-c
A u g . 20, 1918, series T
_
J u l y 15, 1919, series T - 8 . . .
J a n . 2, 1920, series T D - 1 9 2 0 . . . .
M a r . 15, 1920, series T M - 1 9 2 1
M a y 17, 1920, Series H-1920
•
A u g . 16, 1920, series C-1921. "
Sept. 15, 192a series TS-1921
Oct. 15, 1920, series T M - 4 - 1 9 2 1
N o v . 15, 1920, series D-1921
D e c . 15, 1920, series T D - 1 9 2 1
J a n . 15, 1921, series F - 1 9 2 1 . . .
M a r . 15, 1921, series T M - 1 9 2 2
M a y 16, 1921, series A-1922
J u n e 15, 1921, series TJ-l.922
. \ u g . 1, 1921, series B - 1 9 2 2 . .
b j p t . 15, 1921, series TS-1922
N o v . 1, 1921, series TS-2-1922
D e c . 15,1921, series T D - 1 9 2 2
M a r . 15, 1922, series T M - 1 9 2 3
J u n e 15, 1922, series TJ-1923
Sept. 15, 1922, series TS-1923
D e c . 15, 1922, series T D - 1 9 2 3
M a r . 15, 1923, series TS-2-1923
M a r . 15, 1923, series T M - 1 9 2 4
J u n e 15, 1923, series TD-2-1923 . . . .
Sept. 15, 1923, series TM-2-1924
D e c . 15, 1923, series TJ-1924 . .
2, 973
• 5,145
528
210
AM
j
1
1
11
5
3
P
5M
0
..
_
:
.-.
5
4
2
5
r
m
3
1
22
10
27
274'
43^
4^
3M
m
4 -I
iY2\
• 4
=
-
4 -"' 1
"
70
165 •
•
m
T o t a l noninterest-bearing securities
1
8
•i
•
m
.<..
!
.
_.
,
1 1
1
.
9
3
1
2
6
4
2
2
7
9
323
4
152
252
5
6
10
17
38
21
45
608. 11 •
11
•
34
39,158 1
22, 465
34
47,064 1
78, 416
795
93
90
4,980.
6, 980
643
175,613
35,817
64,958 '
1
61.118
5, 947, 600
11,814
11, 767, 200
2,000
5,000
1, 000
2, 000
4, 500
500
500
2, 500
2, 500
1,500
1,000
18, 500
1,000
1,500
9, 500
5,500
2, 000
2,000
4, 500
5,500
25, 500
2, 500
63,000
12, 000
82, 500
845, 000
4,000
482, 000"
974, 500
3
29
17
42
645
4
*260
500
• '1 i
1, 587
2, 564, 000
2 1
74,593
20, 290,190
14.502 i 48a 384
2, 496, 658, 090
320 i
63, 969
5, 861 250
86, 350
I
2
37
11, 390
2
1
1
2
5
1
1
3
5
3
1
10
2
3
10
8
4
3
.
2
1
2
3
i
.!....
u 1
1
.6
1
16
4
1
2
4
4^
. .
17
5
2
4 •.
43^
.
Total.
3
13
39,154
' 11
T r e a s u r y notes: J u n e 15, 1921, series A-1924
G r a n d total
1
8
39,139
15
Total-.
Total-
33
80
10, 960
61, 058
60
•
1
L i b e r t y loans:
V i c t o r y , 1922-23
Do
8
.57
74
8
4
'
Q
1—(
w
o
m
d
No. 4.— United States bonds, notes, and certificates of indebtedness, in registered form, redeemed, canceled, and retired during the fiscal year ended
June 30, 1925, grouped according to,accounts credited
Titleoflo&n
'-
E
Interest • forx c h a n g e s : Received for
.Treasury^. ..Federal .
•
:.
• • fate
bonds
estate taxes
^
^
Total'
At maturityor
calP
Pieces
Amount
INTEREST-BEARING SECURITIES
Pre-war loans: Loan of 1925
Liberty loans: Third, 1928..
.
:
Certificates of indebtedness:
Short-term special
Adjusted" service series
•Total
.
..:.....
... .
-....::..
.....:
Total interest-bearing securities.. . . . . . . :
"
:.. ...
--•..-.:
.:....:
Per cent
4
4M
$111,102,300
11,966,500
1,141,50a000
4, 600,000
33
46
79
1,141,50a 000
4, 600, 000
25,025
1, 269,168, 800
9
6a
59
1 250
11, 280
12, 530
974,050
20, 200
'
:.:..
19,200
5,746
4,320
6
974, 050
2a 200
$45, 000
' 2
4
•
:.
:
$111,102,300
$11,921,500
1,146,100,000
11, 921, 500
45,000
1, 257, 202, 300
1,146,100,000
NONINTEREST-BEARING SECURITIES
o
w
H
O
•
W
Pre-war loans:
Funded loan of 1907
Loan of 1908-1918
:..:. .
Total
.
•... ..1
Liberty loans:
Victory, 1922-23
Do
-
Total
-
1,250
11,280
4
3
: .
43/^
3M
.:.-
.
.
-
994, 250
....
.1
' Includes claim, mutilation and optional redemptions.
^
...•
11,921,500
45,000
4,326
994, 250
1, 006, 780
Total noninterest-bearing securities. • Grand total
12, 530
4,385
1, 006, 780
1, 258, 209, 080
29, 410
1,270,175,580
o
w
No. 5.—United States bonds, notes, and certificates of indebtedness, in registered form, redeemed, canceled, and retired during the fiscal year
ended June 30, 1925, showing loans, denominations, pieces, and total amount
INTfiREST-BEARINQ
SECURITIES
Pre-war loans: Loan of 1925__
Liberty loans: Third, 1928
$50
$20
Per cent
4
4M
_
Certificates of indebtedness:
Short term special
....
Adjusted service series
Total
Denominations by number of pieces
Interest
rate
Title of loan
$100 :
140
324
1,363
2,133
$500
$5,000
$1,000
1,004
1,006
5, 487
1,879
1,418
207
NONINTEREST-BEARING
• 4
3
u-
Liberty loans:
Victory, 1922-1923
Do.
3,496
2,010
7,366
1
1 ^
'^
19
1
4M
7
19
1
6
6
1,625
25,025
1, 269,168,800
9
60
1,250
11,280
26
7
6
1
69
12,530
1.
4,320
6
974,050
2a 200
1
4,326
994, 250
1
4,385
1,006, 780
29,410
1,270,175,580
67
i
Total noninterest-bearing securities
•
1
9,910
8
387
318
14
7
2,397
7, 684
1,639
. 9.917
2,431 1
2
380
312
1,179
1 ^
^
1 ^
^
•
•
7
312
10
4
14
1,179
'2,433
380
1,180
2,459
1,644
5,955
3M
Total
1,141,60a 000
4, 60a 000
Q
1,146, lOa 000
O
SECURITIES
Pre-war loans:
Funded loan of 1907
Loan of 1908-1918 .
Grand total
$111,102,300
11,966,600
. 67
I
464
Amount
19,200
6,746
8
2
4
Total interest-bearing securities
Pieces
33
46
79
9,788
122
Total.
Total
$100,000
$50,000
$10,000
7
•
9
67
H
pi
>
Ul
C5
CO
No. 6.— United States Treasury (war) savings securities redeemed, canceled, and retired during the fiscal year ended June 30, 1925, showing
denominations, pieces, and total amoxint
D e n o m i n a t i o n s of securities
$a.25
$1
$5
-.
•
$100
$25
Class of s e c u r i t y
N u m b e r of- - N u m b e r of N u m b e r of N u m b e r of A m o u n t sale
stamps
stamps
certificates
stamps
price
• Amount
redemption
value
N u m b e r of
certificates
Amount-sale
price
Amount
redemption
value
.NONREGISTERED
W a r savings s t a m p s :
Series 1918
Series 1919
Series 1920
Series 1921
*
1
-
610, 391
491,149
1,644,397
42, 074
_ .
o
w
o
2,788, Oil
Total
1,024,486;
Thrift s t a m p s
T r e a s u r y savings s t a m p s
.
5,274
.
6,274.
1,024, 485
T o t a l nonregistered
2,788,011
W
REGISTERED
T r e a s u r y savings certificates:
Series 1919
Series 1920
. .
Series 1921
Series 1921, n e w issue .
. . . . . . .
Series 1922, n e w issue
Series 1922, S e p t . 30, 1922 . .
Series 1923, S e p t . 3 a 1922
Series 1923, D e c . 1, 1923
Series 1924, D e c . 1, 1923
Total .
.
.
W a r savings s t a m p s :
Series 1918
..-.
Series 1919
Series 1920
_
Series 1921
Total
•
1,972
330
17,370
4,421
37,798
4,961
23,857
90, 709
—
_
'
165,181
136,988
1, 351,489
60, 642
_
_.
$6, 600. 00
347,4.0a 00
90, 630. 50
774. 859. 00
99, 220. G
O
477,14a 00
$45, 249. 35
7, 299.10
378, 394. 60
96, 048. 60
812,425. 60
102,458. 25
488,778. 25
2,052
64,866
3,339
503
2S,225
6,924
59„278
9,716
40, 465
1, 795,849. 50
1, 930, 653. 65
215, 361
11,740,724.00
19, 321, 858. 80
. $40,480. 00
2, 258, ooa 00
567, 768. G
O
4,860, 796. 00
777, 280. 00
3, 236,400. 00
$205,200. 00
6, 482, 572. 80
306, 379. 80
44, 763. 80
2. 460, 449. 60
' 601, 541. 80
5, 097, 994. 00
803, 352. 40
3, 319, 604. 60
•
1, 704, 300
•
T o t a l registered
G r a n d total
1, 704,300
1,024,485 1
5.274
90, 709
1,795,849. 50
1, 930, 663.66
215,361
11,740,724.00
19,321,858.80
4, 492, 311
90,709
1,795, 849. 60
1, 930, 653. 65
215,361
11, 740, 724. 00
19, 321,858. 80
O
D e n o m i n a t i o n s of securities
Total
$1,000
Class of security
N u m b e r of
certificates
A m o u n t sale
price
Amount
redemption
value
N u m b e r of
pieces
Amount
redemption
value
NONREGISTERED
W a r savings s t a m p s :
Seriesl918
Series 1919...
Series 1920
Series 1921
Total
.
._
.
...
•_
.
Thriftstamps
T r e a s u r y savings s t a m p s
_
_
T o t a l nonregistered
_
_
256,121.25
5,274.00
14,175,36a 37
2,258
66,737
6,355
868
49,578
12,016
102,685
;
16,197
70,201
411,20a00
8, 353,05a 80
392,149.15
80,258. 90
6, 307,290.20
1,280,478.40
10, 728, 719. 50
2,162,132. 65
8, 639, 798. 85
>
Ul
325,895
38,355,084.45
d
165,181
136,988
1,351,489
50,642
-
_
13,913,971.12
3,817,770
.
$3,061,419.13
2,455, 555.41
8,'214,132. 63
192,863. 95
1,024,485
5,274
. . .
._
. .
610,391
491,149
1, 644,397
42,074
2,788,011
.
825,824. 21
684,940.00
6, 751,070. 04
232,189. 61
O
REGISTERED
T r e a s u r y savings certificates:
Series 1919
Series 1920-. .1 .
Series 1921
Series 1921, n e w issue
Series 1922, n e w i s s u e . . . Series 1922, Sept. 30,1922
Series 1923, Sept. 30,1922
Series 1923, D e c . 1,1923
Series 1924, D e c . 1,1923
Total...
*
_
.
.
.
.
.
.
.
_
_
_
19,825
....'.
$25,600.00
3,186,40a00
550,220.00
4,599,380.00
1,216,000.00
4, 711,200.00
14,288,80a00
$206, ooa 00
1,87a 484.00
40, 520.00
28,196. 00
3,468,44a 00
582,888.00
4,818,30a GO
1,256,322. 00
4,831,4ia00
17,102, 672.00
^
. . .
_
1,704,300
8,494,023.86
19,825
14,288,800.00
17,102, 672.00
2,030,195
46,849,108. 31
19,825
14,288,800.00
17,102, 672. 00
5,847,965
61,024,474.68
-
T o t a l registered
G r a n d total
206
1,871
44
.32
3,983
671
5,609
1,520
5,889
.
W a r savings s t a m p s :
Series 1918
Series 1919
Series 1920..
Series 1921
Total
. . .
.
.._.
_
_
_
^
-
NOTE.—Does not include adjustment of disallowance of 20 war-savings stamps. Series 1921, amount $90.40, covered by certificate of deposit, dated July, 1924, which affected
May, 1924, redemptions, and was reflected in annual report of this oflice for the fiscal y^zx 1924.
,
^ x. i, m
NOTE.—Does not include 4,099, series 1918 war-savings stamps, amounting to $20,495, and 23, 324, series 1919, war-savings stamps, amountmg to $116,620, redeemed by the Treasurer during fiscal year 1925, but not received in ^he oflace of the register.
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05
No. 7.—United States Treasury (war) savings securities redeemed, canceled, and retired during the fiscal year ended June SO, 1925, reported
according to the State or Territory in which originally presented for redemption
/
Amount
S t a t e or T e r r i t o r y
Population
Fiscal y e a r
of 1925
Alabama
Arizona.
.
Arkansas
California.
_ _ _.
Colorado .
Connecticut
Delaware
D i s t r i c t of C o l u m b i a
Florida
Georgia
Hawaii
Idaho
Illinois
..
Indiana
^
Iowa
_.
Kansas
Kentucky..
_'
Louisiana
Maine
Maryland...
Massachusetts
Michigan
.
Minnesota
Mississippi
Missouri
_
Montana
.
Nevada
New Hampshire
._
•
.
.. .
.
.
_
_
2,348,174
334,162
1,752,204
3,426,861
939,629
1,380,631
223,003
437, 671
968,470
2,895,832
255,912
431,866
6,485,280
2,930,390
2,404,021
1,769, 257
2,416,630
1,798, 509
768,014
1,449,661
3,852,356
3,668,412
2,387,125
1,790,618
3,404,055
548,889
1,296,372
77,407
443,083
$450,622.41
142,386.33
371,43a 49
3,884,276.16
827,165.68
886,234.32
77,152.39
262,836.97
541,953.82
628, 283.32
116,128..59
248,463. 85
7,328,46a 70
2,673,17a 44
917,953.37
1,568,025.80
958. 262. 78
749, 262. 26
512, 543.92
313,037.31
4,788,846. 55
1,874, 567.63
1,629,029.80
267,671.35
3,991,170.30
349,500.93
1,083,611.66
112,127.75
605,834.07
T o t a l to
J u n e 30, 1925
$11,988,857.16
2,742,372.30
14,335,532.04
63,314,333.44
15,278,536.87
l a 564,499.26
l,664,7ia41
3,809,259.38
7,588,092.73
21,298,418.63
1,862,825.06
4,388, 225.07
115,864, 778.96
36,131,626.30
25,690,161.60
23,13a 212.00
23,35a Oil. 73
17,757,410.70
5,5ia701.35
5,738,421.58
48,232,317.68
25,0ia801.19
41, 585, 715. 51
13,771,371. 57
82,593, 586.13
0,224,027.16
29,302, 295. 52
1,296,933.03
4,423,151.64
S t a t e or T e r r i t o r y
N e w Jersey
New Mexico..
. .
. . .
New York
North Carolina.
North Dakota . .
Ohio
Oklahoma. . . .
Oregon
Panama...
Pennsylvania
._. '
P h i l i p p i n e Islands
Porto R i c o . .
Rhode Island
. _
S o u t h Carolina
South Dakota
Tennessee
_.
Texas
. . .
Utah..
Vermont
Virginia . .
Washington
..
West Virginia.
Wisconsin
Wyoming.
T r e a s u r e r of U n i t e d States
China, S h a n g h a i . .
Total
Amount
Population
Fiscal year
of 1925
3,155,900
360,360
10,385, 227
2, 559,123
64a 872
6, 759,394
2,028,283
783,389
22,858
8, 720,017
10,350, 640 >
1,299,809
604,397
1,683,724
636,547
2,337,885
4,663,228
4 4 a 396
362,428
2,309,187
1,356,621
1,463,701
2,632,067
194,402
117,639,839
T o t a l to
J u n e 30, 1925
$1,684,404.32
120,919. 69
11,229,125. 21
700,85a 33
' 258,290.39
12,769,847.06
69a 015. 60
1,401,633.68
7,925.00
7,361,58a 80
8,344.00
18,974. 91
472,108.96
176,686.13
248,94a 03
701,329.32
2,138,733.86
27a 218.50
249, 896.73
1,434,922. 74
2,012,099.51
842,149.67
1,132,081.64
98, 534.03
42, 668, 769.82
8,765.00
$15,566,271.63
1,984,460.42
lia627,869.48
21,193, 727. 77
5,493,632.83
124,842,449.17
21,006, 226.36
16,814,836.68
369,228 65
84,303, lOa 67
72,609 50
275,057.03
5,336,319.98
7,701,811.55
8,649,096.78
24, 775,320.28
55,607,609.47
6,423 992 55
3,355, 760.40
34,413 786.82
27,907,198.97
13, 946,527.27
22,195,192.62
1,443,308.64
121,798, 632.76
10,505.10
126,763,044.68
1,396,464, 734.37
NOTE,—The above figures include $65,738,570 matured stamps, belongmg to the fiscal year 1924, but audited during the fiscal year 1925. In adjustment of previous figures
deduction of $20 is made.
o
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a
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No. 8i—Comparative statement showing alt paid securities received and recorded by the Register of the Treasury, canceled during the fiscal years
1922, 1923, 1924, t925, and accumulative to June 30, 1925
1922
1925
1924
1923
Accumulative total to June
30,1925
Class of security
Pieces
Amount
Pieces
Amount
Bearer:
$3a54aoo
205
$28,6ia00
220
Pre-war loans
Liberty loans
1,206,457 1,884,018,300.00 5,275,052 1, 744,986, 500. 00
Treasury bonds.
8
8, 000. 00
Treasury notes.
143, 339, 500. 00
l a 132
Certificates of indebtedness..
669, 511 2, 809, 044, 500. 00
309,026 1,933, 403, ooa 00
Treasury (war) savings securities
51,473, 405.17 87, 461,467 386,601,09a 42 l a
13, 679, 887
Total
Pieces
Amount
136
$7,610.00
733,256 66a 767,300. 00
6
6,000.00
94, 656 36a 973, ooa 00
19a 276 1,415,667, 000. 00
Pieces
Amount
Pieces
Amount
$9,137,24a 00 18, 611,398 $4,843, 548,015.27
105, 851,550. 00 9,349,108 a 56a 091, 30a 00
14, ooa 00
14
1, 873, 704, 300. 00
394,977
29a 189 1, 373, 391, 80a 00
79,086 1, Oil, 454, 500. 00 5, 75a 273 3a 469, 854, ooa 00
9,761
103,605
14,175.36a 37 193, 898,536
15, 55a 075 4,744, 564, 815.17 93,055,890 4,208, 368, 63a 42 11,839,962 2, 37a 667,715. 27 4,30a 411 2, 514, Oia 45a 37 228, 004,306
50, 581, 664,371. 05
143,24a 905. 27 3, 817, 770
Registered:
685, 861 3, 089, 055,018.91
20,471 149,934,678.85
675,875 3,173, 341,337. 26
48, 562, 200. 00
28, 768
108
28, 530. 00
Pre-war loans..
898, 009
600,127, 75a 00
Liberty loans..
_.
29,219, 05a 00
12,96a 750. 00
4a 387
l a 072
794,428 36a 914, 550. 00
45, 893 177, 571, 400. 00
2, 233 25,196,442,308. 53
Certificates of indebtedness..
48 ,822,5oaooaoo
79 1,14a loa 000. oo
397 1,966,829, 45a 00
466 3,163, 000, 000. 00
Treasury (war) savings se562, Oil, 978. 59
4a 849,108.31 95,983, 219
33,952,907. 35 47,472,875 2 254, 752, 273. 84 5,453,180 2 68,840, 686. 54 2,03a 195
curities
6,285,838
Total...^.- .
Grand total
a 332, 236 2,178,382, 287. 35 48, 29a 537 3,827, 229,023. 84 6,175, 490 4,093,901, 073. 80 2.019.875 1, 055,975,179.96
o-
97, 569, 322 2a 447. 637.'05a 03
._ 21, 888, 311 a 922,947,102. 52 141, 352,427 8,035, 597, 664. 26 18, 015, 452 a 470, 568, 789. 07 a 320,286 3, 669,985,63a 33 325, 573, 628 80, 029,301, 427.08
1 In adjustment of previous figures deduction of 4 pieces $20 is made.
2 Contains registered figures previously reported as nonregistered, subject to audit.
Q
834,462, 755.78
821, 632
>
Ul
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N o . 9.— United States bonds, notes, a n d certificates of indebtedness, i n bearer form, received from Federal reserve banks and the 'Division of
Loans and Currency for credit to fiscal agency retirement accounts during the fiscal year ended J u n e 30, 1925,. grouped according to accounts
credited
Surrendered for reissue of an equal par amount
Interest
rate
Title of loan
00
Total
Claim
Denominational
exchange 1
Conver- MutilaExchange 2 Temporary Conversion -sion
exchange
exchange tion 3
Total
settlements <
Pieces
Amount
•
INTEREST-BEARING
SECHRITIES
P.ct.
Pre-war loans:"
Loan of 1925
Consols of 1930
\
Panama Canal l o a n s 2
Series of 1906-1936
Series of 1908-1938
2
Series of 1911-1961
3
Conversion b o n d s 3
Series of 1916-1946
Series of 1917-1947
3
Postal savings b o n d s First series
.
2H
Second series
-.
Third series
Fourth series
2y2
Fifth series
.2Y.
Sixth series . . . . . .
. .
_ . 23^
Seventh series
2Yi
Eighth series
.
2H
Ninth series
2Y,
Tenth series -..23^
Eleventh series
.'-.. 2Y
Twelfth series
2K2
Fourteenth series . . . . . . .
2H
Fifteenth series
23^
Eighteenth series
2y2
$40, 200
88, 000
4>€
4>^
40
2,160
283,400
2
6
329
40
2,160
283, 400
o
24,000
262,000
177
271
24, 000
262, 000
100
3,U60
3,540
3,440
4,620
3,860
3,960
1,400
2,520
1,020
940
2,300
100
1,000
20
$12,402,000
4
4
o
100
3,160
3,540
3,440
4,620
3,860
3,960
1,400
2,520
1,020
940
2,300
100
1,000
20
1
37
41
56
31
45
54
14
30
7
11
11
1
2
1
100
3,460
3,540
3,440
4,620
3,860
3,960
1,400
2,520
1,020
940
2,300
100
1,000
20
731,780
temporary..
permanent..
temporarypermanent-
$40, 200
88,000
24, 000
262,000
Total
Liberty loans:
First, 1932-1947.First, converted, 1932-1947,
First, converted, 1932-1947,
First, converted, 1932-1947,
First, converted, 1932-1947,
90
164
40
2,160
283, 400
.
$40, 200
88,000
731,780
300
1,381
732,080
63, 301,750
217, 500
1, 055,500
81, 450
49. 200,900
350
167, 343
2,978
7,265
90/
181,786
63, 302,100
217,500
1, 055,600
81.850
49,201, 450
$ia 850
50,882,900
$217,500
$998,000
51,950
$5, 550
81,450
39,729,900
9, 467,150
3,850
$300
100
400
550
H
o
Ul
First, second c o n v e r t e d , 1932-1947, t e m porary
- _ - . ._
. . F i r s t , second c o n v e r t e d , 1932-1947, per^
• manent
Second, 1927--1942, t e m p o r a r y
Second, 1927-1942, p e r m a n e n t
Second, converted,-1927-1942, t e m p o r a r y
Second, c o n v e r t e d , 1927-1942, p e r m a n e n t
T h i r d , 1928, t e m p o r a r y
T h i r d , 1928, p e r m a n e n t
.-.
F o u r t h , 1933-1938, t e m p o r a r y
F o u r t h , 1933-19^38, p e r m a n e n t ^
4^
• 4
4
4H
4K
4^
.43^
...
_^
_
Total....
Treasury notes:
Sept. 15,1921, series B-1924
F e b . 1,1922, series A-1925
M a r . 15, 1922, series A-1926 .
J u n e 15, 1922, series - 6 - 1 9 2 5 . . .
.A.ug. 1,1922, series B-1926
D e c . 15,1922, series C-1926
J a n . 15,1923, series A-1927
. M a y 15,1923, series B-1927
Total
4M
4
53^
4^
4%
4^
4M
4H
43^
4M
-.
Certificates of i n d e b t e d n e s s :
D e c . 15,1923, series TD-1924
.
M a r . 15, 1924, series T M - 1 9 2 5
J u n e 16, 1924, series TD2-1924
Sept. 15, 1924, series TS-1925
M a r . 16,1926, series T D - 1 9 2 5
J u n e 15, 1925, series T J - 1 9 2 6 . . .
Total
T o t a l interest-bearing securities
2H
3
3
• •-700
5Q3,800
2,700
5,600
7,050
a 800
125,400
1,164,139, 450
532,800
4, 599,900
248,183,900
200
380,799,700
600
35,856,900
4,650
26,970,100
5,900
137,797, 660
"261,005,800
20S, 205, 450
500
20,300
348,70a
2, 220,750
3,809, 650
7, 649, 950
5, 597, 900 " "25,850
31,152, 800
149, 378, 000
• 20,569,400
68,758,800
51, 722, 200
218,136,_800
180,630,800
89, 328, 200
269,869,000
15,341,100
110,098,200
13a 104, 500
7 a 420,200
122,706,500
124, 930,800
96,238, 500
143,857,200
2,000
1,000
"
3,000
15,341,100
110,098,200
13a 104,500
76,422,200
l22,70a.5C0
124,931,800
9 a 238, 500
143,857,200
825,694,000
4,750
500
3,000
3, 500.
351,065, 780
7, 549,950
5, 597,900
25,850 • 128,400
2, 705,002, 230
37,788
68, 548.
1. 650
263,160
875,060
4, 838, 650
351,100
244, 608, 400
2, 228, 400
275,183, 400
3,823, 250
518,640, 700
1,164, 672, 250
51,722,700
218,13a 800
lOa 336
269,85a 500
4,381
17, 507
28,990
15,837
18.807
30,986
18,648
38,068
15,341,100
110,098,200
136,104, 500
76,422,200
122,701,000
124,931,800
9 a 241, 600
. 143,857,200
173,224
20,824,000
69,217, 500
39,007, 500
216, 792, 500
70, 529, 500
28,207,000
51,855
537,100
O
'825,697,500
2, 918
9,372
4,564
22, 798
8,963
3,240.
444, 578,000
444, 578,000
3, 429, 777
•
20,824,000
69,217, 500
39,007, 500
216, 792, 500
70, 529, 500
28,207,000
e 20,824,000
69, 217,500
39,007,500
2 i a 792,500
70, 529, 500
28,207,000
2,340, 634,350
S56
11, 447
27, 317
- - 4,463 . 658,893
31, .795
998,998
• 48,719
1, 28a 98o'
500
50
870, 250
825, 691,000
4M
4
1,100
42, 250
400
23,800
450
3 a 650
263,160
870, 300
4, 838, 650
• -350, 400
244,104, 600
2, 225,700
275,177, 800
3,816, 200
518, 633,900
20,160
218, 450
889, 834. 550
p.
Total......;.::::..
T r e a s u r y b o n d s , 1947-1952
T r e a s u r y b o n d s , 1944-1954
243, 000
^25
1,650
1, 650
4K
H
W
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w
444, 578,000
3, 762, 573
o
2,705, 539,330
1 Includes special denominational exchange.
2 Includes interim exchange.
3 Includes error. .
. . . .
< Includes claim issue, claim retirement, securities trust fund, forgery coupoii issue, and forgery coupon retirement.
* Includes forgery coupon retirement case No. 12, three pieces, $300, which is in process of audit.
CJl
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No. 9.—United States bonds, notes, and certificates of indebtedness, in bearer form, received from Federal reserve banks and the Division of
Loans and Currency for credit to fiscal agency retirement accounts during the fiscal year ended June SO, 1925, grouped according to accounts
credited—Continued
Surrendered for reissue of an equal par amount
Title of loan.
NONINTEREST-BEARING SECURITIES
Pre-war loans: Loan of 1908-1918 8
Liberty loans: Victory, 1922-1923 ^
Interest
rate
Denominational
exchange
Exchange
Total
Temporary
Conver- Mutilaexchange Conversion
sion
tion
exchange
Claim
settlements
Total
P.ct.
3
4M
.
Pieces
Amount.
$600
$2,34a 634,360
$351,065,780
$7,649,950
$5,597,900
$25,850
$128,400 $2, 705,002,230
6
9
$600
600
Total noninterest-bearing securities
Grand total
^
§
15
600
536,500 • 3,762,558 2,705,538,730
o
td
H
8 Claim issue and claim registered issue have been reduced by cumulative claim retirement and cumulative claim registered issue retirement.
7 Denominational adjustments on claim settlements, affecting previous fiscal years.
NOTE.—The above fl.gures do not include claim redemption retirement as follows: Case No. 1, Victory 4^'s, 1 piece, $100.
NOTE.—A deduction of 17 pieces, $21,000, pre-war loans, loan of 1848, previously reported as claim retirement, but changed prior to cancellation to claim redemption retirement,
is not reflected in the above table.
W
No. 10.—Unissued stock of United States bonds, notes, and certificates of indebtedness, in bearer form, received from Federal reserve banks and
Division of Loans and Currency for credit during the fiscal year ended June 30, 1925
>
o
Title of loan
Interest .
rate
Unissued
allotment
Unissued
denomina- '
tional
exchange
Unissued
temporary
.exchange
Unissued
conversion
Ul
Received from Loans
and Currency
Received from Federal reserve banks
Total
Unissued
stock
Unissued
conversion
Total
Pieces
Am^ount
, • ;; . :INTEREST-BE.\EING SECURITIES
Liberty loans:
First, 1932-1947...
.
Fkst, converted, 1932-1947, permanent
Per cent
•
$20,200
$59a0O0
$20,200
590,000
$1,660
308
7,800
$21,850
59a 000
' - F i r s t , c o n v e r t e d , 1932-194T, p e r m a n e n t
Second; 1927-1942, t e m p o r a r y
Seporidi 1927-1942, p e r m a n e n t . . . . . . : . . v . . . : : : . . . . . .
Second; c o n v e r t e d , 1927-1942, p e r m a n e n t : :
•Third-1928, p e r m a n e n t ' . . . J . . . . . L : : : .
F o u r t h s .1933-1938-, . t e m p o r a r y . . . . . • . - . . .
Fourth^ 1933-1938, ' p e r m a n e n t . . . .u;.:
Total......'.
1 ..'.."
T r e a s u r y b o n d s , 1947-1952-.
4,:'
4K
4K
4li
4K
'. $io6
920,"66o"
..-....--.
.
Treasury nbtes:
Sept. 16, 1921, series B-1924
F e b . 1^-1922, series A-1925
M a r . 15, 1922, series A-1926
J u n e iB, 1922, series B-1925
A u g . 1, 1922, series B-1926. . ' '
Dec. 15, 1922, series C-1925
J a n . 15, 1923, series A-1927
M a y 15, 1923, series B-1927
Total.....:...
. ...
. .
.
:
Certificates of i n d e b t e d n e s s :
Dec. 15, 1923, series TD-1924
M a r . 16, 1924, series T M - 1 9 2 5
J u n e 16, 1924, series TD2-1924
Sept. 16, 1924, series TS-1925
. ..
-<
•
•
4)1
i
i
:
1
...
---
,870,00©
870. 200
T o t a l interest-bearing securities
. . ...a 000 ".""655,"766"
7,501,000
2, 456,-850
17,972,900
2,431,600
47, 754, 000
44,258,200
1, 369, 000
11,163, 700
a 137,. 000
56,375,900
2, 532. 000
1, 560, 000
12,017.800
100
• 900,000
1,481, 700
• 7,551,050
100
: 300,600
22,861, 550
$81, 660
50,000
11,800
450
900
22,617
1,002
3,600
4,'^82
22, 607
• 1
3,160
12,099, 450
50,100
900,000
.1,494,400
7, 661,500
, "ioo
62,611
23, Oil, 150
665, 000
98, 569
•201,571
2,749
8,418
7,684
22, 618
3,740
3,280
82,560
665,000
303, 750
:.650
67, 050
_ 94
132, 527, 800
232,975,400
1, 379, 000
11,163, 700
a 137, 000
5 a 376,900
2, 532, G G
O
1,66a 000
84,773,800
188,717,200
10,000.
273,501,000
348, 629
444, 660, 800
63,407,000
5 a 166, 000
4 a C4a 500
• 965,000
8 a 35a 000
119, 663, G O
O
34,87a 500
100, 000
15,843
57. 266
17,828
1,131
133, 757, 000
175,829,000
8 a 917, 000
1, 065, 000
15a 578, 500
'
47, 754, 000
44, 258, 20.0
1, 369,000
11,163, 70.0
a 137. 000
5a 375; 900
2, 632, 0.00
1, 660, 000
171,149,800
.. .
234, 989, 500
351, 254, 850
608, 557, 550
•
870, 000
Total
$1,875,900
"gOa'Qoo"
665,000
4M
. .
'•'• 50,050
8,975,900
300,600
200
. ..'.
.
1,166,000
171,149,800
53, 4.07,
56,16a
45,170,
965,
000
000
500
000
155, 70S, 500
329.980.160
17. 972. 900^ .
2.431.600
92, 068
G r a n d total
713.327
1, 082.803, 750
"^
O
Ul
NONINTEREST-BEARING SECURITIES
T r e a s u r y notes: J u n e 15, 1921, series A - 1 9 2 4 . .
H
859,894,950
222, 908,800
h-l
Ul
391, 568, 000
603, 858
209, 469
82, 550
o
222, 908, 800
5M
87a 200
329.98a 150
17,972. 900
2.431. 600
351. 254. 850
731. 46a 350
82, 550
N o . 1 1 . — United States bonds, notes, and certificates of indebtedness, in bearer form, received from Federal reserve batiks and Division of Loans
and Currency for credit to all fiscal-agency accounts during the fiscal year ended J u n e 30, 1925, showing loans, denominations, pieces,
and total amount
D e n o m i n a t i o n s b y n u m b e r of pieces
T i t l e of loan
$100
$500
$1,000
$5,000
$10,000
$100,000
Pieces
.A^mount
SECURITIES
Pre-war l o a n s : '
L o a n of 1925
Consols of 1930P a n a m a C a n a l loans—
Series of 1906-1936..
Series o n 9 0 8 - 1 9 3 8 . .
Series of 1911-1961-.
Conversion b o n d s Series of 1916-1946..
Series of 1917-1947-.
Postal savings b o n d s F i r s t series
'.
Second series.
T h i r d scries
.Fourth series
Fifth series
..
Sixth series
Seventh vSeries..
Eighth ;series_:.....
Ninth series:.
T e n t h series'...
E l e v e n t h series.-.-•.
Twelfth s e r i e s . Fourteenth series...
Fifteenth series
Eighteenth series...
Total..
L i b e r t y loans:
First,-1932-1947...:...:...:...
First, converted, 1932-1947, t e m p o r a r y , . .
F i r s t , converted;, 1932^1947j p e r m a n e n t
First, converted, 1932-1947, t e m p o r a r y
..
First,' converted, 1932-1947, perman^iit.^..
.:
First, second converted) 1932-1947, t e m p o r a r y . .
First, second converted, 1932-1947, p e r m a n e n t .
Second, 1927-1942, t e m p o r a r y . . . . ^
Total
Interest
rate
$50
INTEREST-BEARING
to
Per cent
4
90
164
.$40, 200
88, 000
. 6
329
22 j
4I
40
2,160
283,400
2
2
3
1
34
3
3
170
10
177
271
24, 000
262, 000
1
22
10
11
14
13
30
8
IS
5
9
1
37
41
56
3J
45
54
14
30
1,381
100
3,460
3, 540
3,440
4,620
3,860
3, 960
1,400
2. 520
J, 020
940
2, 300
100
1, 000
20
732, C
167,651
2,978
15,065
907
204,403
-25
856
12,449
63, 323, 950
217, 500
1, 645, 600
81,850
61,300,900
1,650"
253,150
925,150-
2H
2H
2H
2Yi
2Yi
2Yi
2Yi
2Y
2Y
2H
2H
2M
2Yi
2Yi
2H
30
11
]
• 2
1
644 i.
26
W2
-4
4
4>i
4K
4M
4M
4
2
265
64, 059
2,280
7,212
549
86,242
17
315
9, .541
42. 540
640
7,170
324
71. 558
8
344
2,666
10, 370
37
' '370
24
17,394
50, 682
21
298
• 10
27, 206
108
94
783
O
W
O
H
W
t2^
>
•
o
Ul
Second, 1927-1942, p e r m a n e n t .
Second, converted, 1927-1942, t e m p o r a r y
Second, converted, 1927-1942, p e r m a n e n t . .
T h i r d , 1928, t e m p o r a r y
T h i r d , 1928, p e r m a n e n t
:..
F o u r t h , 1933-1938, t e m p o r a r y
.
F o u r t h , 1933-1938, perma.nent 2
.
14, 225
3,122
263, 322
24,432
453, 292
34, 975
494, 685
Treasury bonds:
Series 1947-1952
Series 1944-1954
72
54
a 135
1
6,105
5
11,115
3, 517
1,914
2
11, 358
1,187, 630
215, 770
588,412
24, 674
17, 634
4,370
7,259
21,915
33,178
1, 951
a 812
1, 765
13, 601
11,629
55, 093
8,773
29,334
53, 336
6, 025
5,214
a 585
11, 647
5, 620
11,897
129, 658
17,607
53, 714
3,670
4,331
. 3,561
8,640
2,839
5,517
47,267
91.793
13; 786
8,299
8,209
2 a 628
7,682
14, 224
a 371
13, 824
1,966
2,740
3,056
4, 527
2,016
3,109
37, 669
4
Total
T r e a s u r y notes:
S e p t . 15, 1921, series B-1924 . . .
•
F e b . 1, 1922, serie^ A-1925
M a r . 15, 1922, series A-1926.
J u n e 15, 1922, series B-1925
A u g . ] , 1922, series B-1926
D e c . 15, 1922, series C-1925
J a n . 15, 1923, series A-1927
M a y 15, 1923, series B-1927
Total
Certificates of i n d e b t e d n e s s :
Dec. 15, 1923, series TD-1924
M a r . 15, 1924, series T M - 1 9 2 5
J u n e 16, 1924, series TD2-1924
Sept. 15, 1924, series TS-1925
M a r . 16, 1925, series TD-1925
J u n e 15, 192.5, series TJ-1926
Total
.....
30, 917
4,463
683, 475
31, 795
1, 021, 605
48, 720
1, 287,079
- ..
5, 738, 650
351 100
246,102,800
2, 228,400
282, 734, 900
3,823, 350
518, 944, 450
3,492,388-
1,187, 683, 400
105
38, 338
68, 548
52, 387, 700
218,136, 800
15, 366
105
106, 886
270, 524, 50a
2,001
6,457
5.753
3,380
4,501
7,596
3,823
a 030
370
954
539
291
579
566
408
511
102,950
219, 078
31, 739
24, 255
26,491
53,604
22. 388
41, 348
147, 868, 900
343, 073,600
137,483, 500
87, 585, 900
128,838,000
181,307, 700
98,773, 500
145, 417, 200
Q
38, 541
4,218
521,863
1, 27a 348, 300
O
3,246
5, 868
4, 264
9,955
3,251
969
984
1,055
470
900
264
135
18, 761
66, 638
22, 392
23,929
. 8,963
3, 240
27, 553
99, 094
3,808
8,131
143, 923
4, 266, 431
$154, 581, 000
245, 046, 500
119,924,500
217, 857, 500
70, 529, 500
28, 207, 000
836,146, 000
3, 565, 434, 280
s
600
1
5,418
5,419
104, 513
2
2
9
209, 469
209, 454
4, 475, 885
222,908, 800
222,908, 200
3, 788, 342, 480
.
5H
4M
4^
.
43^
43^
4^
4M
4
2H
2M
3
3
_.
169
T o t a l interest-bearing securities
NONINTEREST-BEARING
- 2,160
29
123, 456
176
141, 959
498
241, 715
15, 920
Total.....
1,317
87
42,328
268
66, 532
519
76, 299
8,327
7, 593
4
4M
4M
4K
4^
4M
4K
13, 089
1,225
224, 717'
a 918
351,803
12,721
451,907
1, 458, 268
1
1, 4.58, 294
'
99. 879
211,888
4,412
20, 049
2,995
1,293
409
246
!
29,404
1, 333, 677
356, 755
7,270
31, 872
11,132
7,811
3, 445
1,139
62, 669
918,706
2,849
7, 794
3, 531
3, 970
1,694
751
20,489
91,-605
W
126,065
5, 646
12a 055
1, 044, 761 .
5,646
97, 251
H
Ul
d
SECURITIES
Pre-war loans: L o a n of 1908-1918 ' .
L i b e r t y loans: Victory, 1922-1923 ^
T r e a s u r y notes: J u n e 15, 1921, series A-1924
T o t a l noninterest-bearing securities.Grand total:
6
3
54. 838
54, 832
_
169
1, 458, 294
17, 500
17, 500
1, 388, 509
374,255
8,133
1 Reduction has been made of cumulative claim retirement and cumulative claim registered issue retirement.
' Includes 3 pieces, $300, which are in process of a,udit.' Denominational adjustment on claim settlements, affecting previous fiscal years.
NOTE.—The above figures do not include claim redemption retirement as follows: Case No. 1, Victory 4M's, 1 piece, $100. A deduction of 17 pieces, -$21,000, 15 pieces at $1,000,
2 pieces at $3,000, loan of 1848, previously reported as claim retirement, but changed prior to.cancellation to claim redemption retirement, is not reflected in the above table.
Ul
00
No. 12.—'United.States^fionds, notes, and certificates of indebtedness, in bear€r form, received from Fedeal reserve banks and Division of Loans and
Currency for credit to. all fiscal agency accounts during the fiscal year ended June 30, 1925, grouped according to fiscal agents
Surrendered for reissue of an equal par amount
Federal reserve banks
Boston __ _
New York
Philadelphia . . .
Cleveland
Richmond .
Atlanta
New Orleans . .
Chicago
St. Louis
Minneapolis
KansRR City
Dallas
San Francisco
Loans and currency
Total
. . .
-.
DenominationSl
exchange i
Exchange«
Conversion
exchange
Mutila• tion 3
Total
Temporary
exchange
Conversion
$518,850
2,084,950
237, 300
465, 500
7a 550
43, 300
31,100
700, 600
50,250
7a 200
813,400
63,400
261,850
684,650
25,850
128,400
$165,421,750
1,198,569, 600
137,153,100
75,544,400
l a 339, 350
11,968,900
a 450,950
464,188,000
37,467,750
7a 564,550
34,393,250
18, 577, 600
108,207, 650
36a 155,380
5, 697, 900
25,860
128,400
2, 705,002,230
Claims
settlement*
$164,226,400
1,194,193,100
13a 473,450
74,374,200
l a 057,050
11,718, 550
a 299,000
462,456,900
37,221,850
70,337,300
33,804,900
. 18,368,850
107,149,350
7,953,450
351,065,780
$676,500
2,291,560
442,360
704,700
205, 760
207,050
120,850
1,030,600
195, 650
151,050
274, 950
155,350
79a 450
297,250
2,340, 634,350
351,065,780
7, 549,950
Total
$74,100
462,400
$23,585,600
63,964, 600
l a 884,850
21,421,150
22,569,600
5,009,900
61,500
76,172,850
21,195,800
27,977,200
33,180,800
9,392,000
27,839,100
731, 548,900
- 53a 500 1,082,803,750
1 Includes special demoninational exchange.
2 Includes interim exchange.
3 Includes error.
< Includes claim issue, claim retirement, forgery coupon-retirement, forgery coupon issue, and securities trust fund.
'• Includes unissued denominational exchange, unissued temporary exchange, unissued conversion, and unissued allotment.
Unissued
stock 8
Pieces
Amount
$304,408 $189,007,350
1,550,733 1,262,608,300
157,037, 950
215,455
96, 965, 560
22a 394
38,908,860
43,834
16,978,800
29,065
6, 512,450
ia412
539,360,850
778, 592
58, 663, 550
6a 049
98, 541, 750
60, 615
67, 574,050
94,961
27, 969, 600
26, 714
136,04a 750
222.027
840, 636 1,092,16a 680
4,475,885
W
*^
-
C
H
O
H
W
3,788,342,480
d
OQ
No. 13.—First Liberty loan interim certificates returned for credit by Federal reserve banks during the fiscal year ended J u n e 30, 1925, showing
•...._/ .:.....,...
'
pieces and amounts by banks
T o t a l (100 p e r cent)
T o t a l (100 p e r cent)
F e d e r a l reserve b a n k s
F e d e r a l reserve b a n k s
Pieces
Boston
New York...
Philadelphia
Cleveland .
Richmond
Atlanta
Chicago
, .
.
.
„...
:
^
_
18
69
6
22
2
7
39
Pieces
Amount
$1,450
8,600
450
1.500
200
350
3,150
St. L o u i s
Minneapolis
Kansas City
Dallas.
San Francisco
Total
_
Amount
4
1
1
5
4
$200
178
16,600
100
50
3.50
300
Q
Ul
O
in
H
W
W
>
Ul
d
C7T
N o . 14.— United States Treasury (war) savings securities received from division of Loans and Currency for credit io retirement accounts during
the fiscal year ended J u n e 30, 1925, grouped according to accounts credited
S u r r e n d e r e d for reissue of an e q u a l p a r
amount
Class of security
^
1
Exchange
Reissue
Total
Claims
settlements i
Total
Pieces
Amount
NONREGISTERED
W a r savings s t a m p s :
Series 1918. .
Series 1919
Series 1920..
Series 1921
.
.
.
.
.
.
.
$5
_
$5
500
160
170
170
6
35
175
3,500
19,300
6,525
367,175
4 a 275
348,700
67,350
653,100
3,500
19,300
a 525
367,175
4 a 275
348, 700
67, 350
. 553,100
8,600
1,400
550
225
28,800
a 650
52,026
10,225
43, 676
186
27
1,481
.254
2,274
238
1,836
8,600
2,100
18,760
6,750
395,976
. 52,925
400,725
77, 575
596,775
1,411,925
131,050
6,285
1, 642,975
1,200
2,010
2-8,710
1,250
1,210
136
5,742
250
482
375
28,710
1,250
2,410
1,875
.
_
:
$500
100
100
$60
70
$500
160
170
300
_
T o t a l nonregistered
1
100
32
34
'l, 411,925
.
130
REGISTERED
T r e a s u r y savings certificates:
Series 1919
Series 1920
Series 1 9 2 1 . . . .
Series 1921, n e w issue
Series 1922, n e w issue .
Series 1922, issue S e p t . 30, 1922
Series 1923, issue Sept. 30, 1922
Series 1923, issue D e c . 1, 1923
Series 1924, issue D e c . 1, 1923.
Total
.
..:
__
_
.
_
-
W a r savings s t a m p s :
Series 1918. . .
Seriesl919
Series 1920. .
Series 1921
,.
___
200
2,000
1,000
10
&
2,200
1,010
3,210
28,886
5,135
25,675
T o t a l registered
2,200
1,412,935
. 1,415,136
102,165
1,150
1, 517,300
G r a n d total
1,900
1,413,065
1,414,965
102,160
1,115
1, 517,125
Total
:
1 Includes claim issue and claim retirement. Deductions made on account of cumulative claim retirements in adjustment of previousfiguresin which no deductions were made
pending receipt of all necessary information.
N0TE.4-In adjustment of previousfigures,1 piece, $5, series 1918, claim retirement, hasbeen transferred from nonregistered to registered. .
o
w
H
O
H
w
Q
Ul
N o . 15.— Unissued stock of United States Treasury (war) savings securities received from, Federal reserve banks and other agencies for credit
duH7ig the fiscal year ended J u n e SO, 1925
Total
Class of s e c u r i t y
Credit
aUow'ed
Unissued
stock
•
Mutilated
credit
Credit
retirement
Pieces
• Amount
NONREGISTERED 1
War savings stamps:
Series 1918
..
Series 1919
.
Series 1920
•.
Series 1921
Total
.
5
lOa 882
45,975
48,295
70,040
$634,410
229,'875
241,475
350,200
105
271,192
1,355,960
2
.-
7
25
68
100
• 300
77
75
77
1, 355, 762
77
273
271, 569
1,356,112
14, 013, 300
33, 39a 600
2,400,000
25,412. 500
625
125
625
99,249,250
625
151,458,275
325,925,925
$534,410
229, 950
241,400
350,000
.
:
~
,
.
Thrift stanips. . . .
T r e a s u r y savings s t a m p s
T o t a l nonregistered
.:
$176
75
195
$100
1,355,760
•
, .
95
Ul
H
O
REGISTERED
T r e a s u r y savings certificates:
Series 1918
Series 1919
Series 1920
Series 1921
Series 1921, n e w issue . . . .
Series 1922, n e w issue
Series'1922, issue S e p t . 30,1922
Series 1923, issue Sept. 30, 1922
Series 1923, issue D e c . 1, 1923 .
Series 1924, issue D e c . 1,1923
.
.
.
151,42a 475
..
. .
..
. _
.
.
100
625
2,575
625
29,950
1,850
140,133
182, 283
9,600
150, 400
10
2
10
1,913,056
10
1,246, 674
]4, 013,-300
33,390, 600
2,40a 000
. 25,412,500
• 625
125
.
...
' "
99,24a 450
loa
225
325,890,076
33,675
2,175
3,642,078
T o t a l registered
325,890,075
33, 675
2,175
3, 642,078
327,245,837
33,762
2,448
3,913,647
d
325,925, 925
G r a n d total
Ul
327,282,037
Total
.
1 Includes credits allowed by Post Oflace Department prior to June, 1924, but not reported to Register's Office until fisacl year 1925, as follows: 40 War Savings Stamps, series
1921—$200; 300 Thrift Stamps, $75; and 25 Treasury savings stamps—$25.
05
N o . 16.—United States Treasury {war) savings securities canceled, received jrom Fideral reserve banks, postmasters. Treasurer of the United
States, and the Division of Loans and Currency for credit to all accounts during the fiscal year ended J u n e 30, 1925, showing series, denominations, pieces, and total amount
Total
D e n o m i n a t i o n s b y n u m b e r of pieces
$1
$0.26
$25
$5
•
00
$100
$1,000
Pieces
Amount
NONREGISTERED 1
W a r savings s t a m p s :
Series 1918
Series 1919
Series 1920
.
Series 1921
Total
ida 881
. . .
. .
....
-
77
T o t a l non L cgistered -
.
•
REGISTERED
T r e a s u r v savings certificates:
Series 1918:;.-...^^-..-...^
Series 1919..
•
Series 1920
Series 1921
Series 1921, new issue
Series 1922 n e w issue
Series 1922, issue.Sept. 30, 1922
Series 1923, issue Sept. 30, 1922..
Series 1923, issue Dec. 1, 1923
Series 1924, issue Dec. 1, 1923
Total
W a r savings s t a m p s :
Series 1918
Series 1 9 1 9 . . .
1,"355, 785
.300
77
.
271,157
75
77
271,534
i1
1,355, 937
64,534
- 11
272
70
1, 707, 915
44
725, 882
14a 133
165,400
8,031
•69,149
21
. 913
' 158
167,181
141
431, 800
2, 498, 728
982,927
-:...,.
. . . . . . ^.-
.-.:
:
...
^.........
•......^^. •
._. . . .
,
.
-..
^^..^.c.-j^jv..:...:.
.:
•
5, 74^
250. - . . . . . ^ . - J . . i
o
H.
O
"^
H
•
,
..v.......
—--
1
77
300
:
$534,405
229,375
241, 635
350,370
271,157
1
.
300
_
881
876
327
074
lOa
46,
48,
7a
271,157
.....•--
'^rhrift s t a m p s
T r e a s u r y saving s t a m p s
•
45,875
48,327
70,074
16,842
1,599.
ia903
•5
298
.3.6
4 a 2:^
63
9 a 728
166, 708
w
140,133
182, 242
9, 630
150, 586
37.
1,483
264
1, 915, 330
248
1, 248,410
14, 013, 300
33, 382, 000
2,402,100
25,431, '^'50
7,375
396,100
53,550
99. 649, 975
78, 200
152, 055, 050
3, 648,363
327,468, 900
5,742
250
28, 710
/, 250
o
Ul
Series 1920
482
375
H
Series 1921
482
375
5,136
2,410
1,875
26, 675
Total
5,135
Total registered.
6,135
2,498, 728
982,927
166,708
Z, 643, 22%.
327, 443, 225
266, 022
2, 498, 728
i982,927
166, 708
3,914,7.62
328, 799, 162
Grand total
• . ; •
...
300 1
77
1 I n c l u d e s credits allowed b y P o s t Office D e p a r t m e n t . prior to J u n e , 1924, b u t n o t r e p o r t e d to register's oiBQce u n t i l fiscal y e a r . 1925r, as follows: 40 w a r savings s t a m p s , series 1921
$200; 300 thrift s t a m p s , $75; a n d 25 T r e a s u r y savings s t a m p s , $25.
N O T E . — C l a i m issue has been r e d u c e d b y t h e a m o u n t of c u m u l a t i v e claim r e t i r e m e n t , a d j u s t i n g p r e v i o u s yfears in w h i c h no d e d u c t i o n s were m a d e p e n d i n g receipt of all necessary
nformation. Also iii a d j u s t m e n t of p r e v i o u s figures, 1 piece at $5—series 1918, claim r e t i r e m e n t — h a s been transferred from, nonregistered to registered.
Q
M
Ul
o
pi
05
05
CO
No. 17.—United States Treasury (war) savings securities received from Federal reserve banks, postmasters, the Treasurer of the United States,
and the Division of Loans and Currency for credit to all fiscal agency accounts during the fiscal year ended June 30, 1925
Received from F e d eral reserve b a n k s
Class of s e c u r i t y
Pieces
Amount
Received from
T h i r d Assistant
P o s t m a s t e r General
Pieces
Amount
Received from
Treasurer
Pieces
Amount
Received from Division
of L o a n s a n d C u r r e n c y
Pieces
Amount
0:>
O
T o t a l received
Pieces
Amount
NONR^EGISTERED I
W a r savings s t a m p s :
Series 1918
Series 1919
Series 1920
Series 1921
135
15
39
$675
75
195
106,881
4 a 010
48, 312
70,035
$534, 405
230, 050
241, 560
350,175
106, 881
45, 875
48, 327
70,074
$534, 405
229, 375
241, 635
350, 370
81
405
271, 238
1, 35a 190
271,157
1, 355, 786
Total
, . . .
2,250,000
T r e a s u r y sa"vings s t a m p s
Thriftstamps
.
T o t a l nonregistered
.
$562,500
• 25
28
25
7
102
2, 250, 272
102
562, 568
77
300
77
75
2,250,000
. 662,500
78
423
2, 521,612
1, 918, 860
271, 534
1, 355, 937
625
100
625
3,975
625
18a 525
532
$130, 600
140,133
182, 242
a 630
150, 586
27
1,484
• 254
>
1, 915, 261
238
1, 246> 868
14, 013, 300
• 33, 382, 000
2, 402,100
25, 431, 250
a 750
396, 200
52, 925
99, 646, 000
77,675
151,723, 625
140,133
182, 242
a 630
150, 586
37
1,483
264
1, 915, 330
" 248
1, 248, 410
14,013,300
33, 382,000
2, 402,100
25, 431, 250
7,375
396,100
53, 550
99, 649,975
78, 200
152, 055,050
192, 275
532
. .130, 600
3, 64a 723
327,131,725
3, 648, 363
327, 468,900
o
o
W
REGISTERED
T r e a s u r y savings certificates: ^
Series 1918
Series 1919
Series 1920
Series 1921
Series 1921, new issue
Series 1922, new i s s u e .
Series 1922, issue Sept. 30, 1922
Series 1923, issue Sept. 30, 1922
Series 1923, issue Dec. 1, 1923
Series 1924, issue D e c . 1, 1923 _
TotaJ
.
.
•
10
/
..:
..'.
-
41'
14,300
10
69
10
969
41
14, 300
1,067
•
t2j
O
Ul
W a r savings s t a m p s : «
Series 1918
Series 1919
Series 1920
Series 1921
•
Total
28;-710
1,250
2,4'10
1, .875
5,742
260
482
375
28,710
1,250
2, 410
,875
5,742
250
482
375
6,135
14, 300
1,067
192,275
532
130, 600
3, 641, 588
327,106, 050
3, 643, 228,
327, 443, 225
2,249,959
Grand total
25';675
41
T o t a l registered
548,200
989
191, 852
632
130, 600
a 163, 200
329,024,910 • 3,914,762
328 799 162
5,135
25 675
1 Includes credits allowed by Post Office Department proir to June, 1924, but not reported to register's office until fiscal year 1925, as follows: 40 war savings stamps, series 1921,
$200; 300 thrift stamps, $75; and 25 Treasury savings stamps, $25.
.
>
3 Deductions made on account of cumulative claim retirements in adjustment of previous figures in which no deductions were made pending receipt of all necessary information.
NOTE.—In adjustment of pre"vious figures, 1 piece and $5—series 1918, claim retirement—has been transferred from nonregistered to registered.
N o . I S . ^ U n i t e d States securities, i n 'bearer form (interest coupons not included), received for credit to all fiscal agency accounts for the fiscal year
ended J u n e 30, 1925, reported according to the Federal reserve banks and other fiscal agencies
P r e - w a r loans
L i b e r t y loans 1
F e d e r a l reserve b a n k or o t h e r
fiscal agency
Pieces
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
N e w Orleans.
Chicago.
'..
St. L o u i s
...:...
Minneapolis
Kansas City
Dallas
San Francisco
Division of L o a n s a n d C u r r e n c y .
Postmasters..
Total
Amount
1,375
$731,480
1,375
731,480
Pieces
Amount
L i b e r t y loan
i n t e r i m certificates
Pieces A m o u n t
295,810
$13a 934, 350
1,525, 517 1,083,568,800
209, 206 • 112,674,460
219,891
77, 794, 050
39, 068
17,14a 850
27, 032
10, 288, 800
2,969, 450
l a 132
415. 367. 350
763,277
35,254. 650
6 a 851
62, 203, 750
54, 764
47, SOa 060
9 a 310
13,127, 600
24,775
86,194, 260
217, 680
856.24a 700
78a 274
18
69
6
22
2
7
$1,450
8,500
450
1,600
200
350
39
4
1
1
5
4
3,150
200
100
50
350
300
2,951,465, 000
178
4, 33a 587
l a 600
Certificates of
indebtedness
Pieces
Amount
T r e a s u r y (war)
savmgs
securities
Pieces
Amount
Total
Pieces
Q
Ul
Percentage of
total
Amount
1,918, 860
423
304, 426
1, 55a 802
215, 461
22a 416
43, 836
2 a 062
' ia4i2
/ , 471,369
6 a 053
6 a 616
94, 962
2 a 719
222, 031
3, 362, 248
- 78
$189,008,800
1,262, 6 i a 800
157, 038, 400
9 a 967, 050
38, 909, 050
l a 979,150
a 512, 460
538, 801, 500
58, 663, 760
98, 641,850
67, 674,100
27,96a 950
13a 047, 050
1, 094, 085, 540
423
4.99
33.32
4.14
2.56
1.02
.45
.17
14.22
1.55
2.60
1.78
.74
3.59
28.87
1, 355,937
4, 747, 697
3, 789, 715, 017
w
>
loa 00
8,598
25,216
a 249
a 503
4,766
2,023
280
15, 315
5,198
5,851
4, 651
1,939
4,347
52,987
$68,073,000
179,039. 500
44, 463, 500
19.171, 500
21, 768, 000
a 690, 000
3, 543, 000
123,993,500
23,409,000
3 a 338,000
19. 768, 000
14; 842,000
49. 852, 500
235,194, 500
2,250,000
$562,500
2, 621, 612
78
143,923
83a 146, 000
271, 534
Ul
d
Oi
} Includes Treasury bonds and Treasury notes.
No. IQ.•—United States bonds, notes, in registered form, received from Division of Loans and Currency for credit to retirement accounts during
the fiscal year ended June 30, 1925, grouped according to accounts credited
&5
•
S u r r e n d e r e d for reissue of a n e q u a l p a r a m o u n t
T i t l e of loan
Exchange
INTEREST-BEARING
P r e - w a r loans:
L o a n of 1925
Consols of 1930—bonds
P a n a m a C a n a l loans—
Series of 1906-1936
Series of 1908-1938....
Series of 1911-1961
Conversion b o n d s Series of 1916-1946 . •
Series of 1917-1947
Postal Savings b o n d s —
F i r s t series
Second series
T h i r d series .
F o u r t h series
Fifth series
Sixth series
S e v e n t h series
E i g h t h series
N i n t h series
T e n t h series
E l e v e n t h series
T w e l f t h series
T h i r t e e n t h series
F o u r t e e n t h series
...
F i f t e e n t h series
Sixteenth series
Seventeenth series..
E i g h t e e n t h series
N i n e t e e n t h series
T w e n t y - f i r s t series
T w e n t y - s e c o n d series
Twenty-fifth series
T w e n t y - s i x t h series
T w e n t y - s e v e n t h series
T w e n t y - e i g h t h series
• Total..
Total
C l a i m settlements 2
Interest
rate
Transfer 1
Conversion M u t i l a t i o n
•
Pieces
Total
Amount
SECURITIES
Per cent
4
2
.
..
2
2
3
6.178, 440
- .3. 49a 860
11, 134,100
6,178, 440
3, 49a 860
11,134,100
1, 505, 700
1, 252,400
580
a 220
9; 780
15,120
18,900
25,160
13, 720
20,860
l a 560
19, 600
2a 640
16, 260
15, 240
a 280
4,100
820
1,880
4,000
3,040
4,240
2,900
1,000
300
340
3,360
580
6,220
9,780
15,120
18.900
25,160
13, 720
20, 860
16, 560
19, 500
2a 640
15, 260
15, 240
6. 260
4; 100
820
1,880
4,000
3,040
4, 240
2,900
1,000
300
340
3, 360
.
111, 923,180
111, 923,180
...
. .
^
.
..
_
.1
_
.
_
.
.
.
.
2^
2y2
2y2
23^
2^
2M
2K
23^
23^
23^
2^
2H
23^
2M
$1,000
3 2,000
20
^500
80
n8o
^500
^500
Km
3,4^0
4,649
7,858
.$29, 205, 650
58, 921, 250
1,292
753
a 675
a 178,440
3, 49a 860
11,132,100
270
136
1, 505, 700
1, 252, 400
2Y2
2Yo
23/2
23^
2H
2Y2
_
. . .
.
$29, 204, 650
58,921, 250
3
3
.
$29, 204, 650
58, 921, 250
1, 605, 700
1, 252, 400
9
55
102
94
12a
168
98
127
116
135
123
99
85:
28
17
5
10
8
8
12
9
2
3
6
16
580
a 220
a 800
15. 080
18, 400
25,160
13, 720
20.860
l a 640
l a 020
20,140
15, 260
14, 740
5,760
4,100
820
1,880
4,000
3,040
4,210
2.900
1,000
300
340
3,360
23. 077
111, 919,760
O
W
H
O
H
K
1^
o
Ul
Libertyfloans—
F i r s t , 1932-1947
F i r s t , c o n v e r t e d , 1932-1947
Do
F i r s t , second, c o n v e r t e d , 1932-1947
Second, 1927-1942
Second, c o n v e r t e d , 1927-1942...
T h i r d , 1928
F o u r t h , 1933-1938
3H
..
4K
Total
Treasury b o n d s Series 1947-1952
Series 1944-1964...
f
_
_
Total
t
62, 781,950
3, 658. 360
10, 012, 900
2, 611,100
2,122,900
3,667,500
180,495, 530
16, 750
95, 550
171, 650
252,300
40, 294,000
1,441,100
11, 391, 200
137, 000
4, 942,800
76, 050, 700
89, 431, 850
118, 991, 650
342,112, 650
567, 650
417,848
342, 68a 300
25,000
2,751
574
12,16a 800
6, 278, 600
950
3, 850
30,400
17, 450
40, 293,300
1, 438, 700
11,361,900
137, 000
4, 927, 050
75, 955,150
89, 260, 200
118, 739, 350
53, 250
$926,160
500
700
2,400
29,300
18, 414, 400
5, 790,400
288, 243,100
:
3, 658, 350
53, 250.
25,000
3,325
18, 439, 400
472,450, 230
689, 230
444, 250
473, 039, 460
^6,000
3
....
288, 243,100
180, 496, 530
3,658,350
63,250
472, 450, 230
27
6,000
683, 230
444, 223
473,033, 460
1 Includes interim transfer.
2 Includes claim issue, claim retirement.
3 Deductions of claim retirement made on claim issue, affecting previous fiscal years.
NOTE.—The above figures do not include claim redemption retirement as follows: Pre-war loans, 75 pieces, $77,400;-Victory 4H's] 31 pieces, $3,650.
Q
M
CQ
SECURITIES
P r e w a r loans: L o a n of 1908-1918
Grand total
2, 733, 200
12, 624,000
T o t a l interest-bearing securities
NONINTEREST-BE'ARINO
9,418,200
1, 550.
2, 377, 500
40, 350
. 5,150
9, 768, 350
l a 721, 600
30, 449, 350
7,381
4,084
20, 042
213
14, 315
70, 022
123,806
177, 985
12,135,800
a 278, 600
$100
$30,876,000
512, 000
8, 983,900
9 a 650
2,187, 750
6 a 182,950
78, 508, 300
. 88, 272, 650
275, 619,100
,
o
W
No. 20.—Unissued stock of United States bonds, notes, in registered form, received from the Division Of Loans and Currency for credit during
° the fiscal year ended June 30, 1925
Total
Interest
rate
Title of loan
Total
Title of loan
Pieces
Amount
INTEEEST-B E A R I N G SECURITIES
8
3
° 2
4
2y2
Second, 1927-1942
._
Second, converted, 1927-1942 .
Third, 1928
Fourth, 1933-1938 .
.
Pieces
Amount
14,440
41
94
1
1
698
234
482
625,400
194,600
1,000
50
385, 560
. - 245,460
1,260,250
1,561
Treasury bonds:
Series of 1947-1952
Series of 1944-1964
Per cent
4M
4
$709,700
297,600
2, 712,200
Total.
43
22
65
1,007,300
1,633
Total interest-bearing securities
3, 733,940
14
No value.
1,647
3,733,940
NONINTEBEST-BEAEING SECURITIES
.
•
.
33^
4M
r
^
F i r s t second c o n v e r t e d 1932 1947
Total
$11,500
2,600
200
240
17
-..
Total
Liberty loans:
First, 1932-1947
First, converted, 1932-1947
Interest
rate
INTEREST-BEARING SECURITIES—continued
Per cent
4
Pre-war loans:
Loan of 1925
Consols of 1930
. .
Panama Canal loans: Series of 1906-1936
Postal-savings bonds: Fourth series
,
Oi
"^
—.
•43^
43^
4K
-
Special certificates of indebtedness . .
Grand total.. . .
None.
O
n
o
H
w
o
Ul
No. 21.—United States bonds, notes, in registered form, received from Division of: Loans and Currency for credit to all accounts during the fiscal
year ended June SO, 1925, showing loans, denominations, pieces, and total amount
Total
Denominations by number of pieces
Interest
rate
Title of loan
$20 •
$50
$100
$500
$1,000
$6,000
$10,000
$50,000
2,686
4,141
$100,000
Pieces
222
Amount
INTEREST-BEARING SECURITIES
Pre-war loans: i
Loan of 1925...:
_._
Consols of 1930—Bonds
Panama Canal loans:
Series of 1906-1936
Series of 1908-1938..
Series of 1911-1961
Conversion bonds:
Series of 1916-1946
..__
Series of 1917-1947
_
Postal savings bonds:
First series
Second series
.
Third series
Fourth series..!
Fifth series
Sixth series..
Seventh series
^
Eighth series
Ninth series
Tenth series
Eleventh series
. i
Twelfth series
Thirteenth series.
Fourteenth series
Fifteenth series .
Sixteenth series
Seventeenth series..
Eighteenth series
Nineteenth series.
Twenty-first series
Twenty-second series
Twenty-fifth series
Twenty-sixth series
__
Twenty-seventh series
Twenty-eighth series...
Tptftl
,
Per cent
4
2
2
2
3
7
3
3
3
_.
-^
^
_
23^
23^
2M
2J^
23^
2^A
23^
m
2H
2M
23^
23^
23^
2M
23^
23^
i^
23^
23^
23^
2H
23^
206
291
1,145
1,803
93
673
337
5,964
98
7
27
4
4
6
40
21
15
' 38
21
23
27
31
17
18
12
3
•
i
4
2
2
2
8
305
6
46
55
59
86
. 89
63
,79
71
84
83
64
56
17
11
3
3
2
4
3
3
2
160
1,951
416
884
'
9
1
136
124
18
19
31
14
25
18
20
23
17
18
8
6
1
3
8
6
8
5
2
6
a 917
(1,310
8,373
1,294
753
a 675
6,178,640
3,496,860
11,132,100
1,506,700
1,252,400
580
6,220
9,800
15,320
18,400
25,160
13, 720
20,860
l a 640
19,020
20,140
15,260
14, 740
5,760
4,100
820
1,880
4,000
3,040
4,240
2,900
1,000
300
340
3,360
23,094
111,934,200
.
r
856
$29,217,160
68,923,750
270
136
559
316
512
4,657
7,861
9
55
102
98
120
.168
98
127
116
135
123
99
85
28
17
6
10
8
8
12
9
2
3
5
16
279
385
155
.98
116
25
135
c
222
Q
i
O
Ut
05
No. 21.—United States bonds, notes, in registered form, received from'Division of: Loans and; Currency for credit to all accounts during the fiscal
year ended June 30, 1925, showing loans, denominoitions, pieces, and total amount—Continued
D e n o m i n a t i o n s b y n u m b e r of pieces
$20
INTEREST-BEARING
$1,000
$5,000.
$10,000
$5aooo
$60
$100
$500
452
3,116
44
4,133
12,305
26, 782
3 a 656
2,844
2,785
9,844
93
7,162
29,950
58, 217
85, 666
658
402
3,015
19
1,386
9,784
15, 681
21, 461
1,941
384
3,558
47
1,397
14,929
19,891
29,347
577
19
384
8
138
1,597
1,649
2,548
1,088
41
196
3
94
1,787
1,394
2,389
6
193
200
157
83,488
19a 561
52,396
71,494
a 920
6,992
595
87
406
55
1,218
205
198
55
290
146
$100,000
Pieces
Amount
175
226
253
7,422
4,084
20,136
214
14,316
70,720
124,.040
178;467
$40,919,400
1,441,100
11,685,700
138,000
4,942,850
76,436, 250
89,677,300
120, 251,900
n
709
839
419,399
345,392, 600
o
24
4
63
44
2,794
596
12,870, 600
6, 57a 200
SECURITIES—continued
L i b e r t y loahs:
F i r s t , 1932-1947
F i r s t , converted; 1932-1947
F i r s t converted 1932-1947
F i r s t , second c o n v e r t e d , 1932-1947
Second, 1927-1942
Seconid, converted, 1927-1942
T h i r d , 1928
.
F o u r t h 1933-1938
3M
4
4
.*".
4^
4M
Total
Treasury bonds:
Series 1947-1952
Series 1944-1954
Total
Interest
rate
T i t l e of loan
:
4
136
1
16
682
461
1,423
253
436
28
199,194
63, 713
82,834
8,483
15,801
959
14
7
5
14
7
53, 706
82,833
7
1
300
199,180
305
T o t a l interest-bearing securities
178
1
Total
83,648
107
3,390.
476,773,400
6,000
N o value
T o t a l noninterest-bearing securities
a
3
None.
5
83,648
IS
8, 48^3
15,801
959
946
6,000
445,870
476,767,400
1 Deductions of claim retirement made on claim issue, affecting previous fiscal years.
NOTE.—The above figures do not include claim redemption retirement as follows: Pre-war loans, 4 pieces, at $50; 22 pieces, at $100; 1 piece, at $200; 3 pieces, at $300; 1 piece, at
$400; 11 pieces, at $600; 28 pieces, at $1,000; 2 pieces, at $5,000; 3 pieces, at $10,000; and Victory 4M's, 5 pieces, at $60; 24 pieces, at $100; 2 pieces, at $500^
o
19,446,700
445,883
27
14
946
NONINTEREST-BEARING SECURITIES
P r e - w a r loans: 1 L o a n of 1908-1918
S pecial certificates of i n d e b t e d n e s s
G r a n d total
OS
05
Ul
N o . 22.— United States securities, belonging to previous fiscal years, received for audit and file during the fiscal year ended J u n e 30, 1925^
Total
Interest
rate
T i t l e of loan
Redemption
Exchange, transfer, etc.
Claim
settlements
U n i s s u e d stock i
Pieces
Amount
PRE-WAR L O A N S
Bearer:
L o a n of 1842
.
L o a n of 1843 .
Loanof 1908-1918.....
L o a n of 1925 .
Consols of 1930
. . .
Consols of 1930, pro"visional certificates
P a n a m a Canal l o a n Series of 1906-1936
Series of 1908-1938
Series of 1911-1961 . .
Conversion b o n d s Series of 1916-1946. . .
.
Series of 1916-1946, i n t e r i m certificates
Series of 1917-1947
P o s t a l savings b o n d s Second series
T h i r d series
Fifth series
" E i g h t h series
^
Ninth series.. . .
.
- - ..Tenth series E l e v e n t h series
. .
.
.
.
_
.
.
. . .
Per cent
6
5
3
4
2
2
$1,658, ooa 00
1,435, ooa 00
$ i a 65a 380.00
13,16a 25a G
O
5,017, 55a 00
9, 734,450. 00
$3,331, ooa 00
2,839, ooa 00
l a 65a 38a 00
13, lOa 260.00
6,017,55a 00
9, 734,450. 00
o
.
..
.
.
.
i..
7, 647,800.00
2,47a 900. 00
4, 92a 100. 00
8,783
• 2,862
5,666
. 7, 647, s o a o o
2 , 4 7 a 900. 00
4 , 9 2 a lOa 00
Ui
3
3
3
88a 600.00
50, 900. 00
2,04a 600. 00
1,147
12, 695
4,106
880, 600. 00
o
2.040,500. 00
140.00
33,50a00
800. 00
13, 720. 00
13,820. 00
3, 760. 00
• 3, 540.00
3
187
4
122
103
20
29
140.00
33.600. 00
800.00
13; 720. 00
13,82a 00
3, 760.. 00
3, 540. 00
52,929, 260.00
91, 527
68,833,7ia00
4,000. G
O
8, 500. 00
850
1,128
1
1
30
967,904.11
4, 523.053. 42
600.00
600. 00
30, ooa 00
35,740
36,740
4,627
4,627.
1
293,010,4oa oa
293,010,400.00
2H
2H
23^
23^
23^
2H
2H
•
3,177,000.00
5
6
33^
6
5
6
5
33^
12,727.4,50.00
302,469. 01
596, 922. 64
8,500.00
665,435.10
3,892, 915. 78
15,000.00
.,000.00
26,300.00
293,010,400.00
$2a 216. 00
500.00
500.00
3 a ooa 00
.2a3oaoo
25,110,40a00
26,110,400.00
. . .
4
5a9oaoo
§
S
15,000. 00
• 1,000.00
293,010,400. 00
l o a 00
I Includes securities audited and destroyed by Division of Loans and Currency, not previously included in accounts of register's oflSce.
2,315
2,179
24,570
20, 788
5,632
316
2
2
3
T o t a l bearer
Registered:
Mexican i n d e m i i i t y s t o c k . . .
SpanivSh i n d e m n i t y stock
L o a n of J u l y a n d A u g u s t , 1861
L o a n of J u l y a n d A u g u s t , 1861, c o n t i n u e d
L o a n of 1862
.
Ten-forties of 1864
F i v e - t w e n t i e s of 1865
F u n d e d loan of 1881
F u n d e d loan of 1881, c o n t i n u e d
F u n d e d loan of 1891
F u n d e d loan of 1891, c o n t i n u e d
.
F u n d e d loan of 1907.
$1,773,000.00
1,404,000.00
25, iia4oaoo
.25,110,400.00
100. 00
Oi
-^
-^
OS
N o . 22.—^United States securities., belonginglto previous fiscal years, received for auditandfile during the fiscal year ending J u n e S0,^i925—Coriid.
"^
00
Total
Interest
rate
Title of loan
PRE-WAR LOANS—continued
Bearer:
Loan of 1908-1918
Consols of 1930, provisional certificates
Consols of 19.30, refJiTiding transfer certificates
Panama Canal loan—
Series of 1906-1936, refunding transfer certificates .
Series of 1908-1938, refunding transfer certificates....
Postal savings bonds—Eighth series, interim certificates
Total registered
Per cent
3
2
2
.
2
2
23^
.
...
Grand total
2 In adjustment of previous figures, a deduction is made of 6 pieces.
Redemption
$33,800.00
46, 52a 100. 00
5, 677, 800.00
4,052, 600. G
O
Exchange transfer, etc.
Claim
Settlements
$33,800.00
373, 722,65a 00
Unissued stock »
Pieces
$157,124,880. 00
Amount
28,047 $167,124,880 00
7,451 373,722,660.00
2 260. 46 526,100 00
35
25
1
ioo. 00
5, 677,800. 00
4,052,600. 00
100. 00
261,049,508.35
69a 435,700.88
$59,316.00
157,179, 68a 00
37,828
592, 625,187. 53
267,872,608. 36
709,163,150.88
69,316.00
210,108,940.00
129, 355
661,458,897. 63
O
'A
:-^>
is.
>
o
Ul
No. 23.—Comparative statement showing United States securities (interest coupons not included) received for credit to all fiscal agency accounts
for the fiscal years 1922, 1923, 1924, 1925, and totals received and recorded to and inclusive of June 30, 1925
19221
1925 1
C u m u l a t i v e total t o J u n e
3 a 1925
Class of securities
Pieces
Amount
Pieces
Pieces
Amount
Pieces
Amount
Pieces
Amount
BEARER
P r e - w a r loans
L i b e r t y loans
Treasury bonds..
T r e a s u r y notes
I n t e r i m certificates ( L i b e r t y loan)
Certificateis of i n d e b t e d n e s s
T r e a s u r y (war) savings securities..
Total.
3, 628
2,190|
$1, 428, S i a OOl
$2, 877, 730. G
O
13,164,929 2, 873, 611, 80a 00 l a 201, 464 2, 515, 642, 86a 00
113, 579| 172,98a 7Ga G
O
39, 042
191, 086 903. 704, 200. .00
72, ISa 900.00
763
65. 45a 00
105, 640. G
O
1, 031
472,30412, 111, 912, ooa 00
O
427, 644 1,971, 651, 000. G
2,342, 466|
2, 38a 346. 26|
4 a 827, 056. 75
99, 639, 249
113, 265, 623 4,961, 254,12a 75
13. 323, 842; 5, 708,029,355. 25
$15,333, 55a 00
8. 713
9 a 645 $6a388, loaoo 2 2, 8 i a 414 2$1,747,806, 830.00
6, 861, 848 1, 39a 497, 75a G 3.492, 379 1,187,683, 40a 00 143, 342, 684 31, 824, 713, 100.00
O
73,489
562, 087, 600.00
118, 673, 40a 00
293,954
lOa 886 27a 524, 50a 00
230,132 1, 09a 234, 50a G
O
731, 322 1,493, 267,100. G
O 1,192, 723 3, 57a 761, 2oaoo
288
8,404,143 6.969.245,
178
31. 40a 00
laeoaoo
265, 291 1,292, 312, 6Ga 00
143,923 83a 146, ooa 00
4, 648,171 22, 042, 506, 26a 00
665. 644, 000.00
271, 634
474,142. 00
324, 315
1, 365,937. 00 235, 326, 516
512.00
7, 764, 076 3 , 9 i a 457, 242. G
3, 865, 371, 727.00 396, 024, 605 67,372, 763,492.00
O
O
M
O'
REGISTERED »
Pre-war l o a n s . . .
.'
Liberty loans. Treasury bonds
Certificates of i n d e b t e d n e s s
...
T r e a s i i r y (war) savings securities.
85,429
1,043, 791
170,448. 090. 00
993, 778, 600. G
O
323,146
2a 646,300. G
O
14,262- 56,232, 83a 00
1,022,0081,226, 828. 76a 00
2,038
7,2ia40aG0
10
3,967, ooa G
O
715,298
82,314,415. G
O
2,024,633 7,221,398,871.17
lOa 625
673, 867,800. 00
496, 760
4 i a 399
3, C
2 a 253, 600. 00
3,390
14
76, ooa 000. G
O
3001
438,049
95,632,94a G 3,643,228
O
965, 602,895. 88
345,392, 50a 00
19,446, 700. 00
N o value.
327,443, 225.00
* 2,243, 602 8, 476,332,077.06
5,287,240 4,923,281, 700. 00
9,036
4 a 916, 700.00
479
266,805,000.00
6,933, 311
658,162,455. 00
H
W
Total.-.-...
1,462,366 1,19a 872,990.00
1,753,606 1, 376, 659, 395. 00
2,963, 350 7,98a 053,211.17 4,16a 656 1,657, 885,320. 88 13, 473, 668 14,371,497,932.05
W
: Grand total.
114, 717,889 a 152,127, l i a 75
15, 077,448 7,083, 588, 76a 25
10,727,426 11,902. 5 i a 453.17 9, 003, 523 6, 513,267,047. 88 409,498,273 81, 744,261,424. 05-
Ul-
I I n c l u d e s w o r k belonging t o p r e v i o u s fiscal years, w h i c h w a s received for a u d i t a n d file or a d j u s t m e n t of apcounts d u r i n g t h e c u r r e n t year.
' O n a d j u s t m e n t of previous figures d e d u c t i o n is m a d e of 17 pieces, $21,000.
» I n c l u d e s securities in registered form, u n i s s u e d a n d r e t u r n e d in b l a n k .
i O n a d j u s t m e n t of previous figures d e d u c t i o n is m a d e of 2 pieces.
05
No. 24.—Paid coupons received from the Treasurer of the United States during the fiscal year ended June 30, 1925, grouped according to loans
and denominations
Ob
O
D e n o m i n a t i o n s of b o n d s , n o t e s , a n d certificates
T i t l e of loan
Interest
rate
$20
$60
Coupons Amount
Coupons
Amount
Coupons
$1,000
$500
$100
Amount
Coupons
Amount
Coupons
Amount
UNITED STATES LOANS
•
P e r cent
Pre-war loans:
Consols of 1865
6
F u n d e d loan of 1891
L o a n of 1904.
L o a n of 1907
4
L o a n of 190S-1918.
.'
3
4
L o a n of 1925
2
Consols of 1930
P a n a m a Canal l o a n s 2
Series of 1906-1936
Series of 190&-1938..
2
Series of 1911-1961-.
3
Conversion bonds—Seriesof 1916-1946
3
Postal-savings b o n d s
._._
23^
247
49
$19a50
$1.50
12
513
1,481
328
a 00
384.75
740.50
82.00
1,949
487.25
713.35
$2.24
1.25
l i a 00
273.76
4,418.00
522. 50
3
6
1,704
1,464
2,517
24.70
4.90
2
1
116
73
4,418
1,046
1.50
3.00
1, 278. 00
1,09a 50
3,14a 25
10,862. 99
4K
P.
4^
4
29
2,690
666
$20.00
217. 50
12,95a 00
1, 665. 00
2,082
7,807.50
n
• 22,768
2,136
$227,680.00
10,680.00
1
2
16,056
69,668
o
6.00
10. 00
120,420.00
622,510.00
'.582
3,637.50
5,953
26, 297. 50
110,631
881,305.00
91, 469
651, 579. 25
80a 353. 76
913
31, 297. 30
9,122. 05
1,476,063. 63
133, 628
1,4ia 57a 59
5,409. 40
a 461.48
608
42,120. 00
4, 212.
115, 946. 00
4,251,047. 37
4,169, 269. 8 1 .
400,212
741,675
8,435, 6 i a 00
7, SSa 252. 33
10,649,823.12 1,025,485 l a 896, 523. 98
124,167.63
3,473
40,004.56
4
" . l i a 97
34.84
1,010, 663
753
180,462
1,500
4,235
848,094
1,329, 611
2,400,976
2,237
93
17, 686,602, 50
15,047 46
3, 834,817. 50
31,875.00
84,700.00
18,021,997. 60
28,251, 670.60
51,020, 539.45
51,389. 68
1,724. 99
2,401,679
25,345,49a 95
6,778,524
119, ooa 364.68
47,498
504,6ia39
229,754
4,882,235.54
2,335
1,214.75
11,339
688,613
32,472
737,443
3,066
121,360
2,19a 434
4, 846,856
5,147,443
116,798
60
514,634.48
32,429.64
784, 522.80
3,266.30
121,36a 00
2,334,603.32
5,167,689.20
6,481,616.12
135,12a 26
5 a 46
372,331
15, 669
694, 938
2,644
67,973
1,963,982
3,969,602
5,009, 914
53, 353
60
13, 788, 544
33^
Total
T r e a s u r y b o n d s , 1947-1952
1,310
3,555
Total
Liberty loans:
F i r s t , 1932-1947
F i r s t , c o n v e r t e d , 1932-1947 . .
Do
F i r s t , second converted, 1932-1947
Second, 1927-1942
Second, c o n v e r t e d , 1927-1942
T h i r d , 1928
- F o u r t h , 1933-1938
V i c t o r y , 1922-1923
/
Do..
1
14, 665,307.48
12,140, 366
26, 669, 283.11
82, 643
175,, 53a 44
:
o
Ul
Treasury notes:
J u n e 15,1921; series A-1924
Sept. 15,1921, series B-1924
F e b 1,1922, series A-1926
M a r . 15,1922, series A-1926 J u n e 16, 1922', series B-1925
A u g . 1; 1922, series B-1926.-..
Dec. 15, 1922, series C-1925
J a n . 16, 1923, series A-1927
M a y 16, 1923, series B-1927
Total
•
,
.
.
V-456,333
p
...........i...
4>^
43^
4M
6 *
.• .
T o t a l U n i t e d S t a t e s loans
.
D i s t r i c t of C o l u m b i a funded loan of 1924
Grand t o t a l . . . .
•1,063,07a 96
.
-
75,288.89
228,703. 75
262,188.67
302,-613; 81
149,250:01
2 i a 33a 45
400,871. 25
297,476.49
1,331,078.05
9,181
39,545
69,303
115,394
32,918,
63,898
75, 289
53, 666
229, 230
263,953.75
1,087,487 60
1,64a 206.61
2,740,607 60
719,992. 67
1,358,324.29
1, 694,002 50
1,204,017.06
5,432,416. 74
278,037
3,263,807.37
688,324
16,147,008.62
6,982. 23
46a 00
77,072. 64
51,001.00
. 8,042
110,450.26
18.75
514,482.35
292,049,53
. 9,405.00
78.76
171.99
62. 63
136.00
4
14
1
14
105.00
330: 92
28.91
420.00
13,999
.
4M
4M
-4M
43^
4H .
4M
Certificates of i n d e b t e d n e s s . J . . .
DO .
Do
Do..
Do.....
Do
Do.......
Do
.
Do.....
Do....
_..
Total
15,041.87
6,225
6,236
29,359.00
10,676
- ia633
16,878 22,068
4 a l i a 25
5 a 598'.: ••'• 134,397.6125,484
30,049
65,618.46 . 13,651
22.793
20,354
48,469. 81
.63,230
35,633
- 142,267.-50
4 a 964 f ^..91,922:30
26,477
20a 930
112, 501
•495,878.17.
1,017
48
7,707
4,799
393
3
6
13
4
9
5M
140,386. 66
47,976
927, 29a 72
26,722
13,759
418 ^
3,555
713.35
13,790,879
928
14,666,522. 23
846. 80
12, 690,681
26,908,743. 60
2,747,166
489
6,866, 208
29, 280,601.87
4,462.123^
141, 838, 204. 46
3, 665
713.35
13,791,807
14,667,369. 03
12,690, 681
26,908,743. 50
2,747.655
29,285,063.993^ 6,865,208
141,838^ 204. 46
3.65
Q
M
I
o
i
05
00
No. 24.- -Paid coupons received from the Treasurer of the United States during the fiscal yearlended June 30, 1925, grouped according to loans
and denominations—Coniinu^d.
00
Denominations of bonds, notes, and certificates
Interest
rate
Title of loan
$5,000
Coupons
Amount
$10,000
Coupons
$100,000
Amount
Coupons
Amount
Total
Coupons
Amount
UNITED STATES LOANS
Pre-war loans:
Consols of 1865
Funded loan of 1891
Loan of 1904
Loan of 1907
Loan of 1908-1918
Loan of 1925 . . . . . . . . .
.
Consols of 1930
Panama Canal l o a n s Series of 1906-1936
Series of 1908-1938 .
Series of 1911-1961 '.
Conversion bonds—Series of 1916-1946
Postal-savings bonds
Total
Per cent
6
43^
6
4
3
4
2
...
-.
$1.50
2.24
1.25
142.00
1,072.60
245,788.60
12,949.60
251
57
19,842
71,122
5,048
31.20
17.90
129,505.60
523, 600 50
7,271.00
133,813
. .
1
2
1
132
1,926
31,257
4,175,
2
2
3
3
23^
_
920,383.59 '
"
'
..
^
Liberty loans:
First 1932-1947
First, converted, 1932-1947
Do
First, second converted, 1932-1947
S'econd, 1927-1942
Second, converted, 1927-1942
Third, 1928
Fourth, 1933-1938
Victory, 1922-1923
-..
Do
33^
. . .
4M
3^
Total..^
Treasury bonds 1947-1952.—
iH
$600.00
926,118,75
4,037.60
11,70a 00
6,661,762. 50
7,624,255.74
19,274,664.25
5,801. 82
2,973.20
4
10,677
48
79
106,238
171,144
420,813
64
9
33,410,913. 76
709,076
160,678/552.88
26,337
2,798,293. 49
6a 069
2,063,076
49,817
1,765,855
7,803
187,976
6,667,306
11,129,646
14,18a 040
174,975'
257
$800.00
2,268,862.60
10,200.00
15-800.00
22,675,675.00
3a 368,100,00
89,422,-75-1.99
14,:775.89
l,-687.60
314,462
k
. .
6
8,707
38
117
62,346
71,768
181,409
50
31
14,037,630.48
19,653,169.98'
89,296.35
10,708,955.77
61,249,68
391,626 00
66,914,255.50
93,717,583.87
186,746,918.91
371 -268 84
6,587.96
35,132, 651 • 368,659,912.86
:
452,291
22,398,215.34
o
O
m
^'.
Q
Ul
Treaasury notes:
J u n e 15, 1921, series A-1924
_._
S e p t . 15, 1921, series B-1924
F e b . 1, 1922, series A-1925.
M a r . 15, 1922, series A - 1 9 2 6 . . . . .
_
J u n e 16, 1922, series B-1925
A u g . 1, 1922, series B-1926.
_„
D e c . 15, 1922, series C-1925
J a n . 15, 1923, series A-1927.
_
M a y 15, 1923, series B-1927
5M
1
4^
43^
43^
4M
_
853
7,888
16,206
16, 711
3,911
16, 381
9,480
7,811
2 a 769
122,618.76
1,084, 600.00
1,924, 604.00
1,865, 681.25
427,762.99
1, 634,231. 25
1,066, 500.00
878,507. 58
3,176,992.19
384
11,163
24,416
32,440
7,553
24,662
11,983
12,041
3 a 506
110,40a 00
3,069,825.00
5, 798,85a 61
7,704,50a00
1,652,218.75
5,238, 701. 96
2, 6 9 a 175.00
2, 709,225. 00 •
8, 66a.845. 51
4
1,841
4, 645
a 825
1,802
4,211
1,888
1,611
4,937
$11,600. 00
6,062,750. 00
11,031,876.00
l a 209,375. 00
3,941, 875.00
8,948,375.00
4, 248, ooa 00
3, 624,750.00
11, 725,376.00
20,883
87, 746
153, 616
252,452
89, 884
161, 289
197, 503
142,460
619,873
698,803. 26
10, 562, 726. 25
20,703,847.14
28,957,175,17
6,956,707. 77
17,444, 438. 75
I0,247,8ia25 •
8,805,898.43
3 a 827, 685. 66
104, 010
12,180,488. 01
161,138
37, 646,.747. 82
27, 764
64,803,875. 00
1,715, 606
135,104,997. 68
2H
3,874
26a 042. 24
9, 466
1,300,237.08
3,043
4,180,754. 62
4
4^
43^
4^
53^
53^
8,866
4,580
42
SSa 63a 85
483,99a 00
4, 725. 00
15, 867
a 623
14
3,173,^467. 58
1, 404,093. 75
3,15a 00
3,918
999 .
1
7, 836,000.00
2,116,226.00
' 2,25a 00
25,441
49
62,079
30,760
868
3
10
27
6
23
5,864,466,43
468. 75
12,487,55a 42
4,346,359. 28
23,936. 90
35. 62
183. 75
502. 91
"81.44
556. 00
Total
Certificate of i n d e b t n e s s
Do
Do.-...
Do
.
Do
Do
Do
Do
Do
Do
-
C-.
. --
L.
6
1
17, 361
1, 641, 294. 09
31, 969
5, 88a 948. 41
7,961
14,134,22a 62
119, 265
T o t a l United States L o a n s
D i s t r i c t of C o l u m b i a funded l o a n of 1924
462,170
5 a 03a 989. 35
968, 242
208, 243, 779. 59
35, 725
78,938,104. 62
37, 653, 626
1,417
549,807,658,97
5,308. Q2}4
462,170
50, 030,989. 35
968. 242
208, 243, 779. 59
-35,725
7«, 938,104. 62
.-.37,565,043
-Ul
•td
'• 549,812,967,893^
Total.
Grand total.
_.
_ .
3.65
.
~
..
22,724,14a 50
1 Redemption cost of above coupons $5,308.75^. In adjustment of previous figures 34 cent deducted from redemption cost;.'.
.:
• .
.
NOTE.—The above figures do not include the months of May covering 4,741,448 pieces amounting to $57,170,317.11 and June 4,292,702 pieces, $74,807,462.28, which are in process
of audit. Figures by" denomination are unavailable. A deduction of 298 pieces $2,807.06 is made (see Table 25) in adjustment of received figures reported in lieu of audited figures on
1924 report, coveringjApril, May, and June settleinent months.
s
. Ul .
d
Hi
CO
00
N o . 25.—Comparative statement of coupons redeemed during the fiscal years.1922, 1923, 1924,1925, and cumulativeltotal to^JuneSO, 1925
1922
1923
19241
^
C u m u l a t i v e t o t a l t o J u n e 30,
1925
1925 s
D e t a c h e d from (class of
security)
Pieces.
U n i t e d States loans:
P r e - w a r loari."?
169,918
L i b e r t y loans
90,213,266
Treasury bonds
T r e a s u r y notes
303,993
Certificates of i n d e b t e d ness
. . . 1,089,705
Amount
Pieces
$1,148,597.65
623,988,259. 77
27, 225,88a 24
164,232
73,116,632
312,766
1,360,766
553,182,248. 70
13,127,979.94
141,061,982 10
123, 975,879. 67
Pieces
Amount
$i,ioa53aoo
G r a n d total
Amount
151, 907
$1,030, 66a 41
51,160, 203 470,494,710. 23
586,838 i 25.012.101.78
2,479,097 188,192, 63a 86
405,323
60, ,675,784. 27
91, 776,882
1,738
.776,338,623. 33
76,359, 618
1,344
8,10a64)^
759,048,525.01
6,999. 33
91,778,620
Total.D i s t r i c t of C o l u m b i a
'
1
776,34a 729.97M 75,360, 962. 759,055,624.34- 54, 661,392
272,106
Pieces
142,406
43, 631,637
679,796
1,996,185
Amount
Pieces
Amount
$977,200. 34
456,431,873. 88
41,657,65a 13
168,346,824.48
17,212,352
609,445, 681
1,579,399
6,139,040
$77^ 272, 554.29
3,995, 779,823.34
79,797,737. 85
-514,827,329,68
24,371,883. 53
3,396,565
428,022,121. 30
38," 316, 681. 82
138,763
54, 660,150 ,723,046,797.10
1, 242
6,807.86
46,687,776
1,417
681,785,438. 36
637,773,037, 5,095, 699,666. 46
5,308. 7 5 ^
101,774
769,618.493^
46,689,193
681,790,747. I I M 637,874,811 5,096,469,184.963/^
723,063, 604.96
» Figures of 1924 fiscal year adjusted to include audited instead of received figures for April, May, and June. •
* Figures of 1925 fiscal year contain received instead of audited figures, for May and June.
N o . ,26.—Coupons detached from. Liberty loan bonds, notes. Treasury bonds, notes, and certificates of indebtedness, prior to issue and forwarded
to the Register of the Treasury for credit by Federal reserve banks and Division of Loans and Currency during the fiscal year ended J u n e 30,
, 1925
D e n o m i n a t i o n s of b o n d s , notes, a n d certificates
T i t l e of loan
Interest
rate
$20
Coupons
P r e - w a r loans:
P a n a m a C a n a l loan of 1911-1961
Conversion b o n d s Series of 1916-1946
Series of 1917-1947
Amount
$50
Coupons
Amount
.
$600
$100
Coupons
Amoimt
3
2,000
$1,500.00
3
3
3,806
143
2,853,75
107, 26
00
Coupons
3,400
.\mount
$1,000 •
•
Coupons
$12,75a 00
Amount
34,260
,
30,073
3,836
$256,875.00
.
225, 547.50
28, 77a C
O
2
Loan of 1898-1918
3
272
$4a80
733
549.76
272
Total
4a 80
6,681
5,010. 75
=^—^;=
Liberty loans:
First, 1932-1947
First, converted, 1932-1947
First, converted, 1932-1947
First, second converted, 1932-1947
Second, 1927-1942.
Second, converted, 1927-1942
.__
Third, 1928
Fourth, 1933-1938
3^
'
Total
Treasury bonds, 1947-1952
Treasury bonds, 1944-1954
_.
r*
$36,219.44
28,066.13
104,087.93
847.02
43,887.00
242,316, 76
26a 841,85
230,451,91
52,258
3a 382
131,268
1,076
66,166
306,170
407,726
406,631
916,400
' ' " ,
Total
""
952,717.04
1,39a 666
Certificates of indebtedness:
Dec. 15, 1923, series TD-1924
June 16, 1924, series TD2-1924...
Mar. 15, 1924, series TM-1925
Sept. 15, 1924, series TS-1925
Mar. l a 1925, series TD-1925
Total
Grand total
296,642, 60
91,451. 50
33,902
70, 218.91 .. 8,965 , 88,22L70
278,926. 63
894,101.03
84,151
2, 286.12
6,981.67
563
112,312. 00
161,8ia 00
16,181
648,395. 87 208,886 2,219,381. 56
858, 743. 77 134, 755 1,42a 722. 87
863,965. 31 201,376 2,139, 563. 79
.
7, 232,425.12
2,108,310
42,144, 564. 56
30,814.11
16,024. 00
15,065
6,641
159,938; 16
66,410.00
31,696
14> 014
673, 246,48
280,28a 00
45,838.11
21, 596
226, 348.16
45,710
953,62a 48
2,92a30ail 1 688,779
.
4^4
4M
••
•
P.
•
1
7,147
10,101
12,089
16,838
. 5,069
15,012
10,824
76,080
. =
43^
4
2H
3
171,618.71-
1
.
• •
=
91,333.44
162,468.71
96,077.70
96,124.15
67,363. 75
80,306.07
167, 585. 04
751,258. 86
108, 692
11,472. 83
1,763. 02
68,33a 00
18,171.16
l a 53a 00
607
1,367
7,690
5,151
3,886
12,898. 75
18,741. 57
153,800. 00
70,826. 25
29,145. 00
18, 701
no, 267. 00
-
952,717. 04
1, 501,446 3,148, 767. 68
M
i
286, 411. 67
13, 623
•
40 80 1 01'^ 'inn
Q
2,484,766.80
1,080
257
a 833
2,645 ^
2,808
i
•
7,688
13, 682
8,787
9,047
5,099
7,139
14,158
27, 500.00
1,000
295,180. 75
^ 12,381
360,952. 50
16,198
23,505
514,173.66
l a 961
235,456. 25
12, 632
284,22a 00
11,626 , 269, 643.19
21; 389
507,64a 46
65, 600
17,009. 86
23,987,60 •
26,412. 36
33, 64a 42
11,405. 25
33,733.68
26,429. 54 .
j
72
685,010 11,987,675:00
244, 543. 76
12,682
151,791 3,225, 558. 75
1,749
37,166. 25
24,166
483,320.00
353,966 7,621,777.60
410,469 8,687, 287. 26
468, 577 9,967, 236. 05
14,507
7,612
.• ,
63^
..,„
40,166.00
661,347, 60
22,019
~
~
Total..
Treasury notes:
Sept. 15, 1921, series B-1924
Feb. 1, 1922, series A-1925
Mar. 15, 1922, series A-1926
June 15,1922, series B-1925
Aug 1, 1922, series B-1926
Dec. 15,1922, series C-1925
Jan. 15, 1923, series A-1927
May 15, 1923, series B-1927-..
6,364
73,613
=r
41,462
29,793
98,022
797
43,887228,189
257,369
2ia 891
4
712. 50
13,462. 60
190
3,590.
793,188 8,332, 761, 64
o
Ul
d
2,354,926 46,419, 6ia 91
00
N o . 26.—Coupons detached from Liberty Loan bonds, notes. Treasury bonds, notes, and certificates of indebiednekB, prior to issue and forwarded
to the Register of the Treasury for credit by Federal reserve banks and Division of Loans and Currency during the fiscal year ended J u n e SO,
i^^5—Continued
.
.
C3
00'
Denominations of bonds, notes, and certificates
Interest
rate
T i t l e of loan
$5,000
Coupons
Pre-war l o a n s :
P a n a m a C a n a l loan of 1911-1961 . . .
Conversion b o n d s —
.'
Seriesof 1916^1946.1
Series of 1917-1947
L o a n of 1898-1918.
$10,000
Amount
Coupons
Amount
Total
$100,000
Amount
Coupons
Coupons
Amount
3
$271,125.00
33,878
3,979
6,549
228 401 26
28 877 25
41,468.05
84,056
'.
39,660
3
3
3
569,861.55
812,632
88,999
507,825
4,421
144,794
1,340,673
1, 626,021
1,649,654
12,411,988.44
603,33a 05
11,341,349.34
88,249.81
1,619,429.00
56,991,376. 94
71,116,710.50
81,920,273.04
Total
Liberty loans:"
First, 1932-1947 .
First, converted, 1932-1947
^
First, converted, 1932-1947
F i r s t , second c o n v e r t e d , 1932-1947
- ' Second, 1 9 2 7 - 1 9 4 2 . . . . . .
^ ^ Second, c o n v e r t e d , 1927-1942 .
- r g . T h i r d , 1928
i^ ^ F o m t h , 1933-1938
o
O
:
:
"
..•
. 4
3H
4K 4>i
. 4 ^
$79,484.25
803 2.212,337.60
20,-822
8,181.25
•77
162,70a 00
1,627 •
6,688,668. 75
62,011
7,135,483.18
67,182
6,958,939.50
66,496
. 474
21,771
• 169
2,777
182,451
248,531
290,683
1
. -.$92,801.30
4,626,337.50
33,787.50
555,40a 00
38,770,837.50
.52,741,631.68
61,770, l i a 48
>
O
218,018
Total
.
T r e a s u r y notes:
S e p t . 15,1921, series B-1924
F e b . 1,1922, series A-1926
M a r . 15,1922, series A-1926
J u n e 16, 1922, series B-1925
A u g . 1, 1922, series B-1926
D e c . 15,1922, series C-1926
...
m
.
:..
*
...:.
_
6H
4^.
• 4H
- 434
4^2
23,145,794.43
746,846
158„590,911.86
6,075,019
234,992,713.12
7,922
3,845
841,673.64
384,60a00
15,763
4,660
3,346, 529.98
.' .912, ooa 00
380
$760, ooa 00
84,943
36,862
6,052,202.37
2,417,214.00
11,767
Total
T r e a s u r y b o n d s , 1947-1952
T r e a s u r y b o n d s , 1944-1954 .
1, 226,173.64
20,323
4,258,629.98
380
760, ooa 00
121,795
7,469,4ia37
1,000
9,403
15,311
ia842
15,901
12,007
276,000.00
2,331,147.80
3,636,362.50
2,371,687. 60
3,541,34a 40
• 2,701,575.00
300
3,196
5,456
3,207
. 4,029
3,343
825, ooa 00
7,943,180. 30
12,958,000. 00
7,015,312. 50
9,007, 353.80
7, 621,760.00
2,300
44,421
67,362
64,736
62,248
41;396
1,127, 500.00
11,241,794.65
18,045,933. 81
10,713,375. 28
13,604,104.02
10, 941,37a 50
4,606
7,614
6,306
6,472
3,245
563,942. 50
904,162. 60
689,711. 66
690,183.00 365,062. 50
Ul
4M
J a n . 15, 1923, series A - 1 9 2 7 . . . .
M a y 16, 1923, series B-1927
Total
.
.
:m
3
.
Grand total..
:.
•
2,386,091.16
3,003,482.77
2,962
3,229
a 413,477.80
6,962,695.16
52,492
69,445
9,710,994.90
11,383,82a 21
4,467,792.31
89,146
20,246,693,13
25,722
58,646,769, 5 6 '
404,399
86,768,899.37
329
78
3,132
1,914
1,725
34,956. 25
6,347,68
313,20a00
: 131,587, 50
64,687, 60
766
. 420
2,419
2,683
1,758
162,775.00
57,59a 40
483, s o a 00
368,912.50
131,85a 00
2,904
^ 2,187
20, 528
12,937
10,462
481,352. 83
172, 672. 62
1,927,130.00
1,337,497.40
442,462. 50
7,178
4K
2M
10,939
13,742
649,778.93
* 8,046
1,204,927. 90
1,460
2,210,62a 95
49,008
4,361,015. 35
276,123
....:......j.^.
.-.„....'.l......1
:..
537,743.00
716,987.26
39,160
.
Certificates of i n d e b t e d n e s s :
Dec. 15, 1923, series T D - 1 9 2 4 . .
J u n e 16,1924, series TD2-1924
M a r . 15, 1924, series T M - 1 9 2 5 . . .
S e p t . 15, 1924, series TS^1925
M a r . 16, 1925,'series T D - 1 9 2 5 . .
Total
4,814
6,103
29,389,539.31
864,360
184,301,062. 87
27, 662
61,617,39a 51
6,734,277
334,161,905. 76
.•
.-
122
65
464
544
275
.
269,250.00
89,12a 95
908,000.00
748, ooa 00
206,250.00
No. 27.—Comparative statement showing coupons detached from Liberty Loan bonds, notes. Treasury bonds, notes, and certificates of indebtedness
prior to issue, and forwarded to the Register of the Treasury for credit during ihe fiscal years 1922, 1923, 1924, 1925, and cumulative totals
to J u n e 30, 1925
Q
O
1922
C u m u l a t i v e total t o J u n e
30, 1925
1926
1924
1923
D e t a c h e d from (class of
security)— •
W
Pieces
L i b e r t y loans
Treasury bonds - .
T r e a s u r y notes
.:.
Certificates of i n d e b t e d n e s s
Total
Amount
11,220,823 $228, 057,027. 29
98," 645
184,106
5,482,724.03
13, 661,457. 7a
11, 503,474
247,201,209.11
Pieces
Amount
Pieces
Amount
Pieces "
Amount
Pieces
Amount
6, 744, 978 $197,439, 513. 58
2, 069, 781. 96
4 a 614
483,865
44,067, 949. 84
. 7a. 682
..7,667,185. 33
4,907,591 $17a 983,842. 40
138,139
a 037,467.39
651,923
82, 280, 528. 53
30,684
3, 615,85a 49
a 159,075 $235, 562, 574. 67
121, 795
7,469,416. 37
404, 399
86,768,899: 37
• 49,008
4,361,015.35
53, 22a 626
30a 548
1, 638, 732
413,014
$1,094, 649,842. 61
15, 676,665. 72
218, 600,101. 77
38,641, 497. 81
7,352,139
6,728,337
a 734, 277
65, 684,920
1,367,468,107.91
251,244,43a 71
268, 917,697.81
334,161,905. 76
>
Ul
CO
No. 2S.—Interest checks received on account of payment of past-due coupon interest on Liberty loans and of registered interest on District of
Columbia loan during the fiscal year ended June SO, 1925
-
Interest
rate
Title of loan
00
QO
Total
Pieces
Amount
UOTTED STATES LOANS
Past due coupon interest checks (Liberty loans):
Third, 1928
.
.
.
Fourth, 1933-1938
P e r cent
6
6
$17.05
21.23
12
38.28
3
119
122
33.38
61,921,10
61,954.48
O
134
61,992 76
H
W
No. 29.—Insular possessions and District of Columbia loans (securities not affecting the public debt of the United States) received from Division
of Loans and Currency, audited and filed during the fiscal year ended June 30, 1925
M
Total
—
-
-
-
--
-
--
-
-
_
__ _
^—
DISTBICT OF. COLUMBIA LOAN
3.65
3.65
Coupon interest checks, funded loan of 1924
Registered interest checks, funded loan of 1924
Total
Grand t o t a l . .
•
NOTE.—The above figures include the months of May, covering 2 pieces amounting to $7.44, and June 3 pieces, $10.64, which are in process of audit.
Q
Title of loan
Interest
rate
Redemption
Transfer
exchange,
etc.
Claim
settlements
Unissued
stock
Total
Pieces
Amount
BEARER
Insular possessions loans:
*
Philippine Islands loan of 1922 (due 1952), interims. _
Porto Rico gold loan of 1920 (1930-1945), high-school building, interims.
Porto Rico gold loan of 1923 (1943-1955), public improvementSeries A, interims
Series B, interims
<i
Series C, interims....
Series D, interims
_
Series E, interims
_".
—.
Series F, interims
,..^.....,..^-,
P e r cent
6
43^
6
5
6
5
6
6
6,000
1,000
5
1
$5,000
1,000
148,000
4 a 000
3 i a 000
111,000
133,000
201,000
148
49
316
111
133
201
148,000
49,000
316,000
111,000
133,000
201,000
Porto Rico gold loan of 1924 (192^1938), Munoz Rivera ParkSeries A, interims.
Series B, interims
Series C, interims
1.
Series D, interims....
Series E, interims
..—.........
Series F, interims
„_..
Series G, interims
_
1
Series H, interims
Series I, interims...,
_
Series J, interims
20,000
20,000
20,000
20,000
20,000
2u,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
4H
43^
4H
4H
43^
43^
43^
43^
43^
43^
Total.-^
1,164
1,164,000
District of Columbia funded loan of 1924..
171,760
Total bearer..
171,750
38,750
1,164,000
38, 750
1,164,000
664
210, 500
1,828
1,374, 500
O
M
REGISTERED
Insular possessions loans:
Philippine Islands loan of 1904 (1914-1934), land purchase, bonds...
Philippine Islands loan of 1916 (1926-1946), bonds
Philippine Islands loan of 1905 (1915-1936), first series, public improvement, bonds
Philippine Islands loan of 1906 (1916-1936), second series, public improvement, b o n d s . . . . .
Philippine Islands loan of 1909 (1919-1939), third series, public improvement, bonds
City of Manila, Philippine Islands loan of 1905 (1915-1935), first series, sewer and water,
bonds
I
J.
City of Manila, Philippine Islands loan of 1907 (1917-1937), second series, sewer and water,
bonds.
-.City of Manila, Philippine Islands loan of 1908 (1918-1938), third series, sewer and water
bonds.. '.
City of Cebu, Philippine Islands loan of 1911 (1921-1941), sewer and water, bonds
Philippine Islands loan of 1920 (1930-1950), Manila port works and improvements; bonds.
Philippine Islands loan of 1920 (1930-1960), Manila port works and improvements, interims.
Porto Rico gold loan of 1910 (1920-1927), road, bonds
Porto Rico gold loan of 1913 (1933-1943), irrigation, bonds
Porto Rico gold loan of 1913 (1944-1960), irrigationSeries A, bonds
Series B, bonds
1
Series C, bonds
Series E, bonds...
"......'.
Series F, bonds
Series G, bonds
_
Porto Rico gold loan of 1914 (1951-1954), irrigationSeries A, bonds
Series B, bonds
,
Series C, bonds
Porto Rico gold loan of 1916 (1966-1958), irrigationSeries E, bonds
Series G, b o n d s . ^ . ^ , , . , . , . . . , . . . , . . . , . . . , , , . , , . , , . . . . . . . . , . . . , , . . . ,
,....
615,000
481,000
200,000
101,000
380,000
318
112
128
.38
615,.0G0
481,000
200,000
101,000
380,000
86,000
41
93
291,000
28,000
12,000
1,050,000
36,000
205,000
28
12
321
26
190
41
28,000
12,000
1,060,000
35,000
^50,000
205,000
4
4
4
4
4
4
26,000
29,000
29,000
2,000
38,000
6,000
13
13
2
10
6
25,000
29,000
29,000
2,000
38,000
a 000
4
4
4
1,000
10,000
8,000
1
2
4
1,000
10,000
8,000
20 I
pi
O
86,000
291,000
I
20,000
3a 000
4
4
63^
5H
4
4
950,000
20,000 I
36,000 I
36 '
00
No.
29.—Insular possessions and District of Columbia loans (securities not affecting the public debt of the United States) received from Division
of Loans and Currency, audited and filed during the fiscal year ended J u n e SO, 1925—Continued
Title of loan
REGiSTERED-^continued
Insular possessions loans—Continued.
Porto Rico gold loan of 1918 (1958-1959), irrigationSeries A, bonds.-.
:.-.
.
Series A, interims
Series B, bonds
Porto Rico gold loan of 1923 (1929-1941), irrigation— Series A, bonds.
Series A, interims
.1::
Series B, bonds..
J
.'
1....
Series B, interims
Series C, interims
:
Series D, bonds
Series D, interims
.
Series E, bonds
Series E, interims
Series F, bonds....
•
Series F, interims
: '.
Series G, bonds
.'
Series G,'interims
...
Series H, interims
Series I, bonds
...^
Series I, interims..-.,
Series J, bonds
Series J, interims..
Series K, interims
. Series L, interims.
Series M, interims
Porto Rico gold loan of 1924 (1942-1949), irrigationSeries N, interims
Series 0, interims
Series P, interims
Series Q, interims
.>
Series R, interims._
Series S, i n t e r i m s . . . . . . . : .
:
Series T, interims
Series U, interims._.
Porto Rico gold loan of 1914 (1925-1939), public improvement, bonds.
Porto Rico gold loan of 1916 (1927-1930), public improvementSeries B, bonds..
»Series C, bonds...
Interest
rate
P e r cent
4'
4
" 4
Redemption
Transfer
exchange,
etc.
43^
4
Unissued
stock
Total
3
1
1
40,000
53,000
40,000
90,000
'75,'6o5'
.105,000
55,000
50,000
71,000
116,000
125,000
125,000
125,000
$3,000
1,000
1,000
30
55
3
56
40
1
90
1
76
1
105
20
66
60
10
91
1
122
200
200
200
^0,000
65,000
3,000
5a 000
40,000
5,000
9a 000
laooo
75, ooa
5,000
106,000
2a 000
55,000
50,000
10,000
91,000
1,000
122,000
2oaooo
2oaooo
200,000
150,000
115,000
100,000
100,000
92,000
75,000
75,000
97,000
22,000
150
115
100
100
92
76
75
97
10
150,000
115,000
100, 000
100,000
92,000
75,000
75,000
97,000
22,000
laooo
2
1
10,000
5,000
6,000
o.
Pieces .
3,000
1,000
1,000
43^
4>^
. 43^
4H
43^
43^
43^
43^
43^
43^
43^
43^
4H
4^
4H
. 4H
43^
4H
.43^.
4H
4K
43^
4H
4M
Claim
settlements
OS
CO
O
6
!^
W
o
Ul
Series D, bonds . .
Series D, interims
..«.
Porto Rico gold loan of 1918 (1927-1930), public improvement—Series H, bonds
Porto Rico gold loan of 1920 (1937-1940), public improvementSeries B, bonds.
Series B, interims
Series C, bonds ._
Series C, interims
:
Series D, bonds...
Porto Rico gold loan of 1922 (1941-1944), public improvementSeries A, bonds...
Series C, bonds
_
Series D, bonds
.". .
Porto Rico gold loan of 1923 (1944-1948), public improvementSeries A, bonds:
..
Series A, interims
Series B, interims
Series C, bonds.
Series C, interims
Series D, bonds . .
Series D, interims
.
Porto Rico gold loan of 1914 (1923-1953), refunding—
Series J, bonds..
:
Series L, bonds.. .
.
Series 0, bonds
^
._
Series Q, bonds... .
. . .
. . . .
Series S, bonds
__.
_
_
Series V, bonds...
Porto Rico gold loan of 19'l5' (1919-1935), refunding municipalSeries F, bonds...
.
Series G, bonds
Series H, bonds...
. ...
Series I, bonds
Series K, bonds
Series L, bonds.
Series M, bonds
. . . .
. . .
- Series N, bonds
Series 0, bonds..-^
. ..
.
.
•
Series P, bonds.
Series Q, bonds... . . . . .
.
" .
Porto Rico gold loan of 1916 (1918-1927), refunding municipal Series G bonds
Porto Rico gold loan of 1920 (1930-1946), house constructionSeries A, bonds
•
. •Series A, interims
. .
•
.•......'.
Porto Rico gold loan of 1920 (1940-1942), workingmen's house construction. Series A, bonds.
Total insular possessions loans
Districtof Columbia funded loan of 1924....
. . . .
6,000
16,000
145 000
1
3
29
5,000
15,000
146,000
43^
43^
43^
43^
4K
25,000
6,000
60,000
10,000
45,000
5
1
12
2
0
25,000
5,000
60,000
10,000
45,000
5
5
5
6,000
65,000
25,000
2
65
8
a 000
55,000
25,000
5
5
5
6
5
5
5
82,000
5a 000
20 000
55,000
6,000
6,000
66,000
38
50
20
65
6
1
56
82,000
50,000
20,000
56,000
a 000
6,000
56,000
105
2
2
1
2
2
181,000
2,000
2,000
1,000
2,000
2,000
48
4
2
3
2
3
8
6
10
9
2
97
48,000
4,000
2,000
3,000
2,000
3,000
8,000
5,000
2,000
145,000
25
22
25
25,000
22,000
25,000
4,803
2,833
8,079,000
9,341,000
4
4
4
181 000
2 000
2,000
1,000
2,000
2,000
4.8,000
4,000
2,000
3,000
2,000
3,000
8,000
5,000
10,000
9,000
2,000
1 ............
3.65
3,332,000
145,000
25,000
22,000
25,000
6,685,000
25,000
2,394,000
5,984,000
Q
i
fed
O
H
lacoo
9,000
Total registered
3,332,000
5,710,000
8,378 000
7,636
17,420,000
Grand total
3, 503,750
6,874,000
8,416,750
9,464
18,794,600
CD
No. 30.—Statement showing securities destroyed during the fiscal year ended June SO, 1925
CO
to
Total
Class of security
Pieces
Nonregistered: War savings stamps
Registered: War savings stamps *
Grand total
-.
•
'.
- -
.
--
•
-
" - -- . . . . . . . . -
Amount
43,541,064
14,412,348
$217,705,245
72,061,740
57,953,412
289,766,985
J Represents two wings detached from certificate, stubs (one third) retained in file.
NOTE.—Does not include Treasury (war) savings securities destroyed in the oflElce of the Third Assistant Postmaster General or in Federal reserve banks.
o
o
i-3
W
a
HiSTOEIOAL
The Office of the Register of the Treasury was one of the original
bureaus of the IVeasury Department, and was created in 1789.
Originally the register was the official bookkeeper of the United
States, handling all accounts of receipts and expenditures of public
moneys; issuing, transferring, exchanging, and redeeming all United
States Government securities and maKing permanent ledger records
of these and all other transactions in any way connected with the
public debt.
These duties have been considerably changed by legislation and
through other processes and at present the main functions are receipt
of securities for final audit. These securities are retired on account
of redemption, or exchange for other securities, and include bearer
and registered pre-war loans. Liberty loans, certificates of indebtedness, war-savings securities, interest coupons, District of Columbia
loans. Treasury notes, etc.
Following is a fist of the registers of the Treasury from the organization of the Government to date, which contains the name. State from
whence appointed, period of service, and the administration in which
the service was rendered.
Name
State
Period of service
President
1789 to 1829...... Washington,
Adams,
Jefferson,
Madison, Monroe, Adams, Jackson,
1829 to 1845
Jackson, Van Buren, Harrison,Tyler,
Polk.
Polk.
New York.
1845 to 1847
3. RansonH. Gillett.
Polk, Taylor.
Tennessee
1847 to 1849
4. Daniel Graham
Taylor, FUlmore.
do
5. Allen A, Hall
1849 to 1850
Fillmore,
6. Townsend Haines
Pennsylvania... 1850 to 1851
Fillmore, Pierce,
7. Nathan Sargent
District of Co- 1851 to 1853
lumbia,
1853 to 1861
Pierce, Buchanan, Lincoln.
8. Finley Bigger...
Indiana
Lincoln.
1861 to 1864
9. Lucius E. Chittenden.- Vermont
1864 to 1867
Lincoln, Johnson,
10. S. B. Colby
do...
1867 to 1869
Johnson, Grant.
11. Noah L. Jeffries...
Maryland
Pennsylvania... 1869 to 1878
Grant, Hayes.
12, John Allison
_.
13. Glenni W. Scofield . .
1878 to 1881
do _Hayes, Garfield.
Mississippi
1881 to 1885
14. Blanche K. Bruce
Garfield, Arthur, Cleveland,
1885 to 1893
15. William S. Rosecrans... California
Cleveland, Harrison,
1893 to 1897
16. J, Fount Tillman
Cleveland, McKinley.
Tennessee
McKinley.
17, Blanche K. Bruce
Mississippi
1897 to 1898
McKinley, Roosevelt.
18, Judson W. Lyons
1898 to 1906
Georgia
19. William T. Vernon
. . Kansas
1906 to 1911
Roosevelt, Taft.
20. James C, Napier.
Tennessee
1911 to 1913
Taft, Wilson.
Wilson.
21. Gabe.E, Parker
1913 to 1914
Oklahoma.
Do,
1915 to 1919
22. Houston B. Teehee
do._Wilson, Harding.
1919 to 1922
:23. Williams. Elliott
Georgia
:24. Harley V. Speelman
1922
Harding, Coolidge.
Ohio
1. Joseph Nourse
2. Thomas L, Smith
Virginia
do
693
KEPORT OF THE COMPTROLLER OF THE CURRENCY
-
TREASURY DEPARTMENT,
OFFICE OF THE COMPTROLLER OF THE CURRENCY,
WasMngton, December 11, 1925.
I have the honor to submit the following annual report,
in accordance with the provision of section 333, of the United States
Revised Statutes, covering activities of the Currency Bureau, in the
year ended October 31, 1925. This is the sixty-third report made
to the Congress since the organization of the bureau.
DEAR SIR:
GENERAL
CONDITIONS
The continued upward trend of business, generally, is reflected in
the increasing volume of clearings, rising to over $505,299,000,000
in the year ended September 30, 1925, about $62,605,000,000 higher
than during the prior year. In the same period loans and discounts
of national banks increased from $12,210,000,000 to $13,134,000,000,
total loans and investments from $17,844,000,000 to $19,105,000,000,
and aggregate resources from $23,323,000,000 to $24,570,000,000.
From statements relative to State incorporated banks, an even
greater development is shown.
The gross earnings of national banks in the year ended June 30,
1925, were $1,124,000,000 and exceeded by $49,000,000 gross earnings for the prior year, net earnings, after payment of all expenses,
were $365,000,000 compared with $343,000,000 in the preceding
year, total losses charged ofl^ were $141,000,000, a reduction of
$6,000,000 and net addition to profits, after charging oflF all losses,
amounted to $224,000,000 exceeding by $28;000,d00 the amount in
1924. Dividends declared by these banks to the amount of $165,000,000 exceeded the amount in the previous year by $1,000,000
and were equal to 6.63 per cent on their capital and surplus.
LEGISLATION RECOMMENDED
In the last two annual reports of the Comptroller of the Currency
iny predecessor strongly recommended certain amendments to the
national banking laws, the purpose of which was to improve the
operating powers of national banks in several particulars to the end
that the national banking system might be able to meet the modern
requirements for banking services. These recommendations formed
the substance of the bill H. R. 8887, Sixty-eighth Congress, second
695
696
REPORT ON THE FINANCES
session, which passed the House by a large majority but which
failed to be readied in the Senate.
The principal features,of this bill and the reasons in detail why
each proposed amendment is necessary are set forth in the reports
of the Comptroller of the Currency for 1923 and 1924. I most
urgently recommend the prompt reintroductlon and enactment of
this legislation.
. •
The bill as it passed the House contained certain provisions (embodied in sec. 9) which in effect would prohibit the further spread
of State-wide branch banking within the Federal reserve system.'
Under them it would be unlawful for State member banks to establish branches outside of the city in which the parent bank is located^
and nonmember banks having such outside branches could become
members only upon the condition that they relinquish such branches.
These provisions follow the recommendations made by the Comptroller of the Currency for the past two years. These recommendations were based upon the assumption, in the first place, that State- .
wide branch banking is wrong in principle and that as a national
pglicy the national banks should not be permitted to engage therein,
and in the second place upon the absolute necessity of protecting
the national bank members of the Federal reserve system from the
encroachment of this form of branch banking within the Federal reserve system itself. With this position I am in complete accord.
The national banks in those communities where State member banks
of the Federal reserve system are now engaged in state-wide branch
banking have found themselves in an intolerable situation. This
form of branch banking in the United States is a recent development
and has made headway in only a few localities. The enactment of
the provision above referred to would have a strong tendency toward
restoring the equilibrium between the State and national banks
within the Federal reserve system in branch banking territory and
would undoubtedly have the further effect of preserving the stability
and permanence of the Federal reserve system itself.
I t is a misnomer to call this bill a branch banking bill. The
measure proposes to amend the national banking laws in some 18
particulars, only 4 of which relate in any way to bVanch banking.
The other provisions of the bill, such as the authority to lend one-half
pf the savings deposits upon the security of first inortgages upon improved real estate, the authority to hold their charter powers for an
mdeterminate period subject to the will of Congress, the regulation
of the. investment security business, and other provisions of this
measure will enable the national banks to carry on a modern banking
business along tlie lines already approved by many State laws. The
amendments proposed in the bill have had a most thorough and expert
investigation and analysis and have been reduced to the minimum.
They are based upon sound principles of banking. Their enactment
into law would enable all national banks to meet more readily the
competition from State banks and trust companies which have for
a number of years had the authority to do what it is now proposed to
confer upon the national banks. This proposed legislation has the
approval generally of the banking fraternity.
Apart from the question of the restrictions upon branch banking
proposed by section 9 of the House bill, which section was stricken
out b y the Senate Committee on Banking and Currency, t h a t com-
COMPTROLLER OF THE CURRENCY
697
mittee in reporting the bill to the Senate proposed a number' of valuable amendments tq the House measure. While practically no new
substantive legislation was proposed in these amendments, they
nevertheless had the effect of giving greater clarity and precision to
the provisions of the bill. The Senate committee also restored to
the bill a number of proposed provisions which would penalize the
commission of crimes against membiBr banks of the Federal reserve
system and against national banks in particular. These provisions
were included in the bill as reported to the House but were stricken
out on the floor. I t is recommended that serious consideration be
given to the question of including these, criminal provisions in the bill.
The need for the immediate enactment of this proposed legislation
is greater now than ever. Not only has there been a continuance of
serious withdrawals, but m a n y national banks have become restive
on account of being compelled to operate under certain archaic provisions of the national bank act. They prefer to remain nationar
banks, but i n t h e final analysis the attractiveness of a modern State
charter may prove controlling. The number of losses of national
banks to the various State systems within the past two years is formidable enough to arouse the serious attention oi the Government of the
United States. Many of these banks had been in the national system for more than 50 years.
From October 21, 1923, to October 17, 1925, 166 national banks
left the national system to engage in the banking business under
State charter. These carried with thein total resources of $566,600,000. They include 25 national banks in California, with total resources of $136,000,000; 9 national banks in Illinois, with total
resources of $128,000,000; 6 national banks in New York, with total
resources of $121i000,000; 8 national banks in Ohio, with total resources of $54,000,000; 25 national banks in Oklahoma, with total
resources of $10,000,000; 13 national banks in Pennsylvania, with
total resources of $22,000,000, and a scattered number of banks in
all of the other States.
In comparison with these figures consideration may properly be
given to the question of the conversion of State banks into national
banks during the last two years. The total number of such conversions was 113, with total resources of $245,000,000. The nuinber of
national banks entering the State systems being 166, with total resources of $566,600,000, there was a net loss to the national system
in numbers of 53 banks and a net loss in resources of $321,600,000.
However, of these State banks converting into national banks attention must be called to the fact that 64 of them, with total resources
of $38,000,000, were located in the State of Texas. They converted
into national banks en masse in order to escape the operations of
the State guaranty of deposit laws. This is an abnormal development and should the State law be favorably amended, undoubtedly
many of these banks will return to the State system. Outside of
Texas, only 49 State banks during the past two years converted into
national banks. These had total resources of $207,000,000; 4 of
these were banks in New York Citv, with total resources of $131,800,000. Deducting the resources oi the 4 New York banks and the
Texas banks the aggregate resources of: converting State banks in
all other parts of the Union were $74,800,000.
698
REPORT ON THE FINANCES
The above figures, however, do not tell the whole story. I t is a
well-known fact that many other national banks aje anxiously awaiting
the enactment of such a bill as that which failed at the last session of
Congress. If they can not at this time obtain some such amendments
to their charter powers as are therein proposed there will be a still
greater exodus from the national system.
Although the total resources of national banks has steadily
increased year by year and the condition of individual national banks
is strong, nevertheless the relative increase in total resources of
national banks has been slowly falling off year by year as c'onipared
with the resources of the State banks and trust companies, i n the
last annual report of this office my predecessor called your attention
to the fact that during the 40-year period, ending with the fiscal year
1924, the total resources of national banks had fallen from 75 per
cent of the total banking resources to about 47 per cent. The total
banking resources of State and national banks, exclusive of savings
banks, at the present time are about $52,057,000,000, of which about
$24,351,000,000 are in the national banks and $27,706,000,000 are
in the State banks and trust companies which are engaged in the
commercial banking business in competition with national banks.
In addition the savings banks have total resources of about
$10,000,000,000, but these figures are not included in this comparison.
The percentage, therefore, of the resources of the national banks to
the total resources of all banks engaged in carrying on,the business of
commercial banking has during the past year dropped a fraction
below 47 per cent.
These facts present a serious situation for the consideration of the
Congress and I am directing your attention thereto at this time
chiefly for the purpose of showing that the adverse conditions of
national bank operations, as to which my predecessor so urgently
recommended remedial legislation, are becoming daily accentuated.
The national banking system is a time-honored Federal instrumentality. The charter powers of the individual national banks are
derived solely from the Congress. Tmce in the history of the United
States, namely, immediate^ after the Civil War and immediately
preceding the, World War, the Federal Government was able to
enforce a banlqng policy at a time of great financial stress through its
authority to use the national banking system as an instrument for
the public benefit. The individual national bank is always ultimately»able to take care of itself in meeting the competitive conditions due to more favorable State laws by giving up its national
charter and going into the State system. But the gradual loss of
national banks and the consec^uent decrease in relative resources of
the national banking system is of primary concern to the National
Government, not only because the national banks form the logical
and permanent basis of the Federal reserve system but also because
only through the national banking system can there be maintained
throughout the United States a standardized system of banking subject to the visitorial powers of the Federal Government and subservient at all times to the will of the Congress.
COMPTROLLER OF THE CURRENCY
699
NATIONAL BANK FAILURES
The number of national bank failures during the current year shows
:a considerable decrease from that of last year. During the comptroller's report year ended October 31, 1925, 98 national banks
' became insolvent as compared with 138 national banks for the year
•^^ended October 31, 1924. The last half of the present report year has
shown, a decided decrease in the number of failures compared with
the first half, the proportion being 35 to 63. Nine of tnesefailed^
banks have been succeeded by new national bank organizations that
^purchased their assets and assumed the payment to creditors of part
^or all of their liabilities. The total amount of assets of the 98 insolvent banks was $47,637,945. Only one of these failed banks had
total assets as high as $3,400,000, and only 15 had assets in excess of
$1,000,000. The aggregate capitahzation $6,420,000, was distributed
as follows: Thirty-eight at $25,000 each, 37 at from $25,000 to
$50,000, 12 at $100,000, and 11 in excess of $100,000, namely, 3 at
4150,000, 6 at $200,000, 1 at $250,000, and 1 at $400,000.
I t will be observed that a large majority of these failures were small
banks and that the total assets of all were materially less than assets
of any one of many of the urban national banks. Seventy-one of these
insolvent banks were located west of the Mississippi River, 51 of
which were in the grain country north of Kansas and 20 in the cattle
country of the Southwest. There were 15 failures in the three States
*of Iforth Carolina, South Carolina, and Georgia. The remaining 12
failures were in various other States.
While unfavorable agricultural conditions have contributed in a
large measure to the closing of a number, of these banks, still it must
'be borne in mind that the greater number of failures occurred where
the territories have had too many banks per capita and where too
many bank charters were issued during the'boom period of the war;
.and immediately after peace was declared. Not only w a s ' t h e r e
insufficient business for the support of these banks but their organization resulted in hazardous ana unwarranted competition.
Upon an analysis of the cause, of these failures, it appears that 49
were due to economic conditions, crop failures caused by drought,
and the fall in market prices for livestock. Thirty-nine were caused
by inexperience and mismanagement by officers and directors and
-^only 10 by the defalcation of an officer or employee of a bank. The!
first two named causes might be consolidated and attributed to
strong competitive banking without the proper banking experience
and banking ability, for, after all, the fact remains that therq are
many solvent banks remaining in these territories where the failures
have been most prolific and that such banks are in charge of and have
been managed by capable and experienced men who, under the strongest pressure of competition, have been able to loan and invest the
bank's funds without incurring disastrous losses.
Economic conditions in the territories where the largest number
of failures have occurred are much improved and the banking industry is rapidly adjusting itself to normal conditions. I t is believed
that the experience gained by bankers in the past 10 years will be of
great value to the banking business of the future and p u t of it will
come better qualified bankers, more conservative management, and
greater safety to depositors.
700
REPORT ON THE FINANCES
In the year ended October 31, 1925, 98 national banks, with aggregate capital of $6,420,000, were placed in charge of receivers. Thedate each bank was authorized to commence business, date of appoint-'
ment of the receiver, the capital stock, and the circulation outstanding at date of failure are shown in the appendix of this report.
From date of the first failure of a national bank in 1865 to October
31, 1925, the number of banks placed in charge of receivers was 947.
Of this number, however, 61 were subsequently restored to solvency
and permitted to resume business. The total capital of all insolvent
banks at date of failure was $119,300,920, while the book or nominal,
value of the assets administered by receivers under the supervision
of the comptroller aggregated $614,982,469 and the total cash thusfar realized from the liquidation of these assets amounted to$282,989,284. In addition to this, there has been reahzed from assessments levied against shareholders the sum of $31,418,330, making thetotal cash collections from all sources $314,407,614, which have been
disbursed as follows:
•In dividends to creditors on claims proved, amounting to
$327,253,141, the sum of
$188, 697, 889*
In payment of secured and preferred liabilities
84,967,657
In- payment- of legal expenses incurred in the administration of
such receiverships
..
6, 940, 375
In payment of receivers' salaries and other expenses of receiverships__.
15, 449, 753There has been returned to shareholders in cash
4, 141, 830
Leaving a balance with the comptroller and receivers of
'
14, 210, 110«
Assets have been returned to agents for shareholders, to be Kquidated for their benefit, having a nominal value of $16,000,653.
The book value of the assets of the 318 national banks that are still,
in charge of receivers amount to $218,927,454. The receivers had
realized from these assets at the close of business on October 31, 1925,
the sum of $79,649,962 and had collected from the shareholders on
account of assessments levied against them to cover deficiencies in
assets the further sum of $6,692,124, making the total collected from
all sources in the liquidation of active receiverships the sum of
$86,342,086, which amount has been distributed as follows:
Dividends to'creditors (to Sept. 30, 1925)
Secured and preferred liabilities paid
Legal expenses
Receivers' salaries and all other expenses of administration
Amount returned to shareholders in cash
^
Leaving a balance with the comptroller and the receivers of___
_. $28, 907, 387
37,607,818
897, 790'4, 368, 981
350, 000'
14, 210, 110-^
Receiverships of 17 national banks were closed during the year,
making a total of 629 closed receiverships.
Collections from the assets of the 629 national banks, the affairs
of which have been finally closed, amounted to $203,339,322, and
together with the collections of $24,726,206 froin assessments levied
against shareholders make a total of $228,065,528, from which on
claims aggregating $205,263,410 dividends were paid amounting to
$159,790,502.
Average rate of dividends paid on claims proved was 77.84 per
cent, but including offsets allowed, loans paid, and other disbursements with dividends, creditors Received on an average 84.24 per
cent.
Expenses incident to the administration of these 629 trusts—that
is, receivers' salaries and legal and other expenses—amounted to$17,123,357 or 4.32 per cent of the nominal value of the assets and
701
COMPTROLLER OF THE CURRENCY
7.50 per cent of the collections from assets and from shareholders.
The outstanding circulation of these banks at the date of failure
was $31,133,466, which was secured by United States bonds on deposit
in the Treasury of the face value of $33,478,100. The assessments
against shareholders averaged 52.03 per cent of their holdings, while
the collections from the assessments levied were 48.87 per cent of the
amount assessed. The total amount disbursed in dividends during
the current year to the creditors of insolvent banks was $15,073,057.
In the table following is summarized the condition of all insolvent
national banks, the closed and active receiverships being shown
separately:
Closed receiverships, 629 1
Items
Total assets taken charge of by receivers
$396,055,015
Disposition of assets:
Collected from assets
'__
Offsets allowed and settled
:
_
Loss on assets compounded or sold under order of court.
Nominal value'of assets returned to stockholders __
Nominal value of remaining assets
Active receiverships, 318
Total, 947
$218, 927,454
il4, 982,469
79, 649,962
14,129, 734
13,854,637
218,927,454
614, 982,469
203,339,322
24, 726,206
79, 649,962
6, 692,124
282,989,284
31,418, 330
228,065, 528
86, 342,086
314,407, 614
47, 359, 839
159,790, 502
6,042, 585
11,080, 772
3,791,830
Collected from assets as above
Collected from assessments from shareholders..
Total collections..
Disposition of collections:
Secured and preferred liabilities paid
Dividends paid
Legal expenses
Receivers' salary and other expenses
.Amount returned to shareholders in cash.
Balance with comptroller and receiver
111,293,121
396,055,015
Total..
282,989, 284
50,053,711
154, 645, 700
16,000, 653
111, 293,121
37, 607,818
28, 907, 387
• 897,790
4,368,981
350,000
14, 210.110
84, 967,657
188, 697,889
6,940,375
15,449, 753
4,141,830
14,210,110
203, 339,322
35, 923, 977
140, 791,063
16,000,653
228,065, 528
Total..
Capital stock at date of failure
United States bonds held at failure to secure circulating
notes
Amount realized from sale of United States bonds held to
secure circulating notes
Circulation outstanding.at failure
Amount of assessment upon shareholders
Claims proved
_
86,342,086
314,407,614
2 97,225,920
22,075,000
119,300,920
33,478,100
13,323,010
46,801,110
35,120,712
31,133,466
50, 591, 240
• 205, 263,410
4,433,467
11,697,852
19,320,000
121,989, 731
39, 554,179
42,831,318
69,911, 240
327, 253,141
1 Includes 61 banks restored to solvency. ^ Includes capital stock of 61 banks restored to solvency.
Statistics relative to the capital, date of appointment of receiver,
and per cent of. dividends paid to creditors of 13 insolvent national
banks, the affairs of which were closed during the year ended October
31, 1925, appear in the following table:
Title
Location
Date receiver
appointed
Per cent
Capital dividends
paid to
creditors
Mount Vernon National Bank
Mount Vernon, N. Y . . . Apr. 19,1911 $200,000
58.85
Newman, Calif .
Jan. 31,1920
First National Bank
.
. . _
50,000
49 50
Commonwealth National Bank
_.,-_. Reedville, Va
.;.. Feb. 16,1921
25,000
88.67
Emmetsburg National Bank. .
Emmetsburg, I o w a . : . . . Mar. 11,1921
50,000
60.76
First National B a n k . . . . . . .
May 27,1921
Sidney, N e b r . . . : . . :
50,000
43.25
Farmers National Bank.... .
. .
Big Sandy, Mont
Jan. 3,1922
25,000
10.50
First National Bank
^
Aug. 14,1923
50,000 .»109.30
Colquitt, Ga
i...
Silver City National B a n k . . .
Silver City, N. Mex....: May 14,1924
100,000
50.
First National Bank
Alexandria, S. D a k . . . . . . June 23,1924
25,000
82.45
Citizens National Bank... .
Centerville, Tenn^
. . Oct. 28,1924
30,000
92 49
National Border B a n k . . . .
Oct. 30,1924 200,000
El Paso, Tex . . -•-. .
75.
Nov. 22,1924
First National Bank
Dodgp, Nebr
50,000
100.
First National Bank
.^
Jan. 3,1925
Savoy, Mont
...
25,000 » 104.
1 Includes 100 per cent of interest.
702
REPORT ON T H E FINANCES .
BANK FAILURES OTHER THAN NATIONAL
In the fiscal year ended June 30, 1925, information was received'
from the banking departments of,the. several States, with respect to^
the failure • of 440 State and private banks, with liabilities of*
$118,728,046. These figures show a reduction in the number o f
failures, as.compared with the year ended June 30, 1924, of 337
banks, and a reduction in the amount of liabilites of $104,459,954.
Statistics relative to the failure of banks other than national and
national banks in each State, in the year ended June 30, 1925, and
for years ended June 30, 1914 to 1925, are published in the appendix:
to the report of the Comptroller of the Currency.
PUBLIC DEBT, UNITED STATES BONDS, NATIONAL BANK, AND OTHER
CIRCULATION
In the table following relating to the public debt of the United
States on June 30, 1925, and Government bonds on deposit with theTreasurer of the United States on the same date, it will be observed^
that the total net public debt was $20,439,234,256.19, all of which
with the exception of $228,328,005 is interest bearing. The net
debt is shown to be less by $738,811,015 than at the close of the prior
fiscal year.
By reason of the call for redemption at maturity (February 1 last)
of the outstanding 4 per cent loan of 1925 amounting to $118,489,900,..
bonds eligible as security for national-bank circulation were reduced^
in amount to $674,625,630, consisting of $599,724,050 consols of 1930^
and $74,901,580 Panama Canal 2's. Of these bonds the Treasurer
held as security for national-bank circulation $665,061,330, as securitj
for public deposits $495,500, and for postal savings $213,700. This
leaves only $8,855,100 bonds of these classes held otherwise than by
the Treasurer as security for circulation and deposits.
National-bank circulation outstanding at the close of the fiscal
vear aggregated $733,366,074, of which $660,501,393'was secured by
bonds and $72,864,681 secured by lawful money held by the Treasurer of the United States to provide for the redemption of the notes
of banks retiring circulation and on account of those in liquidation.
The combined paper currisncy. United States notes. Federal reserve
bank and national bank notes amounted to $5,585,944,967, the issues
of national bank notes representing approximately 14 per cent. Federal
reserve notes 35 per cent, legal tenders 6 per cent, and gold and silver
certificates 45 per cent. The aggregate stock of money was $8,221,000,000, hence the paper currency, excluding the coin certificates,
was 36.9 per cent of the total circulating medium.
The paid-in capital of the national banks in existence at the close
of the last fiscal year was roundly $1,376,000,000, and as the amount
of bonds eligible as security for circulation had been reduced to some
$674,625,000, it is evident that the amount of national bank circulation issuable has been reduced to approximately 50 per cent of the
maximum amount authorized by law, the paid-in capital stock being
the measure of.that maximum. This condition has resulted in the
reduction in the percentage of currency-issuing banks from 90 in 1924
to 85 in 1925
703
COMPTROLLER OF T H E CURRENCY
\
Statements hereinbefore referred to relative to the public debt and
securities held in trust by the Treasurer of the United States are as
follows:
Statement of the public debt of the United States, June SO, 1925
DETAILS OF INTEREST-BEARING DEBT
Bonds eligible as security for national-bank circulation:
2 per cent consols of 1930
$599, 724, 050. 00
2 per cent Panama Canal loan of
1916-1936..
_._,,___
48,954,180.00
2 per cent Panama Canal loan of
1918-1938
:_
25,947,400.00
Other bonds, etc.:
3 per cent Panama Canal loan of 1961
3 per cent conversion bonds of 1946-47_^
2J^ per cent postal-savings bonds (first to twenty-eighth
series)
;
First Liberty loan, 1932-1947, 3J^, 4, and 4M per centSecond Liberty loan, 1927-1942, 4 and 4J^ per cent
Third Liberty loan, 1928, 4^4 per cent
Fourth Liberty loan, 1933-1938, 4 ^ per cent
Treasury bonds, 1947-1952, 4}^ per cent
Treasury bonds, 1944-1954, 4 per cent
Treasury notes, 1925-1927 (including adjusted service
series)
Certificates of indebtedness, 1925-26 (including adjusted service series) ^_
. Treasury: (war) savings securities, series 1921-1923 (including thrift and Treasury savings stamps, unclassified sales, etc.)__.
Total inter^est-bearing debt outstanding
Matured debt on wliich interest has ceased
Debt bearing no interest...
^__...
Total gross debt
Matured interest obligations, etc. .1
$674,625,630.00
49, 800, 000. 00
28, 894, 500. 00
11,995,880. 00
1, 951, 519, 650. 00
3, 104, 558, 750. 00
2, 885, 377, 350. 00
6, 324, 481, 200. 00
763, 948, 300. 00
1, 047, 088, 500. 00
2, 404, 241, 400. 00
578, 685, 000. 00
385, 690,09L 35
20, 210, 906, 251.,35
30, 242, 930.-26
275, 122, 993. 12
.
-_. 20,516,272,174.73
142, 941, 522. 28
L
Balance held by Treasurer of the United States, etc.
20, 659, 213, 697. 01
219, 979, 440. 82
Net debt, including matured interest obligations, etc. 20, 439, 234, 256. 19
United States Government securities held in trust I
June SO, 1925
Issues
Consols, 1930
Panama 2's
,
..__
To secure
national bank
circulation
$591,157,950
73,898,380
Treasurer of the United States,
To secure
public
deposits
$433,500
62,000
To secure
postal-savings
funds
Total held
Total
$591, 761,650. 00
74,003,880.00
665, 056,330
5,000
495, 500
. 213,700.00
46, 760,650 141,139,485. 86
665,765,530.00
187,905,135. 86
665,061,330
Total
:
Other bonds, notes and certificates
$170,200.00
43,500.00
47, 256,150
853,670,665.86
141,353,185. 86
UNITED STATES CIRCULATION—BOND TRANSACTIONS
In the year ended October 31, 1S25, the withdrawal of bonds held
by the Treasurer of the United States in trust as security for national
bank circulation amounted to $109,401,560, of which $89,820,310
704
REPORT ON T H E FINANCES-
were 4 per cent bonds of 1925, which were called for redemption in
February last. The withdrawals by reason of liquidation of banks
amounted to $16,222,750, and on account of banks placed in charge
of receivers $3,358,500. Bonds held by the Treasurer in trust as
security for circulation were augmented to the extent of $35,743,800
on account of deposits made by newly organized banks and by those
increasing their circulation. The transactions of the year by months
in each account named are shown in the following statement:
United States bonds deposited as security for circulation by banks chartered and by
those increasing their circulation, together with the amount withdrawn by banks
reducing their circulation, and by those closed, during each month, year ended
October 31,
Bonds
deposited
by banks
chartered
a n d those
increasing
circulation
during the
year \
Date
Bonds
withdrawn
by banks
reducing
circulation
Bonds
withdrawn
by banks in
hquidation
Bonds
withdrawn
by banks in
insolvency
1924
November
December
January
February
March
_._
April
May
June
July
August.—
September
October
$1,952,000
1,714,100
.
_. .
1925
.-.
.. .
.
J
--
1
Total
$3,171,600
7, 661,260
$265,000
75,000
° $722,500
2, 252,900
1, 532,750
' 3,112,500
8,815, 500
1,675,300
2, 396, 200
2,008, 550
7, 347, 500
1,024,000
1,912, 500
6,535, 500
59, 214, 200
3, 215,000
1,977, 250
1, 401,750
1,986,000
1,168, 000
1, 433, 350
1, 251, 500
• 805,000
2,128,000
157,000
762, 500
6,305,000
537, 750
0, 500
387, 750
6, 273, 250
40,000
285,000
31 250
390,000
470,000
131, 250
243, 250
845, 250
287,000
58, 000
36,743,800
89,820, 310
16, 222,750
3,358,500
180,000
»Includes $2,535,000 deposited by 33 of the 251 banks chartered during the year.
Monthly statement of capital stock of national banks, national bank notes, and
Federal Reserve Bank notes outstanding, bonds on deposit, etc.
Nov. 2, 1925
$1,381,978,215
1,381,321,609
Authorized capital stock of national banks..
Paid-in capital stock of national banks
Oct. 1, 1926
$1,381,983,215
1,381,186,036
Increase or
decrease since
above date
Increase of authorized capital stock..
Decrease of authorized capital stock.
Increase of paid-in capital stock
Decrease of paid-in capital stock
$5,000
135,573
Nov. 2, 1925
National bank notes outstanding secured, by United
states bonds
National bank notes outstanding secured by lawful
money...-.
.^-. , Total national bank notes outstanding
$662, 538, 483
Oct. 1, 1925
$661,380,320
Nov. 1, 1924
$1,336,766,215
1,336,106,913
Increase or
decrease since
above date
$46,212,000
46,215, 696
Nov. 1, 1924
$735, 602,435
51, 264, 261
,
. 56, 543, 569
38,679,189
713,802, 744
717,923,889
774, 281, 624
705
COMPTEOLLEK. OP T H E CUREENCY
Monthly statement of capital stock of national banks, national bank notes, and
Federal Reserve Bank notes outstanding, bonds on deposit, etc.—Continued
Increase or
decrease since
above date
Increase secured by United States bonds
Decrease secured by United States bonds..
Increase secured by lawful money
....
Decrease secured by lawful money
Net increase..
Net decrease
_
Increase or
decrease since
above date
$1,158,163
_
5,279,308
.._
.
. .
Nov. 2, 1925
Federal reserve bank notes outstanding secured by United
States bonds
.
Federal rCvServe bank notes outstanding secured by lawful
money
4,121,145
$73, 063,952
12,585,072
60,478,880
Oct. 1, 1925 Nov. 1, 1924
$6, 582,203
$6,815,523
$9,134,170
6, 582,203
6,815,52^
9,134,170
Total Federal reserve bank notes outstanding
Increase or
Increase or
decrease since decrease since
above date
above date
Increase secured by United States bonds
Decrease secured by United States bonds.
Increase secured bj'^ lawful money.
Decrease secured by lawful money
_
.
$233,320
On deposit On deposit
to secure
Kindsof bonds on deposit Federal re- to secure
national
serve bank bank notes
notes
United States consols of
1930 (2 per cent)
United States Panama of
1936 (2 per cent)
United States Panama of
1938 (2 per cent)
$591,792,150
48,622,660
25, 770,320
Total-
6,185,130
$2,551,967
. 233,320
Net increase
Net decrease
2,551,967
National-bank notes of each denomination outstanding
One dollar
$341,447
162,894
Two dollars
134, 091, 605
Five dollars
298, 974, 200
Ten dollars
232,411,390
Twenty dollars
Fifty dollars
25,466, 750
One hundred dollars
24, 987, 500
Five hundred dollars
87,500
One thousand dollars....
21, 000
Fractional parts
.
61,118
Total
Less 1
Total
716, 605, 404
2, 802, 660
Federal reserve bank
notes of
each denomination
outstanding
$3,313,612
1,307,876
1,071,935
341,840
516,440
31,500
6,582,203
6,582,203
I Notes redeemed but not assorted by denominations.
REDEMPTION OF NATIONAL AND FEDERAL RESERVE BANK CIRCULATION
In the year ended June 30, 1925, national-bank notes. Federal
reserve notes, and Federal reserve bank notes aggregating $1,869,091,049 were redeemed at the United States Treasury at an aggregate
expense of $608,406, Included in these redemptions were Federal
60501—FI 1925t
45
706
REPORT ON T H E FINANCES
reserve notes amounting to $1,312,361,850; Federal reserve bank
notes redeemed on retirement account in the amount of $3,420,137;
and national-bank notes to the amount of $553,309,062, the latter
amount including $65,558,260 redeemed on retirement account.
The average expense per $1,000 for the redemption of Federal
reserve notes was $0.46, for Federal reserve bank notes $1.33, and
for national-bank notes $0.83.
Statements showing the amount of the various issues of bank
currency received monthly for redemption in the year ended June 30,
1925, the source whence received, and the classification of redemptions, with the cost per $1,000 for each class redeemed, are published in the appendix to the report of the Comptroller of the Currency.
NATIONAL BANKS OF ISSUE
On April 6, 1925, the number of reporting national banks was
8,016, with capital stock of $1,361,444,000, of which number 1,147
banks, with capital of $232,521,000, were not taking advantage of
the provision of the national bank act, authorizing the issuance of
circulating notes collateraled by deposits of United States bonds.
The' circulating note liability of 6,869 banks of issue, on the
date indicated, amounted to $649,447,000, or an average of $94,548
per bank.
On December 31, 1924, the number of national banks was 8,049,
with capital of $1,334,836,000, of which number 986 banks, with
capital of $189,372,000, were not banks of issue. The liability for
circulating notes outstanding of the 7,063 banks of issue on this
date amounted to $714,844,000, or an average of $101,210 per bank.
The reduction in the amount of national bank circulation outstanding between December 31, 1924, and April 6, 1925, due principally
to the calling for redemption by the Secretary of the Treasury of
4 per cent bonds of 1925, in the early part of the current year^ was
$65,397,000, and the reduction in the number of banks of issue in
the period stated was 194.
. Tables showing the number of national banks, the capital, the
amount of circulation outstanding, as well as the number of banks
not issuing circulation, with the amount of capital, in each State and
Federal Reserve District, are published in the appendix to the
report of the Comptroller of the Currency.
PROFIT ON NATIONAL BANK CIRCULATION
The reduced profit on national bank circulation is reflected in
the relatively high cost and nearing maturity date, 1930, of the 2
per cent consols as shown in the computation of the Government
Actuary of the profit on the issuance of circulation secured by the
consols. I n November, 1924, the cost of $100,000 consols was
$103,989, the highest figure of the year. Upon deposit with the
department of t h a t amount of bonds a bank is entitled to receive
a like amount of circulating notes. As a redemption account of
5 per cent is required the amount of loanable funds on this account
would be reduced to $95,000, which loaned at 6 per cent would
produce $5,700. Adding to the latter amount $2,000 interest on
COMPTROLLER OF T H E CURRENCY
707
the bonds measures the gross receipts. By deducting from this
$7,700, the tax on circulation, expenses of redemption, etc., and the
sinking fund to provide for the liquidation of the premium paid
for the bonds, the net receipts are shown to be $6,503.10. With
the cost of the bonds invested otherwise, and at 6 per cent, the
receipts would be $6,239.34, or less by $263.76 than the net receipts
from the circulation; hence, there would be a profit on circulation
under these conditions of 0.254 per cent. By October, 1925, the
bond cost had been reduced to $103,659, and thereby resulting in
an increase in the profit on note issues to 0.442 per cent.
In the year the cost of 2 per cent Panama Canal bonds dropped
from $103^473 to $101, resulting in a. calculated increase in the profit
on circulation secured by these bonds from 0.699 to 1.001 per cent.
Elsewhere in this report will be found the computations of the
Actuary showing the profit on national bank circulation based upon
the deposit of $100,000 United States consols of 1930, and 2 per
cent Panama Canal bonds at the average net price monthly during
the year ended October 31, 1925. Incidentally, there also appears
a statement showing the monthly range of prices in New York from
November, 1924, to October, 1925, inclusive, of bonds eligible as
security for national bank circulation, and also the investment
values of -the consols and Panama Canal bonds based upon the
average price net quarterly, January to October.
ORGANIZATION AND LIQUIDATION OF NATIONAL BANKS
From the date of the establishment of the national banking system
up to and including October 31, 1925, there have been authorized
to begin business 12,841 national banking associations, of which
3,837 were voluntarily closed to discontinue business or amalgamated
with other banks, State or national, together with those consolidated
with other national banking associations under, authority of the act
of November 7, 1918. Exclusive of banks which failed but subr
sequently restored to solvency the loss to the system by banks
liquidated through receiverships was 886, the number of these
receiverships being a fraction less than 6.9 per cent of the total
number of banks organized. As a result of liquidations and failures
the number of national banking associations in existence at the close
of the current year stood at 8,118.
In November, 1914, when the Federal reserve banks began their
operations, there were in existence 7,578 national banks with capital
01 $1,072,500,000. Since that date the net increase in the number of
banks was 540 and an increase in capital of $309,500,000. The
capital of the banks in existence on October 31, 1925, was roundly
$1,382,000,000. In this 11-year period 2,189 banks were chartered
with capital of $217,000,000. During this period, however, 1,653
associations were closed voluntarily or otherwise.
In the current year applications to organize national banks and to
convert State banks into national banking associations were received
to the number of 372, with proposed capital stock of $42,092,200.
Of the applications pending 247 were approved, 85 rejected and 42
abandoned. National banking associations to the number of 251.
with capital of $26,040,000, were authorized to begin business, of
which 3 were located in the New England States, 52 in the Eastern,
708
REPORT ON T H E FINANCES
115 in the Southern, 32 in the Middle Western, 25 in the Western,
and 24 in the Pacific States. The greatest activity as indicated b y
the number of banks organized was in the following States: New
York 17 banks. New Jersey 26, Pennsylvania 8, Texas 94, Missouri
8, and California 19. In other States the number ranged from 1 to 7
banks. I t further appears that of the total number of charters issued
86 were the result of conversions of State banks, 25 reorganizations of
State or national banks, and 140 primary organizations. In this
connection it is of interest to note that the organization of 19 banks
was incident to the reorganization of liquidated national banking
associations; 9 to succeed failed national banks, acquiring incidentally
their assets and assuming the liabilities to depositors and other
creditors, and 8 organized in localities where failures had occurred, to
enable the communities to have necessary banking facilities.
In the year in question 30 national banking associations were
consolidated into 15 under authority of the act of November 7, 1918,
the capital of the consolidated banks being $33,810,000. In some
instances there were reductions in capital and in others increases,
but the net result by reason of consolidations was an increase in
capital stock of $990,000.
The voluntary liquidation of 123 associations represented a capital
of $14,467,500, while the capital of the 98 insolvent .banks was
$6,420,000. The net result of the changes hereinbefore mentioned
was an increase for the year in the number of active banks by 20,
and in capital stock of $46,212,000. It appears that during the
year 203 banks increased their capital in the aggregate sum of $43,410,000. Of this number 85 banks effected the increase by stock dividends, the amount of the increase in this manner being $7,680,300.
DOMESTIC BRANCHES OF NATIONAL BANKS
Under authority of section 5155 of the Revised Statutes of the
United States the following national banks, formerly State banks,
continue to operate the branches indicated:
California:
Bank of California, National Association, San Francisco; capital, $8,500,000.
Branch at Portland, Oreg.; capital, $300,000.
Branch at Seattle, Wash.; capital, $200,000.
Branch at Tacoma, Wash.; capital, $200^000.
Louisiana:
Calcasieu National Bank of Southwestern Louisiana, Lake Charles; capital,
$1^00,000.
Branch at De Quincy; capital, $40,000.
Branch at Jennings; capital, $120,000.
Branch at Kinder; capital, $30,000.
Branch at Lake Arthur; capital, $40,000.
Branch at Oakdale; capital, $120,000.
Branch at Sulphur; capital, $40,000.
Branch at Vinton; capital, $50,000.
Branch at Welsh; capital, $60,000.
Massachusetts:
Federal National Bank of Boston; capital, $1,500,000.
Four ^ branches in Boston, with capital of $50,000 assigned to each.
Safe Deposit National Bank of New Bedford; capital, $500,000.
Branch in New Bedford; capital, $50,000.
1 One of which was acquired by consolidation under act Nov. 7, 1918.
COMPTROLLER OF THE CURRENCY
709
Michigan:
, ; City National Bank of B a t t l e Creek; capital, $500,000.
Branch in B a t t l e Creek; capital, $25,000.
National Union Bank of Jackson; capital, $400,000.
Branch in Jackson; capital, $100,000.
Mississippi:
Pascagoula National Bank of Moss Point; capital, $75,000.
Branch in Pascagoula; capital, $25,000.
New York:
C h a t h a m Phoenix National Bank & T r u s t Co., New York; capital, $13,500,000.
Thirteen branches in t h e city of New York, with capital of $100,000
assigned to each.
Public "National Bank of New York; capital, $4,000,000.
Five branches in t h e city of New York, with capital of $100,000
assigned to each.
Seaboard National Bank of the city of New York; capital, $5,000,000.
Two branches in t h e city of New York, with capital of $100,000 assigned
to each.
North Carolina:
American Exchange National Bank of Greensboro; capital, $750,000.
Branch in Greensboro; capital, $150,000.
F a r m e r s National Bank & T r u s t Co. of Winston-Salem; capital, $300,000.
Branch in Winston-Salem; capital, $50,000.
Oregon:
First National Bank of Milton; capital, $50,000.
Branch a t Freewater; capital, $10,000.
Washington:
Dexter Horton National Bank of Seattle; capital, $2,200,000.
Two branches in Seattle, with capital of $50,000 assigned to one a n d
$200,000 assigned to t h e other.
Wisconsin:
American National Bank of Milwaukee; capital, $1,000,000.
Two branches in t h e city of Milwaukee, with capital of $50,000 assigned
to each.
Under the consolidation act of November 7, 1918, converted State
banks having branches were consolidated with the following banks
and the branches continued:
California:
T h e First National Bank of Lemoore; capital, $150,000.
Branch a t Stratford; capital, $25,000.
District of Columbia:
T h e Riggs National Bank of Washington, D . C ; capital, $2,500,000.
Four branches in the city of Washington, with capital of $10,000 assigned to each.
Georgia:
T h e F o u r t h National Bank of Atlanta; capital, $1,200,000.
Three branches in t h e city of Atlanta, with capital of $50,000 assigned t o
each.
'
Branch a t D e c a t u r ; capital, $25,000.
• Atlanta & Lowry National Bank, Atlanta; capital, $4,000,000.
Two branches in Atlanta, with capital of $50,000 assigned to each.
' JVl 9 S^fl p h 11 ^ p t t ^ *
The Atlantic National Bank of Boston; capital, $5,000,000.
Three branches in Boston, with capital of $100,000 assigned to each.
The First National Bank of Boston; capital, $20,000,000.
. Seven branches in Boston, with capital of $50,000 assigned to each.
Chapin National Bank of Springfield; capital, $500,000.
Two branches in Springfield, with capital of $50,000 assigned to each.
Michigan:
Grand Rapids National Bank of Grand Rapids; capital, $1,000,000.
Nine branches in t h e city of Grand Rapids, with capital of $10,000
assigned to each.
710
REPORT ON T H E FINANCES
New Jersey:
Union Trust & Hudson County National Bank, Jersev City; capital,
$750,000.
Branch in Jersey City; capital, $50,000.
Branch at Bayonne; capital, $50,000.
New York:
National Commercial Bank & Trust Co. of Albany; capital, $1,500,000.
Branch in Albany; capital, $100,000.
American Exchange-Pacific National Bank, New York; capital, $7,500,000.
Six branches in the city of New York, with capital of $100,000 assigned
to each.
Chase National Bank of New York; capital, $20,000,000.
Seven branches in the city of New York, with capital of $100,000
assigned to each.
East River National Bank of the city of New York; capital, $2,500,000.
Two branches in the city of New York, with capital of $100,000 assigned
to each.
Mechanics & Metals National Bank, New York; capital, $10,000,000.
Twelve branches in the city of New York, to which is assigned $50,000
capital each to eight, and $100,000 each to four of the branches.
National City Bank of New York; capital, $50,000,000.
Three branches in the city of New York, with capital of $100,000
assigned to each.
South Carolina:
The Peoples National Bank of Charleston; capital, $1,000,000.
Two branches in Charleston, with capital of. $200,000 assigned to one
and $100,000 assigned to the other.
Tennessee:
Unaka & City National Bank of Johnson City; capital, $400,000.
• Branch in Johnson City; capital, $25,000.
Virginia:
First National Bank of Abingdon; capital, $200,000.
Branch in Abingdon; capital, $25,000.
Peolpes National Bank of Leesburg; capital, $100,000.
Branch at Upperville; capital, $10,000.
Seaboard National Bank of Norfolk; capital, $1,000,000.
Branch in Norfolk; capital, $50,000.
National banks, with number of additional local offices and dates of approval of their
establishment, October 31, 1925
Location
California:
Crockett
Fresno
Huntington Park
Inglewood
Long Beach
Los Angeles
NumDate of
ber of approval of
addi- establishment
tional of additional
ofBces
offices
Title of bank
.
Do
First National Bank
First National Bank in Fresno
National Bank ..
.
^ „ ^.
First National Bank
California National Bank.
First National Bank_
.^
_ . - Commercial National Trust & Savings Bank
1
1
2
1
•1
1
^16
Do
Merchants National Bank
4
Do
Pacific National Bank
8
Do
United States National Bank
7
Nov.
Dec.
May
Mar.
Nov.
July
[June
Oct.
Jan.
J June
IDec.
Mar.
July
lOct.
[Aug.
J Oct.
IMar.
I June
Feb.
Jjan.
iJan.
lOct.
fMar.
Jjuly
INOV.
lAug.
28,1923
19,1923
3,1924
7,1923
8,1923
1,1922
13,1922
31,1923
29,1924
4,1924
18,1924
24,1925
22,1925
20,1925
1,1922
11,1922
15,1924
4,1924
6,1924
3,1925
8,1925
16,1925
1,1924
29,1924
21,1924
3,1925
711
COMPTROLLEB. OF THE CUBKENCY
National banks, with number of additional local offices and dates of approval of their
establishment, October 31, 1925—Continued
Location
California—Continued.
Alhambra__^
Bakersfield.
Oakland
Pasadena
Sacramento
San Diego
Santa Cruz
District of Columbia:
Washington i
Do
Do
Do
•Georgia:
Atlanta
Kentucky:
Louisville
Do.
.. Do
Maine:
Portland-_.
Maryland:
Baltimore..
Do-*{...
Do
Do
Massachusetts:
Adams
Boston
Do.
DoDoDo.
Do.
Fitchburg
Maiden
New BedfordPalmer
Springfield
Wellesley
Michigan:
Detroit
Do
Flint..
Jackson. _
Ludington.--.
Muskegon
Saginaw
Nebraska:
South OmahaDo.
New York:
Title of bank
First National Bank
First National Bank in Bakersfield.
Central National Bank.-.
Pasadena National Bank
California National Bank.
United States National Bank
First National Bank
r...
18,1924
1,1925
2,1922
1,1925
6.1922
9.1923
22,1922
Nov.
/May
lAug.
Dec.
Dec.
18,1922
1,1923
25,1924
30,1922
4,1922
Sept. 22,1922
Atlanta & Lowry National Bank.
Nov.
[July
^Aug.
[Nov.
Dec.
Citizens Union National Bank
Louisville National Bank
National Bank of Kentucky
20,1922
20,1922
15,1922
28,1923
18,1922
Nov. 18,1924
Chapman National Bank
July
June
/Aug.
\Feb.
Aug.
29,1924
17,1925
18,1922
11,1925
1,1922
Dec.
Aug.
Jan.
"Mar.
Jan.
Jan.
Oct.
July
June
/Dec.
\Feb.
Jan.
Feb.
Nov.
May
Jan.
/Nov.
\Mar.
Cit zens National Bank..
Drovers & Mechanics National Bank..
Farmers & Merchants National Bank.,
Merchants National Bank
First National Bank
Atlantic National Bank
Citizens National Bank
Federal National Bank.
First National Bank
7,1923
23,1922
2,1924
3,1923
18,1924
18,1924
16.1924
28.1925
6,1925
3.1923
28,1925
30.1924
17.1925
28.1924
22.1925
10,1924
18.1922
30.1923
(
National Rockland Bank
National Shawmut Bank
Safety Fund National BankFirst National Bank
Merchants National B a n k . . .
Palmer National Bank
Chapin National Bank
...
Wellesley National Bank
.
National Bank of Commerce..
First National B a n k . . .
Peoples National B a n k . .
First National Bank
Union National Bank
Second National Bank
rjan. 2,1924
Apr. 7.1924
June 14,1924
July 19,1922
Dec. 15,1923
Nov. 22.1922
Sept. 8,1922
Jan. 23,1924
Jan. 13.1923
Live Stock National Bank.
Packers National Bank
Dec. 3,1923
Jan. 18,1924
First National Bank in Detroit.
Community-South Side National Bank.
Do.-...
Flushing. _.
Ithaca
Manufacturers & Traders National Bank..
Flushing National B a n k . . .
i
First National Bank
..'.
Bronx National Bank,
Do
Dec.
Apr.
Aug.
June
Sept.
Apr.
Nov.
Second National Bank..
District National Bank.
Franklin National Bank.
Lincoln National B a n k . .
Buffalo-
New York-
NumDate of
ber of approval of
addi- establishment
tional of additional
offices
offices
Capitol National Bank..
« Established under authority of the Millspaugh Act, Apr. 26,1922
20
Aug.
Jan.
Mar.
Mar.
Sept.
Dec.
July
Nov.
July
Jan.
Apr.
,Aug.
(
18.1922
18.1923
2,1925
11,1925
23,1925
21.1922
18,1925
9.1922
17.1924
9.1923
28.1923
18.1925
712
EEPOET ON T H E FINANCES
National banks, with number of additional local offices and dates of approval of their
establishment, October 31, 1925—Continued
Location
New York—Continued.
New York..
Do.-
Chase National Bank
Chemical National Bank...
East River National Bank
Do
Do
Do...
Do...
Do
Do.-Do
Do
NumDate of
ber of approval of
addi- establishment
tional of additional
offices
offices
Title of bank
First National Bank of the City of Brooklyn......
Hainilton National Bank
i
Harriman National Bank
Mechanics & Metals National Bank
National American Bank
National Bank of Far Rockaway
National Butchers & Drovers Bank
:
-
Do.-:
National City Bank
'Do...
Do..
National Park Bank
•
Ozone Park National Bank
Pubhc National B a n k . . .
Do
Richmond Hill National Bank
Rockaway Beach National Bank
Seventh National Bank
Mannfnctnrp.rs Nationnl Bank .. _ . .
Jefferson Co. National Bank
First National Bank
Do
Do.:
Do
Troy
Watertown
Yonkers
Do:..
North Carolina:
Greensboro .
Ohio:
Cleveland
Columbus _
Findlay
Lockland
Pennsylvania:
Altoona.
Chester..
Do
....
Johnstown.
McKees Rocks
Philadelphia
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
Do
.
..
•
Yonkers National Bank & Trust Co
American Exchange National Bank
Brotherhood of Locomotive Engineers Co-Operaative National Bank.
City National Bank
American-First National Bank
First National Bank
-
do
-.-...
do
Pennsylvania National Bank
.
First National Bank
do
,.
do.
—
Broad Street National Bank
Central National Bank
.
Corn Exchange National Bank
. Drovers & Merchants National Bank
Fourth Street National Bank
Franklin National Bank
Northern National Bank
Overbrook National Bank .
Philadelphia National Bank
Southwark National Bank
Tenth National Bank
Reading
Reading National Bank
Williamsport
York.
West Branch National Bank
York National Bank
:
-
1 Aug. 31,1925
12 Apr. 28,1923
Jan. 18,1924
Jan. 16,1925
9 May 28,1925.
June 27,1925
Sept. 23,19251 July 19,1924
29,1924
2 /Oct. 30,1924
\Oct.
j\Dr. 26,1923
July 15,1924
Apr. 14,1925
Sept. 4,1925
May 6,1924
fOct. 26,1923.
30,1924
4 Jjan. J3,192;>
IMar.
iMar. 25,1925
2 /Mar. 19,1924
\Oct. 16,1924
1 Feb. 5,1925
fJuly 18,1922
Aug. 29,1922
Dec. 8,1922
Feb. 28,1923
19 ijan. 26,1924
July 31,1924
Dec. 31,1924
May 19,1925
[Oct. 23,192&
/Aug.
\Nov.
Mar.
Sept.
Nov.
Oct.
/Apr.
2 \June
2 /Oct.
\Sept.
1 July
2
2
1
1
1
2
1,1922
28,1924
8,1924
9,1925
19,1923
13,1922
8,1925
17,1925
24,1922
26,1925
24,1922
Sept. 8,1922
1 Mar. 17,1925
1 Jan. 2,1923^
1 Nov. 28,1923
June 12,1925
Sept. 22,1922
May 24,1924
Apr. 28,1924
Oct. 24,1922
/July 25,1922
1 Sept. 30,1925
Nov. 13,1923
July 24,1922
July 18.1922
Jan. 18,1924
Aug. 17,1922
Julv 8,1925
Apr. 2,1923
Sept. 2,1924
Apr. 30,192a
Mar. 18,1925
Mar. 3,1925
[Aug. 24,1922
3 ^Feb. 15.1924
[Mar. 26,192&
1 Aug. 31,1922
1 July 25,1922
1
2
1
1
1
2
2
1
2
1
1
1
1
1
2
1
1
713
COMPTEOLLEE OF T H E CUEBENCY
National banks, with number of additional local, offices and date of approval of their
establishment, October 3 1 , 1925—Continued
S o u t h Carolina:
Charleston
Greenville
Tennessee:
Chattanooga..
Knoxville.....
Nashville
Do
Do
Virginia:
Charlottesville.
Norfolk
Richmond
Do........
Do
D a t e of
Numapproval of
ber of
addi- establishment
tional of additional
offices
offices
T i t l e of b a n k
Location
A u g . 30,1922
B a n k of Charleston, N a t i o n a l B a n k i n g Association.
Norwood National Bank
First National Bank
City National Bank
American National B a n k . . . .
Broadway National Bank
F o u r t h and First National Bank
Peoples N a t i o n a l B a n k
Virginia N a t i o n a l B a n k
American National B a n k
Merchants National Bank
Planters National Bank
D e c . 15,1923
Oct. 29,1925
Jan.
3,1924
/ F e b . 20,1924
\ A u g . 1,1924
J u l y 8,1925
M a y 5,1925
Jan.
Apr.
July
fJuly
[Feb.
July
i
9.1923
29,1924
20,1922
21,1922
2.1924
19,1922
CONDITION OF NATIONAL BANKS AT DATE OF EACH REPORT CALLED
FOR DURING THE YEAR
Under authority of section 5211, Revised Statutes, national banks
were called upon to submit four reports of condition during the year
ended October 3 1 / 1925, as of various dates specified by the comptroller.
The resources and liabilities of reporting banks at the date of each
report during the year are shown in the following statement:
Abstract of reports of condition of national banks on dates indicated
[In t h o u s a n d s of dollars]
Oct. 10,
1924r~8,074
banks
D e c . 31,
A p r . 6,
J u n e 30,
Sept. 28,
1924—8,049 1 1925—8,016 1925—8,072 1925—8,085
banks
banks
banks
I
banks
12,210,148
12,242
145, 666
12, 319, 680
9,802
244, 728
12,468,836
11,410
240,962
12,674, 067
9,352
176,583
2, 579,190
•2,897,040
2, 586, 697
3,075,999
2, 614,185
3,139,255
2, 536, 767
3,193, 677
17,844, ^86
541,852
107,459
1,303,631
18,236,906
651,371
108,966
1,394, 386
18,474,648
664,103
112,481
1, 273, 274
18,590,446
585, 267
111, 191
1,326,864
427,894
360,101
1, 412,807
486,933
409, 566
1,349, 859
411, 539
361, 671
1,192,049
466, 787
359, 605
1,096, 768
439,356
575, 360
63,871
• 52,898
431, 043
996, 615
85,225
. 70, 635
395, 655
665,288
67,708
54, 541
403, 366
988, 294
80,727
69, 517
393,869
733,816
58,326
54,094
36, 726
166,820
36, 310
223,466
33,120
226,386
33, 038
238,993
32,876
219, 346
24,381, 281
23,832,463
24,350,863
24, 569,527
RESOURCES
Loans a n d discounts (including rediscounts) ^
Overdrafts
C u s t o m e r s ' liability account of acceptances.
U n i t e d States G o v e r n m e n t
securities
owned
O t h e r b o n d s , stocks, securities, etc
Totalloans and investments
B a n k i n g house, furniture, a n d
fixtures...^.
O t h e r real estate o w n e d . .
Lawful reserve w i t h Federal reserve b a n k s .
I t e m s w i t h Federal reserve b a n k s in process of collection
C a s h in v a u l t
A m o u n t due from national b a n k s
A m o u n t due from other b a n k s , b a n k e r s ,
and trust companies.,
Exchanges for clearing house
C h e c k s on other b a n k s in t h e sarde p l a c e . .
O u t s i d e checks a n d other cash i t e m s
R e d e m p t i o n fund a n d d u e from U . S.
Treasurer
^
O t h e r assets
Total.^
-..;
1 Includes c u s t o m e r s ' liability u n d e r letters of credit.
60501—FI 1925t
46
13,134,461
14,900
201,083
2, 612,025
3,242, 620
19,105,089
593,176
114,677
1,324,326
456, 666
362,341
1,120,925
714
EEPORT ON T H E FINANCES
Abstract of reports of condition of national banks on dates indicated—Continued
fin t h o u s a n d s of dollars]
Oct. 10,
A p r . 6,
D e c . 31,
J u n e 30,
Sept. 28,
1924—8,074 1924—8,049 1925—8,016 1925—8,072 1925—8,085
banks
banks
banks
banks
banks
LIABIUTIES
C a p i t a l stock p a i d in
S u r p l u s fund
U n d i v i d e d profits, less expenses a n d taxes
paid
...
R e s e r v e d for taxes, interest, etc., a c c r u e d . .
N a t i o n a l - b a n k notes o u t s t a n d i n g
D u e to Federal reserve b a n k s
•
A m o u n t d u e to n a t i o n a l b a n k s
'.
A m o u n t d u e to other b a n k s , b a n k e r s , a n d
t r u s t companies
Certified checks o u t s t a n d i n g
Cashier's checks o u t s t a n d i n g
D e m a n d deposits
T i m e deposits (including postal s a v i n g s ) . . .
U n i t e d States deposits
1,332,527
1,074,268
1, 334, 836
1,088,880
1,361,444
1,106, 644
1, 369, 435
1,118,928
1, 375,009
1,125,496
556, 792
723, 530
27, 342
1,338, 309
442,484
60, 784
714,844
33,188
1, 239,923
490,457
60, 224
649,447
29, 323
1,147, 628
481, 711
60, 078
648, 494
30,740
1,028,168
543, 564
69, 792
649, 221
31,820
1, 068,420
i, 933,857
147,404
217, 231
9,795, 580
5, 460,677
• 188, 398
2,029, 671
184, 363
415, 260
10, 363,250
5, 581, 287
153, 266
1,839,935
197, 508
204, 447
9,923,243
6,785, 211
255, 652
1,827, 492
224,089
336,167
10,430, 254
6,924, 658
108,101
1,766,708
251,606
214, 594
10,427, 544
5,994,374
175,097
Total deposits
i
19,108, 798, 20,000,208 19,382,947 19,909,669
U n i t e d States G o v e r n m e n t securities bor28,729
28,930
21,-684
rowed.
..:.
21,747
B o n d s a n d securities (other t h a n U n i t e d
3,821
3, 581
3,405
3,630
States) b o r r o w e d
A g r e e m e n t s to r e p u r c h a s e U n i t e d States
3,413
G o v e r n m e n t or other securities sold:
Bills p a y a b l e (including all obligations representing borrowed m o n e y other t h a n
202,304
rediscounts)
123, 611
219,198
246,107
N o t e s a n d bills rediscounted (including
acceptances of other b a n k s a n d foreign
bills of exchange or drafts sold w i t h indorsement)
170,419
196,396
226, 597
233,874
L e t t e r s of credit a n d t r a v e l e r s ' checks out6,135
6,124
6,637
12,127
standing
,..
Acceptances executed for customers a n d to
furnish dollar exchange less those p u r 235, 232
232, 761
164, 569
140, 574
chased or d i s c o u n t e d . . .
....
18,435
28,773
26, 564
29, 602
Acceptances executed b y other b a n k s
35,662
49,471
40, 290
41, 237
Liabilities other t h a n those s t a t e d a b o v e . . .
Total
23, 323,. 061 24, 381, 281 23,832, 463
24,350,863
19,930,062
24,479
3,976
4,057
316,627
245,537
9,065
191,873
28, 642
52,228
24, 569, 627
CONDITION OF NATIONAL BANKS SEPTEMBER 28,1925
The resources of 8,085 national banks September 28, 1925, amounted
to $24,569,527,000, and exceeded the resources of 8,074 banks October 10, 1924, by $1,246,466,000. ,
Comparison of the principal items of resources and liabilities
follows:
•
:
. .
RESOURCES
Loans and discounts aggregated $13,134,461,000, and exceeded the
amount in October, 1924, by $924,313,000. The percentage of loans
and discounts to total deposits was 65.90, compared with 63.90 in
October, 1924.
United States Government securities held by these banks to the
amount of $2,512,025,000, declined since October, 1924, $67,165,000,
and other bonds, stocks, and securities, etc., amounting to $3,242,620,000 were increased in this period $345,580,000.
Banking houses, furniture and fix:tures valued at $593,176,000 exceeded the amount a year ago by $51,324,000, and other real estate
COMPTEOLLEE OF THE CUERENCY
715
owned to the amount of $114,677,000 showed an increase of $7,218,000
in the year.
Balances due from correspondent banks and bankers, including
lawful reserve and items in process of collection with Federal reserve
banks of $1,780,992,000, aggregated $3,295,786,000, and showed a
reduction in the year of $287,902,000. Cash in vault of $362,341,000
exceeded the amount a year ago by $2,240,000.
LIABILITIES
Paid-in capital stock of $1,375,009,000 exceeded the amount a
year ago by $42,482,000, and surplus and undivided profits of
$1,669,059,000 were $37,999,000 more than a year ago.
Liabilities for circulating notes amounted to $649,221,000 and were
$74,309,000 less than at the corresponding period in 1924.
Deposit liabilities aggregated $19,930,062,000 and showed an increase in the year of $821,264,000. In the classification of these
liabilities, deposits due to correspondent banks and bankers of
$3,333,047,000 showed a reduction of $331,096,000; demand deposits,
including United States deposits, amounted to $10,602,641,000, or
$618,663,000 more than a year ago, and time deposits, including
postal savings, amounted to $5,994,374,000, and showed an increase
of $533,697,000.
.
Liabilities for money borrowed amoxmted to $562,164,000 and exceeded the amount in October, 1924, by $268,134,000. Of the total
liabilities for money borrowed, these banks had rediscounted paper
with Federal reserve banks to the amount of $148,712,000, and had
bills payable with these banks to the amount of $254,474,000..
Statement showing the principal iteins of resources and liabilities
of these banks in each State, Alaska arid Hawaii, at the close of
business September 28. follows:
'
Principal items of resources and liabilities of national hanks, September 28^ 1925
[In thousands of dollarsl
Number of
banks
States, etc.
68
64
46
155
17
o 62
Maine
.
New Hampsliire..
Vermont
Massachusetts.-Rhode Island
Connecticut
Total
New
States
67,
37,
33,
808,
45,
155,
785
775
031
700
678
723
United
Government
securities
Other
bonds,
stocks,
etc.
Due from
Cash in banks and
vault
other cash
items
Capital
Surplus
Profits
Circulation
outstanding
Total
deposits
Bills
payable
Rediscounts
Total
assets
13,928
12,432
6,033
92,369
9,164
30,935
43, 669
14, 361
17, 568
162, 654
15,931
39, 618
2,029
1,979
972
16, 739
1,846
6,251
13, 211
9,094
5,803
173, 849
6,986
32, 073
7, 370.
5,240
5,060
73,243
6,320
20,002
6,716
4,642
2,908
61, 637
5,340
16, 709
4,871
3,240
2,317
31,008
4,619
10, 385
5,691
4,631
4^289
19, 615
5,165
9,693
118, 677
68, 236
48, 661
1, 075, 346
59, 007
216, 333
424
1,931
868
8,805
80
2,643
645
199
776
31,041
224
404
143, 682
78, 278
65,116
1, 340, 043
81, 215
278,196
241, 016
117,235
96,952
66, 340
48, 984
1, 676,. 260
14, 651
33,289
1,986, 530
244, 431
41,464
144,139
1,735
17, 339
9,427
292,921
38, 740
215, 262
2,052
17,122
5,913
148, 646
18,841
80,935
1,083
7, 876
2,818
65, 557 4, 595,195 131, 861
716, 719
20, 820
11, 831
82. 231 2, 370, 724 47, 009
i;i29
110
18, 032
9,560
6,644
232, 711
4,449
3,517
119, 026
75, 726
2,730
10, 661
200
i;460
268
6, 736, 729
855, 874
2,978,123
24, 380
294, 908
147, 204
Total Eastern States.
Virginia
West Virginia...
North CarolinaSouth Carolina..
Georgia
Florida.-Alabama
Mississippi
Louisiana
Texas
Arkansas
-..
Kentucky
Tennessee
468, 535
672, 010 260,198
183, 746 8,052, 407 200,972
Total Southern States
392
1,148, 692
164, 861
293,801
29,816
538
2,823,921
426, 782
1,451, 279
11,998
168, 422
79, 243
636, 322
74, 466
326, 305
2,384
28,748
19,170
774, 053
238, 498
643, 412
6,639
48, 073
13, 670
48, 058
14,489
44,924
405
3,461
3,249
1,789
4,961, 645 1, 086, 385 1, 724,245 114,586 1 1,668,416
37
33
652
87
139
106
285, 206
128, 743
132, 288
81,045
136,407
175, 018
105, 330
61,962
82,112
561, 641
63, 228
175, 064
158,192
31, 748
19,462
15, 622
11,888
21, 781
28, 703
16, 662
6,376
9,100
104, 572
10, 480
26, 461
18, 080
22,195
15,981
4,116
7,955
5,608
48,524
17, 769
12, 075
4,691
37, 358
• 4,599
26, 776
11,218
1,765
2,136, 226
320, 735
218, 765
354
246
504
126
157
516, 616
226, 627
979,966
286,234
249, 268
106,651
48, 079
143,988
' 43,409
37,941
137, 375
53,148
167,115
93,960
59, 662
181
124
1,130, 450
72, 361
396, 880
2,055
45,459
21,211
91, 035
19, 864
10, 289
9,532
6,760
8,207
5,350
9,270
2,932
4,237
40, 008
3,764
15, 833
13,144
312, 336
150, 462
143, 977
104, 075
179, 973
329,946
146, 210
74,959
103,131
810, 013
88, 065
206, 216
187, 783
8, 361
5,962
4,753
1,497
1,540
43
3,039
1,598
534
7,436
1, 657
4,174
4,294
13, 327
1,452
11, 038
2,482
1,181
147
1,507
3,101
4,592
3,941
2,928
5,727
5,031
421, 290
199,988
199,105
137, 635
224, 034
360,181
187, 327
93, 277
130,986
1, 007, 428
110, 523
274, 804
244,104
148,989
69, 766
149,190
2, 836,146
44,878
66,454
3, 690, 682
44,131
16,484
63, 603
18,843
14. 761
26, 314
8,590
35, 402
9,971
8.092
40, 902
72, 827
25;075
321, 093
30, 560 1,431,197
462, 013
13, 749
14, 428
369. 319
11,253
2,442
9,864
3,942
1.250
12, 506
6,185
8,307
5,204
3,162
939, 384
416, 984
1, 696, 786
533,175
430.923
H
O
^
10, 037, 218
9,092
5,472
3,920
2,112
4,222
4, 098"
5,450
1,195
1,654
20,186
2,193
6,716
3,456
58, 771
22, 306
32, 879
21, 526
45,289
96, 226
36,848
18, 287
22, 876
233,122
25, 693
33, 810
41,825
30,379
13, 505
14,186
11, 294
16, 510
10, 740
13,120
5,410
9,176
81, 771
7,925
18, 596
17, 519
23,935
11, 733
8,959
6,457
10, 857
6,479
8,357
3,204
4,855
37, 782
3,355
13,866
10,150
66,107
9,457
249,129
16,884
10, 831
25, 023
8,032
7,165
121, 658
55, 863
304,932
78, 852
69,928
62, 216
31,948
94,648
26,183
27,005
6,400
4,104
3,617
2,720
3,512
6,337
4,608
1,766
2,321
20,938
2,466
4,037
4,381
o
w
England
New York
New Jersey
...
Pennsylvania
Delaware
.,
Maryland
District of Columbia.
Ohio
Indiana
Illinois
Michigan. _
Wisconsin..
Loans, including
overdrafts
O
Ul
318
339
136
Total Middle
States.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
349, 649
234, 807
348, 343
83, 626
41,584
51, 670
80,922
•34,957
.54,244
8, 671
7,896
6, 300
116, 734
54, 743
126,925
37, 633
26, 520
42, 093
21, 262
12,973
17, 074
8, 397
4,307
11, 060
14, 531
17, 533
16, 765
572, 295
325, 752
607, 472
1,795
1,929
778
2,179
3,189, 400
555,948
681,283
90, 802
919, 635
348, 245
209, 031
112,133
173, 643
4, 697,417
33, 253
158
112
170
259
. 84
32
135
31
386
63, 712
46, 098
144, 891
128, 363
• 41,460
23,150
132,836
15, 211
206,630
13, 540
11, 759
17, 800
27,346
10, 667
5,654
35, 535
4,007
48, 725
12, 200
7,863
18, 870
24,972
9,885
3,491
40, 492
978
29, 217
•1,628
1,848
3,857
5,303
2,660
1, 444
7, 372
903
7,817
17, 477
14, 971
49, 892
50, 771
17, 288
8,652
55,151
3.781
89, 244
6,390
5,094
16, 215
18,188
= 5, 745
=
2,725
12, 565
2,136
27, 095
2.932
2; 326
8,434
9,004
2,522
1,701
9,453
914
7,195
690
647
3,747
3,017
1,157
456
3,372
192
2, 946
4,192
2,812
8, 301
9,935
2,460
1,731
5,120
1,112
8,315
90, 590
74, 800
206, 600
207, 721
73, 645
37, 648
245,986
21, 826
350, 256
322
280
888
115
312
41
544
142
1,949
1,367
Minnesota
Iowa
Missouri.
32,832
307, 227
96,152
44, 481
16, 224
43,968
1,309, 072
5,817
4,241
13,832 '
1, 272
• 630
401
1,075
58, 401
41,110
183,463
12, 017
11,712
3,316
4,289
17, 965
14, 020
62, 833
3,760
3,450
1,385
1.500
7,255
5,807
35, 949
1,643
1, 391
645
622
4,421
3, 283
19, 237
673
775
167
252
9,547
3,259
30,161
2,309
2,256
1, 192
564
271, 438
194, 519
851,955
46,924
46,104
15, 328
22, 746
2, 010
5,937
2,773
664, Oil
396,929
602, 763
Western".
Total Middle
• States
Washington
Oregon
California .
Idaho..^
Utah
Cvfevada
A.rizona.
503
1,099
2,302
675
412
75
1,214
283
3,072
105, 654
t87,162
247,410
249, 604
86, 336
44,413
278, 711
26, 629
401,945
4,593
9, 635
1, 527, 764
1,593
1,627
13,354
779
60
867
, 1,461
'> 1,687
4,754
367
197
78
496
315, 869
225, 551
1,036,'587
56, 451
54, 583
18, 819
27, 491
18, 280
9,040
1, 735, 351
o
o
Western
. .
T o t a l Pacific States
Alaska ( n o n m e m b e r b a n k s )
Hawaii (nonmember banks)
792,351
175, 033
147,968
113
99
271
56
20
10
18
156, 544
109,124
578,982
29,444
28, 740
9,540
14, 876
42,926
32, 413
112, 511
7, 053
5,878
2,749
2,713
38,440
27, 259
96, 290
3,634
5,091
1,863
1,956
587
927,250.
206, 243
174, 533
27, 268
314, 308
104,913
53, 312
28, 708
49, 288
1, 449, 014
1,045
1,775
403
1,622
264
686
937
1, 026
200
. 600
120
600
56
139
• . 60
442
3,532
6,214
3,968
8,059
502
9,746
12. 027
4
2
1,226
2,571
Total
(nonmember
banks)
6
3,797
2,820-
2, 025
930
1,963
800
720
195
Total United
States,
Alaska and Hawaii
8,085
13,149, 361
2,512,025
3, 242. 620
362, 341
4,142, 022
1, 375, 009
1,125,495
543,564
46, 084 . 5,679,955
649, 221 19,930, 062
316, 627
245, 537
24, 569, 527
c
.o
H
W
o
d
Q
Kl
718
KEPOET ON T H E FINANCES
NATIONAL BANK LIABILITIES ON ACCOUNT OF BILLS PAYABLE AND
REDISCOUNTS
The total liabilities of national banks for money borrowed, represented by bills payable and rediscounts, amounted to $562,164,000,
September 28, 1925, and show an increase at the date of each report
called for since December 31, 1924, or during the year covered by
this report. The increase in bills payable in this period was $114,323,000 and the increase in rediscounts was $49,141,000.
The liabilities referred to, of national banks in each Federal reserve
district, at the date of each report since December 31, 1924, are shown
in the following statement:
Total borrowings of national banks on account of bills payable and rediscounts in
each Federal reserve district at date of each report during year ended September 28^
1925
[In thousands of dollars]
District
District
No. 2
No. 1 .
D e c . 31, 1924:
Bills p a y a b l e
Rediscounts
District
No. 3
District
No. 4
District
No. 5
District
No. 6
District
No. 7
22,762
39,568
.
63,328
67,830
27,320
10,868
32,254
15,348
23,321
18,626
6,049
9,366
11, 548
16,869
38,188
47,602
41,847
16,405
27,417
26,307
7,937
20,297
18,748
18.788
23,091
5,304
8,672
11,878
42,074
Total
62,330
131,158
A p r . 6, 1925:
Bills p a y a b l e
Rediscounts
18,166
36,426
98,443
72,022
.Total
63,581
170,465
34,244
39,045
41,879
13,976
63,952
17,706
'35,271
89,446
70,007
34,109
10,407
24,482
13,901
25,989
29,355
6,466
14,420
24,620
29,051
J u n e 30,1925:
Bills p a y a b l e
Rediscounts
•
.
.
Total
52,977
159,453
44,516
38,383
55,344
19,885
53,671
S e p t . 28,1925:
Bills p a y a b l e
Rediscounts
14,603
33,289
139,720
77,359
34, 692
10,579
31,098
15,058
29,158
29,935
9,295
12,680
17,825
28,030
Total
47,892
217,079
46, 271
46,156
59,093
21,976
45,855
District
No. 8
District
No. 9
District
N o . 10
District
N o . 11
District
N o . 12
4,734
3,684
1,819
3,951
1,479
4,613
3,743
1,919
3,947
4,964.
202,304
196,396
Total
8,418
5,770
5,992-
6,662
8,911.
398,700
A p r . 6, 1925:
Bills p a y a b l e
Rediscounts
4,972
3, 729
1,280
3,760
3,078
3,680
1,987
1,018
8,708
6,441
219,198
226,597
8,701
6,040
6,758
3,005
16,149
445,796
3,683
7,133
2,385
3,838
1,922
6,406
6,1024,278
9,298
,9,807
245,107
233,874
10,816
6,223
8,328
10,380
19,105
478,981
7,965
13,924
2,836
4,049
3,321
7,041
8,374
4,742
17,740
8,851
316,627
245,637
21,889
6,885
• 10,362
13,116
26,591
562 164
D e c . 31, 1924:
Bills p a y a b l e
Rediscounts
Total
j
,
J u n e 30,1925:
Bills p a y a b l e
Rediscounts
Total
S e p t . 28,1925:
Bills p a y a b l e
Rediscounts
Total
^^.__.-
Total
719
COMPTEOLLEE OF T H E CUEEENCY
LOANS AND DISCOLTNTS OF NATIONAL BANKS JUNE 30, 1925
The loans and discounts of national banks amounted to $12,674,067,000, June 30, 1925, and exceeded the amount June 30, 1924,
by $695,339,000.
Time loans not secured by collateral, but bearing the indorsement
of one or more individual or firm names, amounted to $6,132,318,000,
or 48.39 per cent of the total. Fourteen and fifty-four hundredths
per cent of the total loans were on demand paper secured by stocks
and bonds, and amounted to $1,843,167,000; loans on time paper
secured by stocks and bonds, aggregated $1,817,730,000, or 14.34
per cent of the total.
A classification of the loans and discounts of national banks in
the fiscal years ended June 30, 1923, to 1925, inclusive, is shown in
the following statement, supplemented by similar information
reported by these banks in reserve cities and States, June 30, 1925.
Classification of loans and discounts for the last three fiscal years
[In t h o u s a n d s of dollars]
J u n e 30,1923 •
J u n e 30, 1924
J u n e 30, 1925
Class
Amount
Per
cent
Amount
Per
cent
Amount
733,636
1,463,203
6.21
12.38
737, 559
1,545,625
6.16
12.90
726,100
1,843,167
5.73
14.64
276,090
2.34
263,618
2.20
300,661
2.37
6,176,743
1,619,317
. 52. 27
, 12.86
6,123,604
1,659, 698
6L12
13.02
6,132,318
1,817,730
48.39
14.34
9.40
1,087,096
1,062,755
8.39
108,892
125,070
.92
1.06
116,009
188,897
.97
1.68
122,214
269,247
2.12
127,339
67,942
.57
120,122
74,536
1.00
.62
123,332
.81,874
.97
.65
10,393
23,101
60,874
.19
.61
9, ,031
26, 643
91,026
.22
.76
10,334
29, 797
107, 767
.08
.24
.85
11,392
.10
33,998
.28
43,766
.35
2,606
.02
1,367
.01
3,105
.02
'. 11,817,671
100. 00
11,978,728
100.00
12,674,067
100.00
O n d e m a n d , p a p e r w i t h one or m o r e indiv i d u a l or firm n a m e s (not secured b y
collateral)
On d e m a n d , secured b y stocks a n d b o n d s . .
O n d e m a n d , secured b y other personal
securities, including m e r c h a n d i s e , warehouse receipts, etc
O n t i m e , p a p e r w i t h one or m o r e individual or firm n a m e s (not secured b y
collateral)
O n t i m e , secured b y stocks a n d b o n d s
O n t i m e , secured b y other personal securities, including m e r c h a n d i s e , w a r e h o u s e
receipts, etc
Secured b y i m p r o v e d real estate u n d e r
a u t h o r i t y of sec. 24, Federal reserve act,
as a m e n d e d :
• •
1. On farm l a n d
2. O n other real estate
Secured b y real-estate mortgages or other
liens o n r e a l t y n o t in accordance w i t h
sec. 24, Federal reserve act, as a m e n d e d :
1. F o r d e b t s previously contracted
(sec. 5137, R . S. U . S.)—
(o) F a r m l a n d s . .
° (b) O t h e r real estate
2. All other real-estate loans—
(a) F a r m l a n d s
_
(b) Other real estate
Acceptances of other b a n k s discounted
Acceptances of r e p o r t i n g b a n k s p u r c h a s e d
or discounted
-..-.
C u s t o m e r s ' liability on account of drafts
p a i d u n d e r letters of credit
Total....
Per
cent
Loans and discounts of national banks June 30, 1925
-5
lln thousands of dollars]
o
On demand
.
..
''3 w
aper with one or- more
vidual orfirmnames (nc
cured by collateral)
Citie-s, States, and
Territories
^
CENTRAL R E S E R V E CITIES
New Y o r k . . . . . .
Chicago
T o t a l central reserve
cities
.
xi
On time
M
.
M
m
'P ca
73
fl
fl
(A
m
o
o
1
CO
1. F o r d e b t s
previously
contracted
(sec. 6137,
R . S., U . S.)
2. All o t h e r
real e s t a t e
loans
fl
fc-i ^
o
b3 t> O
C
M
w
Ot
s
.fl
1
1
'•B
0 *^
_fl
1
1
1
fl
3
P^
=
0
fl
a
0
pR
fe
1 1
'fl
0
<l
<
H
Q -
a
^
0
fl
a
>
0
OT
S
ra
73
"fl
>.
!
fl
fl
0
a
<
o.
30,193
30,614
582, 472 48,185
156, 641 43, 030
837,112
237, 908
410,402
96,336
73, 865
36, 954
17
67
588
9
21
250
1,549
94
333
23
67,126 31, 463
4,027 4,608
979 2, 084, 305
610, 617
56
438,336
183,846
31, 674
16, 533
60,807
739,113 91,215 1,075, 020
506, 738
110, 819
84
597
271
1,643
356
71,153 36,071 1,035 2,694, 922
622,182
48,207
236, 564
23^241
22, 959
14, 262
257,086
78,245
2,589
3,503
3,107
59,420
14,410
777
366
66
14,349
442
15, 697
300
1
233
10, 560
9
269
2,696
1.443
961
406
143
2
1,825
398
1,108
493, 696
55, 546
34, 660
42,007
167 • 459,927
61, 715
17,160
11,955
11,120
138,110
6,990
366
911
402
4,592
•
OTHER R E S E R V E CITIES
Boston
Albany
Brooklyn a n d Bronx
Buffalo
Philadelphia
2
fl
5
0
0
bfl
£
1
fl
fl
0
0
0
.fl
a
CO
1
0
fl'
fl
0'
rr Wo
o
'S
1 • '^
XI
'O
o o ^
1
U
^
^
'3
0
-2
•Il
-Q.S 0
M
M
0
111
^
111
73
"o
fl
.«
..
1 111
xi
Pi
Secured by
improved real
estate under
authority of
section 24,
Federal
reserve act.
as amended
5
2
Secured b y real estate m o r t gages or o t h e r liens o n
r e a l t y n o t i n accordance
w i t h section 24, F e d e r a l
reserve act, a s a m e n d e d
35,525
1,973
141
3,017
21, 718
76, 382 22,818
25,171 1,388
6,528
770
17, 998
850
87,459 12,465
746 1,045
17
2,220
Pittsburgh
Baltimore.
Washington
Richmond
Atlanta
Jacksonville .
Birmingham
..
N e w Orleans
Dallas
El Paso. _
Fort Worth
Galveston .
._
Houston
San A n t o n i o
Waco
-....1......
Little Rock
Louisville
Memphis
NashvilleCincinnati
Cleveland
...
Columbus
Toledo . .
Indianapolis.
Chicago. . .
Peoria...
Detroit
Grand Rapids
Milwaukee
Minneapolis
St. P a u l
Cedar R a p i d s
Des Moines
Dubuque.
Sioux C i t y
Kansas City, M o
St. Joseph
St. Louis
Lincoln
. . .
Omaha
_
Kansas City, Kans
Topeka
Wichita
Helena . .
. . .
Denver
....
Pueblo
Muskogee
Oklahoma City
Tulsa...
Seattle
Spokane
.Portland
Los A n g e l e s . . .
16,132
3,758
3,612
3,428
2,104
1,103
254
3,825
1,917
78
989
171
2,783
628
1,012
235
1,457
90
1,169
6,423
3,579
3,952
1,039
1,947
1,583
. 1,676
401
259
8,147
11, 669
1,268
331
1,426
374
566
4,098
619
14,929
429
1,956
29
614
79
258
294
16
188
699
1,940
2,226
344
402
7,209
70,488
19,114
20,991
3,841
2,876
7,959
3C2
1,759
13,453
57
1,631
5, 411
14,454
586.
1,004
35
8,593
- 7C9
1,895
19, 523
8,126
7,993
1,951
1,736
4,116
4,154
3,722
383
9,741
21,150
8,486
1,428
1,147
298
1,803
7, 576
1,725
31, 696
276
6,138
883
229
3,442
cO
5,944
^7
83
6,828
4,521
3,034
163
1,310
23. 331
2,622
2,506
4,296
2,066
838
1,514
213
2,070
482
458
5,067
2,296
319
626
133
1,317
542
376
1,129
2,233
,472
11
580
762
597
573
242
1,976
6,7^1
32
..
938
68
475
3,722
406
8,230
29
1,438
309
159
46
242
40
1,110
294
2,470
365
516
4,170
81,4821
58, 655
37,946
35, 461
36, 813
25,3491
20, 840
14,104|
34,365
9, 5891
16,470
5,514
29,465
15, 8861
6,405
4, 3391
31, 654
4, 918|
25, 052|
30, 414
24,6201
19, 966
1,416|
31, 081
13, 773
. 7, 243|
72, 530
11, 320
54, 612
50,1201
33, 736]
5,830
7, 835
1, 256
10, 080
24,176
12, 569
72,9511
11, 647
21, 505|
1,807
4, 370
5,674
l,73li
22, 443
3, 363
4,326
11, 487
22,981
33,855
17, 274
26,949
91. 6201
24,9561
6,713
5,117
13,436
12,322
8,808
2, 519
1, 797
10,396
2, 977
8, 045
1,230
16, 611
4,029
1,199
632
13, 718
2, 612
5, 655
18,449
9, 052
15,6371
6641
. 5,8701
8.045
2,2391
48,655
5, 229
17,413
12, 470
9,130
4,034
5,978
1. 255
1, 437
13, 699
1,712
37, 537
2,688
12,590
720
995
1,650
662
17,009
600
1, 494
4,874
10,"9,0801
4, ,064
6,854
31, 463]
2,377|
9
6,680
191
3,478
8,925
12
6,185
8,183
2,605
75
595
366
14,941
1,052|
264
9,142
574
82
9,089
5,441
29
1,3121
10
1,106
2
6,247
161
•2. 244
5,371
33
4, 214
3,835 " • " ' " 6 9
1,952j
19
6. 042
2, 616
498
1, 496
5, 799
690
9, "232
.
6
733
20, 3751
1,100
2, 4521
238
723
4, 767
8
823|
352
54
2,987
26, 3271
251
1,099
26
17,951
10
104
1,142
607
19, 921
134
2, 6381
1,161
69
3, 945|
759
16
21, 489
1, 772
1, 546
132
1, 441
135
9, 212|
25
6, 734
18
8, 390
41
4,180
54
7, 736
120
19,140|
"ii
608
155
1,494
195
6
17
102
83
347
135
32
1,492
14
57
83
246
30
11
66
268
275
147
4
372
900
422
72
315
286
329
261
41
315
726
436
691
13
577
341
99
64
28
245
619
133
40
150
3
94
217
7
7
226
71
83
669
5,499
318
504
381
"3
429
27
24 " • " " 2 1
307
497
84
36
6
5,554
188
594
130
283
176
182 ' " " 7 2 2
189
694
176
22
53
35
78
461
49
656
22
480
494
47
913
260 ""•"ioi
207
773
20
3
15
142
457
18
10
59
69
323
785
36
12
20
. 82
81
114
52
320
19
107
458 " " " 3 3 7
20
8
107
279
650
956
2
25
162
393
51
219
234
345
260 1,212
429
652
179
106
301
440
23
804
47
426
1,640
1,931 1,476
104
154
-.
63
53
203
21
372
2
80
152
96
50
6
1
7
1
196
510
10
23
2
655
24
4,960
289
214
448
16
288
248
124
2,249
313
244
37
3
674
35
1, 549
351
275
. 995
16
912
72
12
85
1,061
40
1
17
33
304
15
7
2,135
68
32
199,774
97, 729
77, 671
67, 754
61, 644
53, 524
27, 019
24,489
79, 302
14, 639
37, 974
18, 219
76, 072
28,4^:2
12, 616
6,685
63,192
11, 586
40, 347
80,823
63, 235
50, 884
5,556
47, 822
31,392
18,029
139, 671
19, 622
101, 605
126, 602
56, 903
12,896
23, 265
4,928
18,928
81,190
18,069
186, 480
16,453
65, 111
6,416
8,614
15,951
3,530
72, 331
5, 574
8,375
35,144
48, 651
60, 394
27,195
45,105
184,303
53,0041
24,694
9,876
19,452
18,125
18,371
15, 263
4,501
23,781
4, 750
14,444
7, 969
16,473
11,581
4, 814
2, 006
19, 660
2, 700
13,100
19,179
13, 943
9,436
1,500|
14, 205
10, 023
8,965
17, 245
4,280
32, 690
27,034
21,981
3,950
10, 443
2,420
7, 573
26,085
9,050
53,893
6,080
26,001
1,878
4,632
7,694
1,700
24, 368
2,054
2,145
10, 773
7,891
26, 680
9.399
23, 218
32, 349
2,091
971
726
624
244
647
582
210
1,126
23
292
443
249
72
228
27
1,147
88
342
3,110
260
2,151
159
1, 227
1,115
247
988
71
749
808
632
110
123
325
150
653
279
6,640
27
516
124
141
54
20
663
23
46
171
278
1,238
102
463
4,123
Loansjand discounts of national banks June SO, 1926—Continued
to
[In thousands of dollars]
On demand
Cities, States, a n d
Territories
•GS
fl^j
CO
On time
ss
'O
fl
'ri 9
£3
.g .
03
b
0
2. All other
real e s t a t e
loans
1
fl
1
1
>>
1?^
03
1
CO
-^.aj
P
fl
di
s
CQ
CO
4
0
^
1
0
^
C3
%
CO
!
fl
a>
.fl
ra-
.2 -
.2
1
a
^
CO
1
p.
1
^
1
fl
•s
1
i
M
p.
0)
0
<
2
0
M
IH
•3
xi
A
"3
1
5
a
>
0
•i
CO
•3
0
IH
>»
1I
s
!§
•3
"co
1 1
55
fl
«
^
"fl
"
oa
fl
§
s
>
g
fl 2
0
0
-a
•43
.0
"a
S S
C3
0
%
'^
^
S3
•o
0 ^
1
CO
AH
1. F o r d e b t s
previously
contracted
(sec. 6137,
R . S., U . S.)
1
•c®
•d
fl
1
o
s
Secured b y real e s t a t e m o r t gages or o t h e r liens o n
r e a l t y n o t i n accordance
w i t h section 24, Federal
reserve act, as a m e n d e d
5.
03
»,- 3 ®
Secured b y
i m p r o v e d real
estate u n d e r
a u t h o r i t y of
section 24,
Federal
reserve act,
as a m e n d e d
3
"0
•fl
fl
0
>»
1
"fl
a
<
<
3,620
44,993
1,475
6,283
36
2,628
30
232
5,895 1,925 3,994,646 1, 060, 762
62,904
0
<
0
H
i
OTHER RESERVE CITIES—
continued
Oakland
S a n Francisco
Ogden
Salt L a k e C i t y
2,814
20,995
147
851
7,038
78,481
2,629
8,301
211
22,833
872
3,871
420
13,124
797
2,711
68
58
1,364
52
173
69
618,114 116,746 1,911, 418
1,697 4,095
33,495 4,898
176
2,027 " • ' 3 4 3
410
62
619
30
217
1
108
94
5
6
1
1,632
1,411
17,707
177,856
6,048
18, 475
Total other
cities
reserve
640,909
365,122
9,212
46, 469
12, 583 19,603
1,602
6,464
27,798
Total
all
cities
reserve
. . 273, 603 1, 357, 227 206,961 2,986, 438 1,147, 647
475,941
9,296
47,066
12,854 21,246
1,602
6,820
98,951 41,966 2,960 6,689,568 1, 682,934 101, 111
212, 796
.
COUNtEY BANfeS
Maine
New Hampshire .
Vermont
Massachusetts
Rhode Island
Connecticut
......
Total New England
States
N e w York
N e w Jersey
Pennsylvania
Delaware
Maryland.
7,722
5,879
6,883
13,894
1,628
10,199
9,419
7,855
3,015
29,472
2,639
25, 202
759
928
1,214
5,674
1,361
1,839
31,758
16,832
15,968
157,359
26, 033
74,388
46,105
77,602 11,775
322,338
101,042
45,636
36,920
98, 561
1,523
6,263
. _
,
T o t a l E a s t e r n S t a t e s . 188,903
Virginia
W e s t Virginia
North Carolina..
S o u t h Carolina
Qeorgia^
Florida.
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
.^
. ..
6,910
4,437
2,923
2,748
2,674
2,065
2,839
660
878
13,417
779
7,525
2,738
T o t a l S o u t h e r n S t a t e s . 50,493
Ohio
Indiana
Illinois
Michigan.
Wisconsin
Minnesota
Iowa
Missouri
. _
_
804
264
758
597
130
3,641
736
967
14,347
1,044
6,918
404
44
219
391
7
114
818
269
297
1,964
4
1,361
4
1,179
4,713
162
4,782
822
70
616,600
154,576
8,927
2,023
559
1,012
83
533
6,856
3,038
5,298
118
299
516
36
722
13
231
2,580
4,936
4,329
23
292
1,084
242
821
100
79
33
486,768
406,680
739, 368
11,085
54, 459
147,911
94,851
130, 651
3,850
10, 684
4,927
4,782
8,682
179
566
1,518 12,160
2,147
212
23 1,698,360
387,947
19,136
30
201, 233
128, 641
129,806
80,842
62, 050
87, 806
72,686
46, 316
49, 511
272, 567
60, 320
106, 710
98, 258
61,760
19, 086
41,019
30,901
25,704
30,805
31,478
15,910
15,634
118, 779
20,320
24,329
37, 673
2,486
1,496
1,703
563
401
600
418
347
111
1,180
417
1,074
881
28,903
36,185
28,430
22,195
14,114
5,679
10,377
4,601
5,737
5,947
14,936
4,641
12, 550
15,415
12,667
2,888
12,649
16, 392
9,543
13,915
10, 559
10,318
9,528
85,042
10, 293
6,385
6,434
3,356
902
1,729
2,206
2,544
1,019
1,239
1,494
822
3,719
1, 421
2,775
1,166
764,423 . 180,807
214, 613
24,392
26,610
6,362
6,015
14, 688
4,789
9,393
29,892
18, 976
7,501
7,408
6,376
8,893
4,877
5, 611
11,178
4,451
1,312
3,793
13,245
3,715
6,677
6,096
4,251
593
12,717
1,607
4,990
7, 637
4,455
1,786 1 14,656
1,521
1,204
97, 616
60,006
49,326
33, 727
24,782
25, 528
25, 284
21,817
12,517
10,231
4,718
158,604
—
1,371
761
485
3,697
445
2,168
26,562
178,112
. 83,171 22,435 i 796,868
11,669
7,889
7,553
77,672
12,739
37,054
22, 506
29, 069
49,800
236
2,,230
885, 577
49, 277
32,160
88,489
657
7,639 '
134,984
113,733
189,023
65, 519
92, 539
67,173
107,935
26, 962
16
64,473
37,120
32,715
290,756
41,633
149,903
2,643
2,272 126, 550
1,027
79, 308
83, 786
1,247
36, 269
1,707
32,545
2,038
43,939
1,128
32,621
1,675
23, 342
426
25, 717
342
4,822 119, 736
27, 627
535
872 • 65,784
67,200
. 364
4,634
1,045
3,463
1,504
1,349
6,712
2,106
2,722
50
3,739
867
4,778
568
1,384
245,184 21,628
66,066 18,455
126
147
14
381
102
52
17,915
269,362
218,143
363, 277
5,785
29,010
4,142
.6,459
1,328
2,669
1,546
10,993
5,322
139
2,560
11,871
1,332
5,538
1,167
28
76
63
554
3,330
58
701
6
4
105
19
11,956
4,606
10,911
45
1,386
7,298
6,459
7,079
284
508
64,837
69, 565
104, 251
1,847
4,684
43,297
35,651
8,461
4,165
14,216
26, 647
3,957 I 10,912
4,365
4,803 .
11,097
8,832
1,118
8,874
1,647
5,054
Total Middle West109,925
ern States
2,172
1,026
1,317
9,130
1,480
2,790
6,818
3,084
2,404
54,194
7,377!
27,165
1
=
11,336 103, 839
6,044
3,314
1,791
1,484
976
3,113
1,475
2,103
663
2,181
1,206
2,221
1,039
4,210 14,608
2,007
1,436
856
1,094
1,424
664
951
624
623
3,907
507
1,293
1,647
235
63
62
91
63
33
60
469
17
806
33
171
35
255
136
113
105
39
164
96
226
141
401
9
441
79
1,846
29
1
1
236
7
27,957 16,822
1,580
242
1,137
1,824
2,891
320
1,993
978
2,231
9,649
1,901
2,138
1, 073
135
27
4
88
86
216
12
7
4
""i2
42
'"""ie
2,128
2,205
2,038
667
70 1, 386, 746
473, 298
11,667
3,286
2,106
2,862
931
1,301
1,479
2,318
397
222
427
384
45
160
618
876
63
1,205
262
270
166
397
278
253
50
3
64
1,238 i
37
168
287,754
177, 996
297, 566
131, 291
148, 666
161, 421
173,902
52,198
55,168
54, 521
90.390
30,341
46, 427
64, 297
69, 635
18,039
4,727
3,079
2,928
1,206
1,208
703
392
507
39,617 14, 679
2,795
2,870
2,306
7 1,430,793
418,818
14,750
7
2
434
236
300
31
6
417
22
16
669 I
— —
'
to
03
Loans and discounts of national banks June 30, 1925—Continued
[In thousands of dollars]
Secured b y
i m p r o v e d real
estate u n d e r
a u t h o r i t y of
section 24,
Federal
reserve act,
as a m e n d e d
On time
On demand
Secured b y real estate m o r t gages or other liens o n
r e a l t y n o t i n accordance
w i t h section 24, Federal
reserve act, as a m e n d e d
1. F o r d e b t s
previously
contracted
(sec. 6137,
R . S . , U . S.)
2. A n o t h e r
real estate
loans
B
Cities, States, a n d
Territories
•
^
fl <5
^
fl,^
"^ o
s
S2
1 11.
fl^j
fl
Ofl^l
§a2
§
° fl o
S fl §
1
^
0
"
X3
^
fl "^
fl
fl
t.4
>
s
03
CQ
c3
fl
c3
xi
fl
.a
•fl
P
X3
1
••g°s
•
<D
C3
CO
1
ft
tUD
3
O
M
'3 . S o
§.fl «
•3
Xi
73
M
fl
fl
o
fl
'-'
&
o.
^
"3
'S
8
•B
• - S OT
fl
xi
O
fl
<>
s
xi
1
.
1
"fl
d
Xi
S
3
p
fl
T3
M
^
(D
^|1
P-t
CQ
o fl O
J^ofl
X i f l .fl
-c g
OJ
fl
m
2
o fl o
. o
1
CO
xi
fl
G
-3
o
X3
-3
fl
c3
r2
p<
=
O
i
frn
O
18, 832
15,529
16, 968
28 657
10, 084
7,880
17, 650
5,317
48, 567
3,328
1,476
1,253
2 197
1,222
448
1, 475
257
1,651
1,425
458
317
1 009
443
283
417
233
1,271
4 732
3,604
3,266
3,717
1,512
1, 435
2,290
387
4,047
515
578
615
980
404
472
628
237
1,391
312
162
197
203
12
3
51
29
232
115
173
68
169
49
23
56
95
116
169, 484
13, 306
5,856
24,980
5,820
1,201
864
CQ
cS
f^
<
.fl
O
,2
"3
fl
fl
o
fl
fl
o
a
<
a
<
1
1
<
o
1
Is
i
"p.
t.,
s
a o ^
2
1'
8
3
o
3
o
H
1
COUNTRY BANKS—contd.
North Dakota
South D a k o t a
Nebraska.
Kansas
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
. . . .
2,462
850
3,215
5,298
3,748
373
1,461
508
3,454
565
543
160
2,281
4,228
774
1,462
63
1,915
1 080
689
673
1,313
993
73
1,169
400
877
T o t a l W e s t e r n S t a t e s . 21,369
11,991
7,267
.
.. .
_.-...
i7,166
20,311
35,810
46, 652
12,345
8,016 ;
20,814
6,627
37,821
205, 562
1,686
2, 250 •
1,747
5,348
1,661
2,773
3, 619
1,056
4, 998
25,138
2
3
1
56
25
8
45
3
106
65
1
34
256
96
45
52, 223
46, 622
64,288
97, 925
36, 729
22, 553
51, 201
15,274
106,420
19, 943
21, 218
28,005
39,646
. 11, 975
7,741
11 674
6,027
47, 424
47
53
255
773
117
68
150
84
367
45
493, 235
193, 653
1,914
3
Washington ^
Oregon
California
Idaho
Utah - . .
.
Nevada
Arizona .
^^.^...
3,034
8,160
21,771
637
54
2,166
155
T o t a l Pacific S t a t e s . . 35,977
Alaska ( n o n m e m b e r b a n k s )
T h e T e r r i t o r y of H a w a i i
(nonmember banks)
Total
(nonmember
banks)
2,00?
4,600
760
1,747
440
7,810
244
155
151
217
2,006
4,505
1,818
452
763
1,344
321
648
2,212
340
128
159
178
11?
241
354
177
4
18
17
260
112
569
41
22
80
12
52
117
813
11,327
9,767
12,635
3,986
928
1,096
1,247
71
3
149
2,514
2,411
5,042
886
14
988
122
35,131
18,304
89,162
14,144
2,984
2,685
7,834
1,416
17,124
1,316
•765
384
766
13,654
9,653
19,684
9,649
1,134
903
3,619
11,079 11,977
170,244
26, 371
58,096
922
6,618
206
115
702
509
1,517
709
7,096
954
395 ,
496
160
265
86
65,605
45,141
•182,843
30, 412
6,222
9,495
15,098
22,754
13,791
41, 603
13,341
2,336
2, 437
4,977
435
258
729
141
19
43
47
354, 816
101, 239
1,672
1,291
1
si
432
261
12
14
783
8
474
1,835
49
85
1
11^6
6
93
2,658
725
1,847
63
868
9
187
8
242
3,949
485, 940 93,600 3,145,880
670, 083
T o t a l C o u n t r y b a n k s . 452,497
586,814 112, 918 222,191 110,478 60, 628
8,732 23, 977
8,816
1,800
6
4
432
10
145 5,984, 499 1, 729,963
58, 076
T o t a l U n i t e d States,
Alaska, a n d H a w a i i . 726,100 1,843,16" 300, 561 6,132,318 1,817, 730 1, 062, 755 122,214 269, 247 123, 332 81,874 10,334 29, 797 107, 767 43,766 3,105 12, 674, 067 3,412,897 159,187
o
o
o
o
o
O
CO
726
REPORT ON T H E FINANCES
COMPARATIVE STATEMENT OF LOANS AND DISCOUNTS; INCLUDING
REDISCOUNTS; MADE BY NATIONAL BANKS DURING LAST THREE
FISCAL YEARS
The percentage of loans and discounts of national banks in the
central reserve cities of New York and Chicago to the total loans
and discounts of all national banks in the United States June 30,
1925, as well as similar information with respect to banks in other
reserve cities, etc., is shown in the foUowing statement, in comparison with like information for the fiscal years ended June 30,
1923 and 1924.
[In thousands of dollars
Loans
June 30, 1923
Banks i n -
June 30, 1924
June 30, 1926
Amount
Do
Chicago
Other reserve cities
All reserve cities
States (exclusive of reserve cities)
Total United States
_
Amount
Per
cent
Amount
1,827,033
New York
Per
cent
16.46
2,009,100
16.77
2,084,305
16.45-
} 2,375,398
3,740, 783
20.10
31.65
2, 603,764
3, 614, 971
2L73
30.18
2,694,922
3, 994, 646
21.26
31.62
6j 116,181
5, 701,490
5L76
48.25
6, 218, 735 61.91 . 6, 689, 568
5, 759, 993 • 4,8.09 5, 984,499
52.78
47.22;
11,817,671 100.00
11, 978, 728 100.00 12, 674,067
100. oa
Per
cent
COMPARATIVE CHANGES IN DEMAND AND TIME DEPOSITS, LOANS AND
DISCOUNTS, UNITED STATES GOVERNMENT AND OTHER BONDS AND
SECURITIES, AND THE AMOUNT OF LAWFUL RESERVE OF NATIONAL.
BANKS SINCE JUNE 30, 1921
Demand and time deposits held by national banks June 30, 1925,.
were at the highest point during the existence of the national banking system. Demand deposits show an increase since June 30, 1924,.
of 8.72 per cent aiid time deposits an increase of 12.64 per cent.
Loans and discounts show an increase of 5.80 per cent in the year;
investments in United States bonds and other miscellaneous bonds^
and securities, an increase of 11.44 per cent; and the amount of lawful reserve with Federal reserve banks shows an increase of 10.69'
.per cent in the year.
COMPTROLLER OF T H E
727
CUREENCY
The percentage of increase or reduction of each of the resource and
liability items referred to between fiscal years since June 30, 1921, is
shown in the following statement:
[In thousands of dollars]
Per
cent
increase
June 30,
1921,
Per
cent
mcrease
^V
Per
cent
increase
Per
cent
increase
^V'
June 30, or de- June 30, or de- June 30, or de- June 30, or decrease
1922
1924
1923
crease
crease
1925
crease
(-)
(-)
(-)
(-)
since
since
smce
smce
June
June
June
June
30,
30, .
30,
30,
1924
1922
1921
1923
Demand deposits
8,709,825 9,162,416 +6.08 9,288, 298 +1.48 9,693,250 +3.28 10,430,254 +8.72'
3,695,806 4, 111, 961-1-11.26 4,765,162 +16. 64 6,259,933 +10.62 5,924,668 +12.64
Time deposits
Loans and discounts i . 12, 004,516 11,248,214 -6.30 11,817,671 +6.06 11,978,728 +1.36 12, 674,067 +6.80'
United States and
other bonds, stocks,
etc
4,025,081 4,663,325 +13.37 5,069,703 +11.10 6,142,328 +1.43 5, 730,444 +11.44r
Lawful reserve with
Federal reserve
banks
1,040,205 1,161,605 +10. 71 1,142,736 - . 7 7 1,198, 670 +4.89 1,326,864 +10.691 Includes rediscounts and customers* liability under letters of credit.
UNITED STATES GOVERNMENT SECURITIES HELD BY NATIONAL BANKS
IN RESERVE CITIES AND STATES
Investments b y national banks in United States Government
securities June 30, 1925, aggregated $2,536,767,000, and exceeded the
amount June 30, 1924, b y $54,989,000. Exclusive of Victory notes
held by these banks to the amount of $1,102,000, which are noninterest bearing, the holdings of these banks in Government securities
were equal to 12.55 per cent of the interest-bearing debt of t h e
United States on that date.
Liberty loan bonds show an increase in the year of $37,519,000;
war-savings certificates and thrift stamps, a reduction of $194,000;
United States certificates of indebtedness, a reduction of $19,358,000;
short-term Treasury notes, a reduction of $157,733,000; and all other
issues of United States bonds, including 2 per cent consols of 1930and Panama Canal bonds to the amount oi $674,626,000, deposited
to secure circulating notes, show in increase in the year of $194,438,000.
The amount of these securities held h j national banks in reserve
cities and States on the date indicated is shown in the statement
following:
728
REPORT ON T H E FINANCES
United States Government securities owned by national banks June 30, 1925
[In thousands of dollars]
War
savings U n i t e d Short- All other
Liberty
issues of
certifi- States
term
V i c t o r y cates
certifiloan
United
cates of T r e a s u r y States
notes
bonds,
and
notes . b o n d s
all issues
thrift indebts t a m p s edness
Cities, s t a t e s , a n d Territories
Total
CENTRAL R E S E R V E CITIES
217,632
17, 683
T o t a l central reserve cities
1
4
43,889
10
105,590
29,814
164,568
9,830
531,679
67, 342
235, 315
New York.
Chicago
1
4
43,899
135, 404
174,398
589, 021
2,365
274
4,921
511
159
51
5,326
29, 952
290
821
OTHER R E S E R V E CITIES
Boston .
Albany
Brooklyn and Bronx
Buffalo
Philadelphia
Pittsburgh
Baltimore
. _ .
W a s h i n g t o n •.
Richmond. .
_ .
Atlanta
Jacksonville .
' .. .
Birmingham
N e w Orleans . .
. .
Dallas
E l -Paso . .
Fort Worth
Galveston
Houston.
San A n t o n i o
Waco
Little Rock
Louisville
.. ..
Memphis
Nashville
.
Cincinnati
Cleveland . .
Columbus
Toledo
Indianapolis.
Chicago
._
Peoria
..
Detroit
Grand Rapids . . . .
Milwaukee
Minneapolis ' . . '
..
St. P a u l
Cedar Rapids
..
Des Moines
Dubuque .
Sioux C i t y
Kansas City, M o
St. Joseph
St. Louis
Lincoln
Omaha .
.
:
Kansas City, Kans
Topeka
.
Wichita
Helena
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane .
Portland
Los Angeles
Oakland
San Francisco
Ogden
Salt L a k e . C i t y
.
^".,.
.. .
.
. _
..
.
_
.
_. .
23, 996
6,342
4,600
6,294
21, 586
65, 465
14, 728
9, 349
2,012
6, 217
2,380
1,114
750
5,625
1,427
4,721
1,462
2,738
1,772
756
174
2,902
296
927
7,938
7,240
3,632
1,435
1,897
7,227
1,872
13, 710
785
3,185
10,139
10,559
266
2,786
1,602
2,152
6,142
557
4,247
847
2,419
756
1,298
793
307
8,382
861
1,710
8,374
6,157
9,357
682
13, 730
13, 634
2,876
20, 849
321
1,522
1
i'
149
2,032
1, 006
2,578
274
140
82
1,634
100
16
3,285
904
2
997
2,251
160
""'§93"
40
266
1,058
3,204
128
8
26
25
297
4
923
1,169
166
4
5'
6
9
337
187
325
350
444
3,695
1,900
100
1
. 949
260
55
223
132
291
82
8
488
10
866
4,389
6
283
6,565
600
1,404
814
2,944
2,625
174
50
789
1,563
443
1,597
• 399
1,915
2,851
10, 4.55
1, 263
331
'416
577
4,464
214
4,526
123
33
32
112
190
7,937
646
179
411
9
2,832
941
7,256
98
6,090
0
101
456
9, 635
2,930
1,145
5,552
17, 557
23,130
8,734
8,237
1,297
4,498
3,164
1,750
3,052
7,491
1,207
3,393
1,574
4,511
2,909
1,700
220
4,180
1,147
2,782
8,137
5,194
3,918
2,115
6,710
2,648
2,980
2,032
3,183
5,123
11, 063
3,202
1,041
2,354
400
1,076
4,159
866
13,606
770
2,891
1,000
• 1, 386
272
6,593
541
96a
558
905
7,809
2,825
5,272
7,261
1,131 0
11, 832
788
1,120
40, 917
9,057
5,904
12,047
46,501
119, 552
26,330
18, 682
3,449
10, 797
7,982
2,966
4,815
18, 552
2,784
8,380
4,098
11,351
4,849
2,455
419
7,412
1,443
3,709
19, 947
16,128
7,794
3,600
9,733
11, 634
5,620
17,689
4,367
10, 667
27, 648
26,116
2,570
5,571
2,318
3,806
14, 714
1,637
22, 639
1,795
6,666
1,920
3,087
875
769
23, 408
2,058
2,849
9,343
6, 937
24,387
3,513
20, 226
34, 716
4,705
40,175
1,210
3,912
T o t a l other reserve cities
366,578
11
34
40, 993
116, 968
255,516
780,100
T o t a l all reserve cities
601,893
12
38
84,892
252, 372
429, 914
1, 369,121
COMPTROLLER OF THE CUREENCY
729
United States Government securities owned by national banks June 30, 1925—Con.
War,
savings U n i t e d
All other
Short- issues of
Liberty
certifi- States
V i c t o r y cates
certifiterm
loan
United
cates of T r e a s u r y States
notes
bonds,
and
notes
all issues
thrift i n d e b t bonds
s t a m p s edness
Cities, S t a t e s , a n d Territories
.
COUNTRY BANKS
1,223
711
81
6,890
302
2,890
6,601
6,267
4,625
21,607
6,124
12,870
13,869
11,885
6,016
64,887
9,961
29,383
6
1,604
12,097
68,094
126,000
65
25
442
4
49
31
3,854
1,515
5,470
111
243
6,443
7,906
15,148
77
663
41,129
29,694
76,890
1,227
4,670
New York
N e w Jersey
Pennsylvania _
Delaware
Maryland
.
95,764
76,674
170,947
2,384
8,786
532
84
11,193
30,137
153,510
353,455
834
814
55
173
550
686
811
68
452
4,314
903
918
81
19,647
11,064
9,492
7,003
5,934
4,037
8,953
3,259
3,015
29,400.
• 4,701
12,886
10,969
27,956
19,613
15,390
11,378
8,382
14,105
12,790
6,146
4,154
62,048
10,826
18,938
12,826
10,669
130,350
214,451
54,107
38,297
71,667
24,310
25,748
30,887
29,341
12,144
44, 269
36,385
72,966
969
3,410
157,999
'
.
.
Total Eastern States._
Virginia
West Virginia
N o r t h Carolina
S o u t h Carolina
Georgia...
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas . . . j
Kentucky
Tennessee
_
:.
_ .
. .
. . .
..
_.
.
. . . .
.
T o t a l S o u t h e r n States
_
.
..
.:..
. . .
T o t a l M i d d l e W e s t e r n States
North Dakota .
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
. . . .
N e w Mexico
^Oklahoma
7,028
7,490
6,631
4,140
1,670
8,066
2,347
2,476
329
14,451
4,526
4,876
1,203
64,233
.
;
._ _
4
54,299
T o t a l N e w E n g l a n d States
19,100
13,069
34,210
9,285
8,571
12,143
10,437
' 4,300
111,116
50
128
ir
1
10
447
74
98
62
227
1,312
665
339
358
3,706
696
257
555
256.
158
8,795
71
.114
..
is"
205
25"
1
279
1
4
14
18
16
53
9
14
9
10
1
760
1,226
2,528
1,092
1,678
1,712
973
657
2,365
1,660
3,822
1,063
1,911
2,689
1,088
1,057
31,864
22,378
30,849
12,861
13,674
14,309
16,832
6,129
130
10,626
15,556
148,796
286,601
522
356
659
1,097
186
4,963
3,742
6,992
10,025
3,149
2, 548
4,629
1, 345
8,138
14,106
10,925
11,220
18,987
10,076
5,674
11,571
3,674
27.095
.
3
17
120
• 8
487
777
607
446
763
1,230
205
1,078
144
1,126
57,952
..
7
27
3,335
6,376
45, 531
113,228
is"
4
6
6
216
163
502
21
2,189
476
1, 613
248
175
268
226
136
5,322
3,695
15, -60
2,515
638
1, 259
"59
16,027
9,601
32,102
6,768
1,166
2,719
2,637
1,345
4,888
29,948
71,010
:
8,296
5, 262
14, 207
3,974
527
1,059
1,474
T o t a l Pacific States
34, 799
__
i
Alaska ( n o n m e m b e r b a n k s )
T h e T e r r i t o r y of H a w a i i ( n o n m e m b e r
banks).T o t a l ( n o n m e m b e r banks)
1
1
7,844
6,220
3,223
7,090
5,511
2,820
5,743
2,177
17, 324
T o t a l W e s t e r n States
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona..
5
104
20
1,185
29
161
6,039
4,802
1,289
25,201
3,606
13,462
Maine
New Hampshire
Vermont
. .
Massachusetts
Rhode Island
C onnecticut
Ohio
Indiana
Illinois.Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total
2
10
1
1
1
16
785
14
2
262
201
1,236
201
777
3,001
1,090
421
36, 798
79,913
567,006
1,167,646
T o t a l U n i t e d States, Alaska, a n d
Hawaii-.
. 1,084,311
1,102
469 121, 690
332,285
996,920
2, 536,767
2
1,952
482, 418
Total country b a n k s . -
2,021
1,049
515
730
REPORT ON" T H E FINANCES
INVESTMENTS OF NATIONAL BANKS
United States Government and other miscellaneous bonds and securities held by national banks June 30, 1925, amounted to $5,730,444,000
and exceeded the amount in June, 1924, by $588,116,000.
_^State, county, or other municipal bonds showed an increase in the
year of $89,172,000; railroad bonds, an increase of $100,379,000;
other public service corporation bonds, an increase of $97,679,000;
and all other miscellaneous bonds, including claims, warrants, judgments, etc., showed an increase of $141,341,000.
Foreign government bonds show an increase of $61,292,000; miscellaneous foreign bonds and securities, an increase of $37,108,000;
and domestic stocks, including Federal reserve bank stock, increased
$6,156,000.
Comparison of the investments of these banks in the years ended
June 30, 1924 and 1925, and classification of miscellaneous bonds
and securities, with the total of Government securities, held by
banks in reserve cities and States June 30, 1925, are shown in the following statements:
[In thousands of dollarsl
June 30,
1924
Domestic securities:
State, county, or other municipal bonds.—.
Railroad bonds
Other public-service corporation b o n d s . . . . .
All other bonds
Claims, warrants, judgments, etc
Collateral trust and other corporation notes
Foreign government bonds
Other foreign bonds and securities
Stock, Federal reserve banks.
Stocks, all other
Total
United States Government securities
Total bonds of all classes...
June 30,
1925
606, 628
673,671
397,560
676, 743
90,694
105,933
179,470
85,065
72, 318
74, 778
694,700
673,950
496,239
698,235
90,548
124,828
240,762
122,163
74,488
78,764
2,660,660
2,481, 778
3,193,677
2,536,767
6,142, 328
5,730,444
United States Oovernment, domestic, and foreign bonds, securities, etc., owned by national banks June 30, 192S
[In thousands of dollars]
Foreign government bonds
D o m e s t i c securities
United
States
Government
securities
Cities, States, a n d Territories
State,
county,
or
municipal
bonds
Railroad
bonds
Other
public
service
corporation
bonds
• All
other
bonds
Stock
Stock C l a i m s ,
of
of other warJudgF e d e r a l corpo- r a n t s , m e n t s
reserve r a t i o n s
etc.
bank
Collateral
trust
and
other
corporation
notes
Bonds
of R u s Bonds
sian,
Gerof
man,
other
or A u s - foreign
trian
governGovments
ernments
Other,
foreign
bonds
a n d securities,
including
those
of
municipalities
Total
bonds,
stocks,
securi' ties,
etc.,
other
than
United
States
Total
all
bonds
and
securities
o
o
g
o
CENTEAL R E S E R V E CITIES
pi
631,679
57, 342
97,977
9,231
112,689
2,915
30,940
2.799
74, 692
15, 506
12. 525
2,543
21, 535
1,571
404
1,439
18,988
2,118
2,924
40
25, 516
12, 085
20, 418
1,760
418, 608
52, 007
950,187
109, 349
T o t a l c e n t r a l reserve cities
589, 021
107, 208
116, 604
33, 739
90,098
15,068
23,106
1,843
21,106
2,964
37, 601
22,178
470, 515
•
2,340
4,701
1,506
722
10, 256
3,291
4,626
1,127
558
690
6,445
521
180
452
506
356
236
1,970
169
20
7,622
1,583
3,167
1,494
29,638
22, 006
2,105
2,874
1,426
417
1,755
790
26
119
162
• 9,576
1,774
1,334
1,098
13, 672
6,324
2,039
2,714
103
101
1,697
247
8,375
3,961
1,370
3,715
14, 502
28,469
4,185
3,944
826
1,145
1,517
983
242
1,544
9
767
608
1,847
166
560
81
2,482
225
131
144
2, 751
1,749
688
466
376
315
109
99
144
447
56
207
72
356
194
74
29
665
20
2
377
146
709
3
1,137
109
2
10
6,956
2,298
537
1,023
11, 347
15, 271
614
382
347
14
20
6
108
116
311
193
2
720
59
379
8
3
60
5,027
625
258
796
4,133
3,926
2,830
311
93
123
845
248
2,309
1,229
350
. 581
2,836
1,923
312
475
88
100
128
223
208
98
60,103
16,534
8,845
10,386.
90, 980
85,795
17, 871
13, 555
4,342
3,011
13,213
3,241
983
. 3,545
1,350
2,166
1,294
7,699
1,247
995
116
101, 020
25, 591
14, 749
22, 433
137, 481
205,347
44, 201
32,237
7,791
13,808
21,195
6,207
5,798
22,097
4,134
10,546
6,392
19,050
6,096
3,450
634
o
1,059, 636
O T H E R R E S E R V E CITIES
N e w York
Chicago
Boston
_
Albany. .
Brooklyn and B r o n x . . _
Buffalo
Philadelphia
...
Pittsburgh. _
Baltimore
Washington
Richmond
Atlanta
Jacksonville
Birmingham
N e w Orleans
Dallas
E l Paso - - Fort Worth
.
Galveston
Houston
_
San A n t o n i o . . .
Waco
Little Rock
.
. . . .
. •.
...
40,917
9,057
5,904
12,047
46, 501
119,562
26,330
18, 682
3,449
10, 797
7,982
2,966
4,815
18,652
2,784
8,380
4,098
11,361
4,849
2,455
419
140
533
223
120
339"
30
266
171
369
139
30
14,838
98
184
328
1,683
1,738
266
124
401
118
24
71
12
327
284
255
15
1,015
126
6
2
3
300
83
12
29
173
14
3
78'
10
16"
3
i'
52
16
25
616
33
11
180
43
617
25
172
45
347
Q
o
oo
United States Government, domestic, and foreign bonds, securities, etc., owned by national banks June SO, 1925—Continued
CO
to
[In thousands of dollars]
"
•
D o m e s t i c securities
Cities, States, a n d Territories
United
States
Government
securities
State,
county,
or
municipal
bonds
Rail-,
road
bonds
Other
pubhc
service
corporation
bonds
All
other
bonds
F o r e i g n government bonds
Stock
Stock c l a i m s ,
of
of other w a r JudgFederal corpo- r a n t s , m e n t s
reserve rations
etc.
bank
Collateral
trust
and
other
corporation
notes
Bonds
of R u s sian
Bonds
Gerof
man,
other
or A u s - foreign
trian
governGovments
ernments
Other
foreign
bonds
a n d securities,
including
those
of
municipalities
Total
bonds,
stocks,
securities,
etc.,
other
than
United
States
Total
all
bonds
and
securities
O
td
OTHER RESERVE CITIES—Continued
Louisville.
Memphis
Nashville
Cincinnati
.
Cleveland
-._
Columbus . . .
.Toledo
Indianapolis. . .
Chicago..'
_
....
Peoria. .
Detroit
Grand Rapids
Milwaukee .
Minneapolis.
St. P a u l
Cedar Rapids
..-.
'.
Des Moines
Dubuque
.Sioux C i t y
Kansas City, M o
_
St. J o s e p h
St. Louis
Lincoln.
Omaha
Kansas City, Kans
Topeka
Wichita
..Helena
_..........._-.--....
7,412
1,443
3,709
19,947
16,128
7,794
3,600
9,733
11,634
5,620
17, 689
4.367
10,667
27, 648
26,116
2,570
5,571
2,318
3,806
14, 714
1,637
22, 639
1,795
6, 566
1,920
3,087
875
.769
1,363
344
6.05
7,152
1,135
3,588
203
i, 424
5,446
1,297
9, 738
281
1,479
4,805
538
1,169
704
933
521
3,604
15
15, 316
329
3,085
290
2,728
6,955
3
2,398
1,264
337
2,614
4,602
1,615
421
412
3,848
797
3, 212
396
1,461
4,642
2,577
234
565
135
179
530
216
6,004
406
2,660
41
10
7
316
1,789
3,156
904
238
978
5,745
639
1,998
353
2,373
911
742
2,235
686
390
71
400
43
4,858
405
.724
24
13
.n
47
2,397
51
694
3,171
4,621
2,259
430
1,587
5,772
1, 278
2,757
1,191
2,390
2,091
2,272
689
1,443
667
665
2,176
200
5,897
843
1,509
291
41
14
77
268
63
206
601
238
319
46
281
176
160
510
102
464
581
282
51
117
30
82
356
62
1,113
77
.288
39
55
110
23
183
4
60
53
81
179
61
543
117
22
95
65
371
80
7
25
618
4,729
2
25
235
8
133
423
32
1,340
199
48
5
1
206
221
22
1,366
277
84
69
""iis
894
121
22
24
67
308
297
396
""'m'
28
552
98
7
30
22
'"'m'
4'
300
47
25
43
3
95
370
2,600
7
300
157
104
1,764
15
1,684
160
33
621
205
91
314
115
178
23
26
19
4
69
53
1
10
229
3
219
58
208
2,874
2,264
655
167
185
1,063
869
5,511
451
607
2, 531
1,192
112
105
10
61
2
5
9
149
30
255
310
451
2,508
548
523
18
271
61
118
-_
-,
10
24
48
143
23
595
254
130
105
426
419
312
50
212
307
1,199
924
25
9
. 50
37
212
1,866
75
596
22
63
33
13,157
522
2,941
21, 663
16,373
9,927
1,850
6,890
24, 511
5,415
25, 648
3,331
9,994
17, 768
9,368
4,543
4,490
2,205
2,230
8,298
1,050
40, 735
3,236
9,813
755
3,099
7,138
1.036
20,569
1,965
6,650
41 610
32,501
17, 721
5,450
16,623
36,145
11,035
43,337
7,698
20, 661
45,416
35,484
7 113
10,061
4,523
6,036
23,012
2,687
63, 374
5,031
15, 379
2, 675
6,186
8,013
1.805
Q
H
w
o
w
Denver
Pueblo..
Muskogee
Oklahoma City
Tulsa....
Seattle..
Spokane
.
Portland
Los Angeles
Oakland
S a n Francisco
Ogden
Salt L a k e C i t y . .
454
302
53
-337
50
165
266
191
137
268
141
106
288
286
1,296
708
82
1,086 ' '3,'782'
35
1,129
84
96
2,661
630
2,018
1,157
55
1,271
116
440
1,889
888
24
264
222
1,068
690
763
1,052
174
785
85
305
3,461
434
48
313
897
1,283
448
2,279
4,750
33
3,997
203
560
157,038
127,823
81, 432
144,894
21,214
1,369,121
264, 246
243,427
115,171
234,992
13, 869
11,885
6,015
54,887
9,961
29, 383
2,699
430
152
4,438
1,876
1,883
6,047
• 2,481
2,958
17, 365
1,571
11, 248
16, 324
4,998
5,281
33, 647
7,194
8,921
126,000
11, 478
41, 670
76,365
95,764
75, 574
170,947
2, 384
8,786
26, 841
37, 625
30,478
775
2,282
95,354
73,370
145,862
2,007
6,657
68, 490
41, 684
88,401
2,036
7,987
353, 455
98,001
323, 240
208,698
27,956
19, 513
15,390
11, 378
8,382
14,105
12, 790
6,146
4,154
52,048
10,826
18,938
12,825
3, 771
1,229
1,753
2,111
343
8,083
3,849
7,736
1,529
3,729
1,863
1,613
1,606
1,369
1,772
53
828
263
. 3,992
1,927
752
14
900
12
1,863
283
1,649
2,635
67
656
311
4,656
859
395
117
971
57
1,794
442
214, 451
. 39,116
14,028
14,509
23,408
2,058
2,849
9,343
6,937
24,387
3,513
20, 226
34, 716
4,705
40,175
1,210
3,912
T o t a l other reserve cities
T o t a l all reserve cities
2,596
798
780,100
:..
10,672
1,171
55
3,755
630
5,609
376
5,590
6,113
1,295
6,015
119
917
S'6
932
209
222
592
348
1,155
119
250
521
6
345
22
56"
116
34
1,065
38
'
6
24'
16
36
..
1,315
67
390
117
106
199
149
2,366
450
2,062
599
58
1,607
23,104
3,765
579
5,520
2,963
14, 877
3,040
14,997
16,. 633
1,723
18, 925
570
3,704
46, 612
6,823
3,428
14, 863
9.900
39,264
6, 553
35, 223
51, 349
6,428
69,100
1,780
7,616
59
23
16
161
94
324
161
1, 424
387
20
902
12
20
34, 333
18, 545
1,226
50, 493
2,449
62, 362
23,847
715, 656
1,495,756
36, 282
57,439
20, 388
1, 226
71, 599
5, 413
89,963
46,025 1,186,171
2, 555, 292
8,976
3,002
4,206
28,958
2,331
6,980
389
296
231
1,550
342
1,091
142
84
106
1,157
160
475
1
17
42
168
199 " • " 2 5 "
40
94
1,799
520
781
5,957
2,501
1,616
35
27
73
134
6
63
3,738
790
1,592
6,507
585
4,172
2,309
512
1,179
4,539
614
1,792
42, 476
13,182
16, 727
104,476
17, 219
38, 335
56,345
25,067
22, 742
159, 363
27,180
67, 718
64, 463
3,899
2,124
560
26
13,174
337
17,384
10,945
232, 415
358, 415
2,878
70, 234
2,340
46, 404
118, 681 . 6,049
114
1,005
336
8,394
1,963
1,096
3,866
46
199
1,211
1,002
814
53
36
2,294
86
155
9,103
3, 621
11,056
359
614
826
406
1,007
22
86
27, 792
15,380
28,755
656
2,253
16,815
8,191
18,151
149
1,048
321, 560
230,055
455, 402
7, 069
30, 096
417,324
305, 629
626,349
9,453
38,882
243,718
11, 716
7,169
3,113 . 2,538
24, 652
2,347
74, 736
44, 354 1,044,182
1, 397, 637
5,179
6,160
870
1,476
439
4,393
2,685
1,238
457
3,120
914
3,286
1,927
1,256
742
686
499
483
349
540
239
278
2, 201
311
701
557
902
604
342
681
248
• 589
242
60
617
371
82
168
205
412
39
72
169
353
702
725
450
241
2,050
1,061
1,376
843
48
124
66
6
4
813
91
486
237
74
32
131
57
6
31
15
11
84
26
14
106
21'
9
1,398
1,706
67
232
319
2,825
913
700
21
856
68
1,128
545
32,144
8,842
6,011
8,483
1,622
611
10, 776
15
48
12
35
19
10
15
87
o
o
COUNTRY B A N K S
Maine. .
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut.
,
.
T o t a l N e w E n g l a n d States
New York
New Jersey..
Pennsylvania
Delaware
Maryland...
T o t a l E a s t e r n States .
Virginia
W e s t Virginia
North Carohna
S o u t h Carolina
Georgia
Florida . . . .
Alabama
Mississippi
Louisiana..
Texas
Arkansas
Kentucky..
Tennessee
Total Southern S t a t e s . . .
.
77'
205
72
42
84
91
47
215
24
298
105
623
101
2,333
^
343
803
16
203
67
879
120
195
2
392
30
183
193
16, 944
16,007
4,062
6,914
2,835
27,283
12,082
12,006
3,391
16,198
4,575
12, 798
6,695
44,900
35, 620
19,452
18, 292
11, 217
41, 388
24, 872
18,152
7,646
67, 246
15, 401
31,736
19, 520
3,416
140, 790
355, 241
o
o
a
00
CO
United States Government, domestic, and foreign bonds, securities, etc., owned by national banks June 30, 1925—Continued
CO
[In thousands of dollars]
Foreign government bonds
D o m e s t i c securities
United
States
Government
securities •
Cities, States, a n d T e r r i t o r i e s
State,
county,
or
municipal
bonds
Railroad
bonds
Other
public
service
corporation
bonds
All
other
bonds
Stock
Stock C l a i m s ,
of
of other w a r JudgFederal corpo- r a n t s , m e n t s
reserve r a t i o n s
etc.
bank
Collateral
trust
and
other
corporation
notes
Other
foreign
bonds
Bonds
a n d seof R u s curities,
sian,
Bonds
includGerof
ing
man,
other
those
or A u s - foreign
of
trian
govern- m u n i c i Govments
palities
ernments
Total
bonds,
stocks,
securities,
etc.,
other
than
United
States
Total
all
bonds
and
securities
O
H
O
COUNTRY BANKS—Continued
Ohio
Indiana
Illinois
Michigan..
Wisconsin
Minnesota
Iowa
Missouri
54,107
38, 297
71, 667
24,310
25^ 748
30,887
29, 341
12,144
Total Middle Western S t a t e s . . . .
North Dakota..
South Dakota
Nebraska
Kansas
Montana. . .
Wyoming
Colorado
.
N e w Mexico
Oklahoma
.
.
:
.
'.
T o t a l W e s t e r n States
Washington
Oregon.California
Idaho
FRASER
Utah
Digitized for
:
-
6,640
9,378
13,356
10, 221
11, 363
6,086
3,557
753
27,433
9,665
19,150
17, 788
12, 702
10, 736
4,312
1,472
1,988
1,170
1,818
724
789
917
914
324
940
348
978
149
320
209
717
142
327
313
6,088
721
447
7,309
2,884
459
217
182
976
150
69
365
836
44
2,161
1,670
4,286
952
1,432
881
127
19
353
141
282
98
129
139
32
16
7,159
3,678
4,163
4,584
3,011
3,974
1,011
505
3,810
1,206
2,145
3,000
1,252
1,704
487
96
[ 90,477
44,151
84, 975
66, 566
47, 363
52,148
18, 477
8,298
144,584
82,448
156,642
90,876
73,111
83,035
47,818
20, 442
286, 501
116,423
43, 084
61, 354
103, 258
8,644
3,803
18, 548
2,838
11,528
1,190
28,085
13,700
412, 455
698,956
1,502
686
634
6,032
1,932
649
3,864
281
8,177
976
• 576
561
354
697
288
798
17
233
2,076
1,183
705
326
879
359
1,864
47
675
1,953
1,482
1,478
1,151
917
651
2,993
243
952
294
228
395
629
238
134
331
95
658
68
48
76
224
139
78
639
38
138
2,292
2,019
1,0302,259
2,494
707
1,667
• 205
7,236
146
122
244
238
110
64
106
17
483
15
98
54
240
50
10
302
154
7
4
20
9
1,288
693
495
685
760
283
378
26
9
499
669
85
129
86
263
49
68
17
71
11,423
7,227
5,804
12, 243
8,488
3,272
13,011
960
19,156
25, 529
18,152
17,024
31, 230
18,564
8.846
24, 582
4,634
46,251
113, 228
.
8,859
7,959
7,409
6,604
4,739
5,735
1,193
'
586
14,106
10,925
11,220
18,987
10,076
6,674
11, 571
3,674
27,095
_.
30,590
8,441
24,325
21, 575
11,110
14, 093
2,407
3,882
23,757
4,500
8,113
11,820
3,002
1,437
19,909
1,630
794
204
5,081
1,437
81, 684
194,812
16,027
9,601
32,102
6,758
1,166
6,456
4,658
27,156
781
227
1,598
306
1,816
27
13
2,177
705
7,872
169
79
5,390
1,130
9,629
302
91
373
291
1,098
170
35
140
101
1,025
169
21
1,800
2,260
2,509
1,933
66
120
202
46
217
7
398
64
207
45
7
19
6
2,065
722
1,630
125
14
1,131
311
715
• 28
21, 683
10,766
53, 722
3,927
656
37, 710
20, 357
86,824
10, 685
1,722
i
3
W
a
Ui
Nevada
Arizona
..
.......'
Total (nonmember banks)
Total country banks
. . . .
Total United
and Hawaii
818
676
117
80
65
22
384
262
61
75
157
168
9
636
14
23
79
71,010
T o t a l Pacific States
Alaska ( n o n m e m b e r b a n k s )
T h e T e r r i t o r y of H a w a i i ( n o n m e m b e r
. banks)
2,719
2,637
40,672
3,956
11,079
17,188
2,103
1,781
9,112
629
748
1,049
32
45
50
147
1,952
976
88
10
1,771
1,844
4,490
4,481
77
4,628
2,286
94,259
165,269
5
515
68
14
26
1,353
1,517
26
304
3,469
3,001
1,008
46
50
662
6
25
1,821
4,822
1,167, 646
330,454
430,523
380, 068
463, 243
38,206
21,325
59,751
9,183
53,229
4,671
140, 715
76,138 2,007,506
3,175,162
2, 636, 767
594,700
673,950
495,239
698, 235
74,488
78, 764
80,139
10,409
124,828
10,084
230,678
122,163 3,193,677
5, 730,444
26
Alaska,
States,
a
o
o
O
»^
W
tei
O
d
w
o
-a
CO
736
R.EPORT ON T H E FINANCES
SAVINGS DEPOSITORS AND DEPOSITS IN NATIONAL BANKS
Savings deposits reported by national banks June 30, 1925, aggregated $4,558,899,000 and exceeded the amount in June, 1924, by
$319,691,000. The number of depositors was increased in the year
from 11,070,223 to 11,867,948, the number of banks reporting these
deposits was 3 less than a year ago, and the number of banks maintaining separate savings departments showed an increase of 93.
The average rate of interest paid on these deposits, 3.64 per cent,
compares with 3.68 per cent a year ago.
The number of savings depositors, the amount of savings deposits,
and other related data reported by banks in reserve cities and States
are shown in the following statement:
Savings depositors and deposits in national banks June 30, 1925
Cities, States, and Territories
Number
of banks
Number maintain- Number Amount of Average
of banks ing sepasavings
of
rate of
reporting
deposits
rate
interest
savings
savings savings depositors
(000
paid
deposits departomitted)
ments
CENTRAL R E S E R V E CITIES
New York
Chicago
467, 603
81,638
1
36
Total central reserve cities
OTHER R E S E R V E CITIES
Boston. _
Albany...
Brooklyn and Bronx
Buffalo...
Philadelphia
Pittsburgh
Baltimore
Washington
Richmond
Atlanta
Jacksonville
Birmingham. >
Dallas
El Paso
Fort Worth
Oalveston
Houston
6an Antonio
Waco
• Little Rock
Louisville
Memphis..
Nashville.•Cincinnati
Cleveland
•Columbus
Toledo.
Indianapolis
•Chicago
Peoria..
Detroit....•Grand Rapids
Milwaukee
Minneapolis
,St. P a u l - . . :
Cedar Rapids
Des Moines..
Dubuque
rSioux City
Kansas City, Mo
.St. Joseph.
St. Louis
Lincoln
Omaha
.Kansas City, Kans
...
_.
_'.
33
159,116
16,112
3.45
3.00
649,141
174, 228
3.23
190, 722
10, 292
6,762
37, 455
144,789
95,387
33,068
84,066
72, 218
69,681
42,962
39,662
27, 090
13, 727
24, 765
18,164
63, 305
4,875
8, 274
3,586
54, 743
8,608
26, 630
40, 293
64, 286
32, 585
4,914
8,229
174, 776
22, 793
7,190
35, 764
98,150
135, 605
50,172
13,561
10,072
8,955
22,075
20,701
8,971
158, 548
20, 791
65, 200
2,400
97,431
11, 641
3,399
22,905
65,416
60,917
17, 056
29, 880
20, 508
15,418
24, 510
13,803
13, 261
5,504
8,784
11,420
25,109
3,815
4,541
1,115
15,248
3,379
13, Oil
21,978
34, 433
6,588
4,352
2,741
42,653
'8, 265
34, 528
12,336
29,828
37, 956
19, 524
6,219
3,232
3,743
5,006
3,278
5,778
39,949
3,717
7,615
539
3.98
3.42
3.60
4.00
3.75
4.00
3.90
3.15
3.00
3.50
3.25
4.00
3.90
3.00
4.00
4.00
4.00
3.63
4.00
4.00
3.25
3.00
3.50
4.00
4.00
3.00
3.00
3.00
3.00
3.00
3.00
3.25
2.93
3.50
3.38
4.00
4.00
3.50
3.70
3.00
4.00
3.03
4.00
3.14
3.00
COMPTROLLER OF T H E CURRENCY
737
Saoings depositors and deposits in national banks J u n e 30, 1925—Continued
Number
of b a n k s
Number maintain- N u m b e r
of b a n k s ing sepaof
reporting
rate
savings
savings
savings
depositors
deposits
departments
Cities, States, a n d Territories
A m o u n t of
savings
deposits
(000
omitted)
Average
r a t e of
interest
paid
OTHER RESERVE CITIES—COntlnUCd
Topeka. . .
Wichita
Helena
Denver .
Pueblo
Muskogee
Oklahoma City
Tulsa
Seattle
Spokane
Portland.
Los Angeles
Oakland
San Francisco
Ogden
Salt L a k e C i t y
3
4
1
9
2
3
8
6
8
4
6
12
2
3
2
3
3
4
1
9
1
2
7
6
8
4
5
5
1
3
1
2
3,456
13,167
2,275
100,937
4, 410
5,815
21, 394
23, 738
84, 503
37,155
92,119
57, 926
5,230
25, 941
3,591
16, 973
351
2, 233
1,177
48,920
3.725
1,936
6,401
7,922
28,314
14, 567
37, 904
70, 420
2,727
22, 266
1,081
4,224
3.00
4.00
4.00
3.61
4.00
4.00
4.00
4.00
3.00
4.00
3.50
3.50
4.13
4.00
4.00
4.00
331
291
2, 565, 482
1,066, 397
3.59
367
324
3,114, 623
1, 240, 625
3.41
51
23
39
115
5
40
45
16
27
106
6
36
170,144
46,753
60,524
447,306
23, 516
148,849
76,213
14,210
28,149
175,715
13,141
65,170
3.94
3.00
4.00
4.01
4.17
4.00
273
234
897,092
371,698
3.85
461
262
766
15
72
374
236
541
12
64
969,121
767,498
1,633,674
11, 516
109, 727
477,865
331,888
622,817
7,012
59,482
3.87
3.75
3.50
3.98
3.72
1,566
1,226
3,481, 636
1,499,054
3.76
169
115
76
72
66
53
80
23
26
162
66
86
79
135
89
69
69
47
43
63
20
14
87
36
66
49
273,793
169,660
135,078
92,267
61,734
80,601
78,123
36,675
35, 532,
70,134
36,277
80,128
107,841
103, 592
66,879
42, 933
. 48,346
20,687
34,419
33,626
17,873
15,460
29,123
15,137
31,233
40,343
3.76
3.75
4.00
4.25
4.00
4.00
4.00
4.00
4.00
3.93
4.00
3.69
3.75
1,062
767
1,267,643
488, 640
3.93
291
199
393
118
147
293
233
68
206
167
239
92
91
176
166
39
460,664
261,276
469,210
347, 276
326,880
245,217
168,036
54,412
132, 747
79,407
142,229
125,299
91,218
65,950
49, 590
11,331
4.00
3.58
3.46
3.25
3.26
3.90
4.22
3.38
1,742
1,165
2,332,970
697, 771
3.63
.
..
.
.
.
.
._.
..
. .
_
.-
T o t a l other reserve cities
..
T o t a l all reserve cities . . .
COUNTRY BANKS
Maine
New Hampshire
Vermont.Massachusetts .
Rhode Island
Connecticut..
.
T o t a l N e w E n g l a n d States
New York
New Jersey.
Pennsylvania
Delaware..
Maryland
.
.
1
T o t a l E a s t e r n States
Virginia
West Virginia
N o r t h (Carolina
South Carolina...
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
.Arkansas
Kentucky...
Tennessee
•
.
..
•.
'
.
.
Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
\.^..
- .
. . - . •
.
.
. . . .
.
Total Middle Western States.
60501—FI 1925t
47
738
REPORT ON THE FINANCES
Savings depositors and deposits in national banks J u n e 30, 1925—Continued
Number
of
n
N u m b e r m a ib a a ik s- N u m b e r
nt n
of b a n k s
of
reporting ingr asepate
savings
savings
savings
depositors
deposits
departments
Cities, States, a n d Territories
A m o u n t of
savings
deposits
(000
omitted)
Average
r a t e of
interest
paid
COUNTRY BANKS—continued
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyomirig
Colorado
N e w Mexico
Oklahoma .
.
.
.^
_
_
-
13, 691
9,730
6,078
10, 6 .8
15,874
8,249
19,414
3,016
8,326
570 1
367, 068
94,996
4.19
60
52
111
33
7
5
11
107, 237
51, 450
189, 544
32, 795
10, 997
6,906
14, 661
38, 272
16,124
87,426
8,793
3,051
5,707
5, 740
4.00
•3.50
4.00
4.00
4.00
4.00
4.00
._
_.
T o t a l Pacific S t a t e s . . .
Alaska ( n o n m e m b e r b a n k s ) .
T h e T e r r i t o r y of H a w a i i ( n o n m e m b e r b a n k s )
481
279
413,590
165,113
3.93
3
1
2
1
1,387
2, 040
864
338
3.63
4.00
68
56
72
111
42
.16
77
21
107
882
...
T o t a l W e s t e r n States - . .
Washington
Oregon
California
Idaho
_._
Utah..
Nevada..
Arizona
46,779
35,347
44, 229
70, 623
34,148
22, 047
59, 360
9,797
44, 738
118
97
104
158
64
27
114
21
179
1
99
75
213
55
14
8
17
4.50
4.42
4.25
3.78
4.40
4.24
4.00
4.10
4.00
4
3
3,427
1,202
3.82
Total country banks
6,010
4,234
8, 753, 325
3, 318, 274
3.87
T o t a l U n i t e d States, Alaska, a n d ; H a w a i i . . .
6,377
4,558
11,867,948
4,558;899
3.64
Total (nonmenber banks)
PER CAPITA INDIVIDUAL AND SAVINGS DEPOSITS IN ALL REPORTING
BANKS
The total individual deposits in all reporting banks in the continental United States, Alaska, and the insular possessions were
$46,765,942,000, June 30, 1925, of whi(ih amount $18,008,576,000
were savings deposits or deposits in the interest or savings departments of the banks.
The per capita individual deposits, based upon an approximate
population of 126,691,000, were $369.13, and the per capita savings
deposits were $142.15.
Statement showing the population, amount of individual deposits,
per capita individual deposits, amount of savings deposits, and per
capita savings deposits reported by all banks in each State, the District of Columbia, Alaska, and the insulax possessions follows:
COMPTEOLLEE, OF T H E
739
CUREENCY
Per capita individual and savings deposits i n all reporting banks, J u n e 30, 1925
Population
(approx.)
s t a t e s a n d Territories
Maine .
New Hampshire.
Vermont
Massachusetts
R h o d e Island
Connecticut...
778,000
, 452,000
355, 000
4,205, 000
647, 000
1, 535, 000
. .
1
.'
.
.
T o t a l S o u t h e r n States
'....
Ohio...
1
Indiana
_
_.
.
1
Total Middle Western States.. 1
North Dakota
South Dakota
Nebraska...
Kansas
Montana
Wyoming
Colorado
N e w Mexico
O k l a h o m a ._
. $263, 619,000
188,806, 000
172, 585, 000
1,890,126, 000
282, 510, 000
671, 371, 000
$338.84
417.71
486.15
449,49
436.66
437.38
6,415,998,000
679. 38
3,469,017, 000
436.16
11, 050, 000 12,012,743,000
3, 740, 000 ' 1,809,731,000
9, 200, 000
4,309,154,000
233,000
96, 540, 000
1, 595, 000
668,988, 000
209, 990, 000
479, 000
1,031.14
483.89
468.39
414.33
419.43
438.39
4, 290,447, 000
1,021,917,000
1, 964, 216, 000
49, 094, 000
377, 776, 000
74, 327, 000
368.28
273.24
213.60
210. 70
236.85
155.17
19,107,14.6, 000
710.38
7, 777, 777, 000
289.17
411, 651, 000
321,441, 000
318, 353, 000
194, 328,000
308,408, 000
514, 207, 000
234, 506, 000
189, 201, 000
358,194, 000
863,690, 000
194, 027, 000
386, 905, 000
366,390,000.
168.71
205.39
113. 90
107. 96
101. 75
469.60
96.11
105.64
190.53
171. 54
105.11
155. 57
152. 09
155, 589, 000
99, 618, 000
85, 063, 000
81,663,000
86,142, 000
108, 709,000
86, 239, 000
41,619, 000
94, 533, 000
108,686, 000
36, 964, 000
80, 808, 000
124, 3.22, 000
63.77
63.66
30.43
45.37
28.42
99.28
35.34
23.24
60.28
21.69
20.02
32.49
51.61
4, 661, 301, 000
152. 26
1,189,955, 0 0 0 '
38.87
6, 255, 000 2, 271,164, 000
770, 647, 000
3, 075,000
6, 960, 000
3, 225,451, 000
4,105, 000
1, 596, 308, 000
2,885, 000
797, 534, 000
2, 578, 000 • 916, 268, 000
2, 513, 000
894, 315, 000
3,434, 000
1, 140, 647,000
363.10
250. 62
463.43
388.87
276.44
365. 42
355. 88
332.16
982, 351,000
210,074,000
1,057,172,000
171, 807,000
252, 718, 000
244, 222, 000
442, 529, 000
61, 317, 000
167. 05
68.32
151.89
'41.85
87.60
94.73
176.10
17.86
,
•
.
. .
r
..
T o t a l Pacific States
Alaska
T h e T e r r i t o r y of H a w a i i .
P o r t o Rico
Philippines.
T o t a l iMlaska a n d insular possessions
T o t a l U n i t e d States, Alaska,
a n d insular possessions
11, 612, 334, 000
365.11
3, 422,190, 000
107.60
160, 512, 000
178. 446, 000
438, 553, 000
413, 911, 000
128, 222, 000
53, 249, 000
289,146, 000
28, 575, 000
376, 562,000
235.35
267. 54
326. 30
224. 34
200. 97
239. 86
285. 44
75.20
168.11
12, 624, 000
13,467,000
27, 708, 000
12, 736, 000
23,162, 000
9, 625, 000
91, 614, 000
3,196,000
34, 451, 000
18.51
20 19
20. 62
6.90
36. 30
42 91
90.44
8.41
15.38
9, 031, 000
.
31, 805, 000
682,000
667, 000
1, 344, 000
i; 845, 000
638, 000
222, 000
1, 013, 000
380, 000
2, 240, 000
T o t a l W e s t e r n States
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
Per
capita
savings
deposits
30, 614, 000
.
T o t a l E a s t e r n States-
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
7,972, 000
$456.72
608.99
564.63
771.37
670.11
620.84
Savings
deposits
2,440,000
1, 565, 000
2, 795, 000
1,800,000
3, 031, 000
1, 095, 000
2,440, 000
1, 791, 000
1,880, 000
5, 035, 000
1, 846, 000
2,487, 000
2,409, 000
1
_.
$355,332, 000
230, 063, 000
200,443, 000
3, 243, 612, 000
433,664, 000
962, 984, 000
Per
capita individual
deposits
26,897, 000
T o t a l N e w E n g l a n d States
New York
N e w Jersey
Pennsylvania
:
Delaware.- .
Maryland
D i s t r i c t of C o l u m b i a
Virginia.
W e s t Virginia
N o r t h Carolina .
S o u t h Carolina
Georgia . . .
Florida
Alabama
Mississippi...
Louisiana
Texas
Arkansas
.
Kentucky
Tennessee
Individual
deposits
2, 067,176, 000
228. 90
228,483,000
25 30
1, 487, 000
382, 468, 000 '
257. 21
840, COO • 252, 797, 000
300. 95
3, 996, 000
2, 803, 910, 000
701. 68
485, 000
72, 082, 000 . 148.62
493, 000
112, 292, 000
227. 77
77, 000
33, 780, 000
438. 70
407, 000
66, 221, 000
162. 71
147,951,000
83,057, 000
i, 543, 378, 000
12,117, 000
50, 709, 000
15, 674, 000
20,376,000
99 50
98.88
386 23;
24.98.
102 86
203.56
50 06
7, 785, 000
91, 000
281, 000
1,345,000 j
10, 870, 000
12, 587, 000
'
3, 723, 550, 000
478. 30
1, 873, 262, 000
240 62
9, 674, 000
64,129, 000
36, 729, 000
67, 905, 000
106. 31
228.22
27.31
6.25
3, 421-, 000
24, Oil, 000
11, 843, 000
8, 617, 000
37 59
85.45
8 81
79
178, 437, 000
14.18
47, 892, 000
3.80
369.13
18, 008, 576, 000
126, 691, 000 146, 765, 942, 000 |
'
142.16
NOTE.—Individual deposits include postal savings and all other demand and time deposits. Savings
deposits include only deposits in the interest or savings departments of banks and do not include postal
740
KEPORT ON. T H E FINANCES
EARNINGS, EXPENSES, AND DIVIDENDS OF NATIONAL BANKS
The gross earnings of national banks in the year ended June 30,.
1925, amounting to $1,124,097,000, were $49,538,000 in excess of the
earnings in the year ended June 30, 1924. Interest and discount collected in the last year exceeded the amount in the prior year by
$10,582,000; domestic exchange and collection charges shciwed an
increase of $1,426,000; foreign exchange department profits, an
increase of $5,351,000; trust department profits, an increase of
$892,000; and other miscellaneous earnings, an increase of
$31,287,000.
Total expenses incident to operation of these banks showed an
increase over the prior year of $32,670,000. The principal item of
expense was on account of salaries and wages, which exceeded the
amount a year ago by $7,758,000; interest and discount paid on account of borrowed money showed a reduction of $12,830,000; interest
on deposits, an increase of $35,646,000; taxes paid, a reduction of
$550,000; and other miscellaneous expenses, an increase of $2,646,000.
Losses charged off during the year amounted to $141,134,000 and
were less than the amount charged off in the prior year by $6,170,000.
Losses on loans' and discounts showed a reduction in the year of
$7,262,000; on bonds and securities, an increase of $659,000; trust
department losses were reduced $233,000 and other miscellaneous
losses were increased $666,000.
After payment of all expenses the net earnings during the year,
plus recoveries on charged off assets, amounted to $365,069,000, and
exceeded the net earnings of the previous year by $22,059,000.
After charging off the losses enumerated the net addition to profits
during the year was $223,935,000, or $28,229,000 greater than in the
previous year.
Dividends declared in the year amounted to $165,033,000, exceed
ing the amount in the prior year by $1,350,000. The percentage of
dividends to capital was 12.05, dividencis to capital and surplus was
6.63, and net addition to profits to capital and surplus was 9.
Comparison of the net earnings, expenses, and dividends of national
banks in fiscal years ended June 30, 1924 and 1925, and summaries
showing this iniormation with respect to banks in reserve cities and
States and by Federal reserve districts in the year ended June 30,.
1925, follow:
741
COMPTEOLLEE. OF T H E CUEEENCY
Earnings, expenses, and dividends of national banks for the fiscal years ended
J u n e 30, 1924 and 1925
[In thousands of dollars]
June 30,
1924
(8,085
banks)
Capital stock
Total surplus fund...
Dividends declared
1,334, Oil
1,080, 678
1,369,386
1,118,963
165, 033
965, 876
15,402
7,222
976,458
16,828
12, 573
994
5,059
80, 006
1,168
5,961
111, 129
.'
Gross earnings:
Interest and discount
•.
Domestic exchange and collection charges
Profits of foreign exchange department
Commissions and earnings from insurance premiums and the negotiation
• of real estate loans
Trust department profits
_
Other earnings...--.
Total
.:
...-.-
Expenses paid:
Salaries and wages
Interest and discount on borrowed money..^
Interest on deposits
Taxes.
Other expenses.
-Total
June 30,
1925
(8,070
banks)
--
:
.....
210,
26,
338,
66,
124,
-
-
Total
218, 073
13, 707
373, 991
66, 798
127,146
..-
..
:..
--.
.-
798, 714
308, 615
34, 495
325, 383
.39,686
343, 010
.<.
Recoveries on charged-off assets
Net addition to profits during the year..
316
637
345
348
499
1,124, 097
766, 044
Net earnings during the year
Losses charged ofi:
On loans and discounts
On bonds, securities, etc
On trust department operations
Other losses.-On foreign exchange
Total
-
1, 074, 559
365,069
102,814
24, 642
855
17, 643
1,450
95, 652
25, 301
622
17,876
1,783
147, 304
141,134
195, 706
223, 936
Abstract of reports of earnings and dividends of national banks-for the year ended June 30, 1925
to
[In thousands of dollars]
Expenses
Gross earnings
•
A
Number of
banks
Location
Capital
Surplus
Capital
a n d surplus
ExInterchanges
est
a n d coland
lection
disc o u n t charges
Profitsof foreign exchange
department
Commissions a n d
earnings
from
insurance
premiums
and the
negotiation of
real est a t e loans
•
Trust
department
profits
Interest a n d
Interdiscount
est on T a x e s
on bor- deposits
rowed
money
Other
expenses
Other
earnings
Total
gross
earnings
Salaries
and
wages
153
734
457
280
2,911
7,338
442
1,347
7,154
3,701
3,338
26, 253
34, 676
3,752
12, 923
1,006
816
696
4,424
5,751
584
2,598
68
104
86
262
341
16
72
3, 258
798
1,154
10, 205
11,831
1,403
. 4,172
325
193
268
1,200
1,244
175
838
669
567
317
2,960
3,683
414
1,409
7
6
2
46
390
Total
expenses
paid
58
54
46
144
12
17
62
7,370
5,240
5,060
28,767
45, 450
• 6,320
20, 002
5,716
4,637
2,908
25, 381
37, 275
5,340
16, 679
13, 086
9,877
7,968
54,l4§
82, 725
11, 660
36,681
6,379
3,179
3,029
23,107
25, 943
3,2S0
11, 321
31
54
21
163
140
18
77
3
5
6
24
865
12
25
2
393
118, 209
97, 936
216,145
76, 238
504
940
2
604
13, 509
. 91,797
15, 773
949
32,821
4,243
10, 019
63, 805
488
3
5
4
33
265
821
32
14
18
74
10
13
52, 490
3.350
2,200
2, 950
180, 350
40, 973
85,484
29,105
28,550
1,735
• 5,179
12,100
9,427
44, 415
96, 905 48, 278
4.150
7,500
3.861
2,200
4,400
2, 500.
4,900
3,255
1,950
236,135
416, 485 133, 650
38,180
79,153 36, 560
119, 989
205, 473 75,120
63,280
92, 385 28,932
29, 750
58, 300 20, 716
2,052
3,787
1,071
6,251
11, 430
5,340
6,830
10, 830 . 22,930
5,913
6,690
15, 340
377
19
15
31
3,202
149
487
104
61
7
20
64
51
21
2
5
10
7,979
66
106
607
232
9
196
58
22
54, 785
4,228
2, 829
3,657
170, 097
41, 820
83,860
32, 216
25, 493
1,133
5,679
7,621
6,639
9,130
644
582
527
28,806
7,202
13, 641
5,569
3,634
233
918
1,352
1,499
478
11
27
42
1,666
393
825
268
200
17
102
112
57
21, 022
1,677
849
"1,578
53, 834
15, 471
28,648
11, 697
9,770
371
2,364
2,418
1,721
2,645
196
122
122
8,195
1,648
3,849
1,401
1,283
63
308
540
565
5, 039
360
359
306
17, 787
4,379
7,325
3,541
2,713
90
473
846
662
38, 314
2,888
1,939
2,575
110, 287
29, 093
54,288
22,476
17, 600
774
4,165
5,268
4,504
T o t a l E a s t e r n States 1,780
453,893
565, 095 1,018, 988 371, 702
4,587
4,198 151, 420
20, 937
43, 880
294,171
166
71
61
884
356
806
1,607
515
1.094
10, 644
3,461
7.424
Maine
.
.i..
New Hampshire
Vermont
M assachusetts
Boston._.
Rhode Island
Connecticut
Total New England
states
.
New YorkAlbany
Brooklyn and Bronx
Buffalo
-. New York City
.
N e w Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
1
Maryland
Baltimore
Washington, D . C
Virginia
Richmond
West Virginia
•
175.
6 ^
124
23,979
6,300
13, 416
17, 786
6,240
11, 756
41, 765
12, 540
25,172
14, 003
4,179
9,763
2
3
2,216
278
276
37
1
9
2
4
65
5, 904
288
287
361
23, 050
4,766
7,868
2,536
4,485
46
316
699
924
9,061
15
3,163
61, 529
440,057
73, 736
13
14
10
1
74
71
26
636
280
735
14, 892
4,615
10, 696
2,877
948
2,010
24'
9
i
553
122
334
4,823
1,520
3,180
6, 326
2,477
2,420
19, 051
22,850
2,592
9,089
N o r t h Carolina
'South Carolina.
Georgia
Atlanta
Florida
Jacksonville
Alabama
Birmingham
Mississippi
.
Louisiana
N e w Orleans
Texas
Dallas
El Paso
° Fort Worth
Galveston
Houston
San A n t o n i o
Waco
Arkansas
Little Rock
Kentucky..
Louisville
Tennessee
Memphis
Nashville
1
-
-
...:.
...
Total S o u t h e r n
States.
Ohio .
Cincinnati
.
Cleveland
Columbus.-...
Toledo
Indiana
. Indianapolis
Illinois
Chicago, c e n t r a l
reserve
__.
Chicago, other reserve
Peoria
Michigan..
. . .
Detroit
...
Grand Rapids
Wisconsin...
Milwaukee..
Minnesota
Minneapolis
St. P a u l . -
83 j
75'
86 1
3
54
3
100
2
36
32
1
598
8
3
6
4
10
8
5
83
3
135
4
98
2
5
14,066
11, '230
9,716
5, 950
7,854
2, 650
11, 320
1.750
5,285
6,225
2,800
46, 937
11,900
1, 500
4,350
1, 800.
8,050
4, 750
1,950
7, 205
700
14, 096
4,500
12, 369
1,100
3, 900
8,826
:.5,446
6,464
•4,550
'4,369
^ 1 , 350
:-6,799
1,550
3,114
2,844
2,000
25, 091
3,150
370
2, 500
610
3,946
1,715
516
3,082
270
9, 427
'4,450
6,129
1.050
2,950
340
8,919 1
22,891
232
6,466
16, 676
188
5,097
16,179
84
3,924
10,600
199
6,445
12, 223
252
3,473
4,000
.263
6,367
18,119
1,934
3,300
4,219
244
8,399
3,831
85
9,069
1,598
87
4,800
1,042
72,028 .24,096
6.325
15,050
286
1,106
1,870
28
2,922
119
6,850
1,282
177
2,410
6,277
192
11,995
2,268
63
6,465
67
904
2,465
4,575
10,287
164
447
970
11
8,002
23, 523
41
4,699
7
8,950
157
18, 498 '7,416
68
726
2,150
2, 666
162
6,850
1
9
2
1
. 6
3
. 4
13
1
2,832
619
2,461
274
1,405
218
1,644
4
1,996
39
1,549
3
159 ' 1,654
765
6
1,238
169
1,173
138
523
17
4, 966
479
1, 684
38
389
39
1,125
37
784
32
1,955
32
46
621
26
281
137
1,419
11
133
2,348
149
1,534
49
2,507
236
276
4
56
927
604
666
482
371
463
124
506
170
456
331
213
2,230
368
61
239
62
349
250
79
312
29
820
363
590
107
256
47,701
12, 547
20, 814 . 121,089
2,202
9,139
599
2,403
346
2,529
338
1,371
44
237
5,044 - 1,557
371
918
2,041
7,763
20,201
2,916
6,067
622
703 - 4,637
3,462
710
464
66
12,136
1,772
2,545
426
19,769
3,260
8
436
658
400
461
753
312
401
212
312
292
532
1,253
410
67
169
56
704
417
130
317
37
549
182
359
163
168
9,712
7, 380
5, 691
4, 487
7,465
4,039
7,063
2,164
4,791
4,213
2,259
26,416
6,067
1, 207
3,215
1,618
6,176
2,756
1,101
5,095
495
8,655
4,938
7,936
956
3,004
2,051
1,399
1,270
1,033
1,440
.636
1,518
370
1,033
1,010
.483
6,763
1,239
309
710
196
1,338
632
209
1,167
145
1, 869
927
1,681
192
546
531
11, 400
168,880
36,001
53
93
75
108
39
4
67
17
54
1,906
953
1,086
977
48
1,330
1,583
1,833
27,812
7,305
5,883
4,897
660
16, 568
4,844
27,644
507
5,437
30
1,413
52
1,007
61
982
10
108
199
3,564
830
6,325 " " ' 4 0 5 '
3
86
1
2
152
1,853
629
16
1,336
1,048
300
994
583
950
588
291
35,320
3,923
1,513
14,086
8,726
1,916
13,625
6,834
16,803.
9,611
5.197
116
6,463
48
995
287
2,558 " " " 8 5 '
58
1,486
3
362
160
2,845
27
1,372
220
3,481
23
2,172
17
1,063
1
42
10
3
1
.
12
36
-7
3
2
7
1
13
26
2
5
3
56
47
5
1,752
247, 646
148, 348
4,856
• 130
338
7
3
7
1
242
4
465
38, 880
13,100
4,800
. 5. 000
500
25, 298
6,650
36,973
27,432
6,950
3,040
5,650
1,000
13,690
2,725
24,355
66,312
20,050
- 7,840
10,660
1,500
38,988
9,376
61,328
25, 580
6,141
4,638
• 3,855
600
14,947
3, 224
25,254
199
93
10
23
8
178
58
289
32
43
41
3
14
18
4
120
3
3
150
7
309
7
4
50, 750
4,225
2,100
15,021
9,000
2,100
17,605
9,400
20, 369
11,650
5.700
34,005
1,655
3,250
9,505
8,000
.1,300
8,730
6,050
9,922
7,700
3,700
84,755
5, 880
5,350
24,526
17,000
3,400
26,335
15,450
30,291
19, 350
9.400
31,391
3,232
1,347
12,421
7,596
1,582
12,325
3,152
15,091
8,260
4,629
989
34
48
163
. 22
27
140
73
384
642
149
1,001
27
396, 994 151, 925
14
14
1
18
51
2
18
18
15
5
18
12
11
11
60
7
9
25
7
112
33
38
2
38
27
315
95
30
1
56
9
4,026
13,349
1, 265
426
5,297
3,369
542
4,628
2,195
7,179
3,220
1,910
2,491
160
130
887
536
121
925
458
1,144
702
216
1,138
1,266
674
630
933
' 587
872
170
614
698
. 218
3,600
647
168
385
110
977
393
153
708
99
934
522
834
123
345
4,186
608
146
1,674
1,215
320
1,684
975
1,831
1,074
671
7,244
6,056
4,049
3,682
4,870
2,899
4,709
1, 481
3, 610
3,250
1,454
18,038
3,976
966
2,496
1,184
4,651
1,942
. 748
3,743
417
6,120
3,395
5,848
702
2,130
26, 594
3,076
989
10,501
6,663
1,348
10,242
5,027
13, 855
7,191
3,877
CO
Abstract of reports of earnings and dividends of national banks for the year ended June 30, 1925—Continued
[In t h o u s a n d s of d o l l a r s ]
Qross'earnings
Location
Iowa.Cedar R a p i d s .
Des Moines
Dubuque
Sioux C i t y
Missouri-Kansas C i t y . . .
St. Joseph
St. Louis
T o t a l M i d d l e Western S t a t e s . _
North Dakota
South Dakota
Nebraska.
Lincoln
Omahal
Kansas
..
Kansas City..
Topeka
Wichita
Montana.-.
Helena
WyomingColorado
Denver..
Pueblo
N e w Mexico
Oklahoma
Muskogee—
Number of
banks
Capital
327
2
3
2
5
106
10
4
11
20,045
1,000
2,700
700
2,050
7,492
7,200
1,100
26,331
2,176
347, 739
160
111
159
5
8
247
2
6
4
83
2
32
126
9
2
31
375
3
6,440
5,105
8,455
1,725
6,150
13, 588
800
1,400
2,400
5,335
450
2, 725
6,865
5,400
600
2,135
16,830
. -950
Surplus
10,203
700
1,200
300
705
3,381
3,022
950
9,532
Capital
a n d surplus
ExInterchanges
est
a n d coland
lection
disc o u n t charges
30,248 14,291
1,064
1,700
1,862
3,900
486
1,000
1,420
2,755
4,419
10, 873
5,882
10, 222
1,230
2,050
35, 863 12, 399
164
20
12
4
33
25
67
21
268
9,362
7,461
13,098
.2,662
9,200
20,618
.1,120
1,825
3,666
7,571
776
4,426
10,867
-9, 774
1,750
3,047
21,385 I
1,255 I
5,474
4,442
5,533
1,136
4,476
8,621
517
551
1,394
3,363
334
2,294
5,495
6,494
694
1,502
12,254
821
196
99
62
7
87
95
. 1
7
61
88
-6
32
59
66
5
33
479
37
Trust
department
profits
1
1
117
60
1,517
208,652 , 556,391 231,318
2,922
2,356
4,643
837
3,050
7,030
320
425
1,265
2, 236
325
1,701
4,002
4,374
1,150
912
4,565
305
Profits
of foreign exchange
department
Commissions a n d
earnings
from
insurance
premiums
and the
negotiat i o n of
real est a t e loans
Expenses
961
108
94
35
32
40
32
49
204
Interest a n d
Interdiscount
est o n T a x e s
on bor- deposits
rowed
money
Total
gross
earnings
Salaries
and
wages
1,111
92
104
22
69
151
621
62
1,177
16,718
1,176
1,978
512
1,523
4,606
6,590
1,313
13,946
3,331
195
411
87
383
1,096
1,609
305
2,730
469
3
12
6,246
571
828
253
579
1,281
2,327
611
4,978
997
60
119
37
61
345
385
52
666
21, 713
260, 229
52, 786
2,702
90,448
17,889
1,415
1,163
1,424
286
1,209
2,446
114
169
326
958
90
634
1,602
1,436
120
431
3,666
193
122
85
127
3
23
90
4
2,650
2,092
2,135
449
1,671
2,668
182
201
616
1,300
123
791
1,676
2,856
286
434
3,231
268
310
195
345
85
160
881
48
56
93
236
29
156
634
398
97
97
1,014
Other
earnings
356
239
294
124
423
584
42
32
232
312
18
167
412
449
86:
164
6,143
4,879
5,944
1,267
4,996
9,341
560
591
1,686
3,807
357
2, .532
6,021
7,223
784
1,706
13,578
906
21
129
9
30
209
17
Other
expenses
1, 798
135
229
40
251
571
867
176
1,390
Total
expenses
paid
12,841
964
1,599
417
1,284
3,388
5,090
1,151
9,751
30, 304 194,129
823
627
695
166
773
262
510
37
335
797
852
67
293
2,390
126
5,320
4,152
4,726
989
3,836
7,294
416
482
1,299
3,062
279
1,937
4,738
5,551
559
1,285
10, 510
662
Oklahoma Citv
Tulsa
''
31
802
490
4,012
3,960
755
973
13
17
1,334
1,346
178
300
571
592
2,851
3,228
326
365
6,095
80,290
19, 390
959
26,198
5,281
11, 348
63,176
23
46
43
1
.1
648
700
165
310
577
1,827
750
83
1,124
187
. 47
42
115
85
170
7,471
6,565
2,080
4,781
5,031
18, 791
13, 722
1,233
14, 362
2, 996
563
• 603
1,600
921
1,611
1,821
80
7
1,801
21
476
67
1,305
1,262
6
5,282
345
60
3,142
.20
. 346
143
2,594
87
826
. 5
124
3
117
8
373
193
676 " " " 3 2 "
2,103
1,729
724
1,159
1,483
4,873
4,968
309
6,509
857
196
161
559
269
369
485
.421
118
393^
307
1,001
688
46
955
213
4546
89
67
106
1,035
894
333
643
718
2,676
1,782
146
1,207
467
70
67
198
126
340
5,524
4,852
1,672
3,667
3,765
14,177
10, 530
867
10,408
2,450
440
394
1,227
655
1,423
326
6,830
82, 230
20, 228
873
25,268
4,880
10, 702
61,951
1
35
196
53
40
^ 8
35
136
18
418
106
95
13
43
257
53
614
159
136
21
78
393
8
6
4,600
4,950
1,106
1,310
5,705
6,260
3,078
3,450
101
• 19
1
Total W e s t e r n
States....
1,378
96, 903
44,823
141, 726
71, 923
1,527
54
Washington.-Seattle
.
Spokane
Oregon
Portland
•.
California . .
CO
Los Angeles '.
Oakland
Ol -.
San F r a n c i s c o .
Idaho
Utah
Ogden.-:.
.
Salt L a k e C i t y . .
Nevada
....
...
Arizona
100
8
4
93
6
249
12
2
6
67
• 14
3
4
10
IS
8,665
6,-000
2,900
6,420
7,000
24, 985
16, 950
1,500
19, 500
3, 840
800
850
1,900
1, 385
1,500
3,578
2,945
642
3, 253
2,553
10, 882
7,210
1,227
16, 700
1,642
330
250
910
645
622
12,243
8,945
3,542
9, 673
9,553
35,867
24,160
2,727
36, 200
•5,482
1,130
1,100
2,810
2,030
2,122.
6,599
6,487
1,846
4,385
4,198
16.636
12,746
1,121
12,466
2,762
512
456
1,461
812
1,354
160
276
62
82
189
218
63
2
94
40
2
5
24
10
74
5
59
4
1
53
27
138
564
1
1
5
8
, 7
6
6
T o t a l Pacific States
585
104,196
53,389
157, 584
72, 840
1,291
868
75
Alaska ( n o n m e m b e r
banks).
Hawaii ( n o n m e m b e r
banks)
4
200
120
320
146
14
2
600
590
1,190
366
26
3
6
6
800
710
1,510
512
40
3
6
Total ( n o n m e m ber banks)
14
50
25
27
114
1
1
o
o
o
o
W
T o t a l U n i t e d States,
Alaska,
and
Hawaii
8,070 1,369,385 1,118,953 2; 488,338 976,4^8
34
1
a
16,828
12, 573
1,158
6.951 111, 129 1,124,097 218,073
13,707 373,991
66,798 127,146.
798, 714
a
o
cn
Abstract of reports of earnings and dividends of national banks for the year ended June SO, 1925—Continued
[In thousands of dollars]
Ratios
Losses charged off
Total net
Recov- earnings
Net
eries on a n d reearnings charged- coveries
On
loans
during
off
on
and
year
assets chargeddisoff assets counts
Location
Maine
.. . . .
N e w Hampshire.Vermont
Massachusetts.
Boston
Rhode Island
Connecticut
:
.
•
New York.. .
Albany.
Brooklyn and Bronx
Buffalo . .
New York C i t y . .
N e w Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore...*.
Washington, D . C
..
T o t a l E a s t e r n States
Virginia.Richmond
West Virginia
North Carolina.
South Carolina..J
Georgia
Atl
FRASER a n t a
Digitized for
..
..
.
...
.
_. . . .
-
137
34
25
343
616
11
215
3
238
39
V281
301
Net
Total
losses . a d d i t i o n
t o profits
charged
during
year
767
423
214
2,886
8,642
329
1,011.
Dividends
Dividends
to
capital
N e t adD i v i - dition
dends
to
to
profits
capital
to
capital
and
and
surplus
surplus
N e t ad
dition
to
profits
to
capital
Per cent Per cent Percent Per cent
6.40
9.68
17.19
9.68
6.94
11.20
9.50
17.90
6.46
10.18
15.47
9.83
6.41
10.17
8.98
16 90
6.64
12.09
5.46
9.94
6.37
9.91
7.53
13 89
5.27
9.66
8.73
16. 01
206
137
79
647
1,335
47
380
2,034
1,361
997
7,749
13,161
1,207
4,214
313
204
103
1,719
5,775
152
504
316
176
83
568
2,312
166
247
25'
27,992
_
..
Other
0 ses
On
foreign
exchange
1,828
1,224
918
7,202
11,826
1,160
3,834
2,731
30, 723
8,770
3,868
52
16,451
12, 787
10.82
6.92
7.61
13.92
16, 471
1,340
890
1,082
59, 810
12, 727
29,572
9, 740
7,893
359
1,514
2,353
2,135
1,339
44
272
35
10, 829
761
1,626
489
372
32
159
355
133
17, 810
1,384
1,162
1,117
70, 639
13, 488
31,198
10, 229
8,266
391
1,673
2,708
2,268
1,836
351
620
469
13, 839
1,346
2,216
1,185
661
6
150
323
381.
11
1,319
88
101
84
6,796 " " 4 0 6 '
904
2
1,645
11
423
. 602
12
101
247
2'
131
90
1,038
16
71
12
1,195 " " 7 6 4 '
...
776
1,660
90
18
94
46
6
12'
70
...
83
263
2
4,293
455
792
565
22, 993
3,028
5, 543
1,716
1,303 /
23
333
653
779
13, 617
929
370
652
47, 646
10,460
25, 655
, 8,513
6,962
368
1,340
2,056
1,489
6,264
472
•264
395
31, 798
6,437.
12,337
6,092
3,166
645
670
1,580
1,039
1L93
14.09
12.00
13.39
17.63
13.27
14. 43
17.50
U.09
37.18
12.94
13.06
n.02
6.46
6.29
6.00
8.06
7.63
6.87
6.00
5.51
5.43
17.03
6.86
6.89
6.77
13.95
12.39
8.41
n.27
11.44
13.21
12.49
9.21
11. 94
9.72
11.72
8.96
9.71
25 75
27 73
16 82
18 71
26 42
25 53
30 01
29 25
24. 39
21 21
25 87
16 98
15.80
145, 886
16,446
162, 332
23, 281
12, 452
426
5,374
943
42, 476
119, 856.
m, 158
15.24
6:79
11.76
26.41
4,248
1,154
3,172
2,468
1,324
1,642
805
299
90
93
104
307
259
77
4,547
1,244
3,265
2,572
1,631
1,901
882
l,2o0
84
486
516
1,792
1,103
762
138
96
65
21
56
60
14
3
158
25
181
113
130
170
68
19
-2, 979
1,039
2,533
1,922
1348
568
48
2,650
713
1,926
1,594
830
943
614
n.05
11.32
14.36
n.33
7.39
9.71
8.64
6.35
6.69
7.66
6.96
4.98
6.83
4.90
7.13
8.29
10.06
8.40
12.09
3.61
.46
12 42
16 49
18 88
13 67
3 10
6 85
.81
:. .
T o t a l N e w E n g l a n d States
On
On
us
bonds, dterp a rtt secument
rities, operaetc.
tions
1
8
is"
'
i"
26"
14, 272
1, 668 .
206
732
650
1,979
1,333
834
1,267
938
783
4, 863
4,519
878
3,203
706
587.
615
2,927
5,494
626
1,932
Florida..
Jacksonville
Alabama
Birmingham
Mississippi
Louisiana
New Orleans
Texas
Dallas
El Paso.Fort Worth
Galveston
Houston.San Antonio.-..
Waco
Arkansas
.
Little RockKentucky.---Louisville
Tennessee-..
Memphis
Nashville
-.
-.
Total Southern States
Ohio-.
Cinciinnati
Cleveland
Columbus
Toledo.
Indiana....'Indianapolis
Illinois
Chicago, central reserve.
Chicago, other reserve..
Peoria
Michigan
Detroit
Grand Rapids...
Wisconsin
Milwaukee
Minnesota....
^.Minneapolis
St. Paul
-..Iowa
.
Cedar Rapids._
Des Moines..
Dubuque
Sioux City
1 Deficit.
2, 686
1,140
2,354
683
1,281
963
805
8,377
2,081
241
719
334
1,624
814
353
1,352
78
2,535
1,543
2, 088
254
874
376.
70
172
96
126
135
10
1,522
• 74
167
80
12
184
78
30
151
2
177
100
130
95
54
2,960
1,210
2, 526
779
1,406
1,098
815
9,899
2,155
408
799
346
1,708
892
383
1,503
80
2,712
1,643
2, 218
349
928
258
127
991
204
382
316
92
4,646
188
127
264
23
357
334
140
718
12
493
44
561
180
175
47,791
5,068
52,859
16, 625
7,611
2,238
1,246
1,435
196
4,432
2,299
7,775
8,726
847
524
3, 585
• 2,063
668
3,283
1,807
2, 948
2,320
1,320
2, 877
212
379
96
239
568
56957
6L
85.
330
268
569
2,007
32
48
242
62
166
370
146
415
191
• 271
662
37
162
10
29
8,169 . 1,512
2,807
333
226
1,303
436
1,496
281
26
4,762
1,036
2,567
405
2,207
8,344
4,594
10, 733
58
879
35
572
886
3,827
2,125
230
113
733
1,138
3,653
1,952
911
2,180
3,363
918
2,511
1,591
510
3,539
3,513
86
249
541
293
105
4
526
268
83
21
47
1
71
2
118
23
24
17
16
19
63
8
16
1
88
16
59
4
49
1
2
1
1
1,144
582
33
316
• 198
•74
386
156
507
623
49
14
214
163
67
250
391
167
64
101
206
10
18
1
61,
2
11
2
4
40
1
1
2
471
199
1,150
210
647
386
349
5,652
• 271
259
435
59
683
554
188
837
15
736
90
751
200
216
2,489
1,011
1,376
669
759
712
466
4,247
1,884
149
364
287
1,125
338
195
666
65
1,977
1, 553
1, 467
149
712
878
325
1,027
280
541
689
476
4.323
2,418
136
806
208
923
364
243
695
60
1,554
918
1,477
136
580
11.18
12.26
9.07
16.00
10.24
11. 07
17.00
9.21
20.32
9.07
18.53
1L56
1L47
7.66
12.46
9.65
8.57
11. 02
20.40
n.94
12.36
14.87
7.18
8.13
5.67
8.48
6.44
7.60
9.92
6.00
16.07
7.27
1L77
8.63
7.69
5.63
9.86
6.76
6.19
6.61
10.26
7.'98
6.33
8.47
20.36
26.28
7.69
17.24
9.04
7.85
9.71
5.90
12. 52
7.97
5.31
11.91
9.38
5.23
7.91
6.47
6.70
8.40
17.35
7.93
6.93
10. 39
31.69
38.15
12.16
32.51
14.36
1L44
16.64
9.05
15.83
19.93
8.37
15.94
13.98
7.12
10.00
9.24
9.29
14.03
34.51
1L86
13.65
18.26
138
21, 558
31, 301
28, 227
1L40
7.13
7.90
12.64
11
1
12
• 2,866
461
574
650
267
1,719
616
3,383
5,335
165
87
1,395
406
255
1,691
1,331
2,651
1,014
. 847
4,052
108
309
49
678
6.314
2,346
729
846
14
3,043.
1,962
4,961
5,398
714
.485
2,432
1, 719
478
1,962
621
812
1,497
744
1623
141
232
56
1310
4,479
1,644
476
581
60
2,410
680
4,290
5,403
384
309
1,803
1,070
482
1,821
880
1,462
1,328
584
1,274
80
280
72
130
11.52
12.55
9.92
11.62
12.00
9.63
8.72
n.60
10.65
9.09
14.71
12.00
11.89
22.96
10.34
9.36
7.18
11.40
10. 26
6.36
8.00
10.37
10.29
6.34
6.75
8.20
6.07
. 6.46
4.00
6.18
6.19
7.00
6.37
6.63
5.78
7.35
6.29
14.18
6.91
6.70
4.83
6.86
6.21
4.21
4.71
7.18
7.2Q
4.72
8.01
11.70
9.30
7.94
.93
7.80
20.82
8.09
6.37
12.14
9.07
9.92
10.11
14.06
7.46
4.02
2.68
7.74
7.91
11.73
8.29
6.96
6.60
111.26
13.67
17.91
16.19
16.92
2.80
12.03
29.35
13.42
10.64
16.90
23.10
16.19
19.10
22.76
11.14
6.61
3.99
12.85
13.06
12.61
14.10
8.69
8.00
1 15.12
99
47
106
5
145
68
207
887
60
108
154
20
206
157
40
103
2
121
30
130
20
40
31
3,590
760
94
21
17
167
286
54
648
114
56
38
290
13
75
251
26
200
20
230
340
10
16
27
61
6
60
1
31
15
10
4
1
12
3
3
12
6
2
Abstract of reports of earnings and dividends of national banks for the year ended June SO, 1925—Continued
[In thousands of dollars]
00
Losses charged oft'
T o t a l net
Recov- earnings
Net
a n d reOn
earnings eries on coveries
loans
diurihg chargedon
and
year
assets chargeddisoff assets counts
Location
Missouri >
Kansas City
St. Joseph.'.
S t . Louis
1
.
.
. .
. .
.
.
.
.
. .
-
T o t a l Western S t a t e s .
Washington
Seattle.
FRASERo k a n e
Sp
Digitized for
.
.
.
139
229
56
401
1,367
1,729
218
4,596
724
1,063
74
922
28
188
1
.61
1
2
8,170
74,270
24,958
• 4,867
66
• 4,051
823
727
1,218
278
1,169
2, 047
144
109
387
745
78
595
1,283
1,672
225
420
3,068
243
1,161
732
253
206
349
28
283
433
7
21
21
309
65
205
482
141
35
97
783
46
177
394
1,076
932
1,667
306
1,422
2,480
151
130
408
1,054
143
800
1,765
1,813
260
517
3,851
289
1,338
1,126
1,094
916
1,190
64
848
1,531
103
61
75
904
116
947
1,312
419
13
456
2,960
162
516
895
94
60
32
1
28
33
12
6
4
114
7
17
58
167
9
68
117
5
142
47
4,314
21,428
14,561
1,001
1,947
1,713
408
266
242
67
2,213
1,955
475
919
308
122
146
101
6
On
foreign
exchange
•
2
i2'
15
..
94
66
148
48
92
309
3
21
4
68
Total
losses
charged
off
Net
addition
to profits
during
year
Dividends
Dividends
to
capital
. :
.
N e t adDividition
dends
to
to
profits
capital
to
and
capital
surplus
and
surplus
N e t addition
to
profits
to
capita]
Per cent Per cent Per cent P e r cent
8.22
5.67
6.04
7.31
6.92
4.87
3.62
6.00
7.09
3.80
6.44
12.00
ILIO
8.15
9.87
13.44
809
1,369
86
1,058
56
116
11
76
17,114
T o t a l M i d d l e W e s t e r n States
.
Other
losses
1,218
1,600
162
4,196
..
. . .
On
trust
department
operations
66,100
.
...__
North Dakota
South D a k o t a . - _
Nebraska.'
Lincoln
.
Omaha
_.
Kansas
Kansas City
Topeka...
Wichita
M on t a n a
Helena
Wyoming._
Colorado
Denver
Pueblo
New Mexico.
.
Oklahoma
_
Muskogee
Oklahoma City
Tulsa
_
On
bonds,
securities,
etc.
Ratios
87
i"
97
1
98
68 " " 3 0 0 '
13
94
6"
318
1
8
48
135
648
360
132
3,638
616
498
78
2,922
34,029
40, 241
35, 996
10.36
6.47
7.23
1L67
1,282
1,041
1, 370
113
968
1,876
118
78
83
1,087
123
1,062
1,480
944
35
615
3,386
175
705
1,077
1206
• 1109
197
193
454
605
33
62
325
133
20
1262
285
869
225
198
466
114
633
49
216
225
606
169
477
1,108
76
88
192
288
50
116
710
782
160
57
1,207
110
637
60
3.36
4.41
7.17
9.80
7.76
8.16
9.60
6.29
8.00
5.40
ILll
4.26
10.34
14.48
26.67
2.67
7.17
11.68
13.85
1.21
2.31
3.02
4.63
6.60
6.18
6.37
6.79
4.82
5.24
3.80
6.46
2.62
6.53
8.00
9.14
L87
5.64
8.76
11.17
.96
12.20
1 L46
1.60
7.53
4.93
2.93
2.96
2.85
8.87
1 .44
2.68
15.92
2.62
8.89
12.86
13.22
2.17
9.08
11.10
.78
1 3.20
1 2.14
2.33
11.19
7.38
4.45
4.13
3.71
13.64
1 .62
4.44
1 9.61
4.16
16.09
37.50
14.59
2.76
12.00
13.76
.99
1,731
309
17, 617
3,811
7, 334
7.67
6:17
2.69
3.93
170
189
64
1
2
1,236
601
191
977
1,354
284
1,191
•
858
^
180
13.76
14.30
6.21
9.73
9.59
5.08
7.98
15.14
8.02
11.28
22.57
9.79
Oregon..
._
..
Portland
:
California..
Los Angeles
Oakland .
San Francisco
..'.
Idaho Utah.....
Ogden
Salt L a k e C i t y . . .
Nevada
Arizona
^..
.
.
,
:
^
T o t a l Pacific States
Alaska ( n o n m e m b e r b a n k s )
Hawaii (nonmember banks)
Total nonmember banks
T o t a l U n i t e d S t a t e s , Alaska a n d
Hawaii
1 Deficit.
1,214
1,266
4,614
3,192
366
3.954
546
123
109
373
266
188
306
512
584
"386
17
•312
140
9
3
11
31
. 66
1,520
1,778
5,198
3,678
383
4,266
686
132
112
384
297
253
709
637
1,870
712
96
620
779
70
16
121
92
257
60
385
165
63
14
908
56
7
2
13
40
3
20, 279
2,951
23, 230
7,328
1,968
60
161
6
66
161
11
18
221
6
227
29
326,383
39, 686
365,069
96,652
26,301
........
170
122
510
194
36
74
94
13
2
41
33
127
2
931
-1,144
2,646
969
146
1,602
929
90
20
175
166
387
589
634
2, 652
2, 609
237
2, 664
1243
42
92
209
132
1 134
1,499
616
2,629
1,819
95
1,960
158
49
50
115
121
77
1,839
5
23.35
8.80
10.52
10. 73
6.33
10. 05
4.11
6.13
5.88
6.06
8.74
5.13
15.50
6.45
7.33
7.^53
3.48
5.41
2.88
• 4.34
4.55
4.09
5.96
3.63
6.09
6.64
7.39
10.80
8.09
7.36
14.43
3.72
8.36
7.44
6.50
16.31
9.17
9.06
10.61
15.39
15.80
13.66
1 6.33
5.25
10.82
11.00
9.53
18.93
11,132
12, 098
11,417
10.96
7.26
7.68
11.61
11
6
4
17
33
49
128
51
63
25.50
10.50
15.94
5.29
15. 31
10.76
24.50
2L33
11
10
50
177
114
14. 25
7.55
11.72
22.13
141,134
223, 936
165,033
12.05
6.63
9.00
16.35
2
622
17,876
1,783
O
O
w
o
o
o
d
w
o
CO
Earningsf expenses, and dividends of national banks by Federal reserve dtstricis, year ended June SO, 1925
O
[In thousands of dollars]
District
No. 1
(382
banks)
Capital
Surplus
Capital and surplus
.
.
..
. .
Total
Losses charged off:
O n loans a n d d i s c o u n t s
. .
O n b o n d s , securities, etc
O n t r u s t d e p a r t m e n t operations
O t h e r losses
,
On foreign exchange
. . ..
Total
...
District
No. 7
(1,056
banks)
District
No. 8
(492
banks).
District
No. 9
(761
banks)
District
N o . 10
(1,014
banks)
District
N o . 11
(711
banks)
District
NonN o . 12 m e m b e r
b a n k s (6
(680
banks)
banks)
276,996
317,881
693,877
99,934
160,682
260,616
127,710
118,635
246,345
94,026
71, 593
165,619
63,344
39,521
102,865
181,712
113,127
294,839
70,383
34,618
105, 001
62,259
33, 212
95,471
86,783
40,967
127, 750
87,942
40, 574
128, 516
103,820
52, 989
156,809
800
710
,1,510
1,369,386
1,118,953
2,488, 338
73,790
494
936
221,219
3,759
8,080
86,934
490
654
95,079
679
422
69,924
998
80
43, 089
1,561
59
121,088
2,032
1,171
42, 779
776
65
47, 374
1,546
165
64, 653
1,164
M
47, 724
2,15523
72, 293
1,234
861
512
40
3
976,458
16,828
12,573
2
671
13,190
11
2,770
33,767
2
284
9,061
4
417
12, 601
15
. 136
3,897
262
377
11,846
29
191
2,943
659
81
3,173
86
467
5,623
3
67
3,691
75
326
6,767
1
53
1,158
5,951
111, 129
269,596
97,425
109, 002
65,897
48, 757
136, 776
46,783
52, 998
72,047
53, 663
81, 556
614
1,124,097
15, 251 - 45,618
2,426
943
92,138
31,851
12, 667
4,085
9,709
27,490
16,186
1,076
32,640
4,636
9,333
18,934
1,244
38,627
6,746
11,110
12,872
2,129
20,851
4,625
7,392
10,065
866
14,247
3,601
6,914
27, 537
1,381
46,888
9.516
16,636
9,769
682
14,830
3,043
6,084
11,639
569
20,768
3,318
6,351
17, 326
647
22, 743
4,915
10,174
12, 726
883
13,184
3,983
7,287
19,992
861
25,089
• 4,842
10,687
159
136
21
78
218, 073
13,707
373,991
65, 798
127,145
.180,239
63,771
76,661
47,869
34, 693
101,968
33,408
42,645
56,806
38, 062
61,371
393
798,714
27,144
2,667
89,367
13,187
33,664
2,043
32,341
.2,082
18,028
1,530
14,064
1,413
34,818
4,709
13,375
1,238
10, 363
1,859
16, 242
3,682
15,601
2,362
20,185
2,918
221
6
325, 383
39,686
102, 544
35,697
34,423
19, 658
16,477
39, 627
14,613
12, 212
19,924
17,963
23,103
227
365,069
8,674
3,780
62
1,248
300
Total
N e t earnings d u r i n g year
Recoveries on charged-off assets
District
No. 6
(380
banks)
29,801
Total
Expenses p a i d :
Salaries a n d wages
.
I n t e r e s t a n d d i s c o u n t on borrowed m o n e y .
Interest on deposits.
.
Taxes
O t h e r expenses
District
No. 6
(549
banks)
61,839
Gross earnings:
Interest and discount
D o m e s t i c exchange a n d collection charges.
Profits of foreign exchange d e p a r t m e n t . . .
Commissions a n d earnings from insurance
p r e m i u m s a n d t h e negotiation of real
e s t a t e loans . .
T r u s t d e p a r t m e n t profits
O t h e r earnings
District
No. 4
(748
banks)
88,983
.
District
No. 3
(671
banks)
114,676
94,444
209,120
X
District
No. 2
(720
banks)
18,388
9,229
413
2,949
856
2,712
1,680
9
1,306
20
4,387
2,433
2
1,847
110
4,937
835
6
1,014
33
4.620
322
64
1,014
87
14,470
2,774
68
1,913
39
3,776
361
5
642
2
7,188
706
2
784
23
12, 346
883
17
1. 594
307
6,831
329
2
1,812
2
7,295
1,958
2
1,743
5
29
11
95, 552
25, 301
622
17,876
1,783
13,964
31,834
6,727
8,779
6,825
6,097
19,254
4,785
8,703
16,147
8,976
11, 003
50
=====
5
263
4,627 '
10
Grand
total
(8,070
banks)
141, 134
Net addition to profits from operations during
year
Total dividends declared since June 30,1924..
15,847
12,472
Ratios:
Dividends to capital
per cent..
Dividends to capital and surplus.. .do
Net addition to profits; to capital, .and
surplus
.....percent .
10.88
6.96
7.58
70,710 29,970
43,280 / 16,629
25,644
15,705
15.68
7.29
15.64
. 6.00
12.30
6.38
n.9o
n.60
10.41
9,380
7,110
20,273
18,731
9,828
7,835
3,509
4,915
4,777
7,212
1L22
11. 50.
6.53 - 6.91
10.31
6.35
7.89
5.15
8.31
5.65
9.12
6.88
U. 13
7.46
9.36
3.68
3.75
12,733
10,816
7.69
8,987 - 12,100
9,815
11,399
177
114
223,935
165, 033
10.98
7.27
14. 25
7.55
12.05
6.63
7. 72
11.72
9.00
11.16
7.64
6.99
o
o
H
W
o
o
o
a
td •
cn
762
REPORT ON T H E
FINANCES
National-bank investments i n United States Government securities and other bonds
and securities, etc., loans and discounts (including rediscounts), and losses charged
off on account of bonds and securities, etc., and loans and discounts^ years ended
. J u n e SO, 1918 to 1925, inclusive
[In thousands of dollars]
United
States
Government
securities
Year ended
June 30—
1918 .
1919
1920
1921.
1922...
1923
1924
1925
.
.
.
Losses
Total
Other ^ bonds and Loans and charged
discounts
off on
bonds and securities, (mcluding
loans
securities
etc.
rediscounts) and discounts
2,129,283 1,840,487
1,875,609
3,176,314
2,269, 675 1,916.890
2,019,497 2,005,584
2,285,459 • 2,277,866
2,693,846 2, 376,857
2,481,778 2. 660,550
2,536, 767 3,193, 677
3,969, 770
5,051,923
4,186,465
4,025,081
4, 563, 325
5,069, 703
5,142, 328
5, 730,444
10,136,842
11,010,206
13,611,416
12,004,515
11,248,214
11,817,671
11. 978, 728
12, 674,067
33,964
35,440
31, 284
76,210
135,208
120,438
102,814
95, 552
Losses
charged
off on
bonds
and securities,
etc.
Percent- Percentage of
age of
losses
losses
charged charged
off on
off on
account
bonds
loans
and seand dis- curities
counts
to total to total
bonds
loans
and seand dis- curities
counts
0.34
.32
.23
.63
1.20
L02
.86
.75
44,350
27,819
61, 790
76,179
33,444
21,890
24,642
25, 301
1.12
.55
1.48
1.89
.73
.43
.48
.44
Number of national banks, capital, surplus, dividends, net addition to profits, and
ratios, years ended J u n e 30, 1914 to 1925
Percentages
•
Year ended
June 30—
1914
1916
1916 1917
1918
1919
1920
1921
1922
1923
1924
1926
. .
Number of
banks
Capital
Surplus
Dividends
7,463 $1,063, 978,175 $714,117,131 $120,947, 096
726, 620, 202 113, 707,065
7,660 1,068, 577, 080
7,671 1,066,208,876
731,820,365 114, 724, 594
7,689 1, 081, 670, 000
765,918,000 125, 538, 000
7,691 1, 098, 264, 000
816, 801, 000 129, 778, 000
7,762 1,116, 607, 000
869, 457, 000 135, 588, 000
8,019 1, 221, 453, 000
984, 977,000 147, 793, 000
8,147 1, 273, 237, 000 1, 026, 270,000 158,158, 000
8,246 1, 307,199,000 1, 049, 228, 000 166, 884, 000
8,238 1, 328, 791, 000 1, 070, 600,000 179,176, 000
8,085 1, 334, Oil, 000 1, 080, 578, 000 163, 683, 000
8,070 1,369, 385, 000 1,118, 953, 000 165, 033, 000
Net addition to
profits
$149,270,171
127,094, 709
157, 643, 647
194,321,000
212,332,000
240,366, 000
282,083,000
216,106, 000
183, 670, 000
203, 488, 000
195, 706, 000
223, 936, 000
Dividends
to capital
1L37
10.63
10.76
11.61
11.82
12.15
12.10
12.42
12.69
13.48
12.27
12.05
Dividends
to capital and
surplus
Net
addition to
profits
to capital and
surplus
6.80
6.33
6.38
6.79
6.78
6.83
6.70
6.88
7.04
7.47
6.78
6.63
8.39
7.08
8.76
10.62
11, 09
12.11
12.78
9.40
7.79
8.48
8.11
9.00
NATIONAL BANKS CLASSIFIED ACCORDING TO CAPITAL STOCK
The total loans and discounts of the 8,072 national banks reporting
on June 30, 1925, were $12,674,067;000; total resources, $24,350,863,000; aggregate paid-in capital stock, $1,369,435,000, and total,
deposits, $19,909,669,000.
Two thousand four hundred and thirty-four of these banks, with
loans and discounts of $493,470,000, total resources of $931,438,000,
paid-in capital of $65,012,000, and deposits of $754,347,000, were
capitalized with individual paid-in capital stock of less than $50,000.
The number of banks having capital stock of $50,000 b u t less than
$200,000 was 4,277. Total loans and discounts amounted t a
753
C0MPTR0LI>ER OF THE CUREENCY
$2,645,598,000; total resources, 15,140,015,000; aggregate capital^
$344,779,000, and deposits, $4,101,234,000.
Banks capitalized at $200,000 but less than $500,000 numbered
884, and had loans and discounts of $1,900,261,000, resources of
$3,619,092,000, paid-in capital of $220,719,000, and deposits of
$2,944,632,000.
There were 244 banks with individual capital of $500,000 but less
than $1,000,000. The total loans and discounts of this class of
banks was $1,199,791,000; resources, $2,159,923,000; aggregate capital, $135,875,000, and deposits, $1,755,905,000.
The number of banks ^^dth individual capital of $1,000,000 b u t
less than $5,000,000 was 206; loans and discounts amounted to
$3,188,438,000; total resources, $5,791,150,000; aggregate capita],
$307,550,000, and deposits, $4,828,669,000.
There were 27 banks with individual capital of $5,000,000 or more.
The total loans and discounts of these banks was $3,246,509,000;
aggregate resources, $6,709,245,000; capital, $305,500,000; and their
deposits amounted to $5,524,882,000.
A tabulation of the information referred to is shown in the following
statement, and tables showing the number of banks in reserve cities
and States, classified according to capital stock, with the amount of
aggregate loans and discounts, aggregate resources, aggregate paid-in
capital, and aggregate deposits, are published in the appendix to
the report of the Comptroller of the Currency.
National banks classified according to capital stock J u n e 30, 1925
[In thousands of dollars]
Number of
banks
Capital
Capital
Capital
Capital
Capital
Capital
Total United S t a t e s . . !
Aggregate
resources
2,434
4,277
884
244
206
27
493,470
2, 645, 598
1,900,261
1,199, 791
3,188, 438
3, 246, 509
931,438
6,140, 016
3, 619, 092
2,169,923
6, 791,150
6, 709, 246
8, 072
of less than-$60,000. .
of $50,000 b u t less t h a n $200,000
of $200,000 b u t less t h a n $500,000
:..
of $500,000 b u t less t h a n $ 1 , 0 0 0 , 0 0 0 . . . . .
of $1,000,000 b u t less t h a n $5,000,000
of $6,000,000 or m o r e
. . ..
Loans and
discounts
12, 674, 067
24,360,863
Capital
Total
deposits
754,347
' 66, 012
4,101,234
334,779
2,944,632
220,719
136, 875
1, 765,905
307, 550 / 4,828,669
306, 600
5,624,882
1, 369,435
19,909,669
NATIONAL BANK EXAMINERS
The following is a list of the examiners in the service on October
31, 1925:
CHIEF
NATIONAL BANK
EXAMINER
Pole, J. W., Office Comptroller of Currency, Washington, D . C.
ASSISTANT C H I E F
NATIONAL BANK
EXAMINERS
Office of Comptroller of Currency, Washington, D . C.
McBryde, W. TV
Proctor, John L
.
Districts
assigned
5 and 6.
8 and 10.
Gough, E. H
Luce, F r a n k H
Districts
assigned
- - . 11 and 12.
7 and 9.
754
REPORT ON T H E FINANCES
DISTRICT C H I E F NATIONAL BANK
EXAMINERS
Federal
Address
district
No.
1
Bean, Norwin S
2
Reeves, Owen T., j r _ .
3
4
Newnham, Stephen L.
Thomas, T h o m a s C__.
5
Folger, William P
6 I Robb, Ellis D
...
7 I Sims, Howard M
8
Wood, John S_
9 I Patterson, B. K
10
Roberts, L. K.___
11 Collier, Richard H.__
12 I Harris, T h o m a s E
Federal Reserve Bank Building, Boston,
Mass.
720 United States Customhouse, New York,
N . Y. •
1413 Jefferson Building, Philadelphia, P a .
715 Federal Reserve Bank Building, Cleveland, Ohio.
710-715 Bond Building, Washington, D . C.
504 Post-Office Building, Atlanta, Ga.
1203 Federal Reserve Bank Building, Chicago, 111.
1310 Federal Commerce T r u s t Building, St.
Louis, Mo.
1334 First National Soo Line Building,
Minneapolis, Minn.
800 Federal Reserve Bank Building, Kansas
City, Mo.
312 Magnolia Building, Dallas, Tex.
1103 Alexander Building, San Francisco,
Calif.
NATIONAL BANK
3
10
7
2
6
10
5
3
12
3
6
9
7
2
3
10
10
9
4
10
10
11
EXAMINERS
1414 Jefferson Building, Philadelphia, P a .
Post-office box.1546, Muskogee, Okla.
1428 N o r t h Main Street, Decatur, 111.
720 United States Customhouse, New York.
N. Y.
510 Virginia Railway a n d Power Buildings
Amrhein, Joseph A
Richmond, Va.
First National Bank, Abbeville, Ala.
Anderson, E . F.. (Rec)
1226 Downing Street, Denver, Colo.
Armstrong, George E
710-715 Bond Building, Washington, D . C.
Ashwood, Cecil.:
1414 Jefferson Building, Philadelphia, P a .
Baker, William B
403 Empire State Building, Spokane, Wash.
Baldridge, William H
1414 Jefferson Building, Philadelphia, P a .
Barrett, John W
Post-office box 940, Knoxville, Tenn.
Basham, A. A
201 Security National Bank Building, Sioux
Bina, J. C
Falls, S. D a k .
326 South Fifteenth Street, Richmond, I n d
Bly, J. Garver
Post-Office Building, Troy, N . Y.
Boldin, B . E
Boysen, Alfred
,-__ Post-Office Building, Wilkes-Barre, Pa.
Post-office box 574, Hutchinson, K a n s .
Brennan, F . P . (JG)
Post-office box 462, Coffeyville, K a n s .
Brown, S. H
17 Magill Block, Fargo, N . D a k .
Bryan, Charles A
Post-office box 1058, Pittsburgh, P a .
Byers, R. W . . _
800 Federal Reserve Bank Building, K a n s a s
Campbell, George H
City, M o .
Federal Reserve Bank Building, Boston,
Carolan, William B
Mass.
510 Virginia Railway and Power Building,
Carson, T h o m a s ' D _
Richmond, Va.
Room 214, Treasury D e p a r t m e n t , WashCarter, Aubrey B . (U)
ington, D . C.
800 Federal Reserve Bank Building, K a n s a s
Chapman, Edward L
City, M o .
Care of S t a t e National Bank, Albuquerque,
C h a p m a n , F . A. (Rec)
Allanson, E d w a r d A
Allen, E d g a r F
Allsup, A. S
Alvey, John C
N.
Mex. •
COMPTROLLER OF T H E CURRENCY
755
National Bank Examiners^Continxied
Federal
reserve
district
No.
12
4
Address
Chorpening, I. I
,
Clarke, A. A
^.
5
1
12
4
Cloe, William B
_.
Coffin, George M (Rec)..
Coffin, Gilbert S
Colley, L. H
11
8
4
Collins, L. C_-_-_
Conner, Joseph H
Cooney, Dan H
1
6
11
Cooper, T. A
Cottingham, T. J
Cowan, David (Rec)
12
Crawley, William C
4
2
Crossen, Gail W
Culver, William A
Cutts, Arthur D
...
5
3
5
10
Dalton, John W . - „ - - _ _ .
Davenport, H. B
.....
Davis, Thomas H
Denton, Frank R__:
3
1
Derr, Ralph H
-_._:.
Dooley, Thomas E
._:
10
11
9
Donahue, W. H
Drexel, Charles F
Dwyer, Thomas R
8
8
11
6
12
Dye, Samuel W
Elkins, Lewis R
Embry, Jacob
Evans, Clyde J
Evans, W. C_
...
_.
_.
.._..
.
_-__
11 Farmer, T. P
4 I Faris, A. B
9 I Fiman, C. F
9
1
7
Eraser, Jesse A
Freeman, O. M
Fuller, Harry R. (JG)....
2
Funsten, James B
7
4
Funsten, William P.____.
Furbee, Ernest M
Garrett, Robert D
.._
11
12
. 9
Gilbert, H. B .
Glazier, Charles A. (Rec)
Goodhart, R, W. (Rec)__.
1103 Alexander Building, San Francisco,
Calif.
715 Federal Reserve Bank Building, Cleveland, Ohio.
Post-office box 1185, Huntington, W. Va.
71 College Street, New Haven, Conn.
2817 Eye Street, Sacramento, Calif.
715 Federal Reserve Bank Building, Cleveland, Ohio.
312 Magnolia Building, Dallas, Tex.
214 Federal Building, Evansville, Ind.
715 Federal Reserve Bank Building, Cleveland, Ohio.
40 Chapel Street, Augusta, Me.
823 Age-Herald Building, Birmingham, Ala.
Care of Citizens National Bank, Silver City,
N. Mex.
436 H. W. Hellman Building, Los Angeles,
Calif.
Post-office box 463, Columbus, Ohio.
Davison Place, Baldwin, Long Island, N. Y.
Office of Comptroller of the Currency,
Washington, D. C.
Post-office box 958, Charlotte, N. C.
Post-office box 61, Lancaster, Pa.
Columbia S. C , 213 Palmetto Building.
800 Federal Reserve Bank Building, Kansas
City, Mo.
1414 Jefferson Building, Philadelphia, Pa.
Federal Reserve Bank Building, Boston,
Mass.
Post-office box 186, Clinton, Okla.
332 Post-Office Building Amarillo, Tex.
1334 First National ooo Line Building,
Minneapolis, Minn.
422 West Jackson Street, Carbondale, 111.
732 New Street, Springfield, Mo.
312 MagnoHa Building, Dallas, Tex.
Post-office box 828, Atlanta, Ga.
436 H. W. Hellman Building, Los Angeles,
» Calif.
312 Magnoha Building, Dallas, Tex.
Post-office box 506, Richmond, Ky.
1334 First National Soo Line Building,
Minneapolis, Minn.
Do.
26 Laurel Avenue, Providence, R. I.
1203 Federal Reserve Bank Building, Chicago, 111.
720 IJnited States Customhouse, New York,
• N. Y.
Post-office box 425, Evanston, 111.
Post-office box 1058, Pittsburgh, Pa.
Care* of Division of Insolvent National
Banks, Office of Comptroller of the Currency, Washington, D. C.
318 Post-office box, Wichita Falls, Tex.
First National Bank, Rexburg, Idaho.
Care of Merchants National Bank, Crookston, Minn.
756
REPORT ON THE FINANCES
National Bank Examiners—Continued
Federal
reserve
district
No.
Address
12
1
509 National Bank Building, Wheeling, W.
Va.
First National Bank, Joseph, Oreg.
Gray, W. M. (Rec),
Green, A. W. (JG).__._-. Federal Reserve Bank Building, Boston,
1
7
10
Greene, Thomas M
Greenfield, James B
Griffey, 0. A
Graham, H. A
•_
Griffm, Roy PI
7
4
3.
1
11
9
2
10
12
9
10
2
9
1
Hadlock, Gerald B
Haneke, Edward C
Hartman, Charles H__.
Harwood, Edward G. (JG)
Hedrick, Gilbar C
Hess, Grant H
Hill, Roger W
Hodgson, R. M^
Hooper, Marshall
Hoover, Paul E. (JG)
Horner, H. N
Hotchkin, Paul L___
Hughes, John P. (Rec)
Hurley, Michael J
7
Hutt, William JE
Johnson, A.W. (Rec.) (J.G)
Johnson, C. E. H
Johnson, Robin M. (Rec)_
Joseph, Edward M
4
Kane, Thomas F
11
9
7
Kane, W. W. (JG)
9
10
3
7
2
Kelly, Burdette (Rec) _ . _
Kennedy, L. G_
Ketner, John H
King, Frank L
Klein, Benton.^
6
10
Krippel, F. W
______
Lahman, H. S. (Rec)
11
6
Lamb, Ernest
Lammond, W. H
4
7
10
6
3
Lanum, H. L
Leyburn, A. P_
1
.__
Libby, Harry C
Lifsey, W. ?_.__,
Loewer, Charles H. (JG) _
Do.
201 Federal Building, Peoria, 111.
800 Federal Reserve Bank Building, Kansas
City, Mo.
720 United States Customhouse, New York,
N. Y.
213 Federal Building, Des Moines, Iowa.
Post-office box 151, Lima, Ohio.
1414 Jefferson. Building, Philadelphia, Pa.
Federal Reserve Bank Building, Boston,
• , Mass.
312 Magnoha Building, Dallas, Tex.
Care of City Insurance Agency, Bismarck,
N. Dak.
720 United States Customhouse, New York,
N. Y.
800 Federal Reserve Bank Building, Kansas
City, Mo.
238 Central Building, Seattle, Wash.
1334 First National Soo Line Building,
Minneapolis, Minn.
Post-office box 606, Norman, Okla.
326 Ten Eyck Street, Watertown, N. Y.
Care of First National Bank, Bisbee, N. Dak.
Federal Reserve Bank Building, Boston,
Mass.
Sherman, Tex.
First National Bank, Lidgerwood, N. Dak.
331 Federal Building, Milwaukee, Wis.
First National Bank, Hearne, Tex.
Keegan Apartments, l l j ^ West Madison
Street Danville, 111.
715 Federal Reserve Bank Building, Cleveland, Ohio.
1310 Federal Commerce Trust Building, St.
Louis, Mo.
First National Bank, Torrington, Wyo.
875 South Williams Steet, Denver, Colo.
440 Catawissa Avenue, Sunbury, Pa.
Post-office box 361, Ottumwa, Iowa.
407 West One hundred and forty-sixth
Street, New York, N. Y.
504 Post Office Building, Atlanta, Ga.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Post-office box.321, Austin, Tex.
120 United States ""Customhouse, New Orleans, La.
1117 East Broad Street, Columbus, Ohio.
1203 Federal Reserve Bank Building, Chicago, 111.
Post-office box 296, Salina, Kans.
Post-office box 442, Albany, Ga.
1414 Jefferson Building, Philadelphia, Pa.
COMPTROLLER OF THE CURRENCY
757
National Bank Examiners—Continued
Federal
reserve
district
No.
Address
1 2 , Logan, J. M_
2
1
^..
Lorang, Peter J
Luiken, John B
._
Lytle, F r a n k S_
10
11
3
7
McCandless, George T . .
McCans, A. B_________
McConaughy, R. C-_
McCreight, H a r r y A___._
3
7
4
12
2
9
McGarvey, F r a n k S .
McGinnis, Francis J . ( J G )
McGrath, J o h n C
McKee, Joel S
McLean, Charles H
Macdonald, F . G
Madland, L. L
.
Maguire, E d w a r d J
Mann, S t u a r t H
11
11
2
Mansfield, Fred S
Marcom, Roy
Marcuse, Benjamin
6
10
7
5
12
10
1
2
Miles, A. F
Millard, Samuel T_
Miller, Louis A
Moon, Earl W___.
Moore, George M
Morgan, Clarence E. (JG)
Mueller, Arthur M. (JG)
M u r p h y , D. F_
Nieman, R. E_
Nelson, Nels (JG)
10
7
Noone, D . L . ( R e c . ) . . _ _ Norman, Harry A
6
12
1
N o r t h c u t t , V. H . - . :
Oglesby, H . E
Otto, Charles C
Parker, E d w a r d F
Pearson, Herbert (Rec) _
10
7
Peterson, F . R
Potter, Fulton F
436-437 H . W. Hellman Building, Los
Angeles, Calif.
Lenox Hotel, Buffalo, N . Y.
A p a r t m e n t 18, 250 N o r t h Main Street, Concord, N . H .
Care of P a u l C. Keyes, Federal Building,
Aberdeen, S. Dak.
800 Federal Reserve Bank Building, Kansas
City, Mo.
Post-office box 1584, Waco, Tex.
1414 Jefferson Building, Philadelphia, Pa.
1203 Federal Reserve Bank Building, Chicago, 111.
1334 First National Soo Line Building,
Minneapolis, Minn.
1414 Jefferson Building, Philadelphia, P a .
Post-office box 592, Indianapolis, Ind.
733 Federal Reserve Bank Building, Cleveland, Ohio.
406 Customhouse, Portland, Oreg.
Post-office box 926, Buffalo, N . Y.
1334^ First National Soo Line Building,
Minneapolis, Minn.
720*United States Customhouse, New York,
N:Y. •
1310 Federal Commerce T r u s t Building, St.
Louis, Mo.
Post-office box 1Q67, F o r t Worth, Tex.
3521 E u t o p i a Street, Greenville, Tex.
560 West One hundred and forty-fourth
Street, New York, N. Y.
No. 4 T h o r n t o n A p a r t m e n t , Redgate Avenue, Norfolk, Va.
Post-office box 822, Nashville, Tenn.
800 F e d e r a r Reserve Bank Building, Kansas
City, Mo.
335 Federal Building, Rock Island, 111.
Post-office box 752, Cumberland, Md.
238 Central Building, Seattle, Wash.
800 Federal Reserve Bank Building, K a n s a s
City, Mo.
Brock House, R u t l a n d , Vt.
720 United States Customhouse,
New
. York, N . Y.
1334 First National Soo Line Building,
Minneapolis, Minn.
224 Federal Building, Salina, K a n s .
1203 Federal Reserve Bank
Building,
Chicago, 111.
Post-office box 1175, Lakeland, Fla.
Post-office box" 1246, Montgomery, Ala.
406 Customhouse, Portland, Oreg.
Federal Reserve Bank Building, Boston,
Mass.
First National Bank of H a y ward. H a y ward,
Wis.
800 Federal Reserve Bank Building, K a n s a s
City, Mo.
110 N o r t h Adams Avenue, Mason City,
Iowa.
758
REPORT ON T H E FINANCES
National Bank Examiners—Continued
Federal
reserve
district
No.
9
Address
Power, R. E
10
Preussner, Don A__
_.
12
Price, Albert E. (JG)_-_.
5
Ramsdell, Paul C_ ___._.
2
Rasmussen, Frank E
8
Reinholdt, Carl A
10
Riley, Jay M
12
Ritt, Charles J. (JG)_..
11
7
11
9
1
8
7
12
7
Roberts, Joseph H. (JG) _.
Robinson, E. Robert
Roots, J. O
Ross, M. A
.
Ryan, Frank J__
_.
Sailor, Vance L
Sanders, J. L
Sawyer, L. M., jr
Schechter, WiUiam J
Schofield, John W. (U) _ _.
Sellers, W. B
___.
Sevison, Henry__^
Sheehan, W. F
Smith, Clarence F. (WFC)
Smith, George F
Smith, George H
Smith, John H. (Rec)
Smith, Robert F
11
9
9
6
3
4
9
2
:
Smith, Roy E. (Rec)
2
Smouse, M u r r a y C
5
3
9
•..
Snapp, John W
Snyder, Vernon G
Stevens, Lyle T_
Stewart, Adeha M
5
2
Stewart, Charles A
Stillman, Wilham P
9
7
4
Stobie, C. A .
..
Storing, Charles C. (Rec).
Stuart, Robert K _ . l
Swenson, Loren T
9
Swords, George W: (Rec).
2
11
4
5
Thompson, K. W
Thorn, Leslie D
Tripp, Homer S
Tucker, G. H
_.
62 South Dale Street, St. Paul, Minn.
800 Federal Reserve Bank Building, Kansas
City, Mo.
1103 Alexander Building, San Francisco^
Calif.
710-715 Bond Building, Washington, D. C.
720 United States Customhouse, New York^
N. Y. •
St. Regis Apartment, 4954 Lindell Boulevard, St. Louis, Mo.
314 West Twenty-fifth Street, Cheyenne,
Wyo.
1103 Alexander Building, San Francisco,
Calif.
312 Magnolia Building, Dallas, Tex.
651 Kellogg Street SE., Grand Rapids, Mich.
Care of Federal Reserve Bank, Houston, Tex.
17 Magill Block, Fargo, N. Dak.
Federal Reserve Bank Building, Boston,,
Mass.
130 West Adams Street, Kirkwood, Mo.
Post-office box 96, Spencer, Iowa.
436^437 H. W. Hellman Building, Lo»
- Angeles, Calif.
1812 Burns Avenue, Detroit, Mich.
1539 Hay worth Avenue, Hollywood, Calif.
519 Bedell Building, San Antonio, Tex.
17 Magill Block, Fargo, N. Dak.
104 Torrey Building, Duluth, Minn.
Care of Atlanta agency, Atlanta, Ga.
Post-office box 981, Harrisburg, Pa.
Post-office box 336, West Newton, Pa.
Weiser, Idaho.
720 United States Customhouse, New York,
N. Y.
Care of First National Bank, Sterling, Colo.
720 United States Customhouse, New York,
N. Y.
710-715 Bond Building, Washington. D. C.
Post-office box 231, Sunbury, Pa.
1334 First National Soo Line Building,
Minneapolis, Minn.
Room 217, Office of Comptroller of the Cur. rency. Treasury Department, Washington,
D. C.
Post-office box 63, East Falls Church, Va.
720 United States Customhouse, New York,
N. Y.
Post-office box 313, Honolulu, Hawaii.
Lock box 450, Mandan, N. Dak.
Post-office box 536, Waterloo, Iowa.
715 Federal Reserve Bank Building, Cleveland, Ohio.
1334 First National Soo Line Building, Minneapohs, Minn.
425 Summer Avenue, Newark, N. J.
1851 North Eighth Street, Abilene, Tex.
Post-office box 466, New Castle, Pa.
Post-office box 332, Raleigh, N. C.
COMPTROLLER
OF T H E
CURRENCY
759
National Bank Examiners—Continued
Federal
reserve
district
No.
10
6
2
12
Address
Turner, John W
Vann, John R. (Rec) (JG)
Von Arb, E . A
Waldron, Walter J
7
Walker, H a r r y W__ _
7
Wanberg, J. F
2
Watson, Ernest H__
2
W a t t s , J o h n L . (JG)
12
4
10
2
12
Weigand, Charles P_
White, A. J
1_
White, O. W
Whitney, Harold. S.v.
Wilde, M. C_
Williams, C. L. (Rec)_._
9
Williams, F . D. (Rec)-__
12
Williams, T. M
Wilson, C. F
Wood, D . R
Woodside, Hal
Wright, Irwin D___
Wylie, Robert W
Wilson, E. B____Young, William R____._
800 Federal Reserve Bank Building, Kansas
City, Mo. •
Care of First' National Bank, Colquitt, Ga.
720 United States Customhouse, New York,
N . Y.
1107 A. M a t t e l Building, Fresno, Calif.
1203 Federal Reserve Bank Building, Chicago, 111.
1203 Federal Reserve Bank Building, Chicago, 111.
Q
720 United States Customhouse, New York,
N. Y.
720 United States Customhouse, New York,
. N. Y.
327 Federal Building, Pocatello, Idaho.
Post-office box 1058, Pittsbiirgh, Pa.
R o o m 2, King Building, Norfolk, Nebr.
720 United States Customhouse, New York,
N. Y.
•
'
238 Central Building, Seattle, Wash.
Care of Commercial National Bank, Wilmington, N . C.
Care of First National Bank of Fergus
County, Lewistown, Mont.
1103 Alexander Building, San Francisco,
CaHf.
Office of Comptroller of t h e Currency, Washington, D. C.
Pulaski National B a n k Building, Pulaski,
Va.
2619 Broadway, Little Rock, Ark.
1334 First National Soo Line Building, Minneapolis, Minn.
General delivery, Reading, Pa.
Post-office box 477, Council Bluffs, Iowa.
407 Central State National Bank Building,
Memphis, Tenn.
(Rec)=Acting as receiver of a national bank.
(JO)=National bank examiner, junior grade.
(WFC)=Detailed for temporary duty to War Finance Corporation.
(U) = Unassigned.
CONVICTIONS OF NATIONAL BANK OFFICERS AND OTHERS FOR
TIONS OF T H E NATIONAL BANKING LAWS DURING T H E YEAR
O C T O B E R 3 1 , 1925
^
VIOLAENDED
Information furnished by the Department of Justice relative to
convictions during the year ended October 31, 1925, of officers and
employees of national banks, aiid others, for violations of the national banking laws^ is shown in the following statement:
Criminal cases under the national banking laws resulting in conviction during the year ended October SI, 1925
Name of oflScer and others
C B Tambakis
M. C. Wright
Forest P. Hyatt
Pasquale Garcia
John Horton
John IVIiddleton
Stephen Breese
George Uffner
Othar Jensen
J B Deisenroth
Alvin Steckler
James J Gaffney
Arthur Applegate
J. L. McAdams .
E. E. Chi vers
Richard Belisle
George W. Hunter
__
_ _ _
Commercial National Bank, Youngstown, Ohio. Embezzlement
Citizens National "Rank, Rnmtp.r, S, C , .
,.
do
Citizens Union National Bank, Louisville, Ky.. False entries and misapplication.
_ False entries and embezzleManager foreign department Citizens National Bank, Vandergrift, P a . .
ment.
.. _
National Butchers & Drovers Bank, New York, stealing
Bookkeeper
N.Y.
None
..
Aider and abettor
.
do...
-.
do
do
do .
do
do
do. -.do
do .
do
Embezzlement.
First National Bank, Watts, Calif
President
False entries. . .
Assistant cashier
do
General bookkeeper. .
Old National Bank, Evansville, Ind
. . Embezzlement
Iron County National Bank, Crystal Falls, Enibezzlement and false
Cashier
entries.
Mich.
President
Commercial National Bank, Charleston, S. C . . . False entries.
Conspiracy to make false
do
Cashier
_
statement.
Abstraction and false entries.
Clerk
Peoples National Bank, Lakewood, N. J
Teller. . .
Farmers & Merchants National Bank, Redon- Abstraction...'
do, Calif.
Assistant teller
Cashier
. . . . do
_
Leo A Mercen
Mont Berg
Victor J Seidel
T E Cameron
William B Cooper
Thomas E. Cooper
Jordan W Richardson
William M. Jeter
Harold Wallace
H. P. Beckwith
do
President
Clerk
Assistant cashier _.
Former president
President
Vice president
. . do
Cashier
President
._
James S Archdeacon
A. 1 free W Glyim
Teller
Employee
Robert G Gore
John H. Smethers
Transit clerk
Paying teller
'.
.-
....
state National Bank, Ardmore, Okla
First National Bank, Morris, Okla -. . -. WUliamstown National Bank, Williamstown,
W. Va.
Union National Bank, Beloit, Kans*
First National Bank, Quincy, Calif
First National Bank, Altoona, Pa
Home National Bank, Cleburne, Tex
„
.
Commercial National Bank, Wilmington, N. C „
do.State National Bank, Ardmore, Okla
do
-do
.
Northern National Bank, Fargo, N. Dak.
Abstraction
Embez2Jement
do
Date of
sentence
Sentence
Offense
Employee
Teller
do
Oscar Kameninski
T T. Hyde
George L. Dick
Title and location of the bank
Position
.
False entries
Perjury..
Abstraction
. . __ .
Embezzlement
False entries and abstraction
.....do
Perjury and misapplication..
do
. . . . do
.
Misapplication and false entries.
Embezzlement
Security National Bank, Pasadena, Calif
American National Exchange Bank, New York, . . . . do
N.Y.
Misapplication
First National Bank, Muskogee, Okla
Embezzlement
Exchange National Bank, Tulsa, Okla
15 years
15 months
10 months in jail
,
1924
_. Nov. 3
Nov. 5
Nov. 8
1 year and 1 d a y . .
Nov. 14
3 years
Nov. 17
On probation 5 years
do
. . .
.....do.
do
2H years
$500 fine...
4 years
1 year and 1 day
Do.
Do.
Do.
Do.
Do.
Do.
Nov. 20
Dec. 9
.....do
$200 fine
Dec. 10
Do.
1 year and 1 day
__ Dec. 15
10 months in jail and $1,500 Dec. 22
fine.
1925
3 years and 3 days
Jan. 12
$800 fine
Jan. 30
Do.
1 year and 1 day
5 years
$250 fine
$100
fine
1 year and 1 day
18 months
3 years
6 months in jail
3 months in jail
12 months in jail
1 year and 1 day
...
Jan. 31
Feb. 10
Feb. 11
Feb. 17
-.. Feb. 18
Do.
Feb. 25
Do.
Do.
Mar. 2
13 months
Do.
On probation or suspended Mar. 9
sentence, 1 year and 1 day.
$200 fine
Do.
90 days in jail and $500 fine..
Do.
William Stryker..
President.
George Adair
Grbver C. Davies..
John Brodie
S. L. Whitson
Clerk.......
Employee..
do
Cashier....
Thomas B. Wright.
H. R. Parker
A. B. Richardson...
Assistant cashier.
Teller....
Bookkeeper
George C. Hudspeth.
Cashier
F. H. Brown
Vice president..
H. G. Arnold..
C. W. Armell.
Paul Wong
Cashier
Teller
Assistant exchange teller.
Russell Neltner.
E. C. Aiken
W-. B. Morris....
E. F. Strain
Employee..
Receiver...
Cashier
President..
Thomas H. Lang.,
Teller
Chfford S. Heller.
Assistant cashier..
David G. Wilson.
...-do-.
W. K ; Robinson..
Cashier
George D. Rich..
Elmer- Gwinner.
S. A. Summers..
A. R. Steele
Employee
Individual bookkeeper..
Bookkeeper...
-...do--
Earl Fowler.
S. J. Doyle..
do-Cashier.
do_Vice President.
Employee.
Cashier
.
Paul F. Reinking.
L. J. Brian
K. C. Hempstead--.
Charles W. Pardew.
C. E. Hadsell
Wilham H. Camp...
W. G. Baugh
Maurice Wilkins
Sain Hicks, jr
Ivan Glavadanovic.
...
Cashier and vice president.
Assistant cashier.
Bookkeeper....
Employee
'...
.—
Manager foreign department.
—
Security National Bank, Arkansas City, Kans.._ Embezzlement and misappli
cation.
First National Bank, Oakland, Calif
Embezzlement
First National Bank, Lakeland, Fla
False entries
_
Philadelphia National Bank, Philadelphia, Pa.. Embezzlement-.
Citizens National Bank, Centerville, Tenn
Forgery, embezzlement, false
entries, etc.
Citizens National Bank, Vicksburg, Miss.
Embezzlement
First National Bank, St. Anthony, Idahd.
do-Embezzlement, false entries,
Edisto National Bank, Orangeburg, S. C
and abstraction.
First National Bank, Goree, Tex
.,
MisappUcation, false entries,
and embezzlement.
First National Bank, Warroad, Minn..
Abstraction and misapplication.
Embezzlement
First National Bank, Grady, N. Mex..
do-First National Bank, Hanford, Calif
Northwestern National Bank, Portland, Oreg.. Abstraction and embezzlement
Embezzlement...
American National Bank, Newport, Ky..
First Nationial Bank, Sipe Springs, T e x . ,
do-.-..
.....do
First National Bank, Farmville, Va..
Embezzlement, misapphcaFirst National Bank, Gregory, S. D a k . . .
tion, and false entries.
Embezzlement and abstracFirst National Bank, Westville, N. J .
tion.
Mount Holly National Bank, Mount Holly, Embezzlement
N.J.
Lumbermen's National Bank, Menominee,
.doMich.
Embezzlement and abstracFirst National Bank, Volant, Pa
tion.
Abstraction and false entries.
First National Bank, Mounds, 111..
Misapplication
Second National Bank, Toledo, Ohio
Embezzlement
Jackson State National Bank, Jackson, Miss
National Bank of Commerce, Asheville, N. C... False entries
Growers National Bank, Fresno, Calif..
First National Bank, Poteau, Okla
Perry National Bank, Perry, Iowa.
First National Bank, Caddo, Tex..
First National Bank, Oklahoma City, Okla
First National Bank, Monette, Ark
First NationalBank, Fort Wayne, Ind_
Commercial National Bank, Greenville, Tex...
Farmers National Bank, Tazewell, Va
First National Bank, Alexandria, Va
American National Bank, Nashville, Tenn
Merchants National Bank, Los Angeles, Calif..
Abstraction and false entries.
Misapplication and false entries.
Misapplication...
Misapplication, embezzlement, and false entries.
Embezzlement
.MisappUcation
Embezzlement
do
...
do
do..
Abstraction
False entries.
$500 fine and costs
Mar. 10
2 years
1 year and 1 day
3 months in jail
5 years
Do.
Mar. 14
Mar. 21
Mar. 23
$500 fine
18 months
2 years
Do.
Mar. 24
Mar. 25
'.
4 months in jail. ^
Mar. 26
5 years
Apr.
2 years, on probation...
1 year, on probation
2 years
$335 fine.
I year and 1 day
.
3 years..
II months in jail
Apr. 7
Do.
Apr. 8
Apr. 10
Apr. 11
Apr. 13
Do.
On probation
1 year and 1 day
1
Do.
_.
Do.
$1,000 fine...
Apr. 14
2H years
Apr. 15
5 years and $5,000 fine . . . Apr. 20
$100
fine
... Apr. 23
May 4
3 months in jail
Do.
$1 fine and make restitution.
2 years, on probation
18 months and $100 fine ..
1 year and 1 day
14 months...
,
2 years...
—
1 year and 1 day__
2 years and $1,000 fine
2 years
2 years and 6 months
12 months in jail
1 hour in custody of marshal
On probation, report quarterly to United States attorney.
May 5
May 8
May 12
Do.
May
May
May
May
May
June
June
June
13
18
23
27
24
1
3
7
Criminal cases under the national^anking laws resulting in conviction during the year ended October SI, 1925—Continued
Name of officer and others
Position
Misapplication
Embezzlement
Misapplication and false entries.
Embezzlement
_
2 years and $250 fine
3 years, on probation
15 months __
1 year, on probation
Embezzlement and false entries.
Embezzlement
do..^
do
do
Misapplication and conspiracy.
do—-.
Embezzlement
do
Aider and abettor .
Misapplication
Aider and abettor
Embezzlement.-..
1 year and 1 d a y . .
Do.
$500 fine and costs.
do . .
5 years
1 year and 1 day
$500 fine--
June 16
T J McNamara
Employee
J H Risdon
B ookkeeper
J M Tapager
A B Anderson
Herbert E Clark
F W L Haeemah
^
T H McNeill
Cashier
Bookkeeper
Cashier
Vice president
Director _
First National Bank, Lake Mills, Iowa__
First National Bank, Ruthven, Iowa First National Bank, Matoaka, W. Va
Tyincoln National Bank, Cincinnati, Ohio..
Citizens First National Bank, Albany, Ga
J E Fo'y
A J Pohlman
Lonis Steiner
T Smith Bnckman
B J McGurl
W S Mahpr
F L Butzloff
Frank W. Quaite
l-T J Vaniman
Morris H Rothston
Allpn D
BOETETS
T, B Wootprs
Assistant cashier
Employee- - -- Cashier
Offense
New First National Bank, Hartford, Ark
First National Bank, Detroit, Midh. . . .
Farmers & Merchants National Bank, Farmersville, Tex.
Seventh Avenue National .Bank, New York,
N.Y.
Fourth National Bank, Macon, Ga
Walter Harbottle
Flovd Bosserdet
J C Hale
Cashier do.-.•- .
do
.
None
Cashier
None
President
Date of
sentence
Title and location of the bank
Sentence
do
2 years and 6 montns
2 years
-_ . . .
2]/^ years
do
First National Bank, Jes.snp, Pa
...
12 months in jail
2 years .
do
City National Bank, Tipton, Iowa
6 months in jail", $i,5()d fine
and costs.
WaxahachieNational Bank, Waxahachie, T e x . . Abstraction and false entries 1 year and 1 day
Assistant Cashier...
Embezzlement
. : ...
On probation
Vice president and cashier . - First National Bank, T^a Verne, Calif
Fourth Street National Bank, Phfiadelphia, Pa. Theft
Teller
On
probation,
report
'monthly.
Embezzlement .
$100 fine
Emploj^ee
..- Commercial National Bank, Shreveport, La
do
_
2 years
.
Washington Park National Bank, Chicago, 111...
do
do
Assistant vice president
National Bank of Commerce, Houston, Tex
2 years, on probation
.....do
First National Bank, Iron River, .Mich
First National Bank, Roosevelt, N. Y
1925
June 8
Do
June 9
June 10
Do
June 17
July 1
July 4
Do
July 24
Sept. 10
Do
Sept. 17
o
H
O
W
Do
Sept. 23
Sept. 26
Oct. 5
Oct. 8
Oct 10
Oct. 14
Oct 20
>
o
Ul
COMPTROLLER OE T H E CURRENCY
763
FEDERAL RESERVE SYSTEM
The resources of the 12 Federal reserve banks amounted to
$4,960,423,000 October 28, 1925, and exceeded the amount October
29, 1924, by $63,154,000. In this period the gold holdings of these
banks showed a reduction of $261,277,000; bills discounted and bought
an increase of $480,742,000; and holdings of United States Government securities, a reduction of $259,443,000.
Capital stock amounted to $116,602,000, an increase in the year
of $4,649,000, and surplus funds of $217,837,000 showed a reduction
of $3,078,000.
Member bank deposits showed an increase of $64,865,000, and
collection items, an increase of $50,840,000.
Statement showing the assets and liabilities of these banks at the
dates of fall reports, since November 24, 1916, to October 28, 1925,
and principal items of resources and liabilities at the close of each
month since January 28, 1921, follow:
[In thousands of dollars]
N o v . 16,.
1917
N o v . 22,
1918
N o v . 28,
1919
N o v . 26,
1920
Oct. 26,
1921
Oct. 25,
1922
O c t . 31,
1923
Oct. 29,
1924
Oct.,28,
1926
1, 584,328
52,525
681,719
241,906
1,273
2,060,265
55,992
2,078,219
177,314
27
2,093, 641
66,025
2,709, 804
314, 937
2,023, 916
171,364
2, 983,133
320, 614
2, 786,239 '
150,909
1,371,075
190, 946
3,085,083
126,835
727,090
408,636
27
3,111,078
119,219
1,088,498
91,837
317
3,043,826
130,068
437, 969
584,200
2, 782,549
163,443
918 711
324,757
428,544
22, 111
819, oio
3,121
28, 700
i, 013,426
32, 208
709,401
36,152
540,067
65,679
653,493
63, 931
611,271
69,047
611, 709
89,497
084,027
86,936
735,060
3,012,406
5,219, 527
6,230,041
6,244, 580
5,094, 915
5,065,095
5,091,267
4,897,269
55,711
66, 691
26,319
637,072
218, 887
80,025
1,134
113,174
87,001
81,087
98,157
99,020
184,745
15, 909
1, 734,691
103.007
213,824
46,624
1, 669,059
106,277
215,398
23,659
1, 799, 931
109,726
218,369
40,334
1,895,265
111,953
220,915
28,266
2,162,347
116,602
217,837
38,670
2, 227,212
18,180
27,351
23,061
1 2, 298, 536 1 2,224,865 1 1,766,622
37,995
523
539,773
566,510
555,914
25,346
13,305
23,210
31 382
11, 694,771
N o v 24,
1916
ASSETS
Gold
Other lawful m o n e y
Bills discounted a n d b o u g h t
United S t a t e s securities
Municipal warrants.
Federal reserve notes—net
D u e from Federal reserve b a n k s — n e t . .
Uncollected i t e m s .
All other assets
.-
...
.
_..
Total
459,935
17,974
122,593
50,594
22,166
15,414
43,263
'
.
4,960,423
C a p i t a l paid in
_..
Surplus
G o v e r n m e n t deposits
•
-_
M e r u b e r b a n k deposits—net
D u e to m e m b e r a n d n o n m e n b e r b a n k s
All other deposits
F e d e r a l reserve notes—net
^
Federal reserve b a n k notes in circulation
Collection i t e m s . .
All other liabilities. _.
.
Total..
1 In actual circulation.
O
!;^
LIABILITIES
1,501,423
14,296
1,028
-
.
634
735,060
1,943, 232
1, 718,000
22,873
» 972, 585 1 2, 555, 215 1 2, 852, 277 1 3,325, 629 1 2,408, 779
214, 610
80,504
256, 793
8,000
88,024
582,442
620, 608
861,436
240,437
466,044
107, 534
50,867
50,058
4,383
76, 681
3,012,406
5, 219, 527
6, 230, 041
6,244, 580
5,094, 915
5,065,095
5,091,267
4,897,269
617,350
16 599
4,960,423
o
W
t2^
>
O
m
765
COMPTROLLER OE THE CURRENCY
The principalfassets and liabilities of the 12 Federal reserve banks
at the close of businesseach month, from January 28, 1921, to October 28, 1925, are shown in the statement following:
[In millions of dollars]
Assets
Year
Gold
Other
currency
Liabilities
Bills dis- U n i t e d
c o u n t e d States
and
securibought
ties
Aggregate
assets
Capital
1921
J a n . 28
F e b . 25
M a r . 25
A p r . 27
M a y 25
.June 29
J u l y 27
A u g . 24
S e p t . 28
O c t . 26
N o v . 30
D e c . 28
Surplus
Gross
deposits
Circulation
2,106
2,140
2,211
2,318
2,393
2,462
2,531
2,619
2,726
2,786
2,849
2,870
•-.
2,622
2,567
-2,410
2,167
1,957
1,803
1,670
1,531
1,442
1,371
1,255
1,294
287
287
283
268
306
257
249
239
224
191
205
241
5,862
5,861
5,753
5,504
5,380
5,242
5,150
5,053
5,107
5,095
5,044
5,151
100
101
101
101
102
102
102
103
103
103
103
103
202
202
202
202
202
202
214
214
214
214
214
214
2,239
2,279
2,295
2,157
2,131
2.098
2,108
2,071
2,159
2,205
2,206
2,223
3,293
3,241
3,106
2,986
2,880
2,767
2, 663
2,599
2,669
2,497
2,442
2,528.
2,904
2,947
2,975
2,995
3,008
3,021
3, 055
3,063
3,077
3,085
3,073
3,040
155
134
128
130
123
127
127
132
126
127
130
108
933
804
739
583
590
623
536
576
658
727
909
876
250
355
441
567
603
557
541
498
451
409
304
458
4, 7 8 l '
4,789
4,816
4,860
4,847
4,905
4,863
4,849
4,970
5,065
5,081
5,305
103
104
104
104
105
105
106
106
106
106
107
107
216
215
215
216
215
216
216
215
216
216
215
215
2,177
2,198
2,214
2,333
2,293
2,370
2,331
2,297
2,336
2,382
2,381
2,479
2,269
2,266
2,262
2,237
2,212
2,192
2,190
2,207
2,289
2,337
2,351
2,476
3,076
3,073
3,064
3,085
3,109
3,111
3,114
3,121
3,117
3,111
3,112
3,071
206
176
178
165
148
164
160
149
150
117
144
136
786
803
964
911
989
979
937
989
1,034
1,088
1.083
1,194
364
363
249
194
189
135
96
94
92
92
84
104
5,014
5,087
5,068
5,041
5,073
5,038
4,953
4,967
5,078
6,091
6,098
6.169
108
109
109
109
109
109
110
110
110
110
110
110
218
218
218
218
218
218
218
218
218
218
218
218
2,471
2,499
2,492
2,473
2,476
2,462
2,410
2,393
2,481
2,515
2,498
2,473
2,307
2,250
2,235
2,226
2,252
2,229
2,196
2,226
2,248
2,226
2,247
2,341
3,143
3,123
3,123
3,120
3,118
3,156
3,155
3,115
3,069
3,044
3,046
2,937
.
214
217
211
187
165
164
154
147
163
151
140
123
180
168
151
152
143
169
165
132
130
130
122
173
794
795
685
572
516
395
318
312
352
438
602
701
121
166
257
302
333
430
605
542
576
584
582
540
4,842
4,890
4,851
4,811
4,725
4,791
4,740
4, 704
4,812
4,897
4,960
5,096
110
111
111
111
111
111
111
112
112
112
112
112
221
221
221
221
221
221
221
221
221
221
221
218
2,476
2,622
2,521
2,539
2,486
2,699
2,634
2,618
2,737
2,784
2,203
2,311
2,021
2,023
1,983
1,926
1,891
1,844
1,762
1,741
1,730
1,767
1,845
1,862
2,939
2,894
2,867
2,851
2,838
2,811
2,791
2,762
2,760
2.783
218
192
197
197
196
204
202
177
154
163
681
761
685
667
692
697
679
781
901
919
394
365
344
349
349
325
330
332
343
325
4,800
4,942
4, 787
4,750
4,757
4, 749
4,680
4,728
4,906
4,960
112
114
114
116
116
116
116
116
116
117
218
218
218
218
218
218
218
218
218
218
2,265
2,270
2,184
2,187
2,202
2,210
2,201
2,237
2,268
2,297
1,684
1,729
1,709
1,684
1,671
1,634
1,598
1,616
1,685
1,695
1922
J a n . 25
F e b . 21
M a r . 29
A p r . 26
M a y 31 .
J u n e 28
J u l y 26
.
A u g . 30
•Sept. 27
O c t . 25
N o v . 29
Dec. 2 7 . . .
1923
J a n . 31
Feb. 28..^
M a r . 28
A p r . 25
M a y 29 .
J u n e 27
J u l y 25 . A u g . 29
•Sept. 26
O c t . 31
N o v . 28
D e c . 26
_
—
..
1924
J a n . 30
Feb.27
Mar.26
A p r . 30
M a y 28
-June 25
. . .
J u l y 30
A u g . 27 .
:Sept. 24
Oct. 29 .
N o v . 26
Dec.31...
1926
J a n . 28
F e b . 25
M a r . 25
A p r . 29
M a y 27 .
J u n e 24
J u l y 29.
Aug.26
:Sept. 30
•Oct. 28
^.. . .
766
REPORT ON T H E FINANCES
Percentage of bills discounted secxired by United States Government obligations to
total bills discounted and purchased by Federal reserve banks at the end of each
month, year ended October 31, 1925
[In thousands of dollars]
^
Discounted
bills secured
by United
States
Government
obligations
Date
1924
Nov. 29
Dec.31
112,694
186,840
665, 696
701, 228
20.3
26.6
169, 539
263,107
207, 694
233,921
228. 244
245, 321
272, 258
308, 990
316, 794
299, 431
,.—-
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
'June 30July 31
Aug. 31
Sept. 30
Oct. 31
Percentage
of discounted
bills secured
Total
by Govholdings of
ernment
discounted
obligations
and purto total
chased bills holdings of
discounted
and purchased bills
624,891
731,184
710, 767
691,063
739, 233
733,976
713, 618
789, 241
901, 498
963,076
27.1
36.0
29.2
33.8
30.9
33.4
38.2
39.2
35.1
31.1
1925
-
..-
FEDERAL RESERVE BANK DISCOUNT RATES
The discount rates of each of the 12 Federal reserve banks, in
effect October 31,1925, with relation to each class of paper, are shown
in the following statement:
Discount rates of Federal reserve banks in effect October 31, 1925 .
Paper maturing—
After 90 days
but within 9
months
Within 90 days
Federal reserve bank
Commercial, Secured by
agricultural, United States Bankers'
and livestock Government ' acceptances
paper, n. e. s. , obligations
Boston.New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapohs..
Kansas C i t y Dallas
San Francisco
3^2
m
334
334
334
33^'
4
4
4
4
4
4
4
3M|
Trade
acceptances
334
334
33/2
4
4
4
4
4
4
4
334
334
334
334
4
4
4
4
4
4
4
Agricultural *
•
and livestock
paper
334
334
3K2
3H
334.
3M
4
4
4
4 j
4
4
4 I
4 I
4
4
4
4
334
4
4 an agricultural purpose and secured by warehouse re1 Including bankers* acceptances drawn for
ceipts, etc.
767
COMPTROLLER OF THE CURRENCY
DISCOUNT RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH
CITIES
Customary rates charged on various classes of loans and discounts
in the cities in which Federal reserve banks and their branches are
located, as reported by representative banks to the Federal Reserve
Board, for weeks ended October 15, 1924, and September and October
15, 1925, are shown in the following statement.'
In publishing this information, the Federal Reserve Board called
attention to the fact that the rates given are not averages, but are
those at which the bulk of paper of each class, was handled by the
reporting banks. In instances where reports did not indicate clearly^
the rate covering the bulk of paper handled, a range of rates most
commonly charged, was given.
Discount and interest rates prevailing in various cities during iveeks ended October
15i 1924, and September and October 15, 1925
C u s t o m e r ' s p r i m e commercial p a p e r
I n t e r b a n k loans
30-90 d a y s
District a n d city
L o a n s secured b y
Liberty bonds
4-6 n i o n t h s
Oct., Sept., Oct., Oct., Sept., Oct., Oct., Sept., Oct., Oct., Sept., Oct.,
1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924
1—Boston
2—New Y o r k
BufiEalo
3—Philadelphia
4—Cleveland.
Pittsburgh
Cincinnati
6—Richmond
Baltimore
6—Atlanta
Birmingham
Jacksonville
N e w Orleans
Nashville
7—Chicago
Detroit
8—St. Louis
Louisville
Little Rock
9—Minneapolis
Helena
10—Kansas C i t y
Omaha
Denver
Oklahoma City..
11—Dallas
E l Paso
Houston
12—San F r a n c i s c o . . .
Portland
Seattle
Spokane
-•-.
Salt L a k e C i t y . .
Los Angeles
4 -5
4f-5
5 -6
5
5^6
6
6
5f-6
4f-5^
6 -6
6
6 -8
5 -6
6^6
4f-5
4^5
6
5 -6
4i
8
5
5
6
6 -7
4i-6
4^8
5 -6
4i-5i
6 -7
6
6 -7
6 -6
6
4J-4I
4i-5
5 -6
4^5
6§-6
5 -6
5 -6
5M
4^51
5 -6
6
6 -8
5 -6
6^6
4 -5
4§-6
4^5
^6
4i
3^5
6 -6
4 -4^
5 -6
5 -6
5^6
5 -5§
4f-5i
5-6
5 -6
3f-8
5 -6
6
4 -5
4^6
3f-5
6 -6
4Mi 4^5
4 -6
6
6 -7
4^-6
4^8
5 -6
5 -5^
6-7
6
6 -7
6 -6
8
5 -6
4 -6
4^6
6-7
4 -6
. 8
5 -6
4^5
6
6
5 -7
4i-5
4J-6
6
5
5^6
6
6
5 -6
4§-5^
5 -6
6
4 -8
5 -7
5
4^5^
4i-5
4i-5
6
4-^5
5f-6
6 -6
5 -6
5 -5^
4^51
5 -6
6
4i-8
5 -7
5
4f-6
4J-6
4f5
4^2-5
6
6
6
6
4^5i
4^
8
8
5 -5§
5^6
6 4 -6
6
6
5 -7 6 -7
4i-6
4i-6
4f-8 4 ^ 8
5 -6 5 -6
4^51 5 -5i
6
6
6
6
4i-7
4i-6§
6
6
4^
3^6
6
4-4f
5 -6
5 -6
5^6
5^
4^5•i
5 -6
6 -7
3M
5 -6
6
4
4i-5
5
6
6
6
6^
4^5^
4f-5^
5 -6
5 -6
5 -6
5 -6
5i-6
5 -5-^
4^6
3^5
6
6
4f-5j
8
5 -6
4^6
41
6-7
4 -6
8
5 -6
4^-5
5 -5^
5
5^6
5^
6 -8
6
6
6 -6i
6 -7
5 -6
6 -7
5
6 -7
4-6
6-7
6 -7
6-7
6
^r^
6
6
6-6i 5 -6^
'4
4 -5
5
4^6
6 -6
6 -5^
5
4^51
6-6
5 -6
5-6
5 -6
5^6
5 -bl
5
5 -5^
5
5^6
5-^
6-8
6
5i-6
6-6^
6 -7
5 -6
6 -7
4f-6
5 -6
6
5 -6^
6 -7
6-7
6
4
4MI
5
°4 -6
5
6
6 -6i
4^5
4§-6;
5 -6
5.-6
6
4^51
6
5 -5§
4f-5i
5 -5i
5
G
5^-6
7
5 -6
5-1-6
6 -7
6 -7
4 -6
6 -8
4^5
6 -6
6
6
4^41
4-4J
5 -6
4-^
6 -6
5 -6
6 -61
6 -6
5
4f-6'
6
4-8
5 -6
5^6
4^5^
5 - '
5 -5^ 5 -5^
6
5 - 6 5 -6
4i
4i-4|
5 -6
4^-5
6 -6
6
• 5i51-6
5
4f-6
6
4 -8
5 -6
5f-6
4^-6
5 -6
5
6
5 -6
5-6
7,-8
6
5 -6
6 -7
6
6 -7
6-8
6 -7
6 -7
6 -6
7-8
5-6
5§-6
6 -7
6
6 -7
6
6 -7
4Mf
4 -5
6^6
4 -4^
5 -6
5 -6
6 -5^
5 -6
5 -6i
4^6^
6
6-81
6-6
5 -6
4^5^
4^6
5 -5^
5
4^6
5-6
6
6 -7
4-6
7 -8
5-6
5 -6
6 -7
768
REPORT ON THE FINANCES
Discount and interest rates prevailing in various cities during weeks ended October
15, 1924, and September and October 15, 1925—Continued
L o a n s secUi-ed b y stocks a n d b o n d s
L o a n s secured b y
warehouse receipts}
Demand
D i s t r i c t a n d city
Oct., Sept., Oct., Oct., Sept., Oct., Oct., Sept.
1925 1925 1924 1925 1925 1924 1925 1925
1—Boston
2—New York
Buffalo...
3—Philadelphia
'4—Cleveland
Pittsburgh.
Cincinnati
5—Richmond
Baltimore
6—Atlanta....
Birmingham
Jacksonville
N e w Orleans
Nashville.
7—Chicago
Detroit
8—St. L o u i s .
Louisville
Little Rock
9—Minneapolis
Helena
10—Kansas C i t y
Omaha
Denver..
Oklahoma City
11—Dallas
El P a s o . . .
Houston
12—San Francisco
Portland
Seattle
Spokane
Salt L a k e C i t y
Los Angeles
5
4§-5
5 -6
6
5^-6
6
5
5^-6
5 -5i|
5 -6
6
4|-8
5 -6
5i-6
4^5
4 -6
6
4^-5
5 -6
6
•5 -6
7 -8
4-F6
1 . . 5 -6
6 -7
6
8
6 -7
6 -7
5
4^-5
5 -6
4i
5i-6
5 -6
5 -5)
5^6
5 -5]
5 -6
6
5 -8
C a t t l e loans
Time
3
2Mf|
5 -6
31-5
6"
5 -6
5}
5 -6
4^51
5 -6
4-t-5
5
5 -6
41-5
4^-5
6
4>
5i-6 5f-6
6 6 -6
bi 5 - 5 ^
5^-6
5i
5^5f| 6f-5f
5 - 7 5 -7
6
6
6 -7 4^-8
5 -6 5 -6 H-s
5f-G 51-6 5 - 6
4 ^ 5 4 -6 4 ^ 5 5^-6
4-^5
5 -6 41-6
4^5-^] 4 - 5 i 4f-6 .5-6
4^5^^!
6
5ij
bi
6
6
6
4^-5 4f-5* 4 i - 5 | 4|-5i6 -8
5 -6 5 -6
6
4i-6
4i-6
5 -6 5 ^ 7
5 -6 5 -6
6 -7 6 -7 6 - 7 6 - 8
5 -6 6 -7 5 -6 5 -6
8 6-8
8
8
5 -6 5 -6 5 -6 5 -6
5 - 6 5 -6
6 5 -6
6 - 7 6 -7 6 -7 6 - 7
6
6
6
6
8
8 6 -8
7
6
6 6 -7
7
6 - 7 6 - 7 6 - 7 6 -7
•n
4i-5
5 -6
3A..4
' G
5 -6
5^-6
5 -6
4^5^|
5 -6
6 -7
6 -8
5 -6
5^-6
4i-5
ih-b
6
5
5^6
6
6
5i-6
6
5 -G
C
4|-8
5 -6
5^-6
4^5
ih-b
6
4A-5^
5^6
6
5 -7
bi
6
5 -6
6
4f-8
5 -6
51-6
5 -6
5 -6
5 - 6 I,
4 -bi ^ - b i \ 4i-5i|
6
6
6
G
6 -7
4M
8
5 -6 5 -6 5 -6
6
6
5^-6 6 -7 6 -7
6 -7 6 -7 6 - 7
5 -8 5 -6 5 -8
8
8
8
5 -6 5 -6 5 -6
5 -6
6
6-7
6 -7
6 -7
7
7
6 -7
5.-7
6 -7
7
6-7
Oct., Oct., Sept.
1924 1925 1925
Oct.,
1924
4 -5
6
41-6
5^-6
6.
6 -7
bi
5 -5i
5 -6
6
4^7
5 -7
5i-6
5 - 6 I 5 - b h 5 - 6 5 -6
5 -6 !
5"-6"
ii-bi\ 5 - 6
6
6 -7
6 -7
.....
6
6
6
6
5
-6
-7
-8
-8
-7
5 -6
6
6 -7
6 -7
7
7
7
6 -7
7
6 -7
6 -8
7 -8
8
6-8
6 -7
5^-7
7 -8
6 -7.
6 -7
6 -8
7 -8
7 -8
8-10
6-8
6 -61
7
7-8
. 7
6'-7" 6 -7
7 -8 7 -7i
7
RATES FOR MONEY IN NEW YORK
The range of rates for various classes of paper in the New York
money market, in the year ended October 31, 1925, supplemented by
information relative to the range of rates annually since 1916, is
shown in the statements following furnished by the Financial and
Commercial Chronicle.
The low point in the rate of call loans, was 2 per cent, the high point
was 6, and.the range during the month of October last, was from 4
to 6 per cent. The high point for 60-day paper was 5 per cent, the
low point, 33^, and the range during. October was 4 3^ to 5 per cent.
The high point for double-name commercial paper was 4 ^ per cent,
the low point, 33^, with rates during the month of October which
ranged from 4 ^ to 41^..
„
The rates for sterling bills, 60-day, sight, and cable transfers,
ranged from $ 4 . 5 0 ^ in November, 1924, to $4.85 in October, 1925.
769
COMPTROLLER OF THE CURRENCY
Rates for money in New York
1925
November
Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
.,
Commercial paper:
Double n a m e s Choice,! 4 to 6 months.
Single n a m e s Prime,' 4 to 6 monthsGood, 4 to 6 months...
2
-4
234-3M
2M-334
3 -3H
3 -r"
3K-3M
December
January
2M-5
2
2 -QH
3M-3^
334-4
334-4
3^-4
March
April
3>^-5 ,
-634
3M-3^
334-4
334-4
3M-4
3K-4
3H-3M
3M-4
3M-4
3M-3M
3^-4
3^-3M
334-4
334-4
3M-4J^
3M-4K
3^-4
3^-4M
4 -4H
4 -4^
4 -4H
3H-3M
3-334
3 -3M
3^-3M
February
3M-4
3^-4
B%-4H
3H-3M
3^^
3M-4
4 -4H
3^-4;^
4 -4^
3M-4M
3M-4K
1926—Continued
May
Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
Commercial paper:
Double n a m e s Choice,' 4 to 6 months
Single nanies—
Prime,' 4 to 6 months.
Good, 4 to 6 months..
June
July
August
September
October
3M-434
3M-5
334-6
4
-434
334-6
334-3^
3^-4
3M-4
3M-4
3^-4
33^-4
3M-4
3M-4
3^-4
3M-4
3M-4M
3^-4^
-4H
-.-•'
.-4^
4K-434
3M-4M
3^-434
4
4
4
4
3K-4
3M-4
3M-4M
3M-4M
4 -4H
4J<-4H
3^-4
4 -4M
3M-4
4- 4H
3M-4M
4 -434
3^-4M
4 -4K
4-
4J€-434
4M-434
434-4^
• '
43^-4>^
4M-4M
434-4^
434-4M
434-5
4H-6
434-5
434-5
4)^-5
' Rates for choice double and prime single names are identical.
NOTE.—60 and 90 day paper no longer quoted, as little or no paper of these short maturities is now being
made. As rates previously, however, for 60 to 90 day paper were identical with those for 4 to 6 months
paper, present rates are properly comparable with previous rates, the standard for all recent years being
4 to 6 months paper.
Rates for sterling bills
[Range for month]
60-day
1924
November
December...
January
February
March
April
May
June
July
August
September
October
Sight
Cable transfers
$4.50M-4.61^
4.60K-4.7134
•
$4.5334-4. e^Vs
4.63^-4.73%
4. 71^-4. 7714
4. 71H-4. 77
4. 73M-4:. 76
1925
$4.53M-4.63%
4. 63H-4. 73H
4. 74M-4. 8 0 ^
4. 7434-4. 79M
4. 75^-4. 7^
4. 77M-4.84M
4. 843^-4.86i^
4. 85M-4. 86
4. 84M-4. 86H
4. 8434-4. 8534
4. 83J^-4.85
4. 8334-4. 84M
4.74^-4.80%
4.73^-4.79^
4.76 -4.79^
4.7734-4.84%
4.84%-4.86A
4.85M-4.8634
4.853^-4.86M
4.85%-4.85M
4.843^-4.85%'
4. 83%-4.86
4. 743<-4. 8i:
I
4. 8234-4. 8334
4. 81M-4. 8 2 ^
4. 8134-4. 823^
4.81 -4.82
4.80K-4.81J^
--.-
60501—Fl 1925t-
-49
Comparison of the range of rates for callloans, 60-day time loans, and two-name commercial paper loans in New
York annually for 1916 to 1925 is shown in the statement following:
•a
O
Range of rates for money in New York annually, 1916 to 1925
1917
1916
1920
1919
1918
•
Range
Range Range
Range Range
Range
Range Range
Range Range
High Low for Defor
High Low for DeHigh Low for DeHigh Low for DeHigh Low for Defor
for
for
for
cember January
cember
January
January
cember January
cember January
cember
Call loans
Tune loans (60 days)
Commerical (2-name)--.
134-3
234-2M
3 -zy^
15
134 2K-15
ti
1}4^H
10
5M
3 -6
234 bHrbVi
33^ b}4~bH
234-6
5 -6
bH-bH
6
6
6
2
5
6M
m
5^1
6 -5%
30
7
6
2 534-25
5 6-7
5 6M-6
6-20
7-8
6
26
m
6 6 -7
7 7 -734
6
8
^
n
§
1921
1922
1924
1923
i
1925
Range Range
Range Range
Range Range
Range
Range Range
Range
High Low for OcHigh Low for DeHigh Low for DeHigh Low for DeHigh Low for Defor
for
for
for
for
cember January
cember January
cember January
January
cember January
tober
Call loans.
Time loans (60 days)
Commercial (2-name)...
6 -8
6 -734
734-8
9
734
8-
334 4H-6
6 -bVi
6
6 -bK
5
3 -6
6
2% 3M-534 3H-534
4^-5
4K2-454
6
bH
bH
334
434 4M-5
434 4M-5
3^-6
434-5
4^-5
6
6
5
2 2H-5
2 2 -ZH
3 ZH-ZH 331^3^
6
5
434
2 4 -6
ZH 4H-5
334 4^-434
i
i
Q
D
COMPTROLLER OF T H E CURRENCY
771
NEW YORK CLEARING HOUSE
The number of banks comprising the New York Clearing House
Association was reduced from 40 to 36, in the year ended September
30, 1925, as disclosed by statistics furnished by Mr. W. J. Gilpin,
manager of the New York Clearing House Association.
The capital of these banks was 1326,350,000; the aggregate clearings in the year amounted to $276,873,935,000 and showed an increase
over the prior year of $41,375,286,000. Aggregate balances amounted
to $29,721,103,000; average daily clearings were $913,775,000, and
the average dail}^ balances were $98,089,000. The percentage of
balances to clearings was 10.73.
CLEARING HOUSE ASSOCIATIONS IN THE 12 FEDERAL RESERVE BANK
CITIES, AND ELSEWHERE
The transactions of the clearing house associations in the 12
Federal reserve bank cities in the year amounted to $404,498,906,000
and exceeded the amount in the prior year by $53,803,053,000.
The total clearings of associations in 24 other principal cities, each
of which had clearings in excess of $1,000,000,000, amounted to
$65,752,142,000, and showed an increase of $5,140,756,000.
The aggregate clearings of all associations reported amounted
to $505,298,883,000; and exceeded the amount in the year ended
September 30, 1924, by $62,605,097,000.
The clearings of associations in the 12 Federal reserve bank cities,
equaled 80.05 per cent of the total clearings of all associations in the
United States, and the increase in the clearings during the year, of
the associations in these cities, was 85.94 per cent of the total increase:
Tables showing the following information are pubhshed in the
appendix to the report of the Comptroller of the Currency. Comparative statement of the New York Clearing House, annually since 1854;
comparative statement of the transactions of the New York Clearing
House in years ended September 30, 1925 and 1924; exchanges, balances and percentages of balances to exchanges, etc., by the New
York Clearing House annually since 1893; comparative statement of
the exchanges of clearing houses of the United States by cities, for
years ended September 30, 1925 and 1924; and comparative statement of transactions of clearing house associations in the 12 Federal
reserve bank cities and elsewhere, in years ended September 30, 1925
and 1924.
BANKS OTHER THAN NATIONAL
Due to the cooperation of officials of banking departments of the
several States, the comptroller is enabled to present in this report, as
required b}'' section 333, Revised Statutes, statistics with respect to
each class of reporting banks other than national.
STATE ( C O M M E R C I A L ) BANKS
The total resources of 16,983 State (commercial) banks amounted
to $15,979,238,000 June 30, 1925, and showed an increase in the year
of $1,163,227,000, notwithstanding a reduction in the number of
reporting banks of 453.
772
g
REPORT ON THE FINANCES
Loans and discounts were $9,282,839,000, an increase in the year
of $416,871,000; overdrafts were reduced $4,270,000, and investments in United States Government securities and other miscellaneous bonds and securities aggregated $3,052,172,000 and showed an
increase of $334,017,000.
Banking house, furniture, and fixtures, showed an increase in the
year of $29,645,000, and other real estate owned was increased
$23,494,000.
Balances due from correspondent banks and bankers, including
lawful reserve with Federal reserve banks, amounted to $1,851,068,000
and showed an increase of $212,183,000; checks and other cash items
were increased $50,222,000; exchanges for clearing house showed an
increase of $43,377,000, and cash on hand, an increase of $11,319,000.
Other resources showed an increase of $46,369,000.
The capital stock of these banks was $1,062,264,000, an increase
of $645,000; surplus funds amounted to $644,420,000, an increase of
$41,634,000, and undivided profits were $226,988,000, and showed an
increase of $18,232,000.
Aggregate deposit liabilities were $13,402,017,000, an increase in
the year of $1,089,304,000. The increase in individual deposits
(demand and time), was $927,520,000; in deposits to the credit of.
correspondent banks, $140,120,000; in certified checks and cashiers'
checks outstanding, $12,628,000 and in United States deposits $9,036,000.
Paper rediscounted with Federal reserve banks and elsewhere
amounted to $59,124,000 and showed a reduction in the year of
$46,353,000, and other obligations for money borrowed, represented
by bills payable, totaled $244,782,000 and showed an increase of
$11,853,000. Other liabilities were increased to the extent of
$47,912,000.
. . . .
A summary of the resources and liabilities of State (commercial)
banks, on the date indicated, follows:
Summary of reports of condition of 16,983 State (commercial) banks in the United
States and island possessions at the close of business June 30, 1925
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
On demand (secured by collateral other than real
estate)
.284, 743
On demand (not secured by collateral)
84, 693
On time (secured bv collateral other than real
estate).-.1
__
303,840
On time (not secured by collateral)
586, 475
Secured by farm land
165, 496
Secured by other real estate
152, 243
Not classified
7, 705, 349
Total
9, 282, 839
Overdrafts
35,819
Investments (including premiums on bonds):
United States Government securities
525, 233
State, county, and municipal bonds
221, 495
Railroad bonds
.
68, 589
Bonds of other public service corporations (including
street and interriiban railway bonds)
._.
145, 055
Other bonds, stocks, warrants, etc
^_ —- 2, 091, 800
Total
.---
3, 052,172
COMPTROLLER OF THE CURRENCY
773
Banking house (including furniture and
fixtures)
430, 278
Other real estate owned
144, 660
Due from banks
1, 243, 607
'Lawful reserve with Federal reserve bank or other reserve agents. _
607, 461
Checks and other cash items
323, 365
Exchanges for clearing house
198, 869
Cash on hand:
Gold coin
.-_-.
13, 244
Silver coin
15, 511
Paper currency
167, 794
Nickels and cents
1,122
Not classified
160, 289
TotaL-.
Other resources
'._-.^
.
357,960
.
Total resources
.
302, 208
.
15, 979, 238
LIABILITIES
Capital stock paid in
1, 062, 264
Surplus
644,420
Undivided profits (less expenses and taxes paid)
226, 988
Due to all banks.
.-.._.
606, 493
Certified checks and cashiers' checks
95, 845
Individual deposits (including dividends unpaid and postal savings):
Demand deposits—
Individual deposits subject to check
4, 447, 178
Demand certificates of deposit
342,678
Dividends unpaid
'
9,952
Time deposits—
Savings deposits, or deposits in interest or
savings department
2, 946, 336
Time certificates of deposit
1, 264, 818
Postal savings deposits
..
4, 807
Not classified
.
3, 666, 984
Total
,
- , 12, 682, 753
United States deposits (exclusive of postal savings)
16, 926
Notes and bills rediscounted
.
.
59, 124
BiUs payable (including advances received from War Finance Corporation and certificates of deposit representing money borrowed) _
244, 782
Other liabilities
.
__.
339, 643
Total liabilities
.
..__ 15, 979, 238
LOAN AND TRUST COMPANIES
The returns from 1,680 loan and trust companies J u n e 30, 1925,
with total resources of $11,565,549,000, showed an increase of 16
companies and an increase in resources of $1,241,772,000, since June,
1924.
Loans and discounts of $6,122,785,000 showed an increase of
$828,965,000; overdrafts were reduced $1,474,000 and investments
in bonds and securities amounting to $2,801,346,000 showed an
increase of $52,921,000.
Banking houses, furniture, and fixtures were valued at $11,459,000
more than a year ago, and holdings of other real estate were increased
$5,353,000.
Balances due from correspondent banks and bankers, including
lawful reserve with Federal reserve banks, amounted to $1,249,093,000 and showed an increase of $175,119,000; checks and other cash
items were increased $21,866,000; exchanges for clearing house
774
REPORT ON THE FINANCES
$4,112,000 and cash on hand $13,743,000. Other resources showed
an increase of $129,708,000.
Capital stock was $643,451,000 and showed an increase of $22,436,000; surplus funds were increased $50,944,000, and undivided profits
increased $18,088,000.
Balances due to correspondent banks totaled $871,720,000 and
showed an increase of $233,372,000; certified checks and cashiers'
checks were increased $11,034,000; individual deposits (demand and
time) were $8,536,860,000, an increase of $751,529,000, and United
States deposits were reduced $1,041,000. The net increase in deposit
liabilities was $994,894,000.
Liabilities incident to the rediscount of paper with Federal reserve
banks and elsewhere were $34,244,000, and showed an increase.of
$12,162,000; bills payable amounted to $95,787,000, an increase of
$18,211,000. Other liabilities increased $125,037,000.
The resources and liabilities of loan and trust companies, June 30,
1925, are shown in the following statement:
Summary of reports of condition of 1,680 loan and trust companies in the United
States at the close of business June SO, 1925
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
On demand (secured by collateral other than real
estate)
683, 943"
On demand (not secured by collateral)
167, 806
On time (secured by collateral other than real
estate)
.-.
294, 197
On time (not secured by collateral)
793, 457
Secured by farm land
18,353
Secured by other real estate.
681, 177
Not classified
3, 483,-852
Total
-_
6, 122,785
Overdrafts
_.
3,722
Investments (including premiums on bonds):
United States Government securities
349, 144
State, county, and municipal bonds
88, 314
Railroad bonds
291, 901
Bonds of other public service corporations (including street and interurban railway bonds). _
181, 989
Other bonds, stocks, warrants, etc
1, 889, 998
Total
--.Banking house (including furniture and
fixtures)
Other real estate owned
.
Due from banks
Lawful reserve with Federal reserve bank or other reserve agents..
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
.
4, 225
Silver coin
5,566
Paper currency
94, 815
Nickels and cents
735
Not classified
.
54, 764
Total
Other resources
._-.
Total resources
__._
2,801,346
248, 221
46, 776
499,984
749, 109
467, 969
35, 017
160, 105
430, 515
11, 565, 549
775
COMPTBOLLEE OF T H E CUBBBKOY
LIABILITIES
Capital stock paid in
^
Surplus
.Undivided profits (less expenses and taxes paid)
Due to all banks
_.Certified checks and cashiers' checks
__Individual deposits (including dividends unpaid
postal savings):
Demand deposits—
Individual deposits subject to check
Demand certificates of deposit
Dividends unpaid
Tipae deposits—
Savings deposits, or deposits in interest or
ings department.
Time certificates of deposit
Postal savings deposits.
Not classified
._.
.
-
-- •
and
^-sav-
.-.
643, 451
723, 209
159, 036
871,720
41, 307
2,615,515
65, 774
6, 470
1,659,180
176, 547
5,186
4,008,188
Total.--'.
•-,
-- 8, 536, 860
United States deposits (exclusive of postal savings)
-__._15, 741
Notes and bills rediscounted
1_
J34,244
Bills payable (including advances received from War Finance
Corporation and certificates of deposit representing money
borrowed).
95,787
Other liabilities..
444, 194
Total liabilities.:.. — . -
.
..-.
__- 11, 565, 549
PRINCIPAL ITEMS OF RESOURCES AND LIABTLTTIES OF LOAN AND TRUST
COMPANIES IN JUNE OF EACH YEAR, 1914 TO 1925
|f The principal items of resources and liabilities of loan and trust
companies for years ended June 30, 1914 to 1925, inclusive, are
shown in the statement following :
[In millions of dollars]
Year
Number
1,564
1914
1,664
1915
1,606
1916
1,608
1917
. 1,669
1918 _
1,377
19191,408
1920 1,474
1921
..._
1,550
1922
1,643
19231,664
1924
•1,680
1926---——.
Loansi
2,905. 7
3,048. 6
3,704.3
4,311. 7
4,403. 8
4.091.0
4,601.5
4,277.1
4,345.4
5.064.1
5,299. 0
6,126.6
Investments
1.261.3
1,349. 6
1.605.4
1,789.7
2,115. 6
2,069.9
1,902.1
1,942.6
2,311.1
2,423.8
2, 748. 4
2,801.3
Capital
Surplus
and profits
462.2
476.8
475.8
505. 6525. 2
450. 4
475. 7
615.6
532.3
691. 4
621. 0
643.4
564.4
577.4
605. 5
641. 8
646.9
588. 6
612.1
649.5
680.2
739.9
813.2
882.2
Total
deposits
Aggregate
resources
4,289.1
4,604.0
6,732.4
. 6,413.1
6,493.3
6,167. 2
6, 518.0
- 6,175.0
'6, 861. 2
6,831.0
7,785.3
9,465. 6
.
5,489.5
6.873.1
7.028.2
7,899.8
8,317.4
7,959. 9
8,320.0
8 181 0
8, 633.8
9,499.2
10,323.8
11,565.6
»Includes overdrafts.
STOCK SAVINGS BANKS
The returns from 972 stock savings banks, June 30, 1925, showed
total resources of $2,093,125,000. The increase in resources in the
year was $169,741,000 and the reduction in the number of banks
was 18.
Loans and discounts of $1,364,721,000, showed an increase of
$62,611,000; overdrafts exceeded the amount a year ago by $90,000,
and investments in United States Government and other bonds and
776
REPORT ON THE FINANCES
securities amounted to $429,834,000, being $62,591,000 greater than
on June 30, 1924.
.
Banking houses, furniture, and fixtures showed an increase of
$1,538,000 and other real estate owned an increase of $4,459,000.
Balances due from correspondent banks and bankers showed an
increase of $21,109,000; checks and other cash items, an increase of
$2,128,000; exchanges for clearing house, a reduction of $388,000
and cash on hand, an increase of $312.000c Resources other than
those enumerated showed an increase oi $15,291,000.
The paid-in capital stock of these banks amounted to $83,758,000,
a reduction of $2,629,000; surplus funds of $44,893,000 showed an
increase of $563,000 and undivided profits of $21,487,000 an increase
of $2,444,000.
.
Individual deposits, which constitute the major deposit liabihties
of these banks, amounted to $1,918,230,000, and showed an increase
of $171,621,000. The total of all other deposit liabilities was
$8,106,000, the increase being $2,013,000.
'
. ^
Liabilities for money borrowed totaled $8,773,000, and showed
a reduction of $6,399,000. Other Habihties showed an increase of
$2,128,000.
Summary of the resources and liabilities of these banks follows: .
Summary of reports of condition of 972 stock savings banks in the XJnited States
at the close of business June SO, 1925
[In thousand Eof dollars]
RESOTJECBS
Loans and discounts (including rediscounts):
On demand (secured by collateral other than real
estate)
_-7,063
On demand (not secured by collateral)
1,156
, On time (secured by collateral other than real estate).
8,191
On time (not secured by collateral).14,119
Secured by farm land.-.
4,717
Secured by other real estate
32,857
Not classified—.
.-._
1,296,618
Total
._.
Overdrafts—.
Investments (including premiums on bonds):
'
United States Government securities
State, county, and municipal bonds
__--_.
Railroad bonds
>
Bonds of other public service corporations (including
street and interurban railway bonds)
Other bonds, stocks, warrants, etc----:.
-.--
•.
1,364,721
536
161, 532
5,246
11,567
7,529
243,960
Total
- - - - — --_----.
Banliing house (including furniture and
fixtures)
Other real estate owned
',.
;
Due from banks
.
-----Lawful reserve with Federal reserve bank or other reserve agents
Checks and other cash items-.^
Exchanges for clearing house
^-— .
-_-_
.
429,834
56,148
21, 535
123, 867
32,137
11, 051
4, 368
CO'MPTKOLLER OF THE CURRENCY
Cash on hand:
Gold coin.-;^—_^
__._
Silver coin.l.____
Paper currency
Nickels and cents
. . Not classified.__.____._
Total
^1
.
_.__
.._
:_
777
3,054
13
1, 196
64
25,098
_-
29,426
Other resources
19, 503
Total resources---
2, 093, 125
LIABILITIES
Capital stock paid in
:__
.
83, 758
Surplus
-:
44, 893
Undivided profits (less expenses and .taxes paid)
_^_
^
21, 487
Due to all banks
__:
..'.
958
Certified checks and cashiers' checks
696
Individual deposits (including dividends unpaid and postal
savings):
Demand deposits—
|
V
Individual deposits subject to check
17, 101
Demand certificates of deposit- _ _
646
Dividends unpaid
--74
Time deposits—^
t
Savings deposits, or deposits in interest or savings
department_-_____
_,
----.-- 1,784,668
Time certificates of deposit.
-•_
5, 846:
Postal saving® deposits--._.__
'
143
Not classified
_'__109, 752
Total.- —,-._-.
— . . - - . - _ — _.___ — _ - - _
- - - - . 1, 918, 230
United States deposits (exclusive oif postal savings). - 6, 452
Notes and bills rediscounted..
41
Bills payable (including advances received from War Finance Corporation and certificates of deposit representing money borrowed).
8,.732
Other liabihties-_-_
1
'___
_____-_._ .
7, 878
]['
'Total liabilities-----MUTUAL
.
SAVINGS BANKS
,2, 093, 125
,
^
• - •'
The aggregate resources of 611 mutual savings banks June 30,
1925, amounted to $7,913,039,000, an increase since June 30, 1924, of
$548,383,000. Investments in United States bonds and other
securities amounted to $3,351,162,000, an increase of $133,619,000
in the year.
.
.
Banking houses, furniture, and fixtures showed an increase in value
of $9,969,000, and other real estate owned, an increase of $536,000.
Balances due from correspondent banks and bankers atnounted to
$201,797,000, showing a reduction of $6,750,000; checks and other
cash items showed an increase of $114,000; exchanges for clearing
house, a reduction of $273,000 while cash on hand to the amount of
$40,359,000, showed an increase of $62,000. Other resources
amounted to $53,230,000, and exceeded the amount a year ago by
$3,781,000.
The surplus funds of these banks aggregated $633,176,000, showing
an increase in the year of $74,390,000, and undivided profits of
$116,523,000, an increase of $16,669,000.
Total deposit liabilities amounted to $7,151,803,000, and exceeded
the amount June 30, 1924, by $458,408,000. Of these liabilities
60501—FI 1925t
50
778
REPORT ON THE FINANCES
individual deposits of $7,146,951,000 showed an increase of $453,705,000; balances due to banks, an increase of $4,134,000 and certified
checks and cashiers checks, an increase of $569,000.
Bills payable amounted to $518,000, exceeding the amount a year
ago by $270,000, and other liabilities of $11,019,000, showed a reduction of $l,354,000.ig
Summary of reports of condition of 611 mutual savings banks in the United States
at the close of business June SO, 1925
[In thousands of dollars]
RESOURCES
Loans and discounts (including rediscounts):
On demand (secured by collateral other than real
estate)
4,399
On time (secured by collateral other than real
estate)
^
7,241
On time (not secured by collateral)
6, 998
Secured by farm land
..
._520
Secured by other real estate
349, 405
Not classified
3, 814, 508
Total
4, 183, 071
Investments (including premiums on bonds):
United States Government securities
.
603, 750
State, county, and municipal bonds
156, 488
Raikoad bonds
.
634, 512
Bonds of other public service corporations (including street and interurban railway bonds)
233, 568
Other bonds, stocks, warrants, etc
:
1, 722, 844
Total
Banking house (including furniture and
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
Silver coin
Paper currency
Nickels and cents
Not classified
-
fixtures)-*
-_-_
-
Total
Other resources
Total resources
3, 351, 162
76, 290
6, 017
201,797
901
212
996
68
3, 874
15
. 35, 406
-_.-._
—
.
40,359
53, 230
7,913,039
LIABILITIES
Surplus
----Undivided profits (less expenses and taxes paid)
Due to all banks,
, Certified checks and cashiers' checks
—.
---._
633, 176
116, 523
4, 566
287
COMPTROLLER OF THE CURRENCY
779
Individual deposits (including dividends unpaid and
postal savings):
Demand deposits—
Individual deposits subject to check
7, 096
Time deposits—
Savings deposits, or deposits in interest or savings department
7,139,110
Time certificates of deposit
°
400
Not classified
345
Total
7, 146, 951
Bills payable.(including advances received from War Finance Corporation and certificates of deposit representing money borrowed)
518
Other liabilities
11, 019
Total liabilities
7,913,039
DEPOSITORS AND DEPOSITS IN MUTUAL AND STOCK SAVINGS BANKS
The total individual deposits in mutual and stock savings banks
June 30, 1925, were $9,065,181,000 and exceeded the amount in
June, 1924, by $625,326,000. The number of depositors was
14,539,947, or 568,154 more than a year ago. The average amount
due each depositor in the mutual savings banks was $673.21, compared with $642.98 in June, 1924, and the average amount due each
depositor in the stock savings banks was $488.88, compared with
$490.34 a year ago.
Statements showing information relative to the number of mutual
and stock savings banks in each State, the number of depositors, the
amount of deposits, the average amount due each depositor, and the
per cent rates of interest paid by banks in each State, June 30, 1924
and 1925, with related data for each year, from 1914 to 1925, follow:
Number of mutual savings banks, number of depositors, individual deposits, and average deposit account, by States, June SO, 1924 and 1925
1924
00
o
1925
states
N u m b e r Depositors
of b a n k s
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
T o t a l N e w E n g l a n d States _
_
__
Ohio.
.
Indiana
Wisconsin
Minnesota
_
.
_____-._.._
1
T o t a l M i d d l e W e s t e r n States
Washington.
California
_
.
^
.
231,844
237, 541
125,987
2, 784, 227
212, 945
796, 586
$107,470,000
135, 665,000
78,758,000
1, 509, 775,000
140, 305,000 •
480, 728, 000
386
4, 389,130
2,452, 701, 000
4,311, 954
396,180
527, 735
44,715
295,885
3, 372,854,000
206,405, 000
337, 588,000
21, 054,000
146, 785,000
759. 25
520.99
639. 69
470.85
496. 09
203
5, 576,469
3,985, 686,000
714. 73
97,859
33,241
• 14,757
145, 884
71,891,000
18,072, 000
5, 234,000
55,363, 000
734. 64
. 543.67354. 68
379. 50
21
291, 741
150, 560,000
516. 06
2
1
83,684
68, 752
29,054,000
• 75,245,000
347.19
1,094.44
P e r cent
r a t e of interest p a i d
658.81
148
27
9
2
17
.
.
Total Eastern states
Average
d u e each
depositor
37
42
19
196
2 14
78
'
New York
N e w Jersey
Pennsylvania.
Delaware. _
Maryland
Deposits
3
5
6
7
>
$463. 54
571.12
625.13
542. 26 '
658.88
603. 49
^
•
N u m b e r Depositors
of b a n k s
Deposits
$108,715,000
231,977
240,089 , 141,092,000
84,047,000
127, 264
1, 608,380, 000
2,822,571
146,491,000
221, 301
505,394,000
3 811, 550
Average
d u e each
depositor
4. 00
4.07
4.45
4.58
4.17
4.37
138
42
19
196
2 14
• 76
385
4,454,752
2,594,119,000
582. 33
4.16
3.92
3.93
4.00
4.00
. 147
27
9
2
16
4,476,950
421, 534
505,157
45,343
305, 550
3,531,458,000
218, 605, 000
356,197,000
21,804, 000
154,156,000
788.81
518. 59
705.12
480. 87
504.52
201
5, 754, 534
4, 2S2, 220,000
744.15
3
5
7
5
97,830
33,387
15, 675
131,194
77, 346,000
19, 524,000
5, 764,000
56,985, 000
20
278,086
159, 619,000
4
1
60,866
67,977
3.81
4.25
4.00
4.00
5.00
4; 00
35, 099,000 .
75,894,000
$468. 65
587. 67
660.41
569. 83
661. 95
622. 75
790.
584.
367.
434.
62
78
72
36
576. 66
1,116. 47
3
152,436
104,299,000
684.21
5
128,843
110,993, 000
861.46
T o t a l U n i t e d States
613
10, 409, 776
6, 693,246, 000
642. 98
611
10,616, 215
7,146, 951,000
673. 21
2 Includes business of branches.
3 Sept. 30, 1924.
4.00
4.13
4.43
4.58
4.17
4.40
o
4.11
3.93
3.84
4.00
4.00
H
O
w
4.00
4.50
3.75
4.25
o
573. 99
T o t a l Pacific s t a t e s
1 Information as of June 27.
P e r cent
r a t e of interest paid
5.00
4.00
Ul
Number of stock savings banks, number of depositors, individual deposits, and average deposit account, by States, June SO, 1924 and 1925
1925
1924
states»
N u m b e r Depositors
of b a n k s
Deposits
Average
d u e each
depositor
P e r cent
r a t e of interest p a i d
N u m b e r Depositors
of b a n k s
Deposits
Average
d u e each
depositor
P e r cent
r a t e of interest p a i d
New Hampshire
11
36, 677
$16,922,000
$462.64
4.00
11
37,069
$17,627,000
$475. 52
4.00
N e w Jersey
Pennsylvania
D i s t r i c t of C o l u m b i a
1
1
25
46,419
4,236
106,442
21,958,000
2,086,000
29,505,000
483.45
492. 56
279.82
3.60
3.00
3.00
1
1
24
43, 027
4,139
100,609
22,909,000
2,146,000
32,848,000
532.43
518.48
326. 49
4.00
3.00
3.30
27
166,096
53,649,000
346. 26
26
147. 775
67,903,000
391. 83
3
5,220
Total Eastern states
Florida
2
Nebraska
Wyoming..
N e w Mexico
.
".
Total Western States
Oregon
California
Utah
Nevada
Arizona
_
__..
-
1, 333, 000
522. 75
4.00
21, 035
20,296
2 983, 400
12, 577,000
11,364,000
386, 787,000
597.91
559.91
393. 32
3.75
3.79
4.00
861
'.
Total M i d d l e Western States
2 2, 650
4
2
865
1,024,731
410, 728, 000
400.82
2
1
1,956
1,202
1,271, 000
255,000
649.80
212.15
3
Michigan
Minnesota .
Iowa
3,158
1, 526,000
483. 22
«9
.6 69
3
17,900
2,237,781
68,426
8,982,000
1,228,356,000
19,129,000
501. 79
548.92
279. 56
4.00
4.00
3.81
6
15,798
6,084,000
385.11
4.00
1, 713,000
328.16
4.00
4
19,868 • 14,463,000
11,949, 000
4,042
2
385, 500, 000
3 825 4 1, 327, 000
727.95
2,956.21
290. 50
3.76
4.25
4.00
831
1,360,-910
411,912.000
15, 856
4, 348,000
274. 22
^15
15,856
4,348,000
274. 22
6
6 71
3
1
5
12, 666
2, 378, 082
56,402
3,400
16, 352
4, 621,000
•1,389,393,000
20, 247, 000
3,754,000
6, 712,000
364.83
684. 25
358.98
1,104.12
410.47
g
hj
H
W
b
O
304.91
15
o
o
4.00
4.00
4.00
TotalPacific States
86
2,339,906
1,262,551,000
539.57
. 86
2,466,902
1,424,727,000
990
3,562,017.
1, 746,609,000
490. 34
972
3,923,732
1,918,230,000
3.60
4 00
.4.00
4.00
4.00
o
677. 64
Total United States
o
cl
488.88
1 No separate returns received from stock savings banks in any other States.
2 Estimated.
* Information as of May 1.
4 Estimated by superintendent of banks.
»Includes trust companies.
6 Includes savings business of departmental banks.
CX)
782
REPOET ON THE FINANCES
Number of savings banks {mutual and stock) in the United States, number of depositors, amount of individual deposits, and average amount due each depositor
in years ended June 30, 1914, to 1925, inclusive.
Year
Banks
634
1,466
630
1,529
622
1,242
622
1,186
625
1,194
622
1,097
620
1914—Mutual savings banks.
Stock savings banks...
1915--Mutual savings banks.
Stock savings banks...
1916—Mutual savings banks.
Stock savings banks...
1917—Mutual savings banks.
Stock savings banks...
1918—Mutual savings banks.
Stock savings banks...
1919—Mutual savings banks.
Stock savings banks...
1920—Mutual savings banks.
Stock savings banks...
1921—Mutual savings banks.
Stock savings banks...
1922—Mutual savings banks.
Stock savings banks...
1923—Mutual savings banks.
Stock savings banks...
1924—Mutual savings banks.
Stock savings banks...
1925—Mutual savings banks.
Stock savings banks...
1,087
623
978
619
1,066
618
1,029
613
990
611
972
Depositors
8,277,359
2,832,140
8,307,787
2, 977,968
8,592,271
2, 656,121
8, 935,055
2,431,958
9,011,464
2, 368,089
8,948,808
2, 486,073
9, 445, 327
1, 982, 229
9, 619, 260
1,118, 583
9, 655,861
2,883,136
10, 057,436
3, 282,897
10,409, 776
3, 662,017
10, 616, 216
3,923,732
Deposits 1
$3,915, 555,286
1,018,330,071
3,950,585, 631
1,046,096,917
4,187,916,941
901,936,188
4, 422,489, 344
996,166,031
4,422,092, 991
1,049, 694,890
4,761,300,000
1,152,127,000
5,186,952,000
1, 351, 242,000
6, 575,147,000
442, 851, 000
6, 779, 506,000
1, 401, 742,000
6,288, 551,000
1, 609, 358,000
6, 693, 246,000
1,746, 609,000
7,146, 951, 000
1, 918, 230,000
Average
due each
depositor
$473.04
359.66
475.53
351.28
487.40
352.85
494.96
409.61
490.72
443.27
630.94
463.43
649.16
681.68
679,68
395.90
598. 55
486.19
626.26
490.22
642.98
490. 34
673.21
488.88
^Dividends unpaid included.
PRIVATE
BANKS
Private banks in the States of Texas, Michigan, and Iowa, are
not subject to State supervision, and incomplete returns from these
States account for a reduction in the number of such banks reporting
in the year ended June 30, 1925, of 37. The total resources of 523
private banks, June 30, 1925, were $155,223,000, an increase in the
year of $4,280,000.
Loans and discounts amounted to $79,667,000, an increase of
$4,151,000; overdrafts showed an increase of $302,000, and investments in bonds and securities, amounting to $35,15^,000, showed an
increase of $104,000; banking houses, furniture, and fixtures, were
valued at $4,895,000, or $118,000 in excess of the amount a year ago,
and other real estate owned showed an increase of $655,000.
Balances due from correspondent banks and bankers amounted to
$22,645,000, and declined $1,354,000 in the year; checks and other
cash items increased $206,000; exchanges for clearing house increased
$45,000, and cash on hand was reduced $36,000. Other resources
showed an increase of $89,000.
Capital of $10,803,000, showed a reduction of $368,000 and surplus
and undivided profits of $10,402,000, showed an increase of $315,000.
Individual deposits (demand and time), amounted to $126,236,000,
and exceeded the amoimt June 30, 1924, by $5,717,000; balances due
to banks of $1,073,000 showed a reduction of $409,000, and other
deposit liabilities, a reduction of $20,000. The net increase in
deposit liabilities in the year, was $5,288,000.
Liabilities for money borrowed showed a reduction of $803,000, and
other liabilities, a reduction of $152,000,
Summary of the resources and liabilities of these banks follows:
COMPTEOUIiEE OF THE CUEBENCY
783
Summary of reports of condition of 523 private banks in the United States at the
close of business June SO, 1925
(In thousands of dollarsj
RESOURCES
Loans and discounts (including rediscounts):
On demand (secured by collateral other than real estate) __ 1, 187
On demand (not secured by collateral)
...
993
On time (secured by collateral other than real estate)
5, 482
On time (not secured by collateral)
^
__ 7,355
Secured by farm land.
4, 113
Secured by other real estate.
.
1,656
Not classified..-.
58, 881
Total...
..
Overdrafts..
Investments (including premiums on bonds):
United States Government securities
._ 5, 736
State, county, and municipal bonds
967
Railroad bonds
*.
440
Bonds of other public service corporation (including street
and interurban railway bonds)
560
Other bonds, stocks, warrants, etc
27,452
79,667
830
Total....
...
.
35,155
Banking house (including furniture and fixtures) .
...
4,895
Other real estate owned
5, 307
Due from banks
. . 19, 306
Lawful reserve with Federal reserve bank or other reserve agents
3, 339
Checks and other cash i t e m s . . . .
647
Exchanges for clearing houso
•
200
Cash on hand:
Gold coin
^
...
238
Silver coin
4—
175
Paper currency
2,241
Nickels and cents
.
l
.
...
29,
Not classified
.
.., 1,149
Total---....---..
Other resources
-.-
--.
...
1
Total resources
3,832
2, 045
155, 223
.LIABILITIES
Capital stock paid in
.
•.
.
10, 804
Surplus
.
8,703
Undivided profits (less expenses and taxes paid)
1, 690
Due to all banks
.
1, 073
Certified checks and cashiers' checks
178
Individual deposits (including dividends unpaid and postal savings):
Demand deposits—
Individual deposits subject to check'.
...
42,636
Demand certificates of deposit._-_:
12, 912
Dividends unpaid
..___.L —
.
.
15
Time deposits—
Savings deposits, or deposits in interest, or savings department
-._-_ 12,681
Time certificates of deposit
21, 724
Not classiiaed
--._-..--.
-L 36,268 '
Total
_._.
126, 236
Notes and bills rediscounted
616
Bills payable (including advances received from War Finance Corporation and certificates of deposit representing money borrowed)
2, 451
Other liabilities
.
. . . . . . . 3, 472
Total liabilities
.
.
155,223
784
EEPOET ON THE FINANCES
ALL EEPOETING BANKS OTHER THAN NATIONAL
The combined resources of 20,769 reporting banks, other than national, June 30, 1925, amounted to $37,706,174,000, and exceeded the
•reported amount, June 30, 1924, by $3,127,403,000.
Loans and discounts aggregated $21,033,083,000, and were $1,719,923,000 greater than a year ago; overdrafts of $40,907,000 showed a
reduction of $5,352,000, and investments in bonds and securities
of $9,669,669,000 showed an increase of $583,252,000.
;
Banking houses, furniture, and fixtures valued at $815,832,000
showed an increase of $52,729,000. Other real estate owned amounted
to $224,295,000, an increase of $34,497,000.
Balances due from correspondent banks and bankers, including
lawful reserve with Federal reserve banks of member State banks and
trust companies, aggregated $3,480,607,000, an increase in the year
of $400,307,000. ChecKs and other cash items showed an increase of
$74,536,000; exchanges for clearinghouse, an increase of $46,873,000;
and cash on hand, an increase of $25,400,000. Other resources totaled $807,501,000 and exceeded the amount June 30, 1924, by
$195,238,000.
The combined paid-in capital was $1,800,276,000, or $20,084,000
more than a year ago; surplus funds of $2,054,406,000 showed an
increase of $167,625,000; and undivided profits bf $525,728,000, an
increase of $55,654,000.
Deposit liabilities aggregated $32,073,263,000, and were $2,721,528,000 more than in June, 1924. All deposit liabilities showed increases.
The increase in bank balances was $377,218,000; in certified checks
and cashiers' checks $24,083,000. The increase in individual deposits was $2,310,092,000; and in United States deposits $10,135,000.
Liabilities incident to paper rediscounted amounted to $94,025,000
and shoVed a reduction m the year of $34,477,000, and bills payable
of $352,270,000 showed an increase of $23,418,000. Other liabilities
of $806,206,000 showed an increase of $173,571,000.
Summary of the resources and liabilities of these banks follows:
Summary of reports of condition of 20,769 State, savings, private banks, and loan
and trust companies in the United States, Alaska, and insular possessions at the
close of business, June SO, 1925
[In thousands of dollarsl
\
RESOURCES
Loans and discounts (including rediscounts):
On demand (secured by collateral other than real
estate)
.
.
981, 335
On demand (not secured by collateral)
_.
254, 648
On time (secured by collateral other than real
estate)
618,951
On time (not secured by collateral)
1, 408, 404
Secured by farm land
.
193, 199
Secured by other real estate
.
1, 217, 338
Not classified-.
.
16,359,208
Total
Overdrafts
^
. . . 21,033,083
40, 907
COMPTEOLLEE OF THE CUEEENCY
Investments (including premiums on bonds):
United States Government securities_-..---_
State, county, and municipal bonds
'
Railroad bonds
i
-_.
Bonds of other public service corporation (including
street and interurban railway bonds)
Other bonds, stocks, warrants, etc___-
785
1,645,395
472, 510
1, 007, 009
568, 701
5, 976, 054
Total
-____.
Banking house (including furniture and
fixtures)
Other real estate owned.^
iJ
.
Due from banks
__--.
Lawful reserve with Federal reserve bank or other reserve agents. _.
Checks and other cash items^
.
:..
L....j.^
Exchanges for clearing house
::.--.
Cash on hand:.
,
Gold coin-1
.
21,757
Silver coin
.
.
-21,333
Paper currency
.
...
269,920
Nickels and cents.
..'.
1,965
Not classified
-_-!----_
...
276'; 706
Total
Other resources----
---- — .- — ---__
Total resources-
1
_,-.-
. ' :
--;.i-^-
-. - -
.. ---
LIABILITIES
9, 669, 669
815, 832
224, 295
2,'088, 561
1,.392, 046
^ . 803,933
• 238,666
^
„
,
,
591,681^
807, 501
- . - — - . . 37, 706, 174
.
:
Capital stock paid in
.
--_.
1, 800, 276
Surplus
2, 054, 406
Undivided profits (less expenses and taxes paid)
525, 728
Due to all banks
•
—-_ 1, 484, 509
Certified checks and cashiers' checks
•
...•
138, 605
Individual deposits (including dividends unpaid and
postal savings):
Demand deposits—
Individual deposits subject to check
7, 129, 526
Demand certificates of dejDosit--__.
422,010
Dividends unpaid
16,511
Time deposits—
Savings deposits,. or deposits in interest or
savings department
:
13,541,975
Time certificates of deposit
1, 469, 335
Postal savings deposits.-^
^
..._10,136
Not classified
-----7,821,537
Total
.
.
.
30, 411, 030
JJnited States deposits (exclusive of postal savings)
39, 119
Notes and bills rediscounted:
..^..^
.....^
.__
94, 025
Bills payable (including advances received from, War Finance Corporation and certificates of deposit representing money borrowed) _
352, 270
Other liabilities..-----.
.
.
806, 206
Total liabilities.--
-
.---. — — -.
— _-
37,706, 174
786
EEPOET ON T H E FINANCES
The resources and liabilities of each class of reporting banks, June
30, 1925, are shown in the following statement:
Resources and liabilities of 20,769 State {commercial) banks, loan and trust companies, savings and private banks, J u n e 30, 1925
[In thousands of dollarsl
16,983
loan
State (com- 1,680 trust
and
mercial) companies
banks
611
mutual
savings
banks
972 stock
savings
banks
523
private
banks
20,769
total
banks
RESOURCES
Loans and discounts.!
Overdrafts
—
Investments (including premiums on bonds)
u...
. Banking house (including furniture and fixtures)
Other real estate owned...
Due from banks
Lawful reserve with Federal reserve bank or other reserve
agents
_
Checks and other cash items....
Exchanges for clearing house
Cash on hand
Other resources
Total resources...
9,282,839
35,819
6,122, 785
3,722
4,183,071
1,364,721
3,052,172
2, 801,346
3,351,162
429,834
430,278
144,660
1, 243, 607
248, 221
46, 776
499,984
76, 290
6,017
201, 797
607,461
323,365
198,869
357, 960
302,208
749,109
467,969
35,017
160,105
430, 515
15,979, 238 11, 565,549
79, 667
830
21,033,083
40,907
56,148
21,535
123,867
4,895
5,307
19,306
815,832
224,295
2,088,561
901
.212
40,359
53,230
32,137
11,051
4,368
29,425
19,503
3,339
647
200
. 3,832
2,045
1,392,046
803,933
238,666
• 591,681
807,601
7,913,039
2,093,125
155,223
37,706,174
643, 451
723, 209
633,176
83,758
44,893
10,803
8,708
1,800,276
2,054,406
159, 036
871, 720
116, 523
4,265
21,487
958
1,694
1,073
525,728
1,484, 609
41,307
587
170
138,606
8,536,860
7,146,951
1,918,230
126, 236
30,411,030
6,452
41
616
39,119
94,025
LIABIUTIES
1,062,264
Capital stock paid in.
644,420
Surplus
Undivided profits (less expenses
226,988
and taxes paid)
606,493
Due to all banks
Certified checks and cashiers'
95, 845
checks
Individual deposits (including
dividends unpaid and postal
savings)
.>'..
12,682, 753
United States deposits' (exclu16, 926
sive of postal savings)
59,124
Notes and bills rediscounted....
Bills payable (including advances received from War Finance Corporation and certificates of deposit representing
244,782
money borrowed)
339,643
Other liabilities
Total liabilities....
15,979,238
16, 741
34, 244
96,787
444,194
518
11,019
8,732
7,878
2,451
3,472
362,270
806,208
11,665,649
7,913,039
2,093,126
166,223
37,706,174
PEINCIPAL ITEMS OF EESOUECES AND LIABILITIES OF ALL EEPOETING
BANKS OTHER THAN NATIONAL, ON OE ABOUT JUNE 30, 1920-1925
The principal items of resources and liabilities of reporting banks
other than national, for years ended on or about June 30, 1920, to
1925, are shown in the statement foUowing:
787
COMPTROLLER OF T H E C0BEBNCY
Consolidated returns from State {commercial), savings, private banks, and loan and
trust companies
• [In thousands of dollars]
Iteins
Loans i
,
Investments
Cash
Capital.
_
Surplus and undivided profits
Deposits (individual)
Resources
1920
1921
1922
1923
1924
17,263, 796 16,761,088 16, 501, 393 18,459,327 19,359,419
7,201,060
7, 356,842 7, 984, 242 8, 602,844 9,086, 417
572, 218
505,993
626,027
503, 711
566, 281
• 1,478, 473 1, 630.081 1, 636, 734 1, 723,476 1, 780,192
2,206, 818 2, 356,856
1,853, 435 1,930,364 2,090, 012
23, 609, 798 22,438, 941 23,929, 952 25, 990, 735 28,100,938
29,667,856 29,153, 628 29, 719,367 32, 523,145 34,578,771
1926
21,073,990
9,669,669
591, 681
1,800,276
2,580,134
30,411,030
37,706,174
I Including overdrafts.
RESOURCES AND LIABILITIES OF ALL REPORTING BANKS IN
STATE, ALASKA, AND INSULAR POSSESSIONS
EACH
The combined resources of 28,841 reporting banks in the Continental United States, Alaska, and the insular possessions, June 30,
1925, were $62,057,037,000 and showed an increase in the year of
$4,912,347,000. The reduction in the number of reporting banks in
the year due to voluntary and involuntary liquidations was 507.
Loans and discounts amounted to $33,883,733,000, and exceeded
the amount a year ago by $2,456,016,000. Overdrafts showed a
reduction of $6,075,000. Investments in Government securities and
other miscellaneous bonds and securities totaled $15,400,113,000 and
exceeded the amount in June, 1924, by $1,171,368,000.
Banking houses, furniture, and fixtures were valued at $1,401,099,000 or $105,268,000 more than a year ago, and other real estate
owned amounted to $335,486,000, an increase of $41,058,000.
Balances due from correspondent banks and bankers, totaled
$6,774,392,000, and showed an increase of $653,299,000; checks and
other cash items of $954,177,000 showed an increase of $79,168,000;
exchanges for clearing house of $1,226,960,000 an increase of $109,599,000, and cash on hand of $951,286,000, an increase of $39,786,000.
Other resources showed an increase of $262,860,000.
Paid-in capital stock amounted to $3,169,711,000 and showed an
increase of $55,508,000; surplus funds of $3,173,334,000 exceeded the
amount a year ago by $205,975,000, and undivided profits of $1,007,439,000 showed an increase of $35,709,000.
Aggregate deposit habilities were $51,982,932,000 or $4,283,360,000
greater than a year ago. With the exception of United States
deposits, which declined $5,082,000 in the year, all other deposit
liabilities increased. Balances (lue to banks of $4,370,909,000 increased $442,617,000; certified checks and cashiers'checks of $698,861,000 were increased $34,004,000 and individual deposits aggregated
$46,765,942,000, an increase in the year of $3,811,821,000.
Obligations for money borrowed on account of rediscounts amounted to $327,899,000 and exceeded the amount a year ago by $2,619,000,
and bills payable of $597,377,000 showed an increase of $124,678,000.
Other Habihties increased $285,690,000.
The population of each State, numberof reporting banks, resources
and habihties, and classifications of loans and discounts, investments,
cash, and deposits, June 30, 1925, with a recapitulation by classes of
banks, is shown in the following statement:
^
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June, 1925
00
00
[Includes national, State (commercial) banks, loan and trust companies, savings, and private banks]
Resources (in t h o u s a n d s of dollars)
Loans and
discounts,
including
rediscounts and
acceptances.
Overdrafts
778,000
• 452,000
355,000
4,205,000
647,000
1,535,000
, 1,49 '
175,922
122
126,403
105
148,983
447
2,444,340
45
233,101
224
557,753
145
32
58
360
10
212
7,972,000
1,092 . 3,686,502
817
1,128'
509
1,652
58
245
44
8,512, 236
1,130,504
2,799,054
63, 779
429,307
158,118
2,397
201
748
31
190
83
3,636
13,092,998
3,650
517
345
590
373
632
318
354
359
247
1,514
482
449,074
301,069
345,284
184,133
319,948
335,176
205,858
151,932
321,074
737,691
• 174,874
291
412
447
729
569 '
173
157
693
1,225
2,067.
563
states and Territories, etc. P o p u l a t i o n
(approximate)
Number of
banks
Banking
house,
furniture,
and
fixtures
Other
real
estate
owned
D u e from
banks
Lawful
reserve
with
Federal
reserve
b a n k s or
other
reserve
agents
5, 558
4,076
2,569
67, 533
5,051
23,.382
1,002
114
1,226
2,973
1,306
4,240
15,366
8,799
8,940
143,546
9, 522
36,484
'5,078
3,372
2,252
132, 689
18.412
11', 865
2,124,804
108,169
10,861
222, 657
173, 668
27,099
34,319
79,188
4,303,646
746,416
2,132,064
48>436
290,606
61,405
210, 304
51,201
169, 506
3,603
20, 524
18, 922
6,397
7,557
32,799
1,364
2,720
1,857
507, 619
93,024
267, 547
2, 915
44,202
19,624
966,172
66, 782
317,099
6,252
41,439
8,123
727, 233
6,289
21,581
173
2,991
2,657
746,400
10,449
68,342
545
14, 205
6,601
144,216
35, 613
96,682
1,732
10,070
5,636
520,019 16, 646,639
2,163,615
15, 579
54,558
5, 959, 980
1,351
130,181
5,740 •
861,994
1,551
284,577
7, 582,573
474,060
52,694
934, 931
1,405, 867
760,924
846,542
293,949
598, 798
26,046, 986
69,708
59,759
36,139
31,062
41,118
101,413
42,784
40,768
50,269
158,524
25,969
19, 274
17, 539
17, 606
8,058
16,476
12, 520
8,554
5,136
22,718
42,794
7,011
4,548
2,485
3,417
4,922
9,015
2,049
3,750
1,942
4,744
17,541
4,414
48,303
33,564
49, 295
27, 690
53,724
165, 942
35,364
. 33, 574
51,847
146,520
. 40,599
15, 635
7,828
6,573
4,469
17,935
15,868
7,309
3,498
16,453
93, 725
7, 729
3,410
943
1,654
1,355
1,472
7,165
2,409
656
3,994
4,718
1,625
17,446
1,422
1,602
4,520
5,760
1,212
1,721
4,967
9,309
. 18,667
1,511
640,810
435,754
475,189
272,882
479,362
658,335
317,057
248, 538
498,604
1, 258,638
270,252
Investments
Checks
and
other
cash •
items
Ex- •
changes
for
clearing
house
C a s h on
hand
623
176
2
28,328
2,628
2,562
5,075
2, 708
2,240
. 34,890
9,726
24,549
O t h e r re- Aggregate
resources
sources
o
Maine..
New Hampshire
Vermont. .
.
Massachusetts . .
Rhode Island
Connecticut
__
Total New England
states
New Y o r k . . . .
New Jersey .
Pennsylvania.Delaware.Maryland
D i s t r i c t of C o l u m b i a
.
11.650,000
3,740,000
.:. 9,200,000
233,000
...
L . . . 1, 595,000
479,000
T o t a l E a s t e r n S t a t e s . 26,897,000
Virginia..
West V i r g i n i a . . .
North Carolina...
S o u t h Carolina
Georgia
Florida..
Alabama
Mississippi
Louisiana
Texas
Arkansas
.._
2,440,000
1,565,000
2,795,000
1,800,000
3,031,000
1,095,000
2,440,000
1,791,000
1,880,000
5,035,000
1,846,000
207,512
129,448
68,481
444,294
223,239
451,830
472
567
463
20,045
470
5,082
2, 551
10, 570
1,649
9,084
3,089
10,083
1,084 . 4,860
4,645
8,700
2,157
14,660
8,561
590
4,741
631
8,483
8,488
7, 802
28, 589
5,788169
820
326
4,114
44,042
4,851
2,041
56,194
•
417,573
276,021
239,328
3, 963,040
508,316
1,120,000
O
6, 524, 278
o
2,487,000
2,409,000
609
650
355,771
326, 697
741
886
88,827
46,148
12,398
18,056
2,172
4,583
T o t a l S o u t h e r n S t a t e s . 30,614,000
6,890
4,208,581
8,953
792,488
208,140
6, 255,000
3,075,000
6,960, 000
4,105, 000
2,885, 000
2, 578,000
2,513,000
3,434,000
1,099
1,097
1,900
786
990
1,375
1,624
1,558
1,763,908
615,396
2,486,760
754,802
601,825
629, 905
800, 203
901, 252
812
725
1,885
540
611
890
1,466
932
601,692
187, 322
870, 911
832, 534
211,180
302,006
104,956
317,417
95,198
37,134
92,720
57, 679
26,702
23,105
30,249
33,231
31,805,000
10,429
8, 554,051
7,861
3,428,018
396,018
682,000
667,000
1, 344, 000
1,845,000
638,000
222,000
1,013,000
380,000
2,240,000
658
526
1,087
1,279
235
96
334
66
773
117, 548
136, 393
366, 203
325,008
78, 337
38, 073
177,918
21, 427
246, 756
9,031, C O
O
5,054
1,507,663
.r.
.
1,487,000
840,000
3,996,000
485,000
493,000
77,000
407, 000
. T o t a l Pacific S t a t e s . . .
Kentucky
Tennessee..
Ohio.
Indiana
niinois..
Michigan
Wisconsin
Minnesota
Iowa
Missouri-
...
._
..
_ ._
Total Middle Weste r n States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming..
Colorado
N e w Mexico
Oklahoma
:.-
237
559
1,378
931
486
79
34322
633
35,166
26, 546
56, 908
75, 658
39,364
10, 990
92,.913:.
5, 762
88, 527
55,228
67,094
65, 582
808,744
219,477
16,003
8,044
15, 035
7,536
6,867
21, 665
28,851
12,650
104,636
105, 985
463,461
149,867
40,140
112, 839
117,857
216,303
168,662
, 17,519
203, 047
71,492
76,659
35,445
17,847
35,229
116,651
1,311,088
625,900
4,668
431, 834
76, 377
57,728
364
279
662
- 161
115
34
57
212
251, 241
324
161,683
2,062, 757 • 2,190
60, 317
100
100,191
• 339
25,083
96
45, 554
89
128, 918
81, 385
729,733
19,093
28,628
6, 967
13, 456
16,102
11, 726
95, 425
3,002
..3,897
.1,480
2,126
3,504
2,712
15,383
. 2,191
3,277
601
3,071
7,785,000
1,672
2, 696, 826
3,350
1,008,180
133, 758
91,000
281,000
1,345,000
10,870,000
17
23
17
11
4, 557
• 44,772
•• 32,985
64, 798
21
1,287
60
19, 692
3,767
"17,274
4,606
6, 569
304
-1,835
1, 091
1, 347
T o t a l A l a s k a a n d insular possessions _ _ . 12, 687,000
68
137,112
20,960
32,216
Total United States,
Alaska, a n d i n s u l a r
possessions
126,691,000
28,841
33,883,733
50, 259
15,400,113
Total Western States.
Washington
O r e g o n . . ..-.
California..
I d a h o " _.
Utah
Nevada.
Arizona
.__
^.
Alaska _
_
T h e T e r r i t o r y of H a w a i i
Porto R i c o . . . - l . . .
Philippines
1,900
6,059
11,532
10,923
9,713
6,100
9,239
6,104
14, 605
15,328
17,150
9,232
4,825
3,468
2,133
865
-7,.23L _ 2,963_
1,468
742
16, 761
6,178 -
•
3,285
1,645
9,756
9,197
4,348
12,456
545,958
503,744
37,360
133,072
84,941
6, 605,123
55,094
2,963
115, 056
30, 074
6,847
7,974
1,917
12,169
54,411
25, 227
69, 076
33, 088
18,003
29,419
25,998
24,377
41,802
72,434
50,346
28,556
2,634
7,594
2,615
20,491
2,
1,
4,
1,
73,375
9,292
14,949
30, 418
3,632
94, 061
15,007
92, 962
12, 978
22, 576
3,884
9,393
2,086
34,.947_ -_-.32,418_ _
4,495
1,289
97, 597
22,465.
37,785
• 4, 723
7,479
15,347
12, 066
4,708
9,118
1,740
18,194
232,094
279, 599
226,472
3,275
558
256
4,207
416
872
13, 697
3,131
2,210
11,281
3,011
1,426
5,773
191
780
2,291
175
276
9,769
3,501 _ ___4..123,
"1,376
264
9,119
3,219
1,901
1,021
1,510
2,099
4,296
899
136
835
159^
874
906,941
080,228
383,644
978,234
996,176
1,179,960
1,133, 699
1,592,245
15, 251,127
198,115
219,896
584,627
553, 933
160, 583
66,495
366,961
Z7;(m
494,030
o
o
H
O
I
o
108,707
11,332
14,978
60,788
11,828
2,681,644
34,180
28,606
243,063
10, 444
. 15,765
6,796
9,291
32,307
20,394
120,229
3,037
5,333
779
3,176
1,925
1,371
36.444
448
563
• 123
320
6,178
3,412
46,626
134
1,515
110
452
10, 075
7,914
54,612
2,462
. 1,913
1,509
3,583
2,424
3,429
56, 239
672
679
234
978
487,066
322,956
3,461,701
91,900
162,100
42,678
82,196
30, 639
347, 245
185,255
41,194
58,427
82,068
63,665
4,650, 597
o
124
549
338
320
1,758
9,909
5,134
18,276
37
1,600
1,278
924
4,410
4,259
13,029
10
5,110
1,620
30,904
11, 553
86,415
52, 774
146, 540
Kl
36
51
1,269
1,145
- 428
4,577
1,331
35,076
36
2,893
2,815
22, 622
37,644
'297,282
1,401,099
335.486
4,056, 482
2, 718,910
964,177
1, 226,960
951, 286
1,079,632
62,057,037
395, 741 .
H
w
o
d
00
CD
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June, 1925—Continued
CO
o
RECAPITULATION
Resources (in thousands of dollars)
States and. Territories, etc.
National banks
State (commercial) banks.
Mutual savings banks
Stock savings banks
Trust companies
Private banks
Grand total
Loans and
discounts
Num- including Overber of rediscounts
banks and accept- drafts
ances
Investments
8,072
16,983
611
972
1,680
523
9,362
12,850,650
9, 282, 839 35,819
4,183, 071
1, 364, 721
636
6,122, 785 3,722
79, 667
830
5, 730,444
3, 062,172
3, 351,162
429, 834
2, 801, 346
35,155
28,841
33,883, 733 50, 259 15, 400,113
Banking
Other
house, fur- real
niture, and estate
fixtures
owned
Lawful reserve with Checks
Federal re- and
Due from serve bank other Exchanges Cash on
Other
Aggregate
for clearresources resources
banks
or other
cash
ing house hand
reserve
items
agents
686,267 111, 191 1,966,921 1,326,864 150,244
607,461 323,365
430, 278 144, 660 1,243, 607
6,017
76, 290
201, 797
901
21, 536
32,137
66,148
123, 867
11,051
749,109 467, 969
248, 221 46, 776
499, 984
5,307
3,339
4,895
19, 306
647
1, 401, 099 335,486
4,055, 482 2, 718, 910 954,177
988,294 369, 605
198,869 357,960
212 40,359
4,368 29,425
35,017 160,105
3,832
200
272,031 24, 350,863
302, 208 15, 979,238
63, 230 7,913,039
19, 503 2,093,125
430,516 11, 565,549
2,045
155,223
1, 226,960 951, 286 1,079, 532 62,057,037
S
Q
Liabilities (in thousands of dollars)
States and Territories, etc.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
_
Connecticut......
Total New England States
Capital
stock
paid in
i
o
_.
...
New York
New Jersey
Pennsylvania
Delaware.Maryland
District of Columbia
Total Eastern States
Virginia
West Virginia
North Carolina._
South Carolina
Georgia...
Florida
Alabama
Mississippi
.
Louisiana
* Reported by national banks'only.
Surplus
BiHs payable (including
advances
Individual
Undivided Reserved
received
deposits
profits
Certified (including
for taxes, National
Notes
Gess
checks dividends United and bills from War
Other
Finance
expenses interest, bank cir- Due to all
States
and
banks
etc., ac- culation
redisCorporaunpaid
and
cashiers'
deposits counted tion and liabilities
crued 1
and
checks
taxes
postal
certificates
paid)
savings)
of deposit
representing money
borrowed)
12,836
7,812
7,726
113,035
15,720
36, 568
16,652
16,038
11,846
178,473
22,676
59,292
13,458
9,559
8,113
118,267
11,816
38,384
63
43
3,433
389
1,046
5,570
4,651
4,299
20,253
6,101
9,699
4,135
1,456
145,803
8,304
11,930
760
396
557
20,687
1,989
1,740
355,332
230,063
200,443
3,243,612
433,664.
962,984
193,697
303,876
199,697
5,343
49,573
175,514
26,129
5,415,998
528,036
96,107
320,007
9,323
40,214
23,378
1,081,125
104,357
514,948
9,587
57,147
13,867
137,327
35,914
147,647
4,939
13,556
6,112
17,249
1.189
6,031
31
665
268
65,374
20,602
80,983
1,124
9,605
4,426
1,768,340
31,270
354,059
4,973
46,667
14,102
405,631
11,062
30,009
314
1,824
2,419
12,012,743
1,809,731
4,309,164
96,640
668,988
209,990
1,017,065
1,781,031
346,496
25,423
182,014
2,218,311
451,159
57,880
34,805
36,946
25,060
46,336
25,997
26,898
17,130
32,539
39,475
25,616
20,875
12,183
26,370
12,317
15,261
9,361
18,444
12,628
10,841
8,015
4,496
11,665
6,854
9,182
2,706
6,200
1,339
536
692
329
375
408
334
218
390
19,744
10,259
9,490
6,461
8,277
6,239
9,200
2,920
4,076
38,627
10,022
26,692
10,616
46,400
72,432
7,100
8,453
46,609
4,394
2,400
4,916
1,361
1,958
14,948
479
1,028
3,071
5,880
1,925
3,202
14,742
5,968
1,048
1,324
656
51,679
7,464
1,161
49,233
32,122
63,332
12,012
5,178
29,785
520
3,901
3,295
76,212
6,619
15,676
301
2,057
582
126,964
21,679
76,273
867
10,887
2,953
415,726
19,907
75,408
1,662
7,683
3,196
19,107,146
54,691
101,447
239,623
523,581
o
411,661
321,441
318,363
194,328
308,408
514,207
234,506
189,201
358,194
2,390
812
604
701
2,108
1,023
1,300
366
1,033
13,961
4,523
16,150
5,145
8,878
278
4,221
4,921
2,407
16,854
13,308
26,865
9,047
14,771
1,075
6,882
7,646
8,384
21,967
1,191
6,591
3,155
3,926
3,557
1,694
4,599
17,267
Kj
255
399
105
,868
522
715
1,627
656
882
45,188
367
513
••
405
§
Q
CO
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions. June, 1925—Continued
•
'
:
•
.
Liabilities (in t h o u s a n d s of dollars)
-
Capital'
stock
paid in
States a n d Territories, etc.
Texas..
A r k ansa,*? K e n t u c k y _•_
Tennessee
.'.'.
.
_
. .
._
._
.
:.
.......:...
..
.
_
-
Total Western States.l
Individual
deposits
(including
dividends
unpaid
and
postal
savings).
United
States
deposits
Other
liabilities
o
_
49,246
9,576
28,516
22,912
22,695
4,604
9,543
2*641
1,645
117
1,311
600
39,635
3,757
15,851
13,187
118,043
19,868
30,145
26,445
12,000
1^693
5,538
1,121
' • 863,690
' 194,027
386,905
366,390
.7,866
338
590
707
'5,507
3,412
2,418
4,408
10,780
7,152
5,044
6,668
8,531
1,523
18,500
16,692
530,347
. . .
T o t a l M i d d l e W e s t e r n States
North Dakota
South Dakota
Nebraska
Kansas.
Montana
Wyoming
Colorado-.
N e w Mexico
Oklahoma
Surplus
Undivided Reserved
profits
Certified
(less . for taxes, N a t i o n a l
checks
expenses interest, b a n k cir- D u e t o all
and
banks •
etc., ac- culation
and
cashiers'
crued
taxes
checks
paid)
Bills p a y able (including
advances
received
from W a r
Notes
a n d bills F i n a n c e
Corporaredistion and
counted
certificates
of deposit
representing m o n e y
borrowed)
119,000
24,186
41,597
41,973
_
. ..
• T o t a l S o u t h e r n States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
CO
290,141
111,960
8,294
148,096
461,352
54,907
4,661,301
19,838
76,229
134,476
108,183
175,726
- 79,413
254,072
96,812
62,309
68,458
78,881
123,672
126,422
38,963
174,985
72,582
30,771
35,282
. 35,572
63,506
45,488
19,533
99,480
26,086
17,482
11,398
14,935
26,928
1,488
457
6,321
1,180
1,225
2,754
615
1,552
40,826
25,074
30,483
13,637
14,360
14,774
17,744
16,884
125,314
50,002
449, 286
67,006
48,735
97,957
54,037
153,842
19,065
5,531
42,759
11,921
4,922
14,743
2,721
12,345
2,271,164
770,647
3,225,451
1,596,308
797,534
916,268
894,315
1,140,647
13,653
1,768
4,866
10, 809
2,408
3,429
1,109
2,992
14,391
9,026
16,403
7,550
5,169
2,512
6,998
5,389
23,302.
9,487
22,361
27,928
5,352
8,864
17,974
19,617
61,202
70,327
57,177
56,415
5,909
3,521
8,798
24,871
939,343
577,083
261,330
.15,592
173,782
1,036,179
114,007
. 5,843
5,915
15, 595
22,901
4,413
2,558
12,735
1,249
8,712
711
.. .684
:5,223
6,743
1, 674
565
4,165
211
. 2,990
4,319
•2,879
8,434
9,961
2,486
1,738
5,627
1,113
8,525
4,791
9,355
67, 001
42, 460
6,886
2,392
26, 323
947
47,484-
79,921
22,866
Q
16, 221
14,311
40, 254
44,556
12, 800
4,685
19, 671
3,460
34,844.
189,802
20
103
•874
502
81 .
36
735
5
358
2,714
44,982.
•
207,-639
11,612,334
40,934
67,438
134,885
278,220
160,512
1,472
-1,438
178,446
2, 685
438, 553
3,490
, 413,911
1,393 " 128,222
53,249
470
289,146
4,456
28,575
468
376, 562
6,950-
211
- -344
. 524
1,284
233
116
669
133
1, 047
„
604
2,094
i, 012
3, 559
586
359
1,489
523
4,627
4,332
3,863
3,202
1, 523
1, 507
325
1,488
293
1,175
79
464
1,270
3,043
402
2
557
27
756
2,067,176
4,561
14,853
17, 708
6,600
22,822
o
Washington .
Oregon.."California
Idaho.--'
U t a h — . . •_
.
Nevada
Arizona
...
.._...
L
.
—._.
•......._.:._...
. .
'_.-.
.
.
..'
.....
.
. .I".
29,948
23,788
189, 255
7,042.
11,603 .
3,=096
5,304
12,156
9,.681
98, 060
2, 522
5,787
1,209
2,887
.
60,812
270,036
132,302
._..:
'. .
.830
8, 006
8, 310
12,276
260
4,104
1,296
3,320
184
1,801 .
^ 879
2,515
T o t a l Alaska a n d insular p o s s e s s i o n s . . .
'
29, 421
8,980
" T b t a l Pacific States
Alaska
......._......._.-.-..
T h e T e r r i t o r y of H a w a i i - .
Porto Rico::l
Philippines
.Total U n i t e d States, Alaska, a n d insular possessions
'•. . . .
3,169, 711
-
4,857
4,522
4.7,692
739
1,694
389
919
.
669
264
1,328
82
279
49
31
9,402
3,349
30, 282.
2, 358
2, 391
1,198
567
2,702
49, 547
.
28,418
17,475
194,049
2,105
10,879
1,766
2,302
6,450
382,468
2,870
252,797
2,803,910
15,339
72,082
836
112,292
• 1,-417
33,780
787
66,221
1,142 '
2,534
292
11,768
130
34
93
115
-
2,701
2,951
7,873
1,502
1,338
36
591
3,644
2,662
23,648
2,233
1,928
155
1,513
3,819
2,305
38,497
269
,12,458
- 130
604
35, 783
•58,032
121
15
2,645
7
4,356
1,808
45, 604
. 256,984 .
28, 841
3, 723, 550
14,966
- 16,992
1
• 9
50
450,
107
: 1,598
1,237
11,988
.. 45
: 309
354
288
9,674
64,129
36,729
67,905
389
1,455
522
6
77
1,624
5,379
10
500
14,930
996
178,437
2,366
1, 707
2,781
51,775
3,173,334: 1,007,439
60,078
648,494
4,370,909
698, 861
46,765,942
147, 220
327, 899
597,377
1,089,773
.,
•
o
i
RECAPITULATION
National banks
. .
S t a t e (commercial) b a n k s
Mntnalsavings hanks
.
Stock savings b a n k s . . :... •.
Trust'companies.
• . : . . . "
Private banks .
•
Grand total.
_ ,
_.-..
1,369,435
1,062,264
o
481, 711
226, 988
116, 523
21, 487
159,036
1, 694
60,078
83,758
643,451
10,803
1,118,928
644,420
633,176
44,893
723,209
8,708
3,169,7lf
3,173,334
1,007,439
60,078
648,494
648,494
2,886,400
606, 493
4,265
958
• 871,720
1,073
560, 256
95,845
587
696
41, 307
170
16,354, 912
12, 682, 753
7,146,951
1,918, 230
8, 536, 860
. 126,236
108,101
16,926
.233,874
59,124
41
34, 244
616
245,107
244, 782
518
8, 732
95,787
2,451
283, 567
339, 643
11,019
7,878
444,194
3,472
6,452
15,741
4,370,909
698,861
46,765,942
147,220
327,899
597,377
1,089,773
o
Q
Cl
o
CO
CO
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June, 1925—Continued
CO
[In thousands of dollars]
Investments
Loans-and discounts
On demand,: secured by
collateral
other than
real estate
states and Territories, etc.
Maine
New Hampshire
Vermont...
Massachusetts
Rhode Island
Connecticut.Total New England States.
New York
New Jersey
Pennsylvania
Delaware
. Maryland...
District of Columbia
Total Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia....
Florida..
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
lessee
;
.
:..
Total Southern States......
10,178
8,783
4,229
226,611
17,902
27,041
294,644
765,497
210,879
684,680
18,863
82,214
51,375
1,803,608
12,321
7,486
6,975
4,376
7,298
21,694
7,615
565
6,731
72,185
2,036
. 16,320
5,053
170,454
On de.mand,
not secured
by collateral
7,722
6,879
5,883
76,409
5,382
10,199
111, 474
63, 939
253, 612
3,893
25,280
6,106
433, 790
10,338
4,437
7,074
2,748
4,778
3,168
3,093
660
4,704
27,814
1,014
8,982
3,997
82,707
On time,
secured
by collateral other
than real
estate
10, 657
, 4,110
3,721
239,288
-35,626
29, 955
323, 357
555, 908
64,731
325,429
6,182
58,001
14, 909
1,025,160
71,213
31,318
78,291
30, 506
33, 729
41,283
29,284
16,055
17,867
278,296
16,672
37,900
37,731
720,145
On time,
not secured by
collateral
31,758
16,832
15,968
581,382
82, 934
74, 388
803,262
1,166,936
465,863
1, 032, 272
17,093
158, 734
65, 309
2,896,207
162, Oil
79,308
207,017
36,269
69, 358
69,-288
63, 461
23,342
39,821
287, 722
31,966
97,438
97,170
1,254,171
Secured
by farm
lands
1,214
302
1,082
1,449
7
272
4,326
6,325
3,413
16,196
2,506
2,163
231
30,834
5,285
i;267
2,918
4,121
5,681
1,372
3,399
2, 941
3,070
28,519
3,429
6,245
2,616
69, 703
Secured
by other
real estate
Not
classified
109,958
19,095
26,267
1,136, 325
168
407, 918
1, 699, 731
36,891
5, 909, 719
. 308,068
13, 611
469,889
16, 976
15,238
4
14, 676
88,239
29,604
584
874,-366
6,029,133
7,789
180,117
4,885
172,428
2,760
40,249
2,683
103,430
. 2,862
196,342
4,539
193,932
2,698
106,408
2, 863
105, 616
1,742
247,139
31,605
11, 560
1,863
117, 905
3,990
185,896
3,623
176,607
73,882 1,837,519
4,435
71,402
91, 833
182, 976
91,082
7,980
449, 708
United
States
Government securities
46,706
32,746
17,099
456,518
70,129
81, 676
704,874
654, 451
159,210
692, 690
7,002
76,474
25,270
1,515,097 I
State,
county,
and municipal
. bonds
7,936
5,078
3,437
8,169
9,292
29, 680
63, 592
131, 747
116, 075
137, 769
6,332
26, 016
2,253
31,405
24,967
23,549
11, 378
19,179
22,087
16,769
10,043
16,170
114,509
16,965
26,350
17,977
420,191
4,329
1,229
4,337
2,111
1,033
14,628
4,370
7,736
1,739
10, 524
1,863
2,976
2,455
350,348
69.230
Railroad
bonds
24,931
24,429
5,175
261,270
36,836
115,336
467, 977
214,287
227,371
533, 230
13, 074
79,146
9,019
1,076.127
2,794
1,772
53
1,157
680
5,747
2,717
752
402,197
638
4,261
620
23,328
Bonds of
other
public
service
corporations (including
street
and interurban
railway
bonds)
40,970
35,813
28,203
132,994
72, 338
27, 385
Other
bonds,
stocks,
warrants,
etc.
O
H
Q
31,382
14, 567
185,343
34,644
197, 753
550, 658
H
103, 636 3,199. 525
165,176
78,584
631,413
236, 962
12,414
9,614
66,457
42,516
17,425
7,436
478, 748 4,092,410
29,428
1,752
29,166
2,635
a
337, 703
656
412
6,153
1,106
395
117
3,208
57
3,058
767
96
7,776
16,089
19,814
52,898
17,822
21,842
32,203
27,660
8,072
52,182
24,339
20,402
339,180
"^
Ui
Ohio
Indiana.. .
Illinois
Michigan
Wisconsin
Miimesota
Iowa
Missouri
Total Middle Western States.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado"...
..^..
N e w Mexico
..-.
Oklahoma
T o t a l W e s t e r n States
Washington
Oregon
:
California.
Idaho
.
Utah.
Nevada
Arizona
__.
T o t a l Pacific States
Alaska..
T h e T e r r i t o r y of H a w a i i . .
Porto Rico
Philippines
T o t a l Alaska a n d i n s u l a r possessions
T o t a l U n i t e d S t a t e s , Alaska,
a n d insular possessions
81,623
7,626
226,979
17,523
. 36,146
53,218
9,872
57,724
490,611
1,645
1,232
13,054
173,744
10,028
1,286
8,864
540
15,668
226,060
10,653
5,159
83,346
1,092
5,925
9,617
5,421
68,290
10,408
60,520
4,900
31,579
21.769
12', 041
24,600
93,911
211,400
42, 709 . 144,814
187,902 • 447,947
91,327 . 150,844
304, 777
108,758
151,029
86,836
138,052
51, 899
135, 648
110, 544
773, 886
1, 684, 511
20, 518
17,166
• 17,779
20, 311
100, 870
160,513
45,321
58, 503
29,428
21, 692
18,743
11,215
61,913
46,620
8,482
8,923
87, 558
76, 615
201,226
8,372
5,241
29,977
38,202
2,782
1,886
6,347
1,198
7,134
26,242
9,375
8,096
20,983
7,163
7,800
5,853
4,269
89,781
- 2,055
1,209
11,562
3,117
6,949
778
2,421
1,528
5,254
11,495
10, 539
16,223
6,320
104,33722,077
26,125
4,110
1,280,947 S
390,025 1
1,539,093
462,905
9,065
287,176
556,361
564,357
197,835
73,134
354,172
46,404
66,223
117,430
44,644
51,134
128,321
9,865
142,366
31,749
33,113
19,436
5,826
22,817
17,811
8,371
14,969
10,228
12, 522
12,954
2,328
7,336
5,089,929
950,976
17,961
10,925
26,276
35,284
19,060
6,606
43,433
4,440
46,224
210,208
43,927
37,669
333,990
6,758
9,875
3,230
6,105
393,493
1,502
686
5,955
16,006
1,935
779
15,707
368
12,617
86,519
976
576
4,477
412
714
309
4,192
45
379
1,926
5,652
1,308
219
55,554
12,441
10,248
39, 579
781
4,441
1,460
1,992
70, 942
554
2, 594
1,040
20
12,080
4,789
2,323
4,299
27
1,685
175
377
13,675
221
678
120
• 234
121,013
224,107
2,462
850
19,248
6,020
7,421
543
1,771
581
6,281
45,177
. 5,604
8,562
52,789
637
2,159
3,174
1,160
74,085
26
13,630
2,577
2,640
251
4,696
4,199
262
.248,800
79
8,360
5,762
3,275
18,773
9,408
17,476
21, 460
.1,034
20,963
47,998
9,105
4,208
3,125,063
980,748
3,499,436
7, 540,722
449,079
1, 598,256
16,690,429
4,182,162
1,067,210
65", 330
89,771
30,979
101
37
3,623
49,982
176
48,246
288,244
98,461
71,563
1,506,090
19,905
li459
390, 612
43, 868
25, 659
123, 999
10,965
27, 834
3,573
12,902
421, 558
80,260
45,253
266,301
14,144
29, 876
2,703
15,016
101,139
4,059
3,436
14,485
2,949
7, 574
3,972
4,342
34, 873
2,446
2,051
15,747
625
25,364
2,144
6,306
459, 553
783
2,259
16, 860
1, 558
40,817
3
289
690
52
54, 683
1,031
15,171
2,704
2,057
407
1,697, 875 1
2,384
367 i
193 i
45,054
441,554
12,727
10,356
98,040
12,782
35,996
7,739
7,017
6,054
190,711
2,076
'
1,183
3,739
362
926
435
4,641
61
1,185
14, 608
3,935
1,468
9,883
217
2,770
181
797
244,998
85,596
261,364
731,371
63,326
144,447
45,141
230,076
1,806,319
0
12,651
13.176
16,461
23,696
16,729
2,862
24,940
848
28,122
139,384
63,826
29,677
341,982
11,310
9,857
1,921
4,185
76
462,758
782
6,192
2,138
6,021
1,253
2,517
1,063, 940
7,405,842
o
o
15,133
1,680,959
O
19,251
284
2,158
O
O
RECAPITULATION
National banks
State (commercial) banks
Mutual savings banks
Stock savings banks
Trust companies
Private banks
'.
2,143,728
284,743
4,399
7,063
683,943
1,187
726,100
84,693
Grand t o t a l . . .
3,125,063
980,748
1,156
167,806
2,880,485
303,840
7,241
8,191
294,197
5,482
6,132, 318
586,476
6,998
14,119
793, 457
7,355
255,880
165,496
520
4,717
18,353
4,113
380,918
152,243
349,405
32,857
681,177
1,666
331,221
7,705, 349
3, 814,508
1,296,618
3,483,852
58,881
2,636,767
525,233
603,750
161,532
349,144
5,736
594,700
221,495
156,488
5,246
88,314
967
673,950
68,589
634, 612
11,567
291,901
440
3,499,436
7.540, 722
449,079
1,598,256
16, 690,429
4,182,162
1,067,210
1,680,959
495, 239
145,055
233, 568
7,529
181,989
660
1,063,940
1,429,788
2,091,800
1,722,844
243,960
1,889,998
27,452
7,405,842
CO
-a
Assets and liabilities of all reporting banks in the United States, Alaska, and insular possessions, June, 1925- -Continued
CO
05
[In t h o u s a n d s of dollars]
Individual
deposits
subject
t o check
States a n d Territories, etc.
Gold
coin
Maine
New Hampshire
Vermont. _
Massachusetts
Rhode Island
Connecticut
81
107
62
445
615
200
1,200
1,609
5,829
66
444
120
3,274
2,167
7,019
133
866
241
106,118
31, 516
83, 380
1,517
8, 675
5,126
9,268
13, 700
765
316
1,306
665
428
392
464
759
1,180
4,088
893
434
519
5,267
3,094
8,207
4,040
2,601
4,976
3,137
3,737
6,946
22,851
4,562
3,206
3,421
,.
4,642
12,209
76,045
—
3,201
940
3,791
3,645
1,021
6.430
46, 973
9,238
58,855
T o t a l E a s t e r n States
..,
...
i
T o t a l S o u t h e r n States
1,510
67,239
37,304
26,141
1, 213, 309
126,137
270,839
41,156
236, 332
383
196
570
155
155
128
293
245
357
1,356
333
253
218
3,060
769
1,213
16, 951
708
18, 455
1,784
1,658
873
16,149
7,865
5,483
T o t a l N e w E n g l a n d States.
Ohio
Indiana.-..
Illinois
P a p e r - Nickels Cash not
c u r r e n c y a n d cents classified
150
174
92
,345
477
411
._...:
New York
N e w Jersey
Pennsylvania
-...
Delaware
.
Maryland
D i s t r i c t of C o l u m b i a
Virginia
J
W e s t Virginia
N o r t h Carolina
S o u t h Carolina
Georgia
Florida..
Alabama..-.Mississippi
Louisiana...Texas
.-.Arkansas-.'
Kentucky
Tennessee
Silver
coin
T i m e deposits'
D e m a n d deposits
Cash
.
Savings deDemand
posits or
Divicertifi- d e n d s un- deposits i n T i m e certificates of
cates of
i n t e r e s t or
paid
deposit
deposit
savings department
2,292
1,594
898
14, 352
6,065
3,504
307
184
271
2,805
162
891
263,619
188,806
172,585
1, 890,126
282, 510
671,371
1,914
1,425
434
72,272
18,040
4,720
Postal
savings
deposits
282
76
4,793
650
1,078
Deposits •
n o t classified
19,862
468
38
45,955
O
581
o
28, 705
4,620
3,469,017
98,805
6,978
66, 904
123,157
-15, 602
17,067
24, 626
1
374
1,249
4,478
2,955
8,308.
188
1,185
353
4, 290,447
1,021,917
1, 964, 216
49,094
377, 776"
74, 327
83, 526
14,377
213, 958
834
7,514
4,754
13, 390
2,667
10, 302
147
495
839
' 5,120,166
6,208
58, 861
- - 8
9,023
5,311
5, 700, 603
58, 919
17,467
7, 777, 777
324, 963
27, 840
5,199, 577
>
4,155
5,478
180,014
162,354
159, 226
79, 591
159, 879
340,030
137, 864
75, 415
213, 795
636, 282
95,223
205, 048
75, 212
8,048
2,674
10,849
793
14, 302
1,280
1,346
1,369
4,763
11, 599
8,245
1,353
133, 092
2,068
. 1,127
787
554
710
588
307
233
882
1,694
258
575
459
155, 589
99, 618
85,063
81,663
86,142
108, 709
86,239
41,619
94, 533
108,686
36,964
80,808
124,322
61,397
50, 767
57,147
29,600
45, 478
38, 568
6,575
40,476
28, 515
54,830
28,070
35, 943
30, 651
173
213
61
172
137
932
292
44
121
1,078
192
519
122
4,362
4,688
5,220
1,955
1,760
24,100
1,883
30,046
15, 585
49, 521
25,075
62, 659
2,532
o
40,020
265
454
16
5
149
1, 740, 969
33, 624 i 2, 485,134
56 f
744, 540
j 2,028,883
-i
46,268
80 f
272, 621
33, 760
33,812
2, 519, 933
199, 713
10,242
1,189,955
508,017
4,056
229,385
80
14,028
818, 994
359, 509
1, 760,851
40, 089
113,186
61,194
3,120
1,208
6,547
982, 351
210,074
1,057,172
179, 265
48,764
251,013
2,442
611
3,465
244, 903
37.295
85,209
-:
5,516
9,164
4,667
156
512
I
Ul
Michigan
Wisconsin. '
Minnesota
Iowa
Missouri.....;.
_
. . ._
•. _ ._
11,671
T o t a l M i d d l e W e s t e r n States
.742
20, 605
17,949 1
18,140
14,8^9
23,242
10, 436
• 12,384
9,395
940
1,129
839
343
656
171,807
252,718
244, 222
442, 529
61,317
39,853
199,-263
289, 936
89, 287
27, 556
1,203
1,078
2,373
1,377
1,359
1,168, 666
23, 605
49, 516
225, 563
802, 574
95, 583
4,114, 381
284,805
14, 782
3,422,190
1,124, 937
13,908
2, 637,331
54,825
67,487
199,465
235,259
63,075
26,449
150,939
16,750
178,821
5,107
4,415
15, 550
- 23,231
3,034
1,360
6,554
. 1,410
7,678
19
88
173
335
62
31
246
5
189
12,624
13,467
27,708
12,736
23,162
9,525
91,614
3,196
34,451
82,859
88,027
185,058
108,826
28,474
10,315
22,758
3,767
33.848
372
647
399
913
3,943
1,039
1,904
269
1,797
4,706
4,315
10,200
32,611
6.472
4,530
15,131
3.178
119,778
16,281
993,070
68,339
1,148
228,483
563,932
11,283
200,921
4,115
4,140
- 35,701
1,276
16,777 • 154,826
5
198,960
296,499
318, 946
122,832
237,790
2,426
5
220
24,781 1
1,563
2,414
9,879
7,130
14,014
7,113
6,335
5,168
3,167
4,887
6,769
1, 879
1,497
369
345
454
330
1,323
55
93
47
42
147,951
83,057
1, 543,378
12,117
50,709
15,674
20,376
27,511
20,883
30,350
12,056
9,874
1,543
5,417
6,039
1,922
1,590
1,366
578
240
638
48,066
13,748
213,202
6,444
2,871
' 1,148
2,823
18,913
Alaska,
4,585
2,615
10,132
852
1,108
1,083
2,856
1
10
13
149,280
127,970
1 007,298
38,165
46,670
14,759
36, 580
4,735
23,231
11
45,245
1,420,722
2,344
1, 873,262
107, 634
12,373
.75
330
420
63
687
3,735
3,528
8,439
2
8
65
18
10
202
37
4,412
5,066
' 27,589
20,850
. 20,018
94
692
957
851'
11
86
39
3,42i
24,011
11,843
8,617
420
6,979
1,667
9,680
. 636
22
688
26
4,750
685
28,739
591
888
16,389
93
4,661
73, 523
2, 594
136.
47,892
18,746
1,346
34, 200
a
40,614
Total Alaska and insular possessions...
32,449
985
574
1,985
248
392
166385
150
135
209
97
T o t a l Pacific S t a t e s
Alaska
T h e T e r r i t o r y of H a w a i i
P o r t o Rico
Philippines
7,959
8,846
_._
1,274
1,406
2,942
8,037
3,666
1,840
6,907
1,108
5,269
390
585
6,794
86
413
259
319
_
355
312
610
2,282
1,712
297
1,028
212
1,151
4,086
T o t a l W e s t e r n States
Total United States,
i n s u l a r possessions
695
1,962
1,195
1,112
• -717
83
75
266
962
395
146
1,834
51
274
North Dakota
South Dakota
Nebraska
..
Kansas
Montana
Wyoming
Colorado
N e w Mexico
Oklahoma
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona
477
1,807
506
597
352
58,917
573,084
1,965
276,706
16,563,201
661,988
50,739
18,008,576
2,747,034
77,784
8,656,620
o
.239,978342,678
34,228
9,952
4,466,601
2,.946,336
7,139,110
1,784,668
1,659,180
12,681
1,277,699
1,264,818
400
5,846
.176, 547
21,724
67,648
4,807
835,083
3,666,984
345
109, 752
4,008,188
36,268
18,008,576
2,747,034
77,784
8
5
13
and
"
o
o
o
•o
288,302
o
RECAPITULATION
National b a n k s .
- . .
S t a t e (commercial) b a n k s . . .
M u t u a l savings b a n k s .
Stock s a v i n g s l ) a n k s
T r u s t companies
. _.
Private b a n k s G r a n d total
>..
_..
18,857
13,244 .
• 996
3,054
4,225
238
37,584
16,511
68
13
5,566
175
303,164
167,794
3,874
1,196
94,815
2,241
1,122
15
64
735
29
160,289
35,.406
25,098
64,764
1,149
9,433,675
4 447,178
7,096
17,101
2,615,515
42,636
40,614
68,917
573,084
1,965
276,706
16,563,201
646
65,774
12,912
661,988
74
6,47015
50,739
143
5,186
8,656,620
CO
798
REPORT ON THE FINANCES
SUMMARY OF THE COMBINED RETURNS FROM ALL REPORTING BANKS I N
THE UNITED STATES, ALASKA, AND INSULAR POSSESSIONS, JUNE 30,
1925
Condensed statement of the resom^ces and liabilities of all reporting
banks; June 30, 1925, follows:
Summary of reports of condition of 28,841 reporting banks in the United StateSy
Alaska, and insular possessions at the close of business June 30, 1925
[la thousands of dollars]
llESOUriCES
Loans and discounts (including rediscounts):
On demand (secured by collateral other than real
estate)
-__-....
3, 125, 063
On demand (not secured by collateral)
980, 748
On time (secured by collateral other than real
estate)
.
3, 499, 436
On time (not secured by collateral)
7, 540, 722
Secured by farin land
449,079
Secured by other real estate
1, 598, 256
Not classified.
16, 690, 429
Total
Overdrafts
_.
Investments (including premiums on bonds):.
United States Government securities
State, county, and municipal bonds
Railroad bonds
__..
Bonds of other public service corporations (including street and interurban railway bonds)
Other bonds, stocks, warrants, etc
33,883,733
50,259
4, 182, 162
1, 067, 210
1, 680, 959
1, 063, 940
7, 405, 842
Total
Banking house (including furniture and
fixtures)
Other real estate owned
;
Due from banks_.__Lawful reserve with Federal reserve bank or other reserve agents. _
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
40, 614
Silver coin
58, 917
Paper currency
573, 084
Nickels and cents
1,965
Not classified
276, 706
Total-
.
-
15, 400, 113
1, 401, 099335, 486^
4, 055, 4822, 718, 910
' 954, 177
1, 226, 960«
951,286-
Other resources
1, 079, 532"
Total resources-
62, 057, 037'
LIABILITIES
Capital stock paid in
Surplus
.
Undivided profits (less expenses and taxes paid)
Reserved for taxes, interest, etc., accrued
National bank circulation
Due to all banks
.
Certified checks and cashiers' checks
^
-
3, 169, 711
3, 173, 334
1, 007, 439"
60, 078648, 494
4, 370, 909*
698, 861.
799
COMPTEOLLEK OF T H E CUEEENCY
Individual deposits:
.
Demand deposits—
Individual deposits subject to check
16, 563, 201
Demand certificates of deposit
661, 988
Dividends unpaid
50,739
Time deposits—
Savings, deposits, or deposits in interest or
savings departmentJ.
18, 008, 576
Time certificates of deposit
2, 747, 034
Postal savings deposits
77, 784
Not classified
_-_ 8, 656, 620
Total
-__
46,765,942
United States deposits (exclusive of postal savings)
147, 220
Notes and bills rediscounted327, 899
Bills payable (including advances received from War Finance
Corporation and certificates of deposit representing money borrowed)
597,377
Other liabilities
__._
_. 1, 089, 773
Total liabilities-._
.-62,057,037
INDIVIDUAL DEPOSITS IN ALL REPORTING BANKS
The total individual deposits of all reporting banks, including
demand, time, and postal savings deposits, but exclusive of United
States deposits, were $46,765,942,000, June 30, 1925, and showed an
increase in the year of $3,811,821,000.
Individual deposits subject to check showed an increase of $1,501,257,000; demand certificates of deposit, an increase of $124,065,000;
dividends unpaid, an increase of $374,000; savings deposits, an
increase of $1,627,862,000; time certificates of deposit, an increase
of $112,946,000; postal savings deposits, an increase of $2,417,000;
and deposits not classified, an increase of $442,900,000.
Classification of the deposits of each class of reporting banks
follows:
Individual deposits in each class of banks June 30, 1925
[In thousands of dollars!
'
DeIndiNum- vidual mand Divicerber deposits tifi- dends Savings
of
subject cates un- deposits
banks to chec;^ of de- paid
posit
Time Postal
savcertifi- ings Deposits
not .
cates of de- classified
deposit posits
Total
state (commercial) banks... 16,983 4,447,178 342,678 9,952 2,946,336 1,264,818 4,807 3,666,984 12,682,753
5,846 143 109,752 1,918,230
17,101
972
646
Stock savings banks
74 1,784,668
7,139,110
400
7,096
345 7,146,951
611
Mutual savings banl^s
Loan and trust companies.. 1,680 2, 615,515 65,774 6,470 1, 659,180 176, 547 '5," 186 4,008,188 8,536,860
12, 681 21, 724
36,268 126,236
42, 636 12,912
523
15
Private banks.- .
Total -.
National banks
Grand total
20, 769 7,129, 526 422,010 16, 511 13, 541,975 1,469, 335 10,136 7,821,537 30,411,030
8,072 9,433, 675 239,978 34, 228 14,466,601 1, 277, 69967,648 835,083 16,354,912
28,84l 16, 563,201 661,988 50,739 18, 008, 5762,747, 034 77, 784 8, 656,620 46,766,942
1 Reported as other time deposits.
800
REPORT ON T H E FINANGES
RESOURCES AND LIABILITIES OF ALL REPORTING BANKS, 1920-1925
The principal items of resources and liabilities of all banks other
than Federal reserve banks, for the six years 1920 to 1925, are shown
in the following statement:
• ., ' ,
[In thousands of dollars]
1920(30,139 1921 (30,812 1922 (30,389 1923 (30,178 1924' (29,348 1925 (28,841
banks)
banks)
banks)
banks)
banks)
banks)
Classification'
RESOURCES.
Loans and discounts (includ31,208,142- 28,932, Oil 27,860, 443 30, 416. 577 31,427,717
ing rediscounts) i . „ 57,982
• 56,334
Overdrafts
109,186
81,849
74,600
Investments.
11,387,525 11,381,923 ,12,547,567 13, 672, 547 14, 228, 745
Due from other banks and
bankers *..
6,121,093
5,833,241 4, 794, 205 5, 414, 241 5,597,150
1,000,976 1,147, 521 1, 276, 631 1, 432, 217 1, 590, 259
Real estate, furniture, etc.s
Checks and other cash items *... 1,457, 778 1,290, 667 1, 574, 608 1,196, 075 1,992,370
Cash on hand
1,076,378
946, 567 ' 829,892
797,101
911,500
Other resources.
1,005,882 1, 096,647
847, 385
865, 262
816, 672
Total... . -
'.
'1
53,079,108
49, 671,390
50, 425,367 54, 034,911
57,14<690
33,883,733
50,259
15,400,113
6, 774,392
1, 736, 685
2,181,137
951, 286
1,079,532
62,057,037
LIABILITIES
Capital stock paid in...I
2, 702,639
Surphif? fund . .
2,410,346
Undivided profits—
976, 261
Reserved for taxes, interest,
etc., accrued *
Circulation (national banks)..
688,178 ,
Certified checks and cashiers'
checks.....
514,862
37, 315,123
Individual deposits. United States deposits..
..
175, 788
Due t o . other banks and
3, 708, 302
bankers . . _ . . _
Other liabilities«
:._.
4,587,609
TotaL...
53,079,108
2, 903,961
2, 542,032
910, 743
3, 052, 367
2, 799, 494
954,145
2,943, 950
2,697,409
933,843
3,114,203. . 3,169,711
2,967,359
3,173,334
1,007,439
971, 730
729,686
60,078
648,494
552, 505
614, 583
358,110 . 664,857
34,844, 572 37,194, 318 40, 034,195 42,954,121
152,302
128,'887
238, 439
390,230
* 698,861
46,765,942
• 147,220
3,928,292
1, 662,140
4,370,909
2,015,049
54, 034,911 67,144,690
62,057,037
704,147
725, 748 •
•2,809,414
3,951, 708
3, 244,386
2,004,321
49,671,390
50,425,367
720,001
3,610, 211
2, 267,949
1 Includes acceptances reported by national banks.
' Includes lawful reserve with Federal reserve banks.
8 Includes real estate owned other than banking house.
* Includes exchanges for clearing house.
> *
" Reported by national banks only.
8 Includes bills payable and rediscounts.
ASSETS AND LIABILITIES OF ALL BANKS, INCLUDING FEDERAL RESERVE
_
. '
•
BANKS
The total resources of 28,853 banks, including the 12 Federal reserve banks, amounted to $66,806,496,000, June 30, 1925, and showed
an increase in the year of $4,871,025,000.
Loans and discounts were increased in.the year $3,163,627,000,
and investments in United States Government and other bonds and
securities were increased $1,066,183,000.
Capital stock amounted to $3,285,272,000, exceeding the amount
a year ago by $59,649,000, and surplus funds and undivided profits
showed an increase of $238,606,000. Total deposit liabilities showed
an increase in the year of $4,451,631,000.
Statement showing the resources and liabilities of all reporting
banks other than the Federal reserve banks, the 12 Federal reserve
banks, and the grand total follows:
801
COMPTEOLL.ER OF T H E CUEEENCY
Statement of resources and liabilities of 28,853 reporting banks, including Federal
reserve banks, J u n e , 1925
[In thousands of dollars]
28,841 reporting
banks,
June 30,
1925
12 Federal
reserve
banks
Total,
28,853
banks
RESOURCES
Loans and discounts, including rediscounts
i33,883,733
Overdarfts.
50,259
Investments
15,400,113
Banking house (including furniture and
fixtures)
1,401,099
Other real estate owned
335,486
Due from banks
4,055,482
Lawful reserve with Federal .reserve bank or other reserve agents.. 2,718,910
Checks and other cash items
954,177
Exchanges for clearing house
_
_
1,226,960
Cash on hand
951,286
Other resources..
1,079,532
62,057,037
Total resources-
707,611
324,609
60,173
619,112
3,014,552
23,402
4,749,459
34, 591,344
50,259
15,724,722
1,461,272
335,486
4,674,594
2,718,910
954,177
1,226,960
3.965,838
1,102,934
66,806,496
LIABILITIES
Capital stock paid in
3,169,711
Surplus
3,173,334
Undivided profits (less expenses and taxes paid)
1,007,439
Reserved for taxes, interest, etc., accrued
60,078
National bank circulation
_
648,494
Pederal reserve note circulation
Due to all banks
4,370, 909
Certified checks and cashiers' checks
698,861
Individual deposits
_
46, 765,942
United States deposits (exclusive of postal savings)
^.
147,220
Notes and bills rediscounted
327,899
Bills payable (including all obligations representing money borrowed)
z
,
597,377
1,089,773
Other liabilities
Total liabilities.
62,057,037
115,561
217,837
1,634,235
2,696,852
24,428
46,207
14,339
4,749,459
3,285,272
3,391,171
1,007,439
60,078
648,494
1, 634,235
7,067,761
698,861
46, 790,370
193,427
327,899
597,377
1,104,112
66,806,496
1 Includes acceptances of national banks.
2 Uncollected items.
3 Due to members, reserve account, and deferred availability items.
CASH IN ALL REPORTING BANKS
The total cash holdings of all banks, June 30, 1925, including the
12 Federal reserve banks, aggregated $3,965,838,000 and showed a
reduction of $271,071,000 in the year. Of this total, $359,605,000
was held by 8,072 national banks, $59,1,681,000 by 20,769 banks other
than national, and $3,014,552,000 by the 12 Federal reserve banks.
Classification of cash in all banks follows:
Cash in banks J u n e 30, 1925
[Ln thousands of dollars]
8,072
national
banks
Classification
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal tender notes
.
National bank notes
Federal reserve notes ^
Nickels and cents
Cash hot classified- .
..
Total
Cash in Federal reserve banks June 24.1925:
Gold coin and certificates (reserve)
Reserves other than gold. _
Nonreserve cash
Grand total
..
._
1 Number of banks includes 12 Federal reserve banks.
3 Includes clearing-house certificates.
^^Includes nickels and cents.
60501~FI 1925t
51
18,857
2 52,929
8 37,559
28,666
25, 501
67, 609
128,484
359,605
20,769
State, etc.,
banks
Total,
28,853
banks 1 .
21, 757
40,614
52,929
58,892
28, 666
25, 501
337, 529
128, 484
1, 965
276, 706
951, 286
21,333
«269,920
1,965
. 276,706
591,681
2,810,764
148,049
55, 739
3,965,838
4 Includes Federal reserve bank notes.
»Includes all paper currency
802
REPORT ON T H E FINANCES
MONEY IN THE UNITED STATES
The total stock of coin and other money in the United StatesJune 30, 1925, was $8,221,200,000 and showed a reduction in the year
of $525,300,000, which was due principally to the retirement of Federal reserve notes, Federal reserve bank notes, and national-bank
notes.
Of the total stock of money, $362,000,000, or 4.40 per cent, represented coin and other money held in the Treasury as assets; reporting banks held $938,300,000, or 11.41 per cent; Federal reserve banks
or their agents held $3,122,700,000, or 37.99 per cent; and the remainder, $3,798,200,000, or 46.20 per cent, was in general circulation.
The per capita money in general circulation was $33.29, compared
with $34.20 a year ago.
Statements showing the stock of money in the United States in
the years ended June 30, 1914 to 1925; the classification of money in
circulation July 1, 1925; and imports and exports of merchanciise,.
gold, and silver in the calendar years 1914 to 1924 and the ninemonths ended September 30, 1925, follow:
Stock of money in the United States, in the Treasury, in reporting bayiks, in Federal
reserve banks, and in general circulation, years ended June 30, 1914 to 1925
Year e n d e d
J u n e 30
1914
1915
1916
1917
1918
1919
1920
1921.
1922
1923.
1924
1925
..
.
H e l d b y or
Coin a n d o t h e r Coin a n d other
for F e d e r a l
Coin a n d m o n e y i n Treas- m o n e y i n reportreserve b a n k s
other
u r y as assets i
ing b a n k s 2
a n d agents 3
money
inthe
United
• Per
Per
Per
states
A m o u n t cent A m o u n t cent A m o u n t cent
Amount
Millions Millions
336.3
3.738.3
345.4
3.989.4
298.2
4,482. 9
268.4
5, 408. 0
360. 3
6, 741. 0
584. 2
7, 518. 8
489. 7
. 7, 894. 5
461.2
8,096. 0
402.5
8,177. 5
383. 5
8, 603. 7
356.6
8, 746. 5
362.0
8, 221. 2
Millions
1,772.0
1,809.9
2,119.8
2,371.4
3, 479. 6
3,786. 0
4,336. 2
3,913.' 3
3, 560. 0
3, 952. 3
3,854. 0
3,798. 2
9.00
8.66
6.65
4.96
5.34
7.77
6.20
5.70
4.92
4.46
4.08
4.40
Millions
1,630.0
1,447.9
1,472. 2
1,487.3
882.7
981.3
1,047.3
926. 3
814.0
777.1
900.8
938.3
Millions
43.60
36.29
32.84
27.50
13.10
13.05
13.27
11.44
9.95
9.03
10.30
11.41
386.2
592.7
1, 280. 9
2,018. 4
2,167. 3
2,021.3
2,795. 2
3, 401. 0
3, 490. 8
3, 635.1
3,122. 7
9.68
13.22
23. 69
29.94
28.83
25.60
34.52
41.59
40.57
41.56
37.99
I n general circulation, exclusive of a m o u n t s h e l d
by reporting banks and
F e d e r a l reserve b a n k s
Per
cent
47.40
45.37
47.29
43.85
51.62
50.35
54.93
48.34
43.54
45.94
44.06
46.20
Per
capita
$17.89
17.97
20.6922.77
32.87
35.67
40.47
'36.21
32.44
35.52
34.20
33.29
1 Public money in national-bank depositories to the credit of the Treasurer of the United States not
Included.
2 Includes national banks and all reporting State banks with exception of banks in island possessions,
s'lncludes gold reserve held by banks against issues and gold or other funds deposited by banks with
Mgents to retire Federal reserve notes in circulation and own Federal reserve notes held, by Federal reserve
banks.
NOTE.—Population estimated at 105,869,000 in 1918, 106,136,000 in 1919, 107,155,000 in 1920,108,087,000 in
1921,109,743,000 in 1922,111,268,000 in 1923,112,686,000 in 1924, and 114,104.000 in 1925.
United States circulation statement, July 1, 1925
M o n e y held i n t h e T r e a s u r y
K i n d of m o n e y
Gold coin a n d bullion
Gold certificates
S t a n d a r d silver dollars
Silver certificates
Treasury'- notes of 1890..
S u b s i d i a r v silver
U n i t e d s t a t e s notes
Federal reserve notes
F e d e r a l reserve b a n k notes
N a t i o n a l b a n k notes
T o t a l J u l y 1, 1925
Comparative totals:
J u n e l , 1925
_._.
J u l y 1, 1924. .
N o v . 1, 1920
A p r . 1,1917...
J u l y 1,1914
J a n . 1, 1879
s t o c k of
money i
Total
Reserve
Amount
against
held i n t r u s t
United
against gold
States
a n d silver
notes ( a n d
certificates
Treasury
(and Treasury
notes of
notes of 1890)
1890)
M o n e y outside of t h e T r e a s u r y
I n circulation
H e l d for
Federal
reserve
banks and
agents 8
All other
money
2 $4,386,195, 841 $3, 691, 200, 201 $1, 609, 687, 619 $153, 620,986 $1, 752, 744, 435 $175,147,161
3(1,609,687,619)
2,399,135
450, 111, 077
452, 510, 212
522, 061, 078
3 (448, 724,195)
3 (1, 386, 882)
283,471,971
-7, 537, 768
7, 537, 768
2,193, 375
2,193, 375
346, 681, 016
1, 474, 263
1,474, 263
1, 942, 239, 530
87, 890
87,890
7,176. 033
19, 595, 231
19, 595, 231
733, 366, 074
8, 221,. 191, 543 * 4,174, 598, 940 2,059, 798, 696 153, 620, 986 1, 752, 744, 435 5 208,434,823
8, 274, 924, 217
8, 746, 513, 527
8, 326, 338, 267
5, 312,109, 272
3, 738, 288,871
1, 007, 084,483
4 4,172, 727, 726
* 4, 245, 699, 033
^ 2, 406,801,772
i 2, 942, 998, 527
* 1, 843, 452,323
< 212, 420, 402
2,020,824, 616
1, 628,138, 695
696,854, 226
2, 684,800, 085
1, 507,178, 879
21, 602, 640
153,620,986 1, 781, 769, 335 216, 512, 789
152,979,026 2, 260,891,035 203, 690, 277
152,979, 026 1,206,341,990 350, 626, 530
152, 979,026
105, 219, 416
150,000,000
186, 273, 444
100, 000, 000
90,817, 762
Total
Held b y
Federal
reserve
banks and
agents
Amount
Population
tinental
United
states
Per
capita (estimated)
$694,995, 640 $271,135,134 $423,860, 506 $3.71
604,864, 317 1,004,823, 302 8.81
1, 609, 687, 619
54, 288, 630
15, 262, 236
.48
69, 550,866
382, 780, 251 3.35
65, 943,944
448, 724,195
1, 386, 882
.01
1, 380,882
262, 009,199 2.30
13,925,004
^ 275,934,203
282, 577, 651 2.48
61, 909, 990
344,487, 641
304, 657,196 1, 636,108, 071 14.34
1,940, 765, 267
6, 920,857
.08
167, 286
7,088,143
681, 708,888 5.97
713, 770,843
32, 061,955
6,106, 391, 299 1, 369, 927,062 4, 736, 464, 237 41.51 114,104,000
6,123,021,107 1,348, 708,508 4,774,312, 599
6,128,953,189 1, 374,180,435 4, 754, 772, 754
987, 962,989 5, 628,427, 732
6, 616, 390, 721
5, 053, 910,830
953, 320,126 4,100, 590, 704
3, 402, 015, 427
3,402, 015,427
816, 266, 721
816, 266, 721
41.89
42.19
52.36
39.54
34.35
16.92
113,985,000
112, 686, 000
107,491, 000
103, 716, 009
99,027,000
48, 231. 000
1 Includes United States paper cm-rency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks.
2 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents.
3 These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion
and standard silver dollars, respectively.
* The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total money outside
of the Treasury to arrive at the stock of money in the United States.
6 This total includes $20,778,312 of notes in process of redemption, $160,367,334 of gold deposited for redemption of Federal reserve notes, $7,442,555 deposited for redemption of
national bank notes, $4,740 deposited for retirement of additional circulation (act of May 30, 1908), and $6,640,640 deposited as a reserve against postal savings deposits.
6 Includes money held by the Cuban agencies of the Federal Reserve Banks of Boston and Atlanta.
NOTE.—Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars
held in the Treasury for their redemption; United States notes are secured by a gold reserve of $153,620,986 held in the Treasury. This reserve fund may also be used for the redemption of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars, held in the Treasury. Federal reserve notes are obligations of the United States and
a first lien on all the assets of the issuing Federal reserve bank. Federal reserve notes are secured by the deposit with Federal reserve agents of alike amount of gold or of gold and
such discounted or purchased paper as is eligible under the terms of the Federal reserve act. Federal reserve banks must maintain a gold reserve of at least 40 per cent, including
the gold redemption fund which must be deposited with the United States Treasurer, against Federal reserve notes in actual circulation. Lawful money has been deposited with
the Treasurer of the United States for retirement of all outstanding Federal reserve bank notes. National bank notes are secured by United States bonds except where lawful money
has been deposited with the Treasurer of the United States for their retirement. A 5 per cent fund is also maintained in lawful money with the Treasurer of the United States for the
redemption of national bank notes secured by Government bonds.
O
o
g
H
td
O
i
O
^^
HJ
O
d
pi
o
00
o
00
804
REPORT ON T H E FINANCES
Imports and exports of merchandise, calendar years 1914 to 1924, inclusive, and fromJanuary 1 to September 30, 1925
I m p o r t s of
merchandise
1914..
1915
1916.
1917.
1918
1919..
1920
1921
1922
1923..
:
1924
1925 (9 m o n t h s )
E x p o r t s of
merchandise
Excess of
exports over
imports
$1, 789, 276,001
1, 778, 596, 695
2,391, 635, 335
2, 952, 465, 955
3,031,304, 721
3,904, 364, 932
. . , 5, 278,481, 490
2, 509,147, 570
3,112, 746, 833
3, 792,065, 963
3, 609,962, 579
3,078, 549,084
$3,113,624,050
3, 554, 670, 847
5,482, 641,101
6, 226, 255, 654
6,149,241,951
7,920, 425,990
8,228,016,307
4,485,031,356
3, 831,777,469
4,167,493,080
4, 590, 983,845
3, 504, 828,015
$1,324, 348,049
1, 776, 074,152
3,091,005,766
3, 273, 789, 699
3,117, 937,230
4,016,061,058
2,949, 534,817
1 975,883,786
719,030, 636
375, 427,117
981,021, 266
426, 278, 931
37, 228, 597,158
61, 254,989, 665
24,026, 392, 507
T o t a l , 11 years a n d 9 m o n t h s
Gold and silver imports and exports in period indicated
GOLD
Imports
1914
1915
1916
1917
1918
"1919
1920
1921
1922
1923
...
1924
1925 (9 m o n t h s )
..
..
. ...
T o t a l , 11 years a n d 9 m o n t h s
Exports
Excess of
exports over
imports
$57,387, 741
451,954, 590
685,990, 234
552,454,374
62,042,748
.76,534,046
417,068,273
691,248,297
275,169, 785
322,715,812
319, 720,918
59,830,123
$222,616,156
31,425,918
155,792,927
371,883,884
41,069,818
368,185, 248
322,091,208
23,891,377
36, 874,894
28, 643,417
61,648,313
204,272,802
$165, 228, 415
3,972,116,941
1,868,395,962
601,322,296
$25,959,187
34,483,954
32,263,289
• 53,340,477
71,375, 699
89, 410,018
88,060,041
63, 242, 671
70,806,653
, 74,453, 530
73,944,902
49,194,076
$51,603, 060
53,598,884
70, 595,037
84,130, 876
252,846,464
239,021,051
113,616,224
51, 575, 399
62,807,286
72,468, 789
109,891,033
74, 636,128
$25, 643,873
19,114, 930
38,331, 748
30,790,399
181,470,765
149, 611,033
25,556,183
726, 534,4.97
1,236, 790, 231
531,907,114
Excess of
i m p o r t s over
exports
$420, 528, 672
530,197,307
180, 570, 490
20,972,930
291, 651,202
94,977,065
667,356, 920
238,294,891
294,072,395
258,072, 605
144,442,679
2, 705,043,275
SILVER
1914
1915
1916
.
^^917
-i'§18
1919
.
1920
1921
1922
1923
1924
1925 (9 m o n t h s )
'.
T o t a l , 11 years a n d 9 m o n t h s
$11, 667, 272
7,999,367
1,984,741
35,946,131
25,442,052
21, 651, 380
BANKING POWER OF THE UNITED STATES
The combined banking power of all banks in the United States,
including 8,072 national banks, 20,769 banks other than national,,
the 12 Federal reserve banks, and estimated figures for 437 nonreporting private banks, was $60,469,400,000, and exceeded the amount
J u n e 30, 1924, by $4,022,900,000.
805
COMPTR;OLI.ER OF T H E CUERENCY
The banking power of the country consists of the capital, surplus
funds and undivided profits, and certain classes of deposits of all
banks, with the addition of national and Federal reserve bank
circulation.
Of the total banking power June 30, 1925, national banks contributed $20,641,800,000; or 34.14 per cent; banks other than national,
$35,092,500,000, or 58.03 per cent; and Federal reserve banks,
$4,735,100,000, or 7.83 per cent.
The banking power of each class of banks in June, 1925, and
comparison with the figures for June, 1924, is shown in the following
statement:
Banking power of the United States J u n e 30, 1925
[Money columns in millions]
Number of
banks
National banks
8,072
Reporting State banks, savings banks, trust companies, and private banks.. 20,769
Nonreporting private banks
437
(estimated)
Total
ederal reserve banks...
29,278
Grand total.
29,290
2 12
Capital Surplus
and
paid in profits
1,369.4
.
8.7
Total
June,
1924
20,641.8
19,172.7
30,588.8
34,969.2
32,381. 5 2,587.7
105.6
123.3
648.5
3,178. 7 4,189.4
217.8
115.6
47,717. 7
648.5
2,767. 5 1,634.2
3,294. 3
50,485.2
4,407.2
Increase
over
1924
Total
June,
1925
1,600. 6 17,023. 3
1,800.3 2,580.1
9.0
National
bank
circulation.
Federal
Deposits 1 reserve
notes,
and
Federal
reserve
bank
notes
116.9
1,469.1
6.4
55,734. 3 • 51,671.1 4,063.2
3 40.3
4,735.1 . 4,775.4
2,282. 7 60,469.4
56,446.5
4,022.9
1 Includes dividends unpaid, postal savings and United. States deposits, certified checks and cashiers'
checks outstanding, but not amounts due to other banks, except deposits of Federal reserve banks, which
are reported gross.
2 June 24,1925.
3 Decrease.
NOTE.—Information for nonreporting private banks has been estimated by using as a. basis for the calculation statements of reporting private banks. Only such institutions as are performing the functions,
of a bank are included in the total number of private banks. Concerns whose business is confined "ta
the selling of investments are not included in the list of private bankers.
BANKS IN THE DISTBICT OF COLUMBIA
The aggregate resources of 68 banking institutions in the District
of Columbia, June 30, 1925, including national banks, loan and
trust companies, savings banks, and building and loan associations,
were $328,554,000, and showed an increase since June, 1924, of
$32,428,000. ^
•
The combined capital of these institutions was $23,378,000, an
increase of $25,000 in the year, and individual deposits of $248,664,000
showed an increase in the year of $25,748,000.
806
REPORT ON T H E
FINANCES
Classification of these banks follows:
Number
National banks
. . .
Loan and trust companies
Savings banks
Building and loan associations
Capital
Individual
deposits 1
Aggregate
assets
.
Total
1 Amounts due to banks not included.
13
7
24
24
$9, 427,000 $104,339,000
11,400,000
72,803,000
2,551,000 . 32,848,000
2 38, 674,000
$146,679,000
99,665,000
. 38,233,000
43,977,000
68
•
23, 378,000
248, 664,000
328,554,000
2 Share payments mainly.
EARNINGS, EXPENSES, AND DIVIDENDS OF BANKS OTHER THAN
NATIONAL IN THE DISTRICT OF COLUMBIA
The gross earnings of 31^ trust companies and savings banks in
the District of Columbia in the year ended June 30, 1925, were
$8,016,000 and exceeded the earnings of the previous year by
$546,000.
,
The principal earnings of these banks, interest and discount,
amounted to $6,185,000, exceeding the earnings in the prior year
by $144,000. Other earnings were from domestic exchange and
collection charges, which showed an increase of $10,000; foreign exchange department profits, which showed an increase of $2,000; trust
department profits, an increase of $149,000; and other miscellaneous
earnings, a net increase of $241,000.
The total expenses for the year, incident to the operation of these
^banks, were $5,434,000, exceeding expenses for the previous year by
$172,000. Salaries and wages showed an increase of $88,000; interest
and discount on borrowed money, a reduction of $15,000; interest
on deposits, an increase of $116,000; taxes, a reduction of $5,000;
and other miscellaneous expenses, a reduction of $12,000.
After payment of all expenses the net earnings for the year, with
the addition of $108,000 recovered on charged-off assets, were
$2,690,000, which showed an increase over the prior year of $365,000.
After charging off losses on bonds and securities and other assets
aggregating $421,000, which showed a reduction of $17,000 in comparison with losses charged off in the previous year, the net addition
to profits were $2,269,000, out of which dividends were declared to
the amount of Jl,337,000.
The amount of net addition to profits in the last, year was $382,000
in excess of the amount during the previous year, and the increase
in amount of dividends was $182,000.
Detail statement of the earnings, expenses, and dividends of these
banks for years ended June 30 1924 and 1925, follows:
807
COMPTEOLLEE OF T H E CUREENCY
Earnings, expenses, and dividends of trust companies and savings banks in the District of Columbia
[In thousands of dollarsl
June 30, June 30,
1924,
1925,
32 banks 31 banks
'Capital stock
T?otal surplus fund..
Dividends declared .
'Gross earnings:
Interest and discount
Domestic exchange and collection charges -.
Profits of foreign exchange department.^
Commissions and earnings from insurance premiums and the negotiation of realestate loans
Trust department profits...^
_
,
Other earnings
Total.
JExpenses paid:
Salaries and wages
Interest and discount on borrowed money..
Interest on deposits
Taxes
^
Other expenses
_
Total.
^IsTet earnings during the year
•Recoveries on charged-ofl assets..
Total.
.Losses charged off:
On loans and discounts
On bonds, securities, etc
On trust department operations..
Other losses.
.
..
On foreign exchange
Total..
."Net addition to profits during the year..
13,826
7,496
1,155
13,951
7,954
1,337
6,041
25
22
6,185
35
24
187
448
747
82
597
7,470
,016
1,809
52
1,871
660
870
1,897
37
1,987
655
858
5,262
5,434
2,208
117
2,582
108
2,325
2,690
131
158
131
18
203
82
10
110
16
438
421
1,887
BUILDING AND LOAN ASSOCIATIONS IN THE DISTRICT OP COLUMBIA
The aggregate resources of the 24 building and loan associations
in the District of Columbia, under the supervision of the Comptroller of the Currency, June 30, 1^925, were $43,977,000, compared
with resources of 23 associations, June 30, 1924, amounting to
$40,467,000.
The loans made by these associations increased during the year
-from $38,968,000 to $42,482,000, and installment pajrments on shares
increased from $35,452,000 to $38,653,000!
Eighteen of these associations operate on the permanent plan, 5
on the serial plan, and 1 on the terminating plan. Twenty-two
associations require installment dues or payments of $1, one requires
payments of $2, and one payments of $2.50.
The number of borrowing members June 30, 1925, 15,562, showed
an increase since June 30, 1924, of 768, and the number of nonborrowing members, 41,873, was increased in this period 2,433.
Information relative to these associations in the fiscal years ended
J u n e 30, 1909 to 1925, is shown in the following statement, and summaries of resources and liabilities, supplemented by statements of
808
REIPORT ON T H E FINANCES
receipts and disbursements, in six-month periods ended December
31, 1924, and June 30, 1925, are published in the appendix of this
report.
Number
of associations
Years
J u n e 30—
1909
1910
1911
1912
1913
1914....
1915
1916
1917
. .
1918...
1919
1920
1921
1922
1923
1924
1925
J
. . .
..
22
19
19
20
20
20
20
19
19
20
20
21
24
22
23
23
24
Loans
$13, 511,587
14,415, 832
14,965,220
16, 004, 700
17,398, 010
18, 582,156
19, 524, 065
20,186, 662
20,951, 089
21, 567,904
23, 654, 000
27, 398, 000
29, 520, 000
33, 233, 000
36,157, 000
38,968,000
42, 482, 000
Installments
on shares
$11,996,357
13, 213, 644
13, 324, 217
14, 529,977
16, 453, 044
17,113, 899
17,866,337
18, 668, 808
19, 413, 266
20, 252, 005
22, 463, 000
25, 373, 000
27, 593, 000
30, 506, 000
32, 858, 000
35,452, 000
38, 653, 000
Aggregate
resources
$14, 393,927
15,250, 731
16, 017,406
17,100, 293
18,438, 294
19, 029, 260
20, 655, 614
21,611,007
22, 264, 005
23, 215, 027
25,699 000
29, 322, 000
31, 683, 000
34, 879, 000
37, 589,000
40, 467, 000
43,977, 000
BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES
The total number of building and loan associations in the United
States, as disclosed by statistics furnished by Mr. H. F. Cellarius,
secretary United States League of Local Building and Loan Associations, in the year 1924-25 was 11,844, and the total membership of
these associations was 8,554,352, an increase over the preceding year
of 18.76 per cent; and aggregate assets were $4,765,937,197, an increase of $822,997,317, or 20.87 per cent. The growth of these associations in the last year far exceeded the growth in the preceding year.
New Jersey's increase in assets was $197,084,169, which represents
the growth for a year and a half, as the figures in the 1924 table are
as of December 31, whereas the totals heretofore have been for the
fiscal year ended June 30 annually. Ohio's growth was $117,145,131
for the fiscal year ended June 30, 1924, whne the increase in Pennsylvania was $115,000,000 for the last calendar year. Other increases
in assets in States showing more than 10,000,000 last year are:
Massachusetts, $47,207,279; Illinois, $41,233,691; New York, $34;557,688; Wisconsin, $25,190,245; Indiana, $24,042,967; California,
$23,416,684; Texas, $21,943,756; Louisiana, $19,034,544; Missouri,
$18,181,767; Nebraska, $14,223,064; Washington, $12,301,435; Kansas $12,239,953; North Carolina, $12,049,626; Oklahoma, $11,977,388;
and Michigan, $11,536,832. ^
. . .
Statistics relative to building and loan associations in each State
and the District of Columbia are shown in the following statement:
809
COMPTKOLLEB, OF THE CUKKENCY
Number
of associations
states
Pennsylvania i_.
Ohio
NewJersey2
Massachusetts
Illinois. _
N e w York
Indiana .
Nebraska
Wisconsin
California ._ . . _
Louisiana..
Missouri
Michigan
Kansas
Oklahoma
N o r t h Carolina L .
Kentucky
Washington . .
D i s t r i c t of C o l u m b i a
Texas
Iowa.
Colorado
Arkansas
W e s t Virginia
tJtah
Minnesota
Florida.
South Carolinai
.Rhode Island
Maine.
Connecticut
Oregon
Montana
New Hampshire
Delaware.
. .
North Dakota
-.
South Dakota
Tennessee
New Mexico^.
Arizona
_
Vermont _
O t h e r States
Total
J Estimated.
Total
membership
_
_
_.
.
'
.
'
...
1,600,000
1,689, 686
927,495
382,274
572, 000
408, 996
317,055
192, 200
168,113
116, 389
135,360
154, 780
158,597
152, 615
121, 442
85, 000
116,400
151, 043
55, 654
66,994
65, 000
53, 042
39, 267
52, 300
45, 075
42,880
18,150
24, 000
26, 685
25, 600
32, 677
28,800
34, 400
14, 221
12, 650
12, 360
8,160
7,550
5,750
5,550
3,012
425,130
11, 844
_.
4,300
1,000
1,364
217
814
301
380
82
155
138
94
241
80
144
86
247
136
59
24
102
74
55
59
57
25
79
25
164
8
39
37
20
30
28
40
16
24
17
12
3
7
1,061
8, 554, 352
T o t a l assets
Increase in
assets
$860,000,000 $115,000, 000
765,306, 091
117,145,131
599,812, 925
197,084,169
311, 962, 911
47, 207, 279
41,233,691
273,326, 625
34, 557, 688
217, 007,141
24, 042, 967
192, 025, 913
123, 021, 650
14, 223, 064
118,182,354
25,190, 245
108, 687,143
23,416, 684
19, 034, 544
106, 931,401
18,181, 767
93, 557, 805
11,536,832
80,302. 267
12, 239, 953
78, 850', 057
77, 788, 006 , 11, 977,388
12, 049, 626
70,000, 000
196, 457
55,196,457
12, 301, 435
53,242, 311
3, 261, 000
42,032, 000
21, 943, 756
33, 980,086
4, 314, 509
33,309, 995
5, 425, 383
25, 672, 269
3,436,170
24,848, 268
5, 274, 006
23, 256, 758
3,312, 530
22, 550, 620
4,839, 954
20, 839, 954
15,450, 000
(3)
15, 000, 000
8, 475, 758
14, 887, 675
2,326, 511
14,335,323
1, 677,382
14,193,310
2,492,112
11,802,437
1, 802,437
11, 649, 272
1, 202, 085
7, 330, 534
748, 899
6, 201,339
831, 669
6,169,397
744, 225
5, 078, 532
678, 532
4,477, 899
601,164
2,550, 000
250, 000
2, 378, 893
450, 956
1,353, 951
306, 759
221,387, 628
11, 982, 600
4, 765, 937,197
2 As Dec. 31,1924, figures heretofore as of June 30.
822, 997,317
Increase in
membership
200,000
313,718
239,908
25,638
122, 000
48, 902
19, 054
• 29, 200
24, 653
28,350
24, 288
29, 935
32,110
21, 615
19,131
8,214
400
32, 594
2,794
36,904
8,500
12,522
5, 058
9,800
6,625
9,680
(3)
*
3,600
3,542
3,050
3,565
3,810
2,400
916
1,850
1,485
1,160
1,100
300
550
581
11, 970
1,351,472
^ included in other States.
MONETARY STOCKS IN THE PRINCIPAL COUNTRIES OF THE WORLD
Statistics compiled by the Mint Bureau for the calendar year 1924
with.respect to the monetary stock of principal countries of the world,
show a total gold stock of $9,669,359,000, of which amount $9,578,829,000 was in banks and public treasuries, and the remainder,
$90,530,000, was in circulation. The silver stock amounted to
$2,668,317,000.
In comparison with revised figures for the calendar year 1923, the
stock of gold showed an increase of $530,960,000 and the stock of
silver showed a reduction of $81,322,000. . "
The following statement shows the monetary stocks in the principal
countries of the world, as compiled iDy the Mint Bureau:
[Statement omitted here, b u t to be found on p. 626 of this volume.]
60501~Fi 1925t
52
810
EJEPORT ON T H E FINANCES
FEDERAL LAND BANKS
The resources of the 12 Federal laiid banks amounted to $1,059,486,000, September 30, 1925, and showed an increase in the year of
$75,700,000.
Net mortgage loans which constitute the principal assets of thesebanks increased in the year from $905,536,000 to $989,960,000.
United States Government securities owned were reduced in the year
from $43,146,000 to $29,283,000, and cash on hand and in hanks was.
reduced from $11,080,000 to $9,062,000.
The capital stock of these banks was $52,784,000, of which amount
$1,332,000 was held by the United States Government; $50,978,000'
was held by national farm loan associations; $472,000 was held by
borrowers through agents, and $2,000 by individual subscribers.
The amount of capital stock of these banks originally subscribed
for by the United States Government was $8,892^000, of which
amount $7,560,000 has been retired to date.
The principal liabilities of these banks represent farm loan bondsoutstanding, which aggregated $973,344,000, September 30 last,
and showed an increase in the year of $66,129,000.
Undivided profits were increased from $4,056,000 to $5,262,000,^
and legal reserve was increased from $5,734,000 to $7,545,000.
Surplus funds and other reserves showed an increase of $3,000.
Consolidated statement of the resources and liabilities of thesebanks, September 30, 1925, follows:
Consolidated statement of condition of the 12 Federal land banks at close of businessSeptember 30, 1925
N e t mortgage loans
Interest accrued b u t not yet due on mortgage loans
United States Government bonds and securities
Interest accrued b u t not yet due on bonds and securities. _
Other interest accrued b u t not yet due
Cash on h a n d and in banks
Notes receivable, acceptances, etc
Accounts receivable
.
•
Installments m a t u r e d (in process of collection)
Banking houses
F u r n i t u r e and fixtures
Sheriffs' certificates, judgments, etc. (subject to redemption)
Otherassets.
Total assets
Liabilities:
F a r m loan bonds outstanding
Interest accrued b u t not yet due on farm loan bonds
Notes payable
.
Accounts payable
Other interest accrued b u t not yet due
Due borrowers on uncompleted loans
Amortization installments paid in advance
F a r m loan bond coupons outstanding (not presented)
Dividends declared b u t unpaid
Other liabilities
Totalliabilities
$989, 960, 218. 89'
18, 387, 586. 32
29, 283, 375. 49'
195, 007. 3632,685.47
9, 062, 213. 59"
3, 527, 922. 14
'746, 137. 74
1, 121, 955. 42*
2, 046, 493. 50'
263, 926. 44
4, 291, 361. 90v
567, 493. 851,059,486, 378. 11
_
973, 343, 685. 00"
15, 541, 386. 88
431, 956. 45475, 848. 57
12, 462. 45357, 595. 24
1, 364, 142. 16^
770, 944. 55^
753, 378. 62
738, 378. 46^
1_
993,789,778. 38-
COMPTROLLER OF THE CUBRE^s^CY
Net worth:
Capital stock United States Government____
National farm loan association. ..
Borrowers through agents.
Individual subscribers
Total capital stock
Reserve (legal)
Surplus, reserves, etc
Undivided profits
$1, 331, 930. 00
50, 978, 052. 50
472,265.00
1, 585. 00
52, 783, 832. 50
7, 544,700. 00
105, 828. 23
5, 262, 239. 00
Total Habilities and net worth
Memoranda:
' Net earnings to Sept. 30, 1925
Less—
Dividends paid
..
Carried to suspense account
Real estate charged off
Carried to surplus, reserve, etc
Carried to reserve (legal)
Carried to undivided profits
811
$65, 696, 599. 73
1, 059, 486, 378. 11
.
32, 913, 780. 91
|13, 209, 071. 10
1, 323, 953. 38
5, 037, 769. 23
536, 048. 20
7, 544, 700. 00
5, 262, 239. 00
Total carried to surplus, reserve and undivided profits..
Capital stock originally subscribed by United
Government
Amount of Government stock retired to date
States
Capital stock held by United States Government
19, 570, 793. 71
13, 342, 987. 20
8, 892, 130. 00
7, 560, 200. 00
1, 331, 930. 00
JOINT-STOCK LAND BANKS
The resources of joint-stock land banks amounted to $580,810,000,
September 30, 1925, and exceeded the amount a year ago by $105618,000.
Like Federal land banks, the principal resources of these banks are
represented by mortgage loans, which amounted to $519,237,000
September 30, and exceeded the amount a year ago by $89,171,000.
United States Government securities amounted to $26,550,000
compared with $14,671,000 a year ago, and cash on hand and in
banks was increased from $13,442,000 to $14,094,000.
The paid-in capital stock of these banks was $40,804,000 or $6,725,OOOi more than a year ago. Legal reserves of $3,661,000 compared with $2,384,000 in September, 1924, and undivided profits of
$2,347,000 showed an increase in the year of $1,136,000.
Liabilities of these banks incident to the issuance of farm loan
bonds, were $507,686,000, compared with $419,745,000 a year ago.
Consolidated statement of the resources and liabilities of these
banks follows:
Consolidated statement of condition of the joint-stock land banks at ihe close of business September 30, 1925
Net mortgage loans-_.
__-_
$519, 237, 214. 59
Interest accrued but not yet due on mortgage loans
9, 525, 580. 66
United States Government bonds and securities
26, 550, 481. 12
Interest accrued but not yet due on bonds and securities..
270, 122. 29
Other interest accrued but not yet due
93, 021. 53
Cash on hand and in banks
14, 093, 836. 40
812
REPORT ON THE FINANCES
Assets—Continued.
Notes receivable, acceptances, etc
.
Accounts receivable
Installments matured (in process of collection)
Banking houses
....
..
Furniture and fixtures .
Sheriffs' certificates, judgments, etc., subject to redemption
Real estate
.
Other assets
Total assets
.
.
1, 446, 718. 33
2, 145, 373. 83
47, 13L 34
580, 809, 51L 19
Liabilities:
Farm loan bonds outstanding
Interest accrued but not yet due on farm loan bonds
Notes payable
Accounts payable
.
Other interest accrued but not yet dile
Due borrowers on uncompleted loans
Amortization installments paid in advance
Farm loan bond coupons outstanding (not presented)
Dividends declared but unpaid
Other liabilities
....
Totalliabilities
Net worth:
Capital stock paid in
Surplus paid in
.
Surplus earned
Reserve (legal)
Other net worth accounts
Undivided profits
$3, 559, 072. 59
1, 307, 556. 71
1, 341, 834. 77
1, 006, 985. 00
184, 582. 03
507, 685, 600. 00
8, 995, 071. 59
7, 305, 862. 21
3,076, 790. 96
80, 032. 57
1, 538, 665. 74
831, 193. 93
741, 099. 75
198, 543! 50
51, 660. 48
530, 504, 520. 73
$40, 804, 060. 53
1, 359, 830. 83
942, 174. 03
3, 660, 653. 65
• 1, 190, 881. 38
2, 347, 390. 04
50, 304, 990. 46
Totalliabilities and net worth
....
580, 809, 511. 19
FEDERAL INTERMEDIATE CREDIT BANKS
The resources of the 12 Federal intermediate credit banks showed a
gain in the year ended September 30, 1925, of $7,634,000, and
amounted, on the latter date, to $112,659,000.
Direct loans and rediscounts aggregated $64,318,000, and showed
an increase in the year of $12,039,000. Holdings of United States
Government securities amounted to $5,166,000, and showed an increase of $2,866,000. Cash on hand and in banks showed a reduction
of $2,412,000.
The subscribed capital stock of these banks, $60,000,000 showed no
change in the year. Surplus funds showed an increase of $529,000
and undivided profits, a reduction of $76,000. Outstanding debentures amounted to $43,768,000, compared with $35,112,000 a year
ago.
Notes and bills payable were increased from $375,000 to $3,800,000
and notes and bills rediscounted were reduced from $7,450,000 in
September, 1924, to $1,906,000 in September, 1925.
Consolidated statement of the resources and liabilities of these
banks follows:
COMPTROLLER OF THE CURRENCY
813
Consolidated statement of condition of the 12 Federal intermediate credit banks as
of the close o'f business September 30, 1925
Direct loans___
$33, 756, 897. 04
Rediscounts
.
30, 560, 889. 14
Accrued interest on loans and rediscounts.
247, 972. 02
United States Government bonds and securities
5, 165, 635. 16
Accrued interest on United,States Government bonds and
securities...
39, 032. 78
Other securities.
...
1, 100, 000. 00
Other accrued interest
1, 677. 12
Rediscounts for other Federal intermediate credit banks. _
925, 000. 00
Cash on hand and in banks
_._.._
4, 750, 821. 21
Capital stock callable from United States Treasury
36, 000, 000. 00
Furniture and
fixtures
18,099. 33
Documentary stamps.
•_:
...
Other assets
92, 822. 43
Total assets__
.
:___.. 112, 658, 846. 23
Liabilities:
!
Capital stock subscribed.
Surplus
Undivided profits
Other reservesl
Debentures outstanding
Accrued interest on debentures outstanding
Notes and bills payable
Notes and bills rediscounts
.s
___•__.
Deferred rediscounts
•
Interest collected not earned
.
Cash capital rediscount agencies
Other accrued interest
:^
Other liabilities
.
Total liabilities
.
._
._
60, 000, 000. 00
680, 584. 46
907, 69L 82
109, 574. 73
43,767,910. 00
565, 183. 10
3, 800, 000. 00
1, 906, 100. 00
298, 499. 94
416, 314. 85
152,933. 31
10,241.34
43, 812. 68
112, 658, 846. 23
NATIONAL AGRICULTURAL CREDIT CORPORATIONS
Under Title I I of the agricultural credits act of 1923, provision is
made for the incorporation of national agricultural credit corporations
with a paid in capital of not less than $250,000, and also for the
organization of rediscount corporations with capital of not less than
$1,000,000, the course of procedure in either case being practically
identical with that provided by law for the organization of national
banks. Provision is also made for the conversion of State chartered
agricultural and livestock financing corporations into national
agricultural credit corporations following procedure similar to that
incident to the conversion of State banks to national banking associations. Consolidation of two or more national agricultural credit
corporations is also contemplated and provided for. Supervision of
the incorporation, together with that of the business of such corporations, is imposed by law upon the Comptroller of the Currency.
The powers of these corporations are enumerated in sections 203,
204, 205, 206, and 207 of the act as follows:
SEC. 203. (a) That each national agricultural credit corporation shall have
power, under such rules and regulations as the Comptroller of the Currency may
prescribe—
(1) To make advances upon, to discount, rediscount, or purchase, and to sell
or negotiate, with or without its indorsement or guaranty, notes, drafts, or bills
of exchange, and to accept drafts or bills of exchange, which—
814
REPORT ON THE FINANCES
(A) Are issued or drawn for an agricultural purpose, or the proceeds of which
have been or are to be used for an agricultural purpose;
(B) Have a maturity, at the time of discount, purchase, or acceptance, not
exceeding nine months; and
(C) Are secured at the time of discount, purchase, or acceptance by warehouse receipts or other like documents conveying or securing title to nonperishable and readily marketable agricultural products, or by chattel mortgages or
other like instruments conferring a first and paramount lien upon live stock
which is being fattened for market.
(2) To make advances upon or to discount, rediscount, or purchase, and to
sell or negotiate with or without its indorsement or guaranty, notes secured by
chattel mortgages conferring a first and paramount lien upon maturing or breeding live stock or dairy herds, and having a maturity at the time of discount,
rediscount, or purchase not exceeding three years,
(3) To subscribe for, acquire, own, buy, sell, and otherwise deal in Treasury
certificates of indebtedness, bonds or other obligations of the United States to
such extent as its board of directors may determine.
(4) To act, when requested by the Secretary of the Treasury, as fiscal agent of
the United States, and to perform such services as the Secretary of the Treasury
may require in connection with the issue, sale, redemption or repurchase of bonds,
notes. Treasury certificates of indebtedness, or other obligations of the United
States.
(5) To purchase, hold, acquire, and dispose of shares of the capital stock of
any corporation organized under the provisions of section 207, of this title, in an
amount not to exceed at any time 20 per centum of its paid in and unimpaired
capital and surplus.
(6) To purchase, hold, and convey real estate for the following purposes, and
for no others:
(A) Such as shall be necessary for its accommodation in the transaction of its
business.
(B) Such as shall be mortgaged to it in good faith by way of security for debts
previously contracted.
(C) Such as shall be conveyed to it in satisfaction of loans or advances made
or debts previously contracted in the course of its dealings.
(D) Such as it shall purchase at sales under judgments, decrees, or mortgages
held by the corporation or shall purchase.to secure debts due to it.
(7) "TO act as custodian, trustee, or agent for holders of notes,, drafts, or bills
of exchange sold or negotiated under paragraphs (1) and (2) of subdivision (a) of
this section or under section 207.
(8) To issue, subject to such regulations as the Comptroller of the Currency
may prescribe, collateral trust notes or debentures, with a maturity not exceeding
three years, and to pledge as security for such notes or debentures any notes, drafts,
bills of exchange, or other securities held by the corporation under the terms of
this title. The regulations of the Comptroller of the Currency may prescribe
the form of notes or debentures, and of notes, drafts, bills of exchange, warehouse
receipts, chattel mortgages, or other instruments which may be pledged as security
therefor, the provisions which may be made with regard to release, substitution,
or exchange of such securities, and with regard to protection, supervision,
inspection, and reinspection of the agricultural commodities or live stock pledged
or mortgaged as security therefor.
(b) The United States Government shall assume no liability, direct or indirect,
for any debentures or other obligations issued under this title, and all such debentures and other obligations shall contain conspicuous and appropriate language,
to be prescribed in form and substance by the Comptroller of the Currency and
approved by the Secretary of the Treasury, clearly indicating that no such liability
is assumed.
(c) Any obligation referred to in paragraphs (1) or (2) of subdivision (a) of
this section, which is secured by chattel mortgage upon live stock of an estimated
market value at least equal to the face amount of such obligation, may be additionally secured by mortgage or deed of trust upon real estate or by other securities, under such regulations as may be made by the Comptroller of the Currency.
LIMITATIONS
SEC. 204. Except as hereinafter provided in section 207 of this title, no
national agricultural credit corporation shall incur liabilities, whether direct or
contingent, in excess of ten times its paid-in and unimpaired capital and surplus;
aor shall any such corporation make advances to or hold notes or other direct
COMPTROLLER OF THE CURRENCY?
815
obligations of any person or corporation, or have outstanding acceptances for
any person or corporation, in an amount exceeding 20 per centum of the paid-in
a,nd unimpaired capital and surplus of such corporation, unless such advances,
notes, acceptances, or other obligations are adequately secured by warehouse
receipts representing readily marketable and nonperishable agricultural commodities, in which event the amount of such advances to, or notes or other direct
obligations of, or acceptances for, such one person, association, or corporation
shall not exceed 50 per centum of such paid-in and unimpaired capital and surplus. No such corporation shall purchase, own, or deal in any live stock except
live stock taken in the course of liquidation of obligations held by it.
INTEREST RATES
SEC. 205. (a) Any national agricultural credit corporation may charge on any
loan or discount made, or upon any note, bill of exchange, or other evidence of
debt, interest at the rate allowed by the laws of the State in which such corporation is located.
(b) The taking, receiving, reserving, or charging a rate of interest greater than
is allowed by subdivision (a), when knowingly done, shall be deemed a forfeiture
of the entire interest which the note, bill, or other evidence of debt carries with
it or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person by whom it has been^paid, or his legal representative, may recover back in an action in the nature of an action for debt twice the
amount of the interest thus paid from the corporation taking or receiving the
.same, provided such action is commenced within two years from the time the
usurious interest was collected.
CAPITAL STOCK
SEC. 206. (a) That no national agricultural credit corporation shall be permitted to commence business with a paid-in capital of less than $250,000; and no
permit to begin business shall be issued to any such corporation by the Comptroller of the Currency until there shall have been' filed with him a certificate
signed by the president or treasurer and by individuals comprising a majority of
the board of directors of such corporation showing that at least 50 per centum
of the authorized capital stock of such corporation has been paid in in cash; and
the remainder of the capital stock of such corporation shall be paid in installments of at least 10 per centum each on the whole amount of the capital, and
the entire authorized capital stock shall be paid in within six months from the
date upon which such corporation shall be authorized by the Comptroller of the
Currency to commence business. The payment of each installment shall be
certified to the Comptroller of the Currency under oath by the president or
cashier of such corporation.
(b) The capital stock of anj^ such corporation may be increased at any time
with the approval of the Comptroller of the Currency by a vote of two-thirds of
the holders of its issued and outstanding capital stock, or by written consent
of all of its shareholders without a meeting and without a formal vote; and may
be reduced in like manner: Provided, That in no event shall such capital stock be
reduced to an amount less than one-tenth of its then outstanding indebtedness,
direct or contingent, or to an amount less than $250,000, nor without at the same
time reducing proportionately outstanding liabilities. No national agricultural
credit corporation, except as herein provided, shall withdraw or permit to be withdrawn, either in the form of dividends or otherwise, any portion of its paid-in
capital, and section 5204 of the Revised Statutes, prohibiting the payment of
unearned dividends or the withdrawal of capital of national banks, shall be held.
to apply to national agricultural credit corporations.
(c) The provisions and limitations contained in section 5139 of the Revised
Statutes, relative to transfer of the shares of the capital stock of national banks,
shall apply to national agricultural credit corporations.
(d) Whenever any shareholder or his assign fails, upon demand of the Comptroller of the Currency, to pay his subscription or any part thereof on stock of
any national agricultural credit corporation subscribed to by him, the directors
of the corporation, after 15 days' notice, shall proceed in the manner prescribed
by section 5141 of the Revised Statutes for the collection of unpaid subscriptions
to stock of national banks.
(e) Section 5144 of the Revised Statutes, which relates to the right of shareholders of national banks to vote by proxy, shall be held to apply to shareholders
of national agricultural credit corporations.
816
REPORT ON THE FINANCES
REDISCOUNT CORPORATIONS
SEC. 207. (a) That national agricultural credit corporations having an authorized capital stock of $1,000,000 or over may be organized under the provisions
of this title, to exercise all the powers enumerated in section 203, except that in
lieu of the powers conferred in paragraphs (1) and (2) of subdivision (a) of such
section, such corporations shall have powers—
(1) Upon the indorsement of any national agricultural credit corporation, or
of any bank or trust company which is a member of the Federal reserve system,
to rediscount for such corporation, bank, or trust company, notes, drafts, bills of
exchange, and acceptances, which conform to the requirements of paragraphs
(1) and (2) of subdivision (a) of section 203. Such indorsement shall be deemed
to be a waiver of demand notice and protest by such corporation as to its own
indorsement exclusively.
(2) To discount or purchase notes, drafts, or bills of exchange issued or drawn
by cooperative associations of producers of agricultural products, provided such
notes, drafts, or bills of exchange are secured at the time of discount or purchase
by warehouse receipts or other like documents conveying or securing title to nonperishable and readily marketable agricultural products, and have a maturity
at the time of discount or purchase not exceeding nine months.
(3) To sell or negotiate with or without recourse any note, draft, or bill of
exchange discounted or. purchased hereunder.
(b); National agricultural credit corporations organized under the provisions
of this section, shall not be subject to the limitations contained in section 204,
but the Comptroller of the Currency may, by general regulations, from time to
time prescribe the amount of indebtedness, direct or contingent, which such
corporations may incur, and the aggregate amount of paper of different types
which such corporations may rediscount for any one corporation.
(c), Corporations with powers limited, as provided in this section, shall notlbe
subject to the requirements as to deposit of bonds or other obligations of the
United States, as provided in section 208 of this title.
Section 210 of the act authorizes the investment in the capital
stock of these national agricultural credit corporations by menibers
of the Federal reserve system to the extent of 10 per cent of the capital
and surplus of the subscribing member banks.
These corporations, supplemented by the organization of rediscounting corporations, will, it is believed, round out the rural credits
scheme supervised by the Government.
Early in 1923 a number of applications were received for authority
to organize national agricultural credit corporations—one in Iowa,
one in Kansas, and one in Texas. There was also received application for authority to convert an Indiana cattle loan company. None
of these cases, however, was pursued to a conclusion, the reason
therefor being the fact that paragraph 1 of section 202 of the agricultural credit act as originally enacted did not authorize an intermediate credit bank to discount the paper of an agricultural credit
corporation organized under the laws of' the United States, but only
authorized them to discount such paper when the agricultural credit
corporation was organized under the laws of a State.
On March 4, 1925, this section was amended so as to authorize the
discounting of the paper of agricultural credit corporations organized
under the laws of any State or the Government of the United States.
In May, 1925, an application was made for the organization of the
Pacific National Agricultural Credit Corporation, at Fresno, Calif.,
and later for the conversion of the Atlantic Grovers Corporation of
South Carolina. The California corporation having complied with
all conditions precedent was authorized to begin business under date
of July 27, 1925, with capital of $500,000 and with the following
^'staff of officers and directors:
COMPTROLLER OF THE CURRENCt
817
President, T. H. Ramsay; vice president, Harry M. Creech;
cashier, Gerald D. Kennedy; directors, Charles F. Stern, W. E.
Wilcox, I. W. Hellman, G. D. Kennedy, H. M. Creech, T. H. Ramsay,
H. Russell, R. M. tiagen, and A. B. Nordling.
On September 28, the date upon which reports of condition were
made by national banks, the Pacific National Agricultural Credit
Corporation made its initial report. The only existing liability was
the paid in capital stoclc, amounting to $500,000. The assets were
as f dlows:
Cash on hand and in bank
United States bonds
Loans
Furniture and
Other assets
_._.
fixtures
$321, 324. 35
130, 439. 67
44, 165. 82
395. 10
___„
3, 675. 06
500, 000. 00
The only other case pending in connection with this legislation is
the South Carolina case, the conversion of a State corporation into
the Atlantic Growers National Agricultural Credit Corporation.
UNITED STATES POSTAL SAVINGS SYSTEM
Statistics furnished by the Third Assistant Postmaster General,
with respect to the Postal Savings System, in years ended June 30,
1924-25, showed total resources on the latter date of $138,271,619.82, which exceeded the amount in 1924 by $801,554.56.
At the close of the year 1924 the balance to the credit of depositors
was $132,814,135. Deposits during the year 1925 amounted to
$92,000,349, and withdrawals aggregated $92,641,273, leaving a
balance to the credit of 402,325 depositors, June 30, 1925, of $132,173,211.
'
Statements showing the financial operations of the Postal Savings
System in years ended June 30, 1924 and 1925, and the activities of
the system in the several. States in the year ended June 30, 1925,
follow:
Co7nparative balance sheet for June SO, 1925, and June 30, 1924
Items
00
I—'
00
June 30, 1924
June 30, 1925
Increase
Decrease
RESOURCES
Working cash:
Depository banks
Postmasters
_
_ ..
_
Special funds:
Treasurer of United S t a t e s Reserve fund
Miscellaneous (working) funds.
Accounts receivable:
Accrued interest on bond investments
Due from discontinued depository banks.--- .
Due from late postmasters
.
$97, 759,025.37
131,101.44
I'D? oon T^fi Ri
-
..
..
6, 640, 635.18
393, 267. 54
358,112.16
__
'^'
_
Par value
. . $9,752,940
.- . . 26,676,750
. , ,
n i l 7R0 OT
9, 752, 940. 00
23, 220, 860. 36
,
,
,
.
36, 429, 690
6, 624,100. 59
1, 264,074.02
355, 010.16
14.49
94, 739.49
15,677. 77
.
Investments, carried at cost price:
United States b o n d s Postal Savings 23/^'s --Fourth Liberty 434's
7 ( V on'> ? >
Yl
*
$96, 226, 670.32
179,815.83
9, 504, 780.00
23, 220,860. 36
or> f\70
Qrtrt
op
138, 271, 619.82
-
$1,532,355.05
$96,406,486.15
1,483,640. 66
16, 534. 59
7,888,174. 01
3,102.00
449, 764.14
$48,714.39
870,806.48
854, 271.89
14.49
79,061. 72
75,974. 21
248,160.00
32, 725, 640. 36
H
O
248,160. 00
137,470, 065. 26
o
w
801, 554. 56
LIABILITIES AND SURPLUS F U N D S
Due depositors:
Outstanding principal, represented by certificates of deposit
Accrued interest on certificates of deposit
Outstanding savings stamps
Accounts payable:
Due Postal Service^—Interest and profits
Due discontinued depository banks
Totalliabilities
.
Surplus funds:
Interest and profits (undistributed earnings) subject to future allocation of
maturing interest charges
132,173, 211.00
3, 696,455. 68
61, 231. 90
n = ; Q^n ROR "A
2,129, 359. 00
1, 362. 24
. . . . . . .
132,814,135. 00
3, 587, 872. 23
62,890. 80
136,464, 898.03
780,039.05
138,061,619.82
-
137, 244, 937.08
210,000.00
138, 271, 619. 82
1,658.90
533,999. 45
816, 682. 74
15,128.18
225,128.18
-
640,924.00
1, 349,319.95
1,362. 24
1, 350, 682.19
780, 039. 05
2 T^n 721 24.
.
10^83.45
137,470,065. 26
801, 554. 56
o
Comparative statement of interest-earning resources and interest-bearing liabilities for June SO, 192B, and June SO, 1924
J u n e 30,1924
Increase
$130,732,825.73
Items
$96, 226,670. 32
32,725, 640. 36
• $128,952,310. 68
$1, 532,355.05
248,160.00
1, 780, 515.05
132,173, 211.00
132,814,135.00
$640,924.00
3,861,824. 32
2,421,439. 05
J ^ n e 30, 1925
RESOURCES—INTEREST-EARNING
W o r k i n g cash:
Depository banks
I n v e s t m e n t s , carried a t cost price
:
$97, 759,025. 37
32,973,800.36
LIABILITIES—INTEREST-BEARING
D u e depositors:
O u t s t a n d i n g principal, represented b y certificates of d e p o s i t . .
Excess of liabilities
1,440, 385. 27
o
Comparative statement of interest and profits for the fiscal years ended June 30, 1925, and June SO, 1924
Items
Credits:
I n t e r e s t on b a n k deposits
Interest on bond investments
Miscellaneous receipts
Profit realized o n sale of i n v e s t m e n t s -
Fiscal y e a r 1925
$2,442,110.48
1,375,161. 52
159.84
Fiscal year 1924
2,413, 517.17
Increase
$1, 389, 211. 92
5, 743, 206.92
6,436,843.11
$10, 254, 274. 95
635,113. 90
43. 70
114.40
69, 564.80
2,483, 240.07
Excess of i n c o m e -
w
o
157.14
3,048, 631. 07
158.10
69,564.80
Decrease
$695,418. 59
$1, 748, 691. 89
2, 764,373.44
2.70
5, 743, 206. 92
$3,817,431.84
Debits:
I n t e r e s t credited to depositors
Allowances t o p o s t m a s t e r s '
Losses b y fire, b u r g l a r y , etc
_.
E r r o n e o u s p a y m e n t s , uncollectible i t e m s , etc..
O
o
3,048, 674. 77
565, 434. 70
1,334,191. 77
7, 205, 600.18
o
cl
w
o
5,871, 408. 41
00
Summary of postal savings business for the fiscal year ended June SO, 1926, by States
00
o
State
U n i t e d States
Alabama
Alaska
_-.
Arizona_-.
Arkansas....
California
Colorado
_.
Connecticut
Delaware
D i s t r i c t of C o l u m b i a .
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky.
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
M i s s o u r i . __
Montana
Nebraska
._..
Nevada
_...
New Hampshire
New Jersey....
N e w Mexico
New York...
N o r t h Carolina
North Dakota
Ohio
Oklahoma
Oregon
,
Balance to
t h e credit of
depositors
J u n e 30,
1924
Deposits 1
$132,814,135
$92,000,349
388,091
599,654
538,704
162,126
645,051
514,017
014,963
186,933
342,175
875, 722
271,906
36, 601
030, 749
985,524
773,266
836,356
717,353
287,365
318, 557
192,100
183, 631
080,356
649,662
032,915
69,478
962, 394
827,103
301, 297
274,943
423, 933
985, 827
282,041
804, 296
54,430
161, 790
141,941
092, 748
870,997
350, 662
447,293
732, 799
137,925
2,213, 544
1,475,306
1,058, 645
94,364
319,931
1,563,839
355,472
33,488
1,931,182
4,185,290
435,085
1,513,002
751,513
159,365
199,691
83,511
136,331
5,237,225
1,458,097
1,761,897
41,552
2,340,384
3, 792,187
198,890
236,466
210, 733
2, 542,997
888,194
33,336,478
88,036
402,532
1,526,736
1,937,311
1,405,047
Withdrawals *
$92,641, 273
367,298
418,028
568,918
106, 693
2,214,023
1,034, 690
1,311,616
124,038
286,104
1,291,087
258,651
48,320
1,366,145
4,611,015
466,723
712,509
429,143
186,205
215,120
• 114,524
147,918
5,924,156
1,842,486
1,377,477
36,783
1, 954,323
2, 580,859
164,180
224, 607
231,061
3,018,229
466,419
38, 521,286
70,173
167,094
1,698,533
1,122,460
1,256,259
Balance to
the credit of
depositors
June 30,
1926
$32,173,211
371,456
628,819
702,586
193,358
2, 644,572
1,954,633
1, 761,992
167,259
376,002
1,148,474
368, 727
21, 769
1, 595, 786
7,559,799
741, 628
1, 636,849
1,039, 723
260, 525
303,128
161,087
172,044
8,;" I Z , 425
2, 265,273
2,417,335
74,247
3,348,455
4, 038, 431
336,007
286,802
403, 605
3, 510, 596
703,816
50, 619,488
72, 293
397, 228
2, 970,144
1,907, 599
2,019,785
Increase in
to t h e
credit of
depositors 2
Savings s t a m p s
Sold
Redeemed
Amount at
i n t e r e s t in
banks June
30,1925
Interest
received
from b a n k s
paid
depositors
Amount
of deposits
surrendered
for b o n d s
$102,120
-$640,924
$51,888.10
$53,547
$97,898,485.83
$2,442,110.48
$2,304,933. 72
-16,636
29,265
163,881
31,232
-479
440, 616
-252,971
-29,674
33,827
272,752
96,821
-14,832
665,037
-425,725
-31,638
800,493
322,370
-26,840
-15,429
-31,013
- 1 1 , 587
-686,931
-384,389
384,420
4,769
386,061
1,211,328
34,710
11,859
-20,328
-475,232
421, 775
-6,184,808
17,863
236, 438
- 1 7 1 , 797
814,851
148,783
84.60
-0.80
23.40
40.80
1,090.60
269.10
1,230.50
26.60
318. 00
106. 00
133. 60
48
321, 276. 76
640,522. 65
644, 688.89
183,255.04
2,330, 967.86
1,894,126. 09
1, 207, 889. 88
149, 088. 51
840,872.11
1,033,622.34
342,997. 75
22, 265. 08
1, 621, 371. 72
5,295, 679. 82
661, 677.11
1,626, 743. 32
952,176. 87
221,144. 07
251, 579. 60
135, 647. 56
112, 042. 06
6,699,149.41
2,151,369.95
2,382, 984. 05
81,161. 79
2,978, 622. 28
4,121,290. 51
288,604.18
240, 796. 61
305,663. 90
2,666,368. 08
328,356. 47
26,572,182. 94
72, 665. 01
402, 756. 42
2,461,467. 87
1,896,777. 88
1,923,797.98
8,177. 52
15,642. 44
14,115. 20
4,506. 62
68, 631. 36
42, 678. 73
33,423. 58
4,169. 92
23, 664. 99
22,008.46
7,315. 43
703.84
36,092. 39
136,822. 70
15,998. 94
29, 661. 76
19,041. 03
5, 696.13
6,326. 48
3, 639. 66
2, 938. 40
174,430. 73
57,444. 96
56, 240. 22
. 1,929.14
65, 299. 65
89, 871. 62
6,848. 49
5, 845. 96
7, 836. 69
71, 491. 71
5, 997.12
717, 516. 64
1, 533. 06
7, 516. 63
61,937.83
38, 614. 66
46,637.76
6,060. 37
9,159. 65
7, 750. 96
3, 299. 83
46, 371. 49
23, 761. 45
38, 748. 23
3,206. 08
5,417. 43
14, 743. 76
4,215. 21
560. 32
13,380. 98
141,803. 80
16,004. 93
11,389. 93
12, 285. 25
4,929.48
5,493. 34
4,476. 24
3, 283. 98
163, 447. 64
50,615. 27
26, 520. 53
1, 247. 78
48,933. 63
34,426. 76
4,888.07
6,104. 60
7,913. 73
69, 617.13
2,900. 41
997,040. 72
841. 76
1,527. 20
63,098. 94
11, 512. 52
31,542.86
46.10
1, 316.80
50.20
46.20
70.50
32.20
16.90
118. 90
111. 10
2, 773. 00
127.20
.129.60
20.10
297.20
64.80
161.20
10.90
320. 70
2, 630. 40
18. 50
19,891. 50
4.10
12.10
722.10
81.90
114.10
20
23
776
302
1,450
38
363
113
142
41
1,677
82
43
62
33
17
149
79
2,950
92
138
24
333
58
157
9
308
2,812
13
20, 622
2
14
722
82
113
7,500
W
2,540
4,000
2
2
•
H
•'4,"940
o
:::::::
^
•
6,600
1,700
800
2,300
2,340
1,000
2,000
6,100
2,500
12, 020
6,000
400
1,000
700
2,240
9,200
7,500
"i,'840
H
hj
S
^
hrj
tl
^
>
5^
o
tei
^
P e n n s y l v a n i a , .^.^^^i
P o r t o Rico
R h o d e Island
South Carolina.
South Dakota
Tennessee
Texas..
Utah
Vermont
Virginia
Virgin Islands
Washington
W e s t Virginia
Wisconsin
Wvomins
'.
11.564,165
155, 302
935, 311
120,031
327,980
199,119
851,787
561, 289
97,480
268,028
3,114
6,898,917
317, 711
1,129,892
467,114
6,011,126
217,292
540,113
221,963
718, 238
188,449
1,304, 580
420,873
31,917
166, 715
9,757
4,135,928
193,034
665,300
1, 692,065
6,908,769
208,131
671,327
129,669
389,495
150,002
836,436
387,024
46,616
200,409
6,325
4,136,273
220,460
604,191
811,093
10, 666,521
164,463
804,097
212,425
656, 723
237, 566
1, 319,931
595,138
82, 781
234,334
6,546
6,898,572
290, 285
1,091,001
1,348,086
-§^7,644
9,161
- 1 3 1 , 214
92, 394
328, 743
38,447
468,144
33,849
- 1 4 , 699
- 3 3 , 694
3,432
-345
. -27,426
-38,891
880,972
1 These totals include the amount of $2,292,358 transferred between depository oflQces.
2,456.10
15,615.80
667. 50
22.40
36. 70
27.80
99.90
10.60
35. 80
183.50
2,?59
15, 585
739
12
36
19
116
11
30
161
93.85
88
16
61
28
16.90
85.10
27.60
9, SOO, 007.67
141, 111. 67
664, 520. 34
203,668. 69
606,091. 72
205,084.14
1,125, 482. 68
580,537. 23
77, 670. 81
230, 287. 51
235,619.28
3,373.86
17,450. 29
3,651. 42
10,817.49
4,506. 47
21, 246. 66
15,098. 09
2,140, 70
6, 277. 78 '
6,317,342. 50
247,316.89
1,078, 792. 25
1,067, 241. 42
159, 530. 39
5,999. 56
27, 749. 76
20,912. 33
' A minus sign denotes decrease.
209,646.62
2,079.16
17,397. 50
1, 733. 21
3,196. 39
3,995. 73
12, 507. 54
9, 536. 78
1,427. 44
6, 778.19
23. 85
116, 844. 95
6, 683. 96
20, 729. 56
6,131. 70
3,860
4,800
4,480
160
2,100
2, 500
O
O
H
W
O
o
W
o
d
o
00
to
822
REPORT ON THE FINANCES
SCHOOL SAVINGS BANKS
Statistics compiled by the savings bank division of the American
Bankers^ Association disclosed a remarkable increase in the enrollment'
of school children in school savings banks throughout the 39 States
and the District of Columbia from which returns were received as well
as a noticeable increase in the number of participating members and
in the amount of deposits in the school year 1924-25.
The number of schools represented by the returns for the year
1924-25 was 10,163, indicating an increase over the previous year of
11.93 per cent; the enrollment was 3,848,632, an increase oi' 24.35
per cent; the number of students participating was 2,869,497, an
increase of 28.31 per cent; deposits of $16,961,560 were increased 13.14
per cent; and balances with banks of $25,913,531 were increased 26.81
per cent.
Statistics relative to school savings banks in the 39 States listed
and the District of Columbia for the year 1924-25, with total figures
for prior years since 1919-20, are shown in the following table:
School savings, by States, for 1924-25
N u m - Enrollber of
schools m e n t
Alabama
Arkansas
California
Colorado
Connecticut
Delaware.
D i s t r i c t of C o l u m b i a . .
Florida..
Georgia.
niinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
.•
Minnesota
Mississippi
Missouri
Montana
Nebraska
N e w Jersey
New York
N o r t h Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S o u t h Carolina
Tennessee
Texas
Vermont
Virginia
Washington
West Virginia
Wisconsin
Totals, United States:
1924-25
1923-24.
1922-23
1921-22
1920-21
1919-20
6
1,619
12
371
35
60
42
93
515
238
265
77
183
85
57
70
846
411
386
3
106
7
70
346
931
43
308
2
60
20
17
123
212
102
314
Participating
Deposits
Interest
N e t savings
B a n k balances
3,119
$196. 61
2,776
$3, 656.94
$13, 814.96
$10, 426. 08.
1,933
64.97
1,879
2,509.18
4, 935. 96
0 8,629. 77
411,803 196,661
995, 072. 43 93,373. 70 659,476. 05 3,339, 880. 77
4,349
4,461. 04
2,384
50, 278.04125. 81
11, 849.30
112, 650
70,407
606, 303. 46 12,959. 01 405,519. 02 992, 433. 45.
15, 524
20,176
143,352.76 4,365. 41 59, 284. 98 177, 903. 01
28,922
39,889.30
39, 889. 3a
39, 889. 30
19,014
12,022
34,818. 29
35, 105. 71
47, 664.90
63,796
42,661
200, 954.16
156, 456. 01 2, 684. 53 59, 539.83
176,535 130,328 1,002, 433.16 18, 284. 41 317,310. 03 1,138, 221.79'
68,161
90,543
538, 903.78
429, 488. 43 10, 527.14 159,415.34
96,073
544, 742. 7649, 278
375, 453. 01 12, 671. 95 125, 603.98
27,207
21,942
79, 889.31
73, 428.18 1,333. 70 27, 534. 75
61,888
44,494
222, 102. 92 4,974. 90 45,119. 42 270, 120. 05.
47,1
36,772
12,156.33
113, 940. 02
57, 153. 28
15,275
10,641
17,850.99
45, 110.11
25, 562.85 1,131.12
53, 275 . 31,197
332.36
68,109. 03
86, 080.82
99, 381. 65
343,403 166,387
009.12
981, 090.19 15,771. 52 617,130. 28 1, 514,
144,388
96,746
656, 881. 23 16,901.77 207,380. 63 945, 806. 23
157,486 133,248
522, 010.75 2,651.91 385,007. 58 936, 105.14
1,000
4, 682. 61
4, 682. 61
1,000
8, 205. 89
44,922
64,506
212, 845. 58 1,713. 67 98,425. 08 190, 942.78
2,602
2,129. 88
4, 258.32
1,872
3, 120.76
16,879
40,678
37,781. 52 321, 619. 48
232, 096.15 1,960.18
142,326 105,057
821, 921. 20 20,772.92 458,450.12 1,245, 888.43
1
201,368 460,073 2, 285,869. 32 37, 657. 55 , 489,125.36 2,783, 250. 61
699.00
12, 486
15, 606
13,398. 28
39, 505. 63
34, 685. 64
209,262 212,090 1,168, 099. 49 37,553. 74 338,642. 07 1,799,740. 69
759. 26 178,497. 84 594, 646. 03
44,771
30, 665
193, 583. 46
370. 89
2,545
3,720. 52
16, 106. 48
1, 690
9, 233. 71
872. 48 94,056. 39 1, 013,815. 444,745, 931. 52
729, 001 486,306 3, 222,
,
83,062
81,921
789, 095.74 23,974. 63 252,359. 74 1,080, 040.98
891. 56
S40
457.84
400
26.06
1,779. 47
77, 469. 66 3,210. 02 28,467. 39 201, 674.30
33,904
34, 419
20,000
2,129
778. 80
6,778."
6, 778.80
5,084
498. 71
470. 54
6,476. 43
1,875
15, 494.12
67,380
217, 925.13 4, 663. 57 48, 433,
50, 205
222, 086. 71
99,545
704, 540. 97
86,035
557, 137. 89 17,781.18 326,119.14
5 1 , %?j
28,696
140, 0f;6.97 3,230. 81 49,547. 30 224, 692. 6&
98,038
72,617
503, 572. 21 10,793.41 170,840. 51 645, 134.9&
25,913,631.15
10,163 3,848,632 2,869,497 16,961,560.72 458,072. 81 7,779,922. 55
20,
9,080 3,095,012 2, 236,32614,991,535.40,310,865. 91 8,566,991. 27 435,144. 64
11,807,085.69
6 , C ' - 3, 061,0531,907,851 10, 631,838. 69!l84, 645. 27|._
I
6,479, 286. 99
4,785 2, 241,7061,295, 607 5,775,122.32'
;
5,185, 280. 93
3,316 1,829,475 802,906 4,158,050.15
1
4, 200, 872. 32
2,736 1,015,653 462, 651 2,800,301.15
COMPTROLLER OF THE CURRENCY
823
SAVINGS BANKS TN PRINCIPAL COUNTRIES OF THE WORLD
Statistics compiled by the Bureau of Foreign and Domestic Commerce, Department of Commerce, relative to savings banks, including
postal savings banks, in the principal countries of the world, on
specified dates, supplemented by information obtained from reports
received in the Currency Bureau from other sources are shown in the
following statement:
Savings banks, including postal savings banks, number of depositors, amount of deposits, average deposit per deposit account and per inhabitant,
by specified countries .
^ (Source: Official reports of the respective countries]
Country
Argentina
Austria *
Belgium
Brazil
Bulgaria
Chile'.-...-.C zechoslovakia
Denmark *
Egypt
Finland
-
Japan.. _
Formosa
Chosen
Netherlands
Dutch East Indies.
Dutch Guiana
Dutch West Indies.
Norway
._
Spain
_
.,
Form of savings bank
Postal
Communal and p r i v a t e . . .
General
Federal
Postal
Public
Communal and private
Communal and corporate..
Postal
_
Private
3,436
Postal
Private
39, 210
Postal
Municipal6,664
Postal
2,096
Communal and corporate,.
Postal
Private
69,460
Postal
3,614
-..do
.—do
17, 208
Private
7,213
Postal
-.
—do
49,361
-..do
95
-.-.do
66
2,714
Communal and private
Private.-21, 658 t-.-do
Postal
(Dec. 31,1924 Communal and trustee
6,036 ' . . . . d o
- - Postal
Dec. 31,1918 Communal and private
/Nov. 20,1924 Trustee
44,677 \Dec. 31,1923 Postal
247, 003 Mar. 31,1924 — d o
6,874 Dec. 31,1924 Government and private...
1,325 /Mar.o31,1925 Postal
\....d
Private
6,240
7,666
30, .636
5,916
3,870
13, 611
3,348
13,886
FranceAlgeria
Tunis
Italy
Sweden
Switzerland-United Kingdom
British India*
Australia
New Zealand
Population (000 Date of report
omitted)'
Dec. 31,1922
Dec. 31,1924
Dec. 31,1923
Sept. 30,1923
Dec. 31,1924
Dec. 31,1923
.-.-do
Mar. 31,1923
Dec. 31,1923
-—do
:.....do
/Dec. 31,1922
I..-.do
Dec. 31,1918
Dec. 31,1923
/Dec. 31,1924
\-.:-do..
/Dec. 31,1922
\Mar. 31,1923
.-do
.-do
...
/Dec. 31,1921
\Dec. 31,1923
Dec. 31,1922
Dec. 31,1921
--.do
—
Dec. 31,1923
/Dec. 31,1922
Number
of depositors
(thousands)
681
'3,"9ii
1,254
2,797
1,589
116
544
129
8,922
7,189
21
6
7,883
27,066
468
1,690
656
1,947
240
14
5
1,861
1,827
423
2,430
717
2,818
2,296
18,404
2,089
3,886
736
125
Deposits
(thousands
of dollars)
$15,164
34,134
88,301
41,039
1,917
39, 779
303, 310
341, 614
7, 072
38,092
3,138
571, 300
223,986
886
1,396
466, 735
404,728
151, 271
483, 359
3,970
9,665
88,743
115,930
7,862
400
82
367, 581
229,108
16, 552
642,908
39,906
645, 738
494,886
1,180, 568
74,018
818,402
224,288
27,422
Average Average
deposit
deposit, per inaccount habitant
$22.28
22.58
3L72
108.43
214.99
61.60
70.06
24.24
64.03
31.16
43.19
292.58
19.19
17.86
8.67
6.07
136.19
59.64
32.76
28.57
16.46
197. 47
126. 39
39.16
264.5755.62
193. 68
215. 59
64.15
36.43
210. 59
305. 09
219.85
$1.74
5.47
11.62
1.34
.32
10.28
22 28
102 03
.61
11.09
.91
14.67
6.71
.16
.67
11.77
10.20
2 54
8.13
1.10
.66
12 30
16.07
.16
4.20
L50
135.44
10.68
.76
106. 61
6.61
140.44
11.08
26.42
.30
139. 34
169. 27
20.7C
00
Canada.
Union of South Africa
British West Indies..
British colonies, n. e. s
Foreign countries, total.
United States and possessions
Philippines
Grand total
1924
7,176 jMar. 31,1924
\Mar. 31,1923
1,749 Dec, 31,1921
44,464 1921
9,227
Government, postal, and special.
Postal.
Private
....
Government and post office
do
292
17115
330
97,710
22,475
4,820
7,584
14,604
76.86
277.28
65.86
44.25
716, 619
/Postal Savings System.
115,821 June 30,1925 \Mutual and stock
10,870
Postal
do
106,381
402
14,640
171
8, 252,432
132,173
9i 065,181
2,764
328.79
623.46
16.16
843,310
120,494
17,452,550
144.84
10.59
31.32
6.72
4.34
.33
11.51
1.14
78.27
.26
20.70
1 The figures of population are for the nearest date to which the statistics of savings banks relate.
' Exclusive of the Burgenland.
8 Includes savings deposits in ordinary banks.
< Exclusive of the Faroe Islands.
'Exclusive of the feudatory States.
The average deposit for the total has been calculated on the amount of $7,206,169,000, the total for the countries showing the number of depositors (exclusive of Austria, Brazil,
Bulgaria, Italy, and Canada).
The amounts in original currencies have been converted at the New York rate of exchange prevailing on date of report. The Canadian dollar has been taken at par.
o
o
IT:
o
o
d
O
Kj
00
to
826
REPORT ON T H E FINANCES
RESOURCES OF LEADING FOREIGN BANKS OF ISSUE
The combined resources of 26 foreign banks of issue, converted at
the existing rates of exchange, on or about June 30, 1925, amounte(i
to $12,040,233,000, compared with resources of 22 banks of issue,
on or about June 30, 1924, amounting to $10,733,463,000.
During the year ended June 30, 1925, two new currency units
were created—the German reichsmark, equivalent to the pre-war
mark, worth 23.82 cents, and the Austrian schilling, equivalent to
14.07 cents, which replaced at the rate of 1 to 10,000 the crown whose
par value had been 20.26 cents. • Amon^ the countries listed below
the currencies of England, South Africa, the Netherlands, and
Switzerland returned to gold parity.
In the case of a number of countries whose currencies are below
parity the statements of the central bank make no distinction between gold assets and paper assets. When these statements are
converted into dollars at the current rate of exchange the resulting
figure undervalues the bank^s resources.
A statement prepared by the Federal Reserve Board, showing total
assets of 26 banks of issue on or about June 30, 1925, the par of
exchange, and conversions into dollars at par of exchange and at
prevailing rates of exchange follows:
Total assets of principal central banks about June 30, 1925
[In thousands of local currency and of dollars]
Date,
1925
Austria
.
"Belgium....Bulgaria
.
.
Czechoslovakia...
Denmark
England. _
Finland
France. _
'Germany
•Greece
Hungary
I t a l y (3 b a n k s )
.Netherlands...
.Norway
'.
Poland
Rumania
Russia
tSpain _
. . .
:Sweden
•Switzerland
Yugoslavia
Peru _
Japan
•Java
^ o u t h Africa
Portugal
_
—
.
Total
-
..
„_
—
„
_„
_
_
Local
currency
Total
assets
R a t e of
exchange
on
givendate
Cents
1,346,562 14 051
J u n e 30 S c h i l l i n g . . . .
7,871,200
J u n e 25 F r a n c
4.60
J u n e 30 L e v
7, 639,373
7314
. . . d o . - . . Krone.......
8, 975, 957
2. 9623
...do
do662,134 20.16
320, 207 486. 04
July 1 Pound
2,105, 250
J u n e 30 M a r k
2 5218
48, 272. 491
J u n e 25 F r a n c . .
4.65
4, 251,142 23.80
J u n e 30 R e i c h s m a r k .
. . . d o - . . . Drachma
9,438, 678
1. 6763
. . . d o . - . . Krone
9, 647,426, 862
.0014
...do--.
Lira
26,218,555
3.51
J u n e 29 Florin
994, 727 40.07
J u n e 30 K r o n e
623, 581 17.88
Zloty
...do
723, 635 19.18
J u n e 20 L e v . .
27,526, 622
.4618
July 1 Cherwonetz.
5.141
271, 610
J u n e 27 P e s e t a
6, 256, 017 14 52
J u n e 30 K r o n a
848,652 26.80
995, 213 19.42
...do
Franc
. . . d o - - . . Dinar
8, 945,802
1. 7459
7,659
4.130
...do
Pound
J u n e 27 Y e n
2,241,435 40.65
Florin
380,320 4 L 0 0
...do
. . . d o - . . Pound
17,135 485. 00
July 1 Escudo
4,102, 788
5.10.
Total
• assets
converted
at rate
of exchange
on given
date
189,205
362,075
55,874
1 265,895
133,486
1, 556,334
53, 090
2, 244, 671
1, Oil, 772
158,221
135, 064
825,884
398, 587
111,496
138, 793
127,118
1,396,347
908,374
227,439
193,270
• 156,185
31,632
911,143
155,931
83,105
209, 242
12,040,233
1 The apparent reduction compared with last year is due to the separation of certain treasury accounts
:since the beginning of the current year.
827
COMPTROLLER. OF T H E CURRENCY
EXPENSES OF THE CURRENCY BUREAU
By reference to the table following, showing in detail expenses
relating to the maintenance of the Currency Bureau for the fiscal
year ended June 30, 1925, it will be noted that the aggregate expenses
were $4,954,164.86, of which $1,140,444.97 were paid from appropriations and $3,813,719.89 reimbursements by the banks. The
salary rolls aggregated $412,613.12, of which $223,909.40 were paid
from appropriations an(i the remainder from a fund reimbursed by
the banks.
Taxes paid by national banks on circulating note issues amounted
to $3,661,819.45. Deducting from this amount the expenses of the
bureau paid from congressional appropriations, $1,140,444.97, leaves
the net income to the Government on account of the tax on circulation at $2,521,374.48.
Expenses incident to maintenance of Currency Bureau and net income derived by
Government from taxes on national-bank notes, fiscal year ended June 30, 1925
Expenses
Expenses
paid from ap- reimbursed
propriation
by banks
Salaries:
Regular roll, including retirement fund
National currency reimbursable roll, including retirement
fund
Federal reserve issue and redemption division, including
salary of comptroller as member of Federal Reserve
Board
Insolvent national-bank division
Total salaries
General expenses:
Printing and binding
Stationery
Amount expended for light, heat, telephone, telegraph,
furniture, labor-saving machines, etc., partially estimated
Special examination of national banks, repairs to raacerator, etc
:
."'_
Total general expenses
Currency issues:
National-bank n o t e s Paper
Printing, etc
Plates (reimbursed)
Federal reserve notes—
Paper
_
Plates, printing, etc
Total currency issues..
Expenses on account of national-bank examining service paid
by banks
^
Postage on shipments of national-bank notes
Postage on shipments of Federal reserve notes
Insurance on shipments of national-bank notes
Insurance on shipments of Federal reserve notes
Total expenses paid from appropriations.
Total expenses reimbursed by banks
Total expenses
'.
Total
expenses
$223,909. 40
$67,903. 99
59,845. 66
60,954.18
$412, 613.12
24,013.81
7,961.47
4,683.18
1,620.18
3, 986. 61
5,196.01
1,932 26
49, 292. 42
113,817. 43
764,824. 09
22,133.00
242, 694. 53
947,590.72
2,199,807.46
79,820.18
48,145.92
24,785. 03
48, 640. 96
1,140,444. 97
,
3,813,719.89
Tax paid by national banks on circulating notes
Total expenses of Currency Bureau paid from congressional appropriations
Net income to Government from taxes on circulation
-
2,091,059.77
2,199,807.46
79,820.18
48,145. 92
24,785.03
48,640. 96
4,954,16186
$3,661,819.45
1,140,444.97
2,521, 374.48
Respectfully submitted.
J. W. MCINTOSH,
OomptroUer of the Currency.
To the SPEAKER OF THE H O U S E OF RJEPRESENTATIVES.
EEPORT OF THE COMMISSIONER OF INTERNAL REVENUE
TREASURY DEPARTMENT,
O F F I C E OF COMMISSIONER OF INTERNAL R E V E N U E ,
Washington, Octoier 1, 1925.
S I R : I have the honor to submit the following report of the work
'of the Bureau of Internal Revenue for the fiscal year ended June 30,
1925:
COLLECTIONS ^
. The operations of the Internal Revenue Bureau during the fiscal
y e a r 1925 under the revenue act of 1924 and other internal-revenue
tax legislation resulted in the collection of $2,584,140,268.24, compared with $2,796,179,257.06 during the fiscal year 1924, a decrease of
-$212,038,988.82, or 7.6 per cent.
The income-tax collections for the fiscal year 1925 amounted to
•$1,761,659,049.51, compared with $1,841,759,316.80 tax collected
from income for the fiscal year 1924, a decrease of $80,100,267.29, or
4.3 per cent. The collections made, during the first six months of the
-fiscal year 1925 embraced payments of the third and fourth installm e n t s of the tax due on incomes in the calendar year 1923, together
•with additional collections on assessments made for prior years,
which amounted to $780,611,221.61, compared with $821,259,551.98,
irepreseliting pa}7Tnents of income tax for the corresponding six months
-of the fiscal year 1924, a decrease of $40,648,330.37, or 4.9 per cent.
The collections made during the last six months of the fiscal year
1925 embraced payments of the first and second installments of the
tax due on incomes in the calendar year 1924, together with additional
"Collections on assessments made for prior years, which amounted to
$981,047,827.90, compared with $1,020,499,764.82 for the corresponding period of the fiscal year 1924, a decrease of $39,451,936.92, or
•3.9 per cent. The tax on the returns of net incomes of individuals
and corporations filed for the year 1924 was at the new rates provided
for in the revenue act of 1924, approved June 2, 1924.
The miscellaneous collections arising from objects of taxation
other than income taxes amounted to $822,481,218.73 for the fiscal
year 1925, compared with $954,419,940.26 for the fiscal year 1924,
^ decrease of $131,938,721.53, or 13.8 per cent. The principal
increase for 1925 was from the tax on tobacco and tobacco manufactures, amounting to $19,608,279.82, while the change in rates of tax
provided for in the revenue act of 1924 is reflected chiefly in the
reduced receipts from automobiles, parts or accessories, and from the
1 Refunds of taxes illegally collected made during the fiscal year 1925 are shown in a statement on page
190 of the full report of the Commissioner of Internal Revenue.
829
830
REPORT ON T H E FINANCES
tax on admissions to theaters, etc., representing decreases of $33,327,964.10 and $46,804,714.51, respectively.
In the foregoing comparison of miscellaneous taxes it may be well
to add that tne collections for the fiscal year 1924 include $60,692,782.29 from sources which were not taxable after July 2, 1924.
The collection of internal-revenue taxes for the fiscal year 1925 and
the last seven preceding 3''ears are summarized in the following table:
1925
Sources
Distilled spirits, including wines,
etc
Fermented liquors
Tobacco manufactures
Oleomargarine--•
Capital-stock tax, including
other special taxes
Miscellaneous, including war
excise taxes, etc., since 1918
Sales of internal-revenue stamps
bv postmasters.-
1924
$25,902, 820. 28
1, 954. 44
345, 247, 210. 96
3, 038,927. 84
1923
$27,580,380. 64
5, 327. 73
325, 638, 931.14
2,814,104.14
$30, 354, 006. 88
4,078. 75
309,015,492. 98
2, 254, 531. 23
1922
$45, 563, 350. 47
46,086. 00
270.759,384.44
2,121,079. 68
95,814,152. 60
95, 286,105. 44
89, 603,322. 81
1-344,738,257.14
490,676,910.89
487,580,856. 72
686,881,719.92
7,737,895. 47
12,418,180. 28
11,843,403.64
14,616,958. 06
90, 544, 039. 59
Total receipts from other
than income and profits
822,481, 218. 73
954,' 419,940. 26
taxes ^-. - -930,655, 693. 01 1,110, 532, 618.15
21,761, 659,049. 51 1,841, 759,316. 80 .1,691,089,534.66 2,086,918,464; 86
Income and profits taxes
Total receipts-
.-... 3 2,584,140,268. 24 2,796,179,257.06
Sources
Distilled spirits, including wines,
etc
Fermented liquors
_
Tobacco manufactures
Oleomargarine
Capital-stock tax, including
other special taxes
Miscellaneous, including war
excise taxtes, etc., since 1918
Sales of internal-revenue stamps
by postmasters
1921
2,621, 745, 227. 57 3,197,451,083.00
1919
1920
$82,598,065.01
25,363.82
255,219,385.49
2,986,465. 36
$97,905, 275. 71
41,965,874.09
295,809,355.44
3,728, 276.05
$365, 211, 252. 26
117,839,602. 21
206,003,091. 84
2, 791,831.08
1918
$317,553,687.33
126,285,857.66
156,188, 659. 90
2, 336,907.00
91,281,484.31
102,933, 701. 35
33,497,047. 82
27, 281, 269.12
914,227,755.36
883,863,871.82
513,823,884.14
225,973, 363.44
20,.880, 868.86
24,437,893.75
10,199,466. 51
4, 336,182. 21
Total receipts from other
than income and profits
taxes
. . 1, 367, 219, 388. 20 1,450, 644, 248. 21 1, 249, 366,175.86 2 859,955,96..65
3, 228,137, 673. 75 3,956,936, 003. 60 2,600, 783,902. 70 , 838,999,894. 282
Income and profits taxes. _
•
Total receipts
4, 595,357, 061.95
5,407,580, 251. 81 3,850,150,078. 56
3, 698,955,820.93
1 Includes $108,939,895.52 from estate and gift tax; $41,513,888.71 from certain stamp taxes; $140,852,097.72
from excise taxes; $39,598,397.44 from the tax on admissions to theaters and club dues; and $13,833,977.75
from delinquent taxes collected under repealed laws and other miscellaneous taxes.
2 Includes $916,232,697.02 from corporations and $845,426,352.49 from individuals.
3 The figures concerning internal-revenue receipts as given in this statement differ from such figures
carried in other Treasury statements showing the financial condition of the Government, because the
former represent collections by internal-revenue officers throughout the country, including deposits by
-postmasters of amounts received from sale of internal-revenue stamps and deposits of internal revenue
collected through customs offices, while the latter represent the deposits of these collections in the Treasury
or depositaries during the fiscal year concerned, the differences being due to the fact that some of the collections in the latter part of the fiscal year can not be deposited or are not reported to the Treasury as deposited until after June 30, thus carrying them into the following fiscal year as recorded in the statements
showing the condition of the Treasury.
COST OF ADMINISTRATION
The expenditures in administering the internal revenue laws
for the fiscal year 1925 were $47,631,893.40, not including expenditures from appropriations for refunding internal-revenue collections
and taxes illegally collected, which in no sense are administrative
expenses.
The foregoing expenditures include, however, $9,203,384.45 for the
enforcement of the prohibition law and $1,161,935.79 for the enforce-
COMMISSIONER OP INTERNAL REVENUE
831
ment of the narcotic law, which are regulatory provisions rather than
tax measures. Deducting these two items of expense from the total
leaves $37,266,573.16 as tne expenditure for collecting the internalrevenue taxes for the fiscal year 1925. As the aggregate receipts of
internal revenue were $2,584,140,268.24, it will be seen that the cost
of collection for the fiscal year 1925 amounted to $1.44 for each $100
collected. The cost of collection on a similar basis for the fiscal year
1924 was $1.24 for each $100 collected.
INADEQUATE HOUSING OF THE BUREAU
Little or no improvement having been made in the last fiscal year,
attention again is directed to inadequate housing conditions, which
continue seriously to interfere with the proper functioning of the
bureau.
The bureau is housed in 10 separate buildings scattered over a wide
area of the city. The Income Tax Unit is operating in six buildings,
viz: Annex No. 1, Pennsylvania Avenue and Madison Place NW.;
Annex No. 2, Fourteenth and B Streets NW.; Building C, Sixth
and B Streets SW.; Building No. 5, Twentieth and C Streets NW.;
Pettus Building, Nineteenth Street and Virginia Avenue SW.; and
building No. 462 Louisiana Avenue NW. Some of these buildings
are more than a mile apart. Coordination of activities necessary to
successful and economical administration under such conditions is
rendered extremely difiicult.
„
The Prohibition Unit occupies portions of Building C, Sixth and B
Streets SW., of the building No. 1418-1422 Pennsylvania Avenue
NW., of the Graham Building, Fourteenth and E Streets NW., and
of the Treasury Building, Fifteenth Street and Pennsylvania Avenue
NW. The Miscellaneous Tax Unit, under which is grouped the
estate tax, capital-stock tax, sales tax, tobacco and miscellaneous tax
divisions, is also located in Building C. The Accounts and Collections Unit is housed in Building No. 5, Twentieth and B Streets NW.
The ofl3.ce of the Solicitor of Internal Revenue is located in the Interior
Building, Nineteenth and E Streets NW. The office of the Commissioner and Assistant to the Commissioner, the Intelligence Unit, the
division of supplies and equipment, and the appointment division
are located in the Treasury Building.
Particular attention is called to the fact that approximately twothirds of the space occupied by the bureau is in Building C, Annex
No. 2, the Pettus Building, and Building No. 5, all of which are
temporary buildings of flimsy construction erected during the war
for emergency use and which are rapidly deteriorating. Most of
them already have outlasted their life expectancy, in conseq^uence of
which it is necessary constantly to expend large sums for their repair.
Added to this is the fire hazard.
Housed in these buildings are important documents and records,
such as tax returns, assessment lists, and other valuable papers
necessarv to be kept close at hand while the returns are being audited.
Many of these papers could not be replaced, and their destruction
would mean irreparable loss not only to the Government but to thousands of taxpayers as well.
Working under such unfavorable conditions, the operating efficiency
of the bureau must sufi^er. There is much lost motion. The remedy
832
REPORT ON THE FINANCES
lies in a closer housing of the various elements of organization. Not
only do existing conditions interfere with proper administrative
control and conduct of the bureau, they also cause untold inconvenience to taxpayers, particularly those from outside Washington
who come to this city to transact business with the bureau.
A single building adapted to the purpose would result in the work
being done more expeditiously and economically, which result would
be reflected in increased collections of taxes with a corresponding
decrease in the cost per hundred dollars of making collections. Such
a building also would lessen the danger from loss by fire and misplacement, and thereby prove another form of economy.
Accordingly, it is urgently recommended that provision be made
immediately for a suitable fireproof building that will adequately
care for the needs of the entire bureau.
INCOME T A X U N I T
WORK ACCOMPLISHED
Audit of returns.—During the year 1,751,613 income and excess
profits tax returns (1,222,868 individual and partnership, and 528,745
corporation) were audited, compared with 2,329,191 for the previous
fiscal year. 'During the year 1924 the files audit of the returns for
1921, 1922, and 1923 was under way. The tremendous production
for that year was due to the large numbers of returns that could be
closed at the files. There was not the same production possibility
during the fiscal year 1925, since during the early part of that year
the files audit of prior-year returns was brought to a current stage.
The production in cases which were the subject of intensive audits
and field examinations increased during the last fiscal year.
Revenue agents^ reports.—The number of reports of field examinations submitted was 290,241, compared with 199,581 for 1924, an
increase of approximately 45 per cent. The number of transcripts
of returns sent to the field for examination was 223,284. There were
referred to the field during the year 1924, 201,505 transcripts of
returns.
Adjustment of claims.—The number of claims scheduled during
the fiscal year was 72,839. In addition 74,296 certificates of overassessment in cases in which no claims were filed were issued. Claims
to the number of 43,627 were allowed, and the total amount involved,
including overassessments stated where no claim was filed, was
$381,069,220.21, of which amount $107,253,329.95 was refunded and
$273,815,890.26 abated or credited. The amount of interest paid
on amounts refunded or credited under section 1324(a) of the revenue
act of 1921 was $29,432,762.78. The number of claims rejected was
29,132, involving $271,274,439.21.
The number of claims received was. 65,613, involving $1,147,707,744.54. The number of claims on hand at the end of the fiscal year
.5, was 73,441, compared with 79,956 at the end of the previous fiscal
year.
The bureau adjusted approximately as many claims as were filed.
I n addition 74,296 certificates of overassessment (more than the
number of claims adjusted) were issued without the taxpayers having
filed claims. Under old procedure claims would have been invited
COMMISSIONER OF INTERNAL REVENUE
833
and filed before a certificate of overassessment could issue where no
claim was on
file.
,
^
^
Additional revenue.—A total of $326,755,536.73 in additional taxes
was assessed. In order that collection would not be jeopardized it
was necessary to assess $144,646,530.53 of this amount without
giving the taxpayer the benefit, of appeal, and, in consequence this
sum is subject to claims in abatement. In addition to these results
the rejection of claims in abatement and claims for credit of taxes
previously assessed made available for immediate collection the
further sum,of $37,868,460.05.
Information service.—The rules and regulations section answered
83,763 inquiries of taxpayers ion technical and administrative questions. This section prepared and issued weekly, quarterly, and
semiannual bulletins and digests of income-tax rulings.
STATISTICAL DIVISION
During the year there was published, in accordance with the
provision contained in the several reventie acts rec^uiring the preparation and publication' annuaUy of statistics from the returns of net
income, the complete report. Statistics of Income, compiled from
the income-tax returns of individuals arid corporations filed for 1922;
also the (Preliminary Report) Statistics of Income, compiled from
the income-tax returns filed by individuals for 1923.
The. statistical division was also engaged in furnishing the Senate,
investigating committee appointed pursuant to Senate Resolution
168, Sixty-eighth Congress, first sessib'n, to investigate the Bureau
of Internal Revenue, with information' entailing extensiVe^ research
and the presentation of exhaustive data, comprising the analysis
of the returns filed by individuals falling within certain income
classes, showing by sources of income, nature of deductions, arid
taxes paid the fluctuation sustained over the period of years 19161924, inclusive, also holdings of partially and wholly tax-exempt
securities, as well as the segregation of corporation income-tax returns
for 1923 by certain classes specified by the committee.
The statistical division likewise prepared numerous confidential
compilations in connection with its service furnished revenue agents
in the field and audit divisions in the bureau as an aid in the adjustment and disposition of special tax cases under investigation.'
RECORDS DIVISION
The total riumber of returns which this division must record and
control with the receipt of the 1924 returns passed the 10,000,000
mark. A separate file for each year's return is maintained, and the
division must be able to locate, assemble^ and route returns upon
requisition, maintaining a steady flow of work to the field and office
audit division. The proving section of this division received and
proved during the year 361,801 taxable returns and 584,924 nontaxable returns. The number of assessment lists checked and closed
was 766. The registration section coded for filing 1,088,989 returns
and typed cards for control purposes for each of these returns. The
unaudited returns section, which maintains the return and control
card files, filed 1,591,242 returns and.,2,304,179 cards. The,number
60501—FI 192Dt
53
834
REPORT ON T H E FINANCES
of cases assembled for audit was 240,676. The correspondence section, which maintains the files of correspondence and reports, a s sembled 3,865,222 cases and filed 1,247,284 cases. The distribution,
section routed 2,916,038 cases to and from the audit sections and
the files. The clairiis control section controlled all incoming claims
and checked certificates of overassessment prepared in the audit t a
insure accuracy in compliance with procedure. This section also
computed and scheduled for payment interest due on refunds o r
credit allowed upon audit of returns. The sorting section examined
and closed 1,484 withholding returns and 791,158 information r e turns. I t recommended $3,250,995.15 in additional taxes. The
number of delinquent returns obtained was 36,164. The number of
certificates received, checked, and sorted was 23,182,975.
SERVICE DIVISION
The stenographic section of this division made 49,888 assignments,
of stenograpliers. The number of pages written by stenographers
was 2,437,085 and by typists 5,054,777, a total of 7,491,862 pages.
The photostat section made 1,528,424 photostatic copies and photostated 301,940 returns.
„
PERSONNEL
Further reduction in the allotment of salaries for the bureau's a p propriation necessitated a reduction in the force of the Income Tax.
Unit. At the end of the fiscal year the technical force of the Washington office of the Income Tax Unit numbered 1,942 and there were2,224 clerical employees, a total of 4,166 persons, compared with.
2,221 technical arid 2,453 clerical employees, a total ol 4,674, on
June 30, 1924, a decrease of 508 persons during the year. In the
field force there were on June 30, 1925, 521 clerical employees and
2,310 revenue agents, compared with 486 clerical and 2,245 revenue
agents on June 30, 1924, an increase of 100 during the fiscal year.
The new procedure, increasing the amoimt of work to be done in
the field, resulted in the transfer to''the field from Washington of
294 auditors and 113 clerks.
The number of separations from the force in Washington, exclusive of transfers to the field, was 734, of which number 192 were
technical employees and 542 clerical employees. The number of
separations from the field service was 336, of which 233 were examining officers and 103 were clerks.
DECENTRALIZATION
This subject has had much attention during the fiscal year and
decided steps to that end were taken. The bureau has been committed to the theory of decentralization for the last three years, and
methods best adapted for its consummation have been continuously
sought.
The first definite move toward decentralization, which was determined upon after careful consideration and discussion, was made on
August 18, 1923. Revenue agents in charge were directed to retain
reports of investigations in their offices for a period of 20 days, and
were authorized to consider protests of taxpayers filed with them
within that period. The results of this procedure \feTQ so gratifying '
COMMISSIONER OF INTERNAL REVENUE
835
as to encourage the bureau to continue the move toward decentralization.
In November, 1924, after a test conducted in eight internal-revenue
divisions, an order was issued which accomplished, practically, the
decentralization of the income-tax audit, leaving to trie Washington
office only the duty of review. The field force was definitely established as the fact-finding body of the bureau in income-tax matters.
Opportunity was afi^orded the taxpayer to discuss all debatable questions with specially selected employees of revenue agents' offices. No
protests or facts not presented to the agent were first considered in
Washington. If submitted to Washington without having been submitted to the agent, such matters were routed to the agent for his
consideration and recommendation.
Other important moves toward decentralization within the last
two or three years have been to increase the riumber of personal returns retained and audited in collectors' offices and to reduce correspondingly the number forwarded to Washington. For the tax year
1923 returns involving gross incomes of $15,000 and less were retained
in collectors' offices and audited by their forces. On December 26,
1924, an order was issued increasing the gross-income limit of returris
to be retained in collectors' offices and there audited to $25,000.
The revenues in the way of additional taxes produced as a consequence of the audit conducted by the bureau have always been a
considerable element in the management and balancing of the
country's budget. Therefore no steps were taken that would interfere with the ability of the bureau to accomplish the assessment and
collection of these amounts. I t is purposed to go forward with the
• program of decentralization to which the bureau has so definitely
committed itself.
CHANGES IN ORGANIZATION AND PROCEDURE
Effective vSeptember 1, 1924, the field divisions of the Income
Tax Unit were allocated to eight supervisory districts, and a supervising internal revenue agent, acting in an advisory capacity to the
deputy commissioner in charge of the Income Tax Unit, designated
to supervise the work of each bf the districts. Supervising internal
revenue agents inspect each division in their respective districts at
frequent intervals and submit reports to the deputy commissioner
covering condition of the work, methods of technical and administrative procedure, together with suggestions or recommendations for
changes or improvements in organization, procedure, or personnel
which tend to increase efficiency in operation and uniformity in
procedure. In view of the establishment of the eight supervisory
districts, the office of the assistant deputy commissioner in charge
of field divisions w^s abolished.
As a result of a successful experiment conducted in eight of the field
divisions a procedure was adopted, eft'ective December 1, 1924, by
Income Tax Unit Order No. 13, whereby the taxpa37^er is requested
to file protests or appeals in all cases with the local agent in charge.
Cases arising in the Washington office, excepting certain consoHdated
returns and returns involving engineering features, fraud, or applications for special relief, indicating a change in tax liability are transferred to the field and the taxpayer afforded an opportunity of having
836
REPORT ON THE FINANCES
a conference in the office of the internal-revenue agent in charge.
If the taxpayer files his protest or appeal in Washington accompanied
b y stateinents at variance with the facts presented by the revenue
agent, the protest or appeal is forwarded to the field agent for examination, so that in every case where a change in tax. liability is
disclosed the taxpayer may present his case in-his local agent's office.
I t is thereby hoped, for the most part, to eliminate the necessit}^. of
the taxpayer being put to the expense of appearing in Washington.
I t will also make the field division an agency for determining the facts
and tend to.eliminate variance between the statements of taxpayers
and the reports of internal-revenue agents. Through this procedure
it is also hoped to adjust most cases with the taxpayer before the
report is submitted to Washington for review. The review in
Washington is,not to be an intensive audit but one as to facts sub.mitted and law features peculiar to each case, thus insuring uniformity in administering the provisions of the several revenue acts.
' Effective July 1, 1925, a.policy was initiated of assigning engineers
to certain field, divisions for the purpose of advising and assisting the supervising internal, revenue agents and.internal revenue
agents in charge of field work. Such engineers are designated as
engineer revenue agents and work directly under the supervision of
the supervising internal revenue agent or the internal revenue agent
in charge of the division to which assignment is made. Valuation re'Ports will be submitted to the supervising internal revenue agent or
the internal revenue agent i'n charge, and conferences and hearings
arranged under his supervision in accordance with Income Tax Unit
Order No. 13.
Effective May 2, 1925, the metals and nonmetals valuation sec-,
tions of the engineering division'were abolished and a new section
created designated as the metals and nonmetals valuation section.
This change was made in the interest of economy in administration
through reduction in the cost of overhead expense.
Effective May 6, 1925, personal section No. 6 of the personal audit
division was abolished and its work and personnel transferred and
distributed to the five remaining audit sections of the division, at a
resulting saving in administrative expense by the transfer of a number of employees from supervisory positions to regular productive
work.
The rules and regulations section was reorganized and the number
of subsections reduced from four to three, with a resulting saving
in administrative expense and an increased production in work.
The total number of cases by tax years, including those reopened
as a consequence of claims filed, pending before the Income Tax
Unit at the close of the fiscal year, compared with the number on
hand at the close of the two previous fiscal years, was as follows:
837
COMMISSIONER OF INTEENAL EEVENUE
1917
1918
1919
1920
1921
1922
1923
1924
Total
audited
to d a t e
On hand
J u n e 30,
1923
-
-
Total
. .'
On hand
J u n e 30,
1924
28,916
84, 323
103,198
458, 205
1,190, 902
1,167, 000
R e t u r n years
8,773
19,364
61, 327
166,484
353, 781
• 718,812
1,101, 514
3.417
6,002
12,155
90, 746
171, 221
380, 045
372, 200
975, 298
1, 300, 225'
1, 254, 7251,458, 663'
1,457, 374
1,101, 111
1, 003, 510705, 702
73, 241
3, 032, 544
2, 430, 055
2, o n , 084
8, 354, 561
On hand
J u n e 30,
1925
I t will be noted from the above figures that the number of cases
pending before the unit was reduced in total by more than 400,000
during the last fiscal year and by more than 1,000,000 in the last two
years. Substantial reductions were made in the number of returns
pending for each year. I t is difficult to wipe out the balances pending for 1917, 1918,vand 1919 cases because of the continued reopening
of cases by receipt of claims. A recent survey of returns for these
years revealed the fact that 89 per cent of those pending had been
previously closed and were reopened on claims.
The files audit procedure introduced during the preceding year is
complete on the 1922 and 1923 returns, and the 1924 returns are being
handled as they are received. As a result of this procedure a large
percentage of the cases for 1922 and 1923 are closed and the remainder
are ready for field and office audit.
During the year the field division effected a virtual clean-up of
1917, 1918, and 1919 cases, those remaining being accounted for by
claims. Under the new field procedure the divisions have undertaken the completion of 1920 and 1921 returns by September 30, 1925.
The office divisions are confronted with the task of completing the
review of 1920 and 1921 returns by March, 1926, in addition to those
cases pending for prior years on waivers and claims for abatement.
With the completion of the audit of returns for the year 1921 progress
on subsequent-year returns will be expedited because of the elimination of the excess-profits tax.
• MISCELLANEOUS TA.X U N I T
This unit is charged with the administration pf all taxes other than
income tax and certain taxes under the jurisdiction of the Prohibition
Unit. The unit is composed of four divisions, viz, capital-stock tax
division, estate tax division, sales tax division, and tobacco and miscellaneous division.
Continued efforts have been made to place the work of the unit
on a higher degree of efficiency by the introduction of certain economies and revision of methods of procedure, all of which are referred to
in detail under the division headings. ' The results show the work on
a more nearly current basis with a materially reduced force as compared with the previous year. The policy of publishing all important
rulings has met with general approval by taxpayers and their representatives.
838
REPORT ON T H E FINANCES
PERSONNEL AND PAY ROLL
The personnel and annual pay rolls of the unit as of June 30, 1924,
and June 30, 1925, are shown in the following table:
Personnel
Pay roll
OlEce
1924
1925
12
115
124
138
143
-
^924
1925
(2)
(2)
8
(2)
14
' 113
119
103
122
532
Executive office
Capital-stock tax division
Estate tax division
Sales tax divisionI__
Tobacco and miscellaneous division
Total -
Field
471
289
258
289
258
1924 1
1925
$36,070
193, 450
1,085, 290
210, 650
225,790
$46,860
211, 720
1,057, 320
189, 800
224, 660
1, 757, 250
1, 730, 360
1 Does not include bonus.
2 The field deputies and agents assigned to investigations other than estate tax are not attached to this
unit.
TAXES COLLECTED
The following comparative statement shows the amounts of the
different taxes collected for the years ended June 30, 1924 and 1925:
Division
Year
1924__
1925_-
Capital-stock
tax
Estate tax
Sales tax
. $87, 471, 691. 52 $102,.966, 761. 68 $331, 676, 041. 80
90,002, 594. 56 / 101,421,766.20 1 180,450,495.16
\ 1 7, 518,129. 32
Tobacco and miscellaneous taxes
Total
$398, 574, 363. 00 $920, 688, 858. 00
403, 374, 708. 57 782, 767, 693. 81
1 Gift tax.
CAPITAL-STOCK TAX DIVISION
This division is charged with the responsibility of administering
the capital-stock tax imposed by section 700 of the revenue act of
1924, and by sections of prior revenue acts relating thereto.
The present tax is substantially the same as that imposed by prior
acts, including the act of September 8, 1916. Therefore the experience gained has resulted.in a well-established policy and procedure;
furthermore, since taxpayers are becoming fairly familiar with the
requirements comparatively little difficulty is encountered in the
administration of the law.
The audit of returns for 1924 and prior years is practically closed,
except as delinquent returns are secured from time to time. The
audit of returns filed in September, 1924, for the taxable period ended
June 30, 1925, is approximately 35 per cent complete, and no difficult}^ is anticipated in completing the audit by the time returns
for the current year are received and prepared for audit.
Further progress was made in the specialized audit of returns
segregated according to industries, now including public utilities,
railroads, bank and trust companies, hotel, apartment house, and
office buildings, mining and mineral holding companies, natural gas,
COMMISSIONER OF INTERNAL REVENUE
839
'oil and timber holding companies, and textile corporations. Such
-segregation has resulted in a more intelligent and uniform audit.
The clipping of items from newspapers and various other publications concerning sales of corporations, new financing and the appraisal of corporate property, has proven of great assistance in trie
..audit of returns. Such statements often disclose delinquent returns
and prove a valuable check where there is a tendency to underestimate valuations. A bona fide sale of a corporation as a whole is
^^considered the most reliable measure of fair value.. Such sales usually afford a reliable.and conclusive check upon the valuations used
by the bureau in the audit of prior returns; also whether or not the
valuations determined under bureau methods are in line or at variance
with actual sales prices.
Collectors have been cautioned to check their capital-stock tax
•index cards with the corporation income-tax cards to see that all
corporations reporting fgr income tax likewise file capital-stock tax
returns. Lists of new corporations published by the various States
are checked to see that returns are promptly filed. These methods
have resulted in the securing of large numbers of delinquent returns
..and in the prompt collection of tax which otherwise probably would
have been delayed for a considerable time.
Closer cooperative working arrangements between the Income Tax
"Unit, the estate tax division, and this division have been established
.as regards data furnished the respective units, which facilitates the
.audit of returns for the three taxes.
I t is gratifying that in certain cases involving valuations the position taken by the bureau has been sustained by the Federal district
courts and by the United States Supreme Court.
The question of doing business, which is the basis of the tax, has
been the subject of several decisions by the lower courts. The importance of having a fixed standard on this important question is such
t h a t the solicitor's office was directed to prepare appeals in order that
the ifesue may be passed upon by the Supreme Court of the United
States.
X
The decision of the United States Court of Claims, determining that
munitions taxes paid under the revenue act of 1916 are a valid credit
against capital-stock tax paid for the taxable period ended June 30,
1919, will necessitate the reopening and allowance of some claims
previously rejected, with consequent refund of tax.
Certain statistics have been compiled from the 1924 returns and
tabulated in more detail than for prior years. Data on corporate
wealth are nowhere else available in such complete form.
There were 1,475 claims pending on July 1, 1924; 8,563 were
received during the year and 8,924 were disposed of, leaving 1,114 on
.hand June 30, 1925. This shows a net decrease of 361 during the
year.
There were 6,165 offers in compromise on hand at the beginning of
the year; 14,781 were received and 15,508 were disposed of, of which
number 14,770 were accepted, involving $165,393.27. The number
on hand June 30, 1925, was 5,438.
The forms for the 1926 returns were printed in May, 1925, and
were forwarded to the collectors in ample time for distribution to
taxpayers for filing during the month of July.
840
REPORT ON THie FINANCES
Regulations 64 (1924 edition) remains in'force with the exception
of two minor amendments pertainirig to exempt cooperativie associations.
-?•'"'•••
ESTATE TAX DIVISION
The estate tax division is charged with the responsibility of
administering the tax imposed by Title H I , Parts I and II, of the^
revenue act of 1924, and by sections of the prior revenue laws enacting
the estate tax.
The present law, which became effective June 2, 1924, increases therates applicable to n e t estates in excess of $100,000 as compared with,
the act of 1921; contains provisions not found in any of the prior acts,
but does not include all the exemptions accorded by the act of 1921;
The act of 1924 also established a certain procedure whereby the
taxpayer must be accorded the privilege of an appeal to the UnitedStates Board of Tax Appeals before any assessment whatsoever of a.
deficiency tax could be made. Also for the first time in the history
of the country a gift tax was iiriposed. A gift section has been established to audit returns and reply to questions raised. New regulations and forms were promptly prepared.
In addition to its conference duties the review section upon request
has assisted the division greatly by advice and counsel in the preparation of regulations and in the disposition of unusual tax problems,
arising in the audit or adjustment of particular cases.
The field force operates under the direction of the deputy commissioner through internal-revenue agents in charge and supervisinginternal-revenue agents. While there has been some decrease in
force during the year, it is questionable if the present number will beable to maintain the work on a current basis.
.
A new manual of instructions was issued June last especially for
the guidance of field agents, which should eliminate many difficulties
and reduce the number of supplemental reports heretofore required.
The audit of the returns is in good condition. During the year
19,752 cases were audited, compared with 17,005 for the fiscal y e a r
1924. The number of reports submitted by the field force was
21,231, compared with 24,297 for 1924. There were ffied 13,962
new returns, compared with 14,388 in 1924. However, the procedure
formulated during the 5^ear to meet the requirements of the 1924 act
as regards any deficiency tax has tended greatly to increase the correspondence, in that now instead of orie letter, tentative and closingletters must be addressed to taxpayers. The audit discloses t h a t
few returns are approved as originally rendered.
The question of transfers in contemplation of death is difficult of
interpretation. Much room for argument is aft'orded and a great deal
of time is consumed in disposing of cases where this question is involved.
Beginning July 1, 1924, there was a total of 620 claims and protestson hand. There were received during the year 307 abatement claims,
1,908 refund claims, and 3,420 protest letters, and there were disposed
of 534 abatement claims aggregating $14,420,242.93, 2,066 refund
claims aggregating $25,119,045.21, and 3,392 protests aggregating$37,121,756.08, leaving 10 abatement claims, l,5i refund claims, and.
COMMISSIONER OF INTERNAL REVENUE
841
102 protest letters awaiting action. By far the greater percentage of
•estate tax claims and protests is based upon transfer questions.
Interesting statistical data for publication have been compiled
from the 1924 returns, showing in comparative and classified form
statements of total amounts of assets included in gross estates, total
amounts of deductions, total net amounts taxed, and total of resulting
tax.
The files as of June. 3,0, 1925, contained 113,594 estate-tax cases
and 1,528 gift-tax cases.
Of great importance in estate-tax work is the decision handed
down ori May 11, 1925, by the Supreme Court of the United States
in the case of Lewellyn v. Frick. The decision was adverse to the
Oovernment and in effect held that life insurance payable to specific
"beneficiaries who had been named prior to the 1918 act could not be
taxed. The decision will affect all cases involving insurance payable
t o specific beneficiaries arising under the 1918 act and probably
those aft'ected by the 1921 act.
Two other decisions relating to transfers and taxable trusts were
favorable to tlic Government and will be of value as precedents.
These cases are Shukert v. Allen, decided on appeal in United States
Circuit Court of Appeals for the Eighth Circuit (T. D. 3729), and
McBride v. Routzann, in suit in the District" Court of the United
States for the Northern District of Ohio.
'•^\
REVIEW SECTION (ESTATE TAX)
The review section is attached to the office of the deputy commissioner in charge of the Miscellaneous Tax Unit, and its principal
iunction is to hold conferences with taxpayers or their representatives
regarding formal claims for abatement filed in connection with
jeopardy assessments or claims for refund and on all protests filed
by taxpayers*.against the tentative determinations of the estate tax
where a conference has been requested.
For the fiscal year 1924 the membership of the review section consisted of a chairman and four members, but an additonal member was
added during the fiscal year 1925. During the former year the section held 629 conferences and prepared 498 formal legal opinions,
while for the latter year 1,025 conferences were held and 818 formal
legal opinions were prepared.
On June 30, 1925, there were 114 cases in the hands of the members
of this section in process of closing or awaiting supplemental information, and there were 83 cases awaiting conferences which had been
rscheduled for hearings in the near future.
The procedure necessitated by the revenue act of 1924 has increased the work not only of the review section but of the estate-tax
•division! Endeavor is made to eliminate in the audit wherever pos:.sible grounds for protest, thereby doing away with unnecessary
duplication of work and effecting a reduction in the number of
conferences.
^
SALES-TAX
DIVISION
The sales-tax division is charged with the interpretation and administration of the following parts of the revenue act of 1924: Title V,
t a x on admissions and dues; Title VI, excise taxes, the latter cov60501—FI 1925t
54
842
REPORT ON T H E FINANCES
ering taxes payable by manufacturer on the sale of certain specified,
articles found in section 600, and also covering tax payable by dealers on the sale of certain articles, such as sculpture, paintings, statuary,,
art porcelains, and bronzes, mentioned in section 602; jewelry and
other articles made of or ornamented, mounted, or fitted with precious
metals or imitations thereof, etc., mentioned in section 604. The division is also charged with the interpretation and administration of
similar or corresponding provisions of prior revenue acts in their
application to cases still pending and to certain administrativesections of the revenue acts covering these taxes. The following
table indicates the sections of the 1924 act imposing the various taxes,
dates effective, the form number of the return used, and the number
of the regulations relating to such section:
Section
of act
.Effective dates Return Regulations;
forms
Class of tax
500 Admissions
501 Dues
600 Manufacturers' excise taxes..
602-4 Works of art and jewelry:
Section 602 . .
. .
Section 604
"
_
July 3,1924 /
\
. . . . do
do
..
.
.
.^
June
July
2,1924
3,1924
729
729-A |43, pt. 1.
729 43, pt. 2.
728 47.
728-A
728-A
48
48.
The sales tax collected for the fiscal year ended June 30, 1925, is^
much less than that collected in 1924, due in large measure to changesprovided for by the revenue act of 1924. Material changes are an
exemption from tax in the case of automobile truck chassis sellingfor $1,000 or less and automobile truck bodies selling for $200 or less
and the reduction in tax on tires, parts, and accessories from^ 5 per
cent to 2'^'2 per cent. I n addition to these changes the exeinption in
the case of admissions was raised from 10 cents to 50 cents and there
was also an exemption provided on all articles of jewelry selling for
$30 or less.
Although the tax collected was less than in prior years the work of
the division did not decrease in relative proporti9n, as much work
was necessitated in connection with the administration of provisionsof prior revenue acts. For example, about 30 per cent of all claims
received during the present fiscal year (approximately 4,350) were in.
connection with transportation tax imposed by the revenue act of
1918, which tax was repealed January 1, 1922. As the present
revenue law provides a four-year statutory limitation in which t o
file these claims, it is presumed that after January 1, 1926, four years
after the repeal of the transportation tax, claims for refund of such
tax will, in a large measure, cease to come in.
There were 6,547 claims pending July 1, 1924; 14,189 were received
during the year and 16,883 disposed of, leaving 3,853 on hand June 30,
1925. The net decrease during the year amounted to 2,694.
Interest paid on the amount of refund claims allowed was $789,694.79. As compared with previous years the interest was large.
This was due to a provision of the revenue act of 1924 allowing i n t e r est on refund claims from the date of the pa3^ment of the tax, whereas,
in previous years it had been allowed on a different basis not so favorable to the taxpayer.
COMMISSIONER OF INTERNAL REVENUE
843
The work on claims is as near current as practicable, as claims
generally are taken up within 30 days of their receipt in the division.
Delays occasioned in disposing of claims for the most part are due to
lack of evidence, for which it is necessax}^ to write letters. In. the
office on June 30, 1925, were only about 225 claim.s over two years oldy.
adjustment of which is delayed principally on account of litigation
or decisions by the Interstate Commerce Commission involving:
adjustment of transportation rates.
There were 1.1,100 offers in compromise on hand at the beginning of
the year; 5,736 were received and 12,488 were disposed of, of which
number 12,077 were accepted, involving $647,390.92. The number
on hand June 30, 1925, was 4,348.
The average monthly number of returns received and audited was
approximately 49,000, compared with 215,000 during the previous
year. The average for the last six months of the fiscal year was
approximately 29,000, the decrease being due to changes provided for
by the revenue act of 1924.
A large number of the.returns claim credits against current liabilities
for alleged prior overpayments. The same care and attention is
recjuired to handle these claims for credit as is exercised in connection
with claims for refund or abatement. At the beginning of the year
there were on hand 5,076 credit claims and 10,470 were received
during.the year, making a total of 15,546. There were 10,728 disposed of, leaving on hand 4,818 at the end of the year.
The ruhngs with respect to the taxes administered by the sales tax
division have been generally upheld in the courts when subject to
judicial interpretation, though there have been some important
adverse decisions, necessarily resulting in the refund of taxes.
TOBACCO AND MISCELLANEOUS DIVISION
The stamp taxes other than those under the Prohibition Unit are
administered by the tobacco and miscellaneous division. The stamp
taxes so administered include those covered by Regulations No. 8^
relating to tobacco, snuff, cigars, and cigarettes, also cigarette tubes
and the taxes on cigarette papers which are assessed; those covered
by Regulations 40 on issues, sales, and transfers of stock and sales of
products for future delivery; by Regulations 55 on documents, including bonds of indebtedness, conveyances, customhouse entries, passage
tickets, proxies, powers of attorney, and policies of insurance issued
by foreign corporations upon property in the United States; by Regulations 59 relating to special taxes on businesses or occupations,
namely, brokers, pawnbrokers, ship brokers, customhouse brokers,
proprietors of bowling alleys and billiard rooms, shooting galleries,
riding academies, passenger automobiles for hire, and upon the use of
boats; and by Regulations 66 relating to playing cards. Additional
stamp and special taxes under old statutes, also administered by this
division, include those covered by Regulations 9 relating to oleomar•garine, adulterated butter, and process or renovated butter. Regulations 22 relating to filled cheese, Regulations 25 relating to mixed flour,
Regulations 32 relating to white phosphorous matches and 36 relating
to cotton futures. Regulations 29 relating to export without payment
of tax, and Regulations 34 relating to withdrawals free of tax for use of
the United States, are applied, under the administration of this division, to certain products upon which stamp taxes are imposed.
844
REPORT ON T H E
FINANCES
TOBACCO
The receipts from tobacco taxes during the fiscal year 1925, including taxes on domestic and imported manufactures, manufacturers'
special taxes, and taxes on domestic and imported cigarette papers and
tubes in packages, books, or sets, were the greatest in the history of
the Internal Revenue Service and exceeded the total internal-revenue
collections from all sources for any year prior to 1914.
The total collections from this source were $345,247,210.96, an
increase of $19,608,279.82, or 6.02 per cent, compared with the preceding year. Such collections represent 13.36 per cent of the total
internal-revenue receipts from all sources, compared with 11.65 per
cent for 1924. The receipts from taxes on small cigarettes represent
65.18 per cent of the tobacco collections, the amount received from
this source being $225,032,702.07, an increase of $21,381,371.49, or
10.5 per cent, over the preceding year.
Receipts from special taxes imposed on manufacturers of cigars,
cigarettes, and tobacco amounted to $1,125,914.41, a decrease of
$11,233.95 compared with the preceding year.
The total taxes collected on cigarette papers and tubes amounted
to $1,189,408.29, an increase of $160,115.74, or 15.56 per cent. Of
this amount $20,782.81 was collected on 2,078,281 packages of
cigarette papers of domestic manufacture, $1,162,916.17 on
114,650,096 packages imported, and $5,709.31 on cigarette tubes
payable by stamp. There were removed exempt from tax for consumption or use 219,727,313 packages of cigarette papers, each containing not more .than 25 papers, and there were released tax free
for use of cigarette manufacturers 20,171,830 cigarette tubes.
• The following seven States furnished 85.86 per cent of the total
receipts from tax on tobacco manufactures: North Carolina,
$147,221,887.03; New York, $43,153,681.35; Virginia, $30,959,975.17;
New Jersey, $28,078,954.51; Pennsylvania, $24,484,488.92; Ohio,
$11,659,731.80; Missouri, $10,883,323.96; total, $296,442,042.74.
The leading States in the manufacture of tobacco products are as
follows in the order named: I n the manufacture of cigars weighing
more than 3 pounds per 1,000, Pennsylvania, New York, Ohio,
New Jersey, Florida, Virginia, and Michigan; in the manufacture of
cigars weighing not more than 3 pounds per 1,000, Maryland, Pennspvania. New York, New Jersey, and Virginia (see Table No. 16);
in the manufacture of cigarettes weighing not more than 3 pounds
per 1,000, North Carolina, New York, Virginia, New Jersey, Pennsylvania, and California; in the manufacture of cigarettes weighing
more than 3 pounds per 1,000, New York, which produced 84.98 per
cent of the total manufactured (see Table No. 18); ^ in the manufacture
of plug tobacco, Missouri and North Carolina; twist, Missouri,
Tennessee, and Kentucky; fine-cut, Illinois, New Jersey, Michigan,
and New York; smoking tobacco. North Carolina, Ohio, Kentucky,
New Jersey, Illinois, and West Virginia; snuff, Tennessee, New
Jersey, and Illinois (see Table No. 13).^
Additional statistics^ concerning the manufacture and tax payment
of tobacco products are shown in Tables 12 to 28, on pages 90 to 119
and relating to collection of tobacco taxes in Table 1, on pages 54 to
57, in Table No. 2, on pages 72 and 73, and in Table No. 3, ori page 79.
1 See full report of tho Commissioner of Internal Revenue.
COMMISSIONER OF INTERNAL REVENUE
845
Claims.—The following table indicates the status of tdbacco claims:
Refund
Redemption
Abatement
Uncollectible
Drawback i
Amount
No. Amount
$452. 93
17,651. 23
7, 726. 91
639. 07
9, 638.18
8 $35,501. 30
8'9 156, 674. 29
79 128, 694. 72
393. 68
'is" 63, 087.19
Claims
No.
O n h a n d J u l y 1, 1924.. 6
80
Received
59
Allowed
19
Rejected
O n h a n d J u n e 30,1925. 8
Amount
No.
Amount
No.
$5, 508. 84 78 $366,158. 82 25
149, 579. 21 733 443, 873. CO 326
2 4,393.47 735 474, 263. 70 259
150, 271. 98 56 332, 233. 06 67
3,535.06 25
432. 60 20
1 See also Table 24, on page 111.
Amount
No.
$29, 618. 77
109.930.81
44,897.18
32, 785. 34
61,867. 06
4
73
53
17
7
2 Includes $207.24 interest.
Offers in compromise-violation cases.—There were pending at the
beginning of the fiscal year 42 violation cases involving offers in
compromise; new cases numbered 583 and offers in compromise
amounting to $9,257.50 were tendered during the year; cases
closed by acceptance of offers in compromise numbered 582,
amounting to $8,907.50, and 12 offers, totaling $335, were rejected,
leaving 31 offers, amounting to $550, pending June 30.
Assessments.—Total assessments made on tobacco assessment
lists during the fiscal year amounted to $1,356,467.07. Of this
amount $1,186,486.85 was tax on cigarette papers and tubes,
$134,916.11 tax on deficiencies in manufacturers' and dealers^
accounts, and $8,112.50 was submitted as offers in compromise for
violations. The balance, $26,951.61, covered ad valorem and
5 per cent penalties, interest, etc.
MISCELLANEOUS
The collection from miscellaneous stamp and special taxes
amounted to $58,127,497.61, compared with $72,935,431.86 for the
fiscal year 1924.
Documentary stamp taxes.—The largest part of the above collections were of taxes on bonds, capital-stock issues, conveyances,
customhouse entries, passage tickets, proxies, powers of attorney,
and foreign policies ot insurance on property in the United States,
which amounted to $27,862,622.04, compared with $43,031,608.47
for the preceding fiscal year. The tax on transfer of stock during
1925 amounted to $12,808,629.24, compared with $7,936,831.85 for
the previous fiscal year, and the tax on sales of produce (future
deliveries) netted $5,397,147.98, compared with, $7,557,576.74 for
the preceding year.
Miscellaneous special taxes.—Special taxes upon brokers, pawnbrokers, ship brokers, customhouse brokers, proprietors of bowling
alleys and pool tables, shooting galleries, riding academies, passenger
automobiles for hire, and upon use of pleasure boats amounted to
$5,811,558.04, compared with $7,814,413.92 for the preceding fiscal
year.
Oleomargarine.—There were 58 oleomargarine factories in business
July 1, 1924. Five new factories qualified during ""the year and 4
closed, leaving 59 in business June 30, 1925. There were 11,280,121
pounds of colored and 204,122,417 pounds of uncolored oleomargarine
produced during the year, this being a net decrease of 24,296,211
pounds in comparison with the production for the preceding year.
846
REPORT ON T H E FINANCES
The decrease is attributable to some extent at least to butter being
unusually plentiful throughout the year. The following comparative
data reflects the trend of the industry:
Colored
Oleomargarine p r o d u c e d
W i t h d r a w n tax paid for domestic use.
W i t h d r a w n tax free for export
W i t h d r a w n tax free for use U . S
Pounds
11, 548,371
9, 833, 365
918,114
793,622
Uncolored
Pounds
1.1,280,121
8, 947,852
1,375,228
885, 653
Pounds
228.150,378
227, 974, 866
209, 770
Pounds
204,122,417
204, 054, 447
11,040
4,080
Notwithstanding the net decrease in production there was an
increase of $224,823.70, or 8 per cent, in the collections from this
source, $3,038,927.84 being collected during the year, compared with
$2,814,104.14 in 1924, as shown by the following table:
S t a m p tax, colored o l e o m a r g a r i n e . - .
S t a m p tax, uncolored oleomargarine.
M a n u f a c t u r e r s ' special tax
Wholesalers' special tax
Retailers' special ta.x
Total
Per
cent
.1925
Increase ( + ) or
decrease(—)
$989,318. 50
570, 605. 09
34, 528. 50
343, 457. 78
876,194. 27
$1, 231, 938. 85
510, 362. 54
39, 936. 13
352, 947. 17
903, 743.15
+$242, 620. 35
60, 242. 55
+
5,407. 63
+
9. 489. 39
+
27,548.88
24.5
10.6
15.7
2.8
3.1
2, 814,104.14
3, 038, 927. 84
224, 823. 70
8.0
1924
1 Includes offer in compromise in s u l p h u r oil cases w h i c h arose in 1912.
The increase in oleomargarine special tax collections resulted from
the practice of investigating liability of all purchasers of the product
not registered as dealers or known to be consumers. During the
year a total of 22,049 manufacturers' and wholesale dealers' returns
were checked and examined, and a large number of prospective delinquents were referred to the various collectors for investigation. As a
result of this work 1,233 delinquents were discovered and proper tax
and penalties collected. Regulations 34, concerning the withdrawal
of oleomargarine," playing cards, tobacco, etc., for use of the United
States under section 3464, Revised Statutes, were revised in October,
1924.
Adulterated butter.—The adulterated-butter tax yielded only
$3,963.60, compared with $37,965.60 in 1924. Heretofore the principal revenue derived from this act resulted from the finding on
the m.arket of creamery butter having a moisture content of 16 or
more per cent, which made it adulterated butter under the regulations. In the latter part of the fiscal year 1924 the United States
Supreme Court held the 16 per cent moisture regulation to be invalid,
and since that time collections from this source have been negligible,
it being found exceedingly difficult to enforce the law without a fix:ed
moisture standard. Two manufacturers of adulterated butter qualified during the year, but their entire output was removed free of tax
for export.
Process or renovated butter.—^There were seven process or renovated
butter factories in operation during the fiscal year 1925. They pro-
COMMISSIONER OF INTERNAL
REVENUE
847
•duced a total of 3,824,929 pounds of process or renovated butter,
^compared with 4,044,476 pounds produced during the preceding year.
The reveriue derived from this source totaled $10,163.15, compared
with $10,676.56 during 1924.
Mixed flour.—There were 13 makers, packers, or repackers of
mixed flour in business during the year. A total of 3,065,772 pounds
of mixed flour were made, packed, or repacked during the year, compared with 2,923,807 pounds in 1924. The law yielded $8,995.39 in
revenue, compared with $1,040.50 in 1924. Under the law pancake
flours which contain more than 50 per cent of wheat flour are subject to tax as mixed flour. During the year a special canvass was
made of all makers or packers of pancake flours in order to ascertain
whether they were manufacturing a taxable product. As a result of
the investigation additional taxes were assessed and collected.
Filled cheese and white phosphorus matches.—There are no qualified
manufacturers of fllled cheese or white-phosphorus raatches in the
United States, since the tax and restrictions placed upon these occupations are practically prohibitive. The sum of $2,105.41 in special
and stamp taxes was collected on products which were held to be taxable as filled cheese. The inanufacturers discontinued business after
notice that the products were taxable as filled cheese.
Playing cards.—There were 66 manufacturers, repackers, or importers of playing cards in business during the 3^ear. They manufactured, repacked, or imported a total of 50,727,133 packs. The
revenue from this source amounted to $3,183,384.92 for the year,
a decrease of $548,151.98. Regulations No. 66, the first general regulations relating to playing cards, were prepared and promulgated
during the year.
Assessment and compromise.—A total of $1,133,807.69 appeared on
the miscellaneous assessment lists certified, compared with $1,903,-*
255.05 for the previous fiscal year. These lists included 526 additional
assessments entered in the bureau, aggregating $191,510.53, as
against 1,027 additional assessments for the previous 3^ear, amounting
to $762,708.14.
The report concerning ofl'ers in compromise is as follows:
Offers in compromise
Amount
On hand July 1, 1924
Received
AcceptedPartially accepted
Rejected or withdrawn
Transferred to solicitor in suit.
On hand June 30, 1925
There was a decrease in number of offers received, due principally
to the repeal of special taxes on proprietors of theaters, public
exhibitions or shows for-money, and circuses.
848
REPORT ON T H E FINANCES
Claims.—The following table shows the status of miscellaneous
stamp-tax claims:
Refund
Redemption
Abatement
. , Uncollectible
Claims
Number
Amount
O n h a n d J u l y 1, 1924... 128
$166, 716. 55
Received . . .
1,969 2, 266, 624. 67
Allowed.
1,287 11,176, 831. 64
Rejected
182
308, 359. 96
948,149. 62
O n h a n d J u n e 30, 1 9 2 5 - 628
Number
Amount*
$491, 582. 75
511
12,871 2,350,610.93
11, 853
888,155. 88
755 1,444, 770. 92
774.
509,266.88
Num.
ber
Amount
303 $387,458.84
774 343, 724. 91
755 266, 253. 84
162 357,184. 77
160 107, 745.14
Number
Amount
179
1,102
1,135
30
116
$69,992-. 69'
221, 582. 46182,428. 44
11,413.64
97, 733. 07'
1 Includes $245,097.16 interest allowed on 1,093 claims.
The number of claims received increased from 8,723 in 1924 to
16,716 in the fiscal year 1925^ The number disposed of increased
from 8,997 to 16,159; The number on hand at the end of the year
showed an increase of 557. The increase of 7,993 in the number of
claims received was due principally to the repeal of the stamp tax on
promissory notes, which resulted in the filing of a large number of
claims for redemption of stamps; also to court decisions affecting"
the. stamp tax on issues of stock, the taxes on adulterated butter,
and the bankers' special taxes imposed by the revenue acts of 1898and 1914.
The total claims for refund and redemption of stamps allowed
shows an increase of $1,785,141.47 over the fiscal year 1924, and there
was an increase of $245,014.58 in the amount of interest allowed.
The large increase in the amount of interest allowed was due to the
fact that the cases involving the taxes in question had been pending
in the courts for many years.
ACCOUNTS AND COLLECTIONS U N I T
For purposes of effective administration the accounts and collections unit is divided into four divisions'.
DIVISION OF OFFICE ACCOUNTS AND PROCEDURE
This division has charge of the office procedure and accounting
methods in collectors' offices, the auditing of revenue and special
deposit accounts submitted by collectors, the compilation of statistical
data in connection ,with internal-revenue collections, and the issuance
of internal-revenue^stamps to collectors of internal revenue.
During the year the supervisors of accounts and collections submitted 95 reports covering the examination of the accounts of collectors of internal revenue. The accounts of every collector's office
were examined at least once. In addition to the examinations made
by the supervisors of accounts and collections, these officers made
14 transfers of collectors' offices under renewal bonds and superintended the transfer of two offices to new collectors.
On July 1, 1924, there were on hand in the various collectors'
offices 16,823 claims for abatement, credit, and refund. There were
filed during the fiscal year 259,289 claims, making a total to be
accounted for of 276,112. The collectors transmitted to the bureau
COMMISSIONER OF INTERNAL REVENUE
849
or otherwise disposed of 268,518 claims, leaving on hand at the close
of the fiscal year 7,594.
Various mimeographs and circulars were prepared for the instruction of collectors' offices with a view to improving the accounting
procedure and establishing closer control by the bureau.
The division drafted a procedure for the establishment of a special
deposit accourit in each collector's office for use in depositing and
accounting for sums offered in compromise under the provisions of
section 3229 of the Revised Statutes and section 35 of the national
prohibition act, sums offered for the purchase of real estate under
the provisions of sectiori 3208 of the Revised Statutes, and surplus
proceeds in distraint sales. This new accounting procedure was
established in compliance with the provisions of section 1031 of the
revenue act of 1924. Monthly accounts current are submitted by
collectors in connection with their special deposit accounts, which
are referred to the General Accounting Office.
The examining and audit work in connection with collectors'
revenue accounts and collectors' special deposit accounts has .been
kept current and all accounts referred to the Comptroller General
within the required time.
Instructions to supervisors of accounts and collections relative to
the examination of collectors' offices were supplemented by the addition of a detailed procedure' in connection with the examination of
the collectors' special deposit accounts for offers in compromise, sums
offered for the purchase of real estate, and surplus proceeds in dis-'
traint sales.
Instructions were issued to collectors to retain for audit all individual income-tax returns showing a gross income of $25,000 or less.
Prior to the issuance of these instructions collectors had not retained
for audit any individual returns showing more than $15,000 gross
income. However, the Work in connection with the returns heretofore
audited in collectors' offices was accomplished in such satisfactory
manner that the results justified a further increase of the responsibility of collectors in connection with the audit. As a result of this
new procedure collectors retained for audit approximately 7,351,000
individual income-tax returns out of a total of 7,556,000 individual
returns filed. A number of offices had completed the audit prior to
the close of business June 30, and indications were that practically
all of the collectors' offices would complete the audit by September
30, with the exception of the cases that require field investigations
and cases in connection with which protests were made to the commissioner or appeals filed with the United States Board of Tax
Appeals.
A total of 6,637,977,060 revenue stamps, valued at $430,092,491.123^^, was issued to collectors of internal revenue and to the
Postmaster General.
All stamps are engraved and printed at the Bureau of Engraving
and Printing, with the exception of tobacco stamps impririted on
tin-foil wrappers. The printing of the latter is done under contract
and without cost to the Government, the contractor receiving his
remuneration from the purchasers of the stamps and reimbursing
the Government for the salary of the stamp agent who is assigned to
the manufacturing plant of the contractor.
850
REPORT ON THE FINANCES
Stamps were returned by collectors and by the Postmaster General
and credited in their accounts to the value of $30,130,579.91. These
stamps were of various kinds and denominations, including partly
used books and stamps for which there was no use.
There were three applications allowed for restamping packages
from which the original stamps had. been mutilated or destroyed.
All stamps, with the exception of tobacco stamps imprinted on tinfoil wrappers, are shipped by the Bureau of Engraving and Printing
on shipping orders prepared by the stamp section of this division.
DIVISION OF FIELD ALLOWANCES
The division of field allowances is charged with the consideration
and granting of allowances to collection districts covering employment of personnel and miscellaneous operating expenses, and the
keeping of adequate records thereof. Collectors' requisitions for nonexpendable supplies, mechanical equipment, and office furniture are
passed upon by this division. The procurement of space for collectors' offices and branch offices is also handled by the division of
field allowances.
At the beginning of the fiscal year there was in the internal revenue
collection service a total authorized force, including collectors, of
6,709 employees, at an annual salary rate of $12,604,780. At the
close of the fiscal year there was a total authorized force, including
collectors, of 6,586 employees, at an annual salaiy rate of $12,277,530.
During the year there was a net reduction of 123 in the total number
of employees and $327,250 in the annual salary rate. This reduction
in personnel was made in the interests of economy and assisted
materially in offsetting the eriibarrassment which otherwise would
have ensued because of a decrease in the appropriations granted for
salaries of permanent employees for the fiscal year. A total of
$224,985 was expended for the employment of temporary help in
collectors' offices, compared with $196,651 expended for this purpose
during the preceding fiscal 3^ear. The increase of $28,334 in expenditures for temporary employees was due in large measure to
refunds made necessary under the 25 per cent reduction of tax on
income received by individuals during the calendar year 1923.
At the beginning of the fiscal year the provisions of the classification act of 1923 were extended to the field collection service, at
which time salaries were adjusted in accordance with the rates prescribed by the act. This had a tendency to equalize salaries paid
employees in the various districts performing similar duties, and
proved eft'ective in securing a uniform rating of the various positions
in the service. In making the initial allocations the average salaries
of the dift'erent grades were, exceeded in a number of districts, but
this condition has since been corrected to a large extent by the
practice of making all new appointments at the minimum salary of
the grade to which the position has been allocated. In making
adjustments in salaries of employees in the collection service the
comptroller's decision with respect to the average salary provision
has been closely adhered to. This also has had a tendency to lower
the average salary of the various grades throughout the service, and
on July 1, 1925, there was but one grade in which the average salary
exceeded the mathematical average of the grade, namely. Grade V.
COMMISSIONER OF INTERNx\L REVENUE
851
All applications for positions in the collection districts have been
carefully scrutinized. The usual high standard of requirements for
emplo3^ment has been maintained, with a view to providing the best
possible service to taxpayers.
During the fiscal year 1925, $329,146.35 was expended for the
rental of quarters for collectors' offices and branch offices, compared
with $294,770.69 for the preceding fiscal year. The increase of
$34,375.66 in annual rental was due to demands for additional space,
increases in rentals asked b}^ lessors, and the occupancy of commercial
in lieu of Federal space. More suitable quarters were obtained for
the office of the collector of internal revenue, Boston, Mass., which
resulted in an increased rental, and on account of the overcrowded conditions in the Federal building at Richmond, Va., it was necessary
to secure commercial space for the collector's office at that place.
- Few additional office appliances were purchased for collectors'
'offices, but the usual number of replacements were made of unserviceable eq[uipment.
DISBURSEMENT DIVISION
The disbursement division is charged with the duties of keeping
the accounts in connection with, the expenditures from appropriations made available by Congress for the use of the Bureau ol Internal
Revenue. The division also is .charged with the responsibility and
•supervision of the administrative exairiination required, by law of the
•disbursing accounts of collectors, revenue agents, and prohibition
directors, as well as the administrative audit of miscellaneous vouchers for transportation, equipment, telephone * service, rentals, etc!,
paid from internal-revenue funds by the disbursing clerk of the
Treasury Department and direct settlements by the General Accounting Office. All amounts allowed for the refund of taxes illegally or
erroneously collected, redemption of revenue stam.ps, abatement of
claims, etc., are verified and recorded in the division.
The disbursement division administratively examined and recorded
1,824 monthly accounts of collectors of internal revenue, revenue
•agents in charge, and Federal prohibition directors, together with
189,622 supporting vouchers, in addition to which 17,644 expense
v^ouchers of employees and 17,310 vouchers covering passenger transportation and freight, miscellaneous expenses, special em.plo3^ees,
informers, etc., were audited and passed to the disbursing clerk of
the Treasury Department and General Accounting Office for payment. A total of 6,796 schedules of refunds on account of taxes
illegall}^ or erroneously collected were recorded and the 145,447 items
contained therein scheduled for report to Congress. A total of 23,896
schedules of 2,612,735 items of refunds on account of 25 per cent
reduction in tax for 1923 were recorded.
Good results have been obtained in keeping the settlement of
field disbursing officers' accounts current, and much progress made
in efi'ecting settlement of the accounts of field disbursing officers now
:separated from the service.
The. mechanical system of accounting for the appropriation accounts continues to prove very efficient in showing daily balances
existing in the various appropriations and the several allotments
made therefrom.
852
^
REPORT ON T H E FINANCES '
FIELD PROCEDURE DIVISION
This division has charge of the direction of field investigations m a d e
by collectors' field forces, the planning of delinquent drives, and the
organization of collectors' division, subdivision, and stamp offices.
The work of special squads of internal revenue agents under supervisors of accounts arid collections is also handled by this division.
In addition, correspondence study courses for all collectors' emplo3^ees except those in minor positions are maintained, and the
annual schools of instruction on tax laws for field deputy collectors
are conducted under the direction of this division. On June 30,
1925, there were 4,014 students enrolled for the correspondence
stud37; courses. During the year ended June 30, 1925, 55,100 assignments were completed by students and the quizzes graded h j this
division.
Effort has been made to reorganize the field work. On June 30,.
1925, there were open 65 collectors' offices, 149 division office headquarters, 7 subdivision offices, and 23 offices at which stamps only
were sold, a total of 244 offices. This is a reduction of 19 offices
since June 30, 1924, and has been made possible by rearranging the
work of field officers.
Collectors' field forces gave special attention to the serving of
warrants for distraint, the verification of returns filed indicating
additional tax due, and the conduct of delinquent drives. A total
of 106,154 warrants for distraint were served, which involved the
collection of $25,471,001, cornpared with 123,407 warrants served
and $22,342,407 collected for the fiscal year ended June 30, 1924.
An average of 2,241 deputy collectors macie a total of 577,558 revenueproducing investigations, including the serving of warrants for distraint. The amount collected and reported For assessment as the
result of these investigations aggregated $58,224,340. The average
number of investigations made per deputy and the average amount
of tax collected and reported for assessment were 258 and $25,981/
respectively. The total number of revenue-producing investigations
made during the fiscal year 1924 was 695,463, involving $53,953,593
delinquent and additional tax.
The work of collectors' field forces was again supplemented by
special squads making the more technical investigations under the
direction of supervisors of accounts and collections, the squads being
composed of internal revenue agents on the roll of the Accounts and
Collections Unit and a few deputy collectors detailed for special
v/ork. . In addition to the warrants for distraint served by collectors'
forces, one of the special squads operating in the second and third
districts of New York made collection on 9,584 warrants, involving
tax in the amount of $3,251,431. An average of 177 officers made a
total of 52,719 revenue-producing investigations, including the
serving of warrants for distraint, which resulted in collecting and
reporting for assessment tax in the amount of $12,994,867. In
addition to this work collection was made on 2,286 warrants, involving $3,490,767 tax, by a small office force under the direction of three
internal revenue agents during the period December, 1924, to April,
1925, inclusive. These figures are not included in the totals given.
The average number of cases and amount collected and reported for
assessment per officer for the 3'ear were 297 and $73,417, respectively.
COMMISSIONER OF INTERNAL REVENUE
853
The special force of agents has also been used to excellent advantage
in assisting and directing the work of deputy collectors in some districts. In several instances an agent has been assigned for a limited
time to a collection district to give deputy collectors training in
:specific subjects, and the results in all cases have been benencial
to the collectors' forces.
The total collected and reported for assessment as a result of the
activities of both the force of field deputy collectors working under
collectors and the special squads working under supervisors of
accounts and collections amounted to $71,219,207, compared with
•$82,651,210 for the fiscal 3^ear 1924.
PROHIBITION U N I T
The central committee of the Prohibition Unit, which was appointed
M a y 16, 1924, to consider major and perplexing questions that arise
in the unit and to see that all work relating to permits is coordinated
and kept up to date, held 1,997 hearings and. considered 1,484 cases
during the fiscal year. These cases consisted largely of applications
for major basic permits, applications from permittees for increased
•allowances of intoxicating liquor, and appeals in cases where permits
had been revoked. On June 30, 1925, the work of the central
committee was current.
Regulations 61, for the administration, of Title I I I of the national
prohibition act, were revised June 30, 1925. This revision transfers
the entire control of the distribution and use of denatured alcohol
from the collectors of internal revenue to the prohibition administrators. I t retains the tax-collection procedure with the collectors
of internal revenue, but transfers the supervision of the business of
manufacturing, warehousing, and denaturing alcohol to the prohibition administrators.
There were 3,811 employees on the rolls of the unit at the close
of the fiscal year 1925, compared with 3,374 at the close of the fiscal
year 1924, an increase of 437.
During the year 7,142,255 pieces of mail passed through the section
of mail control of the unit, an increase of 1,046,436 over the number
of pieces of mail which passed through this section during the preceding fiscal year.
Plans were made to issue for distribution to prohibition administrators a new series of physicians' prescriptions for intoxicating
liquor, to be printed in two tints, one over- the other, in order to
make more difficult the counterfeiting of blanks. The last series
of prescription blanks was printed only in one color.
Plans were made also for the issuance in different color of withdrawal Form 1410-A, used for withdrawals of 10 gallons of alcohol
or less, which by regulations needs no letter of confirmation. By
use of this form a saving of many confirmation letter blanks. Form
1410-D, will be made. Forms 1410-D now are being canceled
when not used on withdrawals of alcohol of 10 gallons or less.
Federal prohibition-enforcement agents made 62,747 arrests during
the year, and seized 6,089 automobiles, valued at $3,010,720.35, and
182 boats, valued at $273,374. As a result of the work of the
854
REPORT ON T H E FINANCES
enforcement agents of the unit 44,900 prohibition cases were handled
in Federal courts, and 39^829 persons were convicted. The courtsimposed sentences aggregating 4,569 years and fines amounting tO'
$7,706,864.04. "
With the purpose of eliminating duplication of work and securing
greater efficiency, a plan for decentralization and reorganization of
the Prohibition Unit was arranged as part of the general plan of the
Assistant Secretaiy in charge of customs. Coast Guard, and prohibition for the coordination of the activities of the department in.
connection with prohibition enforcement.
^
Such general plan eliminated the offices of the 49 Federal prohibition directors in the continental United States and those in
Hawaii and Porto Rico, and established in lieu thereof 22 Federal
districts in the continental United States, one for the Hawaiian.
Islands, and one for Porto Rico, with a prohibition administrator in
charge of each. The districts are bound in every instance save
one b3^ Federal judicial district lines. I t is intended that the
prohibition administrator keep in close touch and cooperation with
the United States attorneys of their respective districts in. all matters
connected with prohibition enforcement.
The decentralization of the unit includes the transfer to the
prohibition, administrators of the issuance of basic permits as well as^
withdrawal permits for intoxicating liquor, in lieu of submittingthem to Washington, with resultant duplication of work and dela3^.
The former system involved the filing of an application by t h e
applicant, investigation and recommendation by the Federal prohibition director, the forwarding of such, recommendation to t h e
prohibition commissioner and the return of the application to the
director, who then communicated with the applicant. Under t h e
reorganization the applicant communicates with the prohibition
administrator for his district, and the administrator after investigation either approves or disapproves the application and advises the
applicant directly without referring the matter to Washington, t h u s
eliminating duplication of effort and rendering more prompt service
to the applicant. All control of alcohol, except the collection of the
Federal tax, is made solely the responsibility of the prohibition,
administrators.
The prohibition headquarters in "^Washington will be largely one
for supervision to secure uniformity of procedure, standardization^
coordination, etc.
COLLECTIONS
• A total of $560,888.07 was collected under the tax and tax-penalt3r
provisions of the national prohibition act for the fiscal year 1925compared with $855,395.37 for the fiscal year 1924. Iri addition, as,,
shown by the records of the Solicitor of the Treasury Department,,
there were certain collections through the Federal courts, such as
fines and forfeitures, incident to enforcing the national prohibition,
act, amounting to $5,208,203.09, compared with $5,682,719.87 for the
fiscal year 1924.
COMMISSIONER OF INTERNAL REVENUE
855
OFFICE OF CHIEF COUNSEL
During the year 1925 a reorganization of the office of the chief
counsel of the unit was effected which involved a considerable reduction in personnel. The objects of this reorganization were to bring
about the consolidation of certain activities in the interest of efficiency
and economy, and the discontinuance of the assessment division.
The Supreme Court of the United States, in the case of Lipke v.
Lederer, holding that a hearing must be accorded to the taxpayer
before an assessment might be made lawfully under section 35,
Title I I of the national prohibition act, the unit in April, 1923,
adopted the procedure of holding administrative hearings under
regulations of the department, and as a result assessments amount- '
ing to $4,455,686.87 were made from April 23, 1923, to June 30,
1925. Some time after the commencement of these operations taxpayers began filing petitions in the courts seekmg injunctions torestrain the holding of such administrative hearings and the collection
of taxes based upon such hearings. Injunctions were granted in
different jurisdictions to such an extent as practically to bring this,
procedure to a standstill, while in other jurisdictions the matter is
still in an undecisive stage. Therefore in the interest of economy
and efficiency it was decided to discontinue the assessment division
and consolidate such assessment work with other work of handlingreports of alleged violations.
One of the changes incident to the reorganization is the elimination
of the review of revocation hearings in the Washington office. Treasury Decision.3707, issued Ma3^ 21, 1925, provides that the action of
the Federal prohibition director in revoking permits shall be final
miless and until the party aggrieved by such decision shall seasonably
file with the Federal prohibition director or the prohibition commissioner a written notice of appeal to the Commissioner of Internal
Reveriue, which appeal is to be heard by a board of review consisting
of three attorneys, which board shall, in the name of the Commissioner of Internal Revenue, review all such cases brought to it b3^
way of appeal and affirm, modify, or reverse the original decision
rendered therein, which decision shallbe final.
The office of chief counsel as reorganized provides for a chief
counsel, assistant chief counsel, board of review to hear appeals in
revocation proceedings, and also comprises a law division, a section
of opinions and holdings, and a field legal section.
Opinions and holdings sections.—Briefs, opinions, holdings, pleadings, regulations, Treasury decisions, prohibition mimeographs and
circulars, legal form.s, etc., relating to the national prohibition act
and the internal revenue laws are prepared in this section. Applications for pardons and paroles submitted to the Prohibition Unit
by the Department of Justice are reviewed in the section and recommendations made thereon. Legal correspondence ds prepared in
answer to inquiries of departmental officials, permittees, and others
as to construction of treaties and State and Federal statutes and
regulations relating to intoxicating lic[uor.
The attorneys of this section have rendered assistance to the
United States attorneys, collectors of internal revenue, and Federal
856
REPORT ON THE FINANCES
prohibition directors in the investigation and preparation of many
important cases arising in connection with the enforcement of the
national prohibition act and the internal revenue laws. Attorneys of
this section have served on the board of review which was created by
Treasury Decision 3707 for the purpose of hearing appeals froni the
action of Federal prohibition directors in revoking permits. They
have also prosecuted and acted as presiding officers in important
revocation hearings both in Washington and in the field. The work
of this section is current.
Field legal section.—This section conducts field legal work, assists
in the trial of court cases and in the conduct of hearings, gives legal
instructioris to the field officers of the unit, and in general establishes
contacts between the unit and the various United States courts.
State courts, and the Federal, State and municipal authorities in
bringing about cooperation in law enforcement.
Law division.—This division makes examination of all .official
reports and determines what action shall be taken thereon, whether
revocation hearing, criminal proceeding, libel proceeding, assessment
proceeding, or other action; prepares pleadings and takes such appropriate action as may be determined should be had in each case;
passes upon questions relating to revocation matters; and performs all
work incident to the making of assessments and the effecting of compromise settlements.
Injunctions have been used most effectively. This division has
prepared for United States attorneys 123 bills for injunction in important cases. Attorneys from the division were assigned to the
various United States attorneys to assist in these proceedings and in.
contempt proceedings arising out of violations of injunctions. Through
special efforts to have State attorneys use the injunction provisions,
^ large percentage of the minor cases are now being handled in State
courts.
Expeditious disposition of all contraband property seized and
stored in warehouses has been brought about by preparing and filing
blanket libels covering large seizures.
The application of the conspiracy section of the United States
Criminal Code has been stressed and has been effective in breaking up
organized rings of liquor law violators. There were 1,049 convictions,
and fines amounting to $822,278 were imposed in this class of cases
alone.
Decisions of the circuit court of appeals and the United States
Supreme Court in prohibition matters have been very helpful. In
practically every instance decisions of the lower courts favorable to
enforcement have been upheld, and in addition some noteworthy
decisions have been rendered in the interest of enforcement.
This division reviewed and acted upon 3,405 revocation hearings,
revoking 2,283 permits, cancelling 21, which were surrendered, and
dismissing the proceedings in 1,101 cases. I t prepared 227 libels,
34 search warrants, 97 indictments, and 44 criminal informations
with the necessary affidavits, and reviewed and examined 2,178 bonds
•executed in connection with the various permits and made demand
upon principal and surety for the payment of approximately $4,482,•971.41.
COMMISSIONER OF INTERNAL REVENUE
857
The last year witnessed increased activity of the law division in
curtailing a number of establishments authorized to operate dealcoholizing plants. Seizures were made and libels filed in 37 brewery
cases, and the injunction provision has been stressed. Padlock orders
were'issued in six important cases. A new departure in the use of
injunction against dealcoholizing plants .was seen in a decision
directing the destruction'under abatement proceedings of property
worth $225,000; including beer, beverage, materials on hand, machinery, and equipment.
Attorneys from this division have assisted in revocation proceedings
in the special campaign against permittees who have diverted denatured alcohol secured for the alleged purpose of legitimate manufacturing. Diversion of industrial alcohol is apparently less now
than formerly, despite increased production coincident with expanding
business prosperity.
As a result of a concerted drive on wineries marked progress was
made in the winery situation in the districts which comprise'the center
of the major wine activities in the United States. There was formulated and put into operation a plan of enforcement whereby uniform
and cooperative action was brought about between the prohibition
officers and. United States attorneys, with the result that over 90,000
gallons of wine were destroyed under libel proceedings. M a n y
criminal and. libel proceedings Were pending on July 1, 1925. A
considerable improvement was made in conditions with respect to
sale of sacramental wine. Injunctions were issued and substantial
fines imposed.
During the year the division completed action on 41,576 cases
and disposed of criminal liability and all other matters in these
cases, and 171,304 cases were pending at the close of business on
June 30, 1925, on which most of the work was completed. The work
of. the division is practically current.
Assessments
Assessments
NumberAmount-.
On hand July
1, 1924
mg the year
sessment
Disposed of
Settled by
assesscompromise ^ by ment
Pending June-30, 1925
6,442
1,294
6,254
1,971 I
1,304
4,757
74
$10, 401,173.19 $13, 285, 324. 04 $3, 979, 798. 42 $2, 781,233. $3, 298,820. 32 $13, 626, 644. 75'
1 Amount realized through compromise, $161,882.60.
. . Compromises
• Offers in compromise
Number
Amount
Pending July Received
1, 1924
durmg year
1,170
$165, 964.14
5,438
$847, 974. 75
1 26 offers in compromise, totaling $7,685, were canceled.
Accepted
3,622
$432, 738. 06
^ Rejected
1,880
$256, 829.17
Pending Jun&30, 1925 1
99a'
$316. 686. 66
858
REPORT ON T H E FINANCES
NARCOTIC DIVISION
On June 30, 1925, 339 persons were registered under the Harrison
narcotic law, as amended, as importers and manufacturers, 1959 as
wholesale dealers, 48,187 as retail dealers, 144,711 as practitioners,
and 113,413 as dealers in and manufacturers of untaxed narcotic preparations, the latter number including registrants not required to pay
special tax by reason of paying another tax under the act, or a total of
308,609 registrations.
During the year a total of 3,366,368 ounces of taxable narcotic
drugs was imported. Of this, 3,187,968 ounces were withdrawn during the year for domestic consumption, leaving 178,400 ounces in
customs custody at the close of the year. There was an aggregate
of 4,653,782 ounces of narcotic drugs, both in pure form and as part
•content of compounds and preparations, in the possession of manufacturers on July 1, 1924. Imports amounting to 3,187,968 ounces
were withdrawn and added to this quantity during the year, making
•a total of 7,841,750 ounces. During the year manufacturers exported
2,066 ounces of this supply or of the drugs derived therefrom through
manufacturing, and 441,676 ounces of like description were sold by
them to domestic purchasers, leaving a total of 1,654,331 ounces in the
possession of manufacturers on June 30, 1925. A mathematical
balance can not be produced from the foregoing statement, as an
alkaloid or derivative is not the equivalent in weight of the drug
from which it is obtained through a manufacturing process.
During the year ended June 30, 1924, a total of 4,739,290 ounces
of narcotic drugs of all kinds was imported, while during the year
ended June 30, 1925, an aggregate of 3,366,368 ounces was imported,
•a decrease of 372,922 ounces. During the same periods 6,598 ounces
and 8,541 ounces, respectively, were exported, showing an increase
of 1,943 ounces. The net aggregate quantity of pure drugs of all
kinds contained in products sold by manufacturers to domestic purchasers during the fiscal year 1924 amounted to 391,256 ounces, and
domestic sales of this description for the fiscal year 1925 involved
441,676 ounces, or an increase of 50,420 ounces. The drugs exported involved 356,063 taxable ounces of products and those sold
to domestic purchasers 5,506,970 taxable ounces. (Tax is paid by
stamps at the rate of 1 cent per ounce or fraction thereof for the
-entire contents of each package or bottle. A compound or preparation containing a narcotic drug in a quantit37^ exceeding the statutory
•exemption is taxed the same as the pure drug.)
Manufacturers of exempt (nontaxable) narcotic preparations purchased 17,406 ounces of narcotic drugs, involving a total of 42,861
taxable ounces.
Officials of the federal and of State, county, and municipal governments and institutions who, as such, are exempt from registration and payment of tax under the Harrison narcotic act, purchased
during the year a total of 11,358 ounces of narcotic drugs contained in stamped packages amounting to 81,272 taxable ounces.
During the year a total of 6,090 ounces of narcotic drugs and
preparations was seized or purchased as evidence through enforcing
the internal revenue narcotic laws.
COMMISSIONER OF INTERNAL REVENUE
859
At the beginning of the year 3,257 violations of the Harrison
narcotic act were pending against persons not entitled to registration under the law, and a total of 7,232 violations against such
persons was reported during the year. At the beginning of the year
1,944 violations of the law were pending against registered persons. During the year penalties, imposed, by section 3176 of the Revised Statutes, as amended, were assessed against 27,535 registered persons on account of failure to register and pay special tax
as required under the act, and 3,065 violations oi the law were
reported during the year which, involved other charges of greater
significance. Accordingly, a total of 10,489 violations accrued
during the year against unregistered persons and 32,544 violations
of all kinds against registered persons.
Of the unregistered persons charged with violations of the law,
5,283 were convicted, 190 were acquitted, 38 submitted acceptable offers in compromise of their ^liability, 1,675 cases were
dropped, and 3,303 cases were pending at the close of the year.
Of the cases accruing against registered persons, collection of spe<iific penalty was made in 27,535 cases, 317 persons were convicted,
14 were acquitted, and 1,069 submitted acceptable offers in compromise of their liability, 854 cases were dropped, and 2,755 cases were
pending at the close of the year.
At the beginning of the year 71 cases of violations of the act
of January 17, 1914, regulating the manufacture of smoking opium,
were pending and 62 cases were reported during the 3^ear, or a total of
133 violations. During the year 30 persons were convicted, 3 were
accjuitted, 12 cases were dropped, and 88 violations were pending
.at the close of the fiscal year.
A total of 5,600 convictions under the internal revenue narcotic laws was had, for which the courts imposed sentences aggregating 6,361 years, 11 months, and 7 days and fines amounting to
$453,330.27.' A total of 1,105 cases was compromised, the aggregate
amount collected being $86,669.90. During the year ended June
30, 1924, a total of 7,301 cases of criminal character was reported,
whereas during the last fiscal year 10,297 such cases were reported.
An increase of 2,996 cases over the previous year is to be noted,
indicating a more effective operation of the field force and more
•efficient means for disclosing violations of the law. The general
attitude of the courts toward violations of the narcotic laws is reflected
by the fact that 5,600 convictions were had during the year ended
J u n e 30, 1925, whereas only 4,242 convictions were obtained during
the fiscal year 1924. Likewise sentences for the past year totaled
6,361 years, 11 months, and 7 days, whereas the aggregate for the
preceding, year was only 5,028 vears, 10 months, and 15 da.ys.
Fines decreased from $5il,664.91 to $453,330.27.
Monthly returns of sales, etc., rendered by importers, manufacturers, and wholesale dealers afford means not only for controlling
the manufacture and sale of narcotics but also for a systematic
scrutinizing of all purchases. As far as possible with the present
force, every person the aggregate of whose purchases has appeared
excessive has been investigated. An abstract system, operated in
connection with the audit of the monthly returns for apprehending
860
REPORT ON T H E FINANCES
such purchasers, has resulted in directing the inspections and i n vestigations of registered persons most essential to that aspect of
the enforcement of the law. Greater econom37^ in the operation of the
field force in making inspections is also thereby afforded.
The number of agents and inspectors in the narcotic field force
averaged 305 for the year. The collections under the narcotic
laws for the fiscal year ended June 30, 1925, were $1,090,932.73,,
an increase of $33,866.40 over the collections for the previous 3^ear,.
which were $1,057,066.33.
PERMIT DIVISION
The functions of the permit division are as follows: The issuance
of aU basic permits for the use and sale of intoxicating liquors under
the national prohibition act, including the importationand exportation of the same; examining of all nonbeverage bonds submitted
in support of permits to ascertain whether such bonds are properlyexecuted; the renewal of all nonbeverage permits which have been
outstanding for one 3^ear, except manufacturers^ permits, which now
remain in force by virtue of revised Eegulations 60; establishing of
standards for medicinal and toilet preparations and flavoring extracts ;
receiving, filing, and checking commissioner's copies of withdrawal.
Forms 1410A covering withdrawals allowed by Federal prohibition
directors, and checking overdrafts in every case where withdrawals,
have exceeded amounts allowed on basic permits.
Since June 17, 1925, when Treasury Decision 3719 beqame effective, permits of the ^^H^' classification for the following classes of
permittees are issued by the Federal prohibition directors in t h e
several States: Hospitals, sanitariums, first-aid stations, dispensaries,
infirmaries, clinics, visiting nurses associations, and druggists using
not more than 60 wine gallons of alcohol, wine, or other liquor, and
480 pints of bottled-in-bond whisky per annum. .
In January, 1925, the sacramental wine withdrawal section was
established to guard against abuse of the privilege of using wine for
sacramental and religious observances. Since that date, 4,614 copies
of Form 1412 (application to procure wine for sacramental and like
religious rites) have been received and checked.
The following tabPe shows the number and classes of permits
issued during the fiscal year ended June 30, 1925.
861
COMMISSIONER OF INTERNAU REVENUE
Renewals
.A permits, to manufacturers, bonde'd warehouses, and fiee warehouses
._•
B permits, wholesale druggists
.
•
_
•C permits, to transfer (issued by Federal prohibition commissioner)
_.
•C permits to transfer (issued by the Federal prohibition directors); this figure represents both new and renewal permits
.
•
_
;D permits, to import and use
..E permits, to import and sell
:
.
F permits, to export alcohol only, to places other than Canada, Mexico, West Indies,
and,other near-by islands._...
:
:
.:-.
^_
0 permits, to export alcohol to Canada, Mexico, West Indies,and other near-by islands,
and other liquors to any destination....
1
.
.-...
1
L
.H permits, to use (intoxicating liquors for manufacturing) issued prior to.July 1,1924,
and continuous under Regulations 60, Revised'.
.
.
_.'.
1 perinits, to use a n d s e l l . - .
j._...-.-....
._:
.J p e r m i t s , to prescribe for physicians, to use intoxicating liquor for physicians, d e n t i s t s ,
•' a n d veterinarians (issued b y t h e FederaVprohibition d i r e c t o r s ) . . . . . J I .
:
,K p e r m i t s , to m a n u f a c t u r e - v i n e g a r a n d to procure intoxicating liquor for conversion
into s a m e . ...__._
._.'..._'
,__L.._
^X'permits, to ..operate dealcoholizing p l a n t s
--._-..-.-...•
..,..;
M p e r m i t s , to use sirups and extracts for m a n u f a c t u r i n g soft d r i n k s (issued only in
special cases)
•
_..,
N p e r m i t s , to procure medicated alcohol i n q u a n t i t i e s exceeding 1 p i n t
0 p e r m i t s , to rectify
^...t
.__..
1
.
•
•p permits, to receive a n d possess for storage in b o n d
.•
.....
P extension, p e r m i t s , to sell from concentration
.
1
•Q p e r m i t s , hospitals
_.'.
...
1....
R p e r m i t s , to produce m a s h for t h e purpose of producing yeast, after which residue is
to b e destroyed
...•
^.
.
S permits,.to procure w i n e for ritualistic purposes
• Special p e r m i t s , cases not covered b y above classes.
.
Permits revoked..:
._•
__^
Henewal applications disapproved
_,___•___
New applications disapproved___-_
r---.
Permits canceled, superseded, surrendered, and recalled
Total outstanding permits________--"
,
526
268
447
New .
60
7
35
343
•7
62
28
4
112
27
25^, 562
16, 841
2,697
3, 025
65, 982
• 486
309
115
34
39
46
196
^
3
14
2,352
1
66 .
687
'•32'
1, 541
632
1, 090
2, 463
133, 460
INDUSTRIAL ALCOHOL AND CHEMICAL DIVISION
This division conducts the chemical work for the bureau in Washington and in the field and administers the provisions of Title I I I
of the national prohibition act. I t also administers certain features
of the general internal revenue laws relating to bonded warehouses,
storekeeper-gauger assignments and other miscellaneous items under
E,egulations 7 and 30. The division is also charged with the work in
connection with the concentration of distilled spirits, in accordance
with the, provisions of the act of February 17, 1922, and Treasury
Decision 3351 promulgated thereunder.
Chemical section.—The chemical work of the bureau is conducted
in 10 laboratories, a headquarters laboratory located in Washington
and 9 field laboratories located in various sections of the United States.
The following tables give the details of the number and character of
samples analyzed during the past fiscal year:
Washington laboratory
Butter
.Oleomargarine, fats and oils__
Distilled spirits
Fermented beverages
•Genuine whisky
Narcotic drugs
69
2, 121
.5, 960
2, 686
152
921-
Medicinal preparations
beverage)
:
Denatured alcohol_.
Total
(non-
1, 664
9, 430
23,003
This is a decrease of 1,116 over the number for the fiscal year ended
J u n e 30, 1924.
862
REPORT ON T H E FINANCES
Field laboratories
Buffalo
Chicago
Columbus
Little Rock
MinneapohsNew York
7, 552
6, 060
1, 638
7, 071
5, 220
25,730
Philadelphia
Providence
San Francisco
Total
9, 235
3, 815
11, 196
77,517
This was an increase of 5,274 over the number analyzed during the
fiscal year ended June 30, 1924. This increase is partly due to the
fact that the Providence and Minneapolis laboratories, which were
established during the latter part of the fiscal year ended June 30,
1924, are now operating to capacity.
A total of 100,520 samples were analyzed by the Washington and
field laboratories during the fiscal year ended June 30, 1925, an
increase of 4,158 over the number analyzed during the fiscal year
1924.
Members of this division spent 2,8093^ days in attendance a t
court as expert witnesses and in special field investigations where a
technical man was required.
Industrial alcohol section.-^—The work of this section, which administers Regulations 61, drawn under Title I I I of the national prohibit
tion act, has changed little in character during the past fiscal year.
During the past year special efforts have been continued to minimize
diversions of industrial alcohol. As a result, there have been a num~
ber of revocations of industrial alcohol plants' permits, denaturing;
plants' permits, and permits, of bonded users of specially denatured
alcohol. The following shows the changes of the past year:
At the close of the last fiscal year there were qualified to operate
for the production, storage and denaturation of alcohol, respectively,,
under Title I I I of the national prohibition act, 67 industrial alcohol
plants, 70 bonded warehouses, and 79 denaturing plants.
During the year 8 industrial alcohol plants, 10 bonded warehouses^
and 16 denaturing plants were established, while 3 industrial alcoholplants, 2 bonded warehouses, and 3 denaturing plants were discontinued. For the production of distilled spirits for nonbeverage purposes, other than alcohol, there were operated 2 rum distilleries a n d
24 fruit distilleries. No grain distilleries were operated during t h e
year.
The number of permits issued for withdrawal of tax-free alcohol
under Title I I I of the national prohibition act during the past year
somewhat exceeds the number issued during the fiscal year ended
June 30, 1924, 4,266 having been issued in the fiscal year 1924 and
5,082 in the fiscal year 1925. There were also issued 15 permitscovering tax-free withdrawals of spirits, other than alcohol, by the
United States under section 3464, Revised Statutes.
The ^ number of bonded manufacturers qualified to use speciallydenatured alcohol for the fiscal year ended June 30, 1924, was 6,621.
During the last year the number increased to 7,835. The increase of
1,214 authorizations was due to the use of denatured alcohol in the^
manufacture of products previously produced from pure alcohol.
During the same period 102 permits to use specially denatured alcohol
were revoked.
Concentration of distilled spii^its.—The concentration program is
practically completed. The contents of a few warehouses still
COMMISSIONER OF INTERNAL REVENUE
863
remain to be transferred, owing to peculiar conditions, such as seizures;^
revocations, and ° other diflSLcmties, but since the enactment of concentration legislation 239 warehouses have been completely discontinued. This has resulted in a large permanent saving and much
greater security to the spirits.
AUDIT DIVISION
The audit division is charged with,the preparation of all assessment lists and with the examination and audit of all reports and
accounts which relate to distilleries; general and special bonded
warehouses; industrial and denatured alcohol plants; dealers in and
manufacturers using denatured alcohol; wineries, breweries, dealcoholizing plants; liquor dispensed on physicians' prescriptions;;
wines for sacramental purposes; liquors used in manufacturing and
compounding; and liquors received by physicians, hospitals, etc.
Refund, abatement, and remission claims under provisions of
internal revenue laws are handled in this division. The following
statement covers the claims acted on during the fiscal year ended
June 30, 1925:
Claims
Pending July
1, 1924
ClaiiQ
Abatement:
Number ,
Amount.
Refund:
Number
Amount
Uncollectible:
Number
Amount
Received during year
Allowed
Rejected
Pending June
" 30,1925
:i, 456
$3, 772, 208. 41
._
Total number...
Total amount--.
2,251
$6,148,933. 90
2,870
$6,801,007. 73
186
$947,885.73
651
$2,172, 248. 85'-
165
$180, 717.14
904
$1, 467,880. 08
199
$638, 325.15
227
$82, 983. 48
103
$281,228. 91
34
$444,829. 90'
1,787
$2, 988,663. 26
2,422
$4, 032,175. 24
135
$216,604. 36
134$207, 763. 74
2, 525
$5, 420, 805. 63
4,237
5, 519
$9, 765, 922. 31 $10, 916,'166. 45
424
$1,445, 719. 00
819'
$2, 824,842. 49'
Distilled spirits.—During the fiscal year ended June 30, 1925«
there were produced 166,165,517.81 proof gallons of alcohol, an increase of 30,267,791.98 proof gallons compared with the quantity^
produced during the preceding fiscal year.
There were withdrawn from warehouse on payment of tax
8,547,518.25 proof gallons of alcohol, a decrease of 834,784.16 proof
gallons compared, with the quantity withdrawn tax paid during t h e
preceding year, and there were withdrawn for tax-free purposes,
including withdrawals for denaturation, for export, and for use of
the United States, hospitals, laboratories, colleges, and other educational institutions, a total of 147,729,450.79 proof gallons of alcohol,
an increase of 25,975,817.63 proof gallons compared with the quantity
withdrawn tax free during the preceding year.
There were withdrawn, tax paid, from distillery, general, and
special bonded warehouses, 1,970,944.2 taxable gallons of distilled
spirits (including brandy) other than alcohol, an increase of 116,515.2
gallons compared with the quantity withdrawn tax paid during t h e
preceding year.
Cereal beverages.—During the fiscal year ended June 30, 1925,.
there were 374 dealcoholizing plants in operation, compared with
864
REPORT ON T H E E.INANCES
483 such plants in operation during the preceding year. There were
158,676,417 gallons of cereal beverages produced • during the past
year, an increase of 7,069,508 gallons over the quantity produced
during the preQeding year.
,
'
. ,
Denatured alcohol.—During the fiscal year 1925.,there,. were withdrawn from bond, free of tax, for denaturation, 148,970,220.90 proof
gallons of alcohol and rum, against 121,576,196.10 proof gallons withdrawn for this purpose during the previous year.
There were 81,808,273.16 wine gallons of denatured alcohol produced during the present fiscal year, of which' 46,983,969.88 wine
gallons were completely denatured and 34,824,303.28 wine gallons
were specially denatured, compared with 67,687,295:76' wine gallons
of denatured alcohol produced during the previous fiscal year^ of
which 34,602,003.72 wine gallons were coinpletely denatured^ aiid
33,085,292.04 wine gallons were specially denatured.
-' .
The increase in the quantities of both completely and specially
denatured alcohol, produced during the year is attributable to the
constantly increasing use of completely denatured alccjhol'for general
purposes, such as for fuel, light, and power, and to the use of'specially
denatured alcohol in the manufacture of new products aiid articles,
in the manufacture of which tax-paid alcohol has been used
heretofore.
Wines.—Revenue from taxes on domestic and imported wines
during the fiscalyear ended June 30, 1925, amounted to $1,595,488.63,
compared with $1,454,062.88 in. 1924, $1,531,991.38 in 1923,
$1,306,249.72 in 1922, $2,001,779.87 in 1921, $4,017,596.82 in. 1920,
$10,521,609.14 in 1919, $9,124,368.56 in 1918, and $5,164,075.03 in
1917.
The total production of wine amounted to 3,638,446.17 gallons during the fiscal year ended June 30, 1925, a decrease of 4,869,029.40 gallons compared with the quantity produced during the preceding fiscal
year. Oi the wine produced during the year, 2,329,288.43 gallons,
having not over 14 per cent, were fortified with brandy, and 2,637,816.12 gallons of sweet wines were produced therefrom, of which
265,695.05 gallons had not over 14 per cent, 2,246,764.07 gallons had
over 14 per cent but not over 21 per cent, and 125,357 gallons had
over 21 per cent but not over 24 per cent alcoholic content.
The quantity of wines removed on payment of tax for medicinal
and sacramental purposes during the fiscal year amounted to 4,817,228.22 gallons, of which 1,889,473.97 gallons had not over 14 per
cent, and 2,927,754.25.gallons had over 14 per cent but not over 21 per
cent alcoholic content, compared with 4,194,030.65 gallons removed
for these purposes during the preceding fiscal year, of which 1,580,104.48 gallons had not over 14 per cent, and-2,613,926.17 gallons had
over 14 per cent but not over 21 per cent alcoholic content.
There were removed tax free during the fiscal year, including
removals for distilling material, for export, and as vinegar, a total
of 3,103,209.70 gallons, of which 3,055,047.20 gallons had not over 14
per cent, and 48,162. 50 gallons had over 14 per cent but not over
21 per cent alcoholic content. The losses on storage aggregated
1,657,053.83 gallons.
On June 30, 1925, there were 26,290,417.55 gallons of wine on hand
at bonded wineries and bonded storerooms, of which 17,493,001.24
gallons had not over 14 per cent, 8,759,753.39 gallons had over 14 per
COMMISSIONER OF INTERNAL REVENUE
865
cent but not over 21 per cent, and 37,662.92 gallons had over-21 per
cent but not over 24 per cent alcoholic content, compared with
31,905,896.10 gallons on hand June 30, 1924, of which 21,925,382.41
gallons had not over 14 per cent, 9,819,541.13 gallons had over 14
per cent but not over 21 per cent, and 160,972.56 gallons had over 21
per cent but not over 24 per cent alcoholic content.
SOLICITOR OF INTERNAL R E V E N U E
The work of the solicitor's ofiice embraces the whole field of Federal taxation and may be sulnmarized as cases in suit (criminal and
civil); income and profits tax cases specially referred, by the commissioner on appeal or otherwise; cases of a similar character received
direct from the Income Tax Unit; estate, capital stock, and sales
tax questions; documentary, public utilities, insurance, occupational,
beverage, luxury, tobacco, oleomargarine, and special taxes; the
more important prohibition questions; distilled spirits and narcotics;
accounts, supplies, and equipment, and the consideration, preparation, and revision of Treasury decisions and regulations, mimeographs,
and other formal compilations.
APPEALS DIVISION
The revenue act of 1924 provided for the establishment of the
United States Board of Tax Appeals, an independent agency in
the executive branch of the Government. The board was formally
organized on July 16, 1924, with a. membership of 12, which was
subsequently increased to 16 and is now 15 in number. Its function
is to hear appeals from additional assessments proposed to be made
by the Commissioner of Internal Revenue after June 2, 1924, in
cases involving income and excess-profits taxes, estate and gift
taxes. . Appeals to the board in all cases are taken at the instance
of the taxpayer and should the decision of the board be in his favor
the commissioner is not permitted to assess the tax and proceed with
its collection by distraint as heretofore, but may, if he disagrees
with the board's decision, bring suit within one year from the date
of such decision in the appropriate United States district court tor
the recovery of the tax.
Under the board's rules a copy of the taxpayer's petition is served
on the solicitor of internal revenue, who has been designated by the
comniissioner as his legal representative in such matters. An answer
or other pleading, as the case may require, is made within 20 days,
and thereafter the case is at issue before the board.
At the outset appeals to the board were few in number and the
commissioner was represented by lawyers in the review division of
the solicitor's office. This work, however, grew to such proportions
that it was deemed advisable to establish in the solicitor's office a
separate division for that purpose which is known as the appeals
division. This division was organized April 24, 1925, and has assigned
to it 26 lawyers and 5 assistants. From the date of organization of
the United States Board of Tax Appeals, July 16, 1924, to June 30,
1925, there were filed with the board 5,220 appeals, of which number
4,751 were served on the solicitor.
For the purpose of hearing appeals, the board is divided into
divisions. At the outset there were three divisions, this number
60501—FI 1925t
55
866
REPORT ON T H E FINANCES
being later increased to four. The attorneys representing the conimissioner appeared in all cases tried before the board, and in practi-^
cally all these cases made oral arguments, supplemented in the more
important cases by written briefs. In many of the cases depositions
were taken away from Washington, the commissioner being represented either by revenue agents who were qualified lawyers or by
attorneys from the appeals division, the latter appearing in the more
important cases. On several occasions, either upon the request of
taxpayers themselves or upon the board's own initiative, one or more
members of the board have gone to places outside of Washington to
hear testimony in one or a group of cases, instead of having such
taxpayers or their witnesses come to Washington. In aU such cases,
an attorney from the solicitor's office was present to represent the
commissioner.
A field division of the board left Washington May 1, 1925, for a.
three months' trip, making stops in Milwaukee, St. Paul, Seattle,
Portland, San Francisco, and Los Angeles. Four lawyers attached
to the appeals division accompanied the board and represented the
commissioner in all the cases heard on this trip. The board contemplates having a field division in the field a considerable portion of
the time and it will be necessary to have attorneys representing the
commissioner with the board on each of such trips.
Appeals to the board have involved amounts as small as $3 and
as high as over $4,000,000. Individual cases, involving a deficiency
of comparatively small amount, frequently involve a principle that
serves to affect the revenue in an amount running into millions of
dollars. The size of the deficiency in an individual case is, therefore,
not necessarily a criterion as to the importance of t h e case itself.
While decisions of the board are only advisory on the commissioner
in that he may bring suit in court for the collection of the tax if he
does hot agree with the board's decision, nevertheless, as a matter
of policy and of necessity, the commissioner must very largely accept
the board's decisions as final, and out of the very large number of
cases decided only 10 cases have not been acquiesced in.
Up to J;uiie 30, 1925, the board had rendered written decisions in
616 cases and had dismissed for various reasons, including lack of
jurisdiction, failure to prosecute, failure to complete petitions, etc.,
1,110 cases. The fact that the board, located until July 1, 1925, in
the Investment Building, at Fifteenth and K Streets NW., and since
that date in the Earle Building, at Thirteenth and E Streets NW.,
was and is physically situated at an appreciable distance from the
solicitor's office, has proven somewhat of a handicap for the reason
that much valuable time must necessarily be spent in going to and
from the board's quarters. Some additional time is lost when
attorneys are required to await the calling of their cases, due to the
impossibility of accurately gauging the time each case will require
for hearing.
The following tables show the volume of work handled before
the board of tax appeals, the disposition of the cases, and the status
of the work before the board as of June 30, 1925:
COMMISSIONEE 0¥ INTERNAL REVENUE
867
Appeals filed from July 16, 1924, to June,30, 1925
5, 220
Appeals served on commissioner from July 16, 1924, to June 30, 1925
4, 751
Pleadings filed by commissioner
,
4, 613
(a) Answers to petitions
3, 779
(b) Motions and pleas
834
Appeals argued
1, 598
Briefs
filed_____
225
Formal decisions of Board of Tax Appeals
616
Favorable to Bureau of Internal Revenue
338
Favorable to the taxpayer
142
Partly in favor of bureau and partly in favor of taxpayer
136
Appeals disposed of by board without rendering formal decisions
1, 110
Status of work before Board of Tax Appeals June 30, 1925
Petitions awaiting answer
Appeals at issue and awaiting trial before board
(a) In Washington
(6) Infield
Appeals tried and awaiting decision by board J
^-:
.
^
547
612
254
1, 159
712
INTERPRETATIVE DIVISION I
The.questions presented to Interpretative Division I relate entirely
to the income and excess-profits tax provisions of the several revenue
acts. The work may be generally divided into two classes, (1) the
rendering of decisions on specific questions, and (2) the examination
of all income and excess-profits tax claims when the a.mount involved
is $50,000 or more. With respect to the first class mentioned,
decisions are rendered on specific questions presented by the various
sections of the Income Tax Unit, or on letters prepared by the rules
and regulations section and sent to this office for approval. As to
either class of cases, opinions rendered take the form of Treasury decisions, solicitor's opinions, and informal memoranda, depending on the
importance of the questions involved and their relation to the existing
rules of the bureau. I n addition to the foregoing, all matter proposed
for publication in the Weekly Bulletin is submitted to this division for
review and approval before publication is authorized.
During the period from July 1, 1924, to June 30, 1925, this division
has passed upon 952 cases involving ruling on specific questions and,
has examined and acted upon 4,066 income and excess-profits tax
claims involving $50,000 or more.
The following questions have been the subject of careful study
during the year:
The application of section 220 of the various acts.
Trusts and associations in connection with the decision of the
Supreme Court in Hecht v. Malley.
The taxable status of income received by Indians from tax-exempt
land and land restricted as to alienation.
The taxable status of income received by lessees of school lands.
Method of treatment of installment sales of real and personal
property for income-tax purposes.
Method of treatment of so-called bank discount and commissions
for income-tax purposes.
Special assessment.
868
REPORT ON T H E FINANCES
INTERPRETATIVE DIVISION U
The work of this division is as follows: (1) Interpreting the provisions of law relating to the following taxes—admissions and dues,
beverage, capital-stock, gift, estate, excise, insurance, legacy, occupational, oleomargarine, special, stamp, telephone and telegraph,
tobacco, transportation; (2) preparing and reviewing regulations.
Treasury decisions, solicitor's opinions, informal memoranda, and
letters relating to such taxes; (3) reviewing and approving claims for
abatement, redemption and refund of the above taxes involving
amounts in excess of $500; (4) assisting in the drafting of contemplated revenue legislation relating to the above taxes; (5) supervising
the disposition of real estate acquired by the Government under the
provisions of internal revenue laws and, with the approval of the
Secretary, authorizing the sale at public vendue of the interest of the
United States in such realty; (6) considering and reviewing all
administrative questions of a legal nature arising in connection with
all internal revenue laws, including the inspection of returns under
rules and regulations prescribed by the Secretary and approved by
the President, and approving the furnishing of certified copies of
returns; (7) considering deficiency protests in estate-tax cases in
accordance with ^article 76 of Regulations 68; (8) handling estate-tax
cases beforethe United States Board of Tax Appeals.
The cases in this division are grouped into four classes: Interpretative cases, deficiency protests, tax-board cases, claims for abatem e n t , redemption and refund. A summary of the work of this
division under these classifications is as follows:
Interpretative cases
On hand July 1, 1924
Received during fiscal year ending J u n e 30, 1925
169
1, 293
1, 462
1, 289
Disposed of during fiscal year ending J u n e 30, 1925
Pending J u n e 30, 1925
173
Deficiency protests
On h a n d July 1, 1924
1_
Received during fiscal year ending June 30, 1925
Disposed of during fiscal j^ear ending J u n e 30, 1925
Pending J u n e 30, 1 9 2 5 - - _ -
-_
None.
342
209
_-^
133
Tax-board cases
On h a n d July 1, 1 9 2 4 _
.
Received during fiscal year ending J u n e 30, 1925
Disposed of during fiscal year ending J u n e 30, 1925
None.
148
31
Pending J u n e 30, 1925
117
Claims
On h a n d July 1, 1924
Received during fiscal year ending J u n e 30, 1925
Disposed of during fiscal year ending J u n e 30, 1925
-Pending J u n e 30, 1925
-_
i
212
6, 256
6, 468
5, 710
758
COMMISSIONER OF INTERNAL REVENUE
869
During the year the division conducted 237 hearings and argued 70
cases before the Board of Tax Appeals. There were 49 real-estate
cases pending on July 1, 1924. During the year 5 were received and
22 disposed of, leaving 32 cases pending July 1, 1925. There were
19 quitclaim deeds executed and delivered. On July 1, 1924, 12 cases
were pending wherein sales of real estate had been made by collectors;
to private purchasers at sales under distraint^ proceedings. Nine
similar cases were received during the year, making a total of 21 „
The number of such cases closed during the year was 10, leaving 11
cases pending July 1, 1925. During the year the new gift tax and
estate tax regulations were considered and prepared and the following regulations were considered and revised: Regulations 34, 40, 43,
Parts I and II, 47, 48, 55, 59, 64, and 66.
PENAL DIVISION
The functions of this division consist of: (1) Advising the commissioner as to the liability for tax and for fraud, negligence, or
delinquency penalties where a protest has been filed by taxpayers
against proposed assessment of penalties by one of the accounting
units or where an opinion as to assertion of penalties has been requested by any unit or officer of the bureau; (2) recommending the
reference of criminal cases arising out of internal revenue law to
United States attorneys for prosecution; (3) assisting in such criminal prosecutions by marshaling evidence for grand jury and court
proceedings, preparing indictments and briefs, and taking part in
trials, arguments, and appeals at the request of the Department of
Justice or the United States attorney; (4) preparing office opinions,
letters of instruction, and answers to inquiries from officers of the
bureau regarding liens, conduct of tax examinations, proceedings in
distraint, search and seizure, sales and purchases of property under
seizure, special investigations, and general matters relating to violation of Federal penal statutes by taxpayers; (5) recommending
acceptance or rejection by the commissioner of offers in compromise
made by taxpayers charged with civil penalties or violation of
Federal penal statutes; and (6) consideration of claims for reward
under section 3463 of the United States Revised Statutes.
In considering protests against proposed assessments of tax or
penalties in fraud cases it is the practice of the division to accord the
taxpayer and his qualified representatives a hearing or hearings, at
which he is enabled to present evidence and arguments, with briefs
in reference thereto, and the facts determined are then embodied in a
written opinion stating the law involved, the pertinent facts, and the
conclusions reached, with the reasons therefor. This opinion is
signed by the solicitor. At such hearings the discussion centers upon
the points in issue between the accounting unit and the taxpayer
which form the basis of the taxpayer's protest. These points in issue
are set forth in the communication with which the administrative
file is forwarded by the accounting unit, known as the transmittal
letter, a copy of which is sent to the taxpayer. If no hearing is
requested, the case is considered and decided upon the evidence in the
file. Evidence submitted on behalf of the taxpayer is frequently
"870
REPORT ON THE FINANCES
referred to bureau officers in the field for investigation and report
before decision is rendered in the case.
During the year three attorneys attached to this division were
assigned for permanent service, respectively, in New York, Philadelphia, and Chicago. Attorneys from the solicitor's office are frequently
sent to other points to render on the ground assistance requested by
United States attorneys in criminal cases, and, under appointment as
special assistants to the Attornay General, conduct grand jury
proceedings and jury trials in collaboration with the United States
attorney. The criminal prosecution of fraudulent taxpa3^ers is administered by the division m t h a view to remedial and not merely punitive
results, through the public effect of successful prosecutions on the
taxpayer's community. The penal provisions of the revenue acts
being incidental to their general purpose of raising revenue, the foregoing polic3^ is believed to have resulted indiregtly in the voluntary
payment of larger amounts of taxes legally due.
Cases under consideration in the division are classified first with
reference to the nature of the t a x involved, income-tax cases constituting one classification and all other t a x cases constituting the second
classification, designated miscellaneous taxes.
At the beginning of the fiscal year 1924-25, there were pending 956 t a x cases involving charges of fraud. New cases to the number of 1,315 were received, making a total of 2,271 cases under consideration during the year. Cases disposed of number 862, resulting
in 1,409 cases pending on June 30, 1925.
Details of the foregoing summary are tabulated below:
Interpretative cases
Pending on July 1, 1924:
Income-tax cases
Miscellaneous tax cases
325
110
„
Received during fiscal year ending June 30, 1925:
Income-tax cases__^
Miscellaneous tax cases
758
147
Total interpretative cases pending during fiscal year
Closed during fiscal year ending June 30, 1925:
Income-tax cases
Miscellaneous tax cases
Cases pending at close of fiscal year, June 30, 1925:
Income-tax cases
Miscellaneous tax cases
Pending on July 1, 1924:
Income-tax cases
Miscellaneous tax cases
333
111
,
750
146
^
281
' 240
Received during fiscal year ending June 30, 1925:
Income-tax cases
.
'.—
Miscellaneous tax cases
905
1, 340
Law cases
Total law cases pending during fiscal year
435
202
208
:
444
896
521
410
931
COMMISSIONER OF INTERNAL REVENUE
871
Oosed during fiscal year ending June 30, 1925:
Income-tax cases
Miscellaneous tax cases
188
230
'Cases pending at close of fiscal year ending June 30, 1925:
Income-tax cases
Miscellaneous tax cases
295
218
'Cases pending on July 1, 1924
Cases received during fiscal year
Total cases pending during fiscal year
Total cases closed during fiscal year
.
"z:
Total cases pending July 1, 1925
956
1, 315
418
513
2, 271
862
1, 409
The following is a statement of internal-revenue criminal cases
handled by the district courts of the United States during the fiscal
year, as furnished this office by the Department of Justice:
Number
Number
Number
Number
of
of
of
of
cases
cases
cases
cases
pending July 1, 1924
commenced during fiscal year ended June 30, 1925
terminated during same period
pending at close of business on June 30, 1925
23, 824
51, 173
48, 535
26, 462
Claims for reward for furnishing information of violations of
internal revenue laws under the authority of section 3463 R. S., as
defined in Treasury Department Circular 99, revised, were filed and
disposed of during the fiscal year as follows:
rending July 1, 1924, 8; presented during year, 8; disposed of
during 5^ear, 9; pending July 1, 1925, 7.
Four reward claims were rejected during the last fiscal year.
Five claims for reward were allowed by this office in a total sum
'Of 124,066.79.
The seven claims pending are awaiting receipt of reports of the
results of investigations by field officers of the bureau.
CIVIL DIVISION
The civil division, in cooperation with the Department of Justice
-and the United States attorneys' offices, handles all civil internalrevenue cases pending in the Federal courts. These cases include
t h e prosecution of suits by the United States to recover unpaid taxes
where the period for assessment has expired; suits by the United
•States to recover unpaid taxes due from dissolved corporations, and
the defense of suits brought by taxpayers against collectors of internal
revenue or the United States to recover taxes alleged to have been
-erroneously assessed and collected. While the United States attorneys are charged with the responsibility for the conduct of these
cases, the attorneys of the civil division assemble the evidence, prepare
and brief the cases for trial both as to the facts and the law, and an
-attorney of the civil division is usually present to assist at the trial. I n
most instances the trial of the case, at the suggestion of the United
States attorney, is conducted by the attorney of the civil division.
Where cases are appealed the attorneys of the civil division assist in
preparing the record and an appeal brief is forwarded to the United
States attorney for printing and filing. Cases in appellate courts are
872
REPORT ON THE FINANCES
frequently argued by the attorneys of the civil division. In appeals
to the Supreme Court or petitions for certiorari the petition is prepared in the civil division and forwarded to the Department of
Justice, and a brief is prepared for the use of the Solicitor General
in the argument of the case.
The principal centers of litigation with reference to the number
of cases pending and the amounts involved are New York, Philadelphia, Boston, Chicago, Pittsburgh, and San Francisco.
The following civil internal-revenue tax cases were decided by the
Federal courts during the fiscal year 1925:
Decided
for the
Government
Total
^
Partly
for the
Government
and for
the taxpayer
57
10
5
12
39
15
9
6
9
1
2
10526
16'
18:.
84
District courts
Circuit courts of appeal
Court of Claims
Supreme Court
Decided
against
the
Government
69
12
165-
_
--
Total
The number of civil internal-revenue tax cases pending in t h e
Federal courts at the end of the fiscal year 1925, compared with the
number pending at the end of the previous fiscal year, is as follows:
Suits
to be
brought
by the
United
states
Civil cases pending July 1,
1924_
_
Civil cases pending July 1,
1925
Cases
Cases
Cases
in dis- in cir- iCases in the
nthe
. trict
cuit
Court
Sucourts courts
preme
of
for
of
Court
trial appeal Claims
Cases
pending
settlement
Cases
pend- state
ing
court
payand
ment miscel- Total
laneous
of
cases
judgment
103
937
18
595
15
127
22
36
1,853:
"391
1,220
31
637
27
123
47
21
2,497
During the fiscal year 1,961 new civil cases were received and 1,127
civil cases were closed, 80 interpretative jacketed cases were referred
to the civil division and closed, and 261 civil compromise cases werereceived, of which 192 were accepted and 93 rejected.
A digest of important tax cases decided by the Federal courts
during the fiscal year is found at the end of the statistical tablesinfra page 192.
A section of the civil division is designated as the bankruptcy,
receivership, and compromise section. This section handles all casesin which claims are filed by collectors in bankruptc}^ and receivership
proceedings and claims against the estates of insolvent or deceased
ersons. Evidence in support of the Government's claim is assemled in this section and forwarded to the collector or the United States
attorney for use before the referree or trustee and the courts. Briefs
E
COMMISSIONER OF INTERNAL REVENUE
873
:are also prepared upon law points involved for the use of the United
States attorneys in court proceedings, and in important cases an attorney from the section is present at the trial. In addition to the
above this section handles all compromises involving interest and
•delinquency penalties, exclusive of compromises of specific penalties
and fraud cases, which are assigned to the penal division.
The work of the section for the fiscal year is summarized as follows:
Bankruptcy
and
receivership
cases
Cases pending July 1,1924...
Cases closed during year
Cases pending June 30,1925.
3,108
1,890
3,602
Insolvency,
assignment,
etc.
125
102
181
Total
3,233
1,992
3,783
Insolvent compromises
•Cases pending July 1, 1924
Cases closed during year
€ a s e s pending June 30, 1925.
^
'
392
540
472
. Interest and delinquency penalty compromises
Cases pending July 1, 1924
Cases closed during year
Cases pending June 30, 1925
.
363
72, 457
936
New York State leads in the number of bankruptcy and receivership cases, followed by Illinois, Pennsylvania, Massachusetts, Ohio,
California, New Jersey, Texas, and Oklahoma,
REVIEW DIVISION
The review division was created July 15, 1924, taking over the
functions previously exercised by the committee on appeals and review and the special committee on appeals and review. The function
of the division is to hear and determine all protests to the action of
the Income Tax Unit wherein a deficiency in tax, has been determined
under the procedure promulgated in Treasury Decision 3616. At the
time of the creation of the division the personnel of the committee on
appeals and review, and of the special committee on appeals and review was transferred to the review division and those committees
were abolished.
By reason of the procedure whereby taxpayers are afforded an
•opportunity to be heard in the offices of the several supervising
internal-revenue agents and internal-revenue agents in ciiarge in
respect to reports of revenue agents upon field examination of incometax returns and of the additional hearing afforded the taxpayer
T3efore the Income Tax Unit, it was deemed advisable in the interest
of simplification and efficiency to eliminate the hearings accorded
taxpayers in the office of the solicitor, and accordingly, by the provisions of Treasury Decision 3708, issued May 22, 1925, no further
protest cases under Treasury Decision 3616 are being passed upon by
60501—FI 1925t-
-56
874
REPORT ON THE FINANCES
the review division. The division is now energeticalty engaged in
disposing of all protests on hand at the date of issuance of Treasury
Decision 3708.
During the year 8,503 protests were received and 8,121 protests
were disposed of. The following statement shows the number of
protests on hand at the beginning of the year, the number of
protests received and disposed of by quarterly periods, and the
number of protests on hand as of the close of the year. June 3 0 /
1925:
On July 1, 1924, t h e division h a d on h a n d undisposed-of protests
numbering
Received July 1 to Sept. 30, 1924
2, 063
Received Oct. 1 to Dec. 31, 1924
2, 036
Received Jan. 1 to March 31, 1 9 2 5 - .
2, 556
Received April 1 to J u n e 30, 1925
1, 848
T o t a l n u m b e r of protests received during t h e fiscal year
ended J u n e 30, 1925_
•
Total n u m b e r of protests to be accounted for during t h e
year
Disposed of by recommendation or dismissal:
July 1 to Sept. 30, 1924
Oct. 1 to Dec. 31, 1924
Jan. 1 to Mar. 31, 1925
Apr. 1 to J u n e 30, 1925
2, 054
8, 503
10, 557
1,
2,
2,
1,
495
550
152
924
Total n u m b e r of protests disposed of during t h e fiscal
year ended J u n e 30, 1925-_
8, 121
Total n u m b e r of protests undisposed of J u n e 30, 1925
2, 436-
Summary of work, solicitor's office, fiscal year ended J u n e 30, 1925
First
quarter
Letters prepared.
Letters approved
.
opinions prepared
'.
Opinions approved (A. R. R. and A. R. M.)
Treasury decisions prepared
--.
Treasury decisions approved
_..
Memorandums prepared
Telegrams (prepared and approved)
Mimeographs (prepared and approved)
Miscellaneous letters, memorandums, etc., not included in above...
Form letters
:.
,
Total
:
Second
quarter
Third
quarter
Fourth
quarter
Total
4,072
105
4
11
17
2
3,520
321
9
11,013
11, 724
9,651
122
66
0
2
0
0
With memos, prepared.
41
14
0
1
6
6,881
6,755
6,541
569
671
548
7
0
36,460'
293
6
11
135.
923, 697
2,109
22-
27
1,372
11 I
0
16
1,850 With letters prepared.
54
3, 222:
9,460
18, 750
18,565
19,243
66,01&
875
COMMISSIONER OF INTERNAL REVENUE
Not i n suit
On
hand
J u l y 1,
1924
Received
during
year
Total to
be accounted
for
Accepted
I n c o m e taxes
.
18, 000
E s t a t e taxes
250
Capital-stock taxes
6,165
Sales t a x division
11, ICO
T o b a c c o a n d miscellaneous
taxes
: _. 8,348
Prohibition and narcotic
1,522
•cases -
159,858
536
14, 781
5,736
177, 858
786
20,946
16,836
152, 527
710
14, 770
12,077
44, 293
52, 641
7,101
8,623
232, 305
277, 690
.Kind of compromise
Total
45, 385
On
Total
hand
h a n d l e d J u n e 30,
1925
Total
amounts
accepted
544
1
738
411
153,071
711
15, 508
12, 488
24, 787
75
5,438
4,348
$919,465. 22
11,680.00
165,393. 27
647, 390. 92
44, 567
196
44, 763
7,878
285,137. 29
4,960
1,942
6,902
1,721
515,094. 32
329, 611
3,832
233, 443
44, 247
2, 544,161. 02
Rejected
Claims for abatement and refund
On b a n d Received Disposed On h a n d
' J u l y 1,
during
of d u r i n g J u n e 30,
1924
year
year
1925
Kind of tax i n v o l v e d
Admissions a n d dues
Beverage
Capital stock...
Estate
Excise _
:
Income
Insui'ance
Legacy
Miscellaneous
P e n al ti es
.
Prohibition
stamp
Special
Tobacco.. - .
Transportation
..
Total.,
312
169
1,174
1,344
1,102
4, 593
172
10
98
307
247
677
. 84.
172
388
278
152
1,12S
1,066
1,049
4,006
151
16
88
277
238
656
69
165
387
• 35
17
98
322
127
788
21
4
11
31
9
47
17
16
3
212
.
1
0
42
44
74
201
0
10
1
1
0
26
2
9
2
6,256
5,710
758
SUITS AND PROSECUTIONS
The following is a statement of internal-revenue and prohibition
cases handled by the district courts of the United States during the
fiscal year ended June 30, 1925, as furnished this office by the Department of Justice:
p
Internal revenue
Criminal
Number
Number
Number
Number
cases
cases
cases
cases
pending, July 1, 1924
commenced during fiscal year ended June 30, 1925
terminated during same period
pending at close of business on June 30, 1925
_.
1,958
430
610
],778
Prohibition
Criminal
Number
Number
Number
Number
cases pending, July 1, 1924
cases commenced during fiscal year ended June 30, 1925
cases terminated during same period
..
cases pending at close of business on June 30, 1925
21, 866
50, 743
47, 925
24, 684
876
REPORT ON T H E FINANCES
B U R E A U AND F I E L D PERSONNEL
The following statement shows the number of employees in the
Internal Revenue Service on June 30, 1924, and the number in the
service on June 30, 1925:
June 30,
1924
June 30,
1925
Increase
W or
decrease
(-)
Total
1 Exclusive of 87 temporary employees.
2 Exclusive of 7 temporary employees.
6,447
6,588
3,016
153
2,631
46
. 91
230
1
6,176
1 6,453
2 3,010
138
3 3,173
42
112
228
1
-271
-135
-6
-15
-F542
-4
+21
-2
19,203
Employees in Washington
Collectors' offices
Internal-revenue agents' force (income and estate taxes)
Internal-revenue agents' force (miscellaneous and sales taxes)
Prohibition field service (including narcotic officers)
Supervisors of accounts ana collections
_
Intelligence force
Storekeeper-gangers
Stamp agent
19,333
+130
« Exclusive of 76 temporary employees.
Under the provisions of the retirement act 17 classified employees
were retained in the service after reaching the age of 70; 56 were
retired on annuity, 8 of. the latter being retired on account of total
disability.
'
Respectfully,
D. H. BLAIR,
Commissioner of Internal Revenue.
Hon.
A. W.
MELLON,
Secretary of the Treasury.
NOTE.—For statistical details of the Report of the Commissioner of Internal
Revenue, see his annual report.
877
COMMISSIONER OF INTERNAL REV|]NUE
FROM TABLES ACCOMPANYING THE REPORT OF COMMISSIONER OF INTERNAL REVENUE
SUMMARY OF I N T E R N A L - R E V E N U E R E C E I P T S , Y E A R S E N D E D J U N E 30,
1925,
BY S O U R C E S
Sources
I n c o m e tax:
Corporation ^
Individual...
Total-,
Estates:
Transfer of estates of decedents
Total.
F e r m e n t e d liquors:
F e r m e n t e d liquors (barrel tax)
Brewers, retail a n d wholesale dealers in m a l t
liquors (special taxes)
.
Total.
Tobacco:
Cigars (large)
_.
Cigars (small)
Cigarettes (large)
Cigarettes (small)
.•
Snufl of all descriptions
_
Tobacco, chewing a n d s m o k i n g
Leaf tobacco sold, r e m o v e d , or shipped b y dealers in violation of sec. 3360 R . S., as a m e n d e d .
Cigarette papers a n d t u b e s
M a n u f a c t u r e r s of cigars, cigarettes, a n d t o b a c c o
(special t a x e s ) . . .
Miscellaneous collections relating to t o b a c c o . . .
Total
$916, 232, 697. 02
845,426,352.49 J—$80,100,267.29
1,841, 759,316. 80
1, 761,659,049. 51
-80,100, 267. 29
102,966, 761. 68
101„421, 766. 20
-1,544,995.48
7, 518,129. 32
+ 7 , 618,129. 32
24,825,033. 46
9,079. 75
21, 634. 86
1,454,062. 88
665,054. 69
23,178,840.84
1, 767. 74
12,996. 85
1, 595,488. 63
475,112.35
-1,646,192.62
-7,312.01
-8,638.01
+141,425.75
-189,942.34
484, 254.19
1,232.01
93,16L09
533,307.43
511. 30
87, 578. 65
+49,053.24
-720.71
-5,582.44
Gifts:
Transfer of a n y p r o p e r t y b y gift
Distilled spirits:
Distilled spirits (nonbeverage)
1.
Distilled spirits (beverage)
Rectified spirits or wines
Still or sparkling wines, cordials, etc
G r a p e b r a n d y used in fortifying sweet w i n e s . . .
Rectifiers, retail a n d wholesale dealers, m a n u facturers of stills, etc. (special taxes)
S t a m p s for distilled spirits i n t e n d e d for export
Case s t a m p s for distilled spirits bottled in bond.
Miscellaneous collections relating to distilled
spirits.
26,867. 71
17,216. 49
- 9 , 6 5 1 . 22
27, 580,380. 64
25,902,820. 28
-1,677,560.36
2, 542.04
889.44
-1,652.60
2, 785. 69
1,065.00
-1,720.69
5,327. 73
1,954. 44
-3,373.29
45,205,165.45
756,138.85
126,167. 60
203, 651, 330. 58
7,005,089. 46
66, 700,455.74
43,346. 812,37
730,852. 73
109, 523. 34
225,032,702. 07
6,753,619.76
66,922,388. 87
1,182. 22
1,029, 292. 55
6,906. 20
1,189,408. 29
1,137,148. 36
26,960. 33
1,125,914. 41
29,082. 92
325, 638, 931.14
345, 247, 210.96
R e v e n u e acts of 1921 a n d 1924:
S t a m p s , d o c u m e n t a r y , etc.—
Sales b y p o s t m a s t e r s . .
12,418,180. 28
7, 737,895.47
B o n d s , capital-stock issues, conveyances,
etc
...
30, 613, 428.19
20,124, 726. 57
Capital-stock transfers
._.
7,936,831. 85
12,808,629.241
Sales of produce (future deliveries)
....
7, 557, 576. 74
5,397,147. 98
P l a y i n g cards.
3,731, 536.90
3,183,384. 92
Telegraph, telephone, a n d radio messages.
33, 238, 874. 70
Leased wires or talking circuits
_
1,423, 554. 20
- Excise t a x e s A u t o m o b i l e t r u c k s a n d automobile w a g o n s .
11, 510, 563. 05
7,807,811.16
112,870, 536. 57
Other automobiles a n d motor cycles
94,141, 549. 29
Tires, p a r t s , or accessories for automobiles,
etc
33, 633, 609. 78
22, 737,384. 85
C a m e r a s a n d lenses
717,915.15
653, 544. 64
P h o t o g r a p h i c films a n d plates
888,960. 80
876,735:14
Candy
11,803,703. 78
3, 370, 084.17
F i r e a r m s , shells, etc '.
3, 664,124.89
20,982. 33
H u n t i n g a n d bowie k n i v e s
3,940.12
D i r k knives, daggers, etc
319,163.77
Cigar holders, pipes, etc
65, 243. 52
Coin-operated devices, coin-operated ma183, 430. 27
390, 549. 42
chines, e t c . Liveries, l i v e r y boots, e t c . . .
.-.145, 465. 43
H u n t i n g g a r m e n t s , etc
172,694. 35
Y a c h t s , m o t o r boats, etc
258,998. 34
' Includes income tax on Alaska railroads (act of J u l y 18, 1914) a m o u n t i n g to $20,329,
$15,573.74 for 1925.
AND
Increase (+) or
decrease (—)
1924
}$1,841,75,9,316. 80
1924
-1,858,
-25,
-16,
+21,381,
-251,
+221,
353. 08
286.12
644. 26
371.49
469. 70
933.13
+5, 723. 98
+160, 115, 74
- 1 1 , 233.95 •
+2, 122. 59
+19, 608, 279. 82
- 4 , 6 8 0 , 284.81
-10,488,701.62
+ 4 , 8 7 1 , 797.3
-2,160,428. 76
-548,15L98
- 3 3 , 238, 874. 70
-1,423,554.20
- 3 , 702, 751. 89
-18,728,987.28
-10,896,224.93
- 6 4 , 370.51
-12,225.66
-11,803,703.78
+294,040.72
-20,982.33
-3,940.12
-253,920.26
+207,119.15
-145,465.43
-172,694.35
-258,998.34
18 for 1924 a n d
878
.REPORT ON T H E FINANCES
SUMMARY OF I N T E R N A L - R E V E N U E R E C E I P T S , Y E A R S E N D E D J U N E 30,
1924
AND
1925, BY S O U R C E S — C o n t i n u e d
Increase ( + ) or
decrease (—)
1925
Sources
R e v e n u e acts of 1921 a n d 1924—Continued.
Excise t a x e s — C o n t i n u e d .
Mah-jongg, a n d similar tile sets
S c u l p t u r e , p a i n t i n g s , s t a t u a r y , etc
C a r p e t s a n d rugs, t r u n k s , valises, purses,
pocketbooks, portable lighting fixtures,
etc
--Jewelry, watches, clocks, opera glasses, e t c .
Beverages (nonalcoholic), i n c l u d i n g soft
d r i n k s , m i n e r a l waters, etc
O p i u m , coca, leaves, i n c l u d i n g special
taxes, e t c . .
Special taxes—
Corporations, on value of capital stock
Brokers, stock, etc
.-.
T h e a t e r s , m u s e u m s , circuses, etc
Bowling alleys, billiard a n d pool tables
Shooting galleries
R i d i n g academies
Passenger automobiles for hire
Y a c h t s , pleasure boats, power boats, e t c . . .
. Admissions to theaters, concerts, cabarets, etc.
D u e s of clubs (athletic, social, a n d s p o r t i n g ) . . .
Total
$755, 566.17
$20, 220.14
821, 519.08
+$20, 220.14
+65, 952. 91
1, 582, 341. 39
22, 634, 408. 26
9, 673, 415. 59
-1,582,341.39
-12,960.990.67
10, 418, 866.08
-10,418,866.08
1,057,066. 33
1,090, 932. 73
87, 471, 691. 52
1, 574, 030. 05
1, 623, 361. 57
2, 312, 814. 01
17,074.89
10, 722. 32
2, 013, 839. 00
262, 572. 08
77, 712, 523. 60
8,009, 861. 49
90, 002, 594. 56
1, 326, 657. 07
'
+ 3 3 , 866. 4.0
+ 2 , 530, 903. 04
- 2 4 7 , 372. 98
- 1 , 6 2 3 , 361. 57
- 2 2 , 982. 83
551. 79
+1, 293.12
- 1 4 8 , 763. 57
+38, 883. 74
- 4 6 , 804, 714. 51
+680, 726. 86
2, 289, 831.18
16, 523.10
12,015. 44
1,865,075. 43
301, 455. 82
30, 907, 809. 09
8, 690, 588. 35
490, 276,767.53
326,607,364.67
-163,669,402.86
49,359. 84
m% 318. 50
570; 605.09
25, 227. 55
1, 231, 938. 85
510, 362. 54
-24,132. 29
+242, 620. 35
- 6 0 , 242. 55
1, 254,180. 55
275. 00
855, 395. 37
1,296,626. 45
+42, 445. 90
- 2 7 5 . 00
-294,507.30
29, 036. 37
4, 203, 600. 82
51,054. m
].2,105, 875. 35-
+22,017. 68
+7,902, 274. 53
15, 781, 972. 86
+7,830,201.32
Miscellaneous:
A d u l t e r a t e d a n d process or r e n o v a t e d b u t t e r ,
filled cheese, a n d mixed flour
Oleomargarine, colored
Oleomargarine, uncolored
Oleomargarine m a n u f a c t u r e r s a n d dealers
(special taxes)
O p i u m , m a n u f a c t u r e d for s m o k i n g p u r p o s e s . . .
Collections u n d e r prohibition laws
I n t e r n a l r e v e n u e collected t h r o u g h c u s t o m s
offices
Other miscellaneous receipts Total
7, 951, 771. 54
G r a n d total..
2, 796,179, 257. 06
2, 584,140, 268. 24 - 2 1 2 , 038, 988. 82
'2 Includes $4,115,676.^6 for 1924 a n d $12,068,035.75 for 1925, d e l i n q u e n t taxes collected u n d e r repealed
laws.
SUMMARY OF
I N T E R N A L - R E V E N U E R E C E I P T S , Y E A R S E N D E D J U N E 30,
1925,
BY C O L L E C T I O N D I S T R I C T S
Location of collectors'
offices
Districts
Alabama
Arizona
Arkansas
F i r s t California
Sixth California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
F i r s t Illinois
E i g h t h Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
.
Birmingham, A l a . . .
Phoenix, Ariz
L i t t l e Rock, A r k
San Francisco, Calif
Los Angeles, Calif
D e n v e r , Colo
Hartford, C o n n
W i l m i n g t o n , Del
Jacksonville, F l a
. Atlanta, Ga
Honolulu, Hawaii
Boise, I d a h o
Chicago, 111-.
Springfield, 111
Indianapolis, I n d
Dubuque, Iowa
Wichita, K a n s
Louisville, K y
N e w Orleans, L a
1 Less t h a n one-half of 1 per cent.
1924
.
....-
$9, 800, 970. 93
2,131, 228. 85
6, 536, 635. 87
72, 779, 311. 52
56, 247,142. 33
15, 228, 037. 25
37, 006, 532. 52
10, 805,101. 68
15, 819,827. 98
19,181, 446. 22
5, 796, 778. 45
1, 976, 084. 28
198, 287, 627.12
16, 553,095. 02
45, 767, 607. 75
17,946, 204. 07
20, 735, 282. 63
28, 574, 914. 55
20, 427, 382. 79
1924
1925
$9, 440, 086. 01
1, 707, 513.16
5, 342, 265. 56
66, 396,140. 46
55, 381, 381. 74
14, 215,164.11
36, 951, 448. 63
8, 316, 987. 79
20, 823, 730. 75
15, 200, 727.18
5, 749, 809. 36
1, 749, 557.13
187,843, 638. 88
13, 988, 281. 59
38, 446,429. 25
13, 554, 243. 98
17,379, 524. 49
28, 214, 320. 74
17, 232, 561. 56
AND
Per cent
increase
( + ) or decrease ( - )
-4
-20
-18
-9
-2
-7
(0
-23
+32
-21
-1
-11
-5
-15
-16
-24
-16
-1
-16
879
COMMISSIONER OF INTERNAL REVENUE
SUMMARY OF I N T E R N A L - R E V E N U E R E C E I P T S , Y E A R S E N D E D J U N E 30, 1924 AND
1925, BY C O L L E C T I O N . D I S T R I C T S — C o n t i n u e d
Districts
Location of collectors'
offices
Augusta, Me
Baltiruore, Md
Boston, Mass
Detroit, Mich
Grand Rapids, Mich
St. Paul, Minn
Jackson, Miss
St. Louis, M o . .
Kansas City, Mo
Helena, Mont
.
Omaha, Nebr
Reno, Nev
.._..
Portsmouth, N. H
Camden, N . J
.Newark, N. J.
Albuquerque, N. Mex
Brooklyn, N . Y
Custom House, New York, N. Y
250 West Fifty-seventh Street,
New York, N . Y .
Fourteenth New York Albany, N . Y - . . . . . . . . . .
Twenty-first New York| Syracuse, N . Y
Twenty-eighth
New Buffalo, N . Y
York.
Raleigh, N. C
North C arolina
Fargo, N. Dak
North Dakota
Cincinnati, Ohio..
First Ohio
Toledo, Ohio
Tenth Ohio
Eleventh Ohio
Columbus, Ohio..
Cleveland, Ohio..
Eighteenth Ohio.
Oklahoma, Okla..
Oklahoma Oregon
Portland, Oreg
First Pennsylvania
Philadelphia, Pa..
Twelfth Pennsylvania. Scranton, Pa
Twenty-third Pennsyl- Pittsburgh, Pa
vania.
Rhode Island...
Providence, R . I
South Carolina
Columbia, S. C
South Dakota...
Aberdeen, S. Dak
Tennessee
Nashville, Tenn
Austin, Tex
First Texas
Dallas, Tex
Second Texas
Utah.
Salt Lake City, Utah.
Vermont
Burlington, Vt
Virginia
Richmond, Va
Washington...
Tacoma, Wash
West Virgini a
Parkersburg, W. Va...
Wisconsin
Milwaukee, Wis
Wyoming...
Cheyenne, Wyo
Philippine Islands
Manila, P.I
Maine
Maryland
Massachusetts
First Michigan
Fourth Michigan,.
Minnesota..
Mississippi
First Missouri
Sixth Missouri
Montana....
Nebraska
....
Nevada
New Hampshire...
First New Jersey..
Fifth New Jersey..
New Mexico
...
First New York
Second New York..
Third New York...
Total.
1924
1925
$13,945, 902. 74
2 61,891,745. 47
138,681, 654. 73
207,131, 389. 50
14, 248,615. 65
31, 586,633. 59
4, 949,236. 73
50, 547,573. 31
18, 246,914. 61
2, 958,039. 08
10, 791,615. 61
761, 499. 64
5, 805,346. 34
22, 035,684. 09
90, 224,362. 87
1^ 131,323. 68
77,154, 818.10
369, 753,605. 78
133, 777,960. 73
$8,926, 206. 55
45, 489,630. 38
118,909, 084. 22
182, 850,980. 79
12, 875,514. 04
27, 983,215. 50
4, 009,777. 21
46, 609,073. 62
14, 852,104. 71
2, 449,568.15
7, 485,085. 51
617, 668.70
4,458, 379. 85
19, 586,764. 74
90, 612,942. 32
- 854,512. 91
72, 675,542. 94
417. 75
5 331, 071,
156, 540,269. 29
45,190, 700. 87
22,065, 398. 55
42,472,941. 04
44, 382, 564.19
17, 018,196. 88
36, 897, 991.16
157, 973,393. 95
1, 282,838. 91
42, 369,4.23. 27
25,467, 246. 85
13, 829,'
562.10
71,858, 600. 54
13, 520,563.14
10, 500,237. 48
164, 704,047. 90
20, 436,391. 34
84, 548,180. 37
166,962, 875.15
924, 835. 83
40, 086,967. 39
22, 353,224. 37
12, 503,328. 47
67, 553,563. 98
11, 621,795.16
8, 223,841. 27
148, 281,456. 55
18, 809,372. 99
79, 501,326. 02
20, 239,353. 73
8, 938,278. 96
1, 951,248. 95
18, 633,646.12
20, 208,154. 87
16, 655,603.17
4, 087,186. 96
3, 600,827. 80
45, 991,886. 98
19, 235,909. 60
19, 895,467. 21
40,448, 722. 69
2,088, 353. 27
759, 956. 38
16, 364,922. 57
390. 55
6, 623,
1,199, 147. 47
16,946, 671. 31
18, 707,103. 44
15,966, 439. 64
4,147, 237.16
3, 340,638. 83
48, 628,276. 98
•704. 55
1 15,158,
16,475, 115.34
36,160, 434. 80
1, 690,548. 59
6 818,746. 05-
Per cent
increase
(+) or decrease (—)
-36
-27
-14
-12
-10
-11
-19
-8
-19
-17
-31
-19
-23
-11
(0
-24
-6
-10
+17
-2
-23
-13
+6
-28
-5
-12
-10
-6
-14
-22
-10
-19
-26
-39
-9
• -7
-4
+1
-7
+6
-21.
• -17
-11
-^19
+8
2, 796,179, 257. 06 6 2,584,140,268. 24
• 1 Less than one-half of 1 per cent.
2 Includes over $9,000,000 back taxes on alien property held in trust by the United States.
3 Includes $1.50 on account of documentary stamp sales in Porto Rico and $1,018.38 collectedon products
from the Virgin Islands.
* Includes $15,573.74 income tax on Alaska railroads (act of July 18, 1914).
5 In addition to this amount collections on tobacco manufactures from the Philippine Islands are included
as follows: First California, $130.12; sixth California, $0.50; Hawaii, $1,303.83; first Illinois, $1.30; and second
New York, $5.20.
«The figures concerning internal-revenue receipts as given in this statement differ from such figures
carried in other Treasury statements showing the financial' condition of the Government, because the
former.represent collections by internal-revenue officers throughout the country, including deposits by
postmasters of amounts received from sale of internal-revenue stamps and deposits of internal revenue
collected through customs offices while the latter represent the deposits of these collections in the Treasury
or depositaries during the fiscal year concerned, the differences being due to the fact that some of the collections in the latter part of the fiscal year can not be deposited or are not reported to the Treasury as deposited
until after June 30, thus carrying them into the following fiscal year as recorded in the statements showing
the condition of the Treasury.
880
REPORT ON. T H E FINANCES
SUMMARY
OF I N T E R N A L - R E V E N U E
States 1
Alabama. _
Alaska...
Arizona
:
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia..
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine...
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
,..•_..
Montana
Nebraska
Nevada
New Hampshire
New Jersey..
New Mexico
New York
North Carolina
North Dakota
Ohio....
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee.
Texas
Utah...
Vermont....
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Philippine Islands
Total
RECEIPTS, YEAR ENDED
STATES
Income tax
, 275.40
194,,373. 20
,
1,416, 794.43
,973. 75
4,692,
,
92,884, 521. 21
,
11,740, 667.75
,
26,565, 630. 68
,
6,563, 730. 62
,
12,480, 534. 83
,
12,118, 724. 67
,
12,61'3, 731. 56
,
6,067, 186. 25
,
1,437, 069. 46
,517.66
159,415,
,
23,702, 838. 24
,
10, 716, 799. 85
,
15,140, 74L 11
,
14,324, 935.92
,
12,396, 172. 35
.
• 7,682, 797. 60
25,110, 61L82
,
99,444, 237. 57
100,868, 402. 20
,
22,426, 721. 53
3,483, 059.12
42,467, 573. 63
1,885, 190.42
,
5,681, 386. 67
,
451, 905. 66
,
3,221, 556.83
.
66,137, 027.83
.076. 51
733,
496, 709,727. 73
15,877, 646. 25
,
667, 994. 23
95, 526,in. 67.
9,820, 419.90
101. 67
6, 784,
189,164, 203. 75
14, 234,137.95
5,787, 515.35
• 858,943. 34
11, 770,201. 37
28,885, 747. 79
3,385,994.71
3,001, 689. 45
15,303, 807. 61
12,334, 154.38
12,044, 165. 99
26,697, 560.11
1,450, 159. 93
1,761,659,049.51
1 I n c l u d i n g t h e T e r r i t o r y of Alaska a n d t h e D i s t r i c t of C o l u m b i a .
J U N E 30, 1925,
Miscellaneous
taxes
BY
Total
$1,151,810. 61
23, 704. 73
290, 718. 73
649, 291. 81
28,893,000.99
2,474,496. 36
10,385,817.95
257.17
1, 753,
1,949, 680. 39
8,705, 006.08
2, 586,995.62
682, 623.11
312, 487.67
42,416, 402.81
14, 743,59L 01
2,837, 444.13
2, 238,783.38
13,889, 384.82
4,836,389. 21
408. 95
1, 243,
5,948, 803. 34
19,464, 846. 65
94,858, 092. 63
493.97
5, 556,
526, 718. 09
18,993, 604. 70
564, 377. 73
1,803, 698.84
165, 763.04
823. 02
1, 236,
44,062, 679. 23
121, 436. 40
161,876, 254. 48
151, 085,228. 90
256, 841. 60
46,970, 972. 54
1,801, 375. 26
739. 60
1, 439,
57,427, 951. 81
2,130, 784. 62
835, 875. 20
340, 204.13
5,176, 469. 94
5, 787,795. 29
761, 242. 45
338, 949. 38
33, 324,469. 37
2,606, 472. 24
4,430, 949. 35
9, 462,874. 69
240, 388. 66
818, 746. 05
$9,440, 086. 01
218, 077. 93
1,707, 513.16
5,342, 265.56
121,777, 522.2014, 215, 164.11
36,951, 448. 63.
8,316, 987.7914,430, 215. 22i
20,823, 730. 75'
15,200, 727.185,749, 809.36
1, 749, 557.13.
201,831, 920.47
38,446, 429. 2&
13, 554, 243. 98
17,379, 524. 4928, 214, 320. 74
17, 232, 561. 56
8,926, 206. 5&
31,059, 415.16
118,909, 084.22
195, 726, 494:8 J
27,983, 215. 50'
4,009, 777. 21
61, 461, 178. 35
2,449, 568.15.
7,485, 085. 51
617, 668. 7^
4,458, 379.85.
110,199, 707. 06
854, 512.91
658, 585, 982. 21
166,962, 875.1&
924, 835. 85
142,497, 084. 21
11,621, 795.16
8, 223, 841. 27
246, 592, 155. 56
16,364, 922. 57
6,623, 390; 55
1,199, 147.47
16,946, 671. 31
34,673, 543. 08
4,147, 237.16
3,340, 638. 83
48,628, 276. 98
14,940, 626. 62
16,475, 115.34
36,160, 434.80
1,690, 548. 59
818, 746. 05
822,481, 218. 73
2, 584,140, 268.24
881
COMMISSIONEE OF INTERNAL KEVENUE
SUMMARY
OF
INCOME
T A X
Y E A R
states 1
Alabama
Alaska
•
_
Arizona
Arkansas
CaHfornial
Colorado
Connecticut
Delaware
_
D i s t r i c t of C o l u m b i a .
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
J
Iowa
^--Kansas
Kentucky
Louisiana
Maine
• Maryland.--!
-.
Massachusetts
Michigan
.
Minnesota
Mississippi
Missouri
•..
Montana..1
Nebraska
Nevada
New Hampshire
N e w Jersey
N e w Mexico
New York
North Carolina.-.--.
North Dakota
Ohio
Oklahoma
Oregon.
Pennsylvania
Rhode Island
.
S o u t h Carolina
South Dakota
Tennessee
-- .
Texas
Utah
Vermont..
Virginia
Washington
W e s t Virginia
Wisconsin
Wyoming
Total
RECEIPTS
E N D E D
J U N E
FROM
30,
CORPORATIONS
1925,
BY
Corporations
Individuals
$5,101, 225.85
67, 917. 88
810, 252. 05
2,306, 268. 27
40, 324,036.75
7, 595,438.18
.13,760, 553.10
4, 289,425.46
5,702, 674. 25
3,888, 995.67
8, 334,311.71
3, 575,467. 38
1, 094,746. 61
86, 765,897.65
15,101,138. 32
6, 224,734.96
12, 036,724. 38
9, 560,
538.65
7, 747,454. 91
" 4,927,
689. 74
12,446, 313.16
52, 754,992.15
63,875, 996. 53
13, 212,270. 79
1, 724,082.60
28,446, 278.83
1, 077,823. 54
3, 069,830. 26
247, 150. 07
1, 580,
866.62
-33, 020,872. 54
" 317,758.14
202,621, 707. 68
10, 581,332.47
337, 150.40
53, 035,341.21
4,021, 573. 30
4, 099,024. 07
104,604, 839. 96
6, 831,415. 99
4, 267,589. 84
426, 475. 75
7,232, 346. 62
15,697, 307. 57
2, 704,964. 69
1, 619,
862. 57
11,182, 945. 38
8,681, 215.44
7,964, 864. 32
-18,470, 328. 09
862, 684. 67
$3,187, 049.65
126, 455. 32
606, 642.38
2,386, 705.48
52,560, 484.46
4,145, 229. 57
12,805, 077. 58
2, 274, 305.16
6, 777, 860. 58
8, 229, 729. 00
4, 279, 419.85
1.491, 718.87
342, 322.85
72,649, 620. 01
8,601, 699.92
4.492, 064.89
3,104, 016.73
4, 764, 397. 27
4,648, 717.44
2,755, 107.86
12, 664, 298.66
. 46,689, 245.42
36,992, 405.67
9, 214, 460.74
1,758, 976. 52
14, 021, 294.80
807, 366.88
2,611, 556.41
204, 755. 59
1,640, 690.21
33,116, 155.29
415, 318. 37
294, 088, 020. 05
5, 296, 313. 78
330, 843.83
42,490, 770.46
5, 798, 846.60
2,685, 077. 60
84, 559, 363.79
7,402, 721.96
1, 519, 925., 51
432, 467. 59
4,537, 854. 76
13,188, 440. 22
681, 030.02
1,381, 826. 88
4,120, 862.23
3,652, 938. 94
4, 079, 301. 67
8, 227, 232.02
587, 475. 26
916, 232,697. 02
845,426, 352.49
1 I n c l u d i n g t h e T e r r i t o r y of A l a s k a a n d t h e D i s t r i c t of C o l u m b i a .
AND
INDIVIDUALS,
STATES
Total
$8,288, 275.40
194, 373.20
1,416, 794.43
4,692, 973.75
92,884, 521.21
11,740, 667.75
26, 665, 630.68
6, 663, 730.62
12,480, 534.83
12,118, 724.67
12,613, 731. 56
5, 067, 186.26
1, 437, 069.46
159,415, 617.66
23, 702, 838.24
10, 716, 799.85
15,140, 741.11
14, 324, 935.92
12,396, 172.35
7,682, 797.60
25,110, 611.82
99,444, 237.67
100,868, 402.20
22,426, 721.53
3,483, 059.12
42,467, 673.63
1,885, 190.42
6,681, 386.67
451, 905.66
3,221, 566.83
66,137, 027.83
733, 076.51
496, 709, 727.73
16,877, 646.25
667, 994.23
95, 626, I I L 67
9,820, 419.90
6, 784, 101.67
189,164, 203.75
14, 234, 137.95
5, 787, 516. 35
858, 943. 34
11, 770, 201.37
28, 885, 747.79
3, 386, 994.71
1.46'
3, 001,
15, 303, 807.61
12,334; 154.38
12, 044, 165.99
26, 697, 560.11
1,450, 169.93
1,761,659,049.51
.'882
REPORT ON T H E FINANCES
SUMMARY OF R E C E I P T S FROM I N C O M E AND P R O F I T S T A X E S , Y E A R S E N D E D J U N E
30, 1923, 1924, AND 1925, BY S T A T E S ; W I T H P E R CENT OF I N C R E A S E OR D E CREASE I N 1925, C O M P A R E D W I T H 1924 ,
1923 1
States
Alabama .
_ -.
Alaska
Arizona
Arkansas..
California Colorado...!-.
Connecticut
Delaware.
D i s t r i c t of C o l u m b i a
F l o r i d a __
Georgia
Hawaii
--.
Idaho
•Illinois.
.1
Indiana
. .
"Iowa. _
Kansas..
--.
Kentucky
JL/Ouisianal
Maine _
Maryland
Massachusetts
Michigan--_Minnesota
Mississippi
Missouri . . .
Montana-.
Nebraska
Nevada
New Hampshire
N e w Jersey
N e w Mexico
New York
-.N o r t h Carolina
N o r t h D a k o t a _. . ' . .
Ohio.Oklahoma _ Oregon
Pennsylvania
R h o d e Island
S o u t h Carolina
South Dakota
Tennessee
Texas
....-Utah
Vermont
Virginia
.
Washington.--West Virginia
Wisconsin
Wyoming
Total-.
-
.- - - --
-
.-_
1
.
.
-
$6, 202, 620. 78
135, 333. 24
1,164, 518. 32
4, 517,829.46
84,''526,238.22
10, 920, 856. 44
25,131, 076. 62
3,411,768.03.
7, 783,800. 53
6, 338,119.40
12, 075, 270. 59
3, 506,113. 04
1, 626, 394. 35
163,626,874. 30
25, 042, 436. 82
11,807, 867. 47
19, 915, 327. 65
11,935,824.04
10, 473, 771. 89
9, 369, 688. 40
27,872, 540. 91
112,112, 785. 30
88,678, 933. 23
21, 553,185. 69
2, 903, 454. 55
40,161,456. 88
2,1812, 064. 41
7, 276, 308.14
600, 672. 05
6, 604,043.48
65, 316, 777.10
760, 225.12
466,952, 558. 81
18,183, 734. 76
886,826. 51
88, 033, 261. 04
10, 455,830. 84
8, 260, 908. 31
181,444,848. 53
17, 355,117. 42
5, 337, 290.18
1,188,439. 63
11, 570, 882.42
26, 385, 605. 77
2, 865, 695. 76
2, 525, 632. 00
13, 706, 232. 44
10,742,417.42
13, 314, 012. 73
24, 976, 851. 34
1,580,212.30
1924 2
$7, 984, 248. 70
190, 228. 03
1, 591, 667. 27
5, 431, 632. 83
92, 401, 441. 98
11,543,616.03
26, 901, 779. 90
6 9,127, 303. 62
6 24,164, 324. 01
8, 00.5, 449.14
13,869, 531. 55
5, 021,422. 53
1, 271, 31& 63
161, 072, 008. 68
26, 384, 368. 37
12,854, 337. 96
17, 323,184. 44
. 14,284,640.29
13, 400,178.10
8, 978, 879. 87
25, 562, 203. 86
109, 857, 344. 01
104, 378, 390. 00
23,855,584.21
4, 008, 798. 72
44,116, 410.10
2, 060, 349. 38
7, 458, 788. 40
581, 492.18
4, 038,467.48
69, 620, 079. 55
890, 835. 06
506, 593, 933. 70
18,173,156.86
771, 387. 02
95,412,405.37
11, 028, 491. 98
8, 242,145. 27
198, 270, 944.16
16, 241,809.18
• 7,544,042.97
1,169, 760. 72
11, 943, 033. 92
28, 295, 285.81
2, 937,172. 54
2, 935, 562. 31
16, 048, 299.83
. 14,723,370.45
14, 386, 962. 07
27, 215, 717. 70
1, 595, 540. 08
. 1, 691, 089, 5.34. 50 1, 841, 759, 316. 80
• 1925 3 '
$8, 288, 275.40
4 194, 373. 20
1, 416, 794. 43
4, 692,973. 76
92.884, 521. 21
11, 740, 667. 75
26, 565, 630. 68
6, 663, 730. 62
12,480, 534.83
12,118, 724. 67
12, 613, 731. 56
5, 067,186. 25
1,437, 069. 46
159,415, 517.66
23, 702, 838. 24
10, 716, 799. 85
15,140, 741.11
14, 324, 935. 92
12, 396,172. 36
7, 682, 797. 60
25,110,611.82
99, 444, 237. 57
100,868,402. 20
22,426, 721. 53
3,483,059.12
42, 467, 573. 63
1,886,-190.42
5,681,386.67
451,905. 66
3, 221, 656. 83
66,137, 027. 83
733, 076. 51
496, 709, 727. 73
15, 877, 646. 25
667,994. 23
95, 526, i n . 67
9, 820, 419. 90
6, 784,101. 67
189,164, 203. 75
14, 234,137. 95
5, 787, 515. 35
858, 943. 34
11, 770, 201. 37
28.885, 747. 79
3, 385, 994. 71
3, 001, 689. 46
15, 303, 807. 61
12, 334,154. 38
12, 044,165. 99
26, 697, 560.11
1, 450,1.59. 93
1, 761, 659, 049. 51
1924-25
P e r cent
increase
(-f) or de-ia
crease ( - )
+4
+3
-14
-11
+2
+1
-1
-28
-41
-t-59
^8
+ 1
+19
-I
-10
— 17
-31
(")
•
-7
-14
-2
-9
-3
-6
-13
-4
-2
-20
-28
-25
-4
-12
-3
-39
11
( ' )--1 3
-11
-8
— 15
-22
-23
-7
+1
+12
+5
-2
-15
-16
-6
—9
-4
1 Includes payments of the third and fourth installments of the 1921 income and profits tax, and the first
and second installments of the 1922 income tax.
2 Includes payments of the third and fourth installments of the 1922 and the first and second installments
pf the 1923 income tax.
^ Includes payments of the third and fourth installments of the 1923 and the first and second installments
of the 1924 income tax.
^ Includes $16,573.74 income tax on Alaska railroads (act of July 18, 1914).
5 Includes over $3,000,000 from payments of income tax for prior years.
8 Includes over $9,000,000 back taxes on alien property held in trust by the United States.
" Less than one-half of 1 per cent.
co.MMissio:]Sri]¥.
88&
OT-INI:IIIIN:AT* R E V E N U E
ToTAii. I N T E R N A L - R E V E N U E Ks^iJRiPTSy YEASsi^ E N D E D J U N E 3!0, 1 S 6 3 - 1 9 2 5
0.863 1- ;i864......_.-.
31865
-1866:i867
1868
-1869...
.il-870:i871
•1872
J1873
:;i874-....
1876.....
11876
11877
a878:
T1879
a880-11881
$41, 003,1192:. 93' 1896
116,965, 578'.26 1897
^.
.
.
-.-
-
210,855,864!. S3'
- . . . 310,120, 448.13
265,064,938.43!
190,374, 925. 59'
159,124,126. 86
184, 302, 828. 34
143,198, 322.10
130,890,096.90
113,504,012.80*
102,191, 016. 98
110,071,615.00
116, 768, 096. 22
118, 549, 230. 25
110,654,163.37
113,449, 62L 38
- . . 123,981,916.10
135,229,912.30
.11.882
146,623,273.72
a883
.
... 1884.
il88"5............
1886
1887.........
11888.—.
1889...-.
1890
1891....
1892...
1893-.
-..
1894. - -•
_.-.
1895
_...-.-.
-.
144,653, 344. 86
121,590,039.83
112,421,12L 07
116,902,869.44
118,837, 30L 06
124,326,475.32
130,894,434.20
142,594,696.67
146,035,415.97
163,867,644.35
161,004,989.67
147,168,449. 70
143, 246, 077. 75
..,
1898.
1899..
11900.
1901.
1902.
I903>.
1W4.
1996.
1906.
igoT.
1908'1909.
1910.
1911.
1912.
19131914.
1916.
1916.
1917
1918
1919
1920.
1921
1922
1923
1924
1925---
.._
.
-..
_..
Total
$146,830,615.66.
146,619, 593.47
170,866,819. 36-'
273,484, 573.44
295,316, 107. 57
306,871, 669.42
271,867,990.25'
230, 740,
925. 22
232,903, 781. 06 •
234,187,976.37
2 4 % 102, 738.00'
269.664,022. 8&'
251.665, 950.04:
246, 212,
719:22
289,967,220.16
322, 526,
299. 73 ,
321,615,
344,424,453.85
380,008,893.96
415,681,023.86
512,723,287.77
809,393,640.44
3,698,955,820.93
3,850,150,07g. 56 '
5,407,580,251.81
4,596,367,061-95 ,
3,197,451,083. 00
2,621,745,227. 57
2,796,179,257.06
2,584,140,268.24
40,180,481,085.49
IT^TERNA'L-RTEVENUE
T A X ON PRODUCTS F R O M P H I L I P P I N E ISLANDS^ Y E A R S '
E N D E D J U N E 30, 1924 A N D 1925, B Y A R T I C L E S T A X E D
-AAtiicles taxed
Cigars (large) —-.....
Cigarettes (large)
Cigarettes (small)
1924
1925
Increase ( + )
or decrease
(-)
Manufactured tobacco.-.I.
.Stamp sales (documentary)
Total..
755,413.3S
12. 24
3,305.10
7L55
2, 458. 00
$815,136. 08
10. 0&
2,846.27
49.07
2,145. 50
+$59,722. 70
-2.16
-458. 83
-22. 4S
-312. 50
761, 260. 27
.
...L.
820,187. 00
+58,926.73-
NOTE.—Under the tarift' act of August 5, 1909, the above receipts, with the exception of the internal
iievenue collected from sale' of documentary stamps, are covered into the Treasury of the United States
•.to the credit of the treasurer of the Philippine Islands.
INTERNAL-REVENUE
T A X ON PRODUCTS FROM PORTO RICO, YEARS E N D E D J U N E 3 0 , 1 9 2 4 AND 1 9 2 5 , B Y A R T I C L E S T A X E D
Articles taxed
1924
1926
Increase (+)
or decrease
(-)
Distilled spirits (nonbeverage)
•Cigars (large)
•Cigars (small)
—..
Cigarettes (large)
Cigarettes (small)
Stamp sales (documentary)
Total
$1,366 20
765, 009. 09 $1,019, 371. 28
25, 500. 00
.19,500.21
30, 259. 08
59, 341. 32
1, 385. 76
1, 313. 31
394. 60
L50
-$1,366 20'
+264,362.19'
-5,999.79+29, 082. 24
- 7 2 45
—393.10^
823, 914. 73 1;
+275, 612. 89
I, 527. 62
NOTE.—The above receipts for 1925 include $1,099, 526.12 depositied at San Juan, P . R., to the credit of
the treasurer of Porto Rico, which amount is not included in internal-revenue collections shown in other
statements herein. The receipts from sale of documentary stamps in Porto Rico are included in the collections reported from the second district of New York.
I Nine months only.
884
IMPORTANT
REPORT ON T H E FINANCES
DECISIONS
OF THE F E D E R A L
R E V E N U E CASES
COURTS
IN
INTERNAL-
ADMINISTRATIVE AND PROCEDURE
United States v.. Farmers and Mechanics' National Bank of Philadelphia.—United States District Court for the Eastern District of
Pennsylvania (4 Fed. (2d). 146; T. D. 3676).
Sections 250 (d), 1308, and 1310 (a) of the revenue act of 1921
confer authority upon the Commissioner of Internal Revenue t c
make examinations of books and records and to require the production thereof.
Under section 250 (d) of the revenue act of 1921 the Commissioner
of Internal Revenue may examine books and records in any case
where the period for determination a^d assessment of the tax has
not expired.
Joseph Levin et al. v. United States.—United States Circuit Court
of Appeals for the Ninth Circuit (unreported to date; T. D. 3726).
The use as evidence in a criminal prosecution of books and papers
which were surrendered m t h o u t objection to an internal-revenue
officer acting under a legal search warrant where no application for
their return is filed and no motion for their suppression as evidence is
made and they are offered after objection to secondary evidence as
to their contents^ is not a violation of the fourth and fifth amendments of the Constitution.
The constitutional inhibition against second jeopardy is not infringed by an indictment charging violation of the provisions of the
revenue act of 1918 as to the making of a false income-tax return and
also charging, in a second count, perjury as defined by section 125
of the Criminal Code although the facts alleged in the different
counts arise from the same transaction, inasmuch as a single act
may be an offense against two statutes where each statute requires
proof of some evidential matter which the other does not and an
acquittal or conviction under one statute does not prevent prosecution under the other.
Individual members of a partnership niay be joined in an indictment where each participates in making a false return of partnership
income in violation of section 253 of the revenue act of 1918.
ADMISSIONS AND DUES
Shannopin Country Club v. Heiner, Collector.—United States District Court for the Western District of Pennsylvania (2 Fed. (2d)
393; T. D. 3644).
Under section 802 of the revenue act of 1921 a club is not a taxpayer, and can not maintain an action for the recovery of taxes
imposed upon its members by section 801. The member paying
the tax is the proper party plaintiff.
United States v. James J . Johnston.—Supreme Court of the United
States (45 Sup. Ct. Rep. 496; T. D. 3714).
A person required by law to pay over to the Government taxes
collected on admissions is a debtor and not a bailee. Conversion of
such taxes to his own use does not constitute embezzlement.
A person required truly to account for and pay over to the United
States taxes collected on admissions may not, through technicality,
escape his liability for willful failure so to do.
COMMISSIONER OF INTERNAL REVENUE
885
BANKRUPTCY
In the Matter of W, J . Marshall Co., banlcrupt.—District Court of
United States for the Southern District of Georgia, Western Division
(3 Fed. (2d) 192; T. D. 3636).
Where a corporation acquires the assets of a partnership in exchange for its stock for the purpose of continuing the business, the
corporation by so doing assumes the debts and liabilities of the partnership, irrespective of an express agreement, and is liable for Federal
taxes due from the partnership to the extent of the property so received.
The question of liability of the corporation is to be determined by
general rather than local law.
The statute of frauds does not apply where there has been part
performance, irrespective of an agreement in writing.
Under sections 3466 and 3467, Revised Statutes, the claim of the
Grovernment for taxes due from the partnership takes priority over
t h e claims of creditors of the corporation.
W. J . Marshall Co., banlcrupt, v. United States.—United States
Circuit Court of Appeals for the Fifth Circuit (2 Fed, (2d) 467; T.
D. 3663).
Where a corporation acquires the assets of a partnership in exchange
i o r its stock for the purpose of continuing the business, the corporation thereby assumes the debts and liabilities of the partnership
and is liable for unpaid Federal taxes due from the partnership.
A claim for Federal taxes due from a partnership takes priority over
the claims of the creditors of the corporation where the corporation
took the partnership property subject to the tax lien with notice
through the former partners, although the assessment was not reported
until after the partnership assets were acquired by the corporation.
The decision of the United States District Court for the Southen
District of Georgia (T. D. 3636) affirmed. ^
United States v. Edw. H. Childs, trustee in banlcruptcy of J . Menist
•Oo. (/nc.).—Supreme Court of the United States (266 U. S. 304;
T. D. 3671).
Under the Federal revenue acts, interest at the rate of 1 per cent
per month is not a penalty and under section 57 (j) of the bauKruptcy
act is collectible from the estate of a bankrupt.
Bowers, Collector, v. Kaufman, trustee in banlcruptcy of A. Finlcel'Stein, et al., and Bowers, Collector, v. Coxe, receivers of Jones and^
.Balcer.—Supreme Court of United States (45 Sup. Ct. Rep. 322;
T. D. 3689).
.
I n proceedings'in bankruptcy against a partnership, the partnership assets must be first applied to the payment of the partnership
debts, and the United States is not entitled to any priority of payment out of partnership assets for a tax due from an individual
partner, except to the extent of the share of such partner, if any,
in the surplus remaining after the payment of partnership debts.
The United States is subject to the provisions of section 5 (f) of
the bankrupjtcy act, establishing a rule for marshaling assets.
The lien created by section 3186 of the Revised Statutes for
unpaid taxes includes only the property of the person owing the tax,
and in the case of a partner owing an individual tax, it extends only
to his interest in the surplus of the partnership property.
886
REPORT ON THE FINANCES
A. J . Oliver, trustee in banlcruptcy of the West Coast Rubber Corporation et al. V. United States.—Supreme Court of the United States (45
.Sup. Ct. Rep. 386; T. D. 3702),
Under the provisions of sections 64 (a) and 64 (b) of the bankruptcy act a claim for Federal taxes takes priority in payment over
labor v/age claims where the assets of the estate are insufficient to
pay all claims in full.
Richmond'?;. Bird (249 U. S. 174) distinguished; Guarantee Co. v.
Title Guaranty Co. (224 U. S. 152) followed; judgment of the United
States Circuit Court of Appeals for the Ninth Circuit (174 Fed. 385;
T. D. 3501) affirmed.
In the Matter of The Gi^and Leader, banlcrupt.—United States District Court for the Northern District of Texas (unreported to date;
T. D. 3717).
Where the assets of a corporation have been transferred to a partnership of the same name and from the partnership to a corporation
of the same name, which latter became bankrupt, the assets of the
bankrupt corporation are liable for unpaid Federal taxes due from,
the first corporation.
^
Where a corporation is succeeded by a partnership of the same
name, which in turn was followed by a corporation of the same name,,
each succeeding coinpany taking over the assets of the prior organization, the United States is entitled to priority ih payment, under
section 64 (a) of the bankruptcy act, of a claim for taxes due from
the first corporation over the claim=s of general creditors of the last
corporation which became bankrupt.
CAPITAL-STOCK TAX
Pai'k Falls Lumber Co. v. Burlingame, Acting Collector.—United
States Circuit Court of Appeals for the Seventh Circuit (1 Fed. (.2d)
855] T. D. 3626).
In determining the ^^fair average value" of capital stock within
the meaning of section 1000 (a) of the revenue act of 1918, there
should be included capital stock paid in, undivided profits and surplus and unearned surplus carried on the books of the company rather
than taking the par value of the stock as a measure. When Congress
has committed to the head of a department the determination of
questions of fact, his decision thereon is conclusive, and upon mixed
questions of law and fact, or of law alone, his action will carry a
strong presumption of its correctness. The determination by the
Commissioner of Internal Revenue of the fair average value of plaintift^'s capital stock sustained.
International Salt Co. v. Phillips, Collector.—United States District
Court for the Middle District of Pennsylvania (3 Fed. (2d) 678:
T. D. 3673).
A holding company, chartered under broad powers to control
through stock ownership the business and affairs of corporations
engaged in the salt business, which issued, exchanged, bought and
sold its own bonds and those of other companies, borrowed money,,
gave notes, received dividends from its subsidiaries and"" distributed
the same to its stockholders, maintained an office-and paid salaries^
was doing business within the meaning of the capital-stock tax provisions of the revenue P^cts of 1918 and 1921, and was subject to the
tax imposed thereby.
.
COMMISSIONER OF INTERNAL REVENUE
SSl
Ray Condolidated Copper Co. v. United States.—Supreme Court of
the United States (45 Sup. Ct. Rep. 526; T. D. 3721).
The capital stock tax imposed by section 1000 of the revenue act
of 1918 is a special excise imposed upon tKe privilege of carrying on
business in the form of a corporation.
The term ^^capital stock" has no fixed meaning in taxing statutes
and must be construed in a particular statute by reference to the
context, the nature and purpose of the statute, its history, and other
aids to construction.
The phrase ^^fair average value of its capital stock" as used in the'
revenue act of 1918 means the entire potentiality of the corporation
as distinguished from the market value of individual shares and is
based upon an estimation including surplus and undivided profits,
to be left to the sound judgment and discretion of the commissioner,
subject only to the obligation to take into consideration every relevant"
fact.
The cases of Central Union Trust Co. v. Edwards, 287 Fed. 324
(T. D. 3438), and Hecht v. Malley, 265 U. S. 144 (T. D. 3595),^
followed.
Carnegie Steel Co. v. United States.—Court of Claims of UnitedStates (unreported to date; T. D, 3730).
Where munition taxes imposed by section 301 of the revenue act
of 1916 are paid in cash, the application of the credit allowed under
section 407 of the revenue act oi 1916, as against capital stock taxes
imposed by that section, constitutes, in the amount of such credit,
the pa3rinent of capital stock taxes levied by section 1000 of the
revenue act of 1918 within the meaning of section 1004 of therevenue
act of 1918.
ESTATE TAX
Lewellyn, Collector, v. Friclc et al.—Supreme Court of the United
States (45 Sup. Ct. Rep. 487; T. D. 3715).
Section 402 (f) of the revenue act of 1918 is not retroactive in'
application and the amount of insurance in excess of $40,000 can n o t
.be included in the gross estate of a decedent where the policy is taken
out and a beneficiary, other than the estate, is designated prior to
the date of the passage of the act.
Shulcert et al v. Allen, Collector.—United States Circuit Court of
Appeals for Eighth Circuit (unreported to date; T. D. 3729).
Where a donor creates a trust to accumulate the income froni
property and to distribute the corpus and accumulations to his^
children although the legal title vested in praesenti under the t r u s t
deed the equitable title was held in suspension and the value of the"
property transferred was properly included in the decedent's grossest ate under the provisions of section 402 of the revenue act of 1918.The decision of the United States district court (300 Fed. 754/
T. D. 3614) affirmed.
INCOME AND EXCESS PROFITS^ TAX
Bdltzell V. Casey, Collector.—United States District Court, District
of Massachusetts (1 Fed. (2d) 29; T. D. 3642).
Under section 219 of the revenue act of 1918, capital losses of a
trust estate are deductible only by the trust and the beneficiaries'
with life interest must report for taxation the income received by
888
REPORT ON T H E FINANCES
them from the trustees without deduction of losses suffered by the
corpus of the trust estate.
The plaintiff, with others, had a life interest in a trust estate which
•entitled him to receive a share thereof. Certain securities belonging
to the trust fund were solS. at a loss. Plaintiff and the other beneficiaries, in their income-tax returns, attempted to deduct proportionate amounts of the loss. Held, that, under section 219 of the
' revenue act of 1918 the ^^distributive share" to be returned as income
by the beneficiaries is the amount received by them from the trustees,
without deduction of capital losses.
Departmental regulations sustained (Regs. 45, arts. 345-347).
United States v. Nelson B. Updilce et al.—District Court of United
States for the District of Nebraska, Omaha Division (1 Fed. (2d)
550; T. D. 3654).
The act of October 3, 1917, which is retrospective, as of January
1, 1917, is constitutional, and its provisions are applicable to a corporation which was in existence during part of the year 1917, but
w^as dissolved prior to the passage of the act,
A corporation which was in existence during the year 1917, but
was dissolved prior to the passage of the act of October 3, 1917, must
file an income-tax return and excess-profits tax return covering the
period from January 1, 1917, to the date of its dissolution as provided
by the act of October 3, 1917.
Where, upon the dissolution of a corporation assets are distributed
t o stockholders the latter are liable as trustees for the Government
t o the extent of assets received for Federal taxes due and unpaid by
the corporation.
The revenue act of October 3, 1917, not having specifically provided a method of collecting the tax against a dissolved corporation,
the Commissioner of Internal Revenue was empowered by section
1003 of the act to promulgate reasonable regulations. Articles 61,
:203, and 205 of Regulations 33 (revised) held to be reasonable.
The limitation upon suits by the Government provided in section
'250 (d) of the revenue act of 1921, can be set in motion only by the
-affirmative, honest act of the taxpayer. The failure to file a return
.as required by law, or the filing of a false and fraudulent return suspends the operation of the statute. Neither general statutes of limitations, nor general doctrines of laches apply to the Government.
The filing of a return under the provisions of the revenue act of
1916, and the act of March 3, 1917, in the case of a corporation dissolved in July, 1917, and the failure to file a return under the revenue
act of October 3, 1917, prevents the bar of the statute in a suit
.against stockholders to recover additional taxes due from the corporation.
The filing of returns under prior acts does not satisfy the rec[uirement of filing a return under the act of October 3, 1917, and the
failure to file such a return results in a liability for penalties prescribed
for failure to file.
Kate L. Westerfield v. Rafferty. Collector.—United States District
Court for the Eastern District of'New York (4 Fed. (2d) 590; T. D.
•3667).
Under the revenue act of 1921 there is a gain or profit to the taxpayer when he sells property for more than it cost, and when it was
COMMISSIONER OF INTERNAL REVENUE
889
purchased before March 1, 1913, he is taxable on so much of t h a t
profit as accrued after March 1, 1913.
So-called " carrying charges," such as interest and taxes, charged t a
or paid on the property while it was owned by the taxpayer, may not
be deducted from the sale price in order to determine the net sale
price, to be used in ascertaining a gain or a loss on the transaction.
Taxes and interest when properly defined do not really represent
anything paid into capital investment, and it is a miisnomer to call
them '^carrying charges."
The revenue act of 1921 allows deduction from gross income of
taxes paid or accrued within the taxable 3^ear, but this would not
seem to refer to the payment of arrears of taxes.
Taxes paid and interest charged to a piece of property can not bededucted as losses sustained under subdivisions 4, 5, or 6 of section
214 of therevenue act of 1921.
Congress has sole power to determine what amount of taxes or
interest, if any, may be deducted from gross income before determining net income.
The revenue act of 1921 is constitutional although it does not allow
a taxpayer to deduct from the gross income or from the sale price of
property taxes paid and interest charged against that property, beforedetermining the profit thereon.
Baltzell V. Mitchell, Collector, and Weld v. Mitchell, Collector.—
United States Circuit Court of Appeals for the First Circuit (3 Fed..
(2d) 428; T. D. 3668).
Under section 219 of the revenue act of 1918, capital, losses of a.
trust estate are deductible only by the trust and the beneficiaries with,
life interest'must report for taxation the income received by them
from the trustees without deduction of losses suffered by the corpusof the trust estate.
The plaintiff, with others, had a life interest in a trust estate which
entitled him to receive a share thereof. Certain securities belongingto the trust fund were sold at a loss. Plaintiff and the other beneficiaries, in their income-tax returns, attempted to deduct proportionate amounts of the loss. - Held, that under section 219 of the revenue
act of 1918 the ^'distributive share" to be returned as income by t h e
beneficiaries is the amount received by them, from the trustees,
without deduction of capital losses.
Departmental regulations sustained (Regs. 45, arts. 345-347).
National Paper & Type Co. v. Bowers, Collector.—Supreme Courtof the United States (266 U. S. 373; T. D. 3677).
An income tax levied upon net income from the business of exporting goods from the United States and selling such goods in foreign,
countries is not a tax laid on articles exported from any State iri.
violation of Article I, section 9, clause 5, of the Constitution of theUnited States.
An income tax levied under tAie revenue act of 1921 upon n e t
income from the business of exporting goods from the United Statesand selling them in foreign countries, even though the act be construed as exempting from such tax the income of foreign corporationsfrom like sources, does not deprive the taxpayer of his property
without due process of law in violation of the fifth amendment to
the Constitution of the United States; nor does such a tax violatethe rule' of uniformity.
890
REPORT ON T H E FINANCES
Thomas M. Adams v. United States.—Court of Claims of United
States (unreported to date; T. D. 3682).
Section 201 (6) of the revenue act of 1918, providing that ' ' a n y
distribution made during, the first 60 days of any taxable year shall
be deemed to have been made from earnings or profits accumulated
during preceding taxable year," applies to the returns of corporations
and not to the returns of individuals.
Taxable dividends received by individuals during the first 60 days
of the year 1918 are taxed at the rates prescribed by the revenue act
of 1918. (Art. 1542 of Regs. 45 sustained.)
Reid V. Rafferty, Collector.—United States District Court for the
Eastern District of New York (4 Fed. (2d) 749; T. D. 3684).
Where a partnership files excess-profits tax and income-tax returns
under the provisions of the revenue act pf 1917, the amount of excessprofits tax is credited in computing the income tax payable. vSection
29 of section 1211 of Title X I I of the revenue act of 1917 does not
authorize a partner in his individual income-tax return of partnership
profits to deduct therein a proportionate part of the excess-profits tax
paid by the partnership. Congress not having used language granting
such a double credit.
Lynch, executrix of Lynch, Collector, v. Alworth-Stephens Co.—
Supreme Court of United States (45 Sup. Ct. Rep. 274; T. D. 3690).
Under the provisions of t h e revenue act of 1916, a lessee of mineral
lands is entitled to deduct a reasonable allowance for exhaustion or
depletion of his leasehold or property interest due to the extraction
-and disposition of the product, of the mine.
Barclay & Co. {Inc.) v. Edwards, Collector.—Supreme Court of
United States (45 Sup. Ct. Rep. 348; T. D. 3691).
An income tax levied upon net income from the business of exporting goods from the United States and selling such goods in foreign
•countries is not a tax laid on articles exported from any State in violation of Article I, section 9, clause 5, of the Constitution of the United
'States.
An income tax levied under the revenue act of 1918 upon net in'Come from the business of exporting goods from the United States
and selling them in foreign countries, even though the act be construed
:as exempting from such tax the income of foreign corporations from
like sources, does not deprive the taxpayer of his property without
•due process of law in violation of the fiith amendment to the Constitution of the United States; nor does such a tax violate the rule of
uniformity.
An}^ difference between the revenue acts of 1918 and 1921, by
w^hich foreign corporations were wholly exempted in one act and only
^partially exempted in the other, does not ma!ke any difference in the
application of the principle announced in National Paper and Type
Co. V. Bowers (266 U. S. 373; T. D. 3677). Foreign corporations
constitute a class by themselves and could be properly so treated by
Congress.
*
John F. Schlafly, trustee in banlcruptcy of the Temtor Corn cfc Fruit
Products Co., V. United. States.—United States Circuit Court of
Appeals for the Eighth Circuit (4 Fed. (2d) 195; T. D. 3693).
Unless the finding of a referee in a bankruptcy proceeding on disputed evidence is clearly against the weight of the evidence or based
on a mistaken view of the law, it will not be disturbed by an ^appellate
COMMISSIONER OF INTERNAL REVENUE
891
court, especially if the finding has been approved by the court on
petition for review.
Where one corporation owns all of the voting stock of another corporation, or such stock as carries control by one corporation over
another, such corporations are affiliated within the provisions of
section 240 of the revenue act of 1918, and a consolidated return of
income should be filed.
The decision of the District Court of the United States for the
^Eastern District of Missouri (299 Fed. 326) affirmed.
Union Petroleum Steamship Co. v. Edwards, Collector.—United
States Circuit Court of Appeals for the Second Circuit (unreported
t o date; T. D. 3699).
.
" Invested capital," under the statutory definition of that term contained in section 207 of the revenue act of 1917, can not be increased
by reason of the appreciation in the value of capital assets.
The decision of the Supreme Court iii the case of La Belle Iron
Works V. United States (256 U. S. 377; T. D. 3181), followed. ^ The
decision of the United States District Court for the Southern District
•of New York affirmed.
United States v. Flannery et al., executors of the estate of James F.
Flannery.—Supreme Court of the United States (45 Sup. Ct. Rep.
420; T. D. 3703).
No deductible loss is sustained under the provisions of the revenue
:act of 1918 where property purchased prior to March 1, 1913, is sold
thereafter for more than cost but less than the March 1, 1913, value.
The cases of Goodrich'y. Edwards (255 U. S. 527; T. D. 3174) and
Walsh'y. Brewster (255 U. S. 536; T. D. 3176) followed.
Charles 'V. Duffy, Collector, v. The Central Railroad Co. of New
Jersey.—-Supreme Court of the United States (45 vSup. Ct. Rep. 429;
T. D. 3704).
Under the provisions of the revenue act of 1916 a lessee operating a
railroad under a long-term lease can not deduct in the year in which
paid amounts expended for additions and betterments to the railroad
and the construction and extension of piers, as these are capital
expenditures which should be prorated over the life of the improvements or the life of the lease, whichever is shorter, and only an aliquot
part thereof deducted in each year.
McCaughn, Collector, v. Charles H. Ludington.—Supreme Court of
the United States (45 Sup. Ct. Rep. 423; T. D. 3705).
No deductible loss is sustained under the provisions of the revenue
act of 1918 where property purchased prior to March 1, 1913, is
sold thereafter for more than cost but less than the March 1, 1913,
value.
The cases of Goodrich v. Edwards (255 U. S. 527; T. D. 3174),
Walsh V. Brewster (255 U. S. 536; T. D.. 3176), and United States
V, Flannery et al. (T. D. 3703) followed.
Irwin, forYner Collector, v. E. Palmer Gavit.—Supreme Court of the
United States (45 Sup. Ct. Rep. 475; T. D. 3710).
Amounts received under the terms of a will leaving the residue
of an estate in trust and providing that the income therefrom be paid
to a designated person for life are taxable as income and are not
exempt as property acquired by gift, bequest, devise, or descent.
Clifford L. Jones v. United States.—Court of Claims of United
States (unreported to date-; T. D. 3724).
892
REPORT ON T H E FINANCES
Commutation of quarters and the rental value of quarters occupied
by officers of the Army does not constitute taxable income within
the meaning of section 213 of the revenue act of 1921.
Miles, Collector, v. Samuel J . Graham.—^SupveBxe Court of t h e
Uiaited States (45 Sup. Ct. Rep. 601; T. D. 3725).
Section 213 of the revenue act pf 1918 is unconstitutional in so far
as it attempts to subject to income tax the salaries of Federal judges..
The case of Evans v. Gore, 253 U. S. 245; T. D. 3037, followed.
United States, Plaintiff in Error, Y. Walter S. Diclcey and RalvhEllis, and the UnitedStates, Plaintiff in Error, v. The Baltimore Post'-—
Supreme Court of the United States (45 Sup. Ct. Rep. 558; T. D..
3727).
.
.
.
.
.
The legislative intent in section 257 (b) of the revenue act of 1924
was that the names and addresses of taxpayers and the amounts paid,
by them, should be generally known, and therefore that the effective
form of secondary publicity by publication in newspapers should n o t
be penalized.
This information, which everybody is at liberty to acquire and
the acquisition of which Congress seemed especially desirous of
facilitating, in the absence of some clear and positive provision
to the contrary, can not be regarded otherwise than as public property,,
to be passed on to others as freely as the possessors of it may chooseTo the extent provided by section 257 (b), i. e., as to names and
addresses of taxpayers and the amounts of income tax paid by them,.
Congress meant to abandon the policy of secrecy altogether and to
exclude from the operation of section .3167, Revised Statutes (sec.
1018 of the revenue act of 1924), all forms of publicity, including:
publication in newspapers.
Edwards, Collector, v. Cuha Railroad Co.—Supreme Court of t h e
United States (45 Sup. Ct. Rep. 614; T. D. 3728).
Subsidy payments made by the Republic of Cuba to a railroad
company for the construction and maintenance of a railroad are
reimbursements for capital expenditures and are not income, gains,
or profits within the meaning of the sixteenth amendment to t h e
Constitution.
INJUNCTION
Gorham Hubbai^d v. David H. Blair, Coinmissioner of Interna!
Revenue.—Supreme Court of the District of Columbia (unreported;;
T. D. 3661).
Section 257 of the revenue act of 1924 is constitutional and under
its provisions income-tax returns constitute public records to t h e
extent of the name, address, and amount of income tax paid by a.
taxpayer..
Injunction, will not lie to restrain the Commissioner of Internal
Revenue from publishing pursuant to section 257 of the. revenue act
of 1924 the name, address, and amount of income tax paid by a.
taxpayer for the year 1923.
J . W. Reavis v. Routzahn, Collector.—United States District Court
for the Northern District of Ohio (unreported to date; T. D. 3664.)
Under the provisions of section. 257 of the revenue act of 1924,.
income-tax returns are public records and injunction will not lie torestrain a collector of internal revenue from publishing the name,,
address and amount of income paid by a taxpayer for the year 1923-
COMMISSIO.NER OF JNTERNAL REVENUE
893
Section 3167, Revised Statutes, as reenacted b}^ section 1311 of
the revenue act of 1921, and section 1018 of the revenue act of 1924,
did not create a propert}^ or personal right in the return filed by a
taxpayer, but was enacted for the purpose of creating a public crime
which may be prosecuted and punished as an ofl'ense against the
public.
Reineclce, Collector, v. Emelie W. Peacoclc.—United States Circuit
€ o u r t of Appeals for the Seventh Circuit (3 Fed. (2d) 583; T. D.
3672).
Section 3224' of the Revised Statutes of the United States bars a
suit by a beneficiary of a trust to restrain the trustees from paying a
tax, as well as a suit for the purpose of restraining a collector from
collecting a tax.
Where an injunction is obtained by a beneficiary of a trust against
t h e trustees thereof to restrain the payment of a tax, and in the same
:suit an injunction is obtained against a collector to restrain the collection of the same tax, there is no such unity of interest between the
trustees and the collector that the trustees must be served with
summons and severance or notice respecting the appeal of the collector.
City of Seattle et al. v. Burns Poe, Collector.—United States District
Court for the Western District of Washington, Northern Division
(4 Fed. (2d) 276; T. D. 3701).
Under the provisions of section 3224, Revised Statutes, an injunction will not lie against a collector of internal revenue to restrain the
collection of a tax legally assessed.
Hill V. Wallace (259 U. S. 44) distinguished. Graham v. du Pont
(262 U. S. 234) followed.
INSURANCE TAX
Western Funeral Benefit Association Y. Hellmich, Collector.—United
State District Court for the Eastern District of Missouri (2 Fed. (2d)
.367; T.. D. 3650).
An insurance.company, organized as a fraternal and benevolent
^association, is not exempt from the premium tax on policies of insurance imposed by section 504 of the revenue act of 1917. and section
503 of the revenue act of 1918, unless itself operated under the lodge
system within the provision of section 11 (a) (3) of the revenue act of
1916 and section 231 (3) (a) of the revenue act of 1918, or unless for
the exclusive benefit of the members of a fraternity itself operating
under the lodge system within the provision of section 231 (3) (a) of
t h e revenue act of 1918.
A claim for exemption from, taxation must be clear and founded
upon plain language, it being strictly construed against the claimant.
The company failed to show by the evidence that it was operated
under the lodge system or for the exclusive benefit of the members of
a fraternity itself operating under the lodge system.
LIENS
. John L. Sherwood et al., Receivers of Atlantic Doclc Co. (Inc.), v.
United States.—United States District Court for the Eastern District
•of New York (unreported to date; T. D. 3706).
894
REPORT ON T H E FINANCES
Section 1030 of the revenue act of 1924 does not empower a district
court to completely extinguish a lien for taxes, but provides a method!
for its removal as a cloud on the title to particular property.
The cloud upon the title to particular property created by a lienfor taxes due the United States can be removed by a proceeding u n d e r
section 1030 of the revenue act of 1924 and a sale of the property
under a decree of the United States District Court, the proceeds of
the sale to be distributed in conformity with the priorities established..
Guaranty Trust Company of NewYorlc v. McKenriclc and Peirson,.
trustees in banlcruptcy of the Baltimore .Pearl Hominy Co. banlcrupt.—
United States Circuit Court of Appeals for the Fourth Circuit (unreported to date; T. D. 3723).
The Government has a lien without formal demand after assessment where (a) taxpayer voluntarily agrees upon the amount of
proposed additional income taxes and the sum to be paid in compromise thereof, (b) the latter sum is tendered and rejected before
assessment, and (c) same is again tendered and accepted immediately
after assessment under previous arrangement with the department.
Section 3186 of Revised Statutes of the United States prescribes:
no particular form of demand in order to give the Government a
lien for taxes, and the course of dealings between taxpayer and
internal revenue officers in this particular case is tantamount tO'
either a demand after assessment or a waiver by taxpayer of such
demand.
Unsecured creditors who, at a taxpayer's request, pay taxes for
which the Government has a lien, under agreement with taxpayer
to be subrogated to lien rights of the Government, are entitled topreference in distribution of assets of the taxpayer in bankruptcy.
Unsecured creditors who, at taxpayer's request and for the p r o t e c tion of their own claims, pay taxes for which the Government has a.
lien, are, in equity, entitled by subrogations to the same preference
in the distribution of the bankrupt estate which the Government
would have had but for the payment.
RECEIVERSHIP
Liberty Mutual Insurance Co. Y. Johnson Shipyards Corporation.—
United States District Court for the Southern District of New York
(unreported to'date; T. D. 3627).
Where receivers are appointed in an ordinary conservation suit in
equity, the United States is entitled to priority in the payment of
taxes independentl}?- of sections 3466 and 3467 of the Revised Statutes.
Taxes are civil obligations, not personal conventions, and t h e
United States possesses the common-law right to priority of payment
as an attribute of sovereignty.
Exceptions to the report of the special master sustained. Equitable Trust Co. V. Connecticut Brass, etc., Co. (290 Fed. 712), held
not applicable.
Stover V. Scotch Hills Coal Co.—United States District Court for
the Western District of Pennsylvania (4 Fed. (2d) 748; T. D. 3666).
In a receivership proceeding, the claim of the United States for
unpaid taxes takes priority over a claim for taxes due a State.
United States v. Fisher (2 Cr. 358), and United States v. San J u a n
County (280 Fed. 120; T. D. 3298) followed.
COMMISSIONER OF INTERNAL REVENUE
895
Liberty Mutual Insurance Co. v. Johnson Shipyards Corporation.—•
United States Circuit Court of Appeals for the Second Circuit
(unreported to date; T. D. 3712).
Taxes due to the United States are not debts and are entitled to
priority of payment in an equity receivership over unsecured claims
and claims of general creditors as a prerogative right of the sovereign.
RECTIFIERS^ TAX
Fleischmann Manufacturing Co. v. Irwin, Collector.—United
States Circuit Court of Appeals for the Second Circuit (unreported
to date; T. D. 3675.)
The filtration of gin, subsequent to its original and completed
production, by forcing it through a Karl Kief er filter, thus removing
a cloudy condition of the liquid, which resulted from its reduction
in proof, is rectification within the meaning of, and subject to the
tax levied by, section 304 of the revenue act of 1917.
The proviso of section 304 of the revenue act of 1917 does not
exempt from tax a subsequent rectification of gin by filtraction. The
rectifier's tax imposed in section 304 avoided the inequality that
would arise from exempting one who incidentally rectified during
original and continuous distillation and taxing one who purchased
pure spirits and redistilled over aromatics.
When both parties ask the court to instruct a verdict, both affirm
that there is no disputed question of fact, and the parties are concluded by the finding made by the trial court. The facts having been
submitted to the court, the appellate court is limited in reviewing its
action to consideration of the correctness of the finding on the law,
and must affirm if there is any evidence to support the finding.
The decision of the District,Court (293 Fed. 267; T. D. 3502)
affirmed.
SALES TAX-
Martin Roclcing Fifth Wheel Co. v. United States.-^Couvt of Claims
of United States (unreported to date; T. D. 3716).
The word " p a r t s " as used in paragraph (3) of section. 900 of the
revenue act of 1918 must be presumed to have been used in the plain,
every-day, generally understood meaning of the word, and to refer
to such " p a r t s " as break and wear out and are replaced by a new one
at a service station.
The so-called "semitrailer," which is attached to the drawing
vehicle by means of a fifth wheel, is not taxable as a "part'^ of an
automobile within the ordinary, usual, and commonly accepted
meaning of the word.
STAMP TAXES
H. F. Trusler v. Noah Croolcs, Collector.—Distvict Court of United
States for the Western Division of the Western District of Missouri
(300 Fed. 996; T. D. 3628).
The power of Congress to levy and collect taxes, duties, imposts,
and excises is beyond question, and the judiciary can place no restraint
on this power, even though the taxes imposed may be onerous, burdensome, and prohibitive.
The tax laid in section 3 of the future trading act of August 24,
1921 (42 Stat L. 187), is not a penalty; it is not an endeavor to regu
896
REPORT ON T H E FINANCES
late business within State control; it meets the requirement of
uniformity; and it is the exercise of a power clearly conferred upon
Congress by the Constitution. ^
'
The Supreme Court, in Hill v. Wallace (259 U. S. 44; T. D. 3345)-,
held that Congress endeavored, in the future trading act, to regulate
business clearly within State control, and to enforce such regulation
b y imposing a tax in section 4, which was so interwoven with the
regulatory provisions as to give it the aspect of a penalty for failure
to observe such regulations, while section 3 imposes a tax without
regard to regulation.
Lederer, uollector v. Fidelity Trust Co.—Supreme Court of United
States (267 U. S. 17; T. D. 3674).
Car-trust certificates on the so-called Philadelphia plan are "corporate securities" and subject to payment of the stamp tax on
bonds of indebtedness imposed by section 1100, Schedule A, of the
revenue act of 1918.
The decision of the United States District Court for the Eastern
District of Pennsylvania (T. D. 3417) affirmed.
Provost Brothers < Co. v. United States.—Court of Claims of
&
United States (unreported to date; T. D. 3678).
In a short sale the vital and moving motive for the transfer of
stock from the lending to the borrowing broker, and vice versa, is
to enable the one borrowing the stock to complete a sale of the identical kind of stock borrowed by transferring the title of the stock
borrowed to the purchaser.
The stamp" tax is on the instrument itself, and the transfer of a
certificate of stock from the lending to the borrowing broker in a
short sale vests in the latter complete legal title to the certificate,
which renders the transfer subject teethe stamp tax imposed by
paragraph 4 of Schedule A, Title VIII, of the revenue act of 1917
and Title X I of the revenue act of 1918.
Borrowing stock to consummate a short sale thereof does not fall
within the exemption of the first proviso of paragraph 4 of Schedule
A, Title VIII, of the revenue act of 1917 and Title X I of the revenue
act of 1918.
Where Congress with full knowledge of the departmental construction of the revenue act of 1917, and aware of an insistence for a
change, not only declined to make the change, but in the revenue
act of 1918 reenacted the statute, the effect is a congressional adoption of the departmental construction.
The insertion in the revenue act of 1921 of a provision specifically
exempting from tax borrowing and lending stocks did not evince an
intention to reject the departmental construction of the earlier
statutes.
The Cuba Railroad Co. v. United States.—Court of Claims of the
United States (unreported to date; T. D. 3679).
Schedule A-2, Title XI, revenue act of 1921, does not tax an
exchange of no-par-value common stock for outstanding par-value
common stock when such exchange is effected without any capital
being paid in or any addition to the capital account of the corporation.
Schedule A-2, Title X I , revenue act of 1921, taxes only original
issues of certificates of capital stock; and the exchange of certificates
of one kind of stock for certificates of another kind of stock, without
COMMISSIONER OF INTERNAL REVENUE
897
change in the corporation's capital or its property, is not an original
issue within the meaning of the statute.
The Bailey Go. v. Routzahn, Collector.—Xfmied States District
Court for the Northern District of Ohio (unreported to date; T. D.
3680).
Schedule A-3, Title X I , revenue act of 1918, does not tax an
exchange of no-par-value common stock for outstanding par-value
common and preferred stock, where such exchange is effected without
the capital of the corporation being increased either by contributions
from the outside or by corporate surplus being transferred to capital
account, as in the case of stock dividends.
Schedule A-3, Title X I , revenue act of 1918, taxes only "original"
issues of certificates of capital stock and not " n e w " issues of certificates of capital stock exchanged for outstanding certificates of
original issue, where the transaction results in no addition to the
capital account of the corporation.
Cleveland Provision Co. v. Weiss, Collector, and five other cases
involving the same question.—United States District Court for the
Northern District of Ohio (4 Fed. (2d) 408; T. D. 3681).
Schedule A-3, Title X I , revenue act of 1918, and Schedule A-2,
Title X I , revenue act of 1921, do not tax exchanges of no-par-value
stock for outstanding par-value stock, where such exchanges are
effected without the capital of the corporation being increased either
by contributions from the outside or by corporate surplus being transferred to capital account, as in the case, of stock dividends.
Schedule A-3, Title X I , revenue act of 1918, and Schedule A-2,
Title XI, revenue act of 1921, tax only original issues of certificates
of capital stock, and not " n e w " issues of certificates of capital stock
exchanged for outstanding certificates of original issue, where the
transaction results in no addition to the capital account of the
corporation.
The phrase "whether on organization or reorganization," used in
Schedule A of the revenue acts of 1918 and 1921, means "whether on
organization or reorganization," or not, and does not limit the operation of the statute to occasions of organizations and reorganizations.
The statutes apply to all original issues of certificates of capital
stock. (Following American Laundry Machinery Co. (Inc.) v.
Dean, 282 Fed. 620.)
Goodyear Tire and Rubber Co. v. UnitedStates.—Court of Claims of
the United States (unreported to date; T. D. 3697).
Under section 1100, Schedule A-4 of the revenue act of 1918, the
provisions of which are also contained in the revenue act of 1921,
the rate of tax on the transfer of shares of capital stock is to be
determined by reference to the face of the certificate and is not
controlled by the certificate of incorporation where there is conflict
between the two.
Where a corporation had outstanding shares of capital stock of
$100 par value each, and by amendment to its certificate of incorporation reduced the par value of such shares to $1 each without changing the face value of the certificates, the tax upon the transfer of
such certificates should be computed in accordance with the par
value as shown by the face of the certificates.
60501—FI 1925t
57
898
REPORT ON T H E FINANCES
TOBACCO TAX
United States v. P , Lorillard Co.—Supreme Court of United States
(45 Sup. Ct. Rep. 359; T. D. 3694).
The provisions of section 3386, Revised Statutes, providing for
an allowance of drawback on tobacco exported where the tax has
been paid by stamps aflSxed before removal from the place of manufacture, are applicable to the floor tax imposed by section 702 of
the revenue act of 1918, although that tax was not paid by stamps.
By enacting section 3386, Revised Statutes, Congress intended to
carry out the policy of the Constitution of not taxing exports, and
an allowance of drawback on tobacco exported should be made for
the floor tax paid pursuant to section 702 of the revenue act of
1918.
TRANSPORTATION TAX
Missouri Pacific Railroad Co. v. Hellmich, Collector.—United States
District Court for the Eastern Division of the Eastern District of
Missouri (unreported to date; T. D. 3713).
Telegraph messages transmitted by a telegraph company for a
railroad company in exchange for passenger and freight services
rendered by the railroad company are subject to the tax imposed
by subdivision (f) of section 500 of the revenue act of 1918 and
subdivision (a) of section 500 of the revenue act of 1921.
The words "commodity" and " m a t e r i a l " as used in subdivision
(c) of section 501 of the revenue act of 1918 include goods, wares,
merchandise, or freight, commonly so called, and the provisions of
subdivision (c) do not exempt from tax telegraph messages transmitted under a contract for mutual exchange of services.
INDEX
A..
Page
Abstract, reports on national-bank earnings, expenses, etc
742
Academy, Coast Guard
^
420
Acceptance, United States bonds and notes as security in lieu of sureties
dn penal bonds
328
Acceptances, bankers'
37
^Accounts:
Alien Property .Custodian
"
388
Checking, of Government agencies, etc
105
Depositary, analyses of
433
District of Columbia revenue and expense
388
Government corporations, of
105
Loan, maintenance of
426
Registered
212
Stores
_
•
446
Treasurer's and security, regionciliation shown between
227
Accounts and collections unit, Internal Revenue Bureau
848
Ad valorem customs duties collected
504, 508
Adjusted service certificate fund:
Condensed statement covering
390
Preliminary statement, expenditures, 1925
147
Receipts and expenditures; actual, 1924, 1925, estimated, 1926, 1927_
142
Special certificates, etc., issued to
33
Statement by Secretary regarding
118
Adjusted service series. Treasury notes
33, 144
Administration:
Internal-revenue laws
*
376, 830
Tariff act, 1922.
87, 394
Admissions, revenue from tax on:
Comparative statement
.:_
376
Total collections, 1918-1925
._
501
Adulterated butter, revenue from
376, 846
Advertising, department, cost of
437
Africa, production of gold and silver in
635
Agencies, Government, checking accounts of
:
105
Agents practicing before Treasur}^ Department:
Enrollment of
339
Statement regarding
136
Agreements, debt-funding, with—
Belgium
_.
_..
56,288
Czechoslovakia:302
Esthonia
309
Italye
-_-_
319
Latvia
:
296
Lithuania
268
Poland
_-_276
Agricultural credit corporations:
History and accomplishments of
__'
813
Rediscounts made through
^
92
Agriculture, Department of, expenditures
18, 19, 142, 145, 157, 468
Alaska:
Assets and liabilities of all reporting banks in
789
Relief funds
--.
.__ 151, 156
899
900
INDEX
Alcohol:
DenaturedIndustrial
Alcoholic beverages, etc., revenue from
Alien Property Custodian:
Account
Expenditures
Alien property funds
'
Aliens, medical inspection of
;
Alleged duplication of public debt
'
Amendments, Customs Regulations
American Relief Administration, obligations, received from
Amount:
Money per capita in circulation.Surplus revenue
Analysis, public-debt retirements, as to sources, etc
Anchorage and movements of Coast Guard vessels
Appropriations:
Actual 1926, compared with estimated 1927
Coast Guard
.
Fiscal years 1885-1925; expenditures, etc
Fiscal years 1.91^1926
____:
Mint Service; expenses, income, balances and
Printing and binding
,
Public Health Service
Stationery, for Government service
Appropriations, expenses, and balances, 1925; Mint Service.-..
Architect, Supervising. (See Supervising Architect.)
Arlington Memorial Bridge, expenditures for
Armenian indebtedness to United States:
^
Obligations held by United States
.
Total amount
.
Gold used in
Silver used in
Asia, production of gold and silver
Assay Commission, annual test of coins
Assay department, mint, operations of
Assay offices:
Minor, operations of
New York—
Deposits, income, expenses, and employees
Employees, by departments
'.
Seattle, gold receipts since 1898...
Assays made by mints
Assets:
All reporting banks
Leading foreign banks of issue
National-bank _.^
Assets and liabilities:
All banks including Federal reserve
All reporting banks in United States and possessions
Federal intermediate credit-bank
^•.__
Federal land-bank
Federal reserve-bank
Joint stock land-bank
^
Assets of the Treasury:
Available June 30, 1924 and 1925
Distribution of, June 30, 1925
Mints and assay offices, holdings of, Jun^ 30, 1925. ..,
Monthly statement of
Treasury offices, holdings of, June 30, 1925
Assistant Secretaries of the Treasury:
Supervision of oflSces, etc., by
Terms of service
•
Assistants to the Secretary of the Treasury
Page
864
862
376, 496
388
156, 388
142, 145, 388
407
96, 342, 345
- 395
260, 265
514
6, 466
.
466
415
-
167
41^
480
478
374, 576
436
411
441
374, 576
.
..
156
- 260, 265
49
73, 374, 576
374,576
_...
635
107, 591
580
.
588
.
.
577
588
589
.589
369
826
369, 700
.
-_..
i
_.
800
788
813
810
764
811
550
549
549
552
549
325
xviii
xviii
INDEX
Associations:
Building and loan, in United States
Clearing house
Cooperative marketing
'
Attorneys, etc., practicing before Treasury Department
Audit of returns, income and profits tax
Australia, production of gold and silver in
Austrian indebtedness to United States:
Repayment postponed
Status, November 15, 1925
!...,_-Authorized issues of the public debt
.:__.
Average interest rate on public debt, 1919-1925
Awards:
Compensation to informers in customs cases
Medals, life-saving
901
.
^^^e
808
^771
92
136,' 339
81, 83, 377
._.
635
-^
55
49,265
448
28
..
396
423
B
Balance in general fund
139, 140, 385, 386, 467, 476, 477
Ba-lance in the Treasury:
Amount
526
Available June 30, 1924 and 1925
550
Distribution, June 30, 1925
551
Monthly statement
552
Balances *
Federal Reserve Board, to credit of
140, 360, 476
Unencumbered, Supervising Architect's Office
402
Unexpended, 1885-1925
480
Balances, receipts, and disbursements of gold bullion
579
Bank notes:
Federal reserve. {See Federal reserve bank notes.)
National. {See National-bank notes.)
State, stock, 1860-1878
.
512
Bankers' acceptances
37
Banking power of the United States
804
Banks:
All reporting—
Assets and liabilities of
788, 800
Cash i n - - - .
.
.
801
Combined returns from
798
Condition
784
Individual deposits in
799
Number, capital, assets
^-__
369
Other than Federal reserve, resources and liabilities of
800
Other than national; resources and liabilities
786
Per capita individual and savings deposits in
738
Resources and liabilities
368
Assets and liabilities of all, including Federal reserve
368, 800
District of Columbia, in
805
Federal land. {See Federal land banks.)
Federal reserve. (See Federal reserve banks.)
Federal reserve member, loans and investments
39
Intermediate credit. (See Federal intermediate credit banks.)
Issue—
Foreign, resources of leading
826
National
706
Land, Federal and joint-stock. {See Federal land banks; Joint-stock
land banks.)
Loan and trust companies; increase in number arid resources
773
Mutual and stock savings, deposits, etc., in
-.
779, 782
Mutual savings—
Condition, 1925
777
Deposits, average deposit account, etc
780
Deposits, etc., in stock savings and
779, 782
National. (/See National banks.)
Number with semiannual duty levied, e t c . . .
-_
561
902
INDEX
Banks—Continued.
Other than national—
Page
Failures, 1925
702
Private
782
Resources and liabilities
.
367
State (commercial)
.
771, 772
Resources and liabilities—
National-bank. {See National banks.; resources and liabilities.)
Other than Federal reserve
800 •
Other than national
.....
367, 784
Principal, of all banks other than national._ _.
786
States, insular possessions, and Alaska, in
787
Savings, in principal world countries
^
823
School savings
822
Stock savings—
Changes in
.
.
775
Deposits, etc., in mutual and
:
779, 782
Deposits, depositors, etc., in
781
Banks and bankers, revenue from tax on
496
Bars:
Comrhercial and certificate, manufactured by mint
585
Gold, exchanged for coin and bullion
_.
578
Bearer bonds. Treasury
249
Bearer form. Government securities in redeemed, etc
648, 650, 658-664
Belgium:
Agreement for funding debt of
56, 288
Indebtedness to United States
.
49, 260, 265
Payments on principal and interest of debt
50, 266, 267
Press statements on funding debt of
284, 286
Beverages, revenue from tax on:
Alcoholic and distilled .spirits
376,496,877
Cereal
863
Nonalcoholic
._-_
...
499,878
Bills payable, national-bank liabilities on account of
_._
718
Binding. {See Printing and binding.)
Boards:
Library of Congress trust fund
124
Personnel Classification
133, 324
Railroad Labor
156
Tax Appeals
355
Boise assay office:
Deposits, income, expenses, employees
577
Employees, by departments
-__
.
588
Operations
1
588
Bond transactions, United States, circulation
703
Bonds:
Bearer, Treasury
.
249
Checks for interest on, issued during year
.
562, 564
Coupon, outstanding June 30, 1925
186
Deposited to secure circulation
.
705
Domestic and foreign, owned by national banks
731
Eligible as security for national-bank circulation
702
Farm loan, owned by Government
•.
.
99, 264, 388
Government, security for bank circulation
704
Interest on, paid during year
524, 564
Liberty. {See Liberty bonds.)
National-bank investments in
726-735, 752
National banks, held in trust for
527
Owned by United States; OSee Securities, owned by United States.)
Panama Canal
572
Penal, acceptance of United States securities as security on
328
Postal Savings
'
532
Pre-war. (^ee Pre-war bonds.)
Receipts and disbursements on account of
523
Redemption of 4 per cent loan of 1925
524
Registered interest-bearing outstanding, etc., classified
212
INDEX
903
Bonds—Continued.
Retired, classified—
^*^se
Fiscal year 1925
181
Fiscal years 1918-1925
4.63
StateOwned by United States
389
Treasurer's custody, held in
530
State and city, held as security
529
Surety
J
125
Treasury; 1944-1954. {See Treasury bonds, 1944-1954.)
United States. (*See Securities, United States.)
Withdrawn as security for circulation
532, 703
Yield on----.
41
Bookkeeping and Warrants:
Abstract of report
..385
Alien Property Custodian's account
388
Chinese indemnitj^
.
390
Civil service retirement, etc., fund, transactions in
389
District of Columbia, account in
388
Federal farm loan bonds held in
388
General fund figures adjusted to daily Treasury statements
385
Receipts and expenditures, summary of
385
State bonds, etc., owned by United States
389
Warrants issued, 1925
387
Branches:
Federal reserve banks with
559
National-bank
708
Brief description of:
Certificates of indebtedness
240
Liberty bonds
. 238
Treasury bonds
_-.
238
Treasury notes
240
War savings certificates
240
Budget and improvement committee
..•128
Budget, Bureau of, expenditures.
-_160
Building and loan associations in:
District of Columbia
^-807
United States
2
--_._
808
Buildings, public:
Classification
;
403
Operations by Supervising Architect's Office
117, 401
Pressing need for
^
114
Program recommended by Supervising Architect
114
Bullion:
Deposits and purchases
-577
Gains and losses
582, 586
GoldExchanged for gold coin
578
Purchases by Mint Service
106
Receipts, disbursements, and balances
579
Stock in mints, reserve banks, etc
:
373, 575
Surplus recovered at mints
582
Treasury, holdings, June 30, 1924, 1925
_,
550
Mints and assay oflSces, in and held by
549, 614
Proof (1.000
fine)
581
Receipts at mints and assay offices
371, 574
Silver—
Purchases by Mint Service..
107, 371, 574
Stock in mints, reserve banks, etc
373, 576
Stock in United States
.-.
373, 575
Bullion fund, composition and distribution
549
Bureau of Engraving and Printing. (iS'ee Engraving and Printing, Bureau of.)
Bureau of Supply. {See Supply, Bureau of.)
Bureau of the Mint. {See Mint Service.)
904
INDEX
Bureaus and divisions, abstracts from reports of:
Bookkeeping and Warrants
Coast Guard
Comptroller of the Currency.
.
Customs Service
.
Customs Special Agency Service
.
Deposits
.
1
1.
Director of the Mint
..
Disbursing clerk
Engraving and Printing
.
_.
Internal Revenue
Loans and Currency
L
Paper Custody
•
Printing
^
Public Health Service
Register of the Treasury
1
Secret Service
Supervising Architect.
Supply
Treasurer, United States
Bureaus, independent; expenditures by
Business conditions:
Reflected in banking conditions
1
Review of
Summarized
Butter, adulterated, etc., revenue from
i*age
385
:
412
362
393
397
433
370
438
390
375
425
.
429
436
403
429
435
400
438
359
142, 145, 156, 468
695
1
36
376, 846
Call loans, rate on
37
Canceled securities received by register
640, 648-657
Capital stock:
National-bank—
Amount, and classification of banks b}^
, 752
Authorized and paid-in
^.i.
702, 704
Changes in; bank liquidations, etc
..
.
363
Owned by United States
.
99, 261
Capital-stock tax:
Condensed report on
378
Receipts from
376, 378, 501
Cards, playing
498, 847, 877
Carriers. {See Railroads.).
Carson Mint:
Deposits, expenses, income, and employees
577
Employee^, by departments
.
588
Operations
588
Cases, internal-revenue, handled in law courts
875, 884
Cash advances under Liberty-loan acts, foreign obligations representing..
265
Cash expenditures of Government, 1917-1925.
468
Cash in all reporting banks
-.
.— 801
Cereal beverages
863
Certificates:
Gold. {See Gold certificates.)
Refunding
...^..
.
559
Silver
428
Certificates of indebtedness:
Adjusted service series
118
Brief description
240
Delivered by Bureau of Engraving, etc
.__
224
Income and profits taxes payable in
241, 253, 254
Interest-bearing, transactions in
206, 236
Issued, 1925
180
Issued, retired, outstanding
170
Issued through Treasury Department and each Federal reserve bank.
210
Loan and tax; diagram showing reduction by Government, 1920-1925
45
Maturities within five years
29
INDEX
,
905
Certificates of indebtedness—Continued.
Offering issues dated—
^^se
June 15, 1925, series TJ-1926—---__.
...._.
1 33, 252
March 16, 1925, series TD-1925
...
32,251
September 15, 1925, series TJ2-1926
33, 254
On hand, 1924, 1925, i n Federal reserve banks
. . 195, 196
Loans and Currency Division
190, 192
Operations in, 1925
32
Outstanding—
June 30, 1925, by issues, etc
188
Matured, 1925..
.
.
.
185
Monthly, 1917-1925.
.
458
October 31, 1925
.
34,175
Unmatured
.
.
...
.
34, 188
Retirements, classified
.
182, 463
Three and one-quarter per cent, series TJ2-1926
254
Three per cent—
Series TD-1925.
251
Series T J - 1 9 2 6 - . - .
.
252
Transactions in
32, 199, 206, 217, 219, 228, 230, 236
Unmatured, outstanding, October 31, 1925
34, 188
. Yields on
41, 43
Changes in—
Demand and time deposits, national-bank
726
District of Columbia funded loan, 1925
213
General fund
.
386
Loans and discounts, national-bank
726
National-bank stock
363
Philippine loan's, 1925
213
Porto Rican loans
..
213
Securities owned by United States
99
Short-dated debt, 1919-1925
,
27
Tax system, in
10
Treasur}^ Department personnel
132
Checking accounts of Government agencies, etc. ._105
Checks and warrants; amounts outstanding
526, 549
Chief Clerk, Treasury Department, to handle classification and efficiency
matters
324
Chinese indemnity
390
Circular letter No. 144—Printing and forms committee appointed
339
Circulars, department:
154. Acceptance of United States bonds and notes as security in lieu
of suret}^ or sureties on penal bonds (revised)_-^
328
225. Receipt of Liberty bonds, Treasury bonds, and Treasury notes
for estate or inheritance taxes
242
244. Supervision of bureaus and offices of the Treasury Department
and divisions of the office of the Secretary of the Treasury by
the Undersecretary of the Treasury and the Assistant Secretaries of the Treasury
325
308. Redemption of war-savings certificates, series of 1918
255
330. Redemption of war-savings certificates, series of 1919
256
349. Offering Treasury bonds, 1944-1954, dated December 15, 1924.
243
351. Termination of conversion privilege—4 per cent Liberty bonds250
'
352. Offering Treasury bonds—bearer bonds in the denomination of
$100,000
___. 249
353. Offering certificates of indebtedness, dated March 16, 1925
251
354. Offering Treasury bonds, 1944-1954, additional issue, dated December 15, 1924
245
356. Chief Clerk, Treasury Department, designated to handle classification and efficiency matters.
324
358. Disposition of useless papers
.
340
359. Offering certificates of indebtedness, dated June 15, 1925
252
360. Offering certificates of indebtedness, dated September 15, 1925254
Circulation:
Amount of United States money in
514
Amount per capita
514
60501—FI 1925t
58
906
.
INDEX
Circulation—Continued.
I'age
Bonds deposited to secure
,
704
Federal reserve b a n k notes in, 1925
^
428
Federal reserve notes
_.
.
428
Gold certificates in
_.
75, 428
Gold coin
.
75
National-bank—
Bonds deposited a n d withdrawn with increase and decrease of. _
704
Outstanding
.
.
702
Profit on
706
Taxon_.__
151
National-bank a n d F e d e r a l reserve bank, redemption
705
National-bank notes in
428
S t a n d a r d silver dollars. -.
428
Tax on national-bank
151
T o t a l money in, a n d ratio of gold to
75
Treasury notes of 1890
_..._._.
428
United States notes (greenbacks)
.
428
Circulation privilegfe, United States bonds, etc., bearing
35
Circulation s t a t e m e n t
428, 803
Civil Service Commission, expenditures^
156
Civil service employees; retirement
134
Civil service retirement and disability fund:
Expenses, actual, 1924, 1925; estimated, 1926, 1927
.
143
I n v e s t m e n t s , current expenses
:
158
Operations, 1925
...
122
Preliminary s t a t e m e n t , expenditures, 1925
146
Receipts, 1924, 1925, compared
153
S t a t e m e n t in full regarding
389
Transactions in
.
'.389
Claimants, attorneys and agents representing
.
. 136, 339
Claims:
Bonds, lost, destroyed, etc.^ for.^
L
- - - , ' 426
Contractors' and o t h e r s ' _ .
.
402
Interest-bearing security
426
Internal-re venue refund paid by disbursing clerk
438
Treasury (war) savings securities, on account of
426
Classification and efficiency m a t t e r s , handling of
324
Classification; personnel
133
Clearing house associations in reserve cities, etc
771
Clearing house. New York
1
,.
771
Club dues, revenue from
.
501, 878
Coast G u a r d :
Abstract of report
412
Active stations
425
Activities summarized
87
Anchorage and movements of vessels
415
Appropriations and expenditures
412
Award of life-saving medals
88, 423
Coastal communications
415
Cruises
414
Enforcement of customs and other laws
.
87, 88, 422
Floating equipment
424
Ice patrol
.
.
88,413
Ordnance .
^
417
Personnel—
Active list of
423
Spirit of
•
.
425
Principal operations of
412
Recruiting
;
419
Regattas
.:
.
415
Removal of derelicts
-—
415
Repair depot
421
Repairs and improvements to vessels and stations
421
Review of accomplishments, requirements, etc
87
Shore bases
425
Welfare
418
INDEX
907
Page
Coast Guard Academy..
-_
420
Coastal communications.
._
-^
415
Coin:
Deposits at mints, etc., since 1873
^
^
-_
599
Domestic, stock in United States
--i
373
Gold. {See Gold coin.) .
Percentage produced from metal worked
585
Subsidiary silver, stock, 1860-1925
512, 513
Coin and bullion:
Ratio to total money
512, 513
Stock in United States...73, 373, 428, 512, 513, 614, 616
Coinage of nations
625
Coinage of the United States:
Authority; changes in weight and fineness; amounts
600
Condensed statement, output of mints, 1925
371
Domestic, value of
106
Fiscalyear 1925
.-..573,577
Foreign, executed by mints
106, 371, 578
GoldDenominations and calendar years, by, since 1793--.
606
Total value of amount minted
371
Unusual volume of
106
Gold, silver, minor, total by calendar years since 1793
612
Minor—
Denominations and calendar years by, since 1793,
610
Issued, melted, and outstanding
580
Mints and denominations, by—
Past 10 years
1
604
Since 1793
603
Review of
.
573
Silver—
Condensed statement of mint output
106
Standard dollars coined
106, 371
Value of dollars and subsidiary coin executed
371
Standard silver dollars
106, 371
Coining department operations. Mint Service
,.-•
581
Coining value of gold and silver received at mints, etc.
375
Coins:
Commemorative medals and
106, 372, 574
Foreign, values of
622
Pyx
.
107,591
Silver and minor, seigniorage on
374
Special issue
106, 574
Stock of silver, 1925
.
373
Collection districts, receipts by:
Customs
510
Internal revenue
878
Collections:
Ad valorem customs duties
.
504, 508
Club dues, revenue from
501, 878
Customs
_
P 6 , 510
Income tax
877
National-bank assets, from
700
Tax and taxrpenalty, under prohibition l a w . .
854
Commemorative coins and medals
106, 372, 574
Coinmerce, Department of; expenditures
19, 142, 145, 158, 468
Commercial and certificate bars manufactured
585
Commercial ratio of silver to gold since 1687
^
621
Commercial (State) banks
771,772
Commissioner of Internal Revenue, report by
829
Commissions, expenditures
142, 145, 156, 468
Committee, budget and improvement
128
Companies:
Loan and trust.
.
774
Surety
.
125
Compensation to informers, awards of
.
.
396
908
INDEX
Page
Composition of the public debt
.
27
Compound-interest notes, issued, redeemed, and outstanding
558
Comptroller of the Currency:
Abstract of report
362
Legislation recommended by
695
Report
.
695
Report on Federal reserve system
.
763
Condition:
Banks—
All reporting, other than national
784
Mutual savings
778
National—
Date of each report during year
.
713
Fiscal year 1925
365
Insolvent
701
September 28, 1925
-_
714
Private
783
State (commercial)
772
Stock savings
776
Busiiiess in general
.
695
Loan and trust companies.
774
Public finances. Treasury statement on
346
Treasury—
Fiscal years 1923, 1924, 1925
476
June 30, 1925
.
.
137
Conferences, customs officers
•
394
Consumers' and dealers' sales, taxes on
379, 498
Contractors, etc., claims of
402
Controlling accounts, security-paper transactions
79
Conversion privilege. Liberty bonds; termination
. - 35, 250
Conversions:
Currency
.
395
Liberty bonds and Victory notes, 1917-1925
209
Convictions for banking law violations, 1925
759
Cooperative marketing associations:
Aided by War Finance Corporation
94
Loans from intermediate credit banks
92
Copper purchased for minor coinage
'
580
Corporation capital-stock tax, receipts from
376, 378, 501
Corporations, Government. {See Government corporations.).
Cost:
Administering internal-revenue laws
376, 830
Department advertising
437
Counterfeiting cases handled by Secret Service
435
Countries:
Coinage by United States for other
106, 371, 578
Coinage of
625
Monetary stock in principal
809
Coupon bonds outstanding, June 30, 1925
186
Coupons paid during year
525, 563
Court decisions in internal-revenue cases
•_.. _ 884
Credit, canceled securities received by register for
640
Credit situation:
Domestic, summarized
..-37
Healthy condition of-_
, 1
Treasury financing and
•--_
36
Cruises, Coast Guard
414
Cuban debt fo United States:
Interest payments.
>
267
Principal, payments on
266
Status of
49
Cumulative sinking fund. {See Sinking fund, cumulative.)
Currency:
Fractional
1
512, 558
New designs for77, 575
Paper. {See Paper currency.)
INDEX
909
Currency board, establishment of
76
Currency bureau, expenses of
_ 827
Currency conversions
i ,
395
Customs:
Ad valorem duties collected
504, 508
Collections
510, 519
Expense of collecting
.
510
General statement regarding
86
Receipts—
Actual 1924r-25, compared with estimated, 1926-27
141
Aggregate amount
-'. —
.____
7
April 6, 1917-October 31, 1925
472
Districts, collections by, 1925
510
Estimated, 1926, 1927
141, 164, 166
Fiscal years 1791-1925
482
Fiscal years 1867-1924.
508
Increase in
86, 150, 396
Increase, 1925 over 1924
^
519
Customs and other laws, enforcement by Coast Guard
87, 88, 422
Customs duties collected, 1890-1924
.
.......
504
Customs information exchange
.
398
Customs offices, internal revenue collected through
376, 500, 502, 87S
Customs Regulations amended
__.
395
Customs Service:
Abstract of report
.
393
Activities summarized
86
• Conferences of officers
^__.
394
Currency conversions
.
395
Drawback, work in connection with, doubled.
394
Internal revenue collected through offices of
376, 500, 502, 878
Mail importations
306
Registration of trade-marks
395
Storage-manipulation warehouses
394
Transactions, statistical table of
396
Use, forfeited vessels and vehicles
.
393
Customs Special Agency Service:
Abstract of report
^
397
Increase in activities
397
Customs statistics, by districts
^
510
Czechoslovakia:
Agreement for funding debt of__
'.
302
Debt to United States
1
49, 260, 265
Interest payments by
267
Statement to press on funding debt of
..
302
Status of debt to United States
49, 58, 265
D
Date:
Redeemable or payable. United States securities
448
Redemption or payment, each issue of public debt
173, 448
Deadwood assay office:
Deposits, expenses, income, and employees
577
Employees, by departments
.
58S
Operations
<58S
Debt:
Short-dated
.
27
United States. {See Public debt.)
Debt payments, influence on market
•.
44
Debt retirement and taxes
..!
24
Debt settlements, foreign. {See World War Foreign Debt Commission.)
Debt, United States. {See Public debt.)
Debts, foreign. '{See Obligations of foreign governments.)
Decrease in internal revenue receipts
.
^_
37^
Deficiencies, postal
..
. . 142, 487
Demand and time deposits
^__
72^
Denatured alcohol
...
864
910
INDEX
Denominations:
^'^so
Liberty bonds and Victory notes classified by
187, 461
Paper currency; average value
535
Denver Mint:
Coinage
"
577
Deposits, income, expenses, and employees
577
Employees, by departments
^
588
Department advertising, cost of
^
*
437
Departments, Government, expenditures, diagram showing
18, 19
Deposit liabilities of national banks
.
715
Depositaries:
Distribution of public inoneys in
361, 433
Federal land bank—
Amount to Treasurer's credit in
.
476
Number
433
Federal reserve b a n k Amount of general fund in
137, 476
Inclusion in system
96
Number
..
433
Foreign
138, 434, 476
Governm(int funds in, general statement covering
96
Insular. .
434
Interest collected from
._
99, 323, 324
Interest paid on deposits held by
538
National-bank—
Bonds held for by Treasurer
.
528
General
433
General fund, in
138, 476
• Limited
..
434
Number and amount of deposists
560
Public moneys held by
526, 533
Number maintained by Treasury
433, 561
Porto Rico
434
Postal savings; deposits safe-guarded
.,_.
361
Public moneys in
._ 361, 433
Special—
Amount of general fund in
^
_. 137,476
Changes in
.
.
._.
434
Interest on deposits in collected by Federal reserve banks, 1925. _ _ 324
National-bank and other
434
Total balances in
.560
Depositors and deposits, savings, in national banks.
.
.
736
Deposits:
Amount in Government depositaries
^..._
433
Demand and time, held by national banks. .
.:
726
Gold and silver, mint institutions
._
L.
375, 577, 594
Government funds
.
137, 433, 476
Government, interest collected on
323, 324
Individual, in all reporting banks
•..
738, 799
Interest on—
Government
.,
i
----'
323
National-bank and special 'depositaries, in
324, 538
National banks
.
.
. 366, 736
Per capita individual and savings in all reporting banks
-738
Postal savings
-_
817
Public moneys in designated depositaries
361
Savings, in national banks
..^
736
Deposits and purchases at mints; etc.:
Gold
....
..
.
594
Silver
-____.:
596
Deposits at mints, etc., since 1873:
Gold
:
--.__
598
Silver
_---.
.
._:
.
599
Deposits, Division of:
Abstract of report
433
Depositaries, number maintained by Treasury
.
.
433
•
Deposits, amount of
433
INDEX
911
Pa.M:6
Deposits, earnings, expenditures, a n d employees, mint, by institutions
577
Derelicts, removal by Coast G u a r d . .
.
..
415
Designs, new currency:
Coin
575
Paper
_'
77
Diagrams:
Certificates of indebtedness, etc., a n d t o t a l interest-bearing debt
outstanding.
^
45
D e p a r t m e n t s , expenditures of
,
- . . . 18, 19
Expenditures
1
12
Interest on public debt, 1890-1925
.
.
13
Organization, Treasury D e p a r t m e n t
.
127
Pensions, expenditures for, 1870-1920
.__
17
Receipts, Government t a x
8-10
Yields and rates on securities
..
41, 43, 47
Dies manufactured; coinage
587
Director of t h e M i n t :
Abstract of report
.
370
Report by
573
Disabled World War v e t e r a n s .
. . . 12, 15, 142, 145, 156, 470
Disbursements. {See Expenditures.)
Disbursing clerk; abstract of report
438
Disbursing officers, balances in Treasury
_._
520
Discount r a t e s :
'
.
Federal reserve b a n k and branch cities, in each
.
__^
767
Federal reserve banks
^^-766
Disposition of useless p a p e r s ; Circular 358
.
340
Disposition, receipts, balances of gold b u l l i o n . _ .
579
Distilled spirits:
Concentration
,
...
862
Produced, withdrawn, etc
..
;
._
863
Tax receipts f r o m .
376, 496,877
Distribution Government receipts by periods, 1791 to 1925
.
11
District of Columbia:
Banks in—
. Aggregate resources
^__
.
805
Classification
.
.
^
806
Earnings, expenses, dividends, b a n k s other t h a n national.....
806
Bonds a n d securities held for
..1
_..
,530,- 546
Building and loan associations in
._
.......
..
807
Expenditures
.
.
. . . 1 4 2 , 145, 157,388,468
F u n d e d loan; 1924—
, Changes in, 1 9 2 5 . _ - . - . _ _ - . _ - . . . . . , . . . . - : - . . . _ . . I . - . , .
.-.213
Retired, unissued, not affecting public debt
^
215
I n t e r e s t on bonds paid during year
.
562
Receipts._._._-.
.....
.._._..__.._.
..___.____ 153, 388
Revenue and expense account, Bookkeeping a n d W a r r a n t s , shown b y .
388
District of. Columbia teachers' retirement fund
121, 143, 146, 157
Districts:
Collections by—•
.,
.
-!
•
Customs
,.
.
_.
...^
510
I n t e r n a l revenue-..^.....
.
.
.--,
878
Customs statistics b y . _ .
..
.
510
Dividends:
National-bank
......i
. _ . - - . - - - : - . _ 700,740,742,751
Paid to creditors of insolvent national b a n k s
701
D o c u m e n t a r y s t a m p taxes . . . J
.
379, 498, 845, 877
Domestic branches of national banks
, .
..___.;
708
Domestic credit situation.,..
..i_-_
i
.---_--_ 1, 37
Domestic production of gold and silver
: 373, 576
Domestic quarantine
^^^
^
.L
-_:--__
405
Drawback, work of Customs Service doubled in connection w i t h . - .
-_
394
Dues, club, revenue from
-.J
- _ _ - - _ , _ _ . _ . . 501, 878
Duplication of public d e b t alleged
96, 342, 345
Duties, customs, collected, 1890-1925
r......
_ . . - _ 504, 508
912
INDEX
E
Earnings:
Page
Federal intermediate credit banks
.
92
Federal land banks
91
War Finance Corporation
94
Earnings, expenses, dividends:
,
Banks other than national in District of Columbia
806
National-bank
.
740, 750
Economy in expenditures
12
Efficiency, Bureau of; expenditures
._
156
Emergency Fleet Corporation
.
99, 261
Employees {see also Personnel):
Civil-service retirement
134
Internal Revenue Bureau
:.
384
Mint Service—
Department^ by each
588
Deposits, income, expenses, and
375, 577
Mint aind assay office, at each
375
Register's office
643
Treasury—
Changes in force
^
132
Classified
..
133,327
Former, practicing before department
...
._
136
Number in service at Washington
327
Number retired
.
134
Eniployees' Compensation Commission; expenditures
156
Enforcement:
Customs and other laws by Coast Guard
422
Prohibition and narcotic laws
.
j .
84
Engraving and I'rinting, Bureau of:
Abstract, report of director
1.
3 90
Accounting shown for securities delivered by
224
Activities summarized.
.
77
Appropriations and expenditures
161, 391
Brief review of transactions during year
77-79
Deliveries, ijacrease in
>
390
Expenditures, increase in
^_._
,
390
Operations, deliveries, expenses, employees
._
393
Output, classified
391
Printing program, paper currency
_.
^._
75
Engraving department. Mint Service
^
587
Enrollments of attorneys and agents..
.
.
339
Equipment,
floating
:
424
Equipment gold trust notes sold to Government. ____^
261
Estate or inheritance taxes:
Treasury's views on
351
United States bonds, etc., received for
^_ 239, 242
Estate tax:
Administration of
___.
:.
.
.
_—
378
Condensed report on
378
Public-debt retirements through receipts from_22, 143, 146, 223, 360, 466, 469
Receipts from
.
_. 376, 378, 497
Revenue from.
.
.
..-_._
._ 497, 877
State inheritance taxes, credit for.
.
.^_._^_-_
351
Esthonia:
Agreement f()r funding debt of...^
^
.
__._.
^. 309-314
. Indebtedness to United States-^^
Obligations comprising
.
. — ^.-._
.
__
260
Present status
..._...___..__..
. _ _ . . . . _ _ _ . 49, 265
Statement to press on funding debt of._.
^.....-^
__._
308
Estimates:
Appropriations, 1927
--^
^._-..
167
Franchise tax receipts, 1926, 1927
.
.....
164
Postal expenditures and deficiencies, 1926, 1927.= . = . . . ^ _ - _ _ . 142
Receipts—
Customfi, 1926, 1927
.._ 141, 164, 166
Fiscal years, 1926, 1927
.
...141
INDEX
913
Estimates—^Continued.
Receipts—Continued.
Page
Internal-revenue, 1926, 1927
164, 166
Total ordinary
..
. 141, 164, 166
Europe, production of gold and silver in
634
Examiners, national-bank
_.
..
753
Exchanged, converted, etc., securities, 1925179, 181, 183, 199, 200, 202, 203
Excise taxes (sales, consumers' dealers', on)
- _ _ - - 379, 498
Executive Office, expenditures
142, 145, 156, 468
Exhibits accompanying R e p o r t on t h e Finances
169
Expenditures:
Alien property custodian's
156, 388
Budget bureau
--160
Cash, 1917-1925
468
Chargeable against ordinary receipts
471
Civil Service Commission
•
156
Classified—
Fiscal year 1925; preliminary s t a t e m e n t
145
Fiscal years 1791-1925
486
Fiscal years 1920-1925
12
- Commerce, D e p a r t m e n t of.
19, 142, 145, 158, 468
Commissions, and independent bureaus
'_
142, 145, 156, 468
Comparative s t a t e m e n t of, 1924, 1925
519,520
Compared with appropriations, 1885-1925
480
D e p a r t m e n t s , etc., by
18, 19, 142, 156, 468
Diagrams showing trend of
12, 13, 16-19
Economy in
"
12
Engraving and Printing, Bureau of__
390
Estimated, 1926, 1927
.
.
...
142
Federal Board for Vocational Education
.
156
Federal Reserve BoJard
.
156
Federal Trade Commission
1
.
156
Fiscal years 1885-1925
.
480
General
13-15
General Accounting Office
156
Increase in, actual, estimated
.
20, 168
I n d e p e n d e n t bureaus, etc
..
142, 145, 156, 468
Indians, on account of
.
.:
486
Interest on public d e b t
.
142, 145, 470, 486, 520
Interior D e p a r t m e n t
19, 142, 145, 158, 468'
Justice, D e p a r t m e n t of
19,142,145,159,468
Labor, D e p a r t m e n t of
.
19, 142, 145, 159; 468
Legislative establishment
142, 145, 156, 468
Navy Department
.•
19, 142, 145, 159, 468, 486
Pensions for
17, 19, 486
Post Office D e p a r t m e n t
.
142, 145, 160, 468, 523
Postal Service—
Deficiencies, on account of
142, 487
Receipts a n d expenditures
....
494
Revenues from . .
.
. 480, 482
Preliminary s t a t e m e n t of m o n t h l y , 1925
145
Printing and binding
.
436, 437
Public debt. {See Public debt; expenditures.)
Public H e a l t h Service
411
Railroads
142, 145, 259
Receipts and. {See Receipts a n d expenditures.)
Reduction since 1920
..
7
Special
...
. - _ 13, 14
State, D e p a r t m e n t of
. . 19, 142, 145, 160, 468
Supervising Architect's office
402
Supply Bureau of
130, 439
Treasury D e p a r t m e n t
16, 19, 142, 145, 160, 468
Trend of
12
Veterans' Bureau
.
12, 15, 142, 145, 156,470
War Department
19, 142,145, 1 6 1 , 4 6 8 , 4 8 6
914
INDEX
Expenses:
Collecting customs duties, of
Currency Bureau...
Distributing minor coin
Mint Service—
Appropriations, income, and
Gross, by institutions
Summary of appropriations, income, and
National-bank
Exports:
Gold...
_.
Merchandise
Silver
.
..
.
.
P^se
• 510
_.
827
580
• 576
375
374
. . . 740,750
69, 70, 374, 527, 804
510, 804
._
804
F
Failures:
Banks other than national
702
National-bank. {See National-bank failures.)
Farm loan associations. {See National farm loan associations.)
Farm loan bonds. {See Federal farm loan bonds.)
Farm loan system
91
Farmers' seed-grain loans
"
95
Federal Board for Vocational Education._:
i
156
Federal control of railroads
259
Federal farm-loan bonds:
Owned by Government
.
99, 264, 388
Purchased and held by Secretary of Treasury
i
388
Federal farm loan system; activities summarized
91
Federal intermediate credit banks:
Brief review of operations, 1925
92
Capital stock owned by Government
99, 264
Consolidated statement of condition
.
813
Earnings
92
Franchise tax. {See Franchise tax, Federal reserve and Federal
intermediate credit banks.)
Interest and discount rates
93
Loans to marketing associations by
'
92
Purchase of capital stock
520
Rediscounts made through Agricultural credit corporations
92
Federal land banks:
Bonds owned by Government.
_.___
99, 264, 388
Brief review of operations, 1925,.
91
Capital stock owned by Government
91, 99, 264
Condition, 1925
.
810
Earnings of
_^
.
.
91
Government capital retired in
.
91
Public moneys in
.
.
433, 476
Federal reserve bank and national-bank circulation, redemption
705
Federal reserve bank and national-bank notes
465, 491
Federal reserve bank notes {see aZso National-bank and Federal reserve
bank notes):
.
Circulating, 1925
.
l....
428
Deposits; redemptions; balance
567
Held in Treasury and by Federal reserve banks
.
.
428
Redemption—
Expenses of
.
.
568
Fiscal year 1925.
..__._...
361, 706
Redeemed notes delivered since 1916
565
Stock
.
,
_^
428,513
Federal reserve banks:
Assets and liabilities—
An banks including
800
Date of fall reports, 1916-1925
764
Monthly," 1916-1925
._
763
Principal, monthly, 1921-1925
-_-_
765
Bills discounted by
.
-766
Certificates of indebtedness issued through each..
210
INDEX
915
Federal reserve banks—Continued.
Page
Certificates of indebtedness on hand in, 1924, 1925
195, 196
Credit extension
.
39
Depositaries of Government funds, a s . '
97, 137, 433, 476
Discount rates
766
iFederal reserve bank notes held by
428
Federal reserve notes held by
.
428
Fiscal agents as
639
Franchise tax. {See Franchise tax, Federal reserve and Federal intermediate credit banks.)
Gold holdings of and ratio to total
^
73, 74
Interest collected by on income and profits taxes, deposits, etc
324
National-bank notes held by
428
Public moneys in.
137,433,476
Treasury notes on hand in, 1924, 1925_.
194, 196
United States securities on hand in, 1924, 1925
194, 196
Federal Reserve Board:
Expenditures
,
156
Gold fund of
.
140, 360, 476, 538
Federal reserve districts, earnings, etc., of national banks by
750
Federal reserve member banks; loans and investments of
39
Federal reserve notes:
Circulating, 1925
428
Custody of
429
Federal reserve banks, held by
428
National Bank Redemption Agency, received by
362
New designs for
• 77
Paper Custody, held in Division of
429
Redemption—
Expenses of
'.
568
Fiscalyear 1925
.
706
Redeemed notes delivered since 1916
565
Total, 1925
361
Stock of
428, 513
Treasury, held in
428
Federal reserve system, report by comptroller on
763
Federal Trade Commission, expenditures
'^
156
Fermented liquors, revenue from
496
Final audit of redeemed and canceled securities
640
Financial conditions, general
.
,
1
1
Financial requirements of the Government
346
Financing, Treasury, and credit situation
^
36
Fineness of melts for gold and silver ingots
584
Finland:
Indebtedness to United States
49, 260, 265
Payments to United S t a t e s Interest
50,267
Principal
50,266
Fiscal agents. Federal reserve banks as
639
Five per cent redemption fund:
Amount, June 30, 1925
.
526, 549
Montlily deposits in, for year
'—
564
Yearly deposits and redemptions on account of
566
Floating equipment. Coast Guard .
•
424
Flour, mixed
847
Foreign and insular quarantine
1
406
Foreign banks of issue, resources
826
Foreign coins, values of
--_
622
Foreign countries, coinage executed for.
^106, 371, 578
Foreign debt settlement, (^ee World War Foreign Debt Comrnission.)
Foreign depositaries:
Government funds in
\
.
. . 96, 138,476
Interest collected on deposits in
-—
323
Number maintained
.
.
434
Foreign obligations:
American Relief Administration, received from
260, 265
Cash advances Under Liberty loan acts, representing
^
260, 265
916
INDEX
Foreign obligations—Continued.
PageDeb t-funding agreements, received under
260, 265
Estimated receipts from
141
Interest on, accrued and unpaid
49, 265Owned by national banks
730, 731
Owned by United States Government- - _ . .
49, 260, 265
Pavments on account of—
Interest
267
Principal
266"
Public debt retirements from
22, 143, 146, 221, 360, 466
Progress in funding, general statement on
.
2
Purchased 1917-1925
.
474
Sales of surplus war material received on account of
1
260, 265
Status, November, 1925
.
265
Foreign service retirement and disability fund:
Expenditures, 1925
.
143, 146
Operations, 1925
123
Foreign trade, vessels engaged in
.
.
i
510
Forfeited vessels and vehicles, use of
393
Former Treasury employees practicing before department.
136
Four per cent loan, 1925; redemption..'.
35
Four per cent Treasury bonds of 1944-1954:
Additional issue, Circular 354
...
245
Letter, Secretary of Treasury, on
.^
247
Original issue. Circular 349
.
'
243
Short history of...
31
Four to six months' certificates of indebtedness
37
Four to six months' paper, rates on
37
Fractional currency:
Denominations issued, redeemed, outstanding
558
Stock, 1863-1878
_._.
512
France:
Negotiations with debt-settling commission reviewed
59
Payments on obligations to United States—
Interest
.
,___
267
Principal
....
266"
Present status of debt to United States
.
49, 59, 265
Press statement at opening of debt negotiations with
._
i
314
Franchise tax. Federal reserve and Federal intermediate credit banks:
Public debt retirements from
22, 143, 146, 221, 360, 465, 469'.
' Receipts—
Estimates for 1926, 1927
...
164
Fiscal years 1924, 1925
.
.
151
French obligations owned by United States
260, 265
Functional apportionment, register's office. . ^
641
Funded loan, 1924, District of Columbia
\--....
.
213, 215
Funding of foreign obligations, comment on progress of
2
Funds:
Adjusted service certificate. (/See Adjusted service certificate fund.)
Alaska relief
^
151, 156'.
Alien.property
142,. 145, 156, 3'8&
Civil-service retirement and disability..
122, 143, 146, 153, 158, 389Cumulative sinking
.
22, 23, 143, 146, 221, 360, 465, 468
District of Columbia teachers' retirement
121, 143, 146, 157
Federal Reserve Board, gold
140, 360, 476'
Foreign service retirement and disability
123, 143, 146
General. {See General Fund.)
Gold, of Federal Reserve Board
140, 360, 476Gold reserve. {See Gold reserve fund.)
Government—
Deposits of...
_
^
.
96,137,433,476.
Foreign depositaries, in
°
96, 138, 434, 476Life insurance
121, 143, 146, 153, 157
Trust. {See Trust funds.)
INDEX
917
G
. Page
Crains and losses, bullion
.
581
'General Accounting Office, expenditures
156
General business conditions
.
136, 695
•General expenditures:
Major and minor divisions of
.
15
Principal items of
14
Total amounts, 1920 to 1925
13
'General fund:
Adjusted to daily Treasury statements
'.
385
Balance in
139, 140, 385, 386, 467, 476, 477
Condition
137, 386
Estimated net balance, 1926, 1927
......_-_-.
140
Public debt retirements through reduction in
•....
22
Receipts and expenditures for
385
General Supply Committee:
Abstract of report.:
443
Activities summarized
.
131
General activities shown
444
Purchases under contracts of
443
Receipts from surplus property, material, etc
_. 443, 445
Stores account
446
Surplus property received and issued to departments, etc
446
Gift tax, Treasury's views on
353
Gifts and contributions to United States:
Public-debt retirements from
22, 223, 360, 466
Receipts from. .
152
Gold:
. Acquired by Mint Service, fiscal year 1925
574
Arts, used in
_. 73, 374, 576
Average price in London since 1870
.
-.-.
620
Balances, receipts, and disbursements, at mints, etc. ._
579
Bars—
Commercial and certificate
.
585
Exchanged for coin and bullion
578
Bullion—
Balances, receipts,, disbursements
579
Mints and assay offices, in
614
Purchases by Mint Service
106
Receipts and disposition, 1 9 2 5 . . .
.
579
Stock in mints, assay offices, reserve banks
373, 576
Surplus recovered, in ounces
582
Bullion and coin stock in United States._.
614
Coinage by—
Acts since 1792
600
Mints
573,577
Deposits and purchases at mints and assay offices.
577, 594
Deposits at mints and assay offices
.
546, 598
Domestic production, 1924
^
.
373
Exports
.
.
69, 70, 374, 527, 804
Holdings by Federal reserve b a n k s . . .
373
Imports
39, 70, 73, 374, 527, 804
Industrial consumption, 1924
73,374,576
Mints and assay offices, holdings of,-. June 30, 1925 . .
549
Monetary stock in United .States
73, 575
Movements of—
Affected by fiscal reforms abroad
69
Causes and effects analyzed by Secretary
69-73
Operations 1925
.
371, 574
Policy with regard to payment of
74
Production—
Calendar year 1924
73, 373, 576
Domestic 576
World
.
634, 636, 638
918
-
INDEX
Gold—Continued.
Receipts at—
Page
Mints and assay offices
106,371
Seattle
589
Recoinage
546
Reserves of principal European countries
72
Stock and amount per capita in the United^States
615, 616
Stock in Unj:ted States
614, 616, 618
Treasury, araount in, by months
552
Treasury holdings
360
. Treasury offices, holdings of, June 30, 1925
549
World production— '
Calendar years, 1923, 1924
634
General survey of
73
Since discovery of America
636
Since 1860
.
638
Gold and silver:
Coining value of receipts at mints, etc
^
375
Deposits at mints, etc
375
Production
^
73, 373, 576, 634, 636, 638
Gold certificates:
Amount
525
Denominations issued, redeemed, outstanding, by j^ears
555
Mints and assay offices, holdings of
549
Policy as to payment of
74
Stock and amount in circulation
75, 428
Treasury ofiices, holdings of, June 30, 1925
549
Gold coin:
Circulation
75
Exports
374
Stock in United S t a t e s - . . 373
Gold coinage. {See Coinage, gold.)
Gold fund. Federal Reserve Board
140, 360, 476, 525, 538
Gold reserve'fund
139, 360, 476
Gold reserves of European banks
71
Gold standard:
International trade and
.
:
68.
Return of countries to
3, 68
Government corporations:
. Accounts with Treasurer
..
.
i
105
Capital stock owned by United States
J
.
261
Government funds, deposits of. {See Deposits; Government funds.)
Government life-insurance fund
121, 143, 146, 153, 157Governnient refineries, work of
574, 583
Grain Corporation, United States. .
261, 265
Great Britain:
Obligations delivered under funding agreement b}'^
49, 260, 265
Payments of principal and interest by
50, 266, 267
Status of debt to United States
49, 265
Greece:
Debt to United States
49, 260, 265
Interest payments on obligations by
267
Representative appointed to negotiate debt settlement
63
Gross public debt per capita
456
Gross receipts, revenue from tax on
496
Growth, population; expenditures, national wealth
20
Guatemala, coinage by United States for
578
H
Head tax, receipts from
Helena assay office:
Deposits, expenses, income, and employees
Employees, by departments
Operations
High surtax rates not productive
Historical outline of register's office
.
Hoboken Manufacturers Railroad Co
.
510
577
588
588
350
693
261
INDEX
919
Page
Hospital activity. Public Health Service,
Hospitals constructed
.
".
Housing Corporation, United States:
Capital stock owned by Government
^
Expenditures.
,
Hungary:
Obligations received under funding agreement
•Payments, principal and interest, to United States
Status of debt to United States
^._
.
112, 408
117, 400
261
156
._
49, 260, 265
50, 266, 267
265
I
Ice patrol by Coast Guard.
:
413
Imports:
Customs, by mail
1
396
Gold
39,70,73,374,804
Merchandise
504, 510, 804
Silver
.
804
Improvement in world affairs
.
^
3
Inadequacy of public buildings
'
115
Inadequate housing of Internal Revenue Bureau
831
Income and profits taxes:
Audit of returns
81, 83, 377
Collections, 1924, 1925, compared
829
Condensed report on
377
Estimated receipts, 1926, 1927
141, 164, 166
Interest collected on account of payments of
.
324
Payable in certificates of indebtedness
241, 253
Publicity of returns. Treasury's views on
353
Receipts—
April 6, 1917-October 31, 1925
.
472
Estimated
.
141, 164, 166
Fiscal years, 1923, 1924, 1925, compared
882
Fiscal years 1924, 1925
-_ 80, 141, 150,375,502
States, by, for 1924, 1925
502
Summarized, 1923-1925
882
Reform of
346
Surtaxes
350, 355
Treasury notes in payment of
241
Income, expenses, appropriations. Mint Service
576
Income-tax receipts:
Growing improvement in country's business shown by
7
Individual and corporation, summarized
881
Income Tax Unit, Internal Revenue Bureau
. 377, 832
Increase:
Customs receipts
86, 150, 396
Government expenditures in, estimates for
168
Indemnity, Chinese
390
Independent bureaus and offices, expenditures of
142, 145, 156, 468
Indians, expenditures on account of
486
Individual deposits in all reporting banks
738, 799
Industrial alcohol
862
Industrial consumption of gold and silver in United States
73, 374, 576
Influence of debt payments on money market
44
Informers, awards to
396
Ingot melts
584
Ingots operated upon by mints and percentage of coin produced
.
585
Inland Waterways Corporation
99, 263
Insolvent national banks
.
364
Institutions of Mint Service
.
370, 573
Insular depositaries of public moneys
...
323, 433, 434
Insular loans, changes in, 1925
213, 214
Insular possessions:
All reporting banks in
.
789
Unsatisfactory condition of paper currency in..
79
Insular quarantine
406
920
INDEX
Insurance, Government life:
Pase
z^-; Receipts, expenditures, fund
.
^
143, 146, 153, 157
*
Revenue from tax on
499
Interest:
Bonds, stocks, etc., paid to United States on
150
Checks issued for, and paid.
562, 564
Federal reserve banks, collected by, 1925
324
Foreign obligations, on—
Accrued and unpaid
^.
4.9, 265
Payments on account of
.
50, 267
Government deposits, collected on
323
Income and profits tax payments, on
324
Liberty bonds, old loans, etc., paid on
_.
426
Liberty bonds, on account of sales of
324
Panama Canal loans, on
137, 572
Public debt, on—
Diagram showing
13
Expenditures for
. . . 142, 145, 470, 486, 520
Public moneys, paid by depositaries on
-..
...
538
Sales of securities, collected on account of
324
United States bonds, etc., paid on
524, 562, 564
Victory notes, collected on sales of
324
Interest and discount rates of intermediate credit banks
93
Interest-bearing bonds, registered, outstanding, etc
212
Interest-bearing debt of United States and debt^on which interest has
ceased
.
^
645
Interest-bearing issues outstanding, June 30, 1925
173
Interest-bearin g public debt outstanding, monthly
458
Interest-bearing securities, United States:
Issued 1925
176, 179
Liberty and Treasury bonds outstanding, etc
232
Outstanding, June 30, 1925
c
227
Outstanding, monthly, 1917-1925.-.
458
Pre-war, outstanding, transactions in
231
Retired, 1925
.
..
181
Transactions in—
Certificates of indebtedness
206, 236
Liberty bonds
202
Pre-war bonds
_.._ 201, 231
Treasury bonds
203, 234
Treasury notes
204, 235
Treasury (war) savings securities
207,237
Interest-bearing security claims
426
Interest coupons paid on United States securities..
525,563
Interest rates on:
Loans, various
37, 41, 47
Pubhc d e b t Dates of payment and
173, 448
Entire, 1919-1925
28
Outstanding issues
.
448
Interior Department, expenditures
19, 142, 145, 158, 468
Intermediate credit banks. Federal. {See Federal Intermediate credit
banks.)
Internal revenue:
Claims for refunds paid. ^
438
Collections—
Fiscal year 1925, decrease shown in
.
.
829
Fiscal years 1918-1925, summarized
830
Miscellaneous stamp and special tax collections
845
Philippine Islands, tax on products of
883
Porto Rico, tax on products of
883
Receipts—
Actual, 1924, 1925, compared with estimates, 1926, 1927
141
Collection district, by each, 1924, 1925
---878
Condensed statement, 1924, 1925
375
Customs offices, through
376,500,502
Decrease, 1925
375
INDEX
921
Internal revenue—Continued.
Receipts—Continued.
Page
Detailed statement.•.
.376
Estimated, 1926, 1927
141, 164
Fiscal years 1791-1925482
1863-1925 (by collectors' reports)
._--__....
....
496
1924, 1925
.
.-_ 80, 141, 150, 376, 473, 519
Income and profits taxes, from. {See Income and profits taxes.)
Income-tax, individual and corporation
881
Miscellaneous
_ - . - 80, 141, 150, 375, 376, 472, 482, 500, 502
Sources, by, 1924, 1925
-.._..
...
877
States and Territories, by
..
- . . 502; 880
Total, 1863-1925...
_-.883
Refunds—
3 Claims paid by disbursing clerk
..
...
438
Taxes illegally collected
.
81, 375
Report by commissioner
829
Sources, b y . . . .
...
376, 496, 877
Summary of receipts—
Collection districts, by___._
878
Income and profits taxes
1
882
Income tax, corporation and individual
881
Sources, by
.
.
877
States, by
:
...
880
Tax collections from—
Capital stock
_
'
376, 378, 501
Estate tax
376, 378, 497
Income and profits. (^See Income and profits taxes.)
Miscellaneous stamp and special
379, 845, 878
Sales
379
Tobacco
379, 844, 877Internal Revenue, Bureau of:
Abstract of report
375
Accounts and collections unit
..
^
380, 848
Activities summarized
.
80
Capital stock tax administration
^_
_._.
838
Cost of administering laws
830
Estate tax administration
840
Inadequate housing
^
831
Income Tax Unit
..
377, 832
Industrial alcohol and chemical division
861
Miscellaneous tax unit
..
837
Narcotic division
.
858
Organization
80
Personnel, bureau and
field
384, 834, 838, 876
Prohibition enforcement.
{See Prohibition enforcement.)
Prohibition unit
84, 382,853
Report of commissioner
829
Review of operations, etc., for past year
80-86
Review section
.
841
Sales-tax administration.
^
841
Solicitor's office
381, 865
Suits and prosecutions instituted by
875
Tobacco and miscellaneous division
•..
843
International trade and gold standard._L
68
Interstate Commerce Commission
.
156
Investments:
National-bank—
Foreign secutities, in
^
730
State, county and other domestic securities, in
730
United States securities, in
.
726-735, 752
Repayments of
152
Trust funds
143
Issue:
Fine gold bars for coin and bullion
578
Foreign banks of
.
826
National banks of
706
922
INDEX
Page
Issued and retired United States bonds, from date of inception
Issues to public, Federal reserve banks, etc., of savings securities
Italy:
Agreement for funding debt of
Debt to United States
.
Payments on obligations, principal and interest
Press statements on funding debt of
J
Joint-stock land banks:
Brief review of operations, 1925
Consolidated statement of condition
Number
Justice, Department of^ expenditures
224
193
63-65, 319
49, 260, 265
266, 267
315, 317, 318
91
811
91
19, 142, 145, 159, 468
Labor, Department of, expenditures
19, 142, 145, 159, 468
Laboratory of the Bureau of the Mint
589
Land banks. Federal, joint-stock. {See Federal land banks; Joint-stock
land banks.)
Lands, public, sales of
150, 482, 519
Latvia:
Agreement for funding debt of
.
65, 296-301
Interest payments on obligations
267
Statement by World War Foreign Debt Commission on debt settlement with
295
Status of debt to United States
49, 65, 260, 265
Lawful reserve of national banks
^
727
Legislation recommended by Comptroller of the Currency
695
Legislative establishment, expenditures
.
142, 145, 156, 468
Letters:
Secretary, Treasury, to banking institutions, accompanying offering
of Treasury bonds, 1944-1954
247
Secretary, Treasury, to holders, 3d Liberty loan bonds, offering
Treasury bonds, 1944-1954
248
Secretary, Treasury, to President in re report of committee investigating Government bonds
^
342
Secretary's to President in re debt settlement with Lithuania
273
Liabilities, national bank
715
Liabilities of the Treasury:
Comparative statement of
550
Distribution of, June 30, 1925
550
Monthly statement of
552
Liberia:
Debt to United States
49, 66, 260, 265
Interest payments on obligations
267
Liberty bonds and Victory notes {see aiso.Securities, United States; Victory
notes):
Classified by denominations
187, 461
Conversion privilege, termination
35, 250
Conversions, 1917-1925
209
Description
238
Exchanged, converted, etc
,_...
179, 181, 183, 199, 202, 203
Four per cent, conversion privilege terminated
.
35, 250
Interest-bearing—
Outstanding
.
232
Transactions in
202, 232
Interest collected on account of sales of
:.
324
Issued, 1925, classified
179
Issued, retired, outstanding
170, 199, 202, 203
Outstanding, June 30, 1925
..
187
Receivable for estate or inheritance taxes
238, 242
Registered outstanding
L.
212
Retired
:
181, 183,464
Transactions in
199, 202, 216, 227, 232
Unmatured, outstanding :
461
INDJEX
923
Page
Library of Congress trust fund board
124
Life-insurance fund, Government
.
121, 143, 146, 153, 157
Life-saving medals, award of
423
Liquidations of national banks
363, 364, 707
Liquor tax, revenue from
.
;
496
Lithuania:
Agreement for funding debt of
66, 268
Debt settlement with
268-276
Debt to United States
_-_49, 260; 265
Obligations received under funding agreement
49
Payments of principal and interest by
50, 266, 267
Report of World War Foreign Debt Commission
273
Secretary's letter to President submitting report on debt settlement
with
. 273
Livestock loan companies
92, 94
Loan and trust companies:
Condition, 1925
..
. 774
Principal resources and liabihties
775
Loan certificates. {See Certificates of indebtedness.)
Loans:
Call, rate on
37
Cooperative marketing associations, to
92
District of Columbia funded
213
Farmers' seed-grain
95
Foreign Governments, to. (*See Foreign obligations.)
Insular
213,214
Interest rates on various types
1
37, 41, 47
Livestock loan companies, to
94
National-bank; discounts and
719
Panama Canal, interest on___
137
Railroad, under transportation act
i.
258, 262
War Finance Corporation, by
94
Loans and Currency, Division of:
Abstract of report
425
Activities summarized
425
Circulation statement
427
Claims...
426
Interest payments
.
426
Loan accounts
426
Personnel
427
Redeemed currency and mutilated paper
426
United States bonds, etc., delivered to
•.
189, 224
United States securities on hand in, 1924, 1925
.
189, 192
Loans and discounts of national banks:
Aggregate, June 30, 1925
720
Classification, last three fiscal years
719
Comparative changes in
1
727
Comparative statement, last three fiscal years
726
Loans and investments, Federal reserve member banks
39
Location of moneys of United States
615
Loss on sale of sweeps, wastage, and gains from operations
586
Losses, national-bank..
^
746-749
Lower tax rates, estimated effect of
.
350
M
Mail importations; under customs supervision
Management of the public debt
Manufactures and products, revenue.from.
Marine hospitals and rehef, pubhc health
Market:
Influence of debt payments on
Relation of Treasury rates to
Matured debt outstanding
Maturities:
Interest-bearing pubhc debt by
Treasury (war) savings securities
'
396
29
496
112, 117, 408
.
44
37, 40
171, 175, 218, 456
^
27, 29
29
924
INDEX
Page
Maturity dates since April 1, 1917, securities bearing, etc
224
Medals:
Award of life-saving
423
Struck by mint—
Commemorative coins and
372, 576
Manufactured and sold
588
Medical inspection of aliens
.
407
Melting and refining department and coining department, Mint Service.581
Membership, World War Foreign Debt Commission
^
51
Merchandise:
Exports
510,804
Imports
.
504, 510, 804
Value of imports and duties collected
504, 510
Messages to Congress by President:
Lithuanian debt settlement
.
275
Polish debt settlement
283
Metallic stock and paper money
615
Metallic stock of United States
614
Metals purchased for minor coinage
.
580
Minor assay offices, operations of
588
Minor coin:
Distribution costs
580
Mints and assay offices, holdings of
549
Outstanding
580
Recoinage
546
Treasury, amount in, by months
551
Treasury offices, in and held by
526, 54J9
Minor coinage:
Combined output of United States mints since organization
610
Operations of melting and refining and coining departments, fiscal
year 1925
.
581
Minor coinage metals:
Operated upon by Mint Service
581
Purchased, 1925
580
Mint Service:
Abstract of report by Director
370
Activities summarized
106
Appropriations, expenses, income, balances
374, 576
Assay department operations
580, 588
Assets of Treasury iri custody of
549
Coinage executed by
106, 371
Coining value of gold and silver purchased by
375, 577
Commemorative coins and medals struck by
372, 576
Deposits, income, expenses, employees
.
375, 577
Deposits of gold and silver at institutions of
375, 577
Employees—
Departments, by
:588
Mint and assay office, at each
375, 577
Expenditures during year
107
Expenses of mints and offices
375, 577
Foreign coinage executed by
106, 371, 578
Gold received by estabhshments of
106, 371, 579
Income of mints and assay offices
375, 579
Institutions operating, 1925
370, 573
' Laboratory of the mint
589
Minor assay offices
•
588
Mints and aissay offices in operation during year
106, 370, 573
Operations—
Gold and silver
371,574
Melting and refining, coining departments
581
Mints and assay offices, of
375, 580
Review of
573
Output of.
106, 371
Purchases of bullion by—
Gold .
106,371,574
Silver
107, 371, 574
Refineries, operations of
372, 574, 583
Report by Director.^
573
INDEX
925
Mint Service—Continued.
Page
Seigniorage, income derived from
107, 374, 576
Silver purchased by
.
107,371, 574
Special coins and medals authorized by Congress
106, 372, 574
Miscellaneous internal-revenue receipts.. 80, 141, 150, 375, 376, 472, 482, 500, 502
Miscellaneous receipts, increases over estimates shown._.
7
Miscellaneous securities received on account of sales of ships, surplus
property, etc
99, 264
Miscellaneous stamp and special taxes__..
.
379, 845, 878
Miscellaneous Tax Unit, Internal Revenue Bureau
837
Miscellaneous taxes; decrease in receipts, 1925
829
Mixed
flour
.
847
M.onetary stock:
Gold, in United S t a t e s . . . 73, 575
Per capita in United States
v
^1^
Principal world countries
.
809
World, 1923-1924626
M-onetary system, insular possessions
79
M!oney (see also Circulation; Gold; Paper money; Silver; Subsidiary
silver):
Circulation and amount per capita
^
428, 514, 803
Circulation statement..
..
428, 803
Federal reserve banks, etc., held by and for
515
Held in Treasury, in trust, in reserve, etc
428, 803
Metallic stock of
...^
539
Outside of the Treasury, in circulation
,
572
Public, depositaries of
'
96, 361, 433
Ratio of gold coin and certificates to total
._
75
Shipments from Treasury
545
Stock in United States—
Circulation; amount per capita, etc
514
Classified by kind
..
512, 513
December 31, 1924
614
June 30, 1925
575, 614
Since 1873
.
.
618
Treasury holdings
428, 514, 803
United States—
Paper, issued, redeemed, outstanding
....
557
Total coin and other
.
802
Money rates in New York
.
.
768
Movements, gold
.
69
Mutual savings banks:
Condition, 1925
.
777
Deposits, average deposit account, etc
...
..
780
Deposits, etc., in stock savings and
779, 782
N
Narcotic act:
Enforcement
;
...
84
Receipts under
376, 500
Narcotic Division, Prohibition Unit
858
Narcotic statistics
.
...
86
National agricultural credit corporations
813
Na.tional-bank and Federal reserve bank notes:
Deposits to retire
491
Redeemed
,
•
491
Redemption account retired, 1918-1925
465
National-bank dep sitaries. {See Depositaries, national-bank..)
National-bank examiners, list of
.
_.
753
National-bank failures:
Analysis of cause
i
699
Number reported during year
699
National-bank notes:
Additional circulating notes, act May 30, 1908
526
Circulation
428
Counted, returned to circulation, destroyed
361, 545
Deposits, redemptions, balance
. 567
Federal,reserve banks, held by
428
926
INDEX
National-bank notes—Continued.
Page
Five per cent redemption fund for
1
564
Held in Treasury and Federal reserve banks
1
428, 803
Outstanding—
Circulating
365, 702
Date of each report, at
366
Denominations, by
^
628
Secured by United States bonds and by lawful money
704
Ratio of redemptions to outstanding
569
Receipts and disbursements, 1924, 1925
.
523
Redemption—
Amount, 1925
. - . 361, 706
Expenses of
'.
568
Presented for. .
L
361
Received from principal cities for
566
Redeemed notes delivered since 1916
565
Total yearly since 1875
569
Stock in United States
.
512, 513
Treasury holdings of
.
428
Treasury offices, holdings, June 30, 1925
549
National-bank officers convicted of violating banking laws
759
National Bank Redemption Agency:
Federal reserve notes received by
362
Redemption of currency b y . .
544
National banking system, importance of
698
National banks:
Assets—
Book value of
700
Collections from
.
700
States, by
^
1
369
Assets and liabilities. {See Resources and liabilites.)
Bills payable
-.1
•
718
Bonds held in trust for.
527
Capital stock
363, 369, 702, 704, 752
Changes in lawful reserve
.-.
647
Circulation—
Botid transaction's affecting
704
Bonds as security for
702
Outstanding
702
Profit on
706
Receipts from tax on
151
United States bonds as security for
704
Condition—
Date of each report during year
713
Fiscal year, 1925
365
September 28, 1925
714
Consolidations of
364
Demand and time deposits held by
726
Depositaries of Government funds, as
96, 361, 433, 476, 560
Designated depositaries of public moneys
560
District of Columbia, in
.
8.06
Dividends from claims
700
Domestic branches of
--708
Earnings and dividends—
Abstract of reports on
742
Federal reserve districts, by
.
_
.
750
Earnings, expenses, and dividends of
740, 750
Foreign obligations owned by^
730, 731 .
Government securities owned by
,.
727-735
Insolvencies
.
364, 701
Interest collected on Government funds in
.
—
323
Investments—
Domestic and foreign securities, in__
730
United States securities
1 - - . 726, 735, 752
Issue, banks of
706
Lawful reserve
727
Liquidations of
363, 364
Loans and discounts. {See Loans and discounts of national banks.) .
INDEX
927
National banks—Continued.
Page
Losses charged off on loans, discounts, etc
'.
746, 752
Number— Capital, assets, and.-.
369
States, by, 1925
i
364
Organization and liquidation of
707
Organized, by States
364
Organized, consolidated, insolvent, etc., since inauguration of system362
Organized, etc., 1925
363
Paid-in capital
702, 704
Public moneys in
138, 361, 433, 476, 560
Receiverships closed during year
700
Rediscounts of intermediate credit banks through
*
92
Resources and liabilities—
Bills payable and rediscounts
718
Date of each report during year
.
,
366
Principal items
716
Summarized statement.—
714
Savings deposits and depositors in
^
736
Securities, United States, domestic, foreign, investments in
730
Semiannual duty collected from, by years--^
561
National farm-loan associations
91
National wealth, growth of
^
20
Navy Department:
/
Expenditures
19, 142, 145, 159, 468, 486
Securities received by
264
Net profit from taxes on circulation
827
New currency designs:
Coin
575
Paper..
77
New Orleans Mint:
Deposits, expenses, income, and employees
577
Employees, by departments
588
Operations
.
588
New York:
Money rates in
^
768
Price of silver in
574, 619
New York assay office:
Deposits, income, expenses, employees.
577
Employees, by departments
588
Operations, by departments
588
New York clearing house
771
A J i f»o y o orii Q •
Indebtedness to United States
Payments of principal and interest by
Nonalcoholic beverages, revenue from
Noninterest-bearing debt outstanding
Norse-American medal
'
North America, gold and silver produced in
Note liabilities of principal European banks
Notes and certificates outstanding; matured, 1925
Number:
National banks
Standard silver dollars coined
Surety companies.
-
-
260, 266
266, 267
376, 499, 878
171, 175, 218, 456
575
634
72
185
^
364, 369, 560
106, 371
125
O
.
Obligations of foreign governments:
Amounts refunded ancl remaining unfunded
3
Condensed statement by Secretary of Treasury
48
Great Britain, delivered by under funding agreement
49, 260, 265
Held by United States Treasury
265
Payments on
50,266,267
Occupational tax, revenue from
500
Officers, national-bank, convicted of banking-law violations
:
759
Oil transportation, pipe-line, revenue from
499
Old demand notes; denominations issued, redeemed, outstanding
558
Oleomargarine, revenue from
- 376, 500, 845
928
INDEX
Pnge
On hand. Treasury (war) savings securities
190, 193, 195, 197
• One and two year notes issued, redeemed, outstanding
558
Operations:
Building
..
_. 114,400
Certificates of indebtedness, in
•
.
.. 32
Coast Guard, principal, 1925
.
412
Mint Service—
Assay departments
580
Engraving department
587
Gold
371, 574
Laboratory
'...
589
Melting and refining and coining departments
..
581
Minor assay offices
588 •
Mints and assay offices
.
375
Refineries
.
583
Silver
371,574
Sweep cellar
586
Pittman Act, under
^
. . . 371, 574
Postal. Savings System,
financial
818
Ordinary receipts, amount, and expenditures chargeable against
471
Ordnance, Coast Guard
.
417
Ore and bullion assays made
.
589
Organization:
\
Bureaus and offices of Treasury Department
325
Internal Revenue Bureau
80
National banks
.
363, 707
Treasury
126, 127, 325
Outstanding:
Certificates of indebtedness
34, 175, 185, 188, 458
Coupon bonds
186
Federal reserve bank notes, by denominations
628
Interest-bearing issues, June 30, 1925
173
Interest-bearing Liberty and Treasury bonds.
232
Interest-bearing pre-war bonds; transactions in from inception
231
Interest-bearing United States securities
227, 458 "
Liberty bonds
170, 187, 199, 202, 203, 212
National-bank notes
._ 365, 628, 702, 704
Pre-war loans, monthly
458
Pubhc debt—
Interest-bearing
186, 227, 456, 458
June 30, 1925..
448
Noninterest-bearing
171, 175, 218, 456
Principal
140, 170, 175, 448, 456
Registered bonds
186, 212
Tax-exempt securities
354
Treasury bonds
175, 187, 212, 234, 458, 460
Treasury notes
175, 185, 188, 458
Treasury (war) savings securities^
171,175,458
United States bonds, etc.—
June 30, 1925, by issues and denominations
186
June 30, 1925; maturity, 1925
185
Monthly, 1917-1925
458
October 31, 1925__...
175
Registered
212
Unmatured, by denominations
461
Unmatured Liberty bonds, Victory notes, etc
.
461
Victory notes
171, 175, 454, 458, 461
Ownership of monetary stock in the United States
615, 617
P
Panama Canal:
Bonds sold for
Disbursements for
.
Loans
'.
Receipts and expenditures
Receipts from tolls
.
Statement covering operation, maintenance, etc
.
572
520, 572
.
137
...
137
519, 572
136
INDEX
.^
929
Page
Panama Railroad
•
^
99, 263
Paper:
Mutilated
427
Security, controlling transactions in
79
Paper currency {See also Paper money):
Insular possessions, in
•
.
79
Serious situation regarding
75
Paper Custody, Division of:
Abstract of report
429
Federal reserve notes, custody of
429
Transactions conducted by, 1925
.,
429
Paper money:
Amount of each kind issued, outstanding, etc
534, 536, 537
Changes in denominations
:
.
536
Demand for small denominations
>
75
Insular possessions, in
i
...
79
Issued and redeemed, 1924, 1925
535
Issued, 1925
362
New designs for
77
Pieces issued, 1924, 1925
_.535
Prepared for issue
534
Printing program
.
75
Redemption of
535
Reserve stocks depleted
75
Stock in United States
.
512, 51S
Supply situation, serious
75
Paper money and metallic stock of United States
615
Papers, disposition of useless; Circular 358
.
340
Payments:
Debt, influence on market
44
Foreign obligations, made on account of—
Interest
50,267
PrincipaL
^
50,266'
Interest, on bonds, stocks, etc., to United S t a t e s . .
150*
Principal and interest, of foreign obligations
50, 266, 267
Public-debt, influence on market.
44
Railroads, to, under transportation act.
103, 104, 256, 257, 262
Penal bonds; acceptance of United States securities as security on
32S
Penalties, revenue from
.
.
....
-.
500
Pensions, expenditures for
17, 19, 485
Per capita money circulation of United States.'
.
428, 615, 616, 80S
Percentage:
Dividends and profits to capital of national banks
752
Dividends to capital of national banks
, 740
Gold coin and bullion to total money
420
National-bank losses on—
I
Bonds, etc., to total securities
752
Loans and discounts to total loans, etc...
752
Personnel (see also Employees):
Coast Guard..
_-_
42S
Internal revenue, bureau and fields ..
384, 876
Loans and Currency Division
427
Public Health Service.....
_._-..
410
Register of the Treasury, office of
:
431i
Treasury Department
132
Personnel Classification Board
.
133, 324
Peru, coinage by United States for
578.
Philadelphia Mint:
Coinage
577"
Deposits, income, expenses, and employees
577"
Employees, by departments
__:
58.S
Operations, by departments
^
5SS;
Philippine Islands:
Internal-revenue tax on products of
^
fiSi^
60501—FI 1925t- 59
930
INDEX
Philippine Islands—Continued.
Loans—
Page
Changes in
213
Retired and unissued, not affecting public debt
214
Public monej^s in treasury of
.:
138, 361, 476
Pittman Act, operations under
.
371, 574
Plague suppression
_ 108, 405, 406
Playing cards
'
. 498, 847, 877
Poland:
Agreement for funding debt of
276
Approval of debt settlement with
.
66
Coinage by United States for. . .
578
Debt to United States
1
49, 260, 265
Documents covering debt settlement with
276-284
Interest payments by
_^
50
Secretary's letter to President submitting report on debt settlement
with
._.._
282
Population, growth of
20
Porto Rico:
Internal-revenue tax on products of
883
Depositary in
434
Loans
.
213,214
Post Office Department:
Expenditures
142, 145, 160, 468
Postal Savings System
532
Receipts and disbursements on account of
522
Postage
.
437
Postal savings deposits
.
361
Postal Savings System, United States
817
Postal Service:
Deficiencies-142,487
Estimated receipts, expenditures, and deficiencies, 1926, 1927
....
142
Expenditures—
Postal deficiencies, on account of
--_._.
487
Postal revenues, from
'.
480,482
Receipts and
494
Surplus receipts, 1793-1925.
_-.
482
Practice before Treasury Department.
_.
136
Preliminary statements:
Classified expenditures, June 30, 1925
- 145-149
Public debt, October 31, 1925,.
.
175
Pre-war bonds:
Interest-bearing; transactions in
201, 216, 218, 227, 231
Outstanding, matured, 1925
_-.
185
Pre-war loans:
Outstanding, m o n t h l y . . ^
-458
Retired, 1918-1925
i
463
Securities not reported previous to June 30, 1924
198
Transactions in
.
201, 216, 218, 227, 229, 231
Pre-war securities retired and unissued, on hand, June 30, 1925
__198
Price:
Public debt, received for each issue of
448
Silver—
Average during year, and range
- - - - 107, 372
New York and London, in
----619
Principal:
Foreign obligations—
Amount held by United States Treasury._
265
Payinents on account of
60, 266
Pubhc debt outstanding
140,170, 175, 448, 456
Printing and binding:
Appropriations, expenditures, and reimbursements for—
Bureaus, offices, etc., by each
-.
437
Comparative statement, 1924, 1925
436
Reimbursed expenditures
^—•—
437
Printing and Forneys Committee appointed; Circular letter No. 144
339
INDEX
931
Printing, Division of:
P»ge
Abstract of r e p o r t . . . .
436
Department advertising
.
437
Postage
_
.
.
437
Printing and binding; appropriations, expenditures, reimbursements
for....
436
Printing program, paper money
75
Private banks
«
„__
^
.
782
Proceedings of the Assay Commission, 1925
591
Process or renovated butter, revenue from
376, 846
Production of gold and silver:
Calendar year 1924..
...
....
. . . 73,373
Principal world countries, in
.
634
Profit on national-bank circulation
706
Program:
Printing paper money for
.
75
Public-debt payments. .^
:
2
Prohibition and narcotic enforcement summarized
.
84
Prohibition enforcement:
Collections—
Fines and forfeitures
..
...
....
383
Tax and tax-penalty provisions of act, u n d e r . .
382
Total, since passage of act
...
.
...
501
Condensed statement covering
.
.
....
382
Suits and prosecutions under
._.:...
.
875
Tax and tax-penalty collections
854
Prohibition statistics
.^.. . .
^^i.
382
Prohibition Unit
. . . . . 84, 382, 853
Proof bullion (1.000
fine)....
.
^
.
...
581
Property, salesof Government
.
'.^:
150
Prosperity, past year period of
1
Public buildings:
Classification by Supervising Architect
.
.
403
Inadequacy, throughout country
115
Pressing need for
.
....^.^
114
Public debt:
Alleged duplication of
.
.
.
96, 342
Amount per capita
.
.
.
456
Authorized and issued
.
.
448
Certificates of indebtedness. {See Certificates of indebtedness.)
Composition
:
.
27
Conversion, transfer, exchange transactions in
199, 201, 202, 204
Date redeemable or payable, each issue
^
,
173, 448
Detailed statement, fiscal year 1925. ..
.
.
170
Expenditures—
Chargeable against ordinary receipts
-.
22, 468, 474
Estimated, 1926, 1927; actual, 1924, 1 9 2 5 . . .
:.
142
Fiscal years 1917-1925
468,474
Fiscal years 1924 and 1925
....
.
142, 145, 163
Interest, for
...
....
142, 145, 470, 486
Monthly, 1925
.
.
.
.
145
Gross debt per c a p i t a . . . .
456
Interest-bearing-—
Amount issued, retired,, outstanding
170
Issued, 1925, by issues and accounts
179
Maturities, by
^.....
..
....
27, 29
Outstanding
.«
. . . . . . _ . . . 186,227,456,458
Transactions i n . .
.
.
176, 227, 231, 232, 235, 237
Interest-bearing, and debt on which interest has ceasedr
645
Interest on—
.
Diagram showing.
1
1
13
. Expenditures for
.
142.145,470,486
Interest rates on
28, 173, 448
Issued, 1925
..
..
. . . . . 176,179, 199, 201, 204, 206, 207
Issued, retired, outstanding
.— .
170
Liberty bonds. {See Liberty bonds.)
932
INDEX
Public debt—Continued.
Page
Managing
29
Matured debt outstanding
....
171, 175, 218, 456
Maturities—
Next five years
29
Past five years
171, 175, 457
Noninterest-bearing, outstanding
171,175,218,456
Notes and certificsLtes outstanding, matured, 1925
185
Outstanding—
Noninterest-bearing
171, 175, 218,456
Principal
140, 170, 175, 448, 456
Preliminary statement, October 31, 1925
175
Present status
'
21
Pre-war loans—
Outstanding, monthly
458
Retired 1918-1925
.
463
Securities on hand, June 30, 1924, not prevously reported
198
Transactions in
201, 216, 218, 227, 229, 231
Price received for each issue
'
448
Receipts and disbursements on account of, 1924 and 1925
523
Receipts and expenditures for. _j
140, 144, 359, 482
Registered accounts and registered bonds
_._
212
Retired securities canceled on account of reduction in
639
Retirements—
Chargeable against ordinary receipts
22, 221, 468, 474
Cumulative sinking fund
22, 143, 146, 221, 360, 465, 468, 471
Estate tax receipts, through
22, 143, 146, 223, 360, 466, 469
Fiscal year 1925..
216
Fiscal years 1918-1925..
.
...._.
463
Foreign payments, from
'. 22, 23, 143, 146, 360, 466.
Franchise tax, from
. . 22, 143, 146,221,360,465
Gifts, etc., to United States, through
22, 223, 360, 466
Monthly, 1925
146
Policy regarding
:
24
Reduction in general fund, through
.
22
Relation to tax revision
24,349
Surplus, through.._-._
.
7, 22, 466
Tabulated statement, pre-war and postwar loans...
, 463
Taxes and
:
,
.
24
Securities unissued, delivered to register
.....l
198, 214
Short-dated—
Changes in, 1919-1925
.
27
Refunding^
._
.
28
Sinking fund. {See Sinking fund, cumulative.)
Statements covering
^
. 170, 175, 448
Status, June 30, 1925; statement by comptroller
-i.
703
Total gross, reduction in
21
Transactions, fiscal, year 1925
176, 199, 201, 202, 204, 206, 207, 216
Treasury bonds. {See Treasury bonds.)
Treasury notes. {See Treasury notes.)
Treasury savings securities. • [See Savings securities, Treasury (war)]
Public finances, proposed tax reform. Treasury statement o n . . — . .
346
Public Health Service:
Abstract of report.
403
Accomplishments, 1925
.
.-_ 107-114
iSxpenditures and appropriations
..
411
Marine hospitals/and relief.^
...
.
408
Medical inspection of aliens
407
Personnel and.accounts
....
..^
1
410
Plague suppression
.
108, 405, 406
Quarantine—
Domestic
-.
.
405
Foreign and insular
•
.
_.
406
Sanitary reports and statistics, division
.
407
Scientific research division.
.
403
Shellfish industry J investigation of...
109, 406
Venereal diseases
.
112, 409
Public lands, receipts from sales of
.
150, 482, 519
INDEX
Public moneys:
Depositaries of, domestic, foreign, etc
Federal land banks, on deposit in
Federal reserve banks, in
Insular depositaries, in
National banks, in
.
Treasury, Philippine Islands, in
Public, United States securities issued to
Publicity of returns, income, etc
.
933
.
Pas®
96, 361, 433
433, 476
. . 96, 137, 433, 476
.
433
96, 138, 361,433,476
138, 361, 476
^
191
^
353
Purchfl ses *
Foreign obligations, 1917-1925
General Supply Committee contracts, under
Gold bullion by Mint Service
.
Minor coinage metal
.
Silver—
Bullion by Mint Service
.
Fiscalyear 1925
Mints
Stationery supplies
Pyx coins, test of.
.
.
1
Quarantine, public health:
Domestic
.
._
Foreign and insular
..
474
443
106, 371
580
-
107, 371
574
- - 107, 371
441
107, 591
-.
Q
.
.
.
..
405
406
R •
Railroad bonds owned by national banks
__._
731
Railroad Labor Board
—
--_
156
Railroad securities oWned by Government
_._
99, 261
Railroads:
Equipment gold trust notes
.
261
Expenditures, Government, for
.
.
142, 145, 259
Federal control of
_._259
Loans to, under transportation act, 1920_
1
-_ 258, 261
Payments to, under transportation act, 1920.-..
_. 103, 256, 257, 262
Receipts from
101
Review of Government operations in connection with
100-105
Rates:
Bankers' acceptances, on
..
...
37
Call-loan
.
37
Discount, of Federal reserve banks and branches.^
. 766, 767
Four to six months' paper, certificates, etc., on
37
Interest—
Loans, various types
.
37, 41, 47
Public debt
,
28, 448
Interest and discount, of intermediate Credit banks.
.
93
Money, in New York..
.....
_...._
768
Securities, on
.
43, 47
Surtax, considerations in regard to
.
350
Treasury, relation to the market
37,40
Ratio:
Dividends to capital, etc., of national banks
.
746
Gold coin and certificates to total money
75
Gold held by Federal reserve banks to total
74
National-bank notes redeemed to outstanding
569
Silver to gold; since 1687; affected by World W a r . .
._.___.
621
Small denominations to paper currency outstanding
539
Receipt, Liberty bonds, Treasury bonds. Treasury notes for estate or
inheritance taxes
.
.
239, 242
Receipts:
Actual, 1925, compared with estimated, 1926, 1927
164
Bullion at mints and assay offices
371
Capital-stock tax, f r o m . . . . . . .
.
376, 378, 501
Customs. {See Customs; receipts.)
934
INDEX
Receipts—Continued.
Page
Diagrams showing
.
8-10
Estate tax, from
.
.._._
376, 378, 497
Esti/mated, 1926, 1927
,
141, 164
Franchise tax, from
151, 164
Gifts, etc., to United States
..._
..
152
Gold, at—
Mints and assay offices
.
. . . 106, 371, 579
Seattle
.
589
Gross, revenue from tax on
496
Head tax, from..
^.
_.
510
Income and profits. {See Income and profits taxes, receipts.)
Internal-revenue—
CoUections, by sources, 1918-1925
i...
. . . . 496, 830
Decrease shown in collections, 1925.
829
Fiscal years, 1924, 1925 compared
. . . 375, 376
Sources, by
376, 496, 877
Sta^tes and Territories, by
502
Summarized
.
877
Total, 1863-1925
.
883
Narcotic act, under
376, 500
Ordinary—
Amount, and expenditures chargeable against.
.
471
Net; 1924, 1925
.
519
Public-debt expenditures chargeable against
22, 468, 474
Ordinarv and miscellaneous, 1925, compared with estimates for 1926
^ and 1927
164
Post Office Department..
.
522, 523
Postal—
Estimated, 1926, 1927
.
140
Expenditures and
.
494
Surplus
...
482
Public-debt retirements chargeable against ordinary
22, 221^468, 474
Railroads, from
.
_._J
101
Repayment of investments
.
. . _ . _ 1 152
Sales, from—
Government property
.
:...•.
..^
150
Public lands
482, 519 .
Surplus war supplies
150, 260
Sales taxes
379, 498
Special tax, from
379
Stamp-tax.
.
..^._
379, 498
Surplus, over expenditures
..
6, 7
Tax, trend of
._!
8
Tobacco-tax
. . 376,496
Tonnage-tax
'
.
...
510
Transportation-tax
499
Receipts arid expenditures:
Adj usted to daily Treasury statements; summary.
385
Bonds, on account of
._._..
523
Cash basis; actual, 1924, 1925; estimated, 1926, 1927
140
Classified
.
._.-......
141, 150, 472, 482
Diagrams showing
:
8-10, 12, 16-19
Engraving and Printing, by Bureau of
391
Estimated for 1926, 1927.1
.
..
141
General fund, for
.
385
Government; by fiscal years from 1791 to 1925
_.
482
Panama Canal
..
137
Postal, 1791-1925
494
Public-debt
.
140,144,359,482
Summarized
^
.
6, 385
Surplus shown by Treasury accounts. ..
.
6
Warrant basis, on; 1924, 1925, compared
150
Receipts, disbursements, and balances of gold bullion, fiscal year 1925
579
Recoinage; amount, and loss from, during year
546
INDEX
935
Recommendations:
P^-g®
Legislation, b y Comptroller of t h e Currency
695
Tax reduction; general comment by Secretary of Treasury on
2
Records kept by Register's Office
.
641
Recruiting, Coast Guard
419
Redeemed currency and mutilated paper
426
Redemption:
Federal reserve bank notes
._
361
Federal reserve notes presented for
361
Four per cent loan of 1925
.
35, 524
National-bank and Federal reserve bank circulation
705
National-bank notes. {See National-bank notes; redemption.)
Paper currency
.
.._..
535
Treasury (war) savings securities
207,217
United States notes (greenbacks)
_.
139
War savings certificates—
Series 1918
.
255
Series 1919.
.
.
. . . . 256
Redemption purposes, trust funds held for
139, 360, 477
Rediscounts:
Intermediate credit banks, of
92
National-bank borrowings on account of
.
.-718
Reduction in:
Expenditures, since 1920
.
_.
7
General fund net balance
22
Taxation
. . . 24,348
Refineries, mint
.
372, 574, 583
Reform:
Income and profits taxes
.
.
.346
Proposed for taxation
.
347
Refunding certificates, issued, redeeemd, and outstanding
559
Refunding short-dated debt
28
Refunds:
Internal-revenue claims for
438
> Taxes illegally collected
81, 375
Regattas, supervision by Coast Guard
.
415
Register of the Treasury:
Abstract of report
429
Canceled securities received for credit.
640
Employees
.
643
Functional apportionment of office
641
Official duties of
429
Outline of office history
.
693
Personnel
431
Records of securities kept by
.
641
Report of
639
Retired securities canceled on account of reduction in public debt
639
Securities—
Final audit of redeemed and canceled
640
Received, examined, filed by
431, 643
Statistical statements by
^
645
• Registered accounts
212
Registered interest-bearing bonds, etc., outstanding
186, 212
Registration of trade-marks
^..i
87, 395
Regulations on redemption of savings securities, Treasury (war)
255, 256
Reimbursements, expenditures, etc., Mint Service
576
Remarks on admirable spirit of Coast Guard personnel
^_.
425
Renovated or process butter, revenue from
....
376, 846
Repair depot. Coast Guard
421
Repairs and improvements to vessels, etc
421
Research Division, Public Health Service
403
Reserve fund, gold. {See Gold reserve fund.)
Reserve stocks of paper money, depletion of
....
75
Reserves, gold, of principal European banks
72
936
INDEX
Resources:
P^^ge
Foreign banks of issue
826
National-bank
^
'
._
714
Resources and liabilities:
All reporting banks—
Condensed, statement
368
Federal reserve and other
.
800
Other than national
J
784
States, Alas^ka and insulaT possessions
787
Banks other than national
367, 784
Loan and trust companies; principal items
775
National-bank—
Bills payable and rediscounts
718
Fiscal year 1925
366
Principal items
...
716
Summarized statement
:
714
Retired and unissued securities:
Pre-war, on hand, June 30, 1925
.
198
Public debt, not affecting
214
Retired employees. Treasury
, 134
Retired savings securities. Treasury (war)
464
Retired United States securities:
Classified
.
181,463
Received, examined, filed by register
431
Unissued, not affecting public debt
214
Retirement:
Civil-service employees...
.
;
134
National-bank and Federal reserve bank notes
465, 491
Pre-war loans, 1918-1925
.
463
Public debt. {See Public debt, retirements.)
Treasury bonds
181, 183, 464
Treasury notes
.
182, 184, 464
Victory notes
218, 464, 469
Retirement and disability funds:
Civil Service
.
122, 143, 146, 153, 158, 389
Foreign service
.
123, 143, 146
Teachers', District of Columbia
121, 143, 146, 157
Returns, publicity of
.
353
Revenue from {see a7so'Collections; Receipts; Receipts and expenditures):
Admissions taxes
376, 501
Banks and bankers
496
Beverages—
Alcoholic, and distilled spirits
376, 496, 877
Cereal
.
863
Nonalcoholic
:
i
499, 878
Butter
376, 846
DistiUed spirits
.
. 376, 496
Estate or inheritance taxes
497
Gross receipts, tax on
496
Insurance
499
Liquor taxes
^
376, 496, 877
Manufactures and products
. 496
Occupational taxes
'
u
500
Oil transportation, pipe-line
L
499
Oleomargarine
376, 500, 845
Penalties collected
J. 500
Playing cards
498, 847, 877
Postal expenditures
1
480, 482
Surplus—
Amount
6
Public-debt retirements from
.
7, 466
Telegraph and telephone messages
376, 499
Tobacco t a x e s . . .
844, 877
Tonnage taxes
510
Transportation
499
Revenue act, 1924
. . . 8, 352, 355
Revision of tax laws recommended
^
^
^_
347
Roads, Government expenditures for
16
INDEX
937;
Rumania:
P»g«
Arrival of debt-settling commission
67
Debt to United States
-.
49, 260, 265
Payments on obhgations, priricipal, and interest
266, 267
Statement to press at opening of debt-settlement negotiations..
323
Russia:
' Debt to United S t a t e s . . .
.
_. 49, 260, 265
Interest payments on. obligations
.
267
Sale of sweeps, loss on, wastage from operations..
586
Sales:
Receipts from—
Government property
\
150
Public lands
.
.
.
150, 482, 519
Surplus war supplies
^
150,260,265
Taxes on consumers' or dealers'
379, 498
Securities, interest collected on account of
^
324
Surplus war material, foreign .obligations received on account of
260, 265
Sales taxes, condensed report ori.^....
;
379
Salt Lake City assay office:
Deposits, income, expenses, and employees
577
Employees by departments
588
Operations
^
588
Salvador, coinage by United States for
578
San Francisco Mint:
Coinage
371, 573, 577
Deposits, income, expenses, and employees
577
Employees, by departments
.
588
Operations, by departments
.
.
.
588
Sanitary reports and statistics. Public Health
407
Savings banks in principal world countries
823
Savings depositors and deposits in national banks
736
Savings securities. Treasury (war):
Amount issued, retired, outstanding, 1925
171
Claims on account of
426
Description
.^
...^
240
Issued to public, Federal reserve banks, etc..
193
Maturities, to November 1, 1930
29
On hand, 1924, 1925—
Federal reserve banks
195, 197
Loans and Currency Division..
190, 193
Outstanding.....
.
171, 175, 458
Redeemed
. . 207,217
Regulations on redemption of
....
255, 256
Retired
.
464
Transactions in
.
. . . 207, 217, 220, 228, 230, 237
Schedules, customs receipts by
.
504
School savings banks
•-822
Scientific research, Public Health
403
Seattle assay office:
Deposits, employees, income and e x p e n s e s . . . _ .
577
Employees by departments
588
F
Gold receipts at, since 1898
589
Operations
.,
. 588
Secret Service:
Abstract of report
•.-435
Counterfeiting cases handled by
435
Secretaries of Treasury and Presidents under whom they served
xvi
Securities :•
Alien property custodian account
389
Canceled; received for credit by register
640
District of Columbia, held for
_-..
530, 546
Domestic and foreign, owned by national banks
730
Estate or inheritance taxes payable in
239, 242
Final audit by register's office
640
938
•
INDEX
Securities—Continued.
PageInterest collected on account of sales of
324
Navy Department, received by
264
On hand June 30, 1924, delivered to register, 1925
..
198
Owned by United States—
American Relief Administration, received from
260, 265
Amount on hand, June 30, 1925
99, 260
Capital stock of emergency corporations
99, 261
Changes in, 1925
99
Domestic, itemized statement of
261
Domestic, State bonds, stocks, etc
99, 389
Estimated receipts from, 1926, 1927
.
141, 164
Farm-loan
.
99, 264, 388
Federal intermediate credit bank stock
99, 264
Federal land bank, stock
99, 264
Foreign; detailed tabular statement of
265
Foreign; interest paymentson
267
Foreign, itemized
260, 265
Foreign; payments on principal. _.
1
266
Foreign; summary of.
99
June 30, 1925
.
_..._.
99, 260
Miscellaneous, received for sale of ships, surplus property, e t c . . 99, 264
Railroad
99, 261
State bonds, etc
389
United States Grain Corporation, received from
261, 265
Received, examined, filed by register
645
Retired—
Canceled on account of reduction in public debt
639
Received, examined, filed, in register's office
1
^_.
431
Retired and unissued, not affecting public debt
214
Surplus-war supplies, seeeived from sales of..
150, 260
Tax-exempt
238,240,354
Treasurer's custody, in
.
361
Treasury (war) savings. [See Savings securities. Treasury (war).]
United States—
Acceptance as security on penal bonds
328
Alleged duplication of
.
.
96, 342, 345
^ Amount issued, retired, outstanding '.
170
Authorized, issued, outstanding, each issue
448
Bearing maturity dates since April 1, 1917
•
._
224
Bonds and notes unmatured
.
239,242
Bonds issued, retired, outstanding
170
Certificates of indebtedness. {See Certifi'ca'tes of indebtedness.)
Circulation privilege, bearing
35
Date redeemable, payable, each issue.
i
448
Delivered by Bureau of Engraving, etc., to Division of Loans and
Currency
. . . 189, 224
Deposited as bank-circulation security
704
Description of
....
. 238, 243, 245
Exchange, conversion, etc., 1915
179, 181, 183, 199, 20O
Held in trust by Treasurer
703'
Interest collected by Federal reserve districts on account of sales
of
....
...
324
Interest-bearing; issued, 1925
179
. Interest-bearing, outstanding, monthly, 1917-1925
458
Interest-bearing, outstanding; transactions in from inception
227
Interest-bearing, retired, 1925
1
181, 18S
* Interest-bearing, unmatured
•
186
Issued and retired from date of inception
224
Issued to public, Federal reserve banks and other Treasury
agencies
191
Issued, 1925, classified
179
Liberty bonds. {See Liberty bonds.)
Matured, 1925
. - . 185
National-bank investments in
726-735, 752
National banks, held by, in reserve cities and States
727
INDEX
939
Securities—C ontinued.
United States—Continued.
On hand, June 30, 1924 and 1925—
Page
Division of Loans and Currency, in
189, 192
Federal reserve banks, in
..
194, 196
Outstanding—
June 30, 1925; by issues and denominations
._
186
June 30, 1925; maturitv, 1925
.
--J
185
Monthly, 1917-1925-.'
.
458
October 31, 1925
.
_...
175
Pre-war, matured, 1925
.
^
185
Registered
212
Total interest-bearing outstanding
1
188
Owned by national banks.
.
727, 735
Pre-war, retired unissued, on hand, June 30, 1925
198
Price received for each issue
._
448
Receipts and expenditures on account of.
523
Receivable for estate or inheritance taxes
239, 242
Retired; received and filed by Treasurer
431
Stock accountability, Divisioia of Loans and Currency, for
189
Summary, transactions in, 1925
"
176
Transactions in interest-bearing, 1925
199, 232
Treasurer's custody, in
.
361
Treasury notes. {See Treasury notes.)
Treasury (war) savings. [See Savings securities,.Treasurj'- (war).]
Unissued
....
198, 214
War Department, received b y . . . . .
260
Yields and rates on
41,43,47
Security paper, controlling transactions in
79
Seed-grain loans, farmers'
.
.1
95
Seigniorage, silver and minor coins, on
_.
107, 374, 576
Semiannual duty, collected from national banks, by years
561
Serbian debt to United States
.
.
260
Seven-thirty notes, issued, redeemed, and outstanding
559
Shellfish industry, investigation of
.
109, 406
Shipments of money from Treasury
.
545
Shipping Board, United States:
Expenditures
_.^
.
156
Securities received by
.
«
264
Shore bases, stations, etc.. Coast Guard
.
_.._
425
Short-dated debt:
Changes in, 1919-1925
.
.
27
Refunding
.
28
Silver:
Arts, used in
.
. . . - 374,576
BullionAcquired by the United States
!.
574
Mints, assay offices, and reserve banks, in
373, 614
Purchases by Mint Service
..!
.
107,371
Bullion and coin stock of United States..
.
373, 575, 614
Coinage...
L
371, 577
Commercial ratio to- gold since 1687
621
Deposits at mints, etc., since 1873
.
599
Domestic production, 1924
:
•
373, 576
Exports
.
804
Imports
--804
Mints and assay offices, holdings, of June 30, 1925
549
Operations._L
. 371, 574
Pittman Act, operations u n d e r . _ . _ . . .
,
_
371,574
Price—
Average during year, and range
.
107, 372
London
i
619
New York
...
574, 619
Purchased, fiscal year 1925
.
574
Purchases by Mint Service
..
107, 371
Ratio to gold
.
621
Receipts at mints and assay offices
371, 574
"940
INDEX
•Silver—Continued.
Recoinage
Seigniorage on coinage
^
Stock in United States.
Subsidiary. {See Subsidiary silver.)
Treasury offices, holdings of, June 30, 1925
World production
.
-Silver and gold:
Coinage of United States—
Fiscal year 1925
For other countries
Mint, by each
Industrial arts in United States, used in
Stock in United States
World production
.
World stock, 1923, 1924
^Silver certificates:
Denominations of—
Changes in
Issued, redeemed, outstanding, 1922-1925
.
Stock and amount in circulation.: ^
Treasury offices, holdings of, June 30, 1925
Silver coinage:
Condensed statement of mint output
Standard dollars
.
Subsidiary silver and minor
^
:'Silver coins:
Seigniorage on
Stock, 1925
Silver dollars. (^See Standard silver dollars.)
^Sinking fund, cumulative:
General statement as to
Public-debt retirements on account of—
Estimates, 1926, 1927
Fiscal year 1925
Fiscal years 1921-1925
Smithsonian Institution and National Museum
^Soldiers' bonus, method of
financing
iSolicitor of Internal Revenue
^Sources, internal revenue, by
.
iSouth America, production of gold and silver in
^Special depositaries. (*See Depositaries, special.)
•Special expenditures:
Principal items of
^
Total amounts, 1920 to 1925
Special taxes, miscellaneous, collections of
Spirits, distilled: "
Concentration o f . . . .
Produced, withdrawn, etc
Tax receipts f r o m . . . .
_.
•Spruce Production Corporation, United States
Stamp tax, receipts from
;Standard, gold
..
.
Standard silver dollars:
Bulhon value since 1837
Circulation, 1925
Mints and assay offices, holdings of, June 30, 1925
Number coined
....
Output by mints facilitated
Stock
.
Treasury offices, holdings of, June 30, 1925
;State bonds:
Held in trust by Treasurer
Owned by United States
State (commercial) banks
.
.
,
.State department, expenditures
.
State inheritance taxes, credit for
Page
546
107, 374, 579
..
614
.
549
634
.:
577
578
603
73, 374, 576
..__ 614, 616, 618
634, 636, 638
626
. -_.^_..
-..-—
537
556
428
549
106
106, 371
106, 371
.
107, 374, 576
373
...
23
143
143, 146, 22l, 360
22, 465, 468, 471
:
.
156
^..
24
.....
865
376, 496, 877
634
14
13
379, 845, 878
...__
862
863
376, 496, 877
261
379, 498, 845, 877
3, 68
622
.428,803
549
106, 371
106, 371
. . . . 428, 512, 513
..
. 549
..
530
389
771, 772
19, 142, 145, 160, 468
351
INDEX
941.
Statements:
^'ag^
Alleged duplication of public debt, by Secretary of.Treasury on
...
345
Before Ways and Means Committee, on finances and proposed tax
reform
346Circulation
428,803
Comparative, of national-bank loans and discounts
726
Preliminary, of monthly expenditures, 1925
145Press, on funding debt of—
Belgium
-284
France
•
314
Italy
315, 317, 318'
Public debt, on
. 170, 175, 448
Secretary of Treasury in regard to duplicate bonds
345
Statistical, by Register of the Treasury
645
World War Foreign Debt Commission on debts—
Belgian
286-288
^
>
Czechoslovakian
I
.
302
Esthonian
308
Italiari
.
...
317
Latvian
295
Rumanian
323
State bonds held in trust
^—.
.
:
529
States:
All reporting banks in
..
.
787
Internal-revenue receipts by
.
880
Stationery; appropriations, expenditures, reimbursements for
439
Stationery supplies:
Issued to bureaus, etc.. Treasury Department
.
442
Purchases and issues of
130, 141
Statistical statements by register's office
.
645
Statistics, customs, by districts
.
..
510
Stock:
Bulhon in United States
.
373
Coin and bullion in United States. _.
73, 373, 428, 512, 513, 614, 616
Federal reserve bank n o t e s . . - - - - - - - - .i
428, 513
Federal reserve notes
...^
__•
428, 513
Fractional currency, 1 8 6 3 - 1 8 7 8 . . _ . - _ . . . . ,
......
512
Gold and silver in United States, estimated
616
Gold bullion in mints, assay offices, reserve banks
373, 576
Gold certificates; circulation and
.75, 428
Gold coin in United States
373, 614 »
Metalhc and paper money in United States
373, 428, 573, 615, 617
Metallic, of United States on June 30, since 1920
575, 614, 615
Monetary gold in United States
73, 626
Monetary, of world, 1923, 1924
—
626
Money in United States—
Amount 1860-1925, amount circulating, circulation per capita, etc.
514
Classified by kind
i
.
.
512
General statement covering
.
802
Total; ratio of gold to
..
75
Total stock of coin and other
L
802
National-bank notes..
^.
512, 513'
Paper money in United States
512, 513
Silver bullion in mints, reserve banks, etc
373
Silver certificates
^
428
Silver coin, 1925
.
.
373
Standard silver dollars..
428, 512, 513
State bank notes, 1860-1878
.
512
Subsidiary silver
.
.
428, 512, 513
Treasury notes of 1890
.
428
United States notes (greenbacks)
.
,
512, 513
Stock accountability for United States and other securities:
Division of Loans and Currency
189-193
Federal reserve banks and other agencies
.
194-197
Stock savings banks:
Condition, 1925
..
776
Deposits and depositors in mutual and
•.779
Deposits, etc., in mutual savings and
.
779, 782
942
INDEX
Pane
Stocks, etc., owned by United States
Storage-manipulation warehouses
Stores account. General Supply Committee
Subsidiary, silver:
Amount coined, 1925
Amount in circulation
^
Coin—
Mints and assay offices, holdings of, June 30, 1925
Recoinage
Stock
Treasury offices, holdings of, June 30, 1925
Stock
....
Sugar Equalization Board (Inc.), United States.
...
.
Suits and prosecutions, internal-revenue and p r o h i b i t i o n . . . . . . . . .
Summaries:
Combined returns from reporting banks in United States, etc
Internal-revenue collections, 1925
:.
Internal-revenue receipts
.
Postal savings transactions
Transactions in United States securities, 1925
Supervising Architect:
Abstract of report
Building operations
Claims under act 1919
^
Expenditures, contract liabilities, unencumbered balances
General statement of building operations
...
Hospitals constructed
.-..
Pubhc buildings, classified
Recommendations on building program
Unencumbered balances
Supervision of bureaus and offices, Treasury Department
Supply, Bureau of:
Abstract of report
.
Activities summarized
Allotments to, from appropriations
Expenditures of
1
Stationery; appropriations, expenditures, etc., for
.
Stationery supplies—
Issued to Treasury bureaus, etc
Purchased and issued
Surety bonds and companies
Surplus:.
Government receipts over expenditures
.
Revenue, used for public-debt retirement
Surplus and wastage of buUion, in ounces
.
Surplus postal receipts
Surplus property handled by General Supply Committee
Surplus revenue...
Surtaxes
.
.,.
Sweep cellar operations
Sweeps, loss on sale of
' T
Tariff act, 1922, administration of
Tariff Commission, expenditures.
Tax:
Banks and bankers, on
.
Capital stock, receipts from
:
Estate. {See Estate tax.)
Gift
:
Head
....
Tonnage.
Tax certificates. {See Certificates of indebtedness.)
Tax laws, revision recommended
389
394
446
106, 371
428
549
546
512, 513
549
428, 512, 513
261
.875, 884
798
830
877
' !._
820
. . 176, 199
400
114, 401
402
161, 402
400
117,400
403
114
402
325
438
129
.
439
130, 439
439
442
130,441
125.
6
7
. 581, 582
482
443, 445, 446
6, 466
350,355
586
.
586
..
87,394
156
496
376, 378, 501
: . . . . . _ . 353, 877
..
510
510
..
347
INDEX
943
Tax receipts:
Page
Distribution by periods, 1791 to 1925
...
11
Effect of revenue acts on
8
Trend of
8
Tax reduction; general comment by Secretary of Treasury on
2
Tax reform, proposed; statement on
346
Tax revision, relation of public-debt retirements to
24, 349
Tax system. Federal, changes in
.
.
10
Taxation:
Community property law, effect of
354
Proposed reform of
347
Reduction in
24,348
Vital point emphasized by Secretary qf Treasury
.
4
Taxes:
Condensed reports on—
Capital-stock
.
.
378
Estate
.
378
Income and profits
377
Miscellaneous stamp and special
" 379
Sales
.
379
Tobacco
.
...
379
Debt retirement and
.
.
24
Excise (sales)
379, 498
Illegally coUected, refunds of
81, 375
Tax-exempt securities:
Bonds, notes, etc., in foreign hands
. 239, 240
Outstanding.
„
354
Reasons for investing in
354
Teachers' retirement fund. District of Columbia
121, 143, 146, 157
Telegraph and telephone messages, revenue from
376, 499
Termination, conversion privilege. Liberty bonds
35, 250
Test, annual, by Assay Commission
107, 591
Three and one-quarter per cent certificates of indebtedness, series T J 2 1926
254
Three per cent Treasury certificates of indebtedness:
Series TD-1925
..
251
Series TJ-1926
.
.....
252
Tobacco taxes:
Condensed report on
379
Receipts f r o m . . . .
376, 496, 844, 877
Tonnage tax, receipts from
..
510
Total internal-revenue receipts, 1863-1925
883
Total money in circulation
75
Trade marks, registration of
87, 395
Transactions:
Government, with railroads
100
Interest-bearing public debt
176, 227, 231, 232, 235, 237
Liberty bonds
199,202,216,227,232
Pre-war loans
201, 216, 218,227, 229, 231
Public debt, 1925
176, 199, 201, 202, 204, 206, 207, 216
Savings securities. Treasury (war)
207, 217, 220, 228, 230, 237
Treasury bonds
180,199, 203, 216, 227, 229, 233
Treasury notes, 1925
199, 204, 217, 219, 228, 229, 235
United States securities... 99, 201, 202, 204, 206, 207, 216, 218, 227, 229, 231
Transportation tax receipts.
,
^
499
Treasurer of the United States:
Abstract of report.
.
359
Accounts of Government corporations with
105
Report of
..
519
Securities held in trust by..^
361, 703
Treasurer's account, reconciliation with security account
. . 227-230
Treasury:
Assets. {See Assets of the Treasury.)
Assistant Secretaries of
xviii
Assistants to the Secretary of
xviii
Balance in the general fund
139,140, 386, 467, 476, 477
944
INDEX
Treasury—Continued.
Condition—
Fiscal years 1923, 1924, 1925
.
June 30, 1925
Federal reserve bank notes held in
Federal reserve notes held in
Gold held in
Money held in
Money held in trust, in reserve, etc., by
National-bank notes held in
. Obhgations of foreign governments held by
Secretaries, and Presidents under whom they served
Surplus postal receipts covered into
Undersecretaries
Page476
137
428
428
360
514
428, 803
428
265
xvi.
482
.
XVIE
Views on—
Estate tax
.
.
351
Gift t a x . . . .
.
-__ 35a
Income tax
5, 353
Surtax rates
350
Treasury bonds:
Amount authorized, issued outstanding
170
Bearer, denomination, $100,000
^
.
249
Description
. . . . 238, 243, 245
Interest-bearing, transactions in
203, 234
Issued, 1925
.
.
180
Offering of
.
31,247,249
Outstanding, June 30, 1925
175, 187, 212, 234, 458, 460
Received for estate or inheritance taxes
.
238, 242
Retirements
-5^.
181, 183, 464
Transactions in
.
180, 199, 203, 216, 227, 229, 233Unmatured, outstanding
..
461
Treasury certificates of indebtedness. {See Certificates of indebtedness.
Treasury.)
Treasury JDepartment:
Agents and attorneys practicing before
136, 339
Certificates of indebtedness issued through, 1925
210'
Chiief clerk to handle classification and efficiency matters
324
Employees in departmental service at Washington
327
Expenditures.- — - - - .
16, 19, 142, 145, 160, 468
Organization—•
Bureaus and offices
127, 325Changes in
!--_
- 126
Personnel Classification Board
133, 324
Practice before
.
.
136Stationery supplies issued to services of
442'
Supervision, bureaus and offices, by Undersecretary, etc
325
Treasury financing and the credit situation
36'
Treasury notes:
Acceptable as security on penal bonds
328
Acceptable in payment of—
Estate or inheritance taxes
240, 242*
Income and profits taxes
241
Adjusted service series
33, 118, 144
Brief description
.
,
240'
Delivered by Bureau of Engraving to Loans and Currency Division 224:
Interest-bearing
204, 235Interest collected on account of sales of
324
Issued—
Fiscal year 1925
:
.
180Public, Federal reserve banks, etc., to
191
Retired and, from inception
—
224
Retired, outstanding and
170"
Onhand, 1924, 1925
190,192,194,196
Outstanding—
June 30, 1925
188
Matured, 1925
...
185
INDEX
•
945
Treasury notes—^^Continued.
Outstanding—Continued.
Page
Monthly, 1917-1925. _..•
..._1
...1
___.....
458
Oct. 31, 1925, preliminary statement
---•-..
---175
Unmatured
'
^ 11 _188
Retired
.'..
--1-182, 184, 464
Transactions in
..
199, 204, 217, 219, 228, 229, 235
Transactions in special certificates and
. . _ : . . _ _ . . _ ..;__•!_
32
Unmatured; outstanding, Oct. .31, 1 9 2 5 . _ . . . _ . ....
!__._.
34
Treasury notes of 1890:
•=
Denominations issued, redeemed, outstanding, by years._ .
554
Stock and amount in circulation.
.,
.
.
^^.i 428
Treasury offices, holdings of, June 30, 1925. . . _ _
_,
.
549
Treasury .offices, assets and liabilities of, June 30, 19251.
- . 526, 549
Treasury rates, relation to the market
•._. — . : _ ^ 1 . - , . .
'.
40
Treasury (war) • savings securities. [5ee Savings securities, Treasury
(war).]
'
. .. ,
,•.
Trend: Expenditures
_.
'
- . . ' ' 12
Tax receipts
.
8
Trust funds:
Amount and changes in
.
552
JDistrict of Columbia.-.
.
:
_.'
546
:: Held for redemption purposes
_--....
139, 360, 477, 525
"Investments of
.-.
—.--.
-.:
143
Library of Congress
i..
^_.__124
u •
•
•:/
Uncovered moneys, amount, June 30, 1925
519
Undersecretaries of the Treasury...
:.
_.-.
xvii
Undersecretary of the Treasury, supervision of bureaus and offices by
325
Unexpended balances, fiscal years 1885-1925.
.
i....
__....
480
Unfit United States notes redeemed
,
. :!..
;_.
139
Unissued stock. Treasury (war) savings securities received for credit
•.- 667
United'States:
r:
Banking power
.
.
^i
_.
804
Building and loan associations in
'.
808.
Capital stock owned by_ _._.
99, 261
Clearing house associations in ^^..._
771
Coinage. {See Coinage of the United States.)
Deposits and purchases of gold.and silver at mints, etc
594, 596
Foreign obligations owned by
49, 260, 265
Gifts, etc., to— ;
Pubhc-debt retirements from
. _ 22, 223, 360, 466
Receipts from
...
..
J
152, 376, 877
Gold and silver production in..
i
373, 576, 634
Industrial consumption of gold and silver in
. 73, 374, 576
Money in. (*See Stock, money in United States.)
Securities owned by. . {See Securities; owned by United States.)
Stock of monetary gold i n . .
.
. _ . 73, 373, 575
Stock of money, circulation, amount per capita, etc
:.
514
Stock of money in, 1860-1925; by k i n d . . . .
512
Total stock of coin and. other money in-i .i-.
,
^._. . 802
United States bonds:
Biank circulation and
...-_
:
_-^.._702
Deposited as security for circulation
704
United States bonds and notes received for credit by register
-__. . 675
United States Government life-insurance fund
. . 121, 143, 146, 153, 157
United States Grain Corporation
.
261, 265
United States Housing Corporation
..
. . i 156, 261
United States notes:
...
Changes in denominations of
..^
..._._
536
Circulation, 1925....
-._.
-.
.J.
428
Denominations issued, redeemed, outstanding, by y e a r s . . . .:
.
553
Redemptions during y e a r . . . . .
^_..
_._._._
^ .-.- 139
60501—FI 1 9 2 5 t - ^ 6 a
'
946
INDEX
United states notes—Continued.
Page
Stock
. . . . . . . . - . _ . . . .512, 513
.. Treasury offices, holdings of, June 30, 1925
549
'•'• ^ Unfit, redeemed
..^
.
.
139
United States paper currency:
Held in. reserve vault
._
J
:
539
Pieces outstanding
..!
...'. .
..
536
Serious situation regarding
...! . . . . . . . ^
75
United States Postal Savings System
._._
817
United States securities, (^ee Securities, United States.)
United States Shipping Board
.
-_..__
156, 264
United States Spruce Production Corjporation........
261
United States Sugar Equalization Boards
.
261
United States Tariff Commission
156
United States Veterans' B u r e a u . . . .
12, 15, 142, 145,. 156, 470
Unmatured certificates of indebtedness and Treasury notes outstanding.. 34, 188
Unmatured Liberty bonds. Treasury bonds. Victory notes outstanding
461
Unmatured United States bonds outstanding
.
461
Useless papers, disposition of
340
V
Value:
Bullion in silver dollar since 1837
.
...
622
Foreign coins
.
.
._..^
622
Imports and exports
.1
510
Vaults, reserve; paper currency held in
539
Venereal diseases
112, 409
Venezuela, coinage by United States for
578
Vessels:
Coast Guard—
Anchorage and movements of
.._
415
Floating equipment
.__•
.
.
424
Repairs and improvements to
i
421
Foreign trade, in
.
...
510
Forfeited; use of
•.
.-.
393
Veterans' Bureau, United States
12, 15, 142, 145, 156, 470
Veterans, World War, rehabilitation
-_.
.
156
Victory notes:
Conversions, 1917-1925
..
209
Interest collected on account of sales of
324
Outstanding
171, 175, 454, 458, 461
Retirements
..
218, 464, 469
Unmatured, outstanding
.
.
461
Vocational education, expenditures of board
^-.
156
w
, •,
War Department:
Expenditures
19, 142, 145, 161, 468, 486
Securities received b}^
.
260
War emergency corporations, capital stock owned by Government..
99, 261
War Finance Corporation:
Activities summarized.
'.
.
93
Aid rendered to marketing associations b y . . . .
94
Capital stock owned by Government..:.
.^
100
Checking account with Treasurer
.
106
Cooperative marketing associations aided by
^
94
Earnings
.
.
..
94
Financing of marketing and other agricultural associations
94
General statement regarding...
.
93-95
Loans b y . .
.
.
94
War savings certificates:
Brief description
240
Redemption— .
.
Series 1 9 1 8 . . . .
^ 255
Series 1919
..
256
Treasury. [See Treasury (war) savings certificates.]
War savings stamps. [See Savings securities. Treasury (war).]
INDEX
947
Page
War supplies, surplus; receipts from sales of
:
150, 260
Warrant basis, receipts and expenditures on.
..__
-_
150
Warrants and checks outstanding, on Treasury offices, June 30, 1925.. 526, 549
Warrants issued, 1925; detailed statement
387
Wastage and loss on sale of sweeps
586
Wastage and surplus of bullion, in ounces
.
. 581, 582
Welfare, Coast Guard Service
...
418
West Africa, monetary statistics
628
Wines..
864
Withdrawal of bonds held to secure circulation
l
703
Work of Government refineries
.
574, 583
World:
Coinage,.. 1924
.
625
Gold production in
. . . 73, 634
Monetary stock—
Gold, silver, and paper
:
.
626
Principal countries of..
.
809
Production of gold and silver—
Countries, by, 1923, 1924
.
...
634
Siince discovery of America
636
Since I860, ounces and value
638
Savings banks in principal countries of
.
823
World War Foreign Debt Commission:
Amendment to act creating
..
268
Cooperation of banks and Government departments with;
54
Debt settlements with—
Belgium. _55, 288
Czechoslovakia
58, 302
Esthonia
59, 309
Italy
.
_--- 63,319
. Latvia-65,296
Lithuania
..^
66, 275
Poland
- . 66,276
History and accomplishments reviewed
51
M embership
51
President's messages, transmitting reports of..275, 283
Press comment on attitude of United States
.
53
Progress of negotiations with various nations
.
55
Receipts under funding agreements of
_:
260, 265
Report on Lithuanian settlement
:
_.
273
Statements by
286, 295, 302, 308, 317, 323
Yield on:
Bonds
Certificates of indebtedness
Yugoslavia:
Payments by^—
Interest
Principal
Status of debt to United States
Y
41
43
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